First Solar (FSLR) FY2021 results: revenue $2.9 billion, up 7.8% on the year

First Solar, Inc. (FSLR) reported revenue of $2.9 billion for fiscal 2021, the year ended 31 December 2021, up 7.8% on the year before. Net income was $469 million, up 17.7%, and diluted earnings per share $4.38. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$2.9 billion

+7.8% on the year

FY2014FY2021

Operating margin

20.1%

11.7% a year earlier

FY2014FY2021

Net income

$469 million

+17.7% on the year

FY2014FY2021

Diluted EPS

$4.38

+17.4% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,923	2,711	3,063	+7.8%
Cost of revenue	2,193	2,031	2,514	+8.0%
Gross profit	730	681	549	+7.2%
Gross margin	25.0%	25.1%	17.9%
Research and development	99.1	93.7	96.6	+5.7%
Selling, general and administrative	170	223	205	-23.6%
Operating income	587	317	-162	+84.8%
Operating margin	20.1%	11.7%	-5.3%
Interest expense	13.1	24.0	27.1	-45.5%
Pre-tax income	572	293	-120	+95.2%
Income tax	103	-107	-5.5
Effective tax rate	18.1%	-36.6%	n/a
Net income	469	398	-115	+17.7%
Net margin	16.0%	14.7%	-3.8%
Diluted EPS	$4.38	$3.73	-$1.09	+17.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	238	37.1	174	+540.0%
Capital expenditure	540	417	669	+29.7%
Free cash flow	-303	-380	-495
Free cash flow margin	-10.4%	-14.0%	-16.1%
Cash from investing	-99.0	-131	-362
Cash from financing	40.5	-82.6	74.9
Depreciation and amortisation	260	233	205	+11.6%
Share-based compensation	20.9	29.3	37.4	-28.6%
Diluted shares, weighted	107m	107m	105m	+0.2%
Shares outstanding at period end	106m	106m	105m	+0.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	5,960	5,521	5,097	+7.9%
Debt	240	279	472	-14.1%
Operating lease liabilities	146	189	113	-22.8%
Other liabilities	1,068	1,120	1,835	-4.6%
Total liabilities and equity	7,414	7,109	7,516	+4.3%
Fixed assets	2,650	2,402	2,181	+10.3%
Goodwill	14.5	14.5	14.5	0.0%
Intangible assets	45.5	56.1	64.5	-18.9%
Investments	375	520	812	-27.8%
Cash and equivalents	1,451	1,227	1,353	+18.2%
Receivables	429	266	475	+61.4%
Inventory	666	568	444	+17.4%
Other assets	1,782	2,055	2,173	-13.3%
Total assets	7,414	7,109	7,516	+4.3%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.