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.
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