SAN JOSE, Calif., Oct. 28, 2020 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR) today announced financial results for its third
quarter ended September 27, 2020.
Third Quarter Company Highlights
- Successfully completed spin-off of Maxeon Solar Technologies;
new segmentation announced
- Exceeded revenue and Adjusted EBITDA guidance; expanded gross
margin per watt
- Ended quarter with $325 million
in cash
Residential and Light Commercial (RLC)
- Residential strength – $15
million Adjusted EBITDA, added 10,000 customers
- New product success – significant SunVault™ storage demand;
>100 OneRoof™ installs to date
- Closed new residential solar plus storage financing facility to
drive substantially better economics
- Secured committed tax equity capacity to meet demand through
mid-2021
Commercial and Industrial Solutions (C&I
Solutions)
- Posted positive Adjusted EBITDA for the quarter
- More than doubled gross margin per watt year over year
- Storage adding $0.20/w to
pipeline, > 30 percent attach rates for projects in backlog
- Fully booked for the fourth quarter; >275 megawatts (MW)
projects contracted / awarded
($ Millions,
except percentages and per-share data)
|
3rd Quarter
2020
|
2nd Quarter
2020
|
3rd Quarter
2019
|
GAAP
revenue
|
$274.8
|
$217.7
|
$286
|
GAAP gross margin
from continuing operations
|
13.5%
|
11.8%
|
15.9%
|
GAAP net income from
continuing operations
|
$109.5
|
$55.9
|
$18.6
|
GAAP net income
(loss) from continuing operations per diluted share
|
$0.57
|
$0.31
|
$0.12
|
Non-GAAP
revenue1
|
$274.8
|
$217.7
|
$301.8
|
Non-GAAP gross
margin1
|
14.0%
|
12.6%
|
16.1%
|
Non-GAAP net (loss)
income1
|
$(6.5)
|
$(17.2)
|
$9.1
|
Non-GAAP net (loss)
income from continuing operations per diluted
share1
|
$(0.04)
|
$(0.10)
|
$0.06
|
Adjusted
EBITDA1
|
$8.6
|
$(4.3)
|
$25.1
|
MW
Recognized
|
108
|
91
|
124
|
Cash2
|
$324.7
|
$235.3
|
$189.0
|
Information presented above is for continuing operations only
and excludes results of Maxeon for all periods presented, other
than Cash for 2nd quarter 2020 and 3rd quarter 2019.
1Information about SunPower's use of
non-GAAP financial information, including a reconciliation to U.S.
GAAP, is provided under "Use of Non-GAAP Financial Measures"
below
2Includes cash, and cash equivalents, excluding
restricted cash
|
Third Quarter 2020 Results
"Our solid third quarter
results reflect the strong demand for our industry-leading
solutions in both our residential and commercial markets," said
Tom Werner, SunPower CEO and
chairman of the board.
"Overall, we executed well as MW recognized grew 20%
sequentially, we further expanded our gross margin, generated
positive cash flow and added to our significant backlog.
Additionally, we are pleased with the customer response to our
recent product introductions as demand for our SunVault residential
storage solution remains very strong while we continue to add
partners for our OneRoof product for the new homes market. We
expect these positive trends to continue in the fourth quarter.
Further, we remain confident in our 2021 targets that we presented
at our Capital Markets Day in September given improving industry
trends, our integrated The Power of One® platform, the
company's new product's and our continued focus on maximizing long
term cash flow".
RLC
"Our RLC business executed well for the quarter
with sequential improvement in MW recognized, gross margin and
Adjusted EBITDA. Our residential business performed well with MW
recognized up 33% sequentially as we benefited from the continued
improvement in demand throughout the quarter with significant
demand for our new loan product in partnership with Technology
Credit Union. Also, customer interest for our SunVault residential
storage remains very high with current attach rates in California exceeding 20%. In new homes, we
continued to expand our market leading footprint as we saw record
bookings during the quarter and our backlog grew to more than
50,000 homes, another record. Finally, we continue to expect 30-50%
revenue growth in both our residential and new homes businesses for
fiscal year 2021."
C&I Solutions
"Our C&I Solutions business also
performed well as installs rose 30% sequentially in addition to
posting positive Adjusted EBITDA for the quarter. We added to our
$3.5 billion pipeline and expanded
our footprint in the fast-growing community solar market as we
secured 13MW of community solar projects. Helix® storage
demand remains high with our pipeline now exceeding 630 MWh and Q4
attach rates of 50%."
Consolidated Financials
"Solid execution in the third
quarter enabled us to exceed our revenue and Adjusted EBITDA
financial guidance, strengthen our cash position and further
invested in our storage and services initiatives," said Manavendra
Sial, SunPower chief financial officer. "We also closed our second
innovative residential lease financing facility with Bank of
America during the quarter which materially lowers our cost of
capital while providing funding through the middle of next year.
Additionally, we are building our Powerco with the recurring
revenue pipeline continuing to grow and SunStrong's retained value
above forecast at $358 million at the
end of the third quarter. Related to the balance sheet, our cash
increased by approximately $90
million to $325 million.
Additionally, we expect total cash flow to be positive in the
fourth quarter. With our current cash position and expected cash
flow in the fourth quarter, we now have the ability to pay off the
convert early if we so choose."
Third quarter of fiscal year 2020 non-GAAP results exclude net
adjustments that, in the aggregate, increased GAAP income by
$115.9 million, including
$155.4 million related to a
mark-to-market gain on equity investments. This was partially
offset by $33.8 for income taxes,
$4.5 million related to stock-based
compensation expense, and $1.2
million related to amortization of intangible assets and
other non-recurring items.
Financial Outlook
The company's fourth quarter and
fiscal year 2020 guidance is as follows:
Fourth quarter GAAP revenue of $330 to $370
million, GAAP net income of $11
million to $21 million, and MW
recognized in the range of 145 MW to 175 MW.
For fiscal year 2020, the company expects GAAP revenue of
$1.12 billion to $1.16 billion, compared to its previous fiscal
year 2020 guidance of $1.06 billion
to $1.10. Fiscal year 2020 GAAP
net income of $190 million to
$200 million and MW recognized in the
range of 465 MW to 515 MW.
The company now expects fourth quarter Adjusted EBITDA to be in
the range of $26 million to
$36 million and fiscal year 2020
Adjusted EBITDA to be in the range of $30
million to $40 million
compared to its previous fiscal year 2020 guidance of $20 million to $30
million.
The company will host a conference call for investors this
afternoon to discuss its third quarter 2020 performance at
1:30 p.m. Pacific Time. The call will
be webcast and can be accessed from SunPower's website at
https://investors.sunpower.com/events.cfm.
This press release contains both GAAP and non-GAAP financial
information. Non-GAAP figures are reconciled to the closest GAAP
equivalent categories in the financial attachment of this press
release. Please note that the company has posted supplemental
information and slides related to its third quarter 2020
performance on the Events and Presentations section of SunPower's
Investor Relations page at
https://investors.sunpower.com/events.cfm.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage and
Energy Services provider in North
America. SunPower offers the only solar + storage solution
designed by one company that gives customers complete control over
energy consumption, delivering grid independence, resiliency during
power outages and cost savings to homeowners, businesses,
governments, schools and utilities. For more information, visit
www.sunpower.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding: (a) our plans and expectations
for our products, including anticipated demand and impacts on our
market position and our ability to meet our targets and goals; (b)
the anticipated financial impacts of our new residential leasing
facility and expectations for demand, capacity and timing of full
utilization; (c) expectations regarding our future performance
based on bookings, backlog, and pipelines in our sales channels;
(d) our expectations regarding our industry and market factors,
including market and industry trends, and anticipated demand and
volume; (e) the expected performance of our business lines,
including confidence in 2021 forecasts, areas of focus, and new
product cycles, as well as projected growth and attach rates; (f)
our expectations for our SunStrong joint venture, including
recurring revenue and anticipated retained value; (g) our fourth
quarter fiscal 2020 guidance, including GAAP revenue, net income,
MW recognized, and Adjusted EBITDA, and related assumptions; and
(h) our fiscal 2020 guidance, including GAAP revenue, net income,
MW recognized, and Adjusted EBITDA and related assumptions.
These forward-looking statements are based on our current
assumptions, expectations and beliefs and involve substantial risks
and uncertainties that may cause results, performance or
achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to: (1)
potential disruptions to our operations and supply chain that may
result from epidemics or natural disasters, including impacts of
the Covid-19 pandemic; (2) competition in the solar and general
energy industry and downward pressure on selling prices and
wholesale energy pricing; (3) regulatory changes and the
availability of economic incentives promoting use of solar energy;
(4) the success of our ongoing research and development efforts and
our ability to commercialize new products and services, including
products and services developed through strategic partnerships; (5)
changes in public policy, including the imposition and
applicability of tariffs; (6) our dependence on sole- or
limited-source supply relationships, including our exclusive supply
relationship with Maxeon Solar Technologies; (7) our liquidity,
substantial indebtedness, and ability to obtain additional
financing for our projects and customers; and (8) challenges
managing our acquisitions, joint ventures and partnerships,
including our ability to successfully manage acquired assets and
supplier relationships. A detailed discussion of these factors and
other risks that affect our business is included in filings we make
with the Securities and Exchange Commission (SEC) from time to
time, including our most recent reports on Form 10-K and Form 10-Q,
particularly under the heading "Risk Factors." Copies of these
filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at
investors.sunpower.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
©2020 SunPower Corporation. All rights reserved. SUNPOWER,
the SUNPOWER logo, HELIX, SUNVAULT, ONEROOF and THE POWER OF ONE
are trademarks or registered trademarks of SunPower Corporation in
the U.S.
SUNPOWER
CORPORATION
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
Sep. 27
|
|
Dec. 29,
|
|
2020
|
|
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
324,741
|
|
$
301,999
|
Restricted cash and
cash equivalents, current portion
|
16,605
|
|
26,348
|
Accounts receivable,
net
|
94,756
|
|
127,878
|
Contract
assets
|
126,474
|
|
99,426
|
Inventories
|
178,139
|
|
163,405
|
Advances to
suppliers, current portion
|
-
|
|
31,843
|
Project assets -
plants and land, current portion
|
24,366
|
|
12,650
|
Prepaid expenses and
other current assets
|
96,247
|
|
86,755
|
Current assets of
discontinued operations
|
-
|
|
530,627
|
Total current
assets
|
861,328
|
|
1,380,931
|
|
|
|
|
Restricted cash and
cash equivalents, net of current portion
|
8,419
|
|
9,354
|
Property, plant and
equipment, net
|
50,397
|
|
57,349
|
Operating lease
right-of-use assets
|
53,716
|
|
40,699
|
Solar power systems
leased, net
|
51,179
|
|
54,338
|
Advances to
suppliers, net of current portion
|
-
|
|
-
|
Other intangible
assets, net
|
1,073
|
|
7,121
|
Other long-term
assets
|
423,197
|
|
277,805
|
Long-term assets of
discontinued operations
|
-
|
|
344,324
|
Total
assets
|
$
1,449,309
|
|
$
2,171,921
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
162,499
|
|
$
207,062
|
Accrued
liabilities
|
128,647
|
|
116,276
|
Operating lease
liabilities, current portion
|
9,995
|
|
7,559
|
Contract liabilities,
current portion
|
55,274
|
|
91,345
|
Short-term
debt
|
96,625
|
|
44,473
|
Convertible debt,
current portion
|
301,258
|
|
-
|
Current liabilities
of discontinued operations
|
-
|
|
431,694
|
Total current
liabilities
|
754,298
|
|
898,409
|
|
|
|
|
Long-term
debt
|
68,386
|
|
112,340
|
Convertible
debt
|
422,132
|
|
820,259
|
Operating lease
liabilities, net of current portion
|
44,100
|
|
36,657
|
Contract liabilities,
net of current portion
|
29,478
|
|
31,922
|
Other long-term
liabilities
|
137,981
|
|
157,774
|
Long-term liabilities
of discontinued operations
|
-
|
|
93,061
|
Total
liabilities
|
1,456,375
|
|
2,150,422
|
|
|
|
|
Equity:
|
|
|
|
Common
stock
|
170
|
|
168
|
Additional paid-in
capital
|
2,679,960
|
|
2,661,819
|
Accumulated
deficit
|
(2,497,409)
|
|
(2,449,679)
|
Accumulated other
comprehensive income (loss)
|
8,070
|
|
(9,512)
|
Treasury stock, at
cost
|
(201,090)
|
|
(192,633)
|
Total stockholders'
equity
|
(10,299)
|
|
10,163
|
Noncontrolling
interests in subsidiaries
|
3,233
|
|
11,336
|
Total
equity
|
(7,066)
|
|
21,499
|
Total liabilities and
equity
|
$
1,449,309
|
|
$
2,171,921
|
SUNPOWER
CORPORATION
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
Sep. 27,
|
|
Jun. 28,
|
|
Sep. 29,
|
|
Sep. 27,
|
|
Sep. 29,
|
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Solar
power systems, components, and other
|
|
$
267,619
|
|
$
212,408
|
|
$
277,280
|
|
$
765,316
|
|
$
665,623
|
Residential leasing
|
|
1,284
|
|
1,329
|
|
3,523
|
|
3,937
|
|
9,083
|
Solar
services
|
|
5,903
|
|
3,930
|
|
5,239
|
|
13,766
|
|
15,902
|
Total
revenue
|
|
274,806
|
|
217,667
|
|
286,042
|
|
783,019
|
|
690,608
|
Cost of
revenue:
|
|
|
|
|
|
|
|
-
|
|
|
Solar
power systems, components, and other
|
|
233,144
|
|
189,868
|
|
236,991
|
|
681,649
|
|
600,947
|
Residential leasing
|
|
1,209
|
|
1,217
|
|
1,567
|
|
3,722
|
|
5,939
|
Solar
services
|
|
3,313
|
|
930
|
|
1,989
|
|
5,672
|
|
6,319
|
Total cost of
revenue
|
|
237,666
|
|
192,015
|
|
240,547
|
|
691,043
|
|
613,205
|
Gross
profit
|
|
37,140
|
|
25,652
|
|
45,495
|
|
91,976
|
|
77,403
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
5,344
|
|
5,994
|
|
8,837
|
|
19,106
|
|
26,494
|
Sales, general and
administrative
|
|
35,462
|
|
36,014
|
|
41,428
|
|
112,193
|
|
129,582
|
Restructuring
charges
|
|
(97)
|
|
1,259
|
|
4,252
|
|
2,738
|
|
6,626
|
Loss on sale and
impairment of residential lease assets
|
|
386
|
|
141
|
|
10,756
|
|
253
|
|
28,283
|
Income from
Transition Services Agreement, net
|
|
(1,889)
|
|
-
|
|
-
|
|
(1,889)
|
|
-
|
Gain on business
divestiture
|
|
-
|
|
(10,458)
|
|
-
|
|
(10,458)
|
|
(143,400)
|
Total operating
expenses
|
|
39,206
|
|
32,950
|
|
65,273
|
|
121,943
|
|
47,585
|
Operating income
(loss)
|
|
(2,066)
|
|
(7,298)
|
|
(19,778)
|
|
(29,967)
|
|
29,818
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
-
|
|
|
Interest
income
|
|
104
|
|
174
|
|
951
|
|
682
|
|
2,184
|
Interest
expense
|
|
(7,090)
|
|
(8,448)
|
|
(8,930)
|
|
(24,731)
|
|
(40,570)
|
Other, net
|
|
155,457
|
|
71,205
|
|
45,111
|
|
277,100
|
|
145,343
|
Other income,
net
|
|
148,471
|
|
62,931
|
|
37,132
|
|
253,051
|
|
106,957
|
Income before income
taxes and equity in losses of unconsolidated
investees
|
|
146,405
|
|
55,633
|
|
17,354
|
|
223,084
|
|
136,775
|
Provision for income
taxes
|
|
(36,725)
|
|
(1,106)
|
|
(2,928)
|
|
(38,716)
|
|
(10,074)
|
Equity in losses of
unconsolidated investees
|
|
-
|
|
-
|
|
(960)
|
|
-
|
|
(716)
|
Net income from
continuing operations
|
|
109,680
|
|
54,527
|
|
13,466
|
|
184,368
|
|
125,985
|
Loss from
discontinued operations
|
|
(70,761)
|
|
(33,278)
|
|
(29,417)
|
|
(125,599)
|
|
(131,181)
|
Provision for income
taxes
|
|
6,137
|
|
(1,962)
|
|
(2,450)
|
|
3,191
|
|
(7,169)
|
Equity in earnings
(losses) of unconsolidated investees
|
|
58
|
|
(889)
|
|
(807)
|
|
(586)
|
|
(1,334)
|
Net loss from
discontinued operations, net of taxes
|
|
(64,566)
|
|
(36,129)
|
|
(32,674)
|
|
(122,994)
|
|
(139,684)
|
Net income
(loss)
|
|
$
45,114
|
|
$
18,398
|
|
$
(19,208)
|
|
$
61,374
|
|
$
(13,699)
|
Net income (loss)
from continuing operations attributable to noncontrolling interests
and redeemable noncontrolling interests
|
|
$
(230)
|
|
$
1,363
|
|
$
5,178
|
|
$
2,512
|
|
$
33,474
|
Net loss from
discontinued operations attributable to noncontrolling interests
and redeemable noncontrolling interests
|
|
$
(258)
|
|
$
(383)
|
|
$
(987)
|
|
$
(1,313)
|
|
$
(3,057)
|
Net income (loss) attributable to noncontrolling interests and
redeemable noncontrolling interests
|
|
$
(488)
|
|
$
980
|
|
$
4,191
|
|
$
1,199
|
|
$
30,417
|
Net income from
continuing operations attributable to stockholders
|
|
$
109,450
|
|
$
55,890
|
|
$
18,644
|
|
$
186,880
|
|
$
159,459
|
Net loss from
discontinued operations attributable to stockholders
|
|
$
(64,824)
|
|
$
(36,512)
|
|
$
(33,661)
|
|
$
(124,307)
|
|
$
(142,741)
|
Net income (loss)
attributable to stockholders
|
|
$
44,626
|
|
$
19,378
|
|
$
(15,017)
|
|
$
62,573
|
|
$
16,718
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to stockholders - basic:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
0.64
|
|
$
0.33
|
|
$
0.13
|
|
$
1.10
|
|
$
1.12
|
Discontinued
operations
|
|
$
(0.38)
|
|
$
(0.21)
|
|
$
(0.24)
|
|
$
(0.73)
|
|
$
(1.00)
|
Net income (loss) per
share - basic
|
|
$
0.26
|
|
$
0.11
|
|
$
(0.11)
|
|
$
0.37
|
|
$
0.12
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to stockholders - diluted:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
0.57
|
|
$
0.31
|
|
$
0.12
|
|
$
0.99
|
|
$
1.03
|
Discontinued
operations
|
|
$
(0.33)
|
|
$
(0.19)
|
|
$
(0.22)
|
|
$
(0.62)
|
|
$
(0.86)
|
Net income (loss) per
share - diluted
|
|
$
0.24
|
|
$
0.12
|
|
$
(0.10)
|
|
$
0.37
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
170,113
|
|
170,003
|
|
142,553
|
|
169,646
|
|
142,248
|
|
|
198,526
|
|
192,040
|
|
155,583
|
|
200,124
|
|
166,861
|
SUNPOWER
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
Sep. 27,
|
|
Jun. 28,
|
|
Sep. 29,
|
|
|
Sep. 27,
|
|
Sep. 29,
|
|
|
2020
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
45,114
|
|
$
18,398
|
|
$
(19,208)
|
|
|
$
61,374
|
|
$
(13,699)
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
11,927
|
|
16,918
|
|
15,298
|
|
|
45,737
|
|
62,022
|
Stock-based
compensation
|
|
6,042
|
|
5,879
|
|
6,991
|
|
|
18,788
|
|
18,927
|
Non-cash interest
expense
|
|
1,747
|
|
1,838
|
|
2,542
|
|
|
5,495
|
|
7,468
|
Non-cash
restructuring charges
|
|
-
|
|
-
|
|
3,528
|
|
|
-
|
|
5,874
|
Bad debt
expense
|
|
(2,568)
|
|
1,326
|
|
(341)
|
|
|
998
|
|
1,319
|
Equity in (earnings)
losses of unconsolidated investees
|
|
(58)
|
|
889
|
|
1,767
|
|
|
586
|
|
2,050
|
Gain on equity
investments
|
|
(155,431)
|
|
(71,062)
|
|
(28,538)
|
|
|
(275,645)
|
|
(129,038)
|
Gain on retirement of
convertible debt
|
|
(104)
|
|
-
|
|
-
|
|
|
(3,060)
|
|
-
|
Gain on business
divestiture
|
|
-
|
|
(10,458)
|
|
-
|
|
|
(10,458)
|
|
(143,400)
|
Gain on sale of
investments without readily determinable fair value
|
|
-
|
|
-
|
|
(17,275)
|
|
|
-
|
|
(17,275)
|
Deferred income
taxes
|
|
607
|
|
1,381
|
|
(1,545)
|
|
|
1,639
|
|
500
|
Gain (loss) on sale
and impairment of residential lease assets
|
|
386
|
|
140
|
|
10,755
|
|
|
815
|
|
36,709
|
Impairment of
property, plant and equipment
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
777
|
Gain on sale of
assets
|
|
-
|
|
-
|
|
(21,383)
|
|
|
-
|
|
(21,383)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
54,119
|
|
79,029
|
|
3,262
|
|
|
113,029
|
|
(47,029)
|
Contract
assets
|
|
(19,902)
|
|
(3,164)
|
|
(25,516)
|
|
|
(22,771)
|
|
(18,107)
|
Inventories
|
|
(5,382)
|
|
36,336
|
|
(45,989)
|
|
|
(12,107)
|
|
(108,093)
|
Project
assets
|
|
703
|
|
(3,024)
|
|
(3,040)
|
|
|
(11,202)
|
|
(9,238)
|
Prepaid expenses and
other assets
|
|
(32,362)
|
|
9,403
|
|
16,967
|
|
|
(4,324)
|
|
1,482
|
Operating lease
right-of-use assets
|
|
2,112
|
|
4,863
|
|
14,999
|
|
|
9,898
|
|
6,219
|
Long-term financing
receivables, net - held for sale
|
|
-
|
|
-
|
|
481
|
|
|
-
|
|
(473)
|
Advances to
suppliers
|
|
4,267
|
|
3,093
|
|
8,518
|
|
|
16,296
|
|
33,292
|
Accounts payable and
other accrued liabilities
|
|
51,095
|
|
(33,637)
|
|
52,810
|
|
|
(75,141)
|
|
64,009
|
Contract
liabilities
|
|
(3,364)
|
|
(34,324)
|
|
4,709
|
|
|
(53,818)
|
|
8,127
|
Operating lease
liabilities
|
|
(2,620)
|
|
(3,173)
|
|
(15,865)
|
|
|
(8,642)
|
|
(7,202)
|
Net cash provided by
(used in) operating activities
|
|
(43,672)
|
|
20,651
|
|
(36,073)
|
|
|
(202,513)
|
|
(266,162)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
|
(2,369)
|
|
(4,592)
|
|
(16,896)
|
|
|
(13,174)
|
|
(35,100)
|
Cash paid for solar
power systems
|
|
(2,747)
|
|
(2,037)
|
|
(8,503)
|
|
|
(5,394)
|
|
(51,826)
|
Proceeds from
business divestiture, net of de-consolidated cash
|
|
-
|
|
15,418
|
|
-
|
|
|
15,418
|
|
40,491
|
Proceeds from sale of
assets
|
|
-
|
|
-
|
|
39,742
|
|
|
-
|
|
39,970
|
Cash outflow upon
Maxeon Solar Spin-off, net of proceeds
|
|
(140,132)
|
|
-
|
|
-
|
|
|
(140,132)
|
|
-
|
Proceeds from
maturities of marketable securities
|
|
6,588
|
|
-
|
|
-
|
|
|
6,588
|
|
-
|
Purchases of
marketable securities
|
|
(1,338)
|
|
-
|
|
-
|
|
|
(1,338)
|
|
-
|
Cash outflow from
sale of residential lease portfolio
|
|
-
|
|
-
|
|
(16,397)
|
|
|
-
|
|
(16,397)
|
Proceeds from return
of capital of equity investments with fair value option
|
|
-
|
|
7,724
|
|
-
|
|
|
7,724
|
|
-
|
Proceeds from sale of
investments
|
|
73,290
|
|
-
|
|
42,957
|
|
|
119,439
|
|
42,957
|
Cash paid for
investments in unconsolidated investees
|
|
-
|
|
-
|
|
(2,400)
|
|
|
-
|
|
(12,400)
|
Net cash provided by
(used in) investing activities
|
|
(66,708)
|
|
16,513
|
|
38,503
|
|
|
(10,869)
|
|
7,695
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and other debt
|
|
62,233
|
|
44,954
|
|
87,823
|
|
|
183,731
|
|
231,489
|
Repayment of bank
loans and other debt
|
|
(63,735)
|
|
(53,605)
|
|
(84,035)
|
|
|
(183,070)
|
|
(209,095)
|
Proceeds from
issuance of non-recourse residential financing, net of issuance
costs
|
|
-
|
|
-
|
|
6,528
|
|
|
13,434
|
|
72,259
|
Repayment of
non-recourse residential financing
|
|
(7,231)
|
|
-
|
|
(1,803)
|
|
|
(7,231)
|
|
(2,959)
|
Contributions from
noncontrolling interests and redeemable noncontrolling interests
attributable to residential projects
|
|
22
|
|
-
|
|
1,842
|
|
|
22
|
|
31,413
|
Distributions to
noncontrolling interests and redeemable noncontrolling interests
attributable to residential projects
|
|
(302)
|
|
-
|
|
-
|
|
|
(302)
|
|
(316)
|
Proceeds from
issuance of non-recourse power plant and commercial financing, net
of issuance costs
|
|
2,790
|
|
890
|
|
-
|
|
|
-
|
|
-
|
Cash paid for
repurchase of convertible debt
|
|
(8,037)
|
|
-
|
|
-
|
|
|
(95,178)
|
|
-
|
Payment for prior
business combination
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
(9,000)
|
Proceeds from
issuance of convertible debt
|
|
200,000
|
|
-
|
|
-
|
|
|
200,000
|
|
-
|
Settlement of
contingent consideration arrangement, net of cash
received
|
|
11
|
|
1,811
|
|
-
|
|
|
2,245
|
|
(2,448)
|
Equity offering costs
paid
|
|
-
|
|
-
|
|
-
|
|
|
(928)
|
|
-
|
Purchases of stock
for tax withholding obligations on vested restricted
stock
|
|
(74)
|
|
(1,467)
|
|
(292)
|
|
|
(8,455)
|
|
(4,657)
|
Net cash (used in)
provided by financing activities
|
|
185,677
|
|
(7,417)
|
|
10,063
|
|
|
104,268
|
|
106,686
|
Effect of exchange
rate changes on cash, cash equivalents, restricted cash and
restricted cash equivalents
|
|
109
|
|
330
|
|
(1,510)
|
|
|
222
|
|
(1,247)
|
Net increase
(decrease) in cash, cash equivalents, restricted cash and
restricted cash equivalents
|
|
75,406
|
|
30,077
|
|
10,983
|
|
|
(108,892)
|
|
(153,028)
|
Cash, cash
equivalents, restricted cash and restricted cash equivalents,
beginning of period
|
|
274,359
|
|
244,282
|
|
199,752
|
|
|
458,657
|
|
363,763
|
Cash, cash
equivalents, restricted cash and restricted cash equivalents, end
of period1
|
|
$
349,765
|
|
$
274,359
|
|
$
210,735
|
|
|
$
349,765
|
|
$
210,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
transactions:
|
|
|
|
|
|
|
|
|
|
|
|
Costs of solar power
systems sourced from existing inventory
|
|
$
-
|
|
$
-
|
|
$
8,033
|
|
|
$
-
|
|
$
29,206
|
Costs of solar power
systems funded by liabilities
|
|
$
598
|
|
$
1,716
|
|
$
3,604
|
|
|
$
598
|
|
$
3,604
|
Property, plant and
equipment acquisitions funded by liabilities
|
|
$
36
|
|
$
5,452
|
|
$
11,911
|
|
|
$
36
|
|
$
11,911
|
Assumption of debt by
buyer in connection with sale of residential lease
assets
|
|
$
-
|
|
$
-
|
|
$
69,076
|
|
|
$
-
|
|
$
69,076
|
Right-of-use assets
obtained in exchange of lease obligations2
|
|
$
7,875
|
|
$
963
|
|
$
8,939
|
|
|
$
21,786
|
|
$
103,744
|
Derecognition of
financing obligations upon business divestiture
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
$
-
|
|
$
590,884
|
Assumption of
liabilities in connection with business divestiture
|
|
$
9,056
|
|
$
9,056
|
|
$
-
|
|
|
$
9,056
|
|
$
-
|
Holdbacks in
connection with business divestiture
|
|
$
7,199
|
|
$
7,199
|
|
$
-
|
|
|
$
7,199
|
|
$
2,425
|
Holdback related to
sale of manufacturing facility
|
|
$
-
|
|
$
-
|
|
$
18,300
|
|
|
$
-
|
|
$
18,300
|
Contractual
obligations satisfied by inventory
|
|
$
-
|
|
$
-
|
|
$
8,043
|
|
|
$
-
|
|
$
8,043
|
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), the company uses non-GAAP measures that are
adjusted for certain items from the most directly comparable GAAP
measures. The specific non-GAAP measures listed below are: revenue;
gross margin; net loss; net loss per diluted share; and adjusted
earnings before interest, taxes, depreciation and amortization
("Adjusted EBITDA"). Management believes that each of these
non-GAAP measures are useful to investors, enabling them to better
assess changes in each of these key elements of the company's
results of operations across different reporting periods on a
consistent basis, independent of certain items as described below.
Thus, each of these non-GAAP financial measures provide investors
with another method to assess the company's operating results in a
manner that is focused on its ongoing, core operating performance,
absent the effects of these items. Management uses these non-GAAP
measures internally to assess the business, its financial
performance, current and historical results, as well as for
strategic decision-making and forecasting future results. Many of
the analysts covering the company also use these non-GAAP measures
in their analysis. Given management's use of these non-GAAP
measures, the company believes these measures are important to
investors in understanding the company's operating results as seen
through the eyes of management. These non-GAAP measures are not
prepared in accordance with GAAP or intended to be a replacement
for GAAP financial data; and therefore, should be reviewed together
with the GAAP measures and are not intended to serve as a
substitute for results under GAAP, and may be different from
non-GAAP measures used by other companies.
Non-GAAP gross margin includes adjustments relating to gain/loss
on sale and impairment of residential lease assets, litigation,
stock-based compensation, and amortization of intangible assets,
each of which is described below. In addition to the above
adjustments, non-GAAP net loss and non-GAAP net loss per diluted
share are adjusted for adjustments relating to mark to market gain
on equity investments, gain on business divestiture, impairment of
property, plant, and equipment, transaction-related costs, non-cash
interest expense, restructuring charges (credits), gain on
convertible debt repurchased, tax effect of these non-GAAP
adjustments, each of which is described below. In addition to the
above adjustments, Adjusted EBITDA includes adjustments relating to
cash interest expense (net of interest income), provision for
income taxes, and depreciation.
Non-GAAP Adjustments Based on International Financial
Reporting Standards ("IFRS")
The company's non-GAAP results include adjustments under IFRS
that are consistent with the adjustments made in connection with
the company's internal reporting process as part of its status as a
consolidated subsidiary of Total SE, our controlling shareholder
and a foreign public registrant that reports under IFRS.
Differences between GAAP and IFRS reflected in the company's
non-GAAP results are further described below. In these situations,
management believes that IFRS enables investors to better evaluate
the company's performance, and assists in aligning the perspectives
of the management with those of Total SE.
- Legacy utility and power plant projects: The company included
adjustments related to the revenue recognition of certain utility
and power plant projects based on percentage-of-completion
accounting and, when relevant, the allocation of revenue and margin
to our project development efforts at the time of initial project
sale. Under IFRS, such projects were accounted for when the
customer obtains control of the promised goods or services which
generally results in earlier recognition of revenue and profit than
U.S. GAAP. Over the life of each project, cumulative revenue and
gross margin are eventually equivalent under both GAAP and IFRS;
however, revenue and gross margin is generally recognized earlier
under IFRS.
- Legacy sale-leaseback transactions: The company included
adjustments related to the revenue recognition on certain legacy
sale-leaseback transactions entered into before December 31, 2018, based on the net proceeds
received from the buyer-lessor. Under U.S. GAAP, these transactions
were accounted for under the financing method in accordance with
the applicable accounting guidance. Under such guidance, no revenue
or profit is recognized at the inception of the transaction, and
the net proceeds from the buyer-lessor are recorded as a financing
liability. Imputed interest is recorded on the liability equal to
our incremental borrowing rate adjusted solely to prevent negative
amortization. Under IFRS, such revenue and profit is recognized at
the time of sale to the buyer-lessor if certain criteria are met.
Upon adoption of IFRS 16, Leases, on December 31, 2018, IFRS is aligned with
GAAP.
- Mark-to-market gain in equity investments: The company
recognizes adjustments related to the fair value of equity
investments with readily determinable fair value based on the
changes in the stock price of these equity investments at every
reporting period. Under GAAP, mark-to-market gains and losses due
to changes in stock prices for these securities are recorded in
earnings while under IFRS, an election can be made to recognize
such gains and losses in other comprehensive income. Such an
election was made by Total SE. Further, we elected the Fair Value
Option ("FVO") for some of our equity method investments, and we
adjust the carrying value of those investments based on their fair
market value calculated periodically. Such option is not available
under IFRS, and equity method accounting is required for such
investments. Management believes that excluding these adjustments
on equity investments is consistent with our internal reporting
process as part of its status as a consolidated subsidiary of Total
SE. and better reflects our ongoing results.
Other Non-GAAP Adjustments
For more information about these non-GAAP financial measures,
please see the tables captioned "Reconciliations of GAAP Measures
to Non-GAAP Measures" set forth at the end of this release, which
should be read together with the preceding financial statements
prepared in accordance with GAAP.
SUNPOWER
CORPORATION
|
RECONCILIATIONS OF
GAAP MEASURES TO NON-GAAP MEASURES
|
(In thousands,
except percentages and per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
Sep. 27,
|
|
Jun. 28,
|
|
Sep. 29,
|
|
Sep. 27,
|
|
Sep. 29,
|
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
GAAP
revenue
|
|
$
274,806
|
|
$
217,667
|
|
$
286,042
|
|
$
783,019
|
|
$
690,608
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
-
|
|
-
|
|
(65)
|
|
(207)
|
|
(259)
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Construction revenue
on solar services contracts
|
|
-
|
|
-
|
|
15,790
|
|
5,392
|
|
124,909
|
Non-GAAP
revenue
|
|
$
274,806
|
|
$
217,667
|
|
$
301,767
|
|
$
788,204
|
|
$
815,258
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Gross Profit (Loss) / Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
Sep. 27,
|
|
Jun. 28,
|
|
Sep. 29,
|
|
Sep. 27,
|
|
Sep. 29,
|
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
GAAP gross profit
(loss)
|
|
$
37,140
|
|
$
25,652
|
|
$
45,495
|
|
$
91,976
|
|
$
77,403
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
-
|
|
-
|
|
(7)
|
|
(34)
|
|
993
|
Legacy sale-leaseback
transactions
|
|
-
|
|
-
|
|
(181)
|
|
20
|
|
(4,688)
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Construction revenue
on solar service contracts
|
|
-
|
|
-
|
|
1,160
|
|
4,735
|
|
18,052
|
Gain on sale and
impairment of residential lease assets
|
|
(469)
|
|
(458)
|
|
(511)
|
|
(1,375)
|
|
(1,268)
|
Stock-based
compensation expense
|
|
623
|
|
471
|
|
741
|
|
1,653
|
|
1,370
|
Amortization of
intangible assets
|
|
1,189
|
|
1,783
|
|
1,783
|
|
4,757
|
|
5,352
|
Non-GAAP gross
profit
|
|
$
38,483
|
|
$
27,448
|
|
$
48,480
|
|
$
101,732
|
|
$
97,214
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin
(%)
|
|
13.5%
|
|
11.8%
|
|
15.9%
|
|
11.7%
|
|
11.2%
|
Non-GAAP gross margin
(%)
|
|
14.0%
|
|
12.6%
|
|
16.1%
|
|
12.9%
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Net
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
Sep. 27,
|
|
Jun. 28,
|
|
Sep. 29,
|
|
Sep. 27,
|
|
Sep. 29,
|
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
GAAP net income
(loss) attributable to stockholders
|
|
$
109,450
|
|
$
55,890
|
|
$
18,644
|
|
$
186,880
|
|
$
159,459
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
-
|
|
-
|
|
(7)
|
|
(34)
|
|
993
|
Legacy sale-leaseback
transactions
|
|
-
|
|
-
|
|
(181)
|
|
20
|
|
5,755
|
Mark-to-market gain
on equity investments
|
|
(155,431)
|
|
(71,060)
|
|
(27,595)
|
|
(274,362)
|
|
(128,095)
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Business process
improvements costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Construction revenue
on solar services contracts
|
|
-
|
|
-
|
|
1,160
|
|
4,735
|
|
(8,978)
|
Gain on sale and
impairment of residential lease assets
|
|
(83)
|
|
(317)
|
|
5,135
|
|
(1,122)
|
|
29,002
|
Litigation
|
|
395
|
|
-
|
|
-
|
|
880
|
|
-
|
Stock-based
compensation expense
|
|
4,454
|
|
3,955
|
|
4,975
|
|
13,387
|
|
13,682
|
Amortization of
intangible assets
|
|
1,189
|
|
1,784
|
|
1,783
|
|
4,759
|
|
5,352
|
Gain on business
divestiture
|
|
-
|
|
(10,529)
|
|
-
|
|
(10,529)
|
|
(143,400)
|
Transaction-related
costs
|
|
-
|
|
1,382
|
|
976
|
|
1,863
|
|
3,571
|
Restructuring
charges
|
|
(97)
|
|
659
|
|
4,283
|
|
2,138
|
|
6,071
|
Gain on convertible
debt repurchased
|
|
(104)
|
|
-
|
|
-
|
|
(3,060)
|
|
-
|
Tax effect
|
|
33,769
|
|
994
|
|
(118)
|
|
35,614
|
|
1,817
|
Non-GAAP net loss
attributable to stockholders
|
|
$
(6,458)
|
|
$
(17,242)
|
|
$
9,055
|
|
$
(38,832)
|
|
$
(54,771)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Net
income (loss) per diluted share:
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
Sep. 27,
|
|
Jun. 28,
|
|
Sep. 29,
|
|
Sep. 27,
|
|
Sep. 29,
|
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income (loss) per
diluted share
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to stockholders
|
|
$
109,450
|
|
$
55,890
|
|
$
18,644
|
|
$
186,880
|
|
$
159,459
|
Add: Interest expense on
4.00% debenture due 2023, net of tax
|
|
3,358
|
|
3,358
|
|
691
|
|
10,066
|
|
10,073
|
Add: Interest expense on
0.875% debenture due 2021, net of tax
|
|
467
|
|
535
|
|
-
|
|
1,507
|
|
2,074
|
GAAP net income available to common stockholders
|
|
113,275
|
|
59,783
|
|
19,335
|
|
198,453
|
|
$
171,606
|
Non-GAAP net income (loss) available to common
stockholders
|
|
$
(6,458)
|
|
$
(17,242)
|
|
$
9,055
|
|
$
(38,832)
|
|
$
(54,771)
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average
shares
|
|
170,113
|
|
170,003
|
|
142,553
|
|
169,646
|
|
142,248
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
3,560
|
|
1,765
|
|
4,827
|
|
3,354
|
|
2,488
|
0.875% debentures due
2021
|
|
7,785
|
|
6,350
|
|
8,203
|
|
10,056
|
|
8,203
|
4.00% debentures due
2023
|
|
17,068
|
|
13,922
|
|
-
|
|
17,068
|
|
13,922
|
GAAP dilutive
weighted-average common shares:
|
|
198,526
|
|
192,040
|
|
155,583
|
|
200,124
|
|
166,861
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted-average shares
|
|
170,113
|
|
170,003
|
|
142,553
|
|
169,646
|
|
142,248
|
Effect of dilutive
securities:
|
|
-
|
|
-
|
|
4,827
|
|
-
|
|
-
|
Non-GAAP dilutive
weighted-average shares1
|
|
170,113
|
|
170,003
|
|
147,380
|
|
169,646
|
|
142,248
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) per diluted share
|
|
$
0.57
|
|
$
0.31
|
|
$
0.12
|
|
$
0.99
|
|
$
1.03
|
Non-GAAP net income
(loss) per diluted share
|
|
$
(0.04)
|
|
$
(0.10)
|
|
$
0.06
|
|
$
(0.23)
|
|
$
(0.39)
|
|
|
|
|
|
|
|
|
|
|
|
1In
accordance with the if-converted method, net income (loss)
available to common stockholders excludes interest expense related
to the 0.875% and 4.0% debentures if the
debentures are considered converted in the calculation of net
income (loss) per diluted share. If the conversion option for
a debenture is not in the money for the relevant
period, the potential conversion of the debenture under the
if-converted method is excluded from the calculation of non-GAAP
net income (loss) per diluted share.
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
Sep. 27,
|
|
Jun. 28,
|
|
Sep. 29,
|
|
Sep. 27,
|
|
Sep. 29,
|
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
GAAP net income
(loss) attributable to stockholders
|
|
$
109,450
|
|
$
55,890
|
|
$
18,644
|
|
$
186,880
|
|
$
159,459
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
-
|
|
-
|
|
(7)
|
|
(34)
|
|
993
|
Legacy sale-leaseback
transactions
|
|
-
|
|
-
|
|
(181)
|
|
20
|
|
5,755
|
Mark-to-market gain
on equity investment
|
|
(155,431)
|
|
(71,060)
|
|
(27,595)
|
|
(274,362)
|
|
(128,095)
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Construction revenue
on solar services contracts
|
|
-
|
|
-
|
|
1,160
|
|
4,735
|
|
(8,978)
|
(Gain) loss on sale
and impairment of residential lease assets
|
|
(83)
|
|
(317)
|
|
5,135
|
|
(1,122)
|
|
29,002
|
Litigation
|
|
395
|
|
-
|
|
-
|
|
880
|
|
-
|
Stock-based
compensation expense
|
|
4,454
|
|
3,955
|
|
4,975
|
|
13,387
|
|
13,682
|
Amortization of
intangible assets
|
|
1,189
|
|
1,784
|
|
1,783
|
|
4,759
|
|
5,352
|
Gain on business
divestiture
|
|
-
|
|
(10,529)
|
|
-
|
|
(10,529)
|
|
(143,400)
|
Transaction-related
costs
|
|
-
|
|
1,382
|
|
976
|
|
1,863
|
|
3,571
|
Restructuring charges
(credits)
|
|
(97)
|
|
1,259
|
|
4,283
|
|
2,738
|
|
6,071
|
Gain on convertible
debt repurchased
|
|
(104)
|
|
-
|
|
-
|
|
(3,060)
|
|
-
|
Cash interest
expense, net of interest income
|
|
6,918
|
|
8,317
|
|
7,635
|
|
24,102
|
|
25,691
|
Provision for income
taxes
|
|
36,725
|
|
1,106
|
|
2,928
|
|
38,716
|
|
10,074
|
Depreciation
|
|
5,156
|
|
3,933
|
|
5,373
|
|
12,589
|
|
22,916
|
Adjusted
EBITDA
|
|
$
8,572
|
|
$
(4,280)
|
|
$
25,109
|
|
$
1,562
|
|
$
2,093
|
Q4 2020 and FY 2020 GUIDANCE
(in
thousands)
|
Q4
2020
|
FY
2020
|
Revenue (GAAP and
Non-GAAP)
|
$330,000-$370,000
|
$1,120,000-$1,160,000
|
Net income
(GAAP)
|
$11,000-$21,000
|
$190,000-$200,000
|
Adjusted
EBITDA1
|
$26,000-$36,000
|
$30,000-$40,000
|
- Estimated Adjusted EBITDA amount above for Q4 2020 includes net
adjustments that decrease net income by approximately $5 million related to stock-based compensation
expense, $1 million in
transaction-related costs, $4 million
related to depreciation expense, $10
million related to interest expense, and $1 million related to income taxes. Estimated
Adjusted EBITDA amount above for fiscal 2020 includes net
adjustments that decrease (increase) net income by approximately
$(274) million related to
mark-to-market gain on equity investments, $(11) million related to gain on business
divestiture, $17 million related to
stock-based compensation expense, $34
million related to interest expense, $18 million related to depreciation expense,
$40 million related to income taxes,
$5 million related to construction
revenue on solar service contracts, $5
million amortization of intangible assets, $3 million related to transaction-related costs,
and $2 million related to
restructuring charges.
|
|
SUNPOWER
CORPORATION
|
|
|
|
|
|
|
(In thousands,
except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 27,
2020
|
|
|
|
|
|
|
Revenue
|
|
Gross profit /
margin
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential,
Light
Commercial
|
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
Residential,
Light
Commercial
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
|
Research
and
development
|
|
Sales,
general
and
administrative
|
|
Restructuring
charges
|
|
(Gain)/loss
on
sale and
impairment of
residential
lease assets
|
|
Gain on
business
divestiture
|
|
Other income
(expense), net
|
|
Equity in
earnings of
unconsolidat
ed investees
|
|
Provision for
income taxes
|
|
Net income (loss)
attributable to
stockholders
|
|
|
|
|
GAAP
|
|
$
197,710
|
|
$
74,333
|
|
$
10,056
|
$
(7,293)
|
|
$
34,625
|
|
$
3,931
|
|
$
(3,168)
|
|
$
1,752
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
$
109,450
|
|
|
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gain
on equity investments
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(155,431)
|
|
-
|
|
-
|
|
(155,431)
|
|
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
|
-
|
|
-
|
|
-
|
-
|
|
(469)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
386
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(83)
|
|
|
|
|
Litigation
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
395
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
395
|
|
|
|
|
Stock-based
compensation expense
|
|
-
|
|
-
|
|
-
|
-
|
|
623
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
3,831
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,454
|
|
|
|
|
Amortization of
intangible assets
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
1,189
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,189
|
|
|
|
|
Restructuring
charges
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
(97)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(97)
|
|
|
|
|
Gain on convertible
notes repurchased
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(104)
|
|
-
|
|
-
|
|
(104)
|
|
|
|
|
Tax effect
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
33,769
|
|
33,769
|
|
|
|
|
Non-GAAP
|
|
$
197,710
|
|
$
74,333
|
|
$
10,056
|
$
(7,293)
|
|
$
34,779
|
|
$
5,120
|
|
$
(3,168)
|
|
$
1,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
(6,458)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28,
2020
|
|
|
|
|
|
|
Revenue
|
|
Gross profit /
margin
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential,
Light
Commercial
|
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
Residential,
Light
Commercial
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
|
Research
and
development
|
|
Sales,
general
and
administrative
|
|
Restructuring
charges
|
|
(Gain)/loss
on
sale and
impairment of
residential
lease assets
|
|
Gain on
business
divestiture
|
|
Other income
(expense), net
|
|
Equity in
earnings of
unconsolidat
ed investees
|
|
Provision for
income taxes
|
|
Net income (loss)
attributable to
stockholders
|
|
|
|
|
GAAP
|
|
$
160,169
|
|
$
50,319
|
|
$
12,822
|
$
(5,643)
|
|
$
26,204
|
|
$
8,924
|
|
$
(6,283)
|
|
$
(3,194)
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
55,890
|
|
|
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gain
on equity investments
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(71,060)
|
|
-
|
|
-
|
|
(71,060)
|
|
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on business
divestiture
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(10,458)
|
|
(71)
|
|
-
|
|
-
|
|
(10,529)
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
|
-
|
|
-
|
|
-
|
-
|
|
(458)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
141
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(317)
|
|
|
|
|
Stock-based
compensation expense
|
|
-
|
|
-
|
|
-
|
-
|
|
471
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
3,484
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,955
|
|
|
|
|
Amortization of
intangible assets
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
1,784
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,784
|
|
|
|
|
Transaction-related
costs
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
1,382
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,382
|
|
|
|
|
Restructuring
charges
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
659
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
659
|
|
|
|
|
Tax effect
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
994
|
|
994
|
|
|
|
|
Non-GAAP
|
|
$
160,169
|
|
$
50,319
|
|
$
12,822
|
$
(5,643)
|
|
$
26,217
|
|
$
10,708
|
|
$
(6,283)
|
|
$
(3,194)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
(17,242)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 29,
2019
|
|
|
|
|
Revenue
|
|
Gross profit /
margin
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential,
Light
Commercial
|
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
Residential,
Light
Commercial
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
|
Research
and
development
|
|
Sales,
general
and
administrative
|
|
Restructuring
charges
|
|
Loss on
sale
and impairment
of residential
lease assets
|
|
Gain on
business
divestiture
|
|
Other income
(expense), net
|
|
Equity in
earnings of
unconsolidat
ed investees
|
|
Provision for
income taxes
|
|
Gain (Loss)
attributable to non-
controlling interests
|
|
Net income
(loss)
attributable to stockholders
|
|
|
GAAP
|
|
$
204,090
|
|
$
63,589
|
|
$
33,975
|
$
(15,612)
|
|
$
27,407
|
|
$
289
|
|
$
16,860
|
|
$
939
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
18,644
|
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
-
|
|
(65)
|
|
-
|
-
|
|
(7)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(7)
|
|
|
Legacy sale-leaseback
transactions
|
|
-
|
|
-
|
|
-
|
-
|
|
(181)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(181)
|
|
|
Mark-to-market gain
on equity investments
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(28,548)
|
|
953
|
|
-
|
|
-
|
|
(27,595)
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
|
-
|
|
-
|
|
-
|
-
|
|
(511)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
10,756
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,110)
|
|
5,135
|
|
|
Construction revenue
on solar services contracts
|
|
15,790
|
|
-
|
|
-
|
-
|
|
1,160
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,160
|
|
|
Stock-based
compensation expense
|
|
-
|
|
-
|
|
-
|
-
|
|
741
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
4,234
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,975
|
|
|
Amortization of
intangible assets
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
1,783
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,783
|
|
|
Transaction-related
costs
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
976
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
976
|
|
|
Restructuring
charges
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
4,283
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,283
|
|
|
Tax effect
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(118)
|
|
-
|
|
(118)
|
|
|
Non-GAAP
|
|
$
219,880
|
|
$
63,524
|
|
$
33,975
|
$
(15,612)
|
|
$
28,609
|
|
$
2,072
|
|
$
16,860
|
|
$
939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
9,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 27,
2020
|
|
|
|
|
|
|
Revenue
|
|
Gross profit /
margin
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential,
Light
Commercial
|
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
Residential,
Light
Commercial
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
|
Research
and
development
|
|
Sales,
general
and
administrative
|
|
Restructuring
charges
|
|
(Gain)/loss on
sale and
impairment of
residential
lease assets
|
|
Gain on
business
divestiture
|
|
Other income
(expense), net
|
|
Equity in
earnings of
unconsolidat
ed investees
|
|
Provision
for
income taxes
|
|
Net income (loss)
attributable to
stockholders
|
|
|
|
|
GAAP
|
|
$
584,749
|
|
$
175,471
|
|
$
55,613
|
$
(32,815)
|
|
$
89,470
|
|
$
9,808
|
|
$
(18,906)
|
|
$
11,604
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
186,880
|
|
|
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
-
|
|
(207)
|
|
-
|
-
|
|
-
|
|
(34)
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(34)
|
|
|
|
|
Legacy sale-leaseback
transactions
|
|
-
|
|
-
|
|
-
|
-
|
|
20
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
20
|
|
|
|
|
Mark-to-market gain
on equity investments
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(274,362)
|
|
-
|
|
-
|
|
(274,362)
|
|
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
|
-
|
|
-
|
|
-
|
-
|
|
(1,375)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
253
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,122)
|
|
|
|
|
Construction revenue
on solar services contracts
|
|
5,392
|
|
-
|
|
-
|
-
|
|
4,735
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,735
|
|
|
|
|
Litigation
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
880
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
880
|
|
|
|
|
Stock-based
compensation expense
|
|
-
|
|
-
|
|
-
|
-
|
|
1,653
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
11,734
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,387
|
|
|
|
|
Amortization of
intangible assets
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
4,759
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,759
|
|
|
|
|
Gain on business
divestiture
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(10,458)
|
|
(71)
|
|
-
|
|
-
|
|
(10,529)
|
|
|
|
|
Business
reorganization costs
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
1,863
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,863
|
|
|
|
|
Restructuring
charges
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
2,138
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,138
|
|
|
|
|
Gain on convertible
debt repurchased
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,060)
|
|
-
|
|
-
|
|
(3,060)
|
|
|
|
|
Tax effect
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
35,614
|
|
35,614
|
|
|
|
|
Non-GAAP
|
|
$
590,141
|
|
$
178,195
|
|
$
55,613
|
$
(32,815)
|
|
$
94,503
|
|
$
14,533
|
|
$
(18,906)
|
|
$
11,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
(38,831)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 29,
2019
|
|
|
|
|
Revenue
|
|
Gross profit /
margin
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential,
Light
Commercial
|
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
Residential,
Light
Commercial
|
Commercial and
Industrial
Solutions
|
|
Others
|
Intersegment
Eliminations
|
|
|
Research
and
development
|
|
Sales,
general
and
administrative
|
|
Restructuring
charges
|
|
(Gain)/loss
on
sale and
impairment of
residential
lease assets
|
|
Gain on
business
divestiture
|
|
Other income
(expense), net
|
|
Equity in
earnings of
unconsolidat
ed investees
|
|
Provision for
income taxes
|
|
Gain (Loss)
attributable to non-
controlling interests
|
|
Net income (loss)
attributable to stockholders
|
|
|
GAAP
|
|
$
482,085
|
|
$
156,032
|
|
$
78,728
|
$
(26,237)
|
|
$
49,969
|
|
$
2,679
|
|
$
5,751
|
|
$
19,004
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
159,459
|
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
-
|
|
(259)
|
|
-
|
-
|
|
993
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
993
|
|
|
Legacy sale-leaseback
transactions
|
|
-
|
|
-
|
|
-
|
-
|
|
(4,688)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,443
|
|
-
|
|
-
|
|
-
|
|
5,755
|
|
|
Mark-to-market gain
on equity investments
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(129,048)
|
|
953
|
|
-
|
|
-
|
|
(128,095)
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
|
-
|
|
-
|
|
-
|
-
|
|
(1,268)
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
36,710
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6,440)
|
|
29,002
|
|
|
Construction revenue
on solar services contracts
|
|
124,909
|
|
-
|
|
-
|
-
|
|
18,052
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(27,030)
|
|
(8,978)
|
|
|
Stock-based
compensation expense
|
|
-
|
|
-
|
|
-
|
-
|
|
1,370
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
12,312
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,682
|
|
|
Amortization of
intangible assets
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
5,352
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,352
|
|
|
Business
reorganization costs
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(143,250)
|
|
(150)
|
|
-
|
|
-
|
|
-
|
|
(143,400)
|
|
|
Transaction-related
costs
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
3,571
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,571
|
|
|
Restructuring
charges
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
6,071
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,071
|
|
|
Tax effect
|
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,817
|
|
-
|
|
1,817
|
|
|
Non-GAAP
|
|
$
606,994
|
|
$
155,773
|
|
$
78,728
|
$
(26,237)
|
|
$
64,428
|
|
$
8,031
|
|
$
5,751
|
|
$
19,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
(54,771)
|
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sunpower-reports-third-quarter-2020-results-301162196.html
SOURCE SunPower Corp.