2013 Q1 Form 10-Q Financial Statement

#000127449413000017 Filed on May 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $755.2M $497.1M
YoY Change 51.94% -12.38%
Cost Of Revenue $585.9M $420.3M
YoY Change 39.39% 36.63%
Gross Profit $169.3M $76.75M
YoY Change 120.63% -70.44%
Gross Profit Margin 22.42% 15.44%
Selling, General & Admin $74.47M $91.82M
YoY Change -18.9% 5.54%
% of Gross Profit 43.98% 119.64%
Research & Development $29.93M $36.08M
YoY Change -17.05% 15.1%
% of Gross Profit 17.68% 47.02%
Depreciation & Amortization $56.62M $73.16M
YoY Change -22.62% 51.58%
% of Gross Profit 33.44% 95.33%
Operating Expenses $108.1M $533.0M
YoY Change -79.72% 309.13%
Operating Profit $61.21M -$456.3M
YoY Change -113.41% -452.66%
Interest Expense $750.0K $920.0K
YoY Change -18.48%
% of Operating Profit 1.23%
Other Income/Expense, Net -$833.0K -$1.211M
YoY Change -31.21% 246.99%
Pretax Income $66.19M -$456.5M
YoY Change -114.5% -443.2%
Income Tax $7.047M -$7.070M
% Of Pretax Income 10.65%
Net Earnings $59.14M -$449.4M
YoY Change -113.16% -487.53%
Net Earnings / Revenue 7.83% -90.42%
Basic Earnings Per Share $0.68 -$5.20
Diluted Earnings Per Share $0.66 -$5.20
COMMON SHARES
Basic Shares Outstanding 87.21M shares 86.51M shares
Diluted Shares Outstanding 89.38M shares 86.51M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.012B $663.6M
YoY Change 52.46% 19.46%
Cash & Equivalents $842.8M $610.5M
Short-Term Investments $169.0M $53.10M
Other Short-Term Assets $58.11M $122.8M
YoY Change -52.67% 10.49%
Inventory $388.5M $582.6M
Prepaid Expenses $42.85M $54.53M
Receivables $279.1M $315.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.110B $2.900B
YoY Change 7.22% 108.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.553B $1.541B
YoY Change 0.8% -0.55%
Goodwill $68.83M $65.44M
YoY Change 5.18% -85.74%
Intangibles
YoY Change
Long-Term Investments $286.3M $86.10M
YoY Change 232.52% -45.3%
Other Assets $58.87M $53.03M
YoY Change 11.02% 16.11%
Total Long-Term Assets $3.184B $2.873B
YoY Change 10.84% -5.48%
TOTAL ASSETS
Total Short-Term Assets $3.110B $2.900B
Total Long-Term Assets $3.184B $2.873B
Total Assets $6.294B $5.774B
YoY Change 9.02% 30.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $209.0M $218.2M
YoY Change -4.21% 119.54%
Accrued Expenses $430.5M $434.3M
YoY Change -0.88% 89.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $61.10M $58.20M
YoY Change 4.98% 106.38%
Total Short-Term Liabilities $1.533B $1.171B
YoY Change 30.95% 149.21%
LONG-TERM LIABILITIES
Long-Term Debt $501.1M $806.1M
YoY Change -37.84% 678.84%
Other Long-Term Liabilities $413.5M $410.0M
YoY Change 0.86% 194.64%
Total Long-Term Liabilities $413.5M $410.0M
YoY Change 0.86% 194.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.533B $1.171B
Total Long-Term Liabilities $413.5M $410.0M
Total Liabilities $2.620B $2.565B
YoY Change 2.18% 195.41%
SHAREHOLDERS EQUITY
Retained Earnings $1.589B $1.177B
YoY Change 35.03% -33.95%
Common Stock $2.094B $2.043B
YoY Change 2.49% 11.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.674B $3.209B
YoY Change
Total Liabilities & Shareholders Equity $6.294B $5.774B
YoY Change 9.02% 30.21%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $59.14M -$449.4M
YoY Change -113.16% -487.53%
Depreciation, Depletion And Amortization $56.62M $73.16M
YoY Change -22.62% 51.58%
Cash From Operating Activities $66.46M -$16.14M
YoY Change -511.84% -63.17%
INVESTING ACTIVITIES
Capital Expenditures $71.67M $124.5M
YoY Change -42.43% -26.33%
Acquisitions $7.934M $2.437M
YoY Change 225.56% -88.45%
Other Investing Activities $2.500M -$2.132M
YoY Change -217.26% 13225.0%
Cash From Investing Activities -$141.6M -$182.3M
YoY Change -22.33% -30.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $330.3M $13.15M
YoY Change 2411.99% -5.41%
Cash From Financing Activities $21.36M $195.8M
YoY Change -89.09% -275.94%
NET CHANGE
Cash From Operating Activities $66.46M -$16.14M
Cash From Investing Activities -$141.6M -$182.3M
Cash From Financing Activities $21.36M $195.8M
Net Change In Cash -$53.79M -$2.678M
YoY Change 1908.59% -99.36%
FREE CASH FLOW
Cash From Operating Activities $66.46M -$16.14M
Capital Expenditures $71.67M $124.5M
Free Cash Flow -$5.212M -$140.6M
YoY Change -96.29% -33.92%

Facts In Submission

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0 USD
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62349000 USD
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360602000 USD
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61690000 USD
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14962000 USD
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0 USD
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13509000 USD
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0 USD
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0 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Tax
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0 USD
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2437000 USD
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7934000 USD
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CY2013Q1 us-gaap Payments To Acquire Equity Method Investments
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CY2013Q1 us-gaap Payments To Acquire Restricted Investments
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121019000 USD
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3977000 USD
CY2013Q1 us-gaap Product Warranty Accrual Warranties Issued
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10533000 USD
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29931000 USD
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5100000 USD
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91820000 USD
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CY2013Q1 us-gaap Share Based Compensation
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23594000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual
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191596000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual
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CY2012Q1 us-gaap Standard Product Warranty Accrual
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179454000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
185630000 USD
CY2012Q1 us-gaap Standard Product Warranty Accrual Current
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98855000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual Current
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64611000 USD
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121019000 USD
CY2012Q1 us-gaap Standard Product Warranty Accrual Noncurrent
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80599000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual Payments
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10963000 USD
CY2012Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5703000 USD
CY2012Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
23438000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3605526000 USD
CY2012Q4 us-gaap Unbilled Contracts Receivable
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400987000 USD
CY2013Q1 us-gaap Unbilled Contracts Receivable
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480131000 USD
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342587000 USD
CY2013Q1 us-gaap Unbilled Receivables Current
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257624000 USD
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;"> The preparation of condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and the accompanying notes. Significant estimates in these condensed consolidated financial statements include percentage-of-completion revenue recognition, estimates of future cash flows from and the economic useful lives of long-lived assets, certain accrued liabilities, income taxes and tax valuation allowances, reportable segment allocations, product warranties and manufacturing excursions, accrued collection and recycling expense, and goodwill. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from these estimates and assumptions.</font></div></div>
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2171000 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89377000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86507000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86507000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87206000 shares
CY2013Q1 fslr Accrued Inventory
AccruedInventory
58511000 USD
CY2012Q4 fslr Accrued Inventory
AccruedInventory
52408000 USD
CY2013Q1 fslr Accrued Project Assets And Deferred Project Costs
AccruedProjectAssetsAndDeferredProjectCosts
78016000 USD
CY2012Q4 fslr Accrued Project Assets And Deferred Project Costs
AccruedProjectAssetsAndDeferredProjectCosts
76133000 USD
CY2013Q1 fslr Accrued Property Plant And Equipment
AccruedPropertyPlantAndEquipment
27300000 USD
CY2012Q4 fslr Accrued Property Plant And Equipment
AccruedPropertyPlantAndEquipment
20564000 USD
CY2013Q1 fslr Amounts Reclassified From Accumulated Other Comprehensive Income
AmountsReclassifiedFromAccumulatedOtherComprehensiveIncome
-7371000 USD
CY2012Q1 fslr Amounts Reclassified From Accumulated Other Comprehensive Income
AmountsReclassifiedFromAccumulatedOtherComprehensiveIncome
-9654000 USD
CY2013Q1 fslr Other Comprehensive Income Before Reclassifications
OtherComprehensiveIncomeBeforeReclassifications
-11893000 USD
CY2012Q1 fslr Other Comprehensive Income Before Reclassifications
OtherComprehensiveIncomeBeforeReclassifications
3799000 USD
CY2012Q1 fslr Change In Estimate Of Product Warranty Liability Primarily As Result Of Manufacturing Excursion
ChangeInEstimateOfProductWarrantyLiabilityPrimarilyAsResultOfManufacturingExcursion
22600000 USD
CY2013Q1 fslr Change In Warranty Liability Resulting From Hypothetical One Percent Change In Warranty Return Rate
ChangeInWarrantyLiabilityResultingFromHypotheticalOnePercentChangeInWarrantyReturnRate
48900000 USD
CY2013Q1 fslr Deferred Project Costs And Project Assets Noncurrent
DeferredProjectCostsAndProjectAssetsNoncurrent
573901000 USD
CY2012Q4 fslr Deferred Project Costs And Project Assets Noncurrent
DeferredProjectCostsAndProjectAssetsNoncurrent
845478000 USD
CY2012Q4 fslr Deferred Project Costs Current
DeferredProjectCostsCurrent
21390000 USD
CY2013Q1 fslr Deferred Project Costs Current
DeferredProjectCostsCurrent
617540000 USD
CY2012Q4 fslr Deferred Project Costs Noncurrent
DeferredProjectCostsNoncurrent
486654000 USD
CY2013Q1 fslr Deferred Project Costs Noncurrent
DeferredProjectCostsNoncurrent
25048000 USD
CY2013Q1 fslr Employee Service Share Based Compensation Capitalized In Inventory
EmployeeServiceShareBasedCompensationCapitalizedInInventory
6900000 USD
CY2012Q4 fslr Employee Service Share Based Compensation Capitalized In Inventory
EmployeeServiceShareBasedCompensationCapitalizedInInventory
4500000 USD
CY2013Q1 fslr Estimated Rate Or Return Product Warranty
EstimatedRateOrReturnProductWarranty
0.03 pure
CY2013Q1 fslr Increase Decrease In Inventory And Bos Parts
IncreaseDecreaseInInventoryAndBosParts
-12655000 USD
CY2012Q1 fslr Increase Decrease In Inventory And Bos Parts
IncreaseDecreaseInInventoryAndBosParts
251257000 USD
CY2012Q1 fslr Increase Decrease In Project Assets And Deferred Project Costs
IncreaseDecreaseInProjectAssetsAndDeferredProjectCosts
-42299000 USD
CY2013Q1 fslr Increase Decrease In Project Assets And Deferred Project Costs
IncreaseDecreaseInProjectAssetsAndDeferredProjectCosts
297028000 USD
CY2013Q1 fslr Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
521773000 USD
CY2012Q4 fslr Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
569296000 USD
CY2013Q1 fslr Long Term Debt Excluding Capital Lease Obligation
LongTermDebtExcludingCapitalLeaseObligation
562217000 USD
CY2013Q1 fslr Net Other Comprehensive Income
NetOtherComprehensiveIncome
-19264000 USD
CY2012Q1 fslr Net Other Comprehensive Income
NetOtherComprehensiveIncome
-5855000 USD
CY2012Q4 fslr Payments And Billings For Deferred Project Costs
PaymentsAndBillingsForDeferredProjectCosts
94535000 USD
CY2013Q1 fslr Payments And Billings For Deferred Project Costs
PaymentsAndBillingsForDeferredProjectCosts
778651000 USD
CY2012Q4 fslr Payments And Billings For Deferred Project Costs Noncurrent
PaymentsAndBillingsForDeferredProjectCostsNoncurrent
636518000 USD
CY2013Q1 fslr Payments And Billings For Deferred Project Costs Noncurrent
PaymentsAndBillingsForDeferredProjectCostsNoncurrent
25746000 USD
CY2013Q1 fslr Percentage Point Change In Estimated Rate Of Return Of Product Warranty
PercentagePointChangeInEstimatedRateOfReturnOfProductWarranty
0.01 pure
CY2013Q1 fslr Proceeds From Payment For Economic Development Funding
ProceedsFromPaymentForEconomicDevelopmentFunding
-8315000 USD
CY2012Q1 fslr Proceeds From Payment For Economic Development Funding
ProceedsFromPaymentForEconomicDevelopmentFunding
0 USD
CY2013Q1 fslr Product Minimum Service Life
ProductMinimumServiceLife
P25Y
CY2012Q4 fslr Product Warranty Accrual In Excess Of Normal Product Warranty Liability
ProductWarrantyAccrualInExcessOfNormalProductWarrantyLiability
75020000 USD
CY2013Q1 fslr Product Warranty Accrual In Excess Of Normal Product Warranty Liability
ProductWarrantyAccrualInExcessOfNormalProductWarrantyLiability
68392000 USD
CY2013Q1 fslr Production Start Up Expense
ProductionStartUpExpense
1376000 USD
CY2012Q1 fslr Production Start Up Expense
ProductionStartUpExpense
4058000 USD
CY2012Q4 fslr Project Assets Completed Projects Noncurrent
ProjectAssetsCompletedProjectsNoncurrent
0 USD
CY2013Q1 fslr Project Assets Completed Projects Noncurrent
ProjectAssetsCompletedProjectsNoncurrent
214622000 USD
CY2012Q4 fslr Project Assets Construction Costs Noncurrent
ProjectAssetsConstructionCostsNoncurrent
192171000 USD
CY2013Q1 fslr Project Assets Construction Costs Noncurrent
ProjectAssetsConstructionCostsNoncurrent
101884000 USD
CY2012Q4 fslr Project Assets Development Costs Noncurrent
ProjectAssetsDevelopmentCostsNoncurrent
157489000 USD
CY2013Q1 fslr Project Assets Development Costs Noncurrent
ProjectAssetsDevelopmentCostsNoncurrent
231138000 USD
CY2013Q1 fslr Project Assets Land Noncurrent
ProjectAssetsLandNoncurrent
1209000 USD
CY2012Q4 fslr Project Assets Land Noncurrent
ProjectAssetsLandNoncurrent
9164000 USD
CY2012Q4 fslr Project Assets Noncurrent
ProjectAssetsNoncurrent
358824000 USD
CY2013Q1 fslr Project Assets Noncurrent
ProjectAssetsNoncurrent
548853000 USD
CY2013Q1 fslr Repayment Of Economic Development Funding
RepaymentOfEconomicDevelopmentFunding
6300000
CY2012Q4 fslr Secured Accounts Receivables
SecuredAccountsReceivables
104500000 USD
CY2013Q1 fslr Secured Accounts Receivables
SecuredAccountsReceivables
75700000 USD
CY2013Q1 fslr Solar Module Collection And Recycling Custodial Account
SolarModuleCollectionAndRecyclingCustodialAccount
P90D
CY2012Q4 fslr Total Deferred Project Costs
TotalDeferredProjectCosts
508044000 USD
CY2013Q1 fslr Total Deferred Project Costs
TotalDeferredProjectCosts
642588000 USD
CY2013Q1 fslr Total Project Assets And Deferred Project Costs
TotalProjectAssetsAndDeferredProjectCosts
1191441000 USD
CY2012Q4 fslr Total Project Assets And Deferred Project Costs
TotalProjectAssetsAndDeferredProjectCosts
866868000 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001274494
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
87792199 shares
CY2013Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
FIRST SOLAR, INC.
CY2013Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

Name View Source Status
0001274494-13-000017-index-headers.html Edgar Link pending
0001274494-13-000017-index.html Edgar Link pending
0001274494-13-000017.txt Edgar Link pending
0001274494-13-000017-xbrl.zip Edgar Link pending
ex1001non-competitionandno.htm Edgar Link pending
ex1002non-competitionandno.htm Edgar Link pending
ex1003changeinctrlseveranc.htm Edgar Link pending
ex3101ceocertificationmarc.htm Edgar Link pending
ex3102cfocertificationmarc.htm Edgar Link pending
ex3201ceocfocertificationm.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
fslogo123110a01.jpg Edgar Link pending
fslr-20130331.xml Edgar Link completed
fslr-20130331.xsd Edgar Link pending
fslr-20130331_cal.xml Edgar Link unprocessable
fslr-20130331_def.xml Edgar Link unprocessable
fslr-20130331_lab.xml Edgar Link unprocessable
fslr-20130331_pre.xml Edgar Link unprocessable
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report.css Edgar Link pending
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