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Additional Information - Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2024

Additional Information - Condensed Financial Statements of Parent Company

Additional Information - Condensed Financial Statements of Parent Company

Additional Information — Condensed Financial Statements of Parent Company

Canadian Solar Inc.

The following condensed financial statements of Canadian Solar Inc. has been provided pursuant to the requirements of Rules 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented as the restricted net assets of Canadian Solar Inc.’s consolidated and unconsolidated subsidiaries not available for distribution to Canadian Solar Inc. as of December 31, 2024 of $1,593,348, exceeded the 25% threshold.

The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that the equity method has been used to account for investments in subsidiaries. The Company’s share of income from its subsidiaries is reported as equity in earnings of subsidiaries in the condensed financial statements. These statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

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Financial Information of Parent Company

Balance Sheets

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​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
(U.S. dollars in thousands, except share data)		2023			2024
Assets	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents		$	642	​	$	26,293
Amounts due from subsidiaries		​	339,809	​	​	317,561
Prepaid expenses and other current assets		​	14,812	​	​	20,031
Total current assets		​	355,263	​	​	363,885
Investments in subsidiaries		​	2,561,797	​	​	2,773,463
Investments in affiliates	​	​	11,745	​	​	11,745
Deferred tax assets		​	—	​	​	2,531
Other non-current assets		​	39,837	​	​	26,904
Total Assets		$	2,968,642	​	$	3,178,528
Liabilities and Equity	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Amounts due to subsidiaries		$	157,821	​	$	111,731
Derivative liabilities	​	​	1,438	​	​	—
Other current liabilities		​	8,899	​	​	6,471
Convertible notes		​	—	​	​	228,917
Total current liabilities	​	​	168,158	​	​	347,119
Convertible notes	​	​	227,424	​	​	—
Deferred tax liabilities	​	​	8,115	​	​	10,285
Liability for uncertain tax positions		​	5,702	​	​	5,624
Total Liabilities		​	409,399	​	​	363,028
Equity:	​	​	​	​	​	​
Common shares: no par value, unlimited authorized, 66,158,741 and 66,954,634 outstanding, respectively		​	835,543	​	​	835,543
Additional paid-in capital		​	292,737	​	​	590,578
Retained earnings		​	1,549,707	​	​	1,585,758
Accumulated other comprehensive loss		​	(118,744)	​	​	(196,379)
Total Equity		​	2,559,243	​	​	2,815,500
Total Liabilities and Equity		$	2,968,642	​	$	3,178,528

​

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Financial Information of Parent Company

Statements of Operations

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​	​	​	​	​	​	​	​	​	​
​	​	​	Years Ended December 31,
(U.S. dollars in thousands)		2022			2023			2024
Net revenues	​	$	—	​	$	—	​	$	—
Cost of revenues		​	—	​	​	—	​	​	—
Gross profit		​	—	​	​	—	​	​	—
Operating expenses:	​	​	​	​	​	​	​	​	​
General, administrative and other operating expenses		​	12,306	​	​	40,198	​	​	20,180
Total operating expenses		​	12,306	​	​	40,198	​	​	20,180
Loss from operations		​	(12,306)	​	​	(40,198)	​	​	(20,180)
Other income (expenses):	​	​	​	​	​	​	​	​	​
Interest expense		​	(23,229)	​	​	(18,720)	​	​	(10,580)
Interest income		​	20,563	​	​	22,862	​	​	15,569
Gain (loss) on change in fair value of derivatives, net	​	​	(844)	​	​	(1,535)	​	​	2,700
Foreign exchange gain (loss), net		​	616	​	​	(772)	​	​	(492)
Other income (expenses), net:		​	(2,894)	​	​	1,835	​	​	7,197
Loss before income taxes and equity in earnings of subsidiaries and affiliates		​	(15,200)	​	​	(38,363)	​	​	(12,983)
Income tax benefit (expense)		​	8,786	​	​	(6,775)	​	​	3,780
Equity in earnings of subsidiaries and affiliates		​	246,382	​	​	319,325	​	​	45,254
Net income		$	239,968	​	$	274,187	​	$	36,051

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Financial Information of Parent Company

Statements of Comprehensive Income (Loss)

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​	​	​	​	​	​	​	​	​	​
​	​	​	Years Ended December 31,
(U.S. dollars in thousands)		2022			2023			2024
Net income	​	$	239,968	​	$	274,187	​	$	36,051
Other comprehensive income (loss), net of tax		​	(120,511)	​	​	13,412	​	​	(79,647)
Comprehensive income (loss)		$	119,457	​	$	287,599	​	$	(43,596)

​

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Financial Information of Parent Company

Statements of Cash Flows

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(U.S. dollars in thousands)		2022			2023			2024
Operating activities:	​	​	​	​	​	​	​	​	​
Net income		$	239,968	​	$	274,187	​	$	36,051
Adjustments to reconcile net income to net cash provided by provided by (used in) operating activities:	​	​	​	​	​	​	​	​	​
Accretion of convertible notes	​	​	1,302	​	​	1,447	​	​	1,493
Loss (gain) on change in fair value of derivatives	​	​	844	​	​	1,535	​	​	(2,700)
Equity in earnings of subsidiaries and affiliates		​	(246,382)	​	​	(319,325)	​	​	(45,254)
Share-based compensation		​	9,370	​	​	28,410	​	​	4,256
Dividend received from subsidiary	​	​	—	​	​	—	​	​	38,519
Deferred taxes	​	​	3,319	​	​	5,180	​	​	(361)
Changes in operating assets and liabilities:	​	​	​	​	​	​	​	​	​
Amounts due from subsidiaries		​	10,990	​	​	245,001	​	​	46,719
Prepaid expenses and other current assets		​	(7,900)	​	​	(1,594)	​	​	(36,216)
Other non-current assets		​	10	​	​	—	​	​	12,933
Amounts due to subsidiaries		​	38,610	​	​	(232,650)	​	​	(44,621)
Other current liabilities		​	(1,154)	​	​	4,377	​	​	(2,429)
Liability for uncertain tax positions		​	(1,702)	​	​	(28)	​	​	(77)
Net settlement of derivatives	​	​	439	​	​	(859)	​	​	1,262
Net cash provided by operating activities		​	47,714	​	​	5,681	​	​	9,575
Investing activities:	​	​	​	​	​	​	​	​	​
Investments in subsidiaries		​	(65,421)	​	​	(22,164)	​	​	(10,310)
Investments in affiliates	​	​	(990)	​	​	—	​	​	—
Loans to subsidiaries	​	​	(122,050)	​	​	(62,226)	​	​	(6,162)
Repayment of loans to subsidiaries	​	​	172,573	​	​	69,150	​	​	32,271
Net cash used in (generated from) investing activities		​	(15,888)	​	​	(15,240)	​	​	15,799
Financing activities:	​	​	​	​	​	​	​	​	​
Repayment of loan from subsidiary		​	(49,554)	​	​	—	​	​	—
Net cash used in financing activities		​	(49,554)	​	​	—	​	​	—
Effect of exchange rate changes		​	5,957	​	​	(5,460)	​	​	277
Net increase (decrease) in cash, cash equivalents and restricted cash		​	(11,771)	​	​	(15,019)	​	​	25,651
Cash, cash equivalents and restricted cash at the beginning of the year		​	27,432	​	​	15,661	​	​	642
Cash, cash equivalents and restricted cash at the end of the year		$	15,661	​	$	642	​	$	26,293
Supplemental disclosure of cash flow information:	​	​	​	​	​	​	​	​	​
Interest paid		$	30,521	​	$	11,586	​	$	10,768

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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