2024 Q2 Form 10-Q Financial Statement

#000127449424000022 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.010B $794.1M
YoY Change 24.65% 44.83%
Cost Of Revenue $511.6M $448.1M
YoY Change 2.27% 2.72%
Gross Profit $498.9M $346.0M
YoY Change 60.71% 208.79%
Gross Profit Margin 49.37% 43.57%
Selling, General & Admin $46.56M $61.24M
YoY Change 0.5% 39.08%
% of Gross Profit 9.33% 17.7%
Research & Development $51.94M $42.74M
YoY Change 41.34% 40.09%
% of Gross Profit 10.41% 12.35%
Depreciation & Amortization $97.34M $90.58M
YoY Change 35.75% 31.56%
% of Gross Profit 19.51% 26.18%
Operating Expenses $126.4M $104.0M
YoY Change -11.03% 10.58%
Operating Profit $372.5M $242.0M
YoY Change 121.06% 1244.44%
Interest Expense $5.185M $15.18M
YoY Change 266.43% 1929.01%
% of Operating Profit 1.39% 6.27%
Other Income/Expense, Net -$565.0K -$2.799M
YoY Change -156.67% 92.24%
Pretax Income $377.1M $255.5M
YoY Change 100.1% 616.28%
Income Tax $27.78M $18.90M
% Of Pretax Income 7.36% 7.4%
Net Earnings $349.4M $236.6M
YoY Change 104.81% 455.95%
Net Earnings / Revenue 34.57% 29.8%
Basic Earnings Per Share $3.26 $2.21
Diluted Earnings Per Share $3.25 $2.20
COMMON SHARES
Basic Shares Outstanding 107.0M shares 106.8M shares
Diluted Shares Outstanding 107.5M shares 107.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.740B $1.990B
YoY Change -7.62% -12.38%
Cash & Equivalents $1.703B $701.4M
Short-Term Investments $37.43M $308.0M
Other Short-Term Assets $527.1M $318.7M
YoY Change 49.67% 16.87%
Inventory $1.028B $970.9M
Prepaid Expenses $78.93M $63.54M
Receivables $647.6M $669.7M
Other Receivables $142.3M $292.0M
Total Short-Term Assets $3.949B $4.241B
YoY Change 7.87% 17.17%
LONG-TERM ASSETS
Property, Plant & Equipment $5.139B $5.015B
YoY Change 27.83% 29.96%
Goodwill $28.83M $28.74M
YoY Change 0.66% 98.69%
Intangibles $59.27M $61.89M
YoY Change -15.86% 117.33%
Long-Term Investments $200.2M $194.5M
YoY Change 2.87% -1.07%
Other Assets $555.1M $1.151B
YoY Change 34.09% 197.55%
Total Long-Term Assets $7.065B $6.519B
YoY Change 32.4% 31.84%
TOTAL ASSETS
Total Short-Term Assets $3.949B $4.241B
Total Long-Term Assets $7.065B $6.519B
Total Assets $11.01B $10.76B
YoY Change 22.42% 25.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $230.9M $239.2M
YoY Change -6.08% -16.28%
Accrued Expenses $540.1M $554.5M
YoY Change 78.07% 41.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $140.7M $200.9M
YoY Change
Total Short-Term Liabilities $1.773B $1.759B
YoY Change 62.53% 49.78%
LONG-TERM LIABILITIES
Long-Term Debt $418.7M $435.8M
YoY Change -4.27% 36.01%
Other Long-Term Liabilities $173.8M $1.622B
YoY Change 23.93% 1236.64%
Total Long-Term Liabilities $592.5M $2.058B
YoY Change 2.58% 365.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.773B $1.759B
Total Long-Term Liabilities $592.5M $2.058B
Total Liabilities $3.759B $3.858B
YoY Change 27.09% 43.11%
SHAREHOLDERS EQUITY
Retained Earnings $4.557B $4.208B
YoY Change 35.89% 32.2%
Common Stock $2.887B $2.878B
YoY Change 0.5% 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.255B $6.903B
YoY Change
Total Liabilities & Shareholders Equity $11.01B $10.76B
YoY Change 22.42% 25.64%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $349.4M $236.6M
YoY Change 104.81% 455.95%
Depreciation, Depletion And Amortization $97.34M $90.58M
YoY Change 35.75% 31.56%
Cash From Operating Activities $193.0M $267.7M
YoY Change -315.23% -873.81%
INVESTING ACTIVITIES
Capital Expenditures $365.2M $413.5M
YoY Change -4.58% 11.46%
Acquisitions
YoY Change
Other Investing Activities $257.8M -$155.2M
YoY Change -9.32%
Cash From Investing Activities -$107.3M -$568.6M
YoY Change 9.1% -11.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -68.35M 40.70M
YoY Change -162.77% -62.21%
NET CHANGE
Cash From Operating Activities 193.0M 267.7M
Cash From Investing Activities -107.3M -568.6M
Cash From Financing Activities -68.35M 40.70M
Net Change In Cash 17.32M -260.2M
YoY Change -121.87% -54.4%
FREE CASH FLOW
Cash From Operating Activities $193.0M $267.7M
Capital Expenditures $365.2M $413.5M
Free Cash Flow -$172.1M -$145.7M
YoY Change -63.56% -64.07%

Facts In Submission

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CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2753000 usd
CY2024Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
46000 usd
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
0 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
506000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
251000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
82181000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
16933000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
84419000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
17049000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10287000 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
236000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10307000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
51000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
34337000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
17063000 usd
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P40Y
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.054
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.054
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
9075000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
113000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
11525000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
196000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9857000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1014000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7324000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1014000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6957000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1016000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5294000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
1064000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
13000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
42201000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
50045000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
46618000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5421000 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
29319000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
44624000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
17299000 usd
CY2024Q1 fslr Total Debt Principal
TotalDebtPrincipal
620090000 usd
CY2024Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1397000 usd
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
994000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2192000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1326000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
498000 usd
CY2023Q4 fslr Total Debt Principal
TotalDebtPrincipal
560827000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
488000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
521000 usd
CY2024Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
619602000 usd
CY2023Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
560306000 usd
CY2024Q1 us-gaap Debt Current
DebtCurrent
200907000 usd
CY2023Q4 us-gaap Debt Current
DebtCurrent
96238000 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
418695000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
464068000 usd
CY2024Q1 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0876
CY2024Q1 fslr Long Term And Short Term Debt Maturity Remainder Of Fiscal Year
LongTermAndShortTermDebtMaturityRemainderOfFiscalYear
155540000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
90900000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
90900000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
90950000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
91000000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
100800000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
0 usd
CY2024Q1 fslr Total Debt Principal
TotalDebtPrincipal
620090000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25491000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
33787000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-140000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25194000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
33315000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
5900000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
10236000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
19294000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
23079000 usd
CY2024Q1 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
2500000 usd
CY2023Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
3300000 usd
CY2024Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
510100000 usd
CY2024Q1 fslr Solar Module Collection And Recycling Liability
SolarModuleCollectionAndRecyclingLiability
134300000 usd
CY2023Q4 fslr Solar Module Collection And Recycling Liability
SolarModuleCollectionAndRecyclingLiability
135100000 usd
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
2068082000 usd
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
2005183000 usd
CY2024Q1 fslr Contract Liability Net Change
ContractLiabilityNetChange
62899000 usd
CY2024Q1 fslr Contract Liability Percent Change
ContractLiabilityPercentChange
0.03
CY2024Q1 fslr Contract Liability Net Change
ContractLiabilityNetChange
62900000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
126300000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
90400000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6791000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6600000 usd
CY2022Q3 fslr Corporate Alternative Minimum Tax Inflation Reduction Act Percent
CorporateAlternativeMinimumTaxInflationReductionActPercent
0.15
CY2022Q3 fslr Excise Tax On Stock Buybacks Inflation Reduction Act Percent
ExciseTaxOnStockBuybacksInflationReductionActPercent
0.01
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.074
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.193
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
236616000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
42561000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106910000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106675000 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106910000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106675000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
497000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
479000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107407000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107154000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.21
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.20
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11000 shares
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-1149000 usd
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-2532000 usd
CY2024Q1 us-gaap Revenues
Revenues
794108000 usd
CY2023Q1 us-gaap Revenues
Revenues
548286000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
346003000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
112051000 usd
CY2024Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
81065000 usd
CY2023Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
61585000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
28735000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
29687000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true

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