Canadian Solar Financial and Operational Summary Q1 2022
Quarterly income statement highlights
USD millions except per share data
Net revenues
1Q21
2Q21
3Q21
4Q21
1Q22
qoq
yoy
1,089
1,430
1,229
1,529
1,250
-18%
+15%
-CSI Solar
-Global Energy
-Elimination
Gross margin
695
1,184
1,149
1,343
1,210
-10%
+74%
471
281
140
232
93
-60%
-80%
(77)
(35)
(60)
(46)
(53)
17.9%
12.9%
18.6%
19.7%
14.5%
-520 bp
-340bp
-CSI Solar margin
9.7%
13.1%
15.1%
21.3%
14.5%
-680bp
+480 bp
-Global Energy margin
24.0%
4.2%
43.7%
3.5%
19.2%
Selling and distribution expenses
84
84
102
129
109
-16%
+29%
General and admin expenses
68
69
83
90
63
-30%
-7%
R&D expenses
12
13
13
19
13
-31%
+7%
Other operating income
(13)
(7)
(23)
(4)
(20)
Total operating expenses
151
158
176
234
165
-29%
+9%
Operating income
43
26
53
67
16
-77%
-64%
Net interest expense
(11)
(12)
(11)
(13)
(11)
Net FX gain or (loss)
(7)
(3)
(14)
1
3
Income tax benefit or (expense)
(14)
2
3
(27)
UT
5
Net income
14
19
38
40
9
-77%
-34%
Net income attributable to Canadian Solar Inc.
Diluted EPS
23
11
35
26
9
-65%
-60%
0.36
0.18
0.52
0.39
0.14*
-64%
-61%
Note: Elimination effect from inter-segment sales not included in segment margin. Please refer to 6-K for further details.
*Diluted EPS includes the dilutive effect of convertible bonds. $0.14/share is calculated from total earnings of $9mn divided by diluted shares 64.7
million shares.
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