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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
SEGMENT INFORMATION |
SEGMENT INFORMATION | 22. SEGMENT INFORMATION The Company uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Company’s CODM has been identified as the Chief Executive Officer of the Company, since he reviews consolidated and segment results when making decisions about allocating resources and assessing performance of the Company. To align with the objective of ASC 280, Segment Reporting (“Topic 280”) and to present the Company’s disaggregated financial information consistent with the management approach, the Company reported its financial performance, including revenue, gross profit and income from operations, based on the following two reportable segments: ​
| ● | CSI Solar, which consists of solar module and battery energy storage manufacturing, and delivery of total system solutions, including inverters, solar system kits and EPC (engineering, procurement, and construction) services. CSI Solar’s e - STORAGE branded battery energy storage business includes its utility - scale turnkey battery system solutions, as well as a small but growing residential battery energy storage business. These storage systems solutions are complemented with long - term service agreements, including future battery capacity augmentation services.
| ● | Recurrent Energy, which is the Company’s clean energy project development platform with 15 years of experience delivering solar power and battery energy storage projects. It is vertically integrated and has strong expertise in greenfield origination, development, financing, execution, operations and maintenance, and asset management.
​ The module, EPC and battery energy storage solutions sales from the Company’s CSI Solar business to its Recurrent Energy business are on terms and conditions similar to sales to third parties. ​ The Company continually monitors and reviews its segment reporting structure in accordance with Topic 280 to determine whether any changes have occurred that would impact its reportable segments. ​ The Company’s CODM reviews net revenue, gross profit and income from operations, and does not review balance sheet information by segment. ​ 22. SEGMENT INFORMATION (Continued) The following table summarizes the Company’s revenues, gross profit and income from operations generated from each segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | Elimination | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​
​ | ​ | ​ | ​ | Recurrent | ​ | unallocated | ​ | ​
​ |  | CSI Solar |  | Energy |  | items (1) |  | Total
​ | ​ | $ | ​ | $ | ​ | $ | ​ | $
Net revenues |  | 7,230,550 | ​ | 497,653 | ​ | (114,577) | ​ | 7,613,626
Cost of revenues |  | 6,121,332 | ​ | 292,926 | ​ | (80,615) | ​ | 6,333,643
Gross profit |  | 1,109,218 | ​ | 204,727 | ​ | (33,962) | ​ | 1,279,983
Income from operations (2) | ​ | 456,083 | ​ | 96,621 | ​ | (99,384) | ​ | 453,320
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | Elimination | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​
​ | ​ | ​ | ​ | Recurrent | ​ | unallocated | ​ | ​
​ |  | CSI Solar |  | Energy |  | items (1) |  | Total
​ | ​ | $ | ​ | $ | ​ | $ | ​ | $
Net revenues |  | 6,975,612 | ​ | 821,525 | ​ | (328,527) | ​ | 7,468,610
Cost of revenues |  | 5,824,855 | ​ | 660,161 | ​ | (279,542) | ​ | 6,205,474
Gross profit |  | 1,150,757 | ​ | 161,364 | ​ | (48,985) | ​ | 1,263,136
Income from operations (2) | ​ | 343,798 | ​ | 80,364 | ​ | (68,101) | ​ | 356,061
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | Elimination | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​
​ | ​ | ​ | ​ | Recurrent | ​ | unallocated | ​ | ​
​ |  | CSI Solar |  | Energy |  | items (1) |  | Total
​ | ​ | $ | ​ | $ | ​ | $ | ​ | $
Net revenues |  | 4,371,603 |  | 1,124,083 | ​ | (218,517) | ​ | 5,277,169
Cost of revenues |  | 3,689,126 |  | 930,099 | ​ | (251,368) | ​ | 4,367,857
Gross profit |  | 682,477 |  | 193,984 | ​ | 32,851 | ​ | 909,312
Income from operations (2) | ​ | 74,132 | ​ | 97,179 | ​ | 19,070 | ​ | 190,381
(1) | Includes inter-segment elimination, and unallocated corporate costs not considered part of management’s evaluation of reportable segment operating performance.
(2) | Income from operations reflects management’s allocation and estimate as some services are shared by the Company’s two reportable segments.
​ 22. SEGMENT INFORMATION (Continued) During the years ended December 31, 2021, 2022 and 2023, $6,084, $60,330 and $5,938 of long-lived asset impairment charges, respectively, were recorded related to property, plant and equipment in CSI Solar segment. In addition, the Company recorded nil, $357 and nil of investment impairment in the CSI Solar segment, and $17,152, $1,674 and $16,239 of project assets impairment in the Recurrent Energy segment, for the years ended December 31, 2021, 2022 and 2023, respectively. The following table summarizes the Company’s net revenues generated from different geographic locations. The information presented below is based on the location of customers’ global or regional headquarters, as appropriate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | $ | ​ | $ | ​ | $
The Americas: | ​ | ​ | ​ | ​ | ​ | ​
—United States | ​ | 1,590,573 | ​ | 1,963,956 | ​ | 1,485,919
—Brazil |  | 442,603 | ​ | 623,331 | ​ | 846,387
—Canada | ​ | 30,792 | ​ | 49,148 | ​ | 52,525
—Mexico |  | 139,611 | ​ | 31,912 | ​ | 50,884
—Puerto Rico | ​ | 11,344 | ​ | 22,353 | ​ | 37,922
—Chile | ​ | 18,461 | ​ | 37,370 | ​ | 29,663
—Others | ​ | 46,210 | ​ | 65,581 | ​ | 112,845
​ |  | 2,279,594 | ​ | 2,793,651 | ​ | 2,616,145
Asia: | ​ | ​ | ​ | ​ | ​ | ​
—PRC |  | 1,207,003 | ​ | 1,904,862 | ​ | 2,151,243
—Japan | ​ | 509,233 | ​ | 325,344 | ​ | 597,188
—India |  | 142,300 | ​ | 197,772 | ​ | 91,020
—Pakistan |  | 48,838 | ​ | 73,531 | ​ | 78,203
—Philippines | ​ | 6,660 | ​ | 26,578 | ​ | 40,612
—Hong Kong | ​ | 9,979 | ​ | 46,254 | ​ | 32,707
—United Arab Emirates |  | 6,168 | ​ | 15,974 | ​ | 22,915
—Taiwan | ​ | 7,702 | ​ | 67,411 | ​ | 19,369
—Vietnam | ​ | 19,956 | ​ | 9,078 | ​ | 16,208
—Thailand | ​ | 59,451 | ​ | 9,941 | ​ | 10,217
—Others | ​ | 121,780 | ​ | 63,034 | ​ | 65,814
​ | ​ | 2,139,070 | ​ | 2,739,779 | ​ | 3,125,496
Europe and other regions: | ​ | ​ | ​ | ​ | ​ | ​
—Spain |  | 100,658 | ​ | 434,841 | ​ | 445,321
—Germany | ​ | 231,995 | ​ | 322,189 | ​ | 291,385
—South Africa | ​ | 90,761 | ​ | 118,458 | ​ | 218,596
—United Kingdom | ​ | 7,749 | ​ | 106,662 | ​ | 144,994
—Norway | ​ | 157 | ​ | 30,231 | ​ | 139,769
—Australia | ​ | 165,772 | ​ | 393,959 | ​ | 128,247
—Netherlands | ​ | 104,715 | ​ | 136,375 | ​ | 81,820
—Italy | ​ | 6,531 | ​ | 14,465 | ​ | 79,041
—Czech | ​ | 34,604 | ​ | 79,414 | ​ | 62,079
—Ireland | ​ | 7,844 | ​ | 63,740 | ​ | 41,611
—Romania | ​ | 3,699 | ​ | 31,804 | ​ | 24,491
—France |  | 25,980 | ​ | 31,147 | ​ | 22,341
—Others |  | 78,040 | ​ | 171,895 | ​ | 192,290
​ | ​ | 858,505 | ​ | 1,935,180 | ​ | 1,871,985
Total net revenues | ​ | 5,277,169 | ​ | 7,468,610 | ​ | 7,613,626
​ 22. SEGMENT INFORMATION (Continued) The following table summarizes the Company’s long-lived assets, including property, plant and equipment, solar power systems, intangible assets and ROU assets at December 31, 2022 and 2023 by geographic region, based on the physical location of the assets: ​
​ | ​ | ​ | ​ | ​
​ |  | At December 31, |  | At December 31,
​ | ​ | 2022 | ​ | 2023
​ | ​ | $ | ​ | $
PRC |  | 1,668,177 | ​ | 2,398,130
Thailand | ​ | 276,497 | ​ | 691,467
United States | ​ | 5,545 | ​ | 528,538
Brazil | ​ | 242,761 | ​ | 409,211
EU | ​ | 27,182 | ​ | 99,738
Argentina | ​ | 66,017 | ​ | 63,526
Colombia | ​ | — | ​ | 61,847
Japan | ​ | 14,440 | ​ | 13,164
Canada |  | 6,200 | ​ | 11,401
Others |  | 5,770 | ​ | 19,667
Total long-lived assets |  | 2,312,589 | ​ | 4,296,689
​ The following table summarizes the Company’s revenues generated from each product or service: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | $ | ​ | $ | ​ | $
CSI Solar: | ​ | ​ | ​ | ​ | ​ | ​
Solar modules |  | 3,328,301 | ​ | 5,534,379 | ​ | 5,941,345
Solar system kits |  | 302,133 | ​ | 538,157 | ​ | 679,350
Battery energy storage solutions | ​ | 222,655 | ​ | 440,716 | ​ | 245,173
EPC and others | ​ | 299,997 | ​ | 133,833 | ​ | 250,105
Recurrent Energy: | ​ | ​ | ​ | ​ | ​ | ​
Solar power and battery energy storage asset sales |  | 1,064,178 | ​ | 761,677 | ​ | 399,098
Power services (O&M) and asset management | ​ | 35,334 | ​ | 33,776 | ​ | 52,379
Electricity revenue from operating portfolio and others | ​ | 24,571 | ​ | 26,072 | ​ | 46,176
Total net revenues |  | 5,277,169 | ​ | 7,468,610 | ​ | 7,613,626
​

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