Analysis of Geographic Areas
First Solar Inc. operates in 4 regions: United States; Japan; India; and All other foreign countries.
Area Asset Turnover
First Solar Inc., asset turnover by geographic area
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| United States | 1.17 | 2.21 | 1.77 | 2.47 | 2.24 |
| Japan | 1.52 | 0.49 | 1.23 | 0.08 | 0.73 |
| India | 0.11 | 0.35 | 4.44 | — | — |
| All other foreign countries | 0.24 | 0.13 | 0.20 | 0.22 | 0.19 |
Based on: 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), 10-K (reporting date: 2018-12-31).
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | United States | United States area asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
| Japan | Japan area asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. | |
| India | India area asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. | |
| All other foreign countries | All other foreign countries area asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Area Asset Turnover: United States
First Solar Inc.; United States; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 2,193,619) | 2,456,597) | 1,843,433) | 2,659,940) | 1,478,034) |
| Long-lived assets | 1,876,218) | 1,112,369) | 1,043,954) | 1,077,593) | 659,854) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.17 | 2.21 | 1.77 | 2.47 | 2.24 |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 2,193,619 ÷ 1,876,218 = 1.17
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | United States | United States area asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Area Asset Turnover: Japan
First Solar Inc.; Japan; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 46,426) | 207,609) | 469,657) | 34,234) | 234,814) |
| Long-lived assets | 30,454) | 420,071) | 382,823) | 416,375) | 319,571) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.52 | 0.49 | 1.23 | 0.08 | 0.73 |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 46,426 ÷ 30,454 = 1.52
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | Japan | Japan area asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Area Asset Turnover: India
First Solar Inc.; India; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 37,215) | 37,650) | 33,848) | 7,451) | 232,130) |
| Long-lived assets | 341,616) | 106,966) | 7,618) | —) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.11 | 0.35 | 4.44 | — | — |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 37,215 ÷ 341,616 = 0.11
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | India | India area asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Area Asset Turnover: All other foreign countries
First Solar Inc.; All other foreign countries; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | 342,059) | 221,521) | 364,394) | 361,492) | 299,066) |
| Long-lived assets | 1,418,149) | 1,750,506) | 1,811,327) | 1,646,989) | 1,583,855) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.24 | 0.13 | 0.20 | 0.22 | 0.19 |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 342,059 ÷ 1,418,149 = 0.24
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | All other foreign countries | All other foreign countries area asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Net sales
First Solar Inc., net sales by geographic area
US$ in thousands
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| United States | 2,193,619) | 2,456,597) | 1,843,433) | 2,659,940) | 1,478,034) |
| Japan | 46,426) | 207,609) | 469,657) | 34,234) | 234,814) |
| India | 37,215) | 37,650) | 33,848) | 7,451) | 232,130) |
| All other foreign countries | 342,059) | 221,521) | 364,394) | 361,492) | 299,066) |
| Total | 2,619,319) | 2,923,377) | 2,711,332) | 3,063,117) | 2,244,044) |
Based on: 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), 10-K (reporting date: 2018-12-31).
Long-lived assets
First Solar Inc., long-lived assets by geographic area
US$ in thousands
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| United States | 1,876,218) | 1,112,369) | 1,043,954) | 1,077,593) | 659,854) |
| Japan | 30,454) | 420,071) | 382,823) | 416,375) | 319,571) |
| India | 341,616) | 106,966) | 7,618) | —) | —) |
| All other foreign countries | 1,418,149) | 1,750,506) | 1,811,327) | 1,646,989) | 1,583,855) |
| Total | 3,666,437) | 3,389,912) | 3,245,722) | 3,140,957) | 2,563,280) |
Based on: 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), 10-K (reporting date: 2018-12-31).