First solar, inc. (FSLR)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09
Cash flows from operating activities:
Net income (loss)

90,704

-59,408

30,622

-18,548

-67,599

52,116

57,750

-48,491

82,951

-432,454

205,747

51,963

9,129

-750,790

150,457

-11,415

195,636

211,120

349,318

93,885

-60,917

193,318

86,111

4,528

112,007

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation, amortization and accretion

56,279

55,505

51,154

49,944

48,872

41,544

34,428

30,345

24,419

25,761

28,612

27,972

32,968

58,719

57,142

56,704

58,375

63,902

64,766

65,897

63,260

62,659

59,827

62,592

60,720

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairments and net losses on disposal of long-lived assets

1,288

-

-

-

352

-

-

-

1,047

2,193

1,290

16,870

15,011

753,216

2,715

81,373

1,163

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation

7,204

12,021

9,626

10,763

5,019

7,367

7,551

10,584

8,652

9,594

10,104

8,372

7,051

4,245

5,896

7,093

11,478

11,753

12,213

8,854

12,079

11,741

10,617

8,154

13,298

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in earnings, net of tax

-88

-79

65

-97

-173

-485

-3,233

40,085

-1,747

-1,196

4,045

1,969

-552

137,455

4,474

-7,292

9,669

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions received from equity method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

18,562

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Remeasurement of monetary assets and liabilities

18

1,178

-3,014

1,717

-800

-1,903

-659

-7,636

1,458

3,359

3,491

6,415

2,558

-9,153

-37

2,154

1,594

-6,112

16,624

5,546

-11,829

682

-3,743

-3,001

-1,415

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-80,404

-71,595

10,170

1,111

397

45,620

-5,944

-44,221

-5,567

211,867

-16,612

-26,381

4,494

95,954

-2,217

-1,353

-1,829

12,932

17,772

-52,963

28,141

-24,283

58,568

-33,961

13,744

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gains on sales of marketable securities and restricted marketable securities

15,088

-

-

-

15,016

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gains on sales of marketable securities and restricted investments

-

-

-

-

-

35,932

0

3

19,470

0

0

3

46

3,531

297

0

37,804

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash received from customers

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,113,250

924,736

1,125,886

930,705

661,427

990,182

648,954

720,761

772,024

326,559

471,600

785,024

717,978

470,825

484,261

788,259

497,559

346,074

325,712

Cash paid to suppliers and associates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

754,528

681,370

1,028,544

635,589

642,349

522,450

646,949

671,071

483,177

509,754

495,427

444,636

345,720

383,328

441,079

352,761

264,347

766,364

-259,726

Interest received

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,150

289

3,435

1,049

674

1,748

1,222

1,869

1,545

4,758

1,984

2,760

5,211

3,201

9,359

1,881

972

409

2,885

Interest paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,871

2,251

3,723

2,934

-1,048

11,263

6,767

6,403

4,707

85

3,034

4,461

598

2,477

74

3,023

2,813

6,922

-2,208

Income tax (payments) refunds, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

52

-11,637

5,661

875

3,143

-28,098

2,537

2,101

18,409

7,108

18,535

22,116

26,236

12,820

18,892

24,832

58,414

63,939

658

Excess tax benefits from share-based compensation arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,981

1,903

14,449

-

11,684

4,485

11,680

1,118

-21,737

30,762

24,933

-34,198

-5,282

57,364

9,489

31,095

63,244

16,497

0

-33,014

102,381

-1,568

1,568

-4,584

-5,875

18,605

-3,254

Liabilities assumed by customers for the sale of systems

-

-

-

-

-

-124,409

-56,149

0

-60,307

-24,203

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

16,606

-6,321

5,671

1,170

239

-5,150

3,132

-1,958

6,097

-233

2,543

-5,508

5,537

16,344

-1,606

7,384

-8,259

-47

19

2,488

-2,980

10,468

-5,669

-1,781

-4,798

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable, trade, unbilled and retainage

-242,680

125,397

136,497

-271,196

82,896

23,575

260,378

-119,288

37,633

-414,316

193,322

387,478

-252,244

-176,245

47,675

45,982

-96,306

76,328

216,267

9,987

125,066

-613,580

5,472

37,296

108,182

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other current assets

13,387

5,217

-7,242

8,153

28,400

19,167

6,937

-33,155

60,539

9,138

-12,409

11,032

-34,441

-56,655

-4,751

24,446

27,691

1,541

30,166

5,131

1,985

40,443

-4,494

2,728

-1,872

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventories and balance of systems parts

48,896

-140,228

-29,272

165,926

87,102

98,918

46,166

71,521

40,624

-34,196

-123,341

-93,352

38,131

-20,477

-32,441

-122,408

79,541

33,734

-90,881

-46,957

-9,433

91,767

94,061

-31,331

-54,627

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Project assets and PV solar power systems

50,756

-

-

-

73,402

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Project assets and PV solar power systems

-

-

-

-

-

355

-51,461

132,509

-131,342

-12,009

-343,262

-119,924

-506,078

215,888

114,848

100,783

140,136

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Project assets and deferred project costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

220,999

119,893

301,943

-112,238

-123,635

123,487

-30,661

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

54,925

-10,402

-21,557

29,712

-26,481

-774

5,119

-685

8,260

-15,184

8,383

1,085

6,985

8,200

2,508

-3,559

12,096

-1,136

-10,909

12,861

347

-101

2,899

1,835

738

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax receivable and payable

-9,425

32,620

-2,081

-5,992

-16,512

-55,471

-22,260

16,354

12,208

162,663

18,647

-9,923

-2,308

-20,835

-60,779

3,546

16,685

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

-38,161

196

-6,037

20,571

-15,066

67,852

5,964

20,718

1,909

-25,993

16,704

-34,889

-3,013

-47,979

-69,094

-14,716

-59,853

35,130

37,806

67,341

3,595

-13,522

32,888

-3,226

-69,197

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

34,980

12,666

-66,815

-

-67,230

28,085

11,066

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses and other liabilities

-609,218

583,016

-111,096

-74,446

53

-48,946

46,367

219,793

-84,832

31,891

50,926

-17,151

-323,694

250,402

-25,863

-129,011

63,165

39,015

-31,165

-104,310

21,570

104,582

-251,665

176,951

-448,921

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued solar module collection and recycling liability

565

2,283

-486

1,784

167

698

-32,758

-1,975

3,032

2,450

-12,197

4,397

2,374

-1,899

1,621

551

3,364

-236

-76,920

3,912

-5,982

495

248

8,975

16,334

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,594

-94

5

-1,005

624

480

570

1,226

1,394

895

401

-230

177

642

734

310

247

1,296

-326

Net cash used in operating activities

-504,864

781,693

-317,622

13,570

-303,440

-185,499

-225,166

129,142

-45,286

433,958

581,379

-167,804

493,144

268,426

-84,223

-61,668

84,218

88,807

21,002

-10,401

-424,617

982,523

-47,211

118,380

-318,176

192,206

375,092

222,373

66,455

327,559

22,315

428,471

-16,136

10,734

202,638

-203,022

-43,813

349,815

248,077

76,327

31,273

413,798

178,585

19,069

63,741

Cash flows from investing activities:
Purchases of property, plant and equipment

112,546

158,146

182,735

178,668

149,168

129,218

237,997

194,898

177,725

199,228

97,627

104,509

112,993

53,584

45,729

78,385

51,754

27,168

45,159

38,769

55,342

73,300

71,028

62,408

50,813

56,216

69,504

85,189

71,667

40,015

57,241

157,482

124,490

117,953

223,895

220,976

168,990

211,767

137,641

133,530

105,976

69,184

64,791

59,562

86,404

Purchases of marketable securities and restricted marketable securities

405,794

509,284

287,152

120,185

260,715

266,596

340,807

395,204

366,429

102,647

114,047

4,994

359,283

2

122,888

30,756

268,963

127,127

35,039

20,185

374,128

79,309

0

226,087

0

113,929

4,801

240,694

75,591

10,358

4,396

0

14,446

135,421

6,084

32,584

157,151

60,829

133,937

-116,453

383,757

95,240

247,235

147,327

117,554

Proceeds from sales and maturities of marketable securities and restricted marketable securities

628,936

365,670

433,010

417,860

270,091

508,878

155,662

304,310

167,134

80,000

133,500

75,131

177,678

77,161

194,934

74,120

179,300

40,000

113,900

22,700

176,759

61,091

2,550

130,559

33,700

12,300

20,918

51,991

8,775

9,806

15,490

25,500

57,867

-

-

-

67,448

495,956

1,692

25,500

33,756

24,500

82,576

35,000

7,000

Proceeds from sales of equity method investments

-

-

-

-

-

0

0

240,036

7,559

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of equity and cost method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,508

-

1,115

620

290

34

2,977

0

14,894

10,000

-5,000

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Distributions received from equity method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

238,980

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

54,142

10,112

21,633

13,750

Payments received on notes receivables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

25,841

35,817

-

-

-

-

Proceeds from sales and maturities of marketable securities and investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

47,276

298,577

79,114

-

205,887

3,683

200,220

86,021

1

-4

29,787

Investments in notes receivable, affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,964

7,911

0

45,288

64,766

7,926

0

0

-

-

-

-

0

-224

1,605

20,278

0

0

0

0

-

-

-

-

-

-

-

-

Payments received on notes receivable, affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

41,589

4,606

11,671

49,517

0

0

0

0

0

33

17,075

129

4,369

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

22,811

7,934

0

0

0

2,437

0

0

0

21,105

0

296,496

0

0

-

-

-

-

Purchase of in restricted investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-1

80,668

1

0

0

62,748

0

0

-379

43,443

-261

-38,028

42,126

313

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-34,911

11,442

2,109

-

117,590

70,929

1,476

-37

0

0

-5,136

4,049

1,283

-21,547

0

-

-

-

-

-

-

-

-

-

-

-

-

Other investing activities

14,150

5,903

-128

-2,878

-21

325

-150

745

5,228

2,230

-293

-1,006

-1,408

14,596

5,519

-283

3,657

16,153

1,918

9,543

688

19,967

3,845

-22

1,502

1,923

-240

-650

2,500

0

-4,812

6,944

-2,132

-10,599

10,453

-198

-16

-13

20

-289

-1,019

-

-

-

-

Net cash provided by (used in) investing activities

96,446

-307,663

-36,749

121,885

-139,771

113,009

-422,902

1,868

-374,689

-222,843

-77,517

-33,252

-293,190

308,294

20,638

-39,338

-145,074

-153,772

100,373

187,855

-290,633

60,980

-198,954

-229,463

-20,381

-43,362

-56,124

-296,020

-141,600

-39,404

-43,025

-118,983

-182,320

-174,294

-193,186

-45,561

-263,416

-157,821

-360,515

38,615

-262,364

-96,704

-187,251

-236,501

-181,234

Cash flows from financing activities:
Proceeds from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

333

342

4,910

2,741

2,623

3,047

2,602

1,107

1,276

865

2,380

1,440

Repayment of borrowings under revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

450,000

0

-100,000

100,000

-

-

-

-

-

-

-

-

Proceeds from borrowings under revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

550,000

0

0

0

-

-

-

-

-

-

-

-

Repayment of long-term debt

325

19,516

0

7,880

2,703

0

797

6,858

11,282

395

669

966

22,048

51,117

420

70,406

15,424

4,746

16,757

4,453

21,122

5,224

24,078

5,651

25,110

-599,896

28,703

305,870

330,277

-774,370

217,916

722,148

13,148

-294,025

213,479

100,442

13,900

13,439

436

13,290

714

14,525

49,443

10,398

3,858

Proceeds from borrowings under long-term debt, net of discounts and issuance costs

0

12,736

0

893

106,503

116,331

74,396

34,889

65,309

56,676

20,935

43,134

94,670

3,455

3,532

3,210

16,619

7,388

15,697

64,853

58,089

12,426

53,137

0

0

-333,012

-1,988

0

335,000

-815,000

225,000

390,000

200,000

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of sale-leaseback financing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

792

1,886

1,616

994

804

1,904

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of tax withholdings for restricted shares

12,679

19

339

68

15,663

659

265

114

10,137

23

867

80

4,167

19

1,479

1,491

17,418

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from commercial letters of credit

-

-

-

-

-

-

-

-

-

0

0

0

43,025

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from discounting of commercial letters of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of debt, net of issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

45,267

Excess tax benefits from share-based compensation arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,981

1,903

14,449

-

11,684

4,485

11,680

1,118

-21,737

30,762

24,933

-34,198

-5,282

57,364

9,489

31,095

63,244

16,497

0

-33,014

102,381

-1,568

1,568

-4,584

-5,875

12,097

3,254

Repayment of economic development funding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-8,315

0

0

-6,820

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from economic development funding and incentives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

615

Other financing activities

-436

0

1,362

-64

-299

-3,627

-142

-82

-1,734

-15,819

-4,711

-7,334

-9,316

-5,276

-48

0

-111

-12,614

-6,195

11,200

-24,160

-6,750

-10,499

-11,610

-448

-24,034

-3,734

606

14

-230

-123

-80

-563

-148

-60

-122

-114

-388

-26

-2

0

-2

0

-1

-1

Net cash (used in) provided by financing activities

-13,440

-6,799

1,023

-7,119

87,838

112,045

73,192

27,835

42,156

40,439

14,688

34,754

102,164

-598,663

550,793

-70,573

-17,950

-41,288

-1,078

116,317

27,256

-50,497

30,244

-12,776

-13,878

-17,717

-58,340

155,866

21,355

-4,882

1,679

-281,684

195,778

112,916

321,178

248,397

-111,273

-44,218

204,966

-12,258

1,961

-17,916

-58,255

7,433

46,717

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-5,774

3,773

-4,714

-1,393

-625

-1,104

623

-8,003

-5,074

-554

6,348

10,379

-7,307

-13,048

1,473

-1,154

6,423

-847

-5,738

1,465

-14,152

-9,153

-12,902

11

2,557

1,297

3,363

3,685

-4,751

3,322

3,490

-8,044

7,539

-22,297

-9,547

1,938

8,538

-3,303

18,206

-13,088

-14,483

507

2,575

14,227

-20,510

Net decrease in cash, cash equivalents and restricted cash

-427,632

471,004

-358,062

126,943

-355,998

38,451

-574,253

150,842

-382,893

251,000

524,898

-155,923

294,811

-34,991

488,681

-172,733

-72,383

-107,100

114,559

295,236

-702,146

983,853

-228,823

-123,848

-349,878

132,424

263,991

85,904

-58,541

286,595

-15,541

19,760

4,861

-72,941

321,083

1,752

-409,964

144,473

110,734

89,596

-243,613

299,685

-64,346

-195,772

-91,286

Supplemental disclosure of noncash investing and financing activities:
Equity interests obtained from the sale of project assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-25,889

-

144,720

124,771

1,308

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Property, plant and equipment acquisitions funded by liabilities

76,298

-35,643

-36,525

12,796

135,520

-6,658

-20,742

2,858

162,812

36,496

79,708

27,244

21,498

-654

8,544

6,391

14,406

-6,517

-9,756

-4,618

38,640

7,529

4,934

5,734

42,933

-2,266

5,262

-17,555

75,236

5,754

-5,025

-56,799

118,414

-7,188

-28,106

18,499

91,186

-

-

-

-

-

-

-

-

Accrued interest capitalized to long-term debt

-

-

-

-

-

-

-

-

786

1,615

1,605

1,592

13,589

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions currently or previously funded by liabilities and contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

38,326

55,818

14,962

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-