GUELPH, ON, Nov. 14, 2023 /PRNewswire/ -- Canadian Solar
Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today
announced financial results for the third quarter ended
September 30, 2023.
Third Quarter Highlights
- 39% increase in solar module shipments year-over-year ("yoy")
to 8.3 GW.
- Net revenues of $1.85 billion,
with a 16.7% gross margin, and net income attributable to Canadian
Solar of $0.32 per diluted
share.
- $2.6 billion e-STORAGE contracted
backlog, as of November 14, 2023, of
which approximately half are expected deliveries for 2024 that are
likely to be meaningfully gross and net margin accretive helped by
the favorable cost environment.
- Recurrent Energy expanded its total development pipeline to 26
GWp of solar and 55 GWh of battery energy storage, as of
September 30, 2023.
Dr. Shawn Qu, Chairman and
CEO, commented, "We delivered solid profitability in the third
quarter of 2023 with continued progress on our capacity
diversification, despite lower-than-expected market demand growth
due to the higher interest rate environment driving higher
inventories in certain markets. We significantly ramped up our
capacity in the latest N-type TOPCon cell technology, which now
accounts for half of our total cell capacity and is expected to
reach 60% by the end of 2023. We continued to make strategic,
long-term investments in key premium markets, including the recent
announcement of our 5 GW solar cell facility in Jeffersonville, Indiana, and our 5 GW solar
wafer facility in Thailand, both
of which will serve U.S. customers. These will complement our 5 GW
solar module facility in Mesquite,
Texas, which is set to start production in a few weeks. As
we navigate through short-term cyclical market fluctuations, our
goal remains consistent which is to build on our long-term
competitive position in a rapidly growing global market and deliver
sustainable value for our shareholders."
Yan Zhuang, President of
Canadian Solar's CSI Solar subsidiary, said, "CSI Solar
achieved shipment growth and healthy margin improvement in the
third quarter of 2023 despite the challenging market conditions.
CSI Solar's gross and operating margins improved sequentially
driven by lower manufacturing costs as we were able to achieve a
higher level of vertical integration. This was notwithstanding
TOPCon capacity ramp up costs incurred during the quarter, and
further rapid declines in solar module prices, which led to an
inventory write-down of modules in warehouses intended for certain
distributed generation markets. On the utility scale storage side
of the business, e-STORAGE has continued to grow, with our total
contracted backlog increasing to $2.6
billion, including an impressive $520
million in additional new contracts signed since
June 30, 2023. We expect to deliver
at least half of these contracts in 2024, making it a record year
for e-STORAGE. We strive to provide our customers with the most
competitive solution in the market with our relentless focus on
quality, safety, value-creation, and end-to-end execution."
Ismael Guerrero, CEO of
Canadian Solar's Recurrent Energy subsidiary, said, "As
expected, revenue in the third quarter of 2023 was sequentially
lower for our Recurrent Energy business. We monetized the 18 MWp
Hiroshima Suzuhari project in Japan and several smaller but collectively
meaningful projects in Taiwan.
Separately, it was a big quarter for our execution teams. Nearly
300 MWp of projects in the U.S. closed $312
million in financing during the quarter, both tax equity and
project financing, and are currently under construction. As we
continue to execute on our strategy to create and retain the value
of the projects that we develop, we are shifting and adding
resources to deliver an increased number of the highest quality
projects in the market. We expect that this will drive growth of
our base of stable, predictable, and profitable cash flows, while
generating greater long-term value for shareholders."
Dr. Huifeng Chang, Senior VP
and CFO, added, "In the third quarter of 2023, we generated
$1.8 billion in net revenues, a 16.7%
gross margin, and net income of $0.32
per diluted share. We generated $158
million in operating cash, as we continue to prioritize cash
flow generation and manage inventory levels accordingly. We ended
the quarter with a cash position of nearly $3 billion, which we expect to deploy prudently
in our long-term strategic growth plans."
Third Quarter 2023 Results
Total module shipments recognized as revenues in the third
quarter of 2023 were 8.3 GW, up 39% yoy and 1% qoq. Of the
total, 82 MW were shipped to the Company's own
utility-scale solar power projects.
Net revenues in the third quarter of 2023 decreased 22% qoq
and 4% yoy to $1.8 billion. The
sequential decrease reflects lower project sales during the quarter
and a decline in module average selling price ("ASP"), partially
offset by higher solar module shipment volumes.
Gross profit in the third quarter of 2023 was $308 million,
down 30% qoq and 15% yoy. Gross margin in
the third quarter of 2023 was 16.7%, compared to 18.6% in
the second quarter of 2023. The gross margin decline was primarily
driven by lower margin contribution from project sales and lower
module ASPs, partially offset by lower manufacturing costs.
Total operating expenses in the third quarter of 2023 were
$225 million, compared to $216
million in the second quarter of 2023 and $274 million in the third quarter of
2022. The sequential increase was driven by higher
transportation, TOPCon production ramp up and R&D costs, which
were partially offset by a sequential reduction in share-based
compensation following the successful CSI Solar IPO in the second
quarter of 2023.
Depreciation and amortization charges in the third quarter of
2023 were $76 million, compared
to $73 million in the second quarter of 2023 and $56 million in the third quarter of 2022. The
sequential increase was primarily driven by the Company's continued
capacity expansion.
Net interest expense in the third quarter of 2023 was
$11 million, compared to net interest
expense of $21 million in the second
quarter of 2023 and net interest income of $4 million in the third quarter of 2022. The
sequential decrease in net interest expense was due to higher
interest income on the Company's cash balance.
Net foreign exchange and derivative loss in the third quarter of
2023 was $17 million, compared to a
net gain of $34 million in
the second quarter of 2023 and a net gain of $39 million in the third quarter of 2022. The net
foreign exchange and derivative loss was mainly due to weaker Euro
relative to the U.S. Dollar and hedging losses on Renminbi.
Net income attributable to Canadian Solar in the third quarter
of 2023 was $22 million, or $0.32 per diluted share, compared to net income
of $170 million, or $2.39 per diluted share, in the second quarter of
2023, and net income of $78 million,
or $1.12 per diluted share, in the
third quarter of 2022.
Net cash flow provided by operating activities in the third
quarter of 2023 was $158 million,
compared to $290 million in the
second quarter of 2023. The sequential decrease in operating cash
flow primarily resulted from lower net profit.
Total debt was $3.3 billion as of
September 30, 2023, including
$1,720 million, $1,381 million, and $227
million related to CSI Solar, Recurrent Energy and
convertible bonds respectively. Total debt remained unchanged
compared to $3.3 billion as of
June 30, 2023.
Corporate Structure
The Company has two business segments: Recurrent Energy,
formerly Global Energy, and CSI Solar. The two businesses operate
as follows:
- Recurrent Energy (formerly Global Energy) is one of
the world's largest clean energy project development platforms with
14 years of experience, having delivered around 9.3 GWp of solar
power projects and over 3 GWh of battery storage projects. It is
vertically integrated and has strong expertise in greenfield
origination, development, financing, execution, operations and
maintenance, and asset management.
- CSI Solar consists of solar module and battery storage
manufacturing, and delivery of total system solutions, including
inverters, solar system kits and EPC (engineering, procurement, and
construction) services. CSI Solar's e-STORAGE branded battery
storage business includes its utility-scale turnkey battery system
solutions, as well as a small but growing residential battery
storage business. These storage systems solutions are complemented
with long-term service agreements, including future battery
capacity augmentation services.
Recurrent Energy Segment (formerly Global Energy)
As of September 30, 2023, the
Company held a leading position with a total global solar
development pipeline of 26 GWp and an energy storage development
pipeline of 55 GWh.
While Recurrent Energy's business model was historically
predominantly develop-to-sell, the Company has been adjusting its
strategy to create greater asset value and retain greater ownership
of projects in select markets to increase revenues generated
through recurring income, such as power sales, operations and
maintenance, and asset management income.
The business model will consist of three key drivers:
- Operating portfolio to drive stable, diversified
cash flows in growth markets with stable currencies;
- Project sales (or asset rotations) in the rest of
the world to drive cash-efficient growth model as value from
project sales will help fund growth in operating assets in stable
currency markets;
- Power services through long-term operations and
maintenance ("O&M") contracts, currently with 8 GW of
contracted projects, to drive stable and long-term recurring
earnings and synergies with the project development platform.
Recurrent Energy is continuing to evaluate adjustments in its
growth strategy to hold valuable solar and storage assets for the
longer term.
Project Development Pipeline – Solar
As of September 30, 2023,
Recurrent Energy's total solar project development pipeline was
26.5 GWp, including 1.8 GWp under construction, 6.0 GWp of backlog,
and 18.7 GWp of projects in advanced and early-stage pipelines,
defined as follows:
- Backlog projects are late-stage projects
that have passed their risk cliff date and are expected to start
construction in the next 1-4 years. A project's risk cliff date is
the date on which the project passes the last high-risk development
stage and varies depending on the country where it is located. This
is usually after the projects have received all the required
environmental and regulatory approvals, and entered into
interconnection agreements, feed-in tariff ("FIT") arrangements and
power purchase agreements ("PPAs"). A significant majority of
backlog projects are contracted (i.e., have secured a PPA or FIT),
and the remaining have a reasonable assurance of securing
PPAs.
- Advanced pipeline projects are mid-stage projects that
have secured or have more than 90% certainty of securing an
interconnection agreement.
- Early-stage pipeline projects are early-stage
projects controlled by Recurrent Energy that are in the process of
securing interconnection.
While the magnitude of the Company's project development
pipeline is an important indicator of potential expanded power
generation and battery storage capacity as well as potential future
revenue growth, the development of projects in its pipeline is
inherently uncertain. If the Company does not successfully complete
the pipeline projects in a timely manner, it may not realize the
anticipated benefits of the projects to the extent anticipated,
which could adversely affect its business, financial condition, or
results of operations. In addition, the Company's guidance and
estimates for its future operating and financial results assume the
completion of certain solar projects and energy storage projects
that are in its pipeline. If the Company is unable to execute on
its actionable pipeline, it may miss its guidance, which could
adversely affect the market price of its common shares and its
business, financial condition, or results of operations.
The following table presents Recurrent Energy's total solar
project development pipeline.
|
Solar Project
Development Pipeline (as of September 30, 2023) –
MWp*
|
Region
|
In
Construction
|
Backlog
|
Advanced
Pipeline
|
Early-Stage
Pipeline
|
Total
|
North
America
|
297
|
127
|
1,841
|
4,710
|
6,975
|
Latin
America
|
1,051**
|
1,437**
|
452
|
2,418
|
5,358
|
Europe, the Middle
East, and Africa
("EMEA")
|
89**
|
2,233
|
2,427
|
3,756
|
8,505
|
Japan
|
3
|
167
|
14
|
2
|
186
|
China
|
400
|
1,845**
|
-
|
1,000
|
3,245
|
Asia Pacific excluding
Japan and China
|
-
|
187
|
830
|
1,209
|
2,226
|
Total
|
1,840
|
5,996
|
5,564
|
13,095
|
26,495
|
*All numbers are
gross MWp.
**Including 671 MWp
in construction and 711 MWp in backlog that are owned by or already
sold to third parties.
|
|
|
|
|
|
|
|
Project Development Pipeline – Battery Energy Storage
As of September 30, 2023,
Recurrent Energy's total battery energy storage project development
pipeline was 54.5 GWh, including 4.6 GWh under construction and in
backlog, and 50.0 GWh of projects in advanced and early-stage
pipelines.
The table below sets forth Recurrent Energy's total battery
energy storage project development pipeline.
Battery Energy
Storage Project Development Pipeline (as of
September 30, 2023) – MWh
|
Region
|
In
Construction
|
Backlog
|
Advanced
Pipeline
|
Early-Stage
Pipeline
|
Total
|
North
America
|
-
|
1,600
|
2,298
|
15,442
|
19,340
|
Latin
America
|
-
|
2,205
|
1,000
|
-
|
3,205
|
EMEA
|
-
|
110
|
4,418
|
16,069
|
20,597
|
Japan
|
-
|
-
|
129
|
1,067
|
1,196
|
China
|
-
|
-
|
-
|
7,900
|
7,900
|
Asia Pacific excluding
Japan and China
|
10
|
654
|
-
|
1,640
|
2,304
|
Total
|
10
|
4,569
|
7,845
|
42,118
|
54,542
|
Projects in Operation – Solar and Battery Energy Storage
Power Plants (Including Unconsolidated Projects)
As of September 30, 2023, the
solar power plants in operation totaled 847 MWp, with a combined
estimated net resale value of approximately $740 million. The
estimated net resale value is based on selling prices that
Recurrent Energy is currently negotiating or comparable asset
sales. Battery energy storage plants in operation totaled 594 MWh
as of September 30, 2023.
Power Plants in
Operation*
|
|
North
America
|
Latin
America
|
Japan
|
China
|
Asia
Pacific
ex. Japan and
China
|
Total
|
Solar (MWp)
|
-
|
684
|
63
|
91
|
9
|
847
|
Battery Energy Storage (MWh)
|
280
|
-
|
-
|
300
|
14
|
594
|
|
*All numbers are net
MWp or MWh owned by Recurrent Energy; total gross MWp of solar
projects is 1,294 MWp and total gross battery
storage projects is 1,714 MWh, including volume that is already
sold to third parties.
|
|
Operating Results
The following table presents select unaudited results of
operations data of the Recurrent Energy segment for the periods
indicated.
Recurrent Energy
Segment Financial Results
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September 30,
2023
|
June
30,
2023
|
September 30,
2022
|
|
September 30,
2023
|
September 30,
2022
|
Net revenues
|
63,806
|
360,045
|
100,925
|
|
443,903
|
747,875
|
Cost of
revenues
|
46,107
|
201,981
|
53,366
|
|
260,931
|
602,475
|
Gross profit
|
17,699
|
158,064
|
47,559
|
|
182,972
|
145,400
|
Operating
expenses
|
26,880
|
35,874
|
20,512
|
|
85,168
|
63,685
|
Income (loss) from
operations*
|
(9,181)
|
122,190
|
27,047
|
|
97,804
|
81,715
|
Gross
margin
|
27.7 %
|
43.9 %
|
47.1 %
|
|
41.2 %
|
19.4 %
|
Operating
margin
|
-14.4 %
|
33.9 %
|
26.8 %
|
|
22.0 %
|
10.9 %
|
|
* Income (loss) from
operations reflects management's allocation and estimate as some
services are shared by the
Company's two business segments.
|
CSI Solar Segment
Solar Modules
CSI Solar shipped 8.3 GW of solar modules to more than 70
countries in the third quarter of 2023. For the third quarter of
2023, the top five markets ranked by shipments were China, the U.S., Brazil, Spain, and Germany.
CSI Solar's revised manufacturing capacity expansion targets are
set forth below.
Solar Manufacturing
Capacity, GW*
|
|
September
2023
Actual
|
December
2023
Plan
|
March
2024
Plan
|
December
2024
Plan
|
Ingot
|
20.4
|
20.4
|
20.4
|
50.4
|
Wafer
|
21.0
|
21.0
|
31.0
|
55.0
|
Cell
|
39.0
|
50.0
|
54.0
|
60.0
|
Module
|
51.0
|
57.0
|
58.0
|
61.0
|
|
|
|
|
|
*Nameplate
annualized capacities at said point in time. Capacity expansion
plans are subject to change without notice
based on market conditions and capital allocation
plans.
|
e-STORAGE: Battery Storage Solutions
e-STORAGE, formerly known as CSI Energy Storage, is CSI Solar's
utility-scale battery energy storage platform. e-STORAGE provides
customers with competitive turnkey, integrated, utility-scale
battery storage solutions, including bankable, end-to-end,
utility-scale, turnkey battery storage system solutions across
various applications. System performance is complemented with
long-term service agreements, which include future battery capacity
augmentation services and bring in long-term, stable income.
As of September 30, 2023,
e-STORAGE had a total project turnkey pipeline of approximately 43
GWh, which includes both contracted and in-construction projects,
as well as projects at different stages of the negotiation process.
In addition, e-STORAGE had approximately 2.9 GWh of operating
battery storage projects contracted under long-term service
agreements, all of which were battery energy storage projects
previously executed by e-STORAGE.
Between June 30, 2023 and
November 14, 2023, the date of this
press release, e-STORAGE signed approximately $520 million in new bookings, including
contracted long-term service agreements. As of November 14, 2023, the contracted backlog,
including contracted long-term service agreements, was $2.6 billion. These are signed orders with
contractual obligations to customers, providing significant
earnings visibility over a multi-year period.
The table below sets forth e-STORAGE's manufacturing capacity
expansion targets.
Battery Storage
Manufacturing
Capacity, GWh*
|
September
2023
Actual
|
December
2023
Plan
|
December
2024
Plan
|
SolBank
|
8.0
|
10.0
|
20.0
|
|
|
|
|
*Nameplate
annualized capacities at said point in time. Capacity expansion
plans are subject to change without notice
based on market conditions and capital allocation
plans.
|
Operating Results
The following table presents select unaudited results of
operations data of the CSI Solar segment for the periods
indicated.
CSI Solar Segment
Financial Results*
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September 30,
2023
|
June
30,
2023
|
September 30,
2022
|
|
September 30,
2023
|
September 30,
2022
|
Net revenues
|
1,805,507
|
2,013,993
|
1,973,163
|
|
5,529,230
|
4,999,567
|
Cost of
revenues
|
1,506,334
|
1,726,154
|
1,632,518
|
|
4,626,609
|
4,193,438
|
Gross profit
|
299,173
|
287,839
|
340,645
|
|
902,621
|
806,129
|
Operating
expenses
|
172,409
|
168,455
|
243,667
|
|
487,015
|
614,860
|
Income from
operations
|
126,764
|
119,384
|
96,978
|
|
415,606
|
191,269
|
Gross
margin
|
16.6 %
|
14.3 %
|
17.3 %
|
|
16.3 %
|
16.1 %
|
Operating
margin
|
7.0 %
|
5.9 %
|
4.9 %
|
|
7.5 %
|
3.8 %
|
|
*Include effects of both
sales to third-party customers and to
the Company's Recurrent Energy
segment. Please refer to the
attached financial tables for intercompany transaction elimination
information. Income from operations reflects
management's allocation and estimate as some services are shared by
the Company's two business segments.
|
The table below provides the geographic distribution of the net
revenues of CSI Solar:
CSI Solar Net
Revenues Geographic Distribution* (In Millions of U.S. Dollars,
Except Percentages)
|
|
Q3
2023
|
% of Net
Revenues
|
|
Q2
2023
|
% of Net
Revenues
|
|
Q3
2022
|
% of Net
Revenues
|
Asia
|
715
|
40
|
|
722
|
36
|
|
669
|
37
|
Americas
|
630
|
35
|
|
716
|
36
|
|
650
|
35
|
Europe and
others
|
437
|
25
|
|
566
|
28
|
|
512
|
28
|
Total
|
1,782
|
100
|
|
2,004
|
100
|
|
1,831
|
100
|
|
|
|
|
|
|
|
|
|
*Excludes sales from
CSI Solar to Recurrent Energy.
|
Business Outlook
The Company's business outlook is based on management's current
views and estimates given factors such as existing market
conditions, order book, production capacity, input material prices,
foreign exchange fluctuations, the anticipated timing of project
sales, and the global economic environment. This outlook is subject
to uncertainty with respect to, among other things, customer
demand, project construction and sale schedules, product sales
prices and costs, supply chain constraints, and geopolitical
conflicts. Management's views and estimates are subject to change
without notice.
For the fourth quarter of 2023, the Company expects total
revenue to be in the range of $1.6
billion to $1.8 billion. Gross
margin is expected to be between 14% and 16%. Total module
shipments recognized as revenues by CSI Solar are expected to be in
the range of 7.6 GW to 8.1 GW, including approximately 95 MW to the
Company's own projects. Total battery energy storage shipments by
CSI Solar in the fourth quarter are expected to be in the range of
1.4 GWh to 1.5 GWh, of which approximately 720 MWh are expected to
generate revenues in early 2024.
For the full year of 2024, the Company expects total module
shipments to be in the range of 42
GW to 47 GW and total battery
energy storage shipments in the range of 6.0 GWh to 6.5 GWh,
including approximately 2 GW and 2.5 GWh respectively to the
Company's own projects.
Dr. Shawn Qu, Chairman and
CEO, commented, "We are very excited about our long-term growth
prospects and competitive position, which we are further
strengthening with our strategic expansion in the U.S. While
margins are expected to rebalance over the next couple of quarters
driven by further destocking in the distributed generation
channels, we see significant pent-up demand due to lower equipment
costs and higher and more volatile energy prices, especially once
markets successfully adapt to a higher cost of capital environment.
We expect e-STORAGE to remain one of our fastest growing businesses
with improved profitability, as we anticipate to more than triple
the shipments of our utility-scale energy storage solution next
year and gain market share in the global energy storage
segment."
Recent Developments
On October 11, 2023, Canadian
Solar announced it had been awarded the "Sustainability Reporting
of the Year – Global" as part of Environmental Finance's 2023
Sustainable Company Awards. This award recognized Canadian Solar's
efforts in providing transparent, comparable, and comprehensive
sustainability reporting which enables its stakeholders to better
understand the Company's strategy, commitments, and progress
towards achieving its sustainability goals.
Recurrent Energy (formerly Global Energy)
On October 17, 2023, Canadian
Solar announced the successful placement of JPY18.5 billion green bonds. Goldman Sachs
Japan Co., Ltd., was the lead arranger and sole book runner with
the domestic bond investors. The private placement has a 3-year
tenor with a mix of both semi-annual fixed (1.82% p.a.) and
floating (circa 1.49% p.a.) coupons. The Japan Credit Rating
Agency, Ltd. ("JCR") has assigned this structured bond with an
investment grade rating of "A-". JCR certified the issuer with the
highest Green 1 rating under the Japanese Green Bond
guidelines. Orix Bank Corporation had been appointed as
the trustee.
On September 28, 2023, Canadian
Solar announced it completed the sale of its 17.5 MWp Hiroshima
Suzuhari operational solar project located in Hiroshima prefecture in Japan to a private Japanese fund. The project
had been owned by the Japan Green Infrastructure Fund ("JGIF")
since 2021 and was financed through the issuance of a Green Project
Bond with an investment grade rating. Importantly, it was certified
with the highest Green 1 rating under the Japanese Green Bond
guidelines.
On September 19, 2023, Canadian
Solar announced its wholly owned subsidiary Recurrent Energy closed
project financing for its 134 MW (100 MWac) Liberty Solar project. Rabobank, Nord LB,
and U.S. Bank will provide construction debt, a letter of
credit facility and a term facility, totaling $120
million. U.S. Bancorp Impact Finance, a subsidiary
of U.S. Bank, will provide the tax equity totaling $80
million. The project is currently under construction in
Liberty County, Texas and is
expected to commence operation in 2024. Recurrent Energy had
secured a power purchase agreement for 100% of the project's
production capacity via an aggregated virtual power purchase
agreement.
On August 31, 2023, Canadian Solar
announced its wholly owned subsidiary Recurrent Energy secured
$112 million in project financing for
its 160 MW (120 MWac) North Fork Solar project in Oklahoma. The project is expected to be
operational in 2024 and Recurrent Energy will own and operate the
project through its power services business. North Fork Solar
represents Recurrent Energy's first project in Oklahoma and first project in the Southwest
Power Pool (SPP).
CSI Solar
On November 9, 2023, Canadian
Solar announced the establishment of a 5 GW solar PV wafer
production facility in Chonburi, Thailand. Production of the facility is
planned to begin in March 2024. The
solar wafers produced at this facility will initially be used at
the existing Thailand TOPCon cell manufacturing plant in the same
location. From 2025 onwards and once the previously announced 5 GW
U.S. cell factory in Jeffersonville,
Indiana, becomes fully operational, these wafers will be
used as inputs to Indiana cell
factory.
On October 30, 2023, Canadian
Solar announced the establishment of a 5 GW solar PV cell
production facility at the River Ridge Commerce Center in
Jeffersonville, Indiana. The
Jeffersonville facility represents
a projected investment of more than $800
million and is expected to create approximately 1,200
skilled high-tech jobs once production is fully ramped up. The
solar cells produced at this facility will be used at the
previously announced 5 GW module assembly plant in Mesquite, Texas. Production at the
Jeffersonville facility is
expected to begin by the end of 2025.
On October 26, 2023, Canadian
Solar announced e-STORAGE, which is part of its majority-owned
subsidiary CSI Solar, was awarded a supply and integration
contract for 1 GWh DC of energy storage solutions for DEPCOM Power,
Inc. and DEPCOM's customer, Tucson Electric Power, in Arizona.
On September 20, 2023, Canadian
Solar announced it successfully finalized approximately 4 GW of
solar module contracts during the 2023 RE+ show in Las Vegas. The contracts are expected to be
serviced by both its upcoming Texas factory and its expanded Thailand module factory.
On September 11, 2023, Canadian
Solar announced it received the "Canadian Solar TOPCon Technology
Review Report" from DNV, an esteemed independent third-party expert
in product certification, risk management, and assurance. Canadian
Solar's TOPCon 210 mm and 182 mm cell-based bifacial modules have
been considered by DNV as having high reliability and low LCOE,
reinforcing the economic viability of Canadian Solar's advanced
technology.
Conference Call Information
The Company will hold a conference call on Tuesday, November 14, 2023, at 8:00 a.m. U.S. Eastern Time (9:00 p.m., Tuesday,
November 14, 2023, in Hong
Kong) to discuss its third quarter 2023 results and
business outlook. The dial-in phone number for the live audio call
is +1-877-704-4453 (toll-free from the U.S.), 800 965 561
(from Hong Kong), +86 400 120 2840 (local dial-in from
Mainland China) or +1-201-389-0920 from international locations.
The conference ID is 13742223. A live webcast of the conference
call will also be available on the investor relations section
of Canadian Solar's website
at www.canadiansolar.com.
A replay of the call will be available approximately
3 hours after the conclusion of the call until 11:00
p.m. U.S. Eastern Time on Tuesday, November 28,
2023 (12:00 p.m. November 29, 2023, in Hong
Kong) and can be accessed by dialing +1-844-512-2921 (toll-free
from the U.S.) or +1-412-317-6671 from international
locations. The replay pin number is 13742223. A webcast replay will
also be available on the investor relations section
of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered over 110 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected around 9.3 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has around 850 MWp of solar power
projects in operation, 7.8 GWp of projects under construction or in
backlog (late-stage), and an additional 18.7 GWp of
projects in advanced and early-stage pipeline. In addition, the
Company has a total battery storage project development pipeline of
approximately 55 GWh, including approximately 5 GWh under
construction or in backlog, and an additional 50 GWh at advanced
and early-stage development. Canadian Solar is one of the most
bankable companies in the solar and renewable energy industry,
having been publicly listed on the NASDAQ since 2006. For
additional information about the Company, follow Canadian Solar
on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those
regarding the Company's expected future shipment volumes, revenues,
gross margins, and project sales are forward-looking statements
that involve a number of risks and uncertainties that could cause
actual results to differ materially. These statements are made
under the "Safe Harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by such terms as "believes," "expects,"
"anticipates," "intends," "estimates," the negative of these terms,
or other comparable terminology. Factors that could cause actual
results to differ include general business, regulatory and economic
conditions and the state of the solar and battery storage market
and industry; geopolitical tensions and conflicts, including
impasses, sanctions and export controls; volatility, uncertainty,
delays and disruptions related to global pandemics; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; the pipeline of projects and timelines
related to them; the ability of the parties to optimize value of
that pipeline; continued success in technological innovations and
delivery of products with the features that customers demand;
shortage in supply of materials or capacity requirements;
availability of financing; exchange and inflation rate
fluctuations; litigation and other risks as described in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Investor Relations Contacts:
Isabel Zhang
Investor
Relations
Canadian Solar
Inc.
investor@canadiansolar.com
|
David
Pasquale
Global IR
Partners
Tel:
+1-914-337-8801
csiq@globalirpartners.com
|
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data
for the Company's CSI Solar and Recurrent Energy
businesses.
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
Three Months Ended
and As of September 30, 2023
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 1,805,507
|
|
$63,806
|
|
$ (23,028)
|
|
$ 1,846,285
|
Cost of
revenues
|
|
|
1,506,334
|
|
46,107
|
|
(14,160)
|
|
1,538,281
|
Gross profit
|
|
|
299,173
|
|
17,699
|
|
(8,868)
|
|
308,004
|
Gross margin
|
|
|
16.6 %
|
|
27.7 %
|
|
—
|
|
16.7 %
|
Income from
operations (2)
|
|
|
$ 126,764
|
|
$ (9,181)
|
|
$ (34,567)
|
|
$ 83,016
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (15,139)
|
|
$ (13,009)
|
|
$ (1,801)
|
|
$ (29,949)
|
Interest income
(3)
|
|
|
15,601
|
|
2,972
|
|
4
|
|
18,577
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$ 1,557,193
|
|
$ 358,926
|
|
$ 4,948
|
|
$ 1,921,067
|
Restricted cash –
current and
noncurrent
|
|
|
1,061,655
|
|
10,310
|
|
—
|
|
1,071,965
|
Non-recourse
borrowings
|
|
|
—
|
|
315,472
|
|
—
|
|
315,472
|
Other short-term and
long-
term borrowings
|
|
|
1,551,866
|
|
910,530
|
|
—
|
|
2,462,396
|
Green bonds
|
|
|
—
|
|
154,602
|
|
—
|
|
154,602
|
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
Nine Months Ended September 30, 2023
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 5,529,230
|
|
$ 443,903
|
|
$ (61,544)
|
|
$ 5,911,589
|
Cost of
revenues
|
|
|
4,626,609
|
|
260,931
|
|
(42,530)
|
|
4,845,010
|
Gross profit
|
|
|
902,621
|
|
182,972
|
|
(19,014)
|
|
1,066,579
|
Gross margin
|
|
|
16.3 %
|
|
41.2 %
|
|
—
|
|
18.0 %
|
Income from
operations (2)
|
|
|
415,606
|
|
97,804
|
|
(60,667)
|
|
452,743
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (44,560)
|
|
$ (30,899)
|
|
$ (5,393)
|
|
$ (80,852)
|
Interest income
(3)
|
|
|
29,628
|
|
6,329
|
|
32
|
|
35,989
|
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
|
|
|
|
Three Months Ended
and As of September 30, 2022
(In Thousands of U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 1,973,163
|
|
$ 100,925
|
|
$ (141,609)
|
|
$ 1,932,479
|
Cost of
revenues
|
|
|
1,632,518
|
|
53,366
|
|
(115,971)
|
|
1,569,913
|
Gross profit
|
|
|
340,645
|
|
47,559
|
|
(25,638)
|
|
362,566
|
Gross margin
|
|
|
17.3 %
|
|
47.1 %
|
|
—
|
|
18.8 %
|
Income from
operations (2)
|
|
|
$ 96,978
|
|
$ 27,047
|
|
$ (35,358)
|
|
$ 88,667
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (14,736)
|
|
$ (2,535)
|
|
$ (1,789)
|
|
$ (19,060)
|
Interest income
(3)
|
|
|
20,798
|
|
2,083
|
|
19
|
|
22,900
|
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
|
|
|
|
Nine Months Ended
September 30, 2022
(In Thousands of U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 4,999,567
|
|
$ 747,875
|
|
$ (250,428)
|
|
$ 5,497,014
|
Cost of
revenues
|
|
|
4,193,438
|
|
602,475
|
|
(213,406)
|
|
4,582,507
|
Gross profit
|
|
|
806,129
|
|
145,400
|
|
(37,022)
|
|
914,507
|
Gross margin
|
|
|
16.1 %
|
|
19.4 %
|
|
—
|
|
16.6 %
|
Income from
operations (2)
|
|
|
$ 191,269
|
|
$ 81,715
|
|
$ (52,685)
|
|
$ 220,299
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (39,141)
|
|
$ (9,570)
|
|
$ (5,360)
|
|
$ (54,071)
|
Interest income
(3)
|
|
|
27,655
|
|
3,654
|
|
19
|
|
31,328
|
|
(1) Includes
inter-segment elimination, and unallocated corporate items not
considered part of management's evaluation of business segment
operating performance.
(2) Income from
operations reflects management's allocation and estimate as some
services are shared by the Company's two business
segments.
(3) Represents interest
expenses payable to and interest income earned from third
parties.
|
|
Select Financial
Data - CSI Solar and Recurrent Energy
|
|
Three Months
Ended
September 30,
2023
|
|
Three Months
Ended
June
30,
2023
|
|
Three Months
Ended
September 30,
2022
|
|
(In Thousands of
U.S. Dollars)
|
CSI Solar
Revenues:
|
|
|
|
|
|
Solar
modules
|
$ 1,520,716
|
|
$ 1,722,687
|
|
$ 1,578,695
|
Solar system
kits
|
184,404
|
|
216,867
|
|
139,091
|
Battery storage
solutions
|
19,575
|
|
14,889
|
|
85,158
|
EPC and
others
|
57,784
|
|
49,535
|
|
28,610
|
Subtotal
|
1,782,479
|
|
$ 2,003,978
|
|
$ 1,831,554
|
Recurrent
Energy Revenues:
|
|
|
|
|
|
Solar and battery
storage projects
|
34,541
|
|
338,487
|
|
84,725
|
O&M
and asset management services
|
14,374
|
|
13,408
|
|
9,996
|
Electricity sales and
others
|
14,891
|
|
8,150
|
|
6,204
|
Subtotal
|
63,806
|
|
360,045
|
|
100,925
|
Total net
revenues
|
$ 1,846,285
|
|
$ 2,364,023
|
|
$ 1,932,479
|
|
Select Financial
Data - CSI Solar and Recurrent Energy
|
|
Nine Months
Ended
September 30,
2023
|
|
Nine Months
Ended
September 30,
2022
|
|
(In Thousands of
U.S. Dollars)
|
CSI Solar
Revenues:
|
|
|
|
Solar
modules
|
$ 4,698,279
|
|
$ 3,892,235
|
Solar system
kits
|
534,858
|
|
380,312
|
Battery storage
solutions
|
49,274
|
|
405,816
|
EPC and
others
|
185,275
|
|
70,776
|
Subtotal
|
5,467,686
|
|
4,749,139
|
Recurrent
Energy Revenues:
|
|
|
|
Solar and battery
storage projects
|
377,649
|
|
703,173
|
O&M
and asset management services
|
36,469
|
|
25,689
|
Electricity sales and
others
|
29,785
|
|
19,013
|
Subtotal
|
443,903
|
|
747,875
|
Total net
revenues
|
$ 5,911,589
|
|
$ 5,497,014
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Consolidated Statements of Operations
|
|
(In Thousands of
U.S. Dollars, Except Share and Per Share Data)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September 30,
|
|
September 30,
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$ 1,846,285
|
|
$ 2,364,023
|
|
$ 1,932,479
|
|
$ 5,911,589
|
|
$ 5,497,014
|
Cost of
revenues
|
1,538,281
|
|
1,923,449
|
|
1,569,913
|
|
4,845,010
|
|
4,582,507
|
|
Gross
profit
|
308,004
|
|
440,574
|
|
362,566
|
|
1,066,579
|
|
914,507
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution
expenses
|
99,766
|
|
87,686
|
|
165,751
|
|
275,823
|
|
432,613
|
|
General and
administrative expenses
|
114,033
|
|
139,571
|
|
102,192
|
|
332,252
|
|
252,922
|
|
Research and
development expenses
|
28,897
|
|
23,137
|
|
17,885
|
|
69,341
|
|
49,215
|
|
Other operating
income,
net
|
(17,708)
|
|
(33,943)
|
|
(11,929)
|
|
(63,580)
|
|
(40,542)
|
Total operating
expenses
|
224,988
|
|
216,451
|
|
273,899
|
|
613,836
|
|
694,208
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
83,016
|
|
224,123
|
|
88,667
|
|
452,743
|
|
220,299
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(29,949)
|
|
(30,455)
|
|
(19,060)
|
|
(80,852)
|
|
(54,071)
|
|
Interest
income
|
18,577
|
|
9,456
|
|
22,900
|
|
35,989
|
|
31,328
|
|
Gain (loss) on change
in
fair value of derivatives,
net
|
(4,291)
|
|
(23,775)
|
|
12,189
|
|
(20,465)
|
|
(17,418)
|
|
Foreign exchange
gain
(loss),net
|
(13,175)
|
|
57,532
|
|
26,884
|
|
23,497
|
|
66,079
|
|
Investment income
(loss),
net
|
2,332
|
|
1,955
|
|
(3,230)
|
|
12,667
|
|
(1,770)
|
Total other
income
(expenses)
|
(26,506)
|
|
14,713
|
|
39,683
|
|
(29,164)
|
|
24,148
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
and equity in earnings of
affiliates
|
56,510
|
|
238,836
|
|
128,350
|
|
423,579
|
|
244,447
|
Income tax
benefit (expense)
|
10,583
|
|
(46,019)
|
|
(28,955)
|
|
(64,151)
|
|
(51,503)
|
Equity in earnings
(losses) of
affiliates
|
(4,624)
|
|
4,719
|
|
2,847
|
|
7,406
|
|
6,787
|
Net
income
|
62,469
|
|
197,536
|
|
102,242
|
|
366,834
|
|
199,731
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to non-
controlling interests
|
40,578
|
|
27,566
|
|
23,777
|
|
91,261
|
|
37,597
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to
Canadian Solar Inc.
|
$
21,891
|
|
$
169,970
|
|
$
78,465
|
|
$
275,573
|
|
$
162,134
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.33
|
|
$
2.62
|
|
$
1.22
|
|
$
4.23
|
|
$
2.52
|
Shares used in
computation -
basic
|
66,010,484
|
|
64,912,928
|
|
64,494,260
|
|
65,152,583
|
|
64,263,616
|
Earnings per share -
diluted
|
$
0.32
|
|
$
2.39
|
|
$
1.12
|
|
$
3.88
|
|
$
2.33
|
Shares used in
computation -
diluted
|
72,934,082
|
|
71,689,925
|
|
71,402,769
|
|
72,073,501
|
|
71,137,128
|
Canadian Solar
Inc.
|
Unaudited Condensed
Consolidated Statement of Comprehensive Income
(Loss)
|
(In Thousands of
U.S. Dollars)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September 30,
|
|
September 30,
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net
Income
|
$
62,469
|
|
$
197,536
|
|
$
102,242
|
|
$
366,834
|
|
$
199,731
|
Other comprehensive
income
(loss):
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustment
|
(29,294)
|
|
(68,507)
|
|
(104,581)
|
|
(74,551)
|
|
(223,437)
|
Gain (loss) on changes
in fair
value of available-for-sale debt
securities, net of tax
|
121
|
|
(1,050)
|
|
369
|
|
(590)
|
|
598
|
Gain (loss) on interest
rate
swap, net of tax
|
1,869
|
|
(67)
|
|
332
|
|
1,697
|
|
682
|
Share of gain on
changes in fair
value of derivatives of affiliate,
net of tax
|
8,297
|
|
503
|
|
2,255
|
|
8,190
|
|
2,255
|
Comprehensive income
(loss)
|
43,462
|
|
128,415
|
|
617
|
|
301,580
|
|
(20,171)
|
Less: comprehensive
income
attributable to non-controlling
interests
|
44,653
|
|
3,690
|
|
6,547
|
|
73,505
|
|
3,714
|
Comprehensive income
(loss)
attributable to Canadian Solar
Inc.
|
$
(1,191)
|
|
$
124,725
|
|
$ (5,930)
|
|
$
228,075
|
|
$ (23,885)
|
|
|
|
|
|
|
|
|
|
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Consolidated Balance Sheets
|
(In Thousands of
U.S. Dollars)
|
|
|
September
30,
|
|
December 31,
|
|
|
|
2023
|
|
2022
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 1,921,067
|
|
$ 981,434
|
|
|
Restricted
cash
|
1,064,748
|
|
978,116
|
|
|
Accounts receivable
trade, net
|
1,014,823
|
|
970,950
|
|
|
Accounts receivable,
unbilled
|
67,470
|
|
57,770
|
|
|
Amounts due from
related parties
|
65,949
|
|
48,614
|
|
|
Inventories
|
1,432,372
|
|
1,524,095
|
|
|
Value added tax
recoverable
|
151,727
|
|
158,773
|
|
|
Advances to suppliers,
net
|
297,925
|
|
253,484
|
|
|
Derivative
assets
|
10,576
|
|
17,516
|
|
|
Project
assets
|
325,904
|
|
385,964
|
|
|
Prepaid expenses and
other current assets
|
278,216
|
|
267,941
|
|
Total current
assets
|
6,630,777
|
|
5,644,657
|
|
Restricted
cash
|
7,217
|
|
9,953
|
|
Property, plant and
equipment, net
|
2,569,471
|
|
1,826,643
|
|
Solar power systems,
net
|
686,983
|
|
364,816
|
|
Deferred tax assets,
net
|
265,766
|
|
229,226
|
|
Advances to suppliers,
net
|
123,783
|
|
65,352
|
|
Investments in
affiliates
|
177,947
|
|
115,784
|
|
Intangible assets,
net
|
13,828
|
|
17,530
|
|
Project
assets
|
419,537
|
|
438,529
|
|
Right-of-use
assets
|
203,710
|
|
103,600
|
|
Amounts due from
related parties
|
35,422
|
|
33,489
|
|
Other non-current
assets
|
265,789
|
|
187,549
|
|
TOTAL
ASSETS
|
$
11,400,230
|
|
$
9,037,128
|
|
|
|
|
|
|
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Consolidated Balance Sheets (Continued)
|
|
(In Thousands of
U.S. Dollars)
|
|
|
September
30,
|
|
December
31,
|
|
|
2023
|
|
2022
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
$ 1,706,076
|
|
$ 1,443,816
|
|
|
Accounts
payable
|
918,818
|
|
805,300
|
|
|
Short-term notes
payable
|
1,269,058
|
|
1,493,399
|
|
|
Amounts due to related
parties
|
4,913
|
|
89
|
|
|
Other
payables
|
916,141
|
|
853,040
|
|
|
Advances from
customers
|
347,384
|
|
334,943
|
|
|
Derivative
liabilities
|
7,362
|
|
25,359
|
|
|
Operating lease
liabilities
|
14,775
|
|
9,810
|
|
|
Other current
liabilities
|
528,091
|
|
293,012
|
|
Total current
liabilities
|
5,712,618
|
|
5,258,768
|
|
Long-term
borrowings
|
1,071,792
|
|
813,406
|
|
Convertible bonds and
green bonds
|
381,660
|
|
257,615
|
|
Liability for uncertain
tax positions
|
5,730
|
|
5,730
|
|
Deferred tax
liabilities
|
67,625
|
|
66,630
|
|
Operating lease
liabilities
|
91,582
|
|
25,714
|
|
Other non-current
liabilities
|
447,807
|
|
302,571
|
|
TOTAL
LIABILITIES
|
7,778,814
|
|
6,730,434
|
|
Equity:
|
|
|
|
|
|
Common
shares
|
835,543
|
|
835,543
|
|
|
Additional paid-in
capital
|
287,020
|
|
1,127
|
|
|
Retained
earnings
|
1,551,093
|
|
1,275,520
|
|
|
Accumulated other
comprehensive loss
|
(179,654)
|
|
(170,551)
|
|
Total Canadian Solar
Inc. shareholders'
equity
|
2,494,002
|
|
1,941,639
|
|
Non-controlling
interests
|
1,127,414
|
|
365,055
|
|
TOTAL
EQUITY
|
3,621,416
|
|
2,306,694
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
11,400,230
|
|
$
9,037,128
|
|
Canadian Solar
Inc.
|
Unaudited Condensed
Statements of Cash Flows
|
(In Thousands of
U.S. Dollars)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September 30,
|
|
September 30,
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 62,469
|
|
$ 197,536
|
|
$ 102,242
|
|
$ 366,834
|
|
$ 199,731
|
Adjustments to
reconcile net
income to net cash provided by
operating activities
|
81,295
|
|
190,634
|
|
86,883
|
|
339,667
|
|
260,827
|
Changes in operating
assets
and liabilities
|
14,123
|
|
(98,611)
|
|
(120,473)
|
|
(211,883)
|
|
60,657
|
Net cash provided by
operating
activities
|
157,887
|
|
289,559
|
|
68,652
|
|
494,618
|
|
521,215
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant
and equipment
|
(305,278)
|
|
(283,065)
|
|
(127,385)
|
|
(821,375)
|
|
(363,014)
|
Purchase of solar
power
systems
|
(79,527)
|
|
(36,329)
|
|
(108)
|
|
(225,722)
|
|
(209)
|
Other investing
activities
|
(99,935)
|
|
(17,927)
|
|
(8)
|
|
(128,945)
|
|
(10,833)
|
Net cash used in
investing
activities
|
(484,740)
|
|
(337,321)
|
|
(127,501)
|
|
(1,176,042)
|
|
(374,056)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
|
Net proceeds from
subsidiary's
public offering of ordinary
shares
|
124,252
|
|
803,645
|
|
-
|
|
927,897
|
|
-
|
Other financing
activities
|
(24,526)
|
|
547,492
|
|
176,211
|
|
902,715
|
|
616,565
|
Net cash provided by
financing
activities
|
99,726
|
|
1,351,137
|
|
176,211
|
|
1,830,612
|
|
616,565
|
Effect of exchange rate
changes
|
(29,980)
|
|
(128,769)
|
|
(111,151)
|
|
(125,659)
|
|
(243,441)
|
Net increase (decrease)
in cash,
cash equivalents and restricted
cash
|
(257,107)
|
|
1,174,606
|
|
6,211
|
|
1,023,529
|
|
520,283
|
Cash, cash
equivalents and
restricted cash at the beginning
of the period
|
$
3,250,139
|
|
$
2,075,533
|
|
$
1,948,354
|
|
$
1,969,503
|
|
$
1,434,282
|
Cash, cash
equivalents and
restricted cash at the end of the
period
|
$
2,993,032
|
|
$
3,250,139
|
|
$
1,954,565
|
|
$
2,993,032
|
|
$
1,954,565
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2023-results-301987222.html
SOURCE Canadian Solar Inc.