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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark one)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number: 001-33156
fslr-20220930_g1.jpg
First Solar, Inc.
(Exact name of registrant as specified in its charter)
Delaware20-4623678
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

350 West Washington Street, Suite 600
Tempe, Arizona 85288
(Address of principal executive offices, including zip code)

(602414-9300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.001 par valueFSLRThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of October 21, 2022, 106,605,610 shares of the registrant’s common stock, $0.001 par value per share, were outstanding.




FIRST SOLAR, INC.

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

TABLE OF CONTENTS
  Page



PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net sales$628,933 $583,504 $1,616,928 $2,016,058 
Cost of sales607,951 458,924 1,607,683 1,532,593 
Gross profit20,982 124,580 9,245 483,465 
Operating expenses:
Selling, general and administrative46,368 43,476 121,990 131,909 
Research and development29,183 25,426 81,520 69,234 
Production start-up19,768 2,945 40,337 16,014 
Total operating expenses95,319 71,847 243,847 217,157 
Gain on sales of businesses, net5,984 (1,866)253,272 147,284 
Operating (loss) income(68,353)50,867 18,670 413,592 
Foreign currency loss, net(4,859)(1,018)(12,041)(4,613)
Interest income9,749 1,752 14,954 3,996 
Interest expense, net(2,991)(2,958)(9,092)(10,577)
Other income (expense), net4,774 (2,603)2,679 2,598 
(Loss) income before taxes(61,680)46,040 15,170 404,996 
Income tax benefit (expense)12,512 (837)(51,788)(67,673)
Net (loss) income$(49,168)$45,203 $(36,618)$337,323 
Net (loss) income per share:
Basic$(0.46)$0.43 $(0.34)$3.18 
Diluted$(0.46)$0.42 $(0.34)$3.16 
Weighted-average number of shares used in per share calculations:
Basic106,596 106,320 106,532 106,241 
Diluted106,596 106,899 106,532 106,879 

See accompanying notes to these condensed consolidated financial statements.
1

FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net (loss) income$(49,168)$45,203 $(36,618)$337,323 
Other comprehensive loss:
Foreign currency translation adjustments
(12,403)(1,915)(40,698)(11,341)
Unrealized loss on marketable securities and restricted marketable securities, net of tax of $697, $47, $2,624 and $1,134(13,884)(3,486)(53,372)(19,961)
Unrealized (loss) gain on derivative instruments, net of tax of $905, $153, $2,540 and $(545)(3,333)118 (9,418)4,284 
Other comprehensive loss(29,620)(5,283)(103,488)(27,018)
Comprehensive (loss) income$(78,788)$39,920 $(140,106)$310,305 

See accompanying notes to these condensed consolidated financial statements.

2

FIRST SOLAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
 
 
September 30,
2022
December 31,
2021
ASSETS
Current assets: 
Cash and cash equivalents$1,150,982 $1,450,654 
Marketable securities776,213 375,389 
Accounts receivable trade, net325,421 429,436 
Accounts receivable unbilled, net35,149 25,273 
Inventories810,660 666,299 
Other current assets240,325 244,192 
Total current assets3,338,750 3,191,243 
Property, plant and equipment, net3,124,079 2,649,587 
PV solar power systems, net153,915 217,293 
Project assets27,827 315,488 
Deferred tax assets, net64,101 59,162 
Restricted marketable securities182,208 244,726 
Goodwill14,462 14,462 
Intangible assets, net36,631 45,509 
Inventories239,644 237,512 
Other assets311,200 438,764 
Total assets$7,492,817 $7,413,746 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Accounts payable$188,280 $193,374 
Income taxes payable25,771 4,543 
Accrued expenses333,140 288,450 
Current portion of long-term debt5,435 3,896 
Deferred revenue235,293 201,868 
Other current liabilities28,349 34,747 
Total current liabilities816,268 726,878 
Accrued solar module collection and recycling liability120,173 139,145 
Long-term debt254,224 236,005 
Other liabilities473,815 352,167 
Total liabilities1,664,480 1,454,195 
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 106,605,913 and 106,332,315 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively107 106 
Additional paid-in capital2,880,243 2,871,352 
Accumulated earnings3,147,837 3,184,455 
Accumulated other comprehensive loss(199,850)(96,362)
Total stockholders’ equity5,828,337 5,959,551 
Total liabilities and stockholders’ equity$7,492,817 $7,413,746 

See accompanying notes to these condensed consolidated financial statements.

3

FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
Three Months Ended September 30, 2022
 Common StockAdditional
Paid-In
Capital
Accumulated EarningsAccumulated
Other
Comprehensive Loss
Total
Stockholders' Equity
 SharesAmount
Balance at June 30, 2022106,594 $107 $2,868,945 $3,197,005 $(170,230)$5,895,827 
Net loss— — — (49,168)— (49,168)
Other comprehensive loss— — — — (29,620)(29,620)
Common stock issued for share-based compensation
15   — —  
Tax withholding related to vesting of restricted stock
(3) (457)— — (457)
Share-based compensation expense
— — 11,755 — — 11,755 
Balance at September 30, 2022106,606 $107 $2,880,243 $3,147,837 $(199,850)$5,828,337 
Three Months Ended September 30, 2021
 Common StockAdditional
Paid-In
Capital
Accumulated EarningsAccumulated
Other
Comprehensive Loss
Total
Stockholders' Equity
 SharesAmount
Balance at June 30, 2021106,319 $106 $2,859,108 $3,007,882 $(83,461)$5,783,635 
Net income— — — 45,203 — 45,203 
Other comprehensive loss— — — — (5,283)(5,283)
Common stock issued for share-based compensation
8   — —  
Tax withholding related to vesting of restricted stock
(1) (67)— — (67)
Share-based compensation expense
— — 6,587 — — 6,587 
Balance at September 30, 2021106,326 $106 $2,865,628 $3,053,085 $(88,744)$5,830,075 

See accompanying notes to these condensed consolidated financial statements.

4

FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
Nine Months Ended September 30, 2022
Common StockAdditional
Paid-In
Capital
Accumulated EarningsAccumulated
Other
Comprehensive Loss
Total
Stockholders' Equity
SharesAmount
Balance at December 31, 2021106,332 $106 $2,871,352 $3,184,455 $(96,362)$5,959,551 
Net loss— — — (36,618)— (36,618)
Other comprehensive loss— — — — (103,488)(103,488)
Common stock issued for share-based compensation
441 1  — — 1 
Tax withholding related to vesting of restricted stock
(167) (12,048)— — (12,048)
Share-based compensation expense
— — 20,939 — — 20,939 
Balance at September 30, 2022106,606 $107 $2,880,243 $3,147,837 $(199,850)$5,828,337 
Nine Months Ended September 30, 2021
Common StockAdditional
Paid-In
Capital
Accumulated EarningsAccumulated
Other
Comprehensive Loss
Total
Stockholders' Equity
SharesAmount
Balance at December 31, 2020105,980 $106 $2,866,786 $2,715,762 $(61,726)$5,520,928 
Net income— — — 337,323 — 337,323 
Other comprehensive loss— — — — (27,018)(27,018)
Common stock issued for share-based compensation
554   — —  
Tax withholding related to vesting of restricted stock
(208) (15,877)— — (15,877)
Share-based compensation expense
— — 14,719 — — 14,719 
Balance at September 30, 2021106,326 $106 $2,865,628 $3,053,085 $(88,744)$5,830,075 

See accompanying notes to these condensed consolidated financial statements.
5

FIRST SOLAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended
September 30,
20222021
Cash flows from operating activities:  
Net (loss) income$(36,618)$337,323 
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation, amortization and accretion199,183 194,606 
Impairments and net losses on disposal of long-lived assets62,793 9,083 
Share-based compensation21,121 14,974 
Deferred income taxes(4,600)(13,450)
Gain on sales of businesses, net(253,272)(147,284)
Gains on sales of marketable securities and restricted marketable securities (11,696)
Other, net(6,998)(2,909)
Changes in operating assets and liabilities:
Accounts receivable, trade and unbilled177,020 79,565 
Other current assets(28,615)(52,275)
Inventories(161,725)(116,017)
Project assets and PV solar power systems(160,300)11,945 
Other assets(22,936)(39,264)
Income tax receivable and payable40,902 22,615 
Accounts payable(15,057)879 
Accrued expenses and other liabilities282,398 (95,685)
Accrued solar module collection and recycling liability(15,142)10,682 
Net cash provided by operating activities78,154 203,092 
Cash flows from investing activities:
Purchases of property, plant and equipment(576,704)(345,399)
Purchases of marketable securities and restricted marketable securities(2,278,125)(1,107,704)
Proceeds from sales and maturities of marketable securities and restricted marketable securities1,870,973 1,075,768 
Proceeds from sales of businesses, net of cash and restricted cash sold363,898 300,499 
Other investing activities(2,561)(6,453)
Net cash used in investing activities(622,519)(83,289)
Cash flows from financing activities:
Repayment of long-term debt(75,896)(38,471)
Proceeds from borrowings under long-term debt, net of discounts and issuance costs297,405 45,138 
Payments of tax withholdings for restricted shares(12,048)(15,877)
Net cash provided by (used in) financing activities209,461 (9,210)
Effect of exchange rate changes on cash, cash equivalents and restricted cash39,866 1,687 
Net (decrease) increase in cash, cash equivalents and restricted cash(295,038)112,280 
Cash, cash equivalents and restricted cash, beginning of the period1,455,837 1,273,594 
Cash, cash equivalents and restricted cash, end of the period$1,160,799 $1,385,874 
Supplemental disclosure of noncash investing and financing activities:  
Property, plant and equipment acquisitions funded by liabilities$163,147 $50,415 
Proceeds to be received from sales of businesses$72,689 $ 

See accompanying notes to these condensed consolidated financial statements.
6

FIRST SOLAR, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of First Solar, Inc. and its subsidiaries in this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of First Solar management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included.

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other period. The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021 included in our Annual Report on Form 10-K, which has been filed with the SEC.

Unless expressly stated or the context otherwise requires, the terms “the Company,” “we,” “us,” “our,” and “First Solar” refer to First Solar, Inc. and its consolidated subsidiaries, and the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report.

2. Sales of Businesses

Sale of Japan Project Development Business

In May 2022, we entered into various agreements with certain subsidiaries of PAG Real Assets (“PAG”), a private investment firm, for the sale of our Japan project development business. The transaction included our approximately 293 MWDC utility-scale solar project development platform, which comprised the business of developing, contracting for the construction of, and selling utility-scale photovoltaic (“PV”) solar power systems. Additionally, PAG agreed to certain module purchase commitments.

In June 2022, we completed the sale of our Japan project development business for an aggregate purchase price of ¥66.4 billion ($488.4 million), subject to certain customary post-closing adjustments. During the nine months ended September 30, 2022, we received proceeds of ¥56.8 billion ($419.2 million) and transferred cash and restricted cash of ¥8.4 billion ($61.9 million) to PAG. As a result of this transaction, we recognized a gain of $245.2 million, net of transaction costs, during the nine months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations.

7

Sales of North American and International O&M Operations

In August 2020, we entered into an agreement with a subsidiary of Clairvest Group, Inc. (“Clairvest”) for the sale of our North American operations and maintenance (“O&M”) operations. In March 2021, we completed the transaction and, following certain customary post-closing adjustments, received total consideration of $149.1 million. As a result of this transaction, we recognized a gain of $115.8 million, net of transaction costs and post-closing adjustments, during the nine months ended September 30, 2021, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations.

In January 2022, we completed the sale of our Chilean O&M operations to a separate subsidiary of Clairvest for consideration of $1.9 million. As a result of this transaction, we recognized a gain of $1.6 million, net of transaction costs and post-closing adjustments, during the nine months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations.

In September 2022, we completed the sale of our Australian O&M operations to a separate subsidiary of Clairvest for consideration of $6.6 million, subject to certain customary post-closing adjustments. Proceeds from the transaction were received in early October 2022. As a result of this transaction, we recognized a gain of $5.1 million, net of transaction costs, during the three months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations.

In September 2022, we also completed the sale of our Japanese O&M operations to a subsidiary of PAG for consideration of ¥660.0 million ($4.6 million), subject to certain customary post-closing adjustments. As a result of this transaction, we recognized a gain of $1.2 million, net of transaction costs, during the three months ended September 30, 2022, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations.

Sale of U.S. Project Development Business

In January 2021, we entered into an agreement with Leeward Renewable Energy Development, LLC (“Leeward”), a subsidiary of the Ontario Municipal Employees Retirement System, for the sale of our U.S. project development business. In March 2021, we completed the transaction and received consideration of $151.4 million for the sale of such business. As a result of this transaction, we recognized a gain of $31.5 million, net of transaction costs, during the nine months ended September 30, 2021, which was included in “Gain on sales of businesses, net” in our condensed consolidated statements of operations.

8

3. Cash, Cash Equivalents, and Marketable Securities

Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):
September 30,
2022
December 31,
2021
Cash and cash equivalents:
Cash$1,150,787 $1,450,654 
Money market funds195  
Total cash and cash equivalents1,150,982 1,450,654 
Marketable securities:
Foreign debt62,880 103,317 
U.S. debt56,406 18,627 
Time deposits656,927 253,445 
Total marketable securities776,213 375,389 
Total cash, cash equivalents, and marketable securities$1,927,195 $1,826,043 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands):
Balance Sheet Line ItemSeptember 30,
2022
December 31,
2021
Cash and cash equivalentsCash and cash equivalents$1,150,982 $1,450,654 
Restricted cash current
Other current assets989 1,532 
Restricted cash noncurrent
Other assets8,828 3,651 
Total cash, cash equivalents, and restricted cash$1,160,799 $1,455,837 

During the nine months ended September 30, 2021, we sold marketable securities for proceeds of $5.5 million and realized gains of less than $0.1 million on such sales. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable securities.

The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of September 30, 2022 and December 31, 2021 (in thousands):
 As of September 30, 2022
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
Foreign debt$62,932 $22 $64 $10 $62,880 
U.S. debt58,247  1,824 17 56,406 
Time deposits657,162   235 656,927 
Total$778,341 $22 $1,888 $262 $776,213 
 As of December 31, 2021
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
Foreign debt$103,263 $81 $18 $9 $103,317 
U.S. debt19,003 10 384 2 18,627 
Time deposits253,531   86 253,445 
Total$375,797 $91 $402 $97 $375,389 

9

The following table presents the change in the allowance for credit losses related to our available-for-sale marketable securities for the nine months ended September 30, 2022 and 2021 (in thousands):
Nine Months Ended
September 30,
20222021
Allowance for credit losses, beginning of period$97 $121 
Provision for credit losses, net311 329 
Sales and maturities of marketable securities(146)(317)
Allowance for credit losses, end of period$262 $133 

The contractual maturities of our marketable securities as of September 30, 2022 were as follows (in thousands):
Fair
Value
One year or less$662,925 
One year to two years73,153 
Two years to three years31,873 
Three years to four years4,384 
Four years to five years 
More than five years3,878 
Total$776,213 

4. Restricted Marketable Securities

Restricted marketable securities consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands):
 
 
September 30,
2022
December 31,
2021
Foreign government obligations$45,448 $64,855 
Supranational debt8,625 10,997 
U.S. debt110,859 145,326 
U.S. government obligations17,276 23,548 
Total restricted marketable securities$182,208 $244,726 

Our restricted marketable securities represent long-term investments to fund the estimated future cost of collecting and recycling modules covered under our solar module collection and recycling program. We have established a trust under which estimated funds are put into custodial accounts with an established and reputable bank, for which First Solar, Inc.; First Solar Malaysia Sdn. Bhd.; and First Solar Manufacturing GmbH are grantors. As of September 30, 2022 and December 31, 2021, such custodial accounts also included noncurrent restricted cash balances of $6.3 million and $0.9 million, respectively, which were reported within “Other assets.” Trust funds may be disbursed for qualified module collection and recycling costs (including capital and facility related recycling costs), payments to customers for assuming collection and recycling obligations, and reimbursements of any overfunded amounts. Investments in the trust must meet certain investment quality criteria comparable to highly rated government or agency bonds. As necessary, we fund any incremental amounts for our estimated collection and recycling obligations on an annual basis based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted marketable securities, and an estimated solar module life of 25 years, less amounts already funded in prior years.

10

During the nine months ended September 30, 2021, we sold all our restricted marketable securities for proceeds of $258.9 million and realized gains of $11.7 million on such sales, and repurchased $255.6 million of restricted marketable securities as part of our ongoing management of the custodial accounts. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our restricted marketable securities.

The following tables summarize the unrealized gains and losses related to our restricted marketable securities, by major security type, as of September 30, 2022 and December 31, 2021 (in thousands):

 As of September 30, 2022
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
Foreign government obligations$60,333 $ $14,875 $10 $45,448 
Supranational debt11,201  2,576  8,625 
U.S. debt148,733  37,846 28 110,859 
U.S. government obligations24,574  7,294 4 17,276 
Total$244,841 $ $62,591 $42 $182,208 
 As of December 31, 2021
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
Foreign government obligations$66,867 $ $2,002 $10 $64,855 
Supranational debt11,362  365  10,997 
U.S. debt150,060  4,697 37 145,326 
U.S. government obligations24,640  1,086 6 23,548 
Total$252,929 $ $8,150 $53 $244,726 

The following table presents the change in the allowance for credit losses related to our restricted marketable securities for the nine months ended September 30, 2022 and 2021 (in thousands):
Nine Months Ended
September 30,
20222021
Allowance for credit losses, beginning of period$53 $13 
Provision for credit losses, net(11)69 
Sales of restricted marketable securities (29)
Allowance for credit losses, end of period$42 $53 

As of September 30, 2022, the contractual maturities of our restricted marketable securities were between 8 years and 17 years.

11

5. Consolidated Balance Sheet Details

Accounts receivable trade, net

Accounts receivable trade, net consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):
 September 30,
2022
December 31,
2021
Accounts receivable trade, gross