First Solar, Inc. · NASDAQ:FSLR
First Solar — Q4 2022 Earnings Presentation
12 slides from First Solar's earnings presentation, Feb 28, 2023
Slide 1: Q4'22 Earnings and 2023 Guidance Call
First Solar Q4’22 Earnings and 2023 Guidance Call February 28, 2023
Slide 2: Important Information
| Important Information Cautionary Note Regarding Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this presentation, other than statements of
Slide 3: 2022 Review
| 2022 Review 48.3 GW of net-bookings in 2022, 30.8 GW increase over our 2021 record of 17.5 GWs Commercial 7.3 GW of net-bookings year-to-date, 12 GW since previous earnings call Record backlog of future deliveries (as of today’s call) of 67.7 GW Full year 2022 Earnings per Share of $(0.41)
Slide 4: Expected Module Shipments (GWDC)
| Expected Module Shipments (GWDC): 67.7 GW 7.3 GW 48.3 GW 21.4 GW (9.3) GW Dec 31, 2021 YTD Shipments as of YTD Net-Bookings as of QTD Net-Bookings February 28, 2023(4) December 31, 2022(1) December 31, 2022(2) Q1 2023(3) The above table presents the actual module shipments for 2022 through Decembe
Slide 5: Income Statement Highlights
| Income Statement Highlights Q4 2022A 2022A (In millions, except per share amounts)(1) Q4 2022A QoQ Change YoY Change 2022A YoY Change Net sales $1,002 $373 $95 $2,619 ($304) Gross profit % 6.0% 2.7% (21.2%) 2.7% (22.3%) Selling, general and administrative 43 (3) 5 165 (5) Research and development
Slide 6: Balance Sheet Highlights
| Balance Sheet Highlights Q4 2022A (In millions)(1) Q4 2022A Q3 2022A Q4 2021A QoQ Change YoY Change Cash and marketable securities(2) $2,590 $1,937 $1,831 653 759 Accounts receivable(3) 355 361 455 (6) (100) Inventories - current and noncurrent 882 1,050 904 (168) (22) Property, plant and equipmen
Slide 7: Expansion Update
| Expansion Update Year-End Nameplate Manufacturing Capacity (GW) Full-Year Production (GW) Series 7 (India) US 25.0 Series 7 (US) 25.0 International Series 6 (US) 21.4 Series 6 (International) 20.1 20.6 19.1 - 20.1 20.0 3.4 20.0 18.3 - 19.2 3.0 3.3 16.0 15.2 - 16.0 15.0 3.0 7.0 15.0 8.8 - 9.3 9.5 -
Slide 8: Potential Booking Opportunities
| Potential Booking Opportunities Total bookings opportunities Mid-to-Late stage opportunities 1.8 6.8 4.1 5.7 4.0 17.3 63.3 48.1 © 2023 Copyright First Solar, Inc. 3.7 GWDC of opportunities confirmed, but not booked 93.1 GWDC Opportunity 58.0 GWDC Opportunity 8
Slide 9: 2023 Guidance Assumptions
| 2023 Guidance Assumptions Largely completed transition back to module only business Strategic / Limited remaining risks, liabilities, indemnities, warranty obligations, accounts payable, Legacy Systems accounts receivable, earn outs, cash collection, dispute resolution & other legacy involveme
Slide 10: 2023 Guidance as of February 28, 2023
| 2023 Guidance as of February 28, 2023 (1) 2023 Guidance Net Sales $3.4B to $3.6B Gross Margin ($)(2) $1.2B to $1.3B Operating Expenses(3) $415M to $440M Operating Income(4) $745M to $870M Earnings Per Diluted Share $7.00 to $8.00 Net Cash Balance(5) $1.2B to $1.5B Capital Expenditures $1.9B to $2.
Slide 11: Summary & Highlights
| Summary & Highlights 12 GW of net bookings since the previous earnings call Demand Current contracted backlog of 67.7 GW Opportunity pipeline of 93.1 GW, including 58 GW mid-to-late stage Expect to exit 2026 with over 21 GW of nameplate capacity, including Manufacturing approximately 10.7
Slide 12: Copyright and trademarks
© 2023 Copyright First Solar, Inc. First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., registered in the U.S. and other countries. Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First So