Canadian Solar Financial and Operational Summary Q1 2022
....supported by solid earnings performance...
Total Debt and Cash Breakdown (in thousands of USD)
EBITDA Calculation
2Q21
3Q21
4Q21
1Q22
2Q21 3Q21 4Q21 1Q22 TTM
Short-term borrowings
867
1,083
1,271
1,283
Total revenue
Long-term borrowings on project assets
491
297
322
324
- current
COGS
1,430 1,229 1,529 1,250 5,438
-1,245 -1,000 -1,228 -1,069 -4,542
Financing liabilities - current
30
12
Gross profit
185
229
301
181
896
Finance leases liabilities current
-
6
19
19
17
Long-term borrowings
531
579
524
753
- Operating expenses
-159
-176
-234
-165
-734
Convertible notes
224
224
225
225
Operating profit
26
53
67
16
162
Financing liabilities
non-current
83
82
54
54
-/+ Other expenses/income
3
-7
12
-1
7
Finance leases liabilities - non-current
2
32
31
14
24
+ Depreciation & amortization
64
81
77
66
288
Total debt
2,204
2,316
2,476
2,692
EBITDA (non-GAAP)
93
127
156
81
457
Cash and equivalents
814
868
870
845
Restricted cash - current:
494
487
561
849
Impairments
0
10
12
22
Total cash (for EV calculation)
814
868
870
845
Adjusted EBITDA
93
137
168
81
479
(non-GAAP)*
Net debt
1,390
1,448
1,606
1,847
*EBITDA including impairments
Market Capitalization
$2,073 mn
+
Total Debt
$2,692 mn
Total Cash
$845 mn
+
Non-Controlling
Interests
$326 mn
Enterprise Value
$4,248 mn
EV/EBITDA
TTM
9.3x/8.9x*
1. Source: Factset data, company filings.
2. Prices as of June 24, 2022, market close.
3. All Canadian Solar financials are actual reported values. For a reconciliation of GAAP to non-GAAP results, see accompanying table
"GAAP to Non-GAAP Reconciliation" on slide 41.
4. A previous version of this table included restricted cash to secure debt in the net debt calculation - the latest version excludes all
restricted cash and is a stricter measure of leverage. Non cash items may be subject to revision.
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