Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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First Solar Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net Income (Loss)
- The net income exhibits notable volatility over the analyzed quarters, with periods of significant losses and substantial gains. From negative values in early 2019, there is a transition to positive net income starting in the first quarter of 2020, peaking at several points such as the third quarter of 2020 and continuing into 2023. However, sporadic negative spikes are observed in early 2022 and late 2022, followed by a strong recovery and record highs in 2023 before a slight decline in the latest quarters.
- Depreciation, Amortization, and Accretion
- There is a steady upward trend in depreciation, amortization, and accretion expenses throughout the period. Starting from approximately 48.9 million USD in early 2019, these expenses increase consistently to exceed 111 million USD by late 2024, indicating growing capital asset base or increased amortization schedules.
- Impairments and Net Losses on Disposal of Long-lived Assets
- This income statement line shows intermittent spikes, notably high in the third quarter of 2020 and particularly elevated in the second quarter of 2022. Despite occasional quarters with minimal or no impairments, some peaks suggest episodic write-downs or asset disposals impacting the company’s profitability intermittently.
- Share-based Compensation
- Share-based compensation fluctuates through the quarters with no distinct trend but generally remains within the 3 to 12 million USD range. Peaks coincide with certain quarters, such as the third quarter of 2022, suggesting variable stock-based compensation recognition.
- Deferred Income Taxes
- Deferred income taxes fluctuate greatly, exhibiting negative values in several early periods and marked positive spikes in late 2019, early 2020, and late 2021. These swings may reflect timing differences in income recognition and tax impacts, indicating complex tax planning or adjustments occurring intermittently.
- Gains and Losses on Sales
- Several significant gains and losses are recorded in the sales of businesses and marketable securities lines. Notably, a large negative impact occurs in the first quarter of 2021 on the sale of businesses and restricted securities, followed by sporadic gains and losses thereafter. These reflect varying impacts from asset sales contributing non-operating income or expenses.
- Working Capital Components (Accounts Receivable, Inventories, Project Assets)
- Trade accounts receivable show considerable volatility, alternating between large positive and negative values, indicating fluctuations in sales collections and receivable management. Inventories experience wide swings, with considerable negative values in the earlier and later periods and some positive spikes, suggesting changes in inventory purchasing or production cycles. Project assets and PV solar power systems also exhibit marked variability, with substantial negative and positive swings reflecting project phase activities or asset capitalization changes.
- Government Grants Receivable
- Data for government grants receivable is only available for recent periods, showing large negative balances in late 2022 and early 2023 followed by a positive spike in the first quarter of 2024. This may indicate receipt of grants followed by their utilization or recognition timelines impacting receivables.
- Other Assets, Income Tax Receivable/Payable, and Liabilities
- Other assets and income tax receivables/payables fluctuate significantly without a clear directional pattern, indicating variable adjustments or settlements affecting the balance sheet. Other liabilities show extreme volatility, particularly a large positive balance in late 2019 and large negative values following, suggesting substantial unusual or one-time liabilities affecting the company’s financial position. Deferred revenue also shows large positive spikes in late 2021 and early 2022, implying increased advance payments or customer prepayments.
- Changes in Operating Assets and Liabilities
- The line item representing changes in operating assets and liabilities is markedly volatile with large negative and positive swings, highlighting dynamic working capital movements. Notably, quarters in 2019 and 2022 show significant positive changes, while other quarters reveal sharp declines, impacting operating cash flow substantially.
- Cash Flows from Operating Activities
- Net cash provided by operating activities is highly variable, with large outflows in several quarters of 2019 and early 2021, followed by significant inflows in many quarters from mid-2020 onward, particularly in 2023. This pattern aligns with net income trends and working capital fluctuations, reflecting an overall improvement in cash-generating capability in recent years despite intermittent shortfalls.
- Capital Expenditures and Investing Activities
- Purchases of property, plant, and equipment show a general increasing trend in outflows over time, reaching all-time highs in 2023 and 2024, indicative of ongoing investment in fixed assets. Marketable securities transactions reveal high activity with large purchases and sales, showing a net use of cash in certain periods and net inflows in others. Net cash from investing activities is mostly negative or volatile, reflecting significant investments and marketable security portfolio management.
- Debt and Financing Activities
- Proceeds from borrowings fluctuate considerably, peaking in certain quarters such as late 2022 and early 2023, while repayments occur irregularly but notably in large amounts in a few periods. Net cash from financing activities shows alternating positive and negative values, with some quarters providing significant funds and others reflecting repayments or share compensation payments. Payments related to tax withholdings for restricted shares remain consistent but relatively small in magnitude.
- Effect of Exchange Rates and Net Cash Movement
- The effect of exchange rate changes on cash balances varies but generally has smaller magnitude relative to operating and investing cash flows. The net change in cash and cash equivalents demonstrates considerable volatility, correlating with the cash flow activities. Large decreases are observed in early 2019 and late 2022, with substantial increases during mid-2020 and 2023, reflective of the company's operating cash generation and investing outflows during these periods.