Canadian Solar Financial and Operational Summary Q1 2022 slide image

Canadian Solar Financial and Operational Summary Q1 2022

Consolidated income statement USD millions except per share data 2019 2020 2021 yoy Net Revenue 3,201 3,476 5,277 52% 1,089 1Q21 2Q21 1,430 3Q21 4Q21 1Q22 ༠༠q yoy 1,229 1,529 1,250 -18% 15% Cost of revenues -2,482 -2,787 -4,368 57% -895 -1,245 -1,001 -1,228 -1,069 -13% 20% Gross profit 718 690 909 32% 195 185 229 301 181 -40% -7% Selling and distribution expenses -180 -224 -399 78% -84 -84 -102 -129 -109 -16% 29% General and administrative expenses -243 -226 -309 37% -67 -69 -83 -90 -63 -30% -7% B Research and development expenses -47 -45 -58 29% -12 -13 -13 -19 -13 -31% 7% " NO Other operating income, net 11 26 47 13 7 23 5 20 Total operating expenses, net -460 -469 -719 53% -151 -158 -176 -234 -165 -29% 9% Income from operations 259 220 190 -14% 43 26 53 67 16 -77% -64% Net interest expense -69 -63 -47 -11 -12 -11 -13 -11 Gain (loss) on change in fair value of NO -22 50 24 13 -12 10 10 13 -25 " derivatives B B - B Foreign exchange gain (loss) 10 -65 -47 -20 9 -24 -13 28 " Investment income (loss) 2 -9 19 1 5 m 9 -6 806 Income tax benefit (expense) Equity in earnings of unconsolidated investees 29 ¥གླ -42 2 -36 -14 2 3 11 7 " - 1 4 Net income 167 147 110 Less: net income attributable to non-controlling interests -5 0 15 170 14 19 38 -9 7 3 2201 +00 -27 NO 52 40 9 " " 14 0 Net income attributable to Canadian Solar Inc. 172 147 95 -35% 23 11 35 26 9 -65% -60% Earnings per share - basic 2.88 2.46 1.55 0.38 0.19 0.56 0.41 0.14 Earnings per share - diluted 2.83 2.38 1.46 (3) -63% 0.36 0.18 0.52 (1) (2) 0.39 0.14 -64% -61% 1) We increased our issued share base by 1.1 million and 2.6 million shares during Q3 2021 and year-to-date with our ATM offering program. In addition, our Q3 diluted EPS was adjusted for 6.3 million shares to count for additional shares had our convertible bond been fully converted into equity. 2) We increased our issued share base by 1.0 million during Q4 2021 with our ATM offering program. Earnings per share - diluted includes the dilutive effect of the $230 million aggregate principal amount of convertible notes issued in 2020. For the three months ended December 31, 2021, diluted EPS of $0.39 was calculated from total earnings of $27 million, including 2.5% coupon of $1.3 million, divided by 70.5 million diluted shares outstanding, including 6.3 million shares issuable upon the conversion of the convertible notes. 3) We increased our issued share base by 3.6 million shares for the full year 2021 with our ATM offering program. For the twelve months ended December 31, 2021, diluted EPS of $1.46 was calculated from total earnings of $101 million, including 2.5% coupon of $5.3 million, divided by 68.9 million diluted shares outstanding, including 6.3 million shares issuable upon the conversion of the convertible notes. CanadianSolar MAKE THE DIFFERENCE 39
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