2020 Q1 Form 10-Q Financial Statement

#000127449420000014 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $532.1M $532.0M
YoY Change 0.03% -6.22%
Cost Of Revenue $441.8M $531.9M
YoY Change -16.94% 34.83%
Gross Profit $90.34M $112.0K
YoY Change 80558.93% -99.94%
Gross Profit Margin 16.98% 0.02%
Selling, General & Admin $58.59M $45.35M
YoY Change 29.18% 10.28%
% of Gross Profit 64.85% 40492.86%
Research & Development $25.61M $21.88M
YoY Change 17.08% 7.64%
% of Gross Profit 28.35% 19533.04%
Depreciation & Amortization $56.30M $48.90M
YoY Change 15.13% 100.41%
% of Gross Profit 62.32% 43660.71%
Operating Expenses $88.68M $76.75M
YoY Change 15.55% -22.11%
Operating Profit $1.656M -$76.64M
YoY Change -102.16% -203.2%
Interest Expense $6.789M $10.12M
YoY Change -32.92% 95.31%
% of Operating Profit 409.96%
Other Income/Expense, Net -$2.222M $3.509M
YoY Change -163.32% -80.43%
Pretax Income $1.577M -$68.82M
YoY Change -102.29% -171.45%
Income Tax -$89.22M -$1.394M
% Of Pretax Income -5657.26%
Net Earnings $90.70M -$67.60M
YoY Change -234.18% -181.49%
Net Earnings / Revenue 17.05% -12.71%
Basic Earnings Per Share $0.86 -$0.64
Diluted Earnings Per Share $0.85 -$0.64
COMMON SHARES
Basic Shares Outstanding 105.6M shares 105.0M shares
Diluted Shares Outstanding 106.4M shares 105.0M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.509B $2.117B
YoY Change -28.74% -26.45%
Cash & Equivalents $929.4M $1.013B
Short-Term Investments $579.3M $1.104B
Other Short-Term Assets $25.38M $37.58M
YoY Change -32.46% -66.97%
Inventory $479.8M $459.5M
Prepaid Expenses $146.0M $110.1M
Receivables $290.3M $301.7M
Other Receivables $29.30M $39.80M
Total Short-Term Assets $2.748B $3.663B
YoY Change -24.98% -2.85%
LONG-TERM ASSETS
Property, Plant & Equipment $2.244B $1.859B
YoY Change 20.7% 41.75%
Goodwill $14.46M $14.46M
YoY Change 0.0% 0.0%
Intangibles $63.92M $71.64M
YoY Change -10.78% -10.01%
Long-Term Investments $2.702M $2.960M
YoY Change -8.72% -98.53%
Other Assets $377.3M $242.0M
YoY Change 55.92% 155.5%
Total Long-Term Assets $4.201B $3.594B
YoY Change 16.89% 17.08%
TOTAL ASSETS
Total Short-Term Assets $2.748B $3.663B
Total Long-Term Assets $4.201B $3.594B
Total Assets $6.949B $7.257B
YoY Change -4.24% 6.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $173.8M $221.7M
YoY Change -21.64% 61.97%
Accrued Expenses $296.8M $408.0M
YoY Change -27.26% 37.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $81.80M $12.40M
YoY Change 559.68% 103.28%
Total Short-Term Liabilities $732.4M $836.5M
YoY Change -12.44% 51.07%
LONG-TERM LIABILITIES
Long-Term Debt $390.6M $558.4M
YoY Change -30.05% 29.32%
Other Long-Term Liabilities $519.5M $598.7M
YoY Change -13.23% 14.05%
Total Long-Term Liabilities $519.5M $598.7M
YoY Change -13.23% 14.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $732.4M $836.5M
Total Long-Term Liabilities $519.5M $598.7M
Total Liabilities $1.781B $2.128B
YoY Change -16.32% 26.59%
SHAREHOLDERS EQUITY
Retained Earnings $2.408B $2.374B
YoY Change 1.44% -0.26%
Common Stock $2.844B $2.814B
YoY Change 1.06% 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.169B $5.129B
YoY Change
Total Liabilities & Shareholders Equity $6.949B $7.257B
YoY Change -4.24% 6.09%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $90.70M -$67.60M
YoY Change -234.18% -181.49%
Depreciation, Depletion And Amortization $56.30M $48.90M
YoY Change 15.13% 100.41%
Cash From Operating Activities -$504.9M -$303.4M
YoY Change 66.38% 570.05%
INVESTING ACTIVITIES
Capital Expenditures $112.5M $149.2M
YoY Change -24.55% -16.07%
Acquisitions
YoY Change
Other Investing Activities $14.15M -$21.00K
YoY Change -67480.95% -100.4%
Cash From Investing Activities $96.45M -$139.8M
YoY Change -169.0% -62.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $325.0K $2.703M
YoY Change -87.98%
Cash From Financing Activities -$13.44M $87.84M
YoY Change -115.3% 108.36%
NET CHANGE
Cash From Operating Activities -$504.9M -$303.4M
Cash From Investing Activities $96.45M -$139.8M
Cash From Financing Activities -$13.44M $87.84M
Net Change In Cash -$427.6M -$356.0M
YoY Change 20.12% -7.02%
FREE CASH FLOW
Cash From Operating Activities -$504.9M -$303.4M
Capital Expenditures $112.5M $149.2M
Free Cash Flow -$617.4M -$452.6M
YoY Change 36.41% 102.95%

Facts In Submission

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48896000 USD
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CY2020Q1 fslr Increase Decrease In Project Assets And Pv Solar Power Systems
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50756000 USD
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565000 USD
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CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2020Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Period Increase Decrease
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CY2020Q1 fslr Debt Securities Availableforsale Maturities Rolling Year Two Through Three
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CY2020Q1 fslr Accounts Receivable Unbilled And Retainage Allowance For Credit Loss Cumulative Effect Adjustment For Adoption Of Asu201613
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CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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PVSolarPowerSystemsGross
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AccumulatedDepreciationPVSolarPowerSystems
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476977000 USD
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ProjectAssetsDevelopmentandLandCosts
254466000 USD
CY2020Q1 fslr Project Assets Construction Costs
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154510000 USD
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82654000 USD
CY2020Q1 fslr Total Project Assets Currentand Noncurrent
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ProjectAssetsCurrent
3524000 USD
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CY2019Q1 us-gaap Interest Expense
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InterestCostsIncurred
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InterestExpense
6789000 USD
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OperatingLeaseRightOfUseAsset
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59806000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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41608000 USD
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80072000 USD
CY2020Q1 fslr Indirect Tax Receivables Noncurrent
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10934000 USD
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CY2020Q1 us-gaap Notes And Loans Receivable Net Noncurrent
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8071000 USD
CY2019Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
8194000 USD
CY2020Q1 us-gaap Income Tax Receivable
IncomeTaxReceivable
4110000 USD
CY2019Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
4106000 USD
CY2020Q1 us-gaap Equity Method Investments
EquityMethodInvestments
2702000 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
2812000 USD
CY2020Q1 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
746000 USD
CY2019Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
139000 USD
CY2020Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
42763000 USD
CY2019Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
19640000 USD
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
377254000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
329926000 USD
CY2019Q4 us-gaap Goodwill
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CY2020Q1 fslr Net Changein Estimateasa Percentageof Aggregate Revenuefor Associated Projects
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CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2020Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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58600000 USD
CY2020Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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105595000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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791000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.85
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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864000 shares
CY2020Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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14881000 USD
CY2019Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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15016000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segments
CY2020Q1 us-gaap Revenues
Revenues
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CY2019Q1 us-gaap Revenues
Revenues
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CY2020Q1 us-gaap Gross Profit
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CY2019Q1 us-gaap Gross Profit
GrossProfit
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CY2020Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
50931000 USD
CY2019Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
43794000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
14462000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
14462000 USD

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