# EDGAR Filing Document

**Accession Number:** 0001274494
**File Stem:** 0001274494-23-000001
**Filing Date:** 2023-2
**Character Count:** 27048
**Document Hash:** f22ff85ba4425774fcbabf95ea61a4f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001274494-23-000001.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001274494-23-000001

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST SOLAR, INC.
- **CENTRAL INDEX KEY:** 0001274494
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **IRS NUMBER:** 204623678
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33156
- **FILM NUMBER:** 23685113

**BUSINESS ADDRESS:**
- **STREET 1:** 350 WEST WASHINGTON STREET
- **STREET 2:** SUITE 600
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** (602) 414-9300

**MAIL ADDRESS:**
- **STREET 1:** 350 WEST WASHINGTON STREET
- **STREET 2:** SUITE 600
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST SOLAR HOLDINGS LLC
- **DATE OF NAME CHANGE:** 20031229

?xml version="1.0" ? fslr-20230228

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**February 28, 2023**

*Date of Report (Date of earliest event reported)*

**FIRST SOLAR, INC.**

*(Exact name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33156** | **20-4623678** |
| *(State or other jurisdiction of incorporation)* | *(Commission File Number)* | *(IRS Employer Identification No.)* |

---

**350 West Washington Street, Suite 600**

**Tempe, Arizona 85288**

*(Address of principal executive offices, including zip code)*

**(602) 414-9300**

*(Registrant's telephone number, including area code)*

**Not applicable**

*(Former name or former address, if changed since last report)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common stock, $0.001 par value | FSLR | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging 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. ☐

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On February 28, 2023, First Solar, Inc. is issuing a press release and holding a conference call regarding its financial results for the fourth quarter ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](ex991pressreleaseq4-2022fi.htm)</u> | <u>[Press Release of First Solar, Inc. dated](ex991pressreleaseq4-2022fi.htm)[February 28, 2023](ex991pressreleaseq4-2022fi.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **FIRST SOLAR, INC.** | **FIRST SOLAR, INC.** |
| Date: February 28, 2023 | By: | /s/ JASON DYMBORT |
|  | Name: | Jason Dymbort |
|  | Title: | General Counsel & Secretary |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![fslr_logox2021a.jpg](fslr_logox2021a.jpg)

 News Release

**First Solar, Inc. Announces Fourth Quarter and Full Year 2022 Financial Results and 2023 Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net sales of $2.6 billion for 2022 and $1.0 billion for the fourth quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net loss per diluted share of $0.41 for 2022 and $0.07 for the fourth quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Year-end 2022 net cash balance of $2.4 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 48.3 GWDC of 2022 net bookings; 12 GWDC since third quarter earnings call**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 2023 net sales guidance of $3.4 billion to $3.6 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 2023 EPS guidance of $7.00 to $8.00 per diluted share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Year-end 2023 net cash balance guidance of $1.2 billion to $1.5 billion**

**TEMPE, Ariz., February 28, 2023** – First Solar, Inc. (Nasdaq: FSLR) (the "Company") today announced financial results for the fourth quarter and year ended December 31, 2022.

Net sales for the fourth quarter were $1.0 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales and the sale of our Luz del Norte project in Chile in the fourth quarter.

The Company reported a fourth quarter net loss per diluted share of $0.07 and full year net loss per diluted share of $0.41.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $2.4 billion from $1.7 billion at the end of the prior quarter. The increase was primarily a result of advance payments received from customers offset by capital expenditures related to expansion in India and Ohio.

"We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities," said Mark Widmar, CEO of First Solar. "This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar. We enter this year in a significantly stronger commercial, operational, and financial position, with increased R&D investment, new domestic and international capacity coming online, and a new Series 7 product."

**www.firstsolar.com**

------

Forecasted net sales for 2023 are $3.4 billion to $3.6 billion. Operating income is forecasted to be $745 million to $870 million, which includes production start-up expense of $85 million to $90 million, ramp costs related to expansion projects and underutilization costs related to factory upgrades of $110 million to $130 million, and Inflation Reduction Act Section 45X tax credits of $660 million to $710 million. Forecasted net income per diluted share is $7.00 to $8.00. The year-end 2023 net cash balance is projected to be in the range of $1.2 billion to $1.5 billion. The complete 2023 guidance is as follows:

---

| | |
|:---|:---|
| | **2023 Guidance** |
| **Net Sales** | $3.4B to $3.6B |
| **Gross Margin (1)** | $1.2B to $1.3B |
| **Operating Expenses (2)** | $415M to $440M |
| **Operating Income (3)** | $745M to $870M |
| **Earnings per Diluted Share** | $7.00 to $8.00 |
| **Net Cash Balance (4)** | $1.2B to $1.5B |
| **Capital Expenditures** | $1.9B to $2.1B |
| **Volume Sold** | 11.8GW to 12.3GW |

---

——————————

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes $110 million to $130 million of ramp and underutilization costs and $660 million to $710 million of Section 45X tax credits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes $85 million to $90 million of production start-up expense

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Includes $195 million to $220 million of production start-up expense and ramp and underutilization costs, and $660 million to $710 million of Section 45X tax credits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2023

The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to certain factors related to the Inflation Reduction Act of 2022. Among other things, such factors include (i) the total advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code and (ii) the timing and ability to monetize such credit. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar's fourth quarter and full year 2022 financial results, 2023 guidance, and financial outlook.

**Conference Call Details**

First Solar has scheduled a conference call for today, February 28, 2023 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. An audio replay of the conference call will be available through Thursday, March 30, 2023 and can be accessed by dialing +1 (800) 770-2030 if you are calling from within the United States or +1 (647) 362-9199 if you are calling from outside the United States. A replay of the webcast will also be available on the Investors section of the Company's website approximately two hours after the conclusion of the call and remain available for 30 days.

**About First Solar, Inc.**

First Solar is a leading American solar technology company and global provider of responsibly-produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the Company's advanced thin film photovoltaic ("PV") modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar's approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

**www.firstsolar.com**

------

**For First Solar Investors**

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand for our technology; increased research and development investment; new domestic and international capacity coming online; a new Series 7 product; our financial guidance for 2023, including future financial results, net sales, gross margin, operating expenses, operating income, earnings per share, net cash balance, capital expenditures, volume sold, shipments, bookings, products and our business and financial objectives for 2023; and the impact of the Inflation Reduction Act of 2022 including the total advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue," "contingent" and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; our competitive position and other key competitive factors; the market for renewable energy, including solar energy; the reduction, elimination, expiration or introduction of government subsidies, policies, and support programs for solar energy projects; the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules; the passage of legislation intended to encourage renewable energy investments through tax credits, such as the Inflation Reduction Act of 2022; the impact of the Inflation Reduction Act of 2022 on our expected results of operations in future periods, which may be affected by technical guidance, regulations, subsequent amendments or interpretations of the law; interest rate fluctuations and both our and our customers' ability to secure financing; changes in the exchange rates between the functional currencies of our subsidiaries and other currencies in which assets and liabilities are denominated; our ability to execute on our long-term strategic plans; the loss of any of our large customers, or the ability of our customers and counterparties to perform under their contracts with us; our ability to execute on our solar module technology and cost reduction roadmaps; our ability to improve the wattage of our solar modules; the satisfaction of conditions precedent in our sales agreements; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; general economic and business conditions, including those influenced by U.S., international, and geopolitical events; environmental responsibility, including with respect to cadmium telluride ("CdTe") and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects arising from and results of pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program; supply chain disruption, including the availability of shipping containers, port congestion, canceled shipments by logistic providers, and the cost of fuel; our ability to protect our intellectual property; our ability to prevent and/or minimize the impact of cyber-attacks or other breaches of our information systems; our continued investment in research and development; the supply and price of components and raw materials, including CdTe; our ability to construct production facilities to support product lines, including Series 6 and Series 7 module manufacturing; our ability to attract and retain key executive officers and associates; the severity and duration of public health threats (including pandemics such as COVID-19 and similarly infectious diseases), including the potential impact on our business, financial condition, and results of operations; and the matters discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

**www.firstsolar.com**

------

**Contacts**

**First Solar Investors**

<u>investor@firstsolar.com</u>

**First Solar Media**

<u>media@firstsolar.com</u>

**www.firstsolar.com**

------

**FIRST SOLAR, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share data)**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1481269 | $1450654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 1096712 | 375389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable trade, net | 324337 | 429436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable unbilled, net | 30654 | 25273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 621376 | 666299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 237073 | 244192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3791421 | 3191243 |
| Property, plant and equipment, net | 3536902 | 2649587 |
| PV solar power systems, net | 6242 | 217293 |
| Project assets | 30108 | 315488 |
| Deferred tax assets, net | 78680 | 59162 |
| Restricted marketable securities | 182070 | 244726 |
| Goodwill | 14462 | 14462 |
| Intangible assets, net | 31106 | 45509 |
| Inventories | 260395 | 237512 |
| Other assets | 319842 | 438764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $8251228 | $7413746 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $341409 | $193374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 29397 | 4543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 382782 | 288450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt |  | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 263215 | 201868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 21245 | 34747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1038048 | 726878 |
| Accrued solar module collection and recycling liability | 128114 | 139145 |
| Long-term debt | 184349 | 236005 |
| Deferred revenue | 944725 | 95943 |
| Other liabilities | 119937 | 256224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2415173 | 1454195 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share; 500,000,000 shares authorized; 106,609,094 and 106,332,315 shares issued and outstanding at December 31, 2022 and 2021, respectively | 107 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2887476 | 2871352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 3140289 | 3184455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (191817) | (96362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 5836055 | 5959551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $8251228 | $7413746 |

---

**www.firstsolar.com**

------

**FIRST SOLAR, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In thousands, except per share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,<br>2022** | **September 30,<br>2022** | **December 31,<br>2021** | **December 31,<br>2022** | **December 31,<br>2021** |
| Net sales | $1002391 | $628933 | $907319 | $2619319 | $2923377 |
| Cost of sales | 941778 | 607951 | 660830 | 2549461 | 2193423 |
| Gross profit | 60613 | 20982 | 246489 | 69858 | 729954 |
| Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 42734 | 46368 | 38411 | 164724 | 170320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 31284 | 29183 | 29881 | 112804 | 99115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production start-up | 32740 | 19768 | 5038 | 73077 | 21052 |
| Total operating expenses | 106758 | 95319 | 73330 | 350605 | 290487 |
| Gain on sales of businesses, net | 239 | 5984 |  | 253511 | 147284 |
| Operating (loss) income | (45906) | (68353) | 173159 | (27236) | 586751 |
| Foreign currency loss, net | (4373) | (4859) | (3362) | (16414) | (7975) |
| Interest income | 18330 | 9749 | 2183 | 33284 | 6179 |
| Interest expense, net | (3133) | (2991) | (2530) | (12225) | (13107) |
| Other income (expense), net | 28510 | 4774 | (2284) | 31189 | 314 |
| (Loss) income before taxes | (6572) | (61680) | 167166 | 8598 | 572162 |
| Income tax (expense) benefit | (976) | 12512 | (35796) | (52764) | (103469) |
| Net (loss) income | $(7548) | $(49168) | $131370 | $(44166) | $468693 |
| Net (loss) income per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.07) | $(0.46) | $1.24 | $(0.41) | $4.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.07) | $(0.46) | $1.23 | $(0.41) | $4.38 |
| Weighted-average number of shares used in per share calculations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 106606 | 106596 | 106327 | 106551 | 106263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 106606 | 106596 | 107007 | 106551 | 106924 |

---

**www.firstsolar.com**

------

**FIRST SOLAR, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** | **2020** |
| **Cash flows from operating activities:** |  |  |  |
| Net (loss) income | $(44166) | $468693 | $398355 |
| Adjustments to reconcile net (loss) income to cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 269724 | 259900 | 232925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and net losses on disposal of long-lived assets | 63338 | 22876 | 35806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 28656 | 20902 | 29267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (12799) | 49847 | 36013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of businesses, net | (253511) | (147284) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of marketable securities and restricted marketable securities |  | (11696) | (15346) |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities assumed by customers for the sale of systems | (145281) | (85490) | (136745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt forgiveness | (30201) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (1029) | (3484) | 19297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, trade and unbilled | 118724 | (96951) | 345150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 16693 | (136365) | (145396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project assets and PV solar power systems | (14336) | 23402 | 106867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (72602) | (69942) | (33065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable and payable | 43592 | (13062) | (177431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 5569 | 48968 | (109583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 912946 | 47062 | (157284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (11948) | (139817) | (391710) |
| Net cash provided by operating activities | 873369 | 237559 | 37120 |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (903605) | (540291) | (416635) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities and restricted marketable securities | (3375008) | (2147136) | (901924) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of marketable securities and restricted marketable securities | 2646787 | 2294595 | 1192832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of businesses, net of cash and restricted cash sold | 442302 | 300499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | (3050) | (6707) | (5500) |
| Net cash used in investing activities | (1192574) | (99040) | (131227) |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | (75896) | (72676) | (225344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings under long-term debt, net of discounts and issuance costs | 397380 | 129215 | 156679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of tax withholdings for restricted shares | (12092) | (15989) | (13118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities |  |  | (804) |
| Net cash provided by (used in) financing activities | 309392 | 40550 | (82587) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 47438 | 3174 | 3778 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 37625 | 182243 | (172916) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of the period | 1455837 | 1273594 | 1446510 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, end of the period | $1493462 | $1455837 | $1273594 |
| **Supplemental disclosure of noncash investing and financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment acquisitions funded by liabilities | $315961 | $61598 | $110576 |

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**www.firstsolar.com**