Quarterly Report (10-q)

Date : 10/25/2019 @ 10:07AM
Source : Edgar (US Regulatory)
Stock : First Solar Inc (FSLR)
Quote : 51.94  -0.08 (-0.15%) @ 1:00AM
After Hours
Last Trade
Last $ 51.94 ◊ 0.00 (0.00%)

Quarterly Report (10-q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number: 001-33156
FSLRLOGOA25.JPG
First Solar, Inc.
(Exact name of registrant as specified in its charter)
Delaware
20-4623678
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

350 West Washington Street, Suite 600
Tempe, Arizona 85281
(Address of principal executive offices, including zip code)

(602414-9300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, $0.001 par value
FSLR
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of October 18, 2019, 105,406,846 shares of the registrant’s common stock, $0.001 par value per share, were outstanding.
 



FIRST SOLAR, INC. AND SUBSIDIARIES

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS
 
 
Page
 
 
 
1
 
2
 
3
 
4
 
6
 
7
42
59
59
61
61
61
63
64
 
64





PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
546,806

 
$
676,220

 
$
1,663,740

 
$
1,552,803

Cost of sales
 
408,443

 
547,093

 
1,448,083

 
1,258,936

Gross profit
 
138,363

 
129,127

 
215,657

 
293,867

Operating expenses:
 
 
 
 
 
 
 
 
Selling, general and administrative
 
53,542

 
33,539

 
149,828

 
125,519

Research and development
 
24,912

 
22,390

 
71,184

 
63,084

Production start-up
 
18,605

 
14,723

 
38,564

 
76,159

Total operating expenses
 
97,059

 
70,652

 
259,576

 
264,762

Operating income (loss)
 
41,304

 
58,475

 
(43,919
)
 
29,105

Foreign currency gain (loss), net
 
1,209

 
(2,383
)
 
3,107

 
(2,478
)
Interest income
 
11,454

 
16,456

 
39,223

 
45,145

Interest expense, net
 
(4,976
)
 
(3,198
)
 
(24,018
)
 
(14,445
)
Other (loss) income, net
 
(3,399
)
 
(5,971
)
 
(4,328
)
 
7,635

Income (loss) before taxes and equity in earnings
 
45,592

 
63,379

 
(29,935
)
 
64,962

Income tax expense
 
(15,035
)
 
(2,396
)
 
(25,385
)
 
(7,857
)
Equity in earnings, net of tax
 
65

 
(3,233
)
 
(205
)
 
35,105

Net income (loss)
 
$
30,622

 
$
57,750

 
$
(55,525
)
 
$
92,210

 
 
 
 
 
 
 
 
 
Net income (loss) per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.29

 
$
0.55

 
$
(0.53
)
 
$
0.88

Diluted
 
$
0.29

 
$
0.54

 
$
(0.53
)
 
$
0.87

Weighted-average number of shares used in per share calculations:
 
 
 
 
 
 
 
 
Basic
 
105,397

 
104,804

 
105,272

 
104,711

Diluted
 
106,227

 
106,163

 
105,272

 
106,211


See accompanying notes to these condensed consolidated financial statements.



1


FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
30,622

 
$
57,750

 
$
(55,525
)
 
$
92,210

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(6,570
)
 
1,793

 
(6,245
)
 
(7,252
)
Unrealized gain (loss) on marketable securities and restricted investments, net of tax of $(376), $273, $184, and $3,424
 
13,258

 
(6,688
)
 
21,816

 
(32,106
)
Unrealized gain (loss) on derivative instruments, net of tax of $98, $(22), $429, and $(1,000)
 
714

 
(39
)
 
(623
)
 
1,928

Other comprehensive income (loss)
 
7,402

 
(4,934
)
 
14,948

 
(37,430
)
Comprehensive income (loss)
 
$
38,024

 
$
52,816

 
$
(40,577
)
 
$
54,780


See accompanying notes to these condensed consolidated financial statements.



2


FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
 
 
 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
 
Current assets:
 

 
 
Cash and cash equivalents
 
$
878,999

 
$
1,403,562

Marketable securities
 
661,552

 
1,143,704

Accounts receivable trade, net
 
367,306

 
128,282

Accounts receivable, unbilled and retainage
 
165,013

 
458,166

Inventories
 
576,770

 
387,912

Balance of systems parts
 
68,858

 
56,906

Project assets
 
5,557

 
37,930

Prepaid expenses and other current assets
 
319,435

 
243,061

Total current assets
 
3,043,490

 
3,859,523

Property, plant and equipment, net
 
2,106,968

 
1,756,211

PV solar power systems, net
 
484,593

 
308,640

Project assets
 
566,517

 
460,499

Deferred tax assets, net
 
66,114

 
77,682

Restricted cash and investments
 
305,469

 
318,390

Goodwill
 
14,462

 
14,462

Intangible assets, net
 
66,785

 
74,162

Inventories
 
152,574

 
130,083

Notes receivable, affiliate
 

 
22,832

Other assets
 
247,715

 
98,878

Total assets
 
$
7,054,687

 
$
7,121,362

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 

 
 

Accounts payable
 
$
218,088

 
$
233,287

Income taxes payable
 
15,409

 
20,885

Accrued expenses
 
377,364

 
441,580

Current portion of long-term debt
 
28,240

 
5,570

Deferred revenue
 
93,283

 
129,755

Other current liabilities
 
28,422

 
14,380

Total current liabilities
 
760,806

 
845,457

Accrued solar module collection and recycling liability
 
134,985

 
134,442

Long-term debt
 
452,064

 
461,221

Other liabilities
 
524,349

 
467,839

Total liabilities
 
1,872,204

 
1,908,959

Commitments and contingencies
 


 


Stockholders’ equity:
 
 
 
 
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 105,406,367 and 104,885,261 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
 
105

 
105

Additional paid-in capital
 
2,835,868

 
2,825,211

Accumulated earnings
 
2,386,028

 
2,441,553

Accumulated other comprehensive loss
 
(39,518
)
 
(54,466
)
Total stockholders’ equity
 
5,182,483

 
5,212,403

Total liabilities and stockholders’ equity
 
$
7,054,687

 
$
7,121,362


See accompanying notes to these condensed consolidated financial statements.



3


FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
 
 
Three Months Ended September 30, 2019
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated Earnings
 
Accumulated
Other
Comprehensive (Loss) Income
 
Total
Equity
 
 
Shares
 
Amount
 
 
 
 
Balance at June 30, 2019
 
105,390

 
$
105

 
$
2,826,533

 
$
2,355,406

 
$
(46,920
)
 
$
5,135,124

Net income
 

 

 

 
30,622

 

 
30,622

Other comprehensive income
 

 

 

 

 
7,402

 
7,402

Common stock issued for share-based compensation
 
21

 

 

 

 

 

Tax withholding related to vesting of restricted stock
 
(5
)
 

 
(339
)
 

 

 
(339
)
Share-based compensation expense
 

 

 
9,674

 

 

 
9,674

Balance at September 30, 2019
 
105,406

 
$
105

 
$
2,835,868

 
$
2,386,028

 
$
(39,518
)
 
$
5,182,483

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated Earnings
 
Accumulated
Other
Comprehensive (Loss) Income
 
Total
Equity
 
 
Shares
 
Amount
 
 
 
 
Balance at June 30, 2018
 
104,798

 
$
105

 
$
2,809,272

 
$
2,331,687

 
$
(30,237
)
 
$
5,110,827

Net income
 

 

 

 
57,750

 

 
57,750

Other comprehensive loss
 

 

 

 

 
(4,934
)
 
(4,934
)
Common stock issued for share-based compensation
 
21

 

 

 

 

 

Tax withholding related to vesting of restricted stock
 
(5
)
 

 
(265
)
 

 

 
(265
)
Share-based compensation expense
 

 

 
7,578

 

 

 
7,578

Balance at September 30, 2018
 
104,814

 
$
105

 
$
2,816,585

 
$
2,389,437

 
$
(35,171
)
 
$
5,170,956


See accompanying notes to these condensed consolidated financial statements.




4


FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)
(In thousands)
(Unaudited)
 
 
Nine Months Ended September 30, 2019
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated Earnings
 
Accumulated
Other
Comprehensive (Loss) Income
 
Total
Equity
 
 
Shares
 
Amount
 
 
 
 
Balance at December 31, 2018
 
104,885

 
$
105

 
$
2,825,211

 
$
2,441,553

 
$
(54,466
)
 
$
5,212,403

Net loss
 

 

 

 
(55,525
)
 

 
(55,525
)
Other comprehensive income
 

 

 

 

 
14,948

 
14,948

Common stock issued for share-based compensation
 
826

 
1

 
1,672

 

 

 
1,673

Tax withholding related to vesting of restricted stock
 
(305
)
 
(1
)
 
(16,070
)
 

 

 
(16,071
)
Share-based compensation expense
 

 

 
25,055

 

 

 
25,055

Balance at September 30, 2019
 
105,406

 
$
105

 
$
2,835,868

 
$
2,386,028

 
$
(39,518
)
 
$
5,182,483

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated Earnings
 
Accumulated
Other
Comprehensive (Loss) Income
 
Total
Equity
 
 
Shares
 
Amount
 
 
 
 
Balance at December 31, 2017
 
104,468

 
$
104

 
$
2,799,107

 
$
2,297,227

 
$
2,259

 
$
5,098,697

Net income
 

 

 

 
92,210

 

 
92,210

Other comprehensive loss
 

 

 

 

 
(37,430
)
 
(37,430
)
Common stock issued for share-based compensation
 
501

 
1

 
1,709

 

 

 
1,710

Tax withholding related to vesting of restricted stock
 
(155
)
 

 
(10,516
)
 

 

 
(10,516
)
Share-based compensation expense
 

 

 
26,285

 

 

 
26,285

Balance at September 30, 2018
 
104,814

 
$
105

 
$
2,816,585

 
$
2,389,437

 
$
(35,171
)
 
$
5,170,956


See accompanying notes to these condensed consolidated financial statements.




5


FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 
Nine Months Ended
September 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net (loss) income
 
$
(55,525
)
 
$
92,210

Adjustments to reconcile net (loss) income to cash used in operating activities:
 
 
 
 
Depreciation, amortization and accretion
 
149,970

 
89,192

Share-based compensation
 
25,408

 
26,787

Equity in earnings, net of tax
 
205

 
(35,105
)
Distributions received from equity method investments
 

 
12,394

Remeasurement of monetary assets and liabilities
 
2,097

 
6,837

Deferred income taxes
 
11,678

 
(55,732
)
Gains on sales of marketable securities and restricted investments
 
(15,016
)
 
(19,473
)
Liabilities assumed by customers for the sale of systems
 
(88,050
)
 
(116,456
)
Other, net
 
7,080

 
7,271

Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable, trade, unbilled and retainage
 
51,803

 
(178,723
)
Prepaid expenses and other current assets
 
(29,311
)
 
(34,321
)
Inventories and balance of systems parts
 
(223,756
)
 
(158,311
)
Project assets and PV solar power systems
 
(253,260
)
 
50,294

Other assets
 
18,326

 
(12,694
)
Income tax receivable and payable
 
(24,585
)
 
6,302

Accounts payable
 
(532
)
 
28,591

Accrued expenses and other liabilities
 
(185,489
)
 
181,328

Accrued solar module collection and recycling liability
 
1,465

 
(31,701
)
Net cash used in operating activities
 
(607,492
)
 
(141,310
)
Cash flows from investing activities:
 
 
 
 
Purchases of property, plant and equipment
 
(510,571
)
 
(610,620
)
Purchases of marketable securities and restricted investments
 
(668,052
)
 
(1,102,440
)
Proceeds from sales and maturities of marketable securities and restricted investments
 
1,120,961

 
627,106

Proceeds from sales of equity method investments
 

 
247,595

Payments received on notes receivable, affiliates
 

 
48,459

Other investing activities
 
3,027

 
(5,823
)
Net cash used in investing activities
 
(54,635
)
 
(795,723
)
Cash flows from financing activities:
 
 
 
 
Repayment of long-term debt
 
(10,583
)
 
(18,937
)
Proceeds from borrowings under long-term debt, net of discounts and issuance costs
 
107,396

 
174,594

Payments of tax withholdings for restricted shares
 
(16,070
)
 
(10,516
)
Other financing activities
 
999

 
(1,958
)
Net cash provided by financing activities
 
81,742

 
143,183

Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
(6,732
)
 
(12,454
)
Net decrease in cash, cash equivalents and restricted cash
 
(587,117
)
 
(806,304
)
Cash, cash equivalents and restricted cash, beginning of the period
 
1,562,623

 
2,330,476

Cash, cash equivalents and restricted cash, end of the period
 
$
975,506

 
$
1,524,172

Supplemental disclosure of noncash investing and financing activities:
 
 

 
 

Property, plant and equipment acquisitions funded by liabilities
 
$
111,791

 
$
144,928

Sale of system previously accounted for as sale-leaseback financing
 
$

 
$
31,992


See accompanying notes to these condensed consolidated financial statements.



6


FIRST SOLAR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of First Solar, Inc. and its subsidiaries in this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of First Solar management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Certain prior period balances have been reclassified to conform to the current period presentation.

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or for any other period. The condensed consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2018 included in our Annual Report on Form 10-K, which has been filed with the SEC.

Unless expressly stated or the context otherwise requires, the terms “the Company,” “we,” “us,” “our,” and “First Solar” refer to First Solar, Inc. and its consolidated subsidiaries, and the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report.

2. Recent Accounting Pronouncements

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities, to simplify certain aspects of hedge accounting for both non-financial and financial risks and better align the recognition and measurement of hedge results with an entity’s risk management activities. ASU 2017-12 also amends certain presentation and disclosure requirements for hedging activities and changes how an entity assesses hedge effectiveness. The adoption of ASU 2017-12 in the first quarter of 2019 did not have a significant impact on our consolidated financial statements and associated disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), to provide financial statement users with more useful information about expected credit losses. ASU 2016-13 also changes how entities measure credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for fiscal years and interim periods within those years beginning after December 15, 2019, and early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact ASU 2016-13 will have on our consolidated financial statements and associated disclosures.




7


In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months and disclosing key information about leasing transactions. Leases are classified as either operating or financing, with such classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) – Targeted Improvements, which provided an optional transition method to apply the new lease requirements through a cumulative-effect adjustment in the period of adoption.

We adopted ASU 2016-02 in the first quarter of 2019 using the optional transition method and elected certain practical expedients permitted under the transition guidance, which, among other things, allowed us to not reassess prior conclusions related to contracts containing leases or lease classification. The adoption primarily affected our condensed consolidated balance sheet through the recognition of $140.7 million of right-of-use assets and $119.9 million of lease liabilities as of January 1, 2019 and the derecognition of historical prepaid and deferred rent balances. The adoption did not have a significant impact on our results of operations or cash flows. See Note 7. “Leases” to our condensed consolidated financial statements for further discussion of the effects of the adoption of ASU 2016-02 and the associated disclosures.

3. Cash, Cash Equivalents, and Marketable Securities

Cash, cash equivalents, and marketable securities consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Cash and cash equivalents:
 
 
 
 
Cash
 
$
871,711

 
$
1,202,774

Money market funds
 
7,288

 
200,788

Total cash and cash equivalents
 
878,999

 
1,403,562

Marketable securities:
 
 
 
 
Foreign debt
 
361,414

 
318,646

Foreign government obligations
 
21,988

 
98,621

U.S. debt
 
90,388

 
44,468

Time deposits
 
187,762

 
681,969

Total marketable securities
 
661,552

 
1,143,704

Total cash, cash equivalents, and marketable securities
 
$
1,540,551

 
$
2,547,266



The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 to the total of such amounts as presented in the condensed consolidated statement of cash flows (in thousands):
 
 
Balance Sheet Line Item
 
September 30,
2019
 
December 31,
2018
Cash and cash equivalents
 
Cash and cash equivalents
 
$
878,999

 
$
1,403,562

Restricted cash  current (1)
 
Prepaid expenses and other current assets
 
32,416

 
19,671

Restricted cash  noncurrent (1)
 
Restricted cash and investments
 
64,091

 
139,390

Total cash, cash equivalents, and restricted cash
 
 
 
$
975,506

 
$
1,562,623

——————————
(1)
See Note 4. “Restricted Cash and Investments” to our condensed consolidated financial statements for discussion of our “Restricted cash” arrangements.




8


During the three and nine months ended September 30, 2019, we sold marketable securities for proceeds of $32.0 million and $52.0 million, respectively, and realized no gain or loss on the sales. During the nine months ended September 30, 2018, we sold marketable securities for proceeds of $10.8 million and realized gains of less than $0.1 million on the sales. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable securities.

The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of September 30, 2019 and December 31, 2018 (in thousands):
 
 
As of September 30, 2019
 
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
Foreign debt
 
$
360,923

 
$
1,090

 
$
599

 
$
361,414

Foreign government obligations
 
21,988

 

 

 
21,988

U.S. debt
 
90,250

 
171

 
33

 
90,388

Time deposits
 
187,762

 

 

 
187,762

Total
 
$
660,923

 
$
1,261

 
$
632

 
$
661,552

 
 
As of December 31, 2018
 
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
Foreign debt
 
$
320,056

 
$
468

 
$
1,878

 
$
318,646

Foreign government obligations
 
99,189

 

 
568

 
98,621

U.S. debt
 
44,625

 
53

 
210

 
44,468

Time deposits
 
681,969

 

 

 
681,969

Total
 
$
1,145,839

 
$
521

 
$
2,656

 
$
1,143,704



As of September 30, 2019, we identified three investments totaling $38.5 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of less than $0.1 million. As of December 31, 2018, we identified 15 investments totaling $207.2 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $1.8 million. Such unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase. Based on the underlying credit quality of the investments, we do not intend to sell these securities prior to the recovery of our cost basis. Therefore, we did not consider these securities to be other-than-temporarily impaired.

The following tables show unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands):
 
 
As of September 30, 2019
 
 
In Loss Position for
Less Than 12 Months
 
In Loss Position for
12 Months or Greater
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Foreign debt
 
$
133,345

 
$
541

 
$
24,196

 
$
58

 
$
157,541

 
$
599

U.S. debt
 
25,797

 
29

 
14,270

 
4

 
40,067

 
33

Total
 
$
159,142

 
$
570

 
$
38,466

 
$
62

 
$
197,608

 
$
632




9


 
 
As of December 31, 2018
 
 
In Loss Position for
Less Than 12 Months
 
In Loss Position for
12 Months or Greater
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Foreign debt
 
$
150,842

 
$
802

 
$
94,446

 
$
1,076

 
$
245,288

 
$
1,878

Foreign government obligations
 

 

 
98,621

 
568

 
98,621

 
568

U.S. debt
 
15,356

 
32

 
14,085

 
178

 
29,441

 
210

Total
 
$
166,198

 
$
834

 
$
207,152

 
$
1,822

 
$
373,350

 
$
2,656


The contractual maturities of our marketable securities as of September 30, 2019 were as follows (in thousands):
 
 
Fair
Value
One year or less
 
$
346,453

One year to two years
 
182,861

Two years to three years
 
102,224

Three years to four years
 
30,014

Total
 
$
661,552



4. Restricted Cash and Investments

Restricted cash and investments consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
 
September 30,
2019
 
December 31,
2018
Restricted cash
 
$
64,091

 
$
139,390

Restricted investments
 
241,378

 
179,000

Total restricted cash and investments (1)
 
$
305,469

 
$
318,390


——————————
(1)
There was an additional $32.4 million and $19.7 million of restricted cash included within “Prepaid expenses and other current assets” at September 30, 2019 and December 31, 2018, respectively.

At September 30, 2019 and December 31, 2018, our restricted cash consisted of deposits held by various banks to secure certain of our letters of credit and other deposits designated for the construction or operation of systems projects as well as the payment of amounts related to project specific debt financings. At December 31, 2018, our restricted cash also included certain deposits held in custodial accounts to fund the estimated future costs of our solar module collection and recycling obligations.

At September 30, 2019 and December 31, 2018, our restricted investments consisted of long-term marketable securities that were also held in custodial accounts to fund the estimated future costs of collecting and recycling modules covered under our solar module collection and recycling program. As necessary, we fund any incremental amounts for our estimated collection and recycling obligations on an annual basis based on the estimated costs of collecting and recycling covered modules, estimated rates of return on our restricted investments, and an estimated solar module life of 25 years less amounts already funded in prior years. To ensure that amounts previously funded will be available in the future regardless of potential adverse changes in our financial condition (even in the case of our own insolvency), we have established a trust under which estimated funds are put into custodial accounts with an established and reputable bank, for which First Solar, Inc.; First Solar Malaysia Sdn. Bhd.; and First Solar Manufacturing GmbH are grantors. Trust funds may be disbursed for qualified module collection and recycling costs (including capital and facility related recycling costs), payments to customers for assuming collection and recycling obligations, and reimbursements of any



10


overfunded amounts. Investments in the trust must meet certain investment quality criteria comparable to highly rated government or agency bonds.

During the nine months ended September 30, 2019, we sold certain restricted investments for proceeds of $47.9 million and realized gains of $15.0 million on such sales as part of efforts to align the currencies of the investments with those of the corresponding collection and recycling liabilities and disburse $14.9 million of overfunded amounts. During the nine months ended September 30, 2018, we sold certain restricted investments for proceeds of $101.6 million, realized gains of $19.5 million on such sales, and withdrew the funds from the trust as a reimbursement of overfunded amounts. See Note 8. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our restricted investments.

The following tables summarize the unrealized gains and losses related to our restricted investments, by major security type, as of September 30, 2019 and December 31, 2018 (in thousands):
 
 
As of September 30, 2019
 
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
Foreign government obligations
 
$
116,424

 
$
17,552

 
$

 
$
133,976

U.S. government obligations
 
98,414

 
8,988

 

 
107,402

Total
 
$
214,838

 
$
26,540

 
$

 
$
241,378

 
 
As of December 31, 2018
 
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
Foreign government obligations
 
$
73,798

 
$
14,234

 
$
235

 
$
87,797

U.S. government obligations
 
97,223

 
416

 
6,436

 
91,203

Total
 
$
171,021

 
$
14,650

 
$
6,671

 
$
179,000



As of September 30, 2019, we had no restricted investments in a loss position. As of December 31, 2018, we identified six restricted investments totaling $87.4 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $6.4 million. Such unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase.

The following table shows unrealized losses and fair values for those restricted investments that were in an unrealized loss position as of December 31, 2018, aggregated by major security type and the length of time the restricted investments have been in a continuous loss position (in thousands):
 
 
As of December 31, 2018
 
 
In Loss Position for
Less Than 12 Months
 
In Loss Position for
12 Months or Greater
 
Total
 
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Foreign government obligations
 
$
41,335

 
$
235

 
$

 
$

 
$
41,335

 
$
235

U.S. government obligations
 

 

 
87,401

 
6,436

 
87,401

 
6,436

Total
 
$
41,335

 
$
235

 
$
87,401

 
$
6,436

 
$
128,736

 
$
6,671



As of September 30, 2019, the contractual maturities of our restricted investments were between 10 years and 20 years.




11


5. Consolidated Balance Sheet Details

Accounts receivable trade, net

Accounts receivable trade, net consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Accounts receivable trade, gross
 
$
369,295

 
$
129,644

Allowance for doubtful accounts
 
(1,989
)
 
(1,362
)
Accounts receivable trade, net
 
$
367,306

 
$
128,282



At September 30, 2019 and December 31, 2018, $63.2 million and $8.5 million, respectively, of our accounts receivable trade, net were secured by letters of credit, bank guarantees, surety bonds, or other forms of financial security issued by creditworthy financial institutions.

Accounts receivable, unbilled and retainage

Accounts receivable, unbilled and retainage consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Accounts receivable, unbilled
 
$
136,734

 
$
441,666

Retainage
 
28,279

 
16,500

Accounts receivable, unbilled and retainage
 
$
165,013

 
$
458,166



Inventories

Inventories consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Raw materials
 
$
241,305

 
$
224,329

Work in process
 
51,926

 
41,294

Finished goods
 
436,113

 
252,372

Inventories
 
$
729,344

 
$
517,995

Inventories – current
 
$
576,770

 
$
387,912

Inventories – noncurrent
 
$
152,574

 
$
130,083






12


Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Prepaid expenses
 
$
128,776

 
$
90,981

Prepaid income taxes
 
76,613

 
59,319

Restricted cash
 
32,416

 
19,671

Indirect tax receivables
 
28,238

 
26,327

Notes receivable (1)
 
23,440

 
5,196

Derivative instruments (2)
 
2,299

 
2,364

Other current assets
 
27,653

 
39,203

Prepaid expenses and other current assets
 
$
319,435

 
$
243,061


——————————
(1)
In November 2014 and February 2016, we entered into a term loan agreement and a convertible loan agreement, respectively, with Clean Energy Collective, LLC (“CEC”). Our term loan bears interest at 16% per annum, and our convertible loan bears interest at 10% per annum. In November 2018, we amended the terms of the loan agreements to (i) extend their maturity to June 2020, (ii) waive the conversion features on our convertible loan, and (iii) increase the frequency of interest payments, subject to certain conditions. In January 2019, CEC finalized certain restructuring arrangements, which resulted in a dilution of our ownership interest in CEC and the loss of our representation on the company’s board of managers. As a result of such restructuring, CEC no longer qualified to be accounted for under the equity method. As of September 30, 2019, the aggregate balance outstanding on the loans was $23.1 million and was presented within “Prepaid expenses and other current assets.” As of December 31, 2018, the aggregate balance outstanding on the loans was $22.8 million and was presented within “Notes receivable, affiliate.”

(2)
See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.

Property, plant and equipment, net

Property, plant and equipment, net consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Land
 
$
14,176

 
$
14,382

Buildings and improvements
 
658,510

 
567,605

Machinery and equipment
 
2,166,391

 
1,826,434

Office equipment and furniture
 
186,852

 
178,011

Leasehold improvements
 
49,018

 
49,055

Construction in progress
 
406,056

 
405,581

Property, plant and equipment, gross
 
3,481,003

 
3,041,068

Accumulated depreciation
 
(1,374,035
)
 
(1,284,857
)
Property, plant and equipment, net
 
$
2,106,968

 
$
1,756,211



We periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the three months ended September 30, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology’s compatibility with our long-term module technology roadmap. We



13


expect the revised useful lives to reduce depreciation by approximately $15 million per year based on the carrying value of the associated equipment as of September 30, 2019. Depreciation of property, plant and equipment was $42.8 million and $129.4 million for the three and nine months ended September 30, 2019, respectively, and $29.4 million and $72.6 million for the three and nine months ended September 30, 2018, respectively.

PV solar power systems, net

Photovoltaic (“PV”) solar power systems, net consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
PV solar power systems, gross
 
$
531,869

 
$
343,061

Accumulated depreciation
 
(47,276
)
 
(34,421
)
PV solar power systems, net
 
$
484,593

 
$
308,640



Depreciation of PV solar power systems was $5.9 million and $12.9 million for the three and nine months ended September 30, 2019, respectively, and $3.5 million and $11.8 million for the three and nine months ended September 30, 2018, respectively.

Project assets

Project assets consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Project assets – development costs, including project acquisition and land costs
 
$
297,753

 
$
298,070

Project assets – construction costs
 
274,321

 
200,359

Project assets
 
$
572,074

 
$
498,429

Project assets – current
 
$
5,557

 
$
37,930

Project assets – noncurrent
 
$
566,517

 
$
460,499



Capitalized interest

The cost of constructing project assets may include interest costs incurred during the development and construction period. The components of interest expense and capitalized interest were as follows during the three and nine months ended September 30, 2019 and 2018 (in thousands):
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Interest cost incurred
 
$
(5,239
)
 
$
(5,023
)
 
$
(26,348
)
 
$
(19,080
)
Interest cost capitalized – project assets
 
263

 
1,825

 
2,330

 
4,635

Interest expense, net
 
$
(4,976
)
 
$
(3,198
)
 
$
(24,018
)
 
$
(14,445
)





14


Other assets

Other assets consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Operating lease assets (1)
 
$
176,785

 
$

Indirect tax receivables
 
9,209

 
22,487

Note receivable (2)
 
8,003

 
8,017

Income taxes receivable
 
4,103

 
4,444

Equity method investments (3)
 
2,917

 
3,186

Derivative instruments (4)
 
449

 

Deferred rent
 

 
27,249

Other
 
46,249

 
33,495

Other assets
 
$
247,715

 
$
98,878

——————————
(1)
See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)
In April 2009, we entered into a credit facility agreement with a solar power project entity of one of our customers for an available amount of €17.5 million to provide financing for a PV solar power system. The credit facility bears interest at 8.0% per annum, payable quarterly, with the full amount due in December 2026.

(3)
In June 2015, 8point3 Energy Partners LP (the “Partnership”), a limited partnership formed by First Solar and SunPower Corporation (collectively the “Sponsors”), completed its initial public offering (the “IPO”). As part of the IPO, the Sponsors contributed interests in various projects to 8point3 Operating Company, LLC (“OpCo”) in exchange for voting and economic interests in the entity, and the Partnership acquired an economic interest in OpCo using proceeds from the IPO.

In June 2018, we completed the sale of our interests in the Partnership and its subsidiaries to CD Clean Energy and Infrastructure V JV, LLC, an equity fund managed by Capital Dynamics, Inc. and certain other co-investors and other parties, and received net proceeds of $240.0 million after the payment of fees, expenses, and other amounts. We accounted for our interests in OpCo, a subsidiary of the Partnership, under the equity method of accounting as we were able to exercise significant influence over the Partnership due to our representation on the board of directors of its general partner and certain of our associates serving as officers of its general partner. During the nine months ended September 30, 2018, we recognized equity in earnings, net of tax, of $39.7 million from our investment in OpCo, including a gain of $40.3 million, net of tax, for the sale of our interests in the Partnership and its subsidiaries. During the nine months ended September 30, 2018, we received distributions from OpCo of $12.4 million.

In connection with the IPO, we also entered into an agreement with a subsidiary of the Partnership to lease back one of our originally contributed projects, Maryland Solar, until December 31, 2019. Under the terms of the agreement, we make fixed rent payments to the Partnership’s subsidiary and are entitled to all of the energy generated by the project. Due to certain continuing involvement with the project, we accounted for the leaseback agreement as a financing transaction until the sale of our interests in the Partnership and its subsidiaries in June 2018. Following the sale of such interests, the Maryland Solar project qualified for sale-leaseback accounting, and we recognized net revenue of $32.0 million from the sale of the project.

(4)
See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.



15


Goodwill

Goodwill for the relevant reporting unit consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
December 31,
2018

Acquisitions (Impairments)

September 30,
2019
Modules
 
$
407,827

 
$

 
$
407,827

Accumulated impairment losses
 
(393,365
)
 

 
(393,365
)
Goodwill
 
$
14,462

 
$

 
$
14,462



Intangible assets, net

The following tables summarize our intangible assets at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30, 2019
 
 
Gross Amount
 
Accumulated Amortization
 
Net Amount
Developed technology
 
$
97,964

 
$
(39,977
)
 
$
57,987

Power purchase agreements
 
6,486

 
(892
)
 
5,594

Patents
 
7,408

 
(4,204
)
 
3,204

Intangible assets, net
 
$
111,858

 
$
(45,073
)
 
$
66,785

 
 
December 31, 2018
 
 
Gross Amount
 
Accumulated Amortization
 
Net Amount
Developed technology
 
$
97,714

 
$
(33,093
)
 
$
64,621

Power purchase agreements
 
6,486

 
(648
)
 
5,838

Patents
 
7,408

 
(3,705
)
 
3,703

Intangible assets, net
 
$
111,608

 
$
(37,446
)
 
$
74,162



Amortization expense for our intangible assets was $2.6 million and $7.6 million for the three and nine months ended September 30, 2019, respectively, and $2.5 million and $7.4 million for the three and nine months ended September 30, 2018, respectively.

Accrued expenses

Accrued expenses consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Accrued project costs
 
$
85,285

 
$
147,162

Accrued property, plant and equipment
 
77,628

 
89,905

Accrued compensation and benefits
 
59,396

 
41,937

Accrued inventory
 
50,092

 
53,075

Product warranty liability (1)
 
19,526

 
27,657

Other
 
85,437

 
81,844

Accrued expenses
 
$
377,364

 
$
441,580

——————————
(1)
See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Product warranty liability.”




16


Other current liabilities

Other current liabilities consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Operating lease liabilities (1)
 
$
11,221

 
$

Derivative instruments (2)
 
3,239

 
7,294

Contingent consideration (3)
 
350

 
665

Other
 
13,612

 
6,421

Other current liabilities
 
$
28,422

 
$
14,380

——————————
(1)
See Note 7. “Leases” to our condensed consolidated financial statements for discussion of our lease arrangements.

(2)
See Note 6. “Derivative Financial Instruments” to our condensed consolidated financial statements for discussion of our derivative instruments.

(3)
See Note 10. “Commitments and Contingencies” to our condensed consolidated financial statements for discussion of our “Contingent consideration” arrangements.

Other liabilities

Other liabilities consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):
 
 
September 30,
2019
 
December 31,
2018
Product warranty liability (1)
 
$
118,379

 
$
193,035

Operating lease liabilities (2)
 
142,256

 

Other taxes payable
 
88,786

 
83,058

Transition tax liability
 
68,851

 
77,016

Deferred revenue
 
40,995

 
48,014

Derivative instruments (3)
 
8,706

 
9,205

Contingent consideration (1)
 
5,250

 
2,250

Other liabilities — noncurrent
 
51,126

 
55,261

Other liabilities
 
$