115d72f8fdb3c7e3c66f9d2826db0fb2d7d59b255cdc395a736243a3c61e6dc4

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from Debt [USD, Thousands]

Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

cf893316e1b6af91ccb0ffc4eb4611058fdab503a3104fee4db528d266b9af23

2790262ab3a3085c3d42de7048a312ea52f1fe82398d8b86185143c07db95f5e

Modules

Other

- Solar Power Systems

- O&M Services

- Energy Generation

- EPC Services

- Module Plus

Components Segment

Systems Segment

Total Revenue

97652c83af5f900a1611a01e6e288159d378a89c5d80eb8d1554032e7e6f387a

Net income (USD, thousands)

Depreciation, amortization and accretion (USD, thousands)

Share‐based compensation (USD, thousands)

Gain on sales of businesses, net (USD, thousands)

Other, net (USD, thousands)

Net cash provided by operating activities (USD, thousands)

Purchases of property, plant and equipment (USD, thousands)

Purchases of marketable securities and restricted marketable securities (USD, thousands)

Proceeds from sales and maturities of marketable securities (USD, thousands)

Other investing activities (USD, thousands)

Net cash used in investing activities (USD, thousands)

Proceeds from borrowings under debt arrangements, net of issuance costs (USD, thousands)

Repayment of debt (USD, thousands)

Payments of tax withholdings for restricted shares (USD, thousands)

Contingent consideration payment and other financing activities (USD, thousands)

Net cash (used in) provided by financing activities (USD, thousands)

Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents (USD, thousands)

Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (USD, thousands)

Property, plant and equipment acquisitions funded by liabilities (USD, thousands)

Acquisitions funded by contingent consideration (USD, thousands)

Deferred income taxes (USD, thousands)

Proceeds to be received from asset‐based government grants (USD, thousands)

Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period (USD, thousands)

Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period (USD, thousands)

a9189c57357daf3119142a50d68560c99f633ac6ef984207ea296de1b6d65053

Net sales (USD, thousands)

Cost of sales (USD, thousands)

Gross profit (USD, thousands)

Selling, general and administrative (USD, thousands)

Research and development (USD, thousands)

Production start-up (USD, thousands)

Total operating expenses (USD, thousands)

Operating income (USD, thousands)

Foreign currency loss, net (USD, thousands)

Interest income (USD, thousands)

Interest expense, net (USD, thousands)

Other expense, net (USD, thousands)

Income before taxes (USD, thousands)

Income tax expense (USD, thousands)

Basic net income per share (USD)

Diluted net income per share (USD)

Weighted-average number of shares used in per share calculations - Basic (thousands)

Weighted-average number of shares used in per share calculations - Diluted (thousands)

478e5a5edc2240136e8267d60fa1efc62607c8c2279916028b3787681944cfb2

376d4d15f8dedf2ff4eb64464fdaed00681e2014fa9c963c29bd7351a121d36b

The significant drop in **cash and cash equivalents** in Q3 2024 was primarily due to **major capital expenditures**—notably investments in new manufacturing facilities in the U.S. and India—which, alongside **increases in working capital** for operational expenses such as advance payments for raw materials, led to a considerable cash outflow. This was further compounded by substantial cash used in **investing activities** (primarily for property, plant, and equipment) and **net outflows from financing activities** for debt repayments, collectively resulting in a drop from **$1,946,994 thousand** at the end of Q4 2023 to **$1,005,130 thousand** in Q3 2024.  **[0001274494-24-000037_ex991pressreleaseq3-2024.htm:0]** **[0001274494-24-000038_fslr-20240930.htm:55]** **[0001274494-24-000038_fslr-20240930.htm:59]** 

Why did Cash and cash equivalents drop so low in Q3 2024?

The spike in the current portion of debt in Q1 2024 was driven by **additional working capital facilities** provided to support the ramp-up of the company's **new manufacturing plant in India**.  **[FSLR_3381887_4]** 

What drove the spike in the Current portion of debt in Q1 2024?

The decline in **long-term debt** for Q3 2024 is primarily due to the **reclassification of a portion of long-term debt to current liabilities**. Specifically, the **current portion of debt** increased from **$96,238 thousand** at the end of Q4 2023 to **$208,261 thousand** in Q3 2024, meaning that a larger amount of debt is now due within the next year, which reduced the noncurrent portion of the debt.  **[0001274494-24-000037_ex991pressreleaseq3-2024.htm:5]** 

Why did Long-term debt decline in Q3 2024?

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The negative operating cash flow in Q3 2024 (–**53,734 thousand USD**  **[0001274494-24-000038_fslr-20240930.htm:5]** ) appears to be driven by a significant increase in cash outflows—most notably, **higher payments to suppliers**—which outweighed the cash inflows from module sales and proceeds from the sale of Section 45X tax credits. These factors, which contributed positively over the nine‐month period ended September 30, 2024, instead resulted in a net negative figure when viewed for Q3 2024 specifically.  **[0001274494-24-000038_fslr-20240930.htm:59]** 

Why did operating cash flow turn negative in Q3 2024?

The decline in operating cash flow in FY 2023 was driven by **higher operating expenditures** incurred to support ongoing manufacturing expansion and **lower advance payments received** for future module sales. These factors were partially offset by **higher cash receipts** from modules sold during the year.  **[0001274494-24-000004_fslr-20231231.htm:92]** **[FSLR_3375234_5]** 

What contributed to the operating cash flow decline in FY 2023?

Capital expenditures increased markedly in **FY 2023** as the company strategically expanded its manufacturing capacity. This included significant investments in new plants across **Alabama, Ohio, Louisiana, and India**, which were undertaken to scale production and meet growing demand. Additionally, there was a notable rise in the value of construction in progress—from **$1,121,938 thousand in 2022 to $1,223,998 thousand in 2023**—indicating ongoing investments in facility construction and upgrades, further driving higher capital expenditures.  **[0001274494-24-000003_ex991pressreleaseq4-2023fi.htm:1]** **[0001274494-24-000004_fslr-20231231.htm:133]** 

Why did capital expenditures increase so markedly in FY 2023?

6127948bcfdc4c288aedc090893dedc31b52d973d044432e5b18d78a4fdd103a

The **foreign currency loss** was significantly high in Q4 2023 mainly because of **higher hedging costs** from increased foreign currency exposures being hedged by subsidiaries in India, and the **loss of beneficial hedging impacts** from Japan that had helped offset losses in previous quarters.  **[0001274494-24-000004_fslr-20231231.htm:86]** 

Why was the Foreign currency loss so high in Q4 2023?

The surge in **Q4 2023** was driven by the recognition of **post‐closing adjustments and earnouts** related to the previous sale of the Japan project development business. This means that instead of the extensive divestitures seen in 2022, the gain recognized in 2023 was smaller and primarily attributable to these adjustments.  **[0001274494-24-000004_fslr-20231231.htm:86]** 

What contributed to the surge in Gain on sales of businesses in Q4 2023?

In Q4 2023, the net sales jump was driven by **higher module volumes sold**—specifically a ramp in Series 7 module production at a new facility in Ohio  **[FSLR_3375234_3]** **[0001274494-24-000003_ex991pressreleaseq4-2023fi.htm:9]** —an **increase in average selling prices (ASPs)**  **[FSLR_3375234_3]** , and **seasonal demand factors** that naturally boost sales during that period.  **[0001628280-24-019623_ex991pressreleaseq1-2024.htm:0]** 

What factors drove the jump in net sales in Q4 2023?

Operating income in Q1 2024 dropped primarily due to several factors. **Non-cash expenses** for depreciation, amortization, and accretion totaled **$91 million**, which directly impacted the figure. Additionally, the company incurred **$12 million** in ramp costs and **$15 million** in production start-up expenses related to the expansion of its manufacturing facilities, along with **$7 million** in share-based compensation expenses. Furthermore, the previous quarter included an impairment charge related to a strategic investment that did not recur in Q1, which also contributed to the relative drop in operating income.  **[FSLR_3381887_4]** 

Why did operating income drop in Q1 2024?

The documents do not provide a definitive explanation for the drop in EPS from **$3.27 in Q4 2023** to **$2.21 in Q1 2024**. Available details focus on the significant increase in basic net income per share when comparing **Q1 2023 to Q1 2024** rather than a discussion on the Q4-to-Q1 change.  **[0001274494-24-000004_fslr-20231231.htm:115]** **[0001274494-24-000022_fslr-20240331.htm:1]** 

What caused the drop in EPS in Q1 2024?

797b63c1f0726592f5b105000f40dc9bb5e0e354afa094a4658fec93474c4759

United States

Germany

France

Canada

United Arab Emirates

All other foreign countries

Japan

Chile

India

Australia

Turkey

Jordan

Spain

Honduras

ff5a6ef559896516ac04a2cb2287458ec7ae5f56e31f1ca04b981207a92ae6e9

First Solar Inc (FSLR)

Financials