Name: First Solar Inc. (NASDAQ:FSLR) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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

3 months ended:	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net income (loss)	312,956)	349,356)	236,616)	349,239)	268,398)	170,579)	42,561)	(7,548)	(49,168)	55,805)	(43,255)	131,370)	45,203)	82,449)	209,671)	115,703)	155,037)	36,911)	90,704)	(59,408)	30,622)	(18,548)	(67,599)
Depreciation, amortization and accretion	111,158)	97,337)	90,584)	89,691)	77,743)	71,705)	68,855)	70,541)	67,423)	66,553)	65,207)	65,294)	65,693)	65,708)	63,205)	59,648)	59,401)	57,597)	56,279)	55,505)	51,154)	49,944)	48,872)
Impairments and net losses on disposal of long-lived assets	—)	—)	—)	1,264)	74)	230)	—)	545)	105)	60,796)	1,892)	13,793)	3,819)	763)	4,501)	11,206)	17,989)	5,323)	1,288)	1,422)	4,943)	860)	352)
Share-based compensation	6,796)	8,400)	6,791)	11,010)	8,198)	8,411)	6,600)	7,535)	11,854)	5,764)	3,503)	5,928)	6,429)	5,430)	3,115)	11,078)	7,209)	3,776)	7,204)	12,021)	9,626)	10,763)	5,019)
Deferred income taxes	(26,944)	(29,366)	(29,033)	(14,760)	(3,446)	12,675)	(55,282)	(8,199)	976)	(6,659)	1,083)	63,297)	(1,133)	(779)	(11,538)	113,983)	(5,264)	7,698)	(80,404)	(71,595)	10,170)	1,111)	397)
(Gain) loss on sales of businesses, net	—)	—)	(1,115)	(6,554)	(211)	(135)	17)	(239)	(5,984)	(245,381)	(1,907)	—)	1,866)	1,745)	(150,895)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on sales of marketable securities and restricted marketable securities	—)	—)	—)	9)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(11,696)	—)	(9)	(249)	(15,088)	(25,605)	—)	—)	(15,016)
Liabilities assumed by customers for the sale of systems	—)	—)	—)	—)	—)	—)	—)	(145,281)	—)	—)	—)	(85,490)	—)	—)	—)	—)	(136,745)	—)	—)	—)	—)	(88,050)	—)
Gain on debt forgiveness	—)	—)	—)	—)	—)	—)	—)	(30,201)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	1,588)	2,464)	(814)	21,964)	9,162)	(8,375)	(698)	5,969)	(6,606)	(665)	273)	(575)	(1,450)	(2,871)	1,412)	3,008)	(176)	(211)	16,676)	(1,265)	3,677)	(1,662)	1,212)
Accounts receivable, trade	(98,436)	12,114)	17,499)	80,863)	(207,455)	(211,524)	33,933)	(58,296)	31,236)	1,498)	144,286)	(176,516)	335,397)	64,629)	(320,461)	15,060)	27,060)	60,350)	242,680)	(125,397)	(136,497)	271,196)	(82,896)
Inventories	(218,882)	(66,023)	(149,470)	42,623)	(116,104)	(8,629)	(122,996)	178,418)	(1,269)	15,534)	(175,990)	(20,348)	(54,075)	(74,544)	12,602)	(3,379)	(61,946)	(31,175)	(48,896)	140,228)	29,272)	(165,926)	(87,102)
Project assets and PV solar power systems	—)	—)	—)	—)	—)	2,527)	6,099)	145,964)	—)	(61,605)	(98,695)	11,457)	(28,613)	(19,065)	59,623)	(76,296)	226,237)	7,682)	(50,756)	232,487)	(229,688)	49,830)	(73,402)
Government grants receivable	(264,709)	(76,361)	281,889)	(230,001)	(204,623)	(155,007)	(70,114)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other assets	(14,764)	(78,753)	(89,610)	(74,698)	(44,392)	(38,750)	(66,493)	(21,051)	3,603)	(24,316)	(30,838)	21,597)	(29,796)	1,821)	(63,564)	(10,728)	9,971)	36,004)	(68,312)	5,185)	28,799)	(37,865)	(1,919)
Income tax receivable and payable	31,934)	(22,465)	26,239)	25,465)	3,281)	(63,736)	43,646)	2,690)	(1,777)	66,181)	(23,502)	(35,677)	(14,543)	3,880)	33,278)	(186,591)	17,693)	892)	(9,425)	32,620)	(2,081)	(5,992)	(16,512)
Accounts payable and accrued expenses	104,302)	47,684)	(160,939)	(42,054)	164,376)	18,558)	(61,552)	48,378)	34,492)	(39,258)	(38,043)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred revenue	(660)	(50,477)	37,978)	310,273)	261,213)	72,008)	139,713)	619,074)	82,564)	134,266)	77,042)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other liabilities	1,927)	(896)	1,108)	(3,225)	(50,787)	39,785)	1,113)	(13,084)	(38,474)	59,505)	(19,895)	40,337)	(23,476)	48,083)	(108,731)	133,626)	(108,560)	(36,829)	(646,814)	585,495)	(117,619)	(52,091)	(14,846)
Changes in operating assets and liabilities	(459,288)	(235,177)	(35,306)	109,246)	(194,491)	(344,768)	(96,651)	902,093)	110,375)	151,805)	(165,635)	(159,150)	184,894)	24,804)	(387,253)	(128,308)	110,455)	36,924)	(581,523)	870,618)	(427,814)	59,152)	(276,677)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities	(366,690)	(156,342)	31,107)	211,870)	(102,971)	(260,257)	(77,159)	802,763)	178,143)	32,213)	(95,584)	(96,903)	260,118)	94,800)	(489,149)	70,615)	52,860)	110,858)	(595,568)	841,101)	(348,244)	32,118)	(235,841)
Net cash provided by (used in) operating activities	(53,734)	193,014)	267,723)	561,109)	165,427)	(89,678)	(34,598)	795,215)	128,975)	88,018)	(138,839)	34,467)	305,321)	177,249)	(279,478)	186,318)	207,897)	147,769)	(504,864)	781,693)	(317,622)	13,570)	(303,440)
Purchases of property, plant and equipment	(433,919)	(365,162)	(413,456)	(346,912)	(286,207)	(382,695)	(370,961)	(326,901)	(223,256)	(198,687)	(154,761)	(194,892)	(164,617)	(90,627)	(90,155)	(89,351)	(106,332)	(108,406)	(112,546)	(158,146)	(182,735)	(178,668)	(149,168)
Purchases of marketable securities and restricted marketable securities	(900,938)	(544,380)	(569,446)	(392,334)	(727,972)	(1,021,895)	(1,470,600)	(1,096,883)	(1,306,920)	(220,985)	(750,220)	(1,039,432)	(718,352)	(97,044)	(292,308)	(258,931)	(101,727)	(135,472)	(405,794)	(509,284)	(287,152)	(120,185)	(260,715)
Proceeds from sales and maturities of marketable securities	673,830)	807,196)	416,971)	567,451)	1,458,370)	1,341,735)	1,196,334)	775,814)	672,719)	298,089)	900,165)	1,218,827)	326,321)	241,158)	508,289)	92,656)	243,046)	228,194)	628,936)	365,670)	433,010)	417,860)	270,091)
Proceeds from sales of businesses, net of cash and restricted cash sold	—)	—)	—)	7,680)	—)	—)	—)	78,404)	99,284)	262,754)	1,860)	—)	3,096)	151,434)	145,969)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisitions, net of cash acquired	—)	—)	—)	—)	(199)	(35,540)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	(4,920)	(5,000)	(2,697)	(9,046)	—)	—)	—)	(489)	(2,633)	60)	12)	(254)	175)	(6,671)	43)	8,077)	48)	525)	(14,150)	(5,903)	128)	2,878)	21)
Net cash (used in) provided by investing activities	(665,947)	(107,346)	(568,628)	(173,161)	443,992)	(98,395)	(645,227)	(570,055)	(760,806)	141,231)	(2,944)	(15,751)	(553,377)	198,250)	271,838)	(247,549)	35,035)	(15,159)	96,446)	(307,663)	(36,749)	121,885)	(139,771)
Proceeds from borrowings under debt arrangements, net of issuance costs	117,259)	4,975)	105,420)	60,769)	60,389)	110,825)	136,000)	99,975)	84,319)	195,080)	18,006)	84,077)	(53)	23,575)	21,616)	16,375)	140,304)	—)	—)	12,736)	—)	893)	106,503)
Repayment of debt	(94,446)	(65,604)	(45,771)	—)	—)	—)	—)	—)	(17)	(75,142)	(737)	(34,205)	—)	(1,093)	(37,378)	(701)	(215,542)	(8,776)	(325)	(19,516)	—)	(7,880)	(2,703)
Payments of tax withholdings for restricted shares	(996)	(196)	(18,952)	(30)	(853)	(1,933)	(28,314)	(44)	(457)	(86)	(11,505)	(112)	(67)	(121)	(15,689)	(65)	(289)	(85)	(12,679)	(19)	(339)	(68)	(15,663)
Contingent consideration payment and other financing activities	(41)	(7,527)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(368)	(436)	—)	1,362)	(64)	(299)
Net cash provided by (used in) financing activities	21,776)	(68,352)	40,697)	60,739)	59,536)	108,892)	107,686)	99,931)	83,845)	119,852)	5,764)	49,760)	(120)	22,361)	(31,451)	15,609)	(75,527)	(9,229)	(13,440)	(6,799)	1,023)	(7,119)	87,838)
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents	2,795)	(3,662)	(1,938)	6,140)	(3,309)	959)	1,495)	7,572)	(68)	24,772)	15,162)	1,487)	781)	1,558)	(652)	2,527)	1,473)	5,552)	(5,774)	3,773)	(4,714)	(1,393)	(625)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	(695,110)	13,654)	(262,146)	454,827)	665,646)	(78,222)	(570,644)	332,663)	(548,054)	373,873)	(120,857)	69,963)	(247,395)	399,418)	(39,743)	(43,095)	168,878)	128,933)	(427,632)	471,004)	(358,062)	126,943)	(355,998)

The financial trajectory over the analyzed period is characterized by a transition from early volatility and net losses toward a phase of substantial profitability and aggressive capital expansion. Net income has shifted from negative values in early 2019 to consistent, high-magnitude positives in 2023 and 2024, peaking at approximately 349 million US dollars per quarter. Despite this growth in profitability, net cash provided by operating activities remains volatile, frequently diverging from net income due to significant swings in working capital.

Operating Cash Flow Dynamics: A recurring pattern of volatility is evident in operating cash flows. While net income has trended upward, the actual cash realized is heavily influenced by fluctuations in accounts receivable and inventories. Notably, the period between March 2023 and September 2024 shows a significant impact from government grants receivable, which created substantial cash outflows in several quarters, offsetting operating gains. Depreciation and amortization have shown a steady, linear increase from approximately 48 million US dollars in early 2019 to 111 million US dollars by September 2024, reflecting a growing asset base.
Capital Investment and Investing Activities: A strategy of aggressive capacity expansion is observed through the consistent and increasing expenditure on property, plant, and equipment. Quarterly capital expenditures have risen from roughly 149 million US dollars in March 2019 to over 433 million US dollars by September 2024. This trend indicates a long-term commitment to scaling infrastructure. Additionally, the company maintains an active treasury management strategy, evidenced by large-scale purchases and subsequent sales of marketable securities to manage liquidity levels.
Financing and Debt Management: Financing activities are primarily characterized by the periodic utilization of debt arrangements to support liquidity and investment. There is a consistent pattern of borrowing, often offset by strategic debt repayments, such as the significant repayments observed in late 2020 and throughout 2024. Financing inflows have generally served as a buffer during quarters where investing activities or working capital requirements created significant cash deficits.
Working Capital Trends: Deferred revenue exhibited a massive spike in late 2022, reaching 619 million US dollars, which provided a substantial temporary boost to cash flow from operations. Conversely, the recent quarters in 2024 show a contraction in deferred revenue and a significant increase in inventory outflows, contributing to the net decrease in cash observed in the final analyzed quarter.

Overall, the data indicates a company in a high-growth phase, where strong bottom-line profitability is being reinvested into massive physical expansion. The resulting cash flow profile is one of high volatility, where operational cash generation is frequently superseded by capital expenditures and working capital adjustments, requiring a reliance on marketable securities and debt financing to maintain liquidity stability.

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First Solar Inc. (NASDAQ:FSLR)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data