01—Abstract
Summary
Summary of the 10-Q/A filed November 20, 2015. Cited figures are marked; the original filing is the authoritative source.
This filing for First Solar, Inc. (FSLR) as of June 30, 2015, addresses Item 4 concerning Controls and Procedures and Item 6 for Exhibits.
The company's management, including the CEO and CFO, has evaluated their disclosure controls and procedures and concluded they were effective in ensuring timely and accurate disclosure of material information. Furthermore, no changes in internal control over financial reporting occurred during the quarter that would materially affect their effectiveness, according to management's evaluation. The filing reiterates the inherent limitations of any control system, which can only provide reasonable, not absolute, assurance against errors or fraud.
02—Key points
Key Highlights
- Disclosure controls and procedures were deemed effective as of June 30, 2015, ensuring timely and accurate reporting.
- No material changes in internal control over financial reporting were identified during the three months ended June 30, 2015.
- CEO and CFO certifications regarding the effectiveness of disclosure controls and internal controls are attached as exhibits.
- The company acknowledges the inherent limitations of internal control systems, which provide reasonable, not absolute, assurance.
- This filing is an amendment (10-Q/A) to the quarterly report, suggesting a follow-up or correction to a prior filing.
- The filing focuses specifically on controls and procedures, rather than financial performance metrics or operational results.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2015, First Solar, Inc. kept $0.10.
- Revenue$896.2M100.0%
- Cost of revenue−$731.7M81.6%
- Gross profit$164.5M18.4%
- Operating costs−$107.3M12.0%
- Operating income$57.1M6.4%
- Interest, other & tax$36.8M4.1%
- Net income$93.9M10.5%
04—Financials
Financial Highlights
Figures from 10-Q/AQ2 FY2015filed November 20, 2015Financial Statements
Q2 FY2015 against Q2 FY2014
| Line item | Q2 FY2015Q2 FY2014 | Change |
|---|---|---|
| Revenue | $896.22M$544.35M | +64.6% |
| Cost of Revenue | $731.73M$451.63M | +62.0% |
| Gross Profit | $164.48M$92.72M | +77.4% |
| R&D Expenses | $29.48M$32.66M | −9.7% |
| SG&A Expenses | $70.90M$57.67M | +22.9% |
| Operating Expenses | $107.35M$90.82M | +18.2% |
| Operating Income | $57.13M$1.91M | +2894.4% |
| Interest Expense | $826K$930K | −11.2% |
| Net Income | $93.89M$4.53M | +1973.4% |
| EPS (Basic) | $0.93$0.05 | +1760.0% |
| EPS (Diluted) | $0.92$0.04 | +2200.0% |
| Shares Outstanding (Basic) | 100.85M100.15M | +0.7% |
| Shares Outstanding (Diluted) | 101.61M101.81M | −0.2% |
05—Questions
Frequently Asked Questions
What is the main purpose of this filing amendment?
This amendment (10-Q/A) primarily addresses the company's internal controls and procedures for financial reporting as of June 30, 2015, confirming their effectiveness and noting no material changes during the quarter.
Are there any concerns raised about First Solar's financial reporting or internal controls?
No, the filing explicitly states that both disclosure controls and procedures and internal control over financial reporting were found to be effective, with no material changes identified. Management, including the CEO and CFO, has certified to this effectiveness.
What does it mean that controls provide 'reasonable, not absolute, assurance'?
This is a standard disclaimer acknowledging that while internal controls are designed to be robust, they cannot guarantee the complete elimination of all errors or fraud due to factors like human judgment, potential breakdowns, or deliberate circumvention. They aim to provide a high level of confidence, but not infallibility.
Why is this filing listed as an amendment?
Filings are amended to correct errors, provide updated information, or respond to specific SEC requests. While the content here confirms controls are effective, the amendment status implies a prior filing may have needed clarification or a formal update on these specific control-related matters.
06—Continue