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Fourth quarter net loss per fully diluted share was
"First Solar's performance in the quarter was impacted by an aggressive
competitive environment, an uncertain regulatory environment,
warranty-related charges, and restructuring costs incurred to help
position our business for the future," said
An audio replay of the conference call will also be available
approximately two hours after the conclusion of the call. The audio
replay will remain available until
About
For
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors and the company's key strategic relationships and
other risks detailed in the company's filings with the
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December 31, |
December 31, |
||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 605,619 | $ | 765,689 | ||||
| Marketable securities | 66,146 | 167,889 | ||||||
| Accounts receivable trade, net | 310,568 | 305,537 | ||||||
| Accounts receivable, unbilled | 533,399 | 1,482 | ||||||
| Inventories | 475,867 | 195,863 | ||||||
| Balance of systems parts | 53,784 | 4,579 | ||||||
| Deferred tax assets, net | 41,144 | 388 | ||||||
| Prepaid expenses and other current assets | 526,734 | 143,033 | ||||||
| Total current assets | 2,613,261 | 1,584,460 | ||||||
| Property, plant and equipment, net | 1,815,958 | 1,430,789 | ||||||
| Project assets | 374,881 | 320,140 | ||||||
| Deferred tax assets, net | 340,274 | 259,236 | ||||||
| Marketable securities | 116,192 | 180,271 | ||||||
| Restricted cash and investments | 200,550 | 86,003 | ||||||
| Goodwill | 65,444 | 433,288 | ||||||
| Inventories | 60,751 | 42,728 | ||||||
| Other assets | 190,303 | 43,488 | ||||||
| Total assets | $ | 5,777,614 | $ | 4,380,403 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 176,448 | $ | 82,312 | ||||
| Income taxes payable | 9,541 | 16,831 | ||||||
| Accrued expenses | 406,659 | 244,271 | ||||||
| Current portion of long-term debt | 44,505 | 26,587 | ||||||
| Other current liabilities | 336,571 | 99,676 | ||||||
| Total current liabilities | 973,724 | 469,677 | ||||||
| Accrued solar module collection and recycling liability | 167,378 | 132,951 | ||||||
| Long-term debt | 619,143 | 210,804 | ||||||
| Other liabilities | 373,506 | 112,026 | ||||||
| Total liabilities | 2,133,751 | 925,458 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
|
Common stock, |
86 | 86 | ||||||
| Additional paid-in capital | 2,022,743 | 1,815,420 | ||||||
| Contingent consideration | — | 1,118 | ||||||
| Accumulated earnings | 1,626,071 | 1,665,564 | ||||||
| Accumulated other comprehensive loss | (5,037 | ) | (27,243 | ) | ||||
| Total stockholders' equity | 3,643,863 | 3,454,945 | ||||||
| Total liabilities and stockholders' equity | $ | 5,777,614 | $ | 4,380,403 | ||||
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| Years Ended | ||||||||||||
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December 31,
2011 |
December 31,
2010 |
December 26,
2009 |
|||||||||
| Net sales | $ | 2,766,207 | $ | 2,563,515 | $ | 2,066,200 | ||||||
| Cost of sales | 1,794,456 | 1,378,669 | 1,021,618 | |||||||||
| Gross profit | 971,751 | 1,184,846 | 1,044,582 | |||||||||
| Operating expenses: | ||||||||||||
| Research and development | 140,523 | 94,797 | 78,161 | |||||||||
| Selling, general and administrative | 412,541 | 321,704 | 272,898 | |||||||||
| Production start-up | 33,620 | 19,442 | 13,908 | |||||||||
| Goodwill impairment | 393,365 | — | — | |||||||||
| Restructuring | 60,366 | — | — | |||||||||
| Total operating expenses | 1,040,415 | 435,943 | 364,967 | |||||||||
| Operating (loss) income | (68,664 | ) | 748,903 | 679,615 | ||||||||
| Foreign currency gain (loss) | 995 | (3,468 | ) | 5,207 | ||||||||
| Interest income | 13,391 | 14,375 | 9,735 | |||||||||
| Interest expense, net | (100 | ) | (6 | ) | (5,258 | ) | ||||||
| Other income (expense), net | 665 | 2,273 | (2,985 | ) | ||||||||
| (Loss) income before income taxes | (53,713 | ) | 762,077 | 686,314 | ||||||||
| Income tax (benefit) expense | (14,220 | ) | 97,876 | 46,176 | ||||||||
| Net (loss) income | $ | (39,493 | ) | $ | 664,201 | $ | 640,138 | |||||
| Net (loss) income per share: | ||||||||||||
| Basic | $ | (0.46 | ) | $ | 7.82 | $ | 7.67 | |||||
| Diluted | $ | (0.46 | ) | $ | 7.68 | $ | 7.53 | |||||
| Weighted-average number of shares used in per share calculations: | ||||||||||||
| Basic | 86,067 | 84,891 | 83,500 | |||||||||
| Diluted | 86,067 | 86,491 | 85,044 | |||||||||
The non-GAAP financial measures included in the tables below are non-GAAP net income and non-GAAP net income per share, which adjust for the following items: Warranty and Cost in Excess of Normal Warranty Expense, Goodwill Impairment and Restructuring. We believe the presentation of these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company's operating performance. Our management uses these non-GAAP financial measures in assessing the Company's performance to prior periods and investors benefit from an understanding of these non-GAAP financial measures. The use of non-GAAP financial measures has limitations and you should not consider these performance measures in isolation from or as an alternative to measures presented in accordance with GAAP such as net (loss) income and net (loss) income per share.
Warranty and Cost in Excess of Normal Warranty Expense: Included
in our GAAP presentation of cost of sales and operating expenses,
warranty and cost in excess of normal warranty expense primarily reflect
estimated costs related to our remediation of a manufacturing excursion
that occurred between
Goodwill Impairment: Included in our GAAP presentation of operating expenses, goodwill impairment primarily represents a write-down of most of the goodwill we booked from our acquisitions of OptiSolar in 2009 and NextLight in 2010. We exclude the impairment of goodwill from our non-GAAP measures because it does not reflect future performance, does not affect our cash position, and does not affect our cash flows from operating activities.
Restructuring: Included in our GAAP presentation of operating expenses, restructuring costs represent asset impairment and related costs due to certain research and development activities we are no longer pursuing outside of our core technology, as well as severance for headcount reductions. We exclude restructuring from our non-GAAP measures because the impairment portion of the charges does not reflect our cash position or our cash flows from operating activities, and the restructuring charges overall do not reflect future operating expenses, are not indicative of our core operating performance, and are not meaningful in comparing to our past operating performance.
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Three Months Ended |
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| GAAP (1) |
Warranty and Cost in Excess of |
Goodwill |
Restructuring |
Non-GAAP |
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|
(Loss) |
$ | (481,442 | ) | $ | 163,525 | (4 | ) | $ | 393,365 | $ | 60,366 |
$ |
135,814 | ||||||||||||||||
|
Income |
(68,329 | ) | 18,023 | (5 | ) | 53,211 | (5 | ) | 22,915 |
(5 |
) |
$ | 25,820 | ||||||||||||||||
|
Net (loss) |
$ | (413,113 | ) | $ | 145,502 | $ | 340,154 | $ | 37,451 |
|
$ |
109,994 | |||||||||||||||||
|
Net (loss) |
$ | (4.74 | ) | (2 | ) | $ | 1.67 | $ | 3.90 | $ | 0.43 |
|
$ |
1.26 | |||||||||||||||
|
Weighted |
87,123 | (3 | ) | 87,123 | 87,123 | 87,123 |
|
87,123 |
|||||||||||||||||||||
| (1) | Except for Net (loss) income per share and Weighted-average shares outstanding. | |
| (2) |
Reflects Non-GAAP net (loss) income per share. GAAP net (loss)
income per share was |
|
| (3) | Reflects Non-GAAP weighted-average shares outstanding. GAAP weighted-average shares outstanding were 86,428. | |
| (4) |
Balance includes (i) |
|
| (5) | The amount adjusts the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP net income. | |
|
Year Ended |
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| GAAP (1) |
Warranty and Cost in |
Goodwill |
Restructuring | Non-GAAP | ||||||||||||||||||||||
|
(Loss) |
$ | (53,713 | ) | $ | 210,414 | (4 | ) | $ | 393,365 | $ | 60,366 | $ | 610,432 | |||||||||||||
|
Income |
(14,220 | ) | 24,970 | (5 | ) | 53,211 | (5 | ) | 22,915 | (5 | ) | $ | 86,876 | |||||||||||||
|
Net (loss) |
$ | (39,493 | ) | $ | 185,444 | $ | 340,154 | $ | 37,451 | $ | 523,556 | |||||||||||||||
|
Net (loss) |
$ | (0.45 | ) | (2 | ) | $ | 2.13 | $ | 3.90 | $ | 0.43 | $ | 6.01 | |||||||||||||
|
Weighted |
87,117 | (3 | ) | 87,117 | 87,117 | 87,117 | 87,117 | |||||||||||||||||||
| (1) | Except for Net (loss) income per share and Weighted-average shares outstanding. | |
| (2) |
Reflects Non-GAAP net (loss) income per share. GAAP net (loss)
income per share was |
|
| (3) | Reflects Non-GAAP weighted-average shares outstanding. GAAP weighted-average shares outstanding were 86,067. | |
| (4) |
Balance includes (i) |
|
| (5) | The amount adjusts the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP net income. | |
|
Three Months Ended |
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| GAAP (1) |
Warranty and |
Non-GAAP | ||||||||||
| Income before income taxes | $ | 173,365 | $ | 8,456 | (1 | ) | $ | 181,821 | ||||
| Income tax expense | 17,421 | 1,252 | (2 | ) | $ | 18,673 | ||||||
| Net income | $ | 155,944 | $ | 7,204 | $ | 163,148 | ||||||
| Net income per share | $ | 1.8 | $ | 0.08 | $ | 1.88 | ||||||
| GAAP weighted-average shares outstanding | 86,840 | 86,840 | 86,840 | |||||||||
| (1) | Expense in connection with our remediation efforts for module removal, replacement and logistical services related to the 2008-2009 manufacturing excursion. | |
| (2) | The amount adjusts the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP net income. | |
|
Year Ended |
||||||||||||
| GAAP (1) |
Warranty and |
Non-GAAP | ||||||||||
| Income before income taxes | $ | 762,077 | $ | 36,129 | (1 | ) | $ | 798,206 | ||||
| Income tax expense | 97,876 | 5,317 | (2 | ) | $ | 103,193 | ||||||
| Net income | $ | 664,201 | $ | 30,812 | $ | 695,013 | ||||||
| Net income per share | $ | 7.68 | $ | 0.36 | $ | 8.04 | ||||||
| GAAP weighted-average shares outstanding | 86,491 | 86,491 | 86,491 | |||||||||
| (1) |
Balance includes (i) |
|
| (2) | The amount adjusts the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP net income. |
Investors:
Vice
President, Treasury and Investor Relations
+1 (602) 414-9315
David.brady@firstsolar.com
or
Director, Investor Relations
+1 (602) 414-9315
Lucas.fairborn@firstsolar.com
or
Media:
+1 (602) 427-3318
Ted.meyer@firstsolar.com
Source:
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