← Canadian Solar Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $65.3m | $103.0m | $242.4m | $166.6m | $147.2m | $109.9m | $298.6m | $363.6m | ($77.9m) | ($104.1m) | |
| Net Income (Loss) Available to Common Stockholders, Basic | $65.2m | $99.6m | $237.1m | $171.6m | $146.7m | $95.2m | $240.0m | $274.2m | $36.1m | ($183.8m) | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $65.3m | $103.0m | $242.4m | $166.6m | $147.2m | $109.9m | $298.6m | $363.6m | ($77.9m) | ($183.8m) | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $26k | $3.4m | $5.4m | ($5.0m) | $543k | $14.6m | $58.6m | $89.4m | ($113.9m) | ($79.6m) | |
| Depreciation, Depletion and Amortization | $95.8m | $99.3m | $129.3m | $159.7m | $209.1m | $282.8m | $234.6m | $307.0m | $501.4m | $555.1m | |
| Depreciation | $95.8m | $99.3m | $129.3m | $148.0m | $197.6m | $267.0m | $225.4m | $287.1m | $462.3m | $493.9m | |
| Amortization of Debt Issuance Costs | — | — | — | — | $388k | $1.5m | $1.3m | $1.4m | $1.5m | — | |
| Amortization of Intangible Assets | $6.5m | $4.7m | $4.7m | $5.3m | $5.1m | $4.6m | $3.6m | $3.8m | $8.0m | $8.3m | |
| Deferred Income Tax Expense (Benefit) | ($101.9m) | $79.2m | $43.6m | ($14.6m) | ($24.2m) | ($67.2m) | $16.1m | ($15.5m) | ($105.4m) | ($66.8m) | |
| Share-based Payment Arrangement, Noncash Expense | $7.8m | $9.3m | $10.3m | $10.7m | $12.3m | $8.8m | $9.4m | $55.3m | $21.4m | $24.4m | |
| Share-based Payment Arrangement, Expense | — | — | — | — | — | — | — | — | $21.4m | $24.4m | |
| Share-based Payment Arrangement, Expensed and Capitalized, Amount | — | — | — | — | $0 | $0 | $0 | $0 | — | — | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | $47.1m | $1.9m | $13.9m | $10.4m | — | — | — | — | |
| Gain (Loss) on Disposition of Property Plant Equipment | ($8.1m) | ($14.0m) | ($2.6m) | ($1.2m) | $253k | ($83k) | $4.3m | $5.3m | $896k | ($5.2m) | |
| Income (Loss) from Equity Method Investments | ($4.4m) | $9.4m | $5.9m | $28.9m | $10.8m | $7.3m | $15.4m | $14.6m | ($12.1m) | ($28.9m) | |
| Income Tax Expense (Benefit) | $18.0m | $41.0m | $62.0m | $42.1m | ($2.0m) | $35.8m | $73.4m | $59.5m | ($16.6m) | $14.1m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | — | $137.5m | $178.2m | |
| Changes in operating assets and liabilities: | |||||||||||
| Non-cash transactions: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $33.1m | ($46.3m) | $179.6m | ($51.7m) | ($65.4m) | $284.8m | $357.3m | ($59.0m) | $221.5m | ($327.5m) | |
| Increase (Decrease) in Inventories | $50.6m | $49.0m | ($55.4m) | $312.8m | $181.0m | $518.7m | $406.3m | ($182.8m) | $312.5m | $110.4m | |
| Increase (Decrease) in Accounts Payable | $61.2m | ($27.8m) | $47.8m | — | — | — | — | — | — | — | |
| Accretion Expense | — | — | — | — | $388k | $1.5m | $1.3m | $2.1m | $3.4m | $4.4m | |
| Equity Securities, FV-NI, Unrealized Gain (Loss) | — | — | — | — | — | $4.7m | — | — | — | — | |
| Foreign Currency Transaction Gain (Loss), before Tax | $25.4m | ($23.4m) | $6.5m | $10.4m | ($64.8m) | ($47.2m) | $77.7m | $30.6m | $46.8m | ($16.8m) | |
| Gain (Loss) on Investments | — | — | — | $1.9m | ($8.6m) | $18.6m | $858k | $14.6m | $1.4m | $7.4m | |
| Gain (Loss) on Sale of Derivatives | $1.9m | $1.5m | ($28.7m) | $27.0m | ($33.1m) | ($31.9m) | $31.9m | $39.1m | $49.1m | $50.9m | |
| General and Administrative Expense | $203.8m | $231.0m | $245.4m | $242.8m | $225.6m | $308.9m | $342.1m | $440.5m | $515.2m | $581.8m | |
| Goodwill | $7.6m | $6.2m | $1.0m | — | — | — | — | — | — | — | |
| Inventory Write-down | $19.5m | $17.8m | $14.6m | $19.4m | $42.9m | $14.1m | $7.5m | $113.1m | $152.0m | $74.0m | |
| Investment Income, Interest | $10.2m | $10.5m | $11.2m | $12.0m | $9.3m | $11.1m | $40.6m | $51.6m | $88.5m | $46.1m | |
| Marketable Securities, Unrealized Gain (Loss) | — | — | — | — | — | — | — | $2.8m | — | — | |
| Nonoperating Income (Expense) | ($5.5m) | ($134.8m) | ($66.2m) | ($79.2m) | ($85.9m) | ($51.9m) | $407k | ($44.8m) | ($52.2m) | ($183.9m) | |
| Operating Expenses | $324.0m | $368.3m | $410.4m | $459.6m | $469.5m | $718.9m | $907.1m | $826.7m | $1.0b | $983.1m | |
| Payments of Financing Costs | $3.8m | — | — | — | — | — | — | — | — | — | |
| Proceeds from Stock Options Exercised | $707k | $879k | $769k | $875k | $1.0m | — | — | — | — | — | |
| Revenue from Contract with Customer, Including Assessed Tax | — | — | $3.7b | $3.2b | $3.5b | $5.3b | $7.5b | $7.6b | $6.0b | $5.6b | |
| Other Operating Income (Expense), Net | $42.5m | $47.6m | $44.5m | $10.5m | $25.5m | $47.1m | $63.8m | $84.3m | $94.5m | $72.0m | |
| Net Cash Provided by (Used in) Operating Activities | ($278.1m) | $203.9m | $216.3m | $600.1m | ($120.5m) | ($408.3m) | $916.6m | $684.6m | ($885.3m) | ($252.7m) | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $286.7m | $277.0m | $316.3m | $21.9m | $11.9m | $6.1m | $60.3m | $1.1b | $65.3m | $54.0m | |
| Property, plant and equipment acquisitions funded by liabilities | $286.7m | $277.0m | $316.3m | $21.9m | $11.9m | $6.1m | $60.3m | $1.1b | $65.3m | $54.0m | |
| Payments for (Proceeds from) Other Investing Activities | — | — | — | — | — | — | — | — | ($12.5m) | $7.7m | |
| Net Cash Provided by (Used in) Investing Activities | ($1.0b) | ($341.2m) | $29.1m | ($294.1m) | ($319.7m) | ($429.6m) | ($630.5m) | ($1.7b) | ($2.0b) | ($1.5b) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $1.1b | $690.8m | $382.8m | $531.0m | — | — | — | — | — | — | |
| Proceeds from Issuance of Common Stock | $23.9m | — | — | — | $224.6m | $148.5m | — | — | — | — | |
| Proceeds from Noncontrolling Interests | $1.6m | — | $10.5m | $11.5m | $261.3m | $10.0m | $15.1m | $5.9m | — | — | |
| Proceeds from (Payments for) Other Financing Activities | — | — | — | — | — | — | — | — | $60.1m | $31.9m | |
| Net Cash Provided by (Used in) Financing Activities | $1.3b | $165.3m | ($463.6m) | ($34.6m) | $823.5m | $614.1m | $428.6m | $2.1b | $2.3b | $1.3b | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ($12.3m) | $21.4m | ($38.7m) | ($7.0m) | $51.0m | $18.3m | — | — | — | — | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | ($118.0m) | $181.3m | ($257.0m) | $264.4m | $434.3m | ($205.4m) | $535.2m | $976.9m | ($682.4m) | ($323.6m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ($118.0m) | $181.3m | $941.0m | $1.2b | $1.6b | $1.4b | $2.0b | $2.9b | $2.3b | $1.9b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $70.8m | $113.5m | $103.2m | $85.4m | $78.7m | $71.0m | $76.5m | $121.7m | $131.0m | $170.5m | |
| Income Taxes Paid, Net | $187.9m | $45.5m | $32.1m | $40.5m | $38.2m | $57.4m | $77.4m | $83.1m | $113.9m | $149.7m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.