First Solar Inc., adjustment to net income (loss)

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) (as reported)	830,777)	(44,166)	468,693)	398,355)	(114,933)
Add: Unrealized gain (loss) on marketable securities and restricted marketable securities, net of tax	10,170)	(56,744)	(24,666)	21,659)	(15,670)
Net income (loss) (adjusted)	840,947)	(100,910)	444,027)	420,014)	(130,603)

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First Solar Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	25.03%	-1.69%	16.03%	14.69%	-3.75%
Adjusted net profit margin	25.34%	-3.85%	15.19%	15.49%	-4.26%
Return on Equity (ROE)
Reported ROE	12.42%	-0.76%	7.86%	7.22%	-2.26%
Adjusted ROE	12.57%	-1.73%	7.45%	7.61%	-2.56%
Return on Assets (ROA)
Reported ROA	8.02%	-0.54%	6.32%	5.60%	-1.53%
Adjusted ROA	8.11%	-1.22%	5.99%	5.91%	-1.74%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	First Solar Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	First Solar Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	First Solar Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	830,777)	(44,166)	468,693)	398,355)	(114,933)
Net sales	3,318,602)	2,619,319)	2,923,377)	2,711,332)	3,063,117)
Profitability Ratio
Net profit margin¹	25.03%	-1.69%	16.03%	14.69%	-3.75%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	840,947)	(100,910)	444,027)	420,014)	(130,603)
Net sales	3,318,602)	2,619,319)	2,923,377)	2,711,332)	3,063,117)
Profitability Ratio
Adjusted net profit margin²	25.34%	-3.85%	15.19%	15.49%	-4.26%

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Net sales
= 100 × 830,777 ÷ 3,318,602 = 25.03%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net sales
= 100 × 840,947 ÷ 3,318,602 = 25.34%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	First Solar Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	830,777)	(44,166)	468,693)	398,355)	(114,933)
Stockholders’ equity	6,687,469)	5,836,055)	5,959,551)	5,520,928)	5,096,767)
Profitability Ratio
ROE¹	12.42%	-0.76%	7.86%	7.22%	-2.26%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	840,947)	(100,910)	444,027)	420,014)	(130,603)
Stockholders’ equity	6,687,469)	5,836,055)	5,959,551)	5,520,928)	5,096,767)
Profitability Ratio
Adjusted ROE²	12.57%	-1.73%	7.45%	7.61%	-2.56%

2023 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 830,777 ÷ 6,687,469 = 12.42%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Stockholders’ equity
= 100 × 840,947 ÷ 6,687,469 = 12.57%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	First Solar Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	830,777)	(44,166)	468,693)	398,355)	(114,933)
Total assets	10,365,132)	8,251,228)	7,413,746)	7,108,931)	7,515,689)
Profitability Ratio
ROA¹	8.02%	-0.54%	6.32%	5.60%	-1.53%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	840,947)	(100,910)	444,027)	420,014)	(130,603)
Total assets	10,365,132)	8,251,228)	7,413,746)	7,108,931)	7,515,689)
Profitability Ratio
Adjusted ROA²	8.11%	-1.22%	5.99%	5.91%	-1.74%

2023 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 830,777 ÷ 10,365,132 = 8.02%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Total assets
= 100 × 840,947 ÷ 10,365,132 = 8.11%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	First Solar Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

First Solar Inc. (NASDAQ:FSLR)

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