Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

First Solar Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	830,777)	(44,166)	468,693)	398,355)	(114,933)
Depreciation, amortization and accretion	307,994)	269,724)	259,900)	232,925)	205,475)
Impairments and net losses on disposal of long-lived assets	1,568)	63,338)	22,876)	35,806)	7,577)
Share-based compensation	34,219)	28,656)	20,902)	29,267)	37,429)
Deferred income taxes	(60,813)	(12,799)	49,847)	36,013)	(59,917)
Gain on sales of businesses, net	(6,883)	(253,511)	(147,284)	—)	—)
(Gain) loss on sales of marketable securities and restricted marketable securities	9)	—)	(11,696)	(15,346)	(40,621)
Liabilities assumed by customers for the sale of systems	—)	(145,281)	(85,490)	(136,745)	(88,050)
Gain on debt forgiveness	—)	(30,201)	—)	—)	—)
Other, net	22,053)	(1,029)	(3,484)	19,297)	1,962)
Accounts receivable, trade and unbilled	(304,183)	118,724)	(96,951)	345,150)	(73,594)
Inventories	(205,106)	16,693)	(136,365)	(145,396)	(83,528)
Project assets and PV solar power systems	8,626)	(14,336)	23,402)	106,867)	(20,773)
Government grants receivable	(659,745)	—)	—)	—)	—)
Other assets	(224,333)	(72,602)	(69,942)	(33,065)	(5,800)
Income tax receivable and payable	8,656)	43,592)	(13,062)	(177,431)	8,035)
Accounts payable and accrued expenses	79,328)	5,569)	48,968)	(109,583)	—)
Deferred revenue	783,207)	912,946)	47,062)	(157,284)	—)
Other liabilities	(13,114)	(11,948)	(139,817)	(391,710)	400,939)
Changes in operating assets and liabilities	(526,664)	998,638)	(336,705)	(562,452)	225,279)
Adjustments to reconcile net income (loss) to cash provided by operating activities	(228,517)	917,535)	(231,134)	(361,235)	289,134)
Net cash provided by operating activities	602,260)	873,369)	237,559)	37,120)	174,201)
Purchases of property, plant and equipment	(1,386,775)	(903,605)	(540,291)	(416,635)	(668,717)
Purchases of marketable securities and restricted marketable securities	(3,612,801)	(3,375,008)	(2,147,136)	(901,924)	(1,177,336)
Proceeds from sales and maturities of marketable securities and restricted marketable securities	4,563,890)	2,646,787)	2,294,595)	1,192,832)	1,486,631)
Proceeds from sales of businesses, net of cash and restricted cash sold	7,680)	442,302)	300,499)	—)	—)
Acquisitions, net of cash acquired	(35,739)	—)	—)	—)	—)
Other investing activities	(9,046)	(3,050)	(6,707)	(5,500)	(2,876)
Net cash used in investing activities	(472,791)	(1,192,574)	(99,040)	(131,227)	(362,298)
Proceeds from borrowings under debt arrangements, net of issuance costs	367,983)	397,380)	129,215)	156,679)	120,132)
Repayment of debt	—)	(75,896)	(72,676)	(225,344)	(30,099)
Payments of tax withholdings for restricted shares	(31,130)	(12,092)	(15,989)	(13,118)	(16,089)
Other financing activities	—)	—)	—)	(804)	999)
Net cash provided by (used in) financing activities	336,853)	309,392)	40,550)	(82,587)	74,943)
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents	5,285)	47,438)	3,174)	3,778)	(2,959)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	471,607)	37,625)	182,243)	(172,916)	(116,113)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of the period	1,493,462)	1,455,837)	1,273,594)	1,446,510)	1,562,623)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of the period	1,965,069)	1,493,462)	1,455,837)	1,273,594)	1,446,510)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	First Solar Inc. net cash provided by operating activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	First Solar Inc. net cash used in investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	First Solar Inc. net cash provided by (used in) financing activities increased from 2021 to 2022 and from 2022 to 2023.

First Solar Inc. (NASDAQ:FSLR)

Cash Flow Statement