- Added a record 23,000 customers in the third quarter, a
63% increase YoY
- Accelerated revenue growth 67% YoY
- Reported Net Income attributable to stockholders of
$139M, Adjusted EBITDA of
$33M which more than doubled Q2
results
- Announced collaboration with General Motors to develop
home energy system; General Motors named SunPower as exclusive
solar provider
RICHMOND, Calif., Nov. 8, 2022
/PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar
technology and energy services provider, today announced financial
results for the third quarter, ending October 2, 2022.
"In the third quarter we continued to break records for customer
growth and revenue, putting us on track toward the high end of our
2022 guidance for these metrics. Our strategy is working: with our
focus on providing a world-class customer experience and
industry-leading products, coupled with the right financing
options, we are driving strong market share gains and a significant
backlog that we believe will benefit us well into 2023," said
Peter Faricy, CEO of SunPower. "We
also introduced new products and strategic alliances that keep
SunPower at the forefront as consumer demand for better, cleaner,
more reliable energy continues to grow."
THIRD QUARTER BUSINESS HIGHLIGHTS
World-class customer experience
- Highest rated solar company: In the third quarter of
2022, SunPower held its position as the number one1
rated solar company in the U.S. CNET also named SunPower the best
solar company overall in its list of best solar companies in
2022.
Best, most affordable products
- Expanded SunVault® portfolio: In September, SunPower
announced two new battery storage configurations offering increased
energy density and maximized space within the battery box.
Additionally this quarter, Good Housekeeping awarded SunVault a
spot on its list of top home renovation products in the Biggest
Energy Savers category.
Growth
- Powering homes of the future with General Motors: In
October, SunPower announced a collaboration with General Motors
(NYSE:GM) to develop a new home energy system that will enable
General Motors' compatible electric vehicles (EVs) to provide
backup energy to an equipped home with bi-directional charging. GM
also named SunPower as a preferred EV charger installation provider
and its exclusive solar provider.
- Investing in high-potential dealers: SunPower announced
it made minority investments in Renova Energy and EmPower Solar in
September. As the latest entrants in its Dealer Accelerator
Program, SunPower will provide capital financing and business
strategy support to accelerate their growth and meet the increasing
homeowner demand for solar nationwide. Dealers in the program
exclusively sell industry-leading SunPower® solar systems, offer
SunVault battery storage and leverage SunPower Financial™
offerings.
- Continuing to lead in new homes: SunPower's new homes
business achieved a record number of installed homes in the third
quarter. The Company also continues to expand its new homes
business across the country: in the third quarter, the Company
solidified a four-year, nationwide exclusive agreement with Dream
Finders Homes (NYSE:DFH) to be its exclusive provider of solar and
storage solutions. This expands upon SunPower's deal with Dream
Finders Homes last quarter to build five solar-standard communities
in Colorado.
Digital innovation
- Launched new digital tools to enhance customer
experience: SunPower launched a new real-time data
visualization tool that enables dealers to identify device
production and communication issues and panel performance trends
more quickly and accurately. Doing so supports SunPower's aim to
continue to improve its category-leading customer responsiveness
and ensure customer's systems are performing as desired.
World-class financial solutions
- Financial bookings increasing rapidly: SunPower
Financial achieved 49% bookings attach rate in September, achieving
its 2022 run-rate goal a quarter early. Net bookings of SunPower
Financial products in the third quarter grew 94% YoY.
- Strong demand for lease and Power Purchase Agreements
(PPA): The company's lease and PPA net bookings have grown more
than 120% YoY, following the passage of the Inflation Reduction
Act.
1 Based on public solar providers in the U.S.
Includes average of BBB, Yelp, ConsumerAffairs, BestCompany,
Google, SolarReviews and EnergySage reviews scores as of
10/1/22
Financial Highlights
($ Millions, except
percentages, residential
customers, and per-share data)
|
3rd Quarter
2022
|
2nd Quarter
2022
|
3rd Quarter
2021
|
GAAP revenue from
continuing operations
|
$475.7
|
$417.8
|
$283.3
|
GAAP gross margin from
continuing operations
|
22.2 %
|
19.5 %
|
22.0 %
|
GAAP net income (loss)
from continuing operations
|
$139.4
|
$(42.5)
|
$(72.7)
|
GAAP net income (loss)
from continuing operations
per diluted share
|
$0.74
|
$(0.24)
|
$(0.42)
|
Non-GAAP revenue from
continuing operations1
|
$469.8
|
$414.1
|
$281.6
|
Non-GAAP gross margin
from continuing operations1
|
22.8 %
|
21.3 %
|
22.4 %
|
Non-GAAP net income
(loss) from continuing
operations1
|
$23.6
|
$5.2
|
$20.4
|
Non-GAAP net income
(loss) from continuing
operations per diluted share1
|
$0.13
|
$0.03
|
$0.12
|
Adjusted
EBITDA1
|
$32.6
|
$15.2
|
$26.3
|
Residential
customers
|
486,700
|
463,600
|
390,200
|
Cash2
|
$396.5
|
$206.4
|
$260.5
|
|
The sale of our C&I
Solutions business met the criteria for classification as
"discontinued operations" in accordance with the guidance in ASC
205-20, Discontinued Operations, beginning the first quarter
of fiscal 2022. For all periods presented, the financial results of
C&I Solutions are excluded in the table above.
|
|
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
|
2022 Financial Outlook
SunPower affirmed prior 2022
guidance of $2,000-$2,400 Adjusted EBITDA per customer and
73,000-80,000 incremental customers, resulting in $90-$110 million
Adjusted EBITDA for the year.
Earnings Conference Call Information
SunPower will
discuss its third quarter 2022 financial results on Tuesday, November 8 at 8:30 a.m. Eastern Time. The conference call can
be accessed live by registering at
https://register.vevent.com/register/BI45f40baae7fb4eb19531e810dd5b7edb.
The live audio webcast and supplemental financial information will
be available on SunPower's investor website at
http://investors.sunpower.com/events.cfm.
About SunPower
SunPower (NASDAQ:SPWR) is a leading solar technology and energy
services provider in North
America. SunPower offers the only solar + storage solution
designed and warranted by one company that gives customers control
over electricity consumption and resiliency during power outages.
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) expectations regarding demand
and our future performance based on backlog, bookings, projected
consumer demand, and pipelines in our sales channels and for our
products, and our ability to meet consumer demand; (b) our plans
and expectations with respect to our strategic partnerships and
initiatives, including our relationship with General Motors, our
agreement with Dream Finders Homes, and our dealer accelerator
program, and the anticipated business and financial impacts
thereof; (c) our strategic plans and areas of investment and focus,
both current and future, and expectations for the results thereof,
including improved customer experience, increased installation
capacity, and development of new products and services; (d) our
expectations regarding projected demand and growth in 2022 and
beyond, our positioning for future success, and our ability to
capture demand and deliver long-term value to our shareholders; (e)
our expectations for industry trends and factors, and the impact
thereof on our business and strategic plans; and (f) our guidance
for fiscal year 2022, including Adjusted EBITDA per customer,
incremental customers, 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)
regulatory changes and the availability of economic incentives
promoting use of solar energy; (2) potential disruptions to our
operations and supply chain that may result from epidemics or
natural disasters, including impacts of the COVID-19 pandemic, and
other factors; (3) competition in the solar and general energy
industry, supply chain constraints, interest rates, inflation, and
pricing pressures; (4) changes in public policy, including the
imposition and applicability of tariffs and duties; (5) our
dependence on sole- or limited-source supply relationships,
including for our solar panels and other components of our
products; (6) risks related to the introduction of new or enhanced
products, including potential technical challenges, lead times, and
our ability to match supply with demand while maintaining quality,
sales, and support standards; (7) 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; (8) our liquidity,
indebtedness, and ability to obtain additional financing for our
projects and customers; and (9) 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.
©2022 SunPower Corporation. All rights reserved. SUNPOWER,
SUNPOWER FINANCIAL, SUNVAULT, and the SUNPOWER logo are trademarks
or registered trademarks of SunPower Corporation in the U.S.
SUNPOWER CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
October 2,
2022
|
|
January 3,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
396,510
|
|
$
123,735
|
Restricted cash and
cash equivalents, current portion
|
13,204
|
|
691
|
Short-term
investments
|
138,735
|
|
365,880
|
Accounts receivable,
net
|
178,302
|
|
121,268
|
Contract
assets
|
36,490
|
|
25,994
|
Inventories
|
228,253
|
|
214,432
|
Advances to
suppliers
|
6,432
|
|
462
|
Prepaid expenses and
other current assets
|
192,392
|
|
100,212
|
Current assets of
discontinued operations
|
—
|
|
120,792
|
Total current
assets
|
1,190,318
|
|
1,073,466
|
|
|
|
|
Restricted cash and
cash equivalents, net of current portion
|
24,265
|
|
14,887
|
Property, plant and
equipment, net
|
64,784
|
|
33,560
|
Operating lease
right-of-use assets
|
38,295
|
|
31,654
|
Solar power systems
leased, net
|
42,552
|
|
45,502
|
Goodwill
|
126,338
|
|
126,338
|
Other intangible
assets, net
|
24,312
|
|
24,879
|
Other long-term
assets
|
206,630
|
|
156,994
|
Long-term assets of
discontinued operations
|
—
|
|
47,526
|
Total assets
|
$
1,717,494
|
|
$
1,554,806
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
194,133
|
|
$
138,514
|
Accrued
liabilities
|
142,714
|
|
101,980
|
Operating lease
liabilities, current portion
|
11,179
|
|
10,753
|
Contract liabilities,
current portion
|
135,497
|
|
62,285
|
Short-term
debt
|
2,185
|
|
109,568
|
Convertible debt,
current portion
|
424,609
|
|
—
|
Current liabilities of
discontinued operations
|
—
|
|
86,496
|
Total current
liabilities
|
910,317
|
|
509,596
|
|
|
|
|
Long-term
debt
|
72,567
|
|
380
|
Convertible debt, net
of current portion
|
—
|
|
423,677
|
Operating lease
liabilities, net of current portion
|
31,400
|
|
28,566
|
Contract liabilities,
net of current portion
|
18,344
|
|
18,705
|
Other long-term
liabilities
|
118,242
|
|
141,197
|
Long-term liabilities
of discontinued operations
|
—
|
|
42,661
|
Total
liabilities
|
1,150,870
|
|
1,164,782
|
|
|
|
|
Equity:
|
|
|
|
Common
stock
|
174
|
|
173
|
Additional paid-in
capital
|
2,845,845
|
|
2,714,500
|
Accumulated
deficit
|
(2,073,788)
|
|
(2,122,212)
|
Accumulated other
comprehensive income
|
11,097
|
|
11,168
|
Treasury stock, at
cost
|
(225,703)
|
|
(215,240)
|
Total stockholders'
equity
|
557,625
|
|
388,389
|
Noncontrolling
interests in subsidiaries
|
8,999
|
|
1,635
|
Total
equity
|
566,624
|
|
390,024
|
Total liabilities and
equity
|
$
1,717,494
|
|
$
1,554,806
|
SUNPOWER CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
October 2,
2022
|
|
July 3,
2022
|
|
October 3,
2021
|
|
October 2,
2022
|
|
October 3,
2021
|
Total
revenues
|
|
$
475,711
|
|
$
417,772
|
|
$
283,312
|
|
$ 1,243,760
|
|
$
784,199
|
Total cost of
revenues
|
|
370,264
|
|
336,273
|
|
220,923
|
|
984,505
|
|
615,133
|
Gross profit
|
|
105,447
|
|
81,499
|
|
62,389
|
|
259,255
|
|
169,066
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
6,784
|
|
7,405
|
|
2,615
|
|
19,199
|
|
11,497
|
Sales, general, and
administrative
|
|
87,124
|
|
93,043
|
|
43,704
|
|
257,163
|
|
135,449
|
Restructuring
(credits) charges
|
|
111
|
|
(494)
|
|
(230)
|
|
244
|
|
4,344
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(294)
|
(Income) expense from
transition
services agreement, net
|
|
(1,059)
|
|
(494)
|
|
(468)
|
|
(1,287)
|
|
(5,211)
|
Total operating
expenses
|
|
92,960
|
|
99,460
|
|
45,621
|
|
275,319
|
|
140,495
|
Operating income
(loss)
|
|
12,487
|
|
(17,961)
|
|
16,768
|
|
(16,064)
|
|
28,571
|
Other income (expense),
net:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
144
|
|
92
|
|
43
|
|
278
|
|
168
|
Interest
expense
|
|
(4,216)
|
|
(5,964)
|
|
(5,171)
|
|
(15,224)
|
|
(18,828)
|
Other, net
|
|
135,368
|
|
(14,652)
|
|
(86,099)
|
|
122,160
|
|
(46,539)
|
Other income
(expense), net
|
|
131,296
|
|
(20,524)
|
|
(91,227)
|
|
107,214
|
|
(65,199)
|
Income (loss) from
continuing operations
before income taxes and equity in earnings
of unconsolidated investees
|
|
143,783
|
|
(38,485)
|
|
(74,459)
|
|
91,150
|
|
(36,628)
|
(Provision for)
benefits from income taxes
|
|
(3,109)
|
|
(3,226)
|
|
2,015
|
|
5,308
|
|
3,547
|
Equity in earnings
(losses) of
unconsolidated investees
|
|
1,958
|
|
—
|
|
—
|
|
1,958
|
|
—
|
Net income (loss) from
continuing operations
|
|
142,632
|
|
(41,711)
|
|
(72,444)
|
|
98,416
|
|
(33,081)
|
(Loss) income from
discontinued
operations before income taxes and
equity in losses of unconsolidated
investees1
|
|
—
|
|
(20,857)
|
|
(12,042)
|
|
(47,155)
|
|
(27,401)
|
Benefits from
(provision for) income
taxes from discontinued operations
|
|
—
|
|
241
|
|
179
|
|
584
|
|
1,446
|
Net (loss) income from
discontinued
operations, net of taxes
|
|
—
|
|
(20,616)
|
|
(11,863)
|
|
(46,571)
|
|
(25,955)
|
Net income
(loss)
|
|
142,632
|
|
(62,327)
|
|
(84,307)
|
|
51,845
|
|
(59,036)
|
Net (income) loss from
continuing
operations attributable to noncontrolling
interests
|
|
(3,225)
|
|
(785)
|
|
(263)
|
|
(3,671)
|
|
321
|
Net (income) loss from
discontinued
operations attributable to noncontrolling
interests
|
|
—
|
|
—
|
|
194
|
|
250
|
|
1,161
|
Net (income) loss
attributable to
noncontrolling interests
|
|
(3,225)
|
|
(785)
|
|
(69)
|
|
(3,421)
|
|
1,482
|
Net income (loss) from
continuing
operations attributable to stockholders
|
|
139,407
|
|
(42,496)
|
|
(72,707)
|
|
94,745
|
|
(32,760)
|
Net (loss) income from
discontinued
operations attributable to stockholders
|
|
—
|
|
(20,616)
|
|
(11,669)
|
|
(46,321)
|
|
(24,794)
|
Net income (loss)
attributable to stockholders
|
|
$
139,407
|
|
$
(63,112)
|
|
$
(84,376)
|
|
$
48,424
|
|
$
(57,554)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to
stockholders - basic:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
0.80
|
|
$
(0.01)
|
|
$
(0.42)
|
|
$
0.55
|
|
$
(0.19)
|
Discontinued
operations
|
|
$
—
|
|
$
(0.15)
|
|
$
(0.07)
|
|
$
(0.27)
|
|
$
(0.14)
|
Net income (loss) per
share – basic
|
|
$
0.80
|
|
$
(0.16)
|
|
$
(0.49)
|
|
$
0.28
|
|
$
(0.33)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to
stockholders - diluted:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
0.74
|
|
$
(0.01)
|
|
$
(0.42)
|
|
$
0.54
|
|
$
(0.19)
|
Discontinued
operations
|
|
$
—
|
|
$
(0.15)
|
|
$
(0.07)
|
|
$
(0.24)
|
|
$
(0.14)
|
Net income (loss) per
share – diluted
|
|
$
0.74
|
|
$
(0.16)
|
|
$
(0.49)
|
|
$
0.30
|
|
$
(0.33)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
174,118
|
|
173,376
|
|
172,885
|
|
173,815
|
|
172,242
|
Diluted
|
|
192,497
|
|
173,376
|
|
172,885
|
|
191,589
|
|
172,242
|
SUNPOWER CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
October 2,
2022
|
|
July 3,
2022
|
|
October 3,
2021
|
|
October 2,
2022
|
|
October 3,
2021
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
142,632
|
|
$
(62,327)
|
|
$
(84,307)
|
|
$
51,845
|
|
$
(59,036)
|
Adjustments to
reconcile net income
(loss) to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
8,048
|
|
12,383
|
|
1,681
|
|
25,096
|
|
7,498
|
Stock-based
compensation
|
|
6,557
|
|
7,072
|
|
4,726
|
|
19,056
|
|
19,776
|
Non-cash interest
expense
|
|
997
|
|
833
|
|
940
|
|
2,556
|
|
4,095
|
Equity in (earnings)
losses of
unconsolidated investees
|
|
(1,958)
|
|
—
|
|
—
|
|
(1,958)
|
|
—
|
(Gain) loss on equity
investments
|
|
(134,905)
|
|
15,255
|
|
86,254
|
|
(120,965)
|
|
47,238
|
(Gain) loss on sale of
investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,162)
|
(Gain) loss on
business divestitures, net
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(224)
|
Unrealized (gain) loss
on derivatives
|
|
(2,304)
|
|
—
|
|
—
|
|
(2,304)
|
|
—
|
Dividend from equity
method investees
|
|
133
|
|
—
|
|
—
|
|
133
|
|
—
|
Deferred income
taxes
|
|
(1,410)
|
|
2,554
|
|
(2,472)
|
|
(12,606)
|
|
(4,109)
|
Other, net
|
|
(821)
|
|
104
|
|
(120)
|
|
128
|
|
(6,335)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(28,315)
|
|
(25,585)
|
|
(1,541)
|
|
(66,254)
|
|
(4,450)
|
Contract
assets
|
|
(5,007)
|
|
13,852
|
|
4,189
|
|
2,326
|
|
28,687
|
Inventories
|
|
(5,728)
|
|
18,022
|
|
(5,583)
|
|
(22,787)
|
|
(3,758)
|
Project
assets
|
|
—
|
|
(2,597)
|
|
(3,488)
|
|
295
|
|
2,817
|
Prepaid expenses and
other assets
|
|
(42,366)
|
|
(83,296)
|
|
(11,512)
|
|
(212,164)
|
|
(10,915)
|
Operating lease
right-of-use assets
|
|
2,992
|
|
3,017
|
|
2,344
|
|
8,424
|
|
8,709
|
Advances to
suppliers
|
|
(4,216)
|
|
150
|
|
2,597
|
|
(6,288)
|
|
(687)
|
Accounts payable and
other
accrued liabilities
|
|
31,326
|
|
5,074
|
|
(14,016)
|
|
77,844
|
|
(56,245)
|
Contract
liabilities
|
|
32,390
|
|
44,207
|
|
5,047
|
|
98,663
|
|
(3,507)
|
Operating lease
liabilities
|
|
(3,334)
|
|
(4,545)
|
|
(3,868)
|
|
(10,906)
|
|
(10,457)
|
Net cash (used
in)provided
by operating activities
|
|
(5,289)
|
|
(55,827)
|
|
(19,129)
|
|
(169,866)
|
|
(42,065)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(15,375)
|
|
(12,947)
|
|
(1,623)
|
|
(36,958)
|
|
(3,934)
|
Investments in
software development costs
|
|
(1,500)
|
|
(1,204)
|
|
(2,468)
|
|
(4,225)
|
|
(2,468)
|
Proceeds from sale of
property, plant
and equipment
|
|
—
|
|
—
|
|
—
|
|
—
|
|
900
|
Cash paid for solar
power systems
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(635)
|
Cash received from
sale of investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,200
|
Proceeds from business
divestitures,
net of de-consolidated cash
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,516
|
Cash received from
C&I Solutions
sale, net of deconsolidated cash
|
|
—
|
|
146,303
|
|
—
|
|
146,303
|
|
—
|
Cash paid for equity
investments
|
|
(14,500)
|
|
(9,420)
|
|
—
|
|
(30,920)
|
|
—
|
Proceeds from sale of
equity investment
|
|
290,278
|
|
—
|
|
177,780
|
|
440,108
|
|
177,780
|
Proceeds from return
of capital from
equity investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,276
|
Cash paid for
investments in
unconsolidated investees
|
|
(2,424)
|
|
(3,164)
|
|
—
|
|
(5,742)
|
|
—
|
Dividend from equity
method investees
|
|
137
|
|
—
|
|
—
|
|
137
|
|
—
|
Net cash provided by
(used
in) investing activities
|
|
256,616
|
|
119,568
|
|
173,689
|
|
508,703
|
|
185,635
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and other debt
|
|
24,453
|
|
78,818
|
|
28,273
|
|
124,729
|
|
123,669
|
Repayment of bank
loans and other debt
|
|
(68,959)
|
|
(74,100)
|
|
(52,813)
|
|
(167,003)
|
|
(156,386)
|
Repayment of
non-recourse
residential and commercial financing debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,798)
|
Repayment of
convertible debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(62,757)
|
Payments for financing
leases
|
|
(617)
|
|
(118)
|
|
—
|
|
(735)
|
|
—
|
Issuance of common
stock to executive
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,998
|
Purchases of stock for
tax
withholding obligations on vested
restricted stock
|
|
(874)
|
|
(2,256)
|
|
(809)
|
|
(10,462)
|
|
(7,262)
|
Net cash (used
in)provided
by financing activities
|
|
(45,997)
|
|
2,344
|
|
(25,349)
|
|
(53,471)
|
|
(109,536)
|
Effect of exchange rate
changes on
cash, cash equivalents, and restricted cash
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Net increase (decrease)
in cash, cash
equivalents, and restricted cash
|
|
205,330
|
|
66,085
|
|
129,211
|
|
285,366
|
|
34,034
|
Cash, cash equivalents
and restricted cash,
beginning of period
|
|
228,649
|
|
162,564
|
|
151,627
|
|
148,613
|
|
246,804
|
Cash, cash equivalents,
and restricted
cash, end of period
|
|
$
433,979
|
|
$
228,649
|
|
$
280,838
|
|
$
433,979
|
|
$
280,838
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents,
and restricted cash to the condensed
consolidated balance sheets, including
discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
396,510
|
|
$
142,250
|
|
$
268,574
|
|
$
396,510
|
|
$
268,574
|
Restricted cash and
cash equivalents,
current portion
|
|
13,204
|
|
681
|
|
7,438
|
|
13,204
|
|
7,438
|
Restricted cash and
cash equivalents,
net of current portion
|
|
24,265
|
|
12,857
|
|
4,826
|
|
24,265
|
|
4,826
|
Cash, cash
equivalents, and restricted
cash from discontinued operations
|
|
—
|
|
6,776
|
|
—
|
|
—
|
|
—
|
Total cash, cash
equivalents,
and restricted cash
|
|
$
433,979
|
|
$
162,564
|
|
$
280,838
|
|
$
433,979
|
|
$
280,838
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
acquisitions funded by liabilities
(including financing leases)
|
|
$
4,495
|
|
$
3,713
|
|
$
1,356
|
|
$
9,130
|
|
$
2,530
|
Right-of-use assets
obtained in
exchange of lease obligations
|
|
12,479
|
|
649
|
|
4,429
|
|
14,005
|
|
15,957
|
Working capital
adjustment related to
C&I Solutions sale
|
|
740
|
|
6,265
|
|
—
|
|
7,005
|
|
—
|
Accrued legal
expenditures on equity
method investment
|
|
5
|
|
163
|
|
—
|
|
168
|
|
—
|
Accrued debt issuance
costs
|
|
919
|
|
—
|
|
—
|
|
919
|
|
—
|
Deconsolidation of
right-of-use assets
and lease obligations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,340
|
Debt repaid in sale of
commercial projects
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,585
|
Cash paid for
interest
|
|
9,137
|
|
1,312
|
|
10,168
|
|
20,323
|
|
23,734
|
Cash paid for income
taxes
|
|
2,687
|
|
2,250
|
|
83
|
|
5,187
|
|
20,316
|
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 revenue includes adjustments relating to results of
operations of legacy business exited/to be exited. 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 divestitures, impairment of property, plant, and
equipment, transaction-related costs, non-cash interest expense,
restructuring charges (credits), gain on convertible debt
repurchased and 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 TotalEnergies 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 TotalEnergies SE.
- Mark-to-market loss (gain) in equity investments: We recognize
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
U.S. 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
TotalEnergies 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 those
investments. We believe that excluding these adjustments on equity
investments is consistent with our internal reporting process as
part of its status as a consolidated subsidiary of TotalEnergies
SE. and better reflects our ongoing results.
Other Non-GAAP Adjustments
- Results of operations of businesses exited/to be exited: We
exclude the results of operations of our legacy businesses that we
have exited, or to be exited, from our Non-GAAP results. These
legacy businesses include our light commercial business that we
exited starting in the first fiscal quarter of 2022 to reinforce
the Company's strategic direction to focus solely on the
residential solar market, Hillsboro,
Oregon facility that ceased manufacturing and revenue
generation in the first quarter of 2021, as well as, results of our
legacy power plant and legacy O&M businesses. We are not doing
new activities for these businesses, and the remaining activities
comprise of fulfillment of existing outstanding orders, true-up of
estimated milestones payments, settlement of certain warranty
obligations on projects and other wind-down activities. As such,
these are excluded from our non-GAAP results as they are not
reflective of our ongoing operating results.
- Loss/Gain on sale and impairment of residential lease assets:
In fiscal 2018 and 2019, in an effort to sell all the residential
lease assets owned by us, we sold membership units representing a
49% membership interest in majority of our residential lease
business and retained a 51% membership interest. We recorded
impairment charges based on the expected fair value for a portion
of residential lease assets portfolio that was retained.
Depreciation savings from the unsold residential lease assets
resulting from their exclusion from non-GAAP results historically,
are excluded from our non-GAAP results as they are not reflective
of ongoing operating results.
- Stock-based compensation: Stock-based compensation relates
primarily to our equity incentive awards. Stock-based compensation
is a non-cash expense that is dependent on market forces that are
difficult to predict. We believe that this adjustment for
stock-based compensation provides investors with a basis to measure
the company's core performance, including compared with the
performance of other companies, without the period-to-period
variability created by stock-based compensation.
- Litigation: We may be involved in various instances of
litigation, claims and proceedings that result in payments or
recoveries. We exclude gains or losses associated with such events
because the gains or losses do not reflect our underlying financial
results in the period incurred. We also exclude expenses pertaining
to litigation relating to businesses that discontinued as a result
of spin-off of Maxeon Solar, for which we are indemnifying them. We
believe that it is appropriate to exclude such charges from our
non-GAAP results as they are not reflective of ongoing operating
results.
- Transaction-related costs: In connection with material
transactions such as acquisition or divestiture of a business, the
company incurred transaction costs including legal and accounting
fees. We believe that it is appropriate to exclude these costs from
our non-GAAP results as they would not have otherwise been incurred
as part of the business operations and therefore is not reflective
of ongoing operating results.
- Amortization of intangible assets and software: We incur
amortization of intangible assets as a result of acquisitions,
primarily from the Blue Raven acquisition, which includes brand,
non-compete arrangements, and purchased technology. In addition, we
also incur amortization of our capitalized internal-use software
costs once the software has been placed into service, until the end
of the useful life of the software. We believe that it is
appropriate to exclude these amortization charges from our non-GAAP
results as they are non-recurring in nature, and are therefore not
reflective of ongoing operating results.
- Gain/Loss on business divestitures, net: In the second quarter
of fiscal 2021, we sold a portion of our residential lease business
and certain commercial projects. We recognized a gain and a loss
relating to these business divestitures, respectively. We believe
that it is appropriate to exclude such gain and loss from the
company's non-GAAP financial measures as it is not reflective of
ongoing operating results.
- Executive transition costs: We incur non-recurring charges
related to the hiring and transition of new executive officers.
During fiscal 2021, we appointed a new chief executive officer, as
well as other chief executives, and we are investing resources in
those executive transitions, and in developing new members of
management as we complete our transformation. We believe that it is
appropriate to exclude these from our non-GAAP results as they are
not reflective of ongoing operating results.
- Acquisition-related costs: We incurred certain costs in
connection with the acquisition of Blue Raven, that are either paid
as part of the transaction or will be paid in the coming year, but
are considered post-acquisition compensation under the applicable
GAAP framework due to the nature of such items. A majority of the
expense incurred in fourth quarter of fiscal 2021 represents cash
paid to certain employees of Blue Raven for settlement of their
pre-existing share-based payment plan, in excess of the respective
fair value. For fiscal 2022, other post-combination expenses
include change in fair value of contingent consideration as well as
deferred post-combination employment expense payable to certain
Blue Raven employees and sellers. We believe that it is appropriate
to exclude these from our non-GAAP results as they are directly
related to the acquisition transaction and non-recurring in nature,
and are therefore not reflective of ongoing operating results.
- Business reorganization costs: In connection with the spin-off
of Maxeon into an independent, publicly traded company, we incurred
non-recurring charges on third-party legal and consulting expenses,
primarily to enable in separation of shared information technology
systems and applications. In addition, we incurred certain
non-recurring costs upon amendment, settlement or termination of
historical agreements with Maxeon to fully enable separate
independent operations of the two Companies that is focused on our
respective core business. We believe that it is appropriate to
exclude these from our non-GAAP results as it is not reflective of
ongoing operating results.
- Restructuring charges (credits): We incur restructuring
expenses related to reorganization plans aimed towards realigning
resources consistent with the company's global strategy and
improving its overall operating efficiency and cost structure.
Although the Company has engaged in restructuring activities in the
past, each has been a discrete event based on a unique set of
business objectives. We believe that it is appropriate to exclude
these from our non-GAAP results as it is not reflective of ongoing
operating results.
- Equity income from unconsolidated investees: We account for our
minority investments in dealers included in the Dealer Accelerator
Program using the equity method of accounting and recognize our
proportionate share of the reported earnings or losses of the
investees through net income. We do not control or manage the
investees' business operations and operating and financial
policies. Therefore, we believe that it is appropriate to exclude
these from our non-GAAP results as it is not reflective of ongoing
operating results.
- Tax effect: This amount is used to present each of the
adjustments described above on an after-tax basis in connection
with the presentation of non-GAAP net income (loss) and non-GAAP
net income (loss) per diluted share. Our non-GAAP tax amount is
based on estimated cash tax expense and reserves. We forecast our
annual cash tax liability and allocates the tax to each quarter in
a manner generally consistent with its GAAP methodology. This
approach is designed to enhance investors' ability to understand
the impact of our tax expense on its current operations, provide
improved modeling accuracy, and substantially reduce fluctuations
caused by GAAP to non-GAAP adjustments, which may not reflect
actual cash tax expense, or tax impact of non-recurring items.
- Adjusted EBITDA adjustments: When calculating Adjusted EBITDA,
in addition to adjustments described above, we exclude the impact
of the following items during the period:
- Cash interest expense, net of interest income
- Provision for income taxes
- Depreciation
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
|
|
|
October 2,
2022
|
|
July 3,
2022
|
|
October 3,
2021
|
|
October 2,
2022
|
|
October 3,
2021
|
GAAP revenue
|
|
$
475,711
|
|
417,772
|
|
$
283,312
|
|
$ 1,243,760
|
|
$
784,198
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
(5,894)
|
|
(3,674)
|
|
(1,677)
|
|
(23,776)
|
|
(10,506)
|
Non-GAAP
revenue
|
|
$
469,817
|
|
414,098
|
|
$
281,635
|
|
$ 1,219,984
|
|
$
773,692
|
|
Adjustments to Gross
Profit Margin:
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
October 2,
2022
|
|
July 3,
2022
|
|
October 3,
2021
|
|
October 2,
2022
|
|
October 3,
2021
|
GAAP gross profit from
continuing operations
|
|
$ 105,447
|
|
$
81,499
|
|
$
62,389
|
|
$ 259,255
|
|
$ 169,065
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
659
|
|
5,348
|
|
291
|
|
5,747
|
|
3,594
|
Executive transition
costs
|
|
60
|
|
85
|
|
—
|
|
523
|
|
—
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
(276)
|
|
(278)
|
|
(249)
|
|
(833)
|
|
(1,262)
|
Stock-based
compensation expense
|
|
1,135
|
|
1,398
|
|
677
|
|
3,432
|
|
1,841
|
Business
reorganization costs
|
|
—
|
|
11
|
|
—
|
|
11
|
|
—
|
Transaction-related
costs
|
|
—
|
|
56
|
|
—
|
|
56
|
|
—
|
Non-GAAP gross
profit
|
|
$
107,025
|
|
$
88,119
|
|
$
63,108
|
|
$
268,191
|
|
$
173,238
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin
(%)
|
|
22.2 %
|
|
19.5 %
|
|
22.0 %
|
|
20.8 %
|
|
21.6 %
|
Non-GAAP gross margin
(%)
|
|
22.8 %
|
|
21.3 %
|
|
22.4 %
|
|
22.0 %
|
|
22.4 %
|
|
Adjustments to Net
Income (Loss):
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
October 2,
2022
|
|
July 3,
2022
|
|
October 3,
2021
|
|
October 2,
2022
|
|
October 3,
2021
|
GAAP net income (loss)
from continuing
operations attributable to stockholders
|
|
$
139,407
|
|
$
(42,496)
|
|
$
(72,707)
|
|
$
94,745
|
|
$
(32,760)
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market (gain)
loss on equity investments
|
|
(137,233)
|
|
15,255
|
|
86,254
|
|
(123,293)
|
|
47,238
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
3,388
|
|
7,503
|
|
938
|
|
13,824
|
|
9,022
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
(276)
|
|
(278)
|
|
(249)
|
|
(833)
|
|
(6,219)
|
Litigation
|
|
488
|
|
3,166
|
|
1,623
|
|
3,831
|
|
10,203
|
Stock-based
compensation expense
|
|
6,550
|
|
7,054
|
|
3,993
|
|
18,933
|
|
17,535
|
Amortization of
intangible assets and software
|
|
2,786
|
|
2,786
|
|
—
|
|
7,550
|
|
—
|
(Gain) loss on
business divestitures, net
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,290)
|
Transaction-related
costs
|
|
144
|
|
259
|
|
(24)
|
|
1,367
|
|
94
|
Executive transition
costs
|
|
1,685
|
|
3,685
|
|
827
|
|
6,839
|
|
1,329
|
Business
reorganization costs
|
|
5
|
|
4,521
|
|
1,045
|
|
4,526
|
|
2,900
|
Restructuring
(credits) charges
|
|
—
|
|
(639)
|
|
(154)
|
|
(453)
|
|
612
|
Acquisition-related
costs
|
|
3,338
|
|
2,310
|
|
—
|
|
11,456
|
|
—
|
Tax effect
|
|
3,507
|
|
2,025
|
|
(1,120)
|
|
(6,654)
|
|
(1,950)
|
Equity income from
unconsolidated investees
|
|
(158)
|
|
—
|
|
—
|
|
(158)
|
|
—
|
Non-GAAP net income
(loss) attributable
to stockholders
|
|
$
23,631
|
|
$
5,151
|
|
$
20,426
|
|
$
31,680
|
|
$
42,714
|
|
Adjustments to Net
Income (loss) per diluted share:
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
October 2,
2022
|
|
July 3,
2022
|
|
October 3,
2021
|
|
October 2,
2022
|
|
October 3,
2021
|
Net income (loss) per
diluted share
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
available
to common stockholders1
|
|
$
139,407
|
|
$
(42,496)
|
|
$
(72,707)
|
|
$
94,745
|
|
$
(32,760)
|
Add: Interest expense
on 4.00%
debenture due 2023, net of tax
|
|
3,026
|
|
—
|
|
—
|
|
9,078
|
|
—
|
GAAP net income (loss)
available
to common stockholders1
|
|
$
142,433
|
|
$
(42,496)
|
|
$
(72,707)
|
|
$
103,823
|
|
$
(32,760)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss)
available to common stockholders1
|
|
$
23,631
|
|
$
5,151
|
|
$
20,426
|
|
$
31,680
|
|
$
42,714
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average
shares
|
|
174,118
|
|
173,951
|
|
172,885
|
|
173,815
|
|
172,242
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
1,311
|
|
—
|
|
—
|
|
706
|
|
—
|
4.00% debentures due
2023
|
|
17,068
|
|
—
|
|
—
|
|
17,068
|
|
—
|
GAAP dilutive
weighted-average
common shares:
|
|
192,497
|
|
173,951
|
|
172,885
|
|
191,589
|
|
172,242
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted-average shares
|
|
174,118
|
|
173,951
|
|
172,885
|
|
173,815
|
|
172,242
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
1,311
|
|
770
|
|
2,680
|
|
706
|
|
2,864
|
Non-GAAP dilutive
weighted-
average common shares1
|
|
175,429
|
|
174,721
|
|
175,565
|
|
174,521
|
|
175,106
|
|
|
|
|
|
|
|
|
|
|
|
GAAP dilutive net
(loss) income per
share - continuing operations
|
|
$
0.74
|
|
$
(0.24)
|
|
$
(0.42)
|
|
$
0.54
|
|
$
(0.19)
|
Non-GAAP dilutive net
income (loss)
per share - continuing operations
|
|
$
0.13
|
|
$
0.03
|
|
$
0.12
|
|
$
0.18
|
|
$
0.24
|
|
1In
accordance with the if-converted method, net (loss) income
available to common stockholders excludes interest expense related
to the 4.00% debentures if the debentures are considered converted
in the calculation of net (loss) income 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
|
|
|
October 2,
2022
|
|
July 3,
2022
|
|
October 3,
2021
|
|
October 2,
2022
|
|
October 3,
2021
|
GAAP net income (loss)
from continuing
operations attributable to stockholders
|
|
$
139,407
|
|
$
(42,496)
|
|
$
(72,707)
|
|
$
94,745
|
|
$
(32,760)
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market (gain)
loss on equity investments
|
|
(137,233)
|
|
15,255
|
|
86,254
|
|
(123,293)
|
|
47,238
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
3,388
|
|
7,503
|
|
938
|
|
13,824
|
|
9,022
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
(276)
|
|
(278)
|
|
(249)
|
|
(833)
|
|
(6,219)
|
Litigation
|
|
488
|
|
3,166
|
|
1,623
|
|
3,831
|
|
10,203
|
Stock-based
compensation expense
|
|
6,550
|
|
7,054
|
|
3,993
|
|
18,933
|
|
17,535
|
Amortization of
intangible assets and software
|
|
2,786
|
|
2,786
|
|
—
|
|
7,550
|
|
—
|
(Gain) loss on
business divestitures, net
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,290)
|
Transaction-related
costs
|
|
144
|
|
259
|
|
(24)
|
|
1,367
|
|
94
|
Executive transition
costs
|
|
1,685
|
|
3,685
|
|
827
|
|
6,839
|
|
1,329
|
Business
reorganization costs
|
|
5
|
|
4,521
|
|
1,045
|
|
4,526
|
|
2,900
|
Restructuring
(credits) charges
|
|
—
|
|
(639)
|
|
(154)
|
|
(453)
|
|
612
|
Acquisition-related
costs
|
|
3,338
|
|
2,310
|
|
—
|
|
11,456
|
|
—
|
Equity income from
unconsolidated investees
|
|
(158)
|
|
—
|
|
—
|
|
(158)
|
|
—
|
Cash interest expense,
net of interest income
|
|
4,108
|
|
5,829
|
|
5,044
|
|
14,815
|
|
18,493
|
Provision for (benefit
from) income taxes
|
|
3,082
|
|
2,720
|
|
(2,021)
|
|
(5,874)
|
|
(3,585)
|
Depreciation
|
|
5,257
|
|
3,571
|
|
1,765
|
|
11,701
|
|
7,992
|
Adjusted
EBITDA
|
|
$
32,571
|
|
$
15,246
|
|
$
26,334
|
|
$
58,976
|
|
$
67,564
|
FY 2022
GUIDANCE
|
(in
thousands)
|
FY
2022
|
Residential
Customers
|
73,000 -
80,000
|
Residential Adjusted
EBITDA/Customer1
|
$2,000 -
$2,400
|
Adjusted
EBITDA2
|
$90 million -$110
million
|
Net Income
(GAAP)
|
$124 million -$144
million
|
- Excluding Product & Digital operating expenses for
Residential only.
- Adjusted EBITDA guidance for FY 2022 includes net adjustments
that decrease GAAP net income by approximately $34 million primarily relating to the following
adjustments: stock-based compensation expense, results of
operations of businesses exited/to be exited, mark-to-market (gain)
loss on equity investments, net, acquisition-related costs,
interest expense, depreciation and amortization, income taxes, and
other non-recurring adjustments.
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SOURCE SunPower Corp.