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First Solar, Inc. Announces Fourth Quarter And Full-Year 2012 Financial Results

Costs in Excess of Normal Warranty Expense: Included in our GAAP presentation of cost of sales and operating expense, costs in excess of normal warranty expense reflect estimated costs related to our remediation of a manufacturing excursion that occurred between June 2008 and June 2009. We exclude this expense from our non-GAAP measures because we do not believe they reflect expected long-term future costs.

Restructuring: Included in our GAAP presentation of operating expenses, restructuring costs represent asset impairment and related costs and severance and termination related costs primarily due to a series of restructuring initiatives intended to align the organization with our long-term strategic plan including expected sustainable market opportunities and to reduce costs. We exclude restructuring costs from our non-GAAP measures because the asset impairment portion of the charges does not reflect our cash position or our cash flows from operating activities, and the restructuring charges overall do not reflect future operating expenses, are not indicative of our core operating performance, and are not meaningful in comparing to our past operating performance.
 
Three Months Ended December 31, 2012 (In thousands except per share data)
       
GAAP Restructuring Non-GAAP
Net income before income taxes $ 170,574 $ 24,839 $ 195,413
Income tax expense (benefit) 16,396   (1,357 ) (1 ) 15,039
Net income $ 154,178   $ 26,196   $ 180,374
 
Net income per fully diluted share (2) $ 1.74   $ 0.30   $ 2.04
 
Weighted-average shares outstanding 88,549   88,549   88,549
(1)   Amount adjusts the provision for income taxes to reflect the effect of the non-GAAP adjustments on non-GAAP net income.
(2) Amount is calculated based upon Net income divided by Weighted-average shares outstanding. The sum of Net income per fully diluted share across the table may not equal the calculated amount due to rounding.

 
Year Ended December 31, 2012 (In thousands except per share data)
           
GAAP Restructuring

Costs in Excess of Normal Warranty Cost
Non-GAAP
Net (loss) income before income taxes $ (39,804 ) $ 473,785 (1 ) $ 55,443 (2 ) $ 489,424
Income tax expense 56,534   1,142   (3 ) 1,687   (3 ) 59,363
Net (loss) income $ (96,338 ) $ 472,643   $ 53,756   $ 430,061
 
Net (loss) income per fully diluted share (4) $ (1.11 ) $ 5.38   $ 0.61   $ 4.90
 
Weighted-average shares outstanding 86,860   87,844   87,844   87,844
(1)   Balance includes $469.1 million of restructuring expense and $4.7 million of costs associated with the repayment of debt for our German manufacturing center.
(2) Balance includes (i) $35.1 million related to estimated expenses associated with certain remediation efforts related to the manufacturing excursion that occurred between June 2008 and June 2009. The remaining increase was primarily related to a change in estimate for the market value of the modules that we estimate will be returned to us under the voluntary remediation efforts that meet the required performance standards to be re-sold as refurbished modules, (ii) $15.9 million in estimated compensation payments to customers, under certain circumstances, for power lost prior to remediation of the customer's system under our remediation program, and (iii) $4.4 million in estimated expenses for remediation efforts related to module removal, replacement and logistical services committed to and undertaken by us beyond the normal product warranty.
(3) Amount adjusts the provision for income taxes to reflect the effect of non-GAAP adjustments on non-GAAP net income.
(4) Amount is calculated based upon Net (loss) income divided by Weighted-average shares outstanding. The sum of Net (loss) income per fully diluted share across the table may not equal the calculated amount due to rounding and differences in the Weighted-average shares outstanding.

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