Name: First Solar Inc. (NASDAQ:FSLR) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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First Solar Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	830,777)	(44,166)	468,693)	398,355)	(114,933)
Foreign currency translation adjustments	3,107)	(32,021)	(13,213)	(2,810)	(7,049)
Unrealized gain (loss) on marketable securities and restricted marketable securities, net of tax	10,170)	(56,744)	(24,666)	21,659)	(15,670)
Unrealized gain (loss) on derivative instruments, net of tax	4,409)	(6,690)	3,243)	(1,241)	(2,149)
Other comprehensive gain (loss)	17,686)	(95,455)	(34,636)	17,608)	(24,868)
Comprehensive income (loss)	848,463)	(139,621)	434,057)	415,963)	(139,801)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The comprehensive income performance exhibits significant volatility over the five-year period, characterized by a substantial recovery in 2023 following a contraction in 2022. The trajectory is primarily driven by fluctuations in net income, while other comprehensive income components have acted as a secondary, often detracting, influence on the total financial outcome.

Net Income Performance: Net income transitioned from a loss of 114.9 million in 2019 to a peak of 830.8 million in 2023. A period of profitability was established between 2020 and 2021, which was interrupted by a return to a net loss of 44.2 million in 2022. The 2023 results represent a significant turnaround, marking the highest net income recorded within the observed timeframe.
Other Comprehensive Income (OCI) Components: Other comprehensive income has remained unstable, contributing negatively in three of the five years. The most significant downward pressure occurred in 2022, with a combined loss of 95.5 million. This was largely driven by unrealized losses on marketable securities of 56.7 million and foreign currency translation adjustments of 32.0 million. In contrast, 2023 showed a reversal across all OCI categories, resulting in a net gain of 17.7 million.
Comprehensive Income Trends: Comprehensive income closely mirrors the movements of net income but reflects the additional impact of market-driven adjustments. Total comprehensive loss in 2022 reached 139.6 million, which was notably deeper than the standalone net loss of 44.2 million, indicating that market-related adjustments exacerbated the operational loss. The period concluded with a comprehensive income of 848.5 million in 2023, reflecting both strong operational performance and positive adjustments in marketable securities and currency translation.

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