SAN JOSE, Calif., Feb. 17, 2021 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR), a leading solar technology and energy services
provider, today announced financial results for its fourth quarter
and fiscal year ended January 3, 2021.
"2020 was a transformational year for SunPower: we successfully
completed the spin-off of Maxeon, significantly improved our
financial performance and rapidly shifted our sales strategy to
meet increasing U.S. demand as consumers and businesses look to
generate and store their own energy. Entering 2021, we are
continuing to focus our efforts and investment on those markets
that offer us strong growth potential — storage and energy
services," said Tom Werner, SunPower
CEO and chairman of the board. "We also finished the year
with strong execution as we exceeded our GAAP net income and
Adjusted EBITDA guidance, expanded our margins, strengthened our
balance sheet and generated positive cash flow. Looking
forward, with favorable industry tailwinds, increasing demand for
our innovative solar solutions and further investment to
significantly expand our solar and storage addressable
market, we believe we are positioned to accelerate our
growth through 2022 and beyond."
Fourth Quarter Company Highlights
- Strong sequential revenue / margin growth – met or exceeded
guidance, $412 million net income,
$39 million Adjusted EBITDA
- Further delevered balance sheet – successful convert tender,
achieved net debt target ahead of plan
Residential and Light Commercial (RLC)
- Residential strength – 24% gross margin, $36 million Adjusted EBITDA
- Added 13,000 customers, achieved record new homes backlog,
rapidly ramping SunVault storage deployments
- Expanded sales channels to increase market access and
profitability – continued investment in software and energy
services platform, digital and direct sales channel
Commercial and Industrial Solutions (C&I
Solutions)
- Strong execution - MW recognized up >65% sequentially, 18%
gross margin, $8 million Adjusted
EBITDA
- Helix storage – >30% sales attach rate in 2020, backlog of
>50MWh, pipeline >750MWh
- Community Solar platform pipeline >90MW
($ Millions,
except percentages and per-share data)
|
4th Quarter
2020
|
3rd Quarter
2020
|
4th Quarter
2019
|
Fiscal Year
2020
|
Fiscal Year
2019
|
GAAP
revenue
|
$341.8
|
$274.8
|
$401.6
|
$1,124.8
|
$1,092.2
|
GAAP gross margin
from continuing operations
|
22.0%
|
13.5%
|
21.4%
|
14.9%
|
15.0%
|
GAAP net income from
continuing operations
|
$412.5
|
$109.5
|
$47.4
|
$599.4
|
$206.8
|
GAAP net income
(loss) from continuing operations per diluted share
|
$2.08
|
$0.57
|
$0.29
|
$3.11
|
$1.31
|
Non-GAAP
revenue1
|
$341.8
|
$274.8
|
$404.8
|
$1,130.0
|
$1,220.1
|
Non-GAAP gross
margin1
|
22.3%
|
14.0%
|
22.5%
|
15.7%
|
15.4%
|
Non-GAAP net (loss)
income1
|
$26.6
|
$(6.5)
|
$36.4
|
$(12.3)
|
$(18.4)
|
Non-GAAP net (loss)
income from continuing operations per diluted
share1
|
$0.14
|
$(0.04)
|
$0.23
|
$(0.07)
|
$(0.13)
|
Adjusted
EBITDA1
|
$38.6
|
$8.6
|
$56.8
|
$40.1
|
$58.9
|
MW
Recognized
|
153
|
108
|
188
|
483
|
510
|
Cash2
|
$232.8
|
$324.7
|
$302.0
|
$232.8
|
$302.0
|
Information presented
above is for continuing operations only, and excludes results of
Maxeon for all periods presented.
|
|
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
|
RLC
In the fourth quarter, RLC MW recognized
increased by 35 percent sequentially due to strong demand across
its retrofit, new homes and light commercial businesses. In
residential, the company added more than 13,000 new customers,
bringing its total installed base to more than 350,000. Gross
margin for the quarter was 24%, driven by improved pricing,
increasingly better financing economics and a continued mix shift
to higher margin loan and lease sales as customers take
advantage of SunPower's new, lower cost financing options.
Also, customer demand for resiliency and energy management
capabilities continues to drive significant interest in the
company's SunVault residential solar plus storage solution as
attach rates exceeded 20% in the fourth quarter. Given this
strong demand, the company expects SunVault revenue of $100 million in 2021 and remains very
confident in its battery supply chain to meet its forecasts.
Finally, the company expanded its leadership in new homes with
record backlog in the quarter as its current backlog now exceeds
180 MW with an additional 10 communities booked in the first month
of year. As a result of these positive trends, continued
investment in its digital and product strategy, as well as its
initiatives to expand its addressable market through new sales
channels, SunPower expects to see more than 40 percent annual
revenue growth in its RLC segment through at least 2022.
C&I Solutions
The company's C&I Solutions
business also performed well in the fourth quarter, maintaining its
leading market position as installs rose more than 65 percent
sequentially. Solid financial performance was primarily
driven by gross margin expansion and strong execution on cost
control programs. Demand for the company's Helix® storage
solution also remains high as the company installed 18 MWh during
the year as well as signing its first contracts associated with the
California ESGIP storage program in the fourth quarter.
Additionally, the company continued to expand its community solar
pipeline to more than 90MW during the quarter. With a
combined backlog and pipeline of more than 800 MWh and sales attach
rates of 30%, the company believes C&I is well positioned to
capitalize on the increased demand for its commercial storage and
services solutions.
Consolidated Financials
"We were pleased with our
execution and financial results for the quarter while continuing to
aggressively invest in a number of strategic initiatives to rapidly
expand our addressable market, including in our storage, digital
and services platforms" said Manavendra Sial, SunPower chief
financial officer. "We successfully completed our tender offer for
our 2021 convertible bonds and our business units generated cash,
enabling us to achieve our net debt target ahead of our analyst day
forecast. Finally, we continued to make progress on lowering
our cost of capital in both our residential loan and lease
offerings, driving margin improvement as well as allowing us to
maximize customer value."
Fourth quarter of fiscal year 2020 non-GAAP results exclude net
adjustments that, in the aggregate, increased GAAP income by
$385.9 million, including
$416.5 million related to a
mark-to-market gain on equity investments. This was partially
offset by $18.7 for income taxes,
$6.2 million related to stock-based
compensation expense, $3.7 million
related to litigation expenses and $2.0
million related to business reorganization costs and other
non-recurring items.
Financial Outlook
The company's first quarter and
fiscal year 2021 guidance is as follows:
First quarter GAAP revenue of $270
to $330 million, GAAP net loss of
$20 million to $10 million, MW recognized of 115 MW to 145 MW
and Adjusted EBITDA in the range of $10 to $20
million.
For fiscal year 2021, given the confidence it has in its
business coming into the year, the company expects to meet or
exceed its 2021 guidance provided at its Capital Markets Day
including revenue growth of approximately 35% and MW recognized
growth of approximately 25%.
Given strong industry tailwinds, continued federal policy
support as well increased demand for its residential and commercial
storage solutions, the company expects 2022 Adjusted EBITDA growth
of more than 40%.
The company will host a conference call for investors this
afternoon to discuss its fourth 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 fourth 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 first quarter fiscal 2021 guidance, including GAAP revenue, net
income, MW recognized, and Adjusted EBITDA, and related
assumptions; and (g) our fiscal 2021 guidance, including GAAP
revenue, net income, MW recognized, and Adjusted EBITDA and related
assumptions; and (h) our expectations for 2022 Adjusted EBITDA
growth 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; (8) challenges
managing our acquisitions, joint ventures and partnerships,
including our ability to successfully manage acquired assets and
supplier relationships; and (9) challenges in executing
transactions key to our strategic plans, including regulatory and
other challenges that may arise. 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)
|
|
January 3,
2021
|
|
December 29,
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
232,765
|
|
|
$
|
301,999
|
|
Restricted cash and
cash equivalents, current portion
|
5,518
|
|
|
26,348
|
|
Accounts receivable,
net
|
108,864
|
|
|
127,878
|
|
Contract
assets
|
114,506
|
|
|
99,426
|
|
Inventories
|
210,582
|
|
|
163,405
|
|
Advances to suppliers,
current portion
|
2,814
|
|
|
31,843
|
|
Project assets -
plants and land, current portion
|
21,015
|
|
|
12,650
|
|
Prepaid expenses and
other current assets
|
94,251
|
|
|
86,755
|
|
Current assets of
discontinued operations
|
—
|
|
|
530,627
|
|
Total current
assets
|
790,315
|
|
|
1,380,931
|
|
|
|
|
|
Restricted cash and
cash equivalents, net of current portion
|
8,521
|
|
|
9,354
|
|
Property, plant and
equipment, net
|
46,766
|
|
|
55,860
|
|
Operating lease
right-of-use assets
|
54,070
|
|
|
40,699
|
|
Solar power systems
leased, net
|
50,401
|
|
|
54,338
|
|
Other intangible
assets, net
|
697
|
|
|
7,121
|
|
Other long-term
assets
|
695,712
|
|
|
277,805
|
|
Long-term assets of
discontinued operations
|
—
|
|
|
345,813
|
|
Total
assets
|
$
|
1,646,482
|
|
|
$
|
2,171,921
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
166,066
|
|
|
$
|
207,062
|
|
Accrued
liabilities
|
121,915
|
|
|
116,276
|
|
Operating lease
liabilities, current portion
|
9,736
|
|
|
7,559
|
|
Contract liabilities,
current portion
|
72,424
|
|
|
91,345
|
|
Short-term
debt
|
97,059
|
|
|
44,473
|
|
Convertible debt,
current portion
|
62,531
|
|
|
—
|
|
Current liabilities of
discontinued operations
|
—
|
|
|
431,694
|
|
Total current
liabilities
|
529,731
|
|
|
898,409
|
|
|
|
|
|
Long-term
debt
|
56,447
|
|
|
112,340
|
|
Convertible
debt
|
422,443
|
|
|
820,259
|
|
Operating lease
liabilities, net of current portion
|
43,608
|
|
|
36,657
|
|
Contract liabilities,
net of current portion
|
30,170
|
|
|
31,922
|
|
Other long-term
liabilities
|
157,597
|
|
|
157,774
|
|
Long-term liabilities
of discontinued operations
|
—
|
|
|
93,061
|
|
Total
liabilities
|
1,239,996
|
|
|
2,150,422
|
|
|
|
|
|
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
170
|
|
|
168
|
|
Additional paid-in
capital
|
2,685,920
|
|
|
2,661,819
|
|
Accumulated
deficit
|
(2,085,246)
|
|
|
(2,449,679)
|
|
Accumulated other
comprehensive income (loss)
|
8,799
|
|
|
(9,512)
|
|
Treasury stock, at
cost
|
(205,476)
|
|
|
(192,633)
|
|
Total stockholders'
equity
|
404,167
|
|
|
10,163
|
|
Noncontrolling
interests in subsidiaries
|
2,319
|
|
|
11,336
|
|
Total
equity
|
406,486
|
|
|
21,499
|
|
Total liabilities and
equity
|
$
|
1,646,482
|
|
|
$
|
2,171,921
|
|
|
|
|
|
SUNPOWER
CORPORATION
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
THREE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
September 27,
2020
|
|
December 29,
2019
|
|
January 3,
2021
|
|
December
29, 2019
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Solar power systems,
components, and other
|
|
$
|
338,507
|
|
|
$
|
267,619
|
|
|
$
|
397,526
|
|
|
$
|
1,103,823
|
|
|
$
|
1,063,150
|
|
Residential
leasing
|
|
1,386
|
|
|
1,284
|
|
|
1,322
|
|
|
5,323
|
|
|
10,405
|
|
Solar
services
|
|
1,917
|
|
|
5,903
|
|
|
2,769
|
|
|
15,683
|
|
|
18,671
|
|
Total
revenue
|
|
341,810
|
|
|
274,806
|
|
|
401,617
|
|
|
1,124,829
|
|
|
1,092,226
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
Solar power systems,
components, and other
|
|
264,515
|
|
|
233,144
|
|
|
312,352
|
|
|
946,164
|
|
|
913,299
|
|
Residential
leasing
|
|
1,073
|
|
|
1,209
|
|
|
1,406
|
|
|
4,795
|
|
|
7,345
|
|
Solar
services
|
|
1,071
|
|
|
3,313
|
|
|
1,785
|
|
|
6,743
|
|
|
8,104
|
|
Total cost of
revenue
|
|
266,659
|
|
|
237,666
|
|
|
315,543
|
|
|
957,702
|
|
|
928,748
|
|
Gross
profit
|
|
75,151
|
|
|
37,140
|
|
|
86,074
|
|
|
167,127
|
|
|
163,478
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
3,275
|
|
|
5,344
|
|
|
7,723
|
|
|
22,381
|
|
|
34,217
|
|
Sales, general and
administrative
|
|
52,510
|
|
|
35,462
|
|
|
42,526
|
|
|
164,703
|
|
|
172,109
|
|
Restructuring
charges
|
|
(134)
|
|
|
(97)
|
|
|
8,001
|
|
|
2,604
|
|
|
14,627
|
|
Loss on sale and
impairment of residential lease assets
|
|
(208)
|
|
|
386
|
|
|
(2,931)
|
|
|
45
|
|
|
25,352
|
|
Income from transition
services agreement, net
|
|
(4,371)
|
|
|
(1,889)
|
|
|
—
|
|
|
(6,260)
|
|
|
—
|
|
Gain on business
divestiture
|
|
124
|
|
|
—
|
|
|
—
|
|
|
(10,334)
|
|
|
(143,400)
|
|
Total operating
expenses (income)
|
|
51,196
|
|
|
39,206
|
|
|
55,319
|
|
|
173,139
|
|
|
102,905
|
|
Operating income
(loss)
|
|
23,955
|
|
|
(2,066)
|
|
|
30,755
|
|
|
(6,012)
|
|
|
60,573
|
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
72
|
|
|
104
|
|
|
129
|
|
|
754
|
|
|
2,313
|
|
Interest
expense
|
|
(8,422)
|
|
|
(7,090)
|
|
|
(8,392)
|
|
|
(33,153)
|
|
|
(48,962)
|
|
Other, net
|
|
415,880
|
|
|
155,457
|
|
|
31,740
|
|
|
692,980
|
|
|
177,084
|
|
Other income,
net
|
|
407,530
|
|
|
148,471
|
|
|
23,477
|
|
|
660,581
|
|
|
130,435
|
|
Income before income
taxes and equity in earnings of unconsolidated investees
|
|
431,485
|
|
|
146,405
|
|
|
54,232
|
|
|
654,569
|
|
|
191,008
|
|
Provision for income
taxes
|
|
(18,833)
|
|
|
(36,725)
|
|
|
(6,435)
|
|
|
(57,549)
|
|
|
(16,509)
|
|
Equity in losses of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
(1,000)
|
|
|
—
|
|
|
(1,716)
|
|
Net income from
continuing operations
|
|
412,652
|
|
|
109,680
|
|
|
46,797
|
|
|
597,020
|
|
|
172,783
|
|
Loss from discontinued
operations before income taxes and equity in losses of
unconsolidated investees
|
|
—
|
|
|
(70,761)
|
|
|
(33,859)
|
|
|
(125,599)
|
|
|
(165,040)
|
|
Provision for income
taxes
|
|
—
|
|
|
6,137
|
|
|
(2,953)
|
|
|
3,191
|
|
|
(10,122)
|
|
Equity in earnings
(losses) of unconsolidated investees
|
|
—
|
|
|
58
|
|
|
(4,008)
|
|
|
(586)
|
|
|
(5,342)
|
|
Net loss from
discontinued operations, net of taxes
|
|
—
|
|
|
(64,566)
|
|
|
(40,820)
|
|
|
(122,994)
|
|
|
(180,504)
|
|
Net income
(loss)
|
|
412,652
|
|
|
45,114
|
|
|
5,977
|
|
|
474,026
|
|
|
(7,721)
|
|
Net income (loss) from
continuing operations attributable to noncontrolling interests and
redeemable noncontrolling interests
|
|
(177)
|
|
|
(230)
|
|
|
563
|
|
|
2,335
|
|
|
34,037
|
|
Net loss from
discontinued operations attributable to noncontrolling interests
and redeemable noncontrolling interests
|
|
—
|
|
|
(258)
|
|
|
(1,100)
|
|
|
(1,313)
|
|
|
(4,157)
|
|
Net income (loss)
attributable to noncontrolling interests and redeemable
noncontrolling interests
|
|
(177)
|
|
|
(488)
|
|
|
(537)
|
|
|
1,022
|
|
|
29,880
|
|
Net income from
continuing operations attributable to stockholders
|
|
$
|
412,475
|
|
|
$
|
109,450
|
|
|
$
|
47,360
|
|
|
$
|
599,355
|
|
|
$
|
206,820
|
|
Net loss from
discontinued operations attributable to stockholders
|
|
$
|
—
|
|
|
$
|
(64,824)
|
|
|
$
|
(41,920)
|
|
|
$
|
(124,307)
|
|
|
$
|
(184,661)
|
|
Net income (loss)
attributable to stockholders
|
|
$
|
412,475
|
|
|
$
|
44,626
|
|
|
$
|
5,440
|
|
|
$
|
475,048
|
|
|
$
|
22,159
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to stockholders - basic:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.42
|
|
|
$
|
0.64
|
|
|
$
|
0.31
|
|
|
$
|
3.53
|
|
|
$
|
1.43
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
(0.38)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.73)
|
|
|
$
|
(1.28)
|
|
Net income (loss) per
share - basic
|
|
$
|
2.42
|
|
|
$
|
0.26
|
|
|
$
|
0.04
|
|
|
$
|
2.80
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to stockholders - diluted:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.08
|
|
|
$
|
0.57
|
|
|
$
|
0.29
|
|
|
$
|
3.11
|
|
|
$
|
1.31
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
(0.33)
|
|
|
$
|
(0.24)
|
|
|
$
|
(0.63)
|
|
|
$
|
(1.09)
|
|
Net income (loss) per
share - diluted
|
|
$
|
2.08
|
|
|
$
|
0.24
|
|
|
$
|
0.05
|
|
|
$
|
2.48
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
170,267
|
|
|
170,113
|
|
|
152,439
|
|
|
169,801
|
|
|
144,796
|
|
Diluted
|
|
200,132
|
|
|
198,526
|
|
|
178,129
|
|
|
197,242
|
|
|
169,650
|
|
|
|
|
|
|
|
|
|
|
|
|
SUNPOWER
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
THREE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
September 27,
2020
|
|
December 29,
2019
|
|
January 3,
2021
|
|
December 29,
2019
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
412,652
|
|
|
$
|
45,114
|
|
|
$
|
5,977
|
|
|
$
|
474,026
|
|
|
$
|
(7,721)
|
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,567
|
|
|
11,927
|
|
|
18,059
|
|
|
48,304
|
|
|
80,081
|
|
Stock-based
compensation
|
|
6,029
|
|
|
6,042
|
|
|
8,008
|
|
|
24,817
|
|
|
26,935
|
|
Non-cash interest
expense
|
|
1,067
|
|
|
1,747
|
|
|
2,005
|
|
|
6,562
|
|
|
9,472
|
|
Non-cash restructuring
charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,874
|
|
Bad debt
expense
|
|
(464)
|
|
|
(2,568)
|
|
|
—
|
|
|
534
|
|
|
1,024
|
|
Equity in (earnings)
losses of unconsolidated investees
|
|
—
|
|
|
(58)
|
|
|
5,008
|
|
|
586
|
|
|
7,058
|
|
Gain on equity
investments with readily determinable fair value
|
|
(416,455)
|
|
|
(155,431)
|
|
|
(29,250)
|
|
|
(692,100)
|
|
|
(158,288)
|
|
Loss (gain) on
retirement of convertible debt
|
|
878
|
|
|
(104)
|
|
|
—
|
|
|
(2,182)
|
|
|
—
|
|
Loss (gain) on
business divestiture
|
|
125
|
|
|
—
|
|
|
—
|
|
|
(10,334)
|
|
|
(143,400)
|
|
Gain on sale of equity
investments without readily determinable fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,275)
|
|
Deferred income
taxes
|
|
17,602
|
|
|
607
|
|
|
4,567
|
|
|
19,241
|
|
|
5,067
|
|
Loss (gain) on sale
and impairment of residential lease assets
|
|
209
|
|
|
386
|
|
|
(2,931)
|
|
|
1,024
|
|
|
33,778
|
|
Impairment of
property, plant and equipment
|
|
—
|
|
|
—
|
|
|
(3,829)
|
|
|
—
|
|
|
777
|
|
Gain on sale of
assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,212)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(14,067)
|
|
|
54,119
|
|
|
(20,484)
|
|
|
98,962
|
|
|
(67,218)
|
|
Contract
assets
|
|
10,708
|
|
|
(19,902)
|
|
|
(20,139)
|
|
|
(12,063)
|
|
|
(38,246)
|
|
Inventories
|
|
(17,701)
|
|
|
(5,382)
|
|
|
(20,311)
|
|
|
(29,808)
|
|
|
(128,404)
|
|
Project
assets
|
|
3,015
|
|
|
703
|
|
|
7,050
|
|
|
(8,187)
|
|
|
(2,188)
|
|
Prepaid expenses and
other assets
|
|
(1,837)
|
|
|
(32,362)
|
|
|
(10,228)
|
|
|
(6,161)
|
|
|
(8,746)
|
|
Operating lease
right-of-use assets
|
|
654
|
|
|
2,112
|
|
|
2,311
|
|
|
10,552
|
|
|
8,530
|
|
Long-term financing
receivables, net - held for sale
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(473)
|
|
Advances to
suppliers
|
|
(2,814)
|
|
|
4,267
|
|
|
16,899
|
|
|
13,482
|
|
|
50,191
|
|
Accounts payable and
other accrued liabilities
|
|
(3,129)
|
|
|
51,095
|
|
|
15,384
|
|
|
(78,269)
|
|
|
79,394
|
|
Contract
liabilities
|
|
17,842
|
|
|
(3,364)
|
|
|
19,404
|
|
|
(35,976)
|
|
|
27,531
|
|
Operating lease
liabilities
|
|
(1,759)
|
|
|
(2,620)
|
|
|
(1,752)
|
|
|
(10,401)
|
|
|
(8,954)
|
|
Net cash provided by
(used in) operating activities
|
|
15,122
|
|
|
(43,672)
|
|
|
(4,252)
|
|
|
(187,391)
|
|
|
(270,413)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(1,403)
|
|
|
(2,369)
|
|
|
(12,295)
|
|
|
(14,577)
|
|
|
(47,395)
|
|
Cash paid for solar
power systems
|
|
(1,134)
|
|
|
(2,747)
|
|
|
(1,458)
|
|
|
(6,528)
|
|
|
(53,284)
|
|
Proceeds from sale of
assets
|
|
—
|
|
|
—
|
|
|
20,000
|
|
|
—
|
|
|
59,970
|
|
Cash outflow upon
Maxeon Solar Spin-off, net of proceeds
|
|
8,996
|
|
|
(140,132)
|
|
|
—
|
|
|
(131,136)
|
|
|
—
|
|
Proceeds from
maturities of marketable securities
|
|
—
|
|
|
6,588
|
|
|
—
|
|
|
6,588
|
|
|
—
|
|
Proceeds from business
divestiture, net of de-consolidated cash
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,418
|
|
|
40,491
|
|
Purchases of
marketable securities
|
|
—
|
|
|
(1,338)
|
|
|
—
|
|
|
(1,338)
|
|
|
—
|
|
Cash outflow from sale
of residential lease portfolio
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,923)
|
|
Proceeds from sale of
distribution rights of debt financing
|
|
—
|
|
|
—
|
|
|
1,950
|
|
|
—
|
|
|
1,950
|
|
Proceeds from return
of capital of equity investments with fair value option
|
|
—
|
|
|
—
|
|
|
5,474
|
|
|
7,724
|
|
|
—
|
|
Proceeds from sale of
investments
|
|
133,600
|
|
|
73,290
|
|
|
—
|
|
|
253,039
|
|
|
42,957
|
|
Cash paid for
investments with fair value option
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,400)
|
|
Net cash provided by
(used in) investing activities
|
|
140,059
|
|
|
(66,708)
|
|
|
13,671
|
|
|
129,190
|
|
|
21,366
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and other debt
|
|
32,752
|
|
|
62,233
|
|
|
150,439
|
|
|
216,483
|
|
|
381,928
|
|
Repayment of bank
loans and other debt
|
|
(44,607)
|
|
|
(63,735)
|
|
|
(61,920)
|
|
|
(227,677)
|
|
|
(271,015)
|
|
Proceeds from issuance
of non-recourse residential financing, net of issuance
costs
|
|
1,355
|
|
|
—
|
|
|
—
|
|
|
14,789
|
|
|
72,259
|
|
Repayment of
non-recourse commercial and residential financing
|
|
(1,813)
|
|
|
(7,231)
|
|
|
—
|
|
|
(9,044)
|
|
|
(2,959)
|
|
Contributions from
noncontrolling interests and redeemable noncontrolling interests
attributable to residential projects
|
|
324
|
|
|
(302)
|
|
|
4,371
|
|
|
22
|
|
|
31,413
|
|
Distributions to
noncontrolling interests and redeemable noncontrolling interests
attributable to residential projects
|
|
(1,414)
|
|
|
22
|
|
|
—
|
|
|
(1,392)
|
|
|
(316)
|
|
Proceeds from issuance
of non-recourse power plant and commercial financing, net of
issuance costs
|
|
—
|
|
|
2,790
|
|
|
3,004
|
|
|
—
|
|
|
3,004
|
|
Payment for prior
business combination
|
|
—
|
|
|
—
|
|
|
(30,000)
|
|
|
—
|
|
|
(39,000)
|
|
Proceeds of common
stock equity offering, net of offering costs
|
|
—
|
|
|
—
|
|
|
171,834
|
|
|
—
|
|
|
171,834
|
|
Cash paid for
repurchase of convertible debt
|
|
(239,554)
|
|
|
(8,037)
|
|
|
—
|
|
|
(334,732)
|
|
|
—
|
|
Proceeds from issuance
of convertible debt
|
|
—
|
|
|
200,000
|
|
|
—
|
|
|
200,000
|
|
|
—
|
|
Settlement of
contingent consideration arrangement, net of cash
received
|
|
(776)
|
|
|
—
|
|
|
802
|
|
|
(776)
|
|
|
(1,646)
|
|
Receipt of contingent
asset of a prior business combination
|
|
—
|
|
|
11
|
|
|
—
|
|
|
2,245
|
|
|
—
|
|
Equity offering costs
paid
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(928)
|
|
|
—
|
|
Purchases of stock for
tax withholding obligations on vested restricted stock
|
|
(4,387)
|
|
|
(74)
|
|
|
(908)
|
|
|
(12,842)
|
|
|
(5,565)
|
|
Net cash (used in)
provided by financing activities
|
|
(258,120)
|
|
|
185,677
|
|
|
237,622
|
|
|
(153,852)
|
|
|
339,937
|
|
Effect of exchange
rate changes on cash, cash equivalents, restricted cash and
restricted cash equivalents
|
|
(22)
|
|
|
109
|
|
|
881
|
|
|
200
|
|
|
(373)
|
|
Net increase
(decrease) in cash, cash equivalents, restricted cash and
restricted cash equivalents
|
|
(102,961)
|
|
|
75,406
|
|
|
247,922
|
|
|
(211,853)
|
|
|
90,517
|
|
Cash, cash
equivalents, restricted cash and restricted cash equivalents,
beginning of period1
|
|
349,765
|
|
|
274,359
|
|
|
210,735
|
|
|
458,657
|
|
|
363,763
|
|
Cash, cash
equivalents, restricted cash and restricted cash equivalents, end
of period1
|
|
$
|
246,804
|
|
|
$
|
349,765
|
|
|
$
|
458,657
|
|
|
$
|
246,804
|
|
|
$
|
454,280
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
transactions:
|
|
|
|
|
|
|
|
|
|
|
Costs of solar power
systems funded by liabilities
|
|
$
|
635
|
|
|
$
|
598
|
|
|
$
|
2,671
|
|
|
$
|
635
|
|
|
$
|
2,671
|
|
Costs of solar power
systems sourced from existing inventory
|
|
$
|
1,018
|
|
|
$
|
—
|
|
|
$
|
21,173
|
|
|
$
|
1,018
|
|
|
$
|
29,206
|
|
Property, plant and
equipment acquisitions funded by liabilities
|
|
$
|
866
|
|
|
$
|
36
|
|
|
$
|
13,745
|
|
|
$
|
866
|
|
|
$
|
13,745
|
|
Contractual
obligations satisfied with inventory
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,701
|
|
|
$
|
—
|
|
|
$
|
1,701
|
|
Assumption of debt by
buyer in connection with sale of residential lease
assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
69,076
|
|
Right-of-use assets
obtained in exchange of lease obligations2
|
|
$
|
1,008
|
|
|
$
|
7,875
|
|
|
$
|
7,398
|
|
|
$
|
22,794
|
|
|
$
|
111,142
|
|
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
|
|
|
$
|
—
|
|
Holdbacks related to
the sale of commercial sale-leaseback portfolio
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,927
|
|
|
$
|
—
|
|
|
$
|
1,927
|
|
Receivables in
connection with sale of residential lease portfolio
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,570
|
|
|
$
|
—
|
|
|
$
|
2,570
|
|
Aged supplier
financing balances reclassified from accounts payable to short-term
debt
|
|
$
|
—
|
|
|
$
|
39,178
|
|
|
$
|
22,500
|
|
|
$
|
—
|
|
|
$
|
45,352
|
|
|
|
|
1"Cash, cash
equivalents, restricted cash and restricted cash equivalents"
balance consisted of "cash and cash equivalents", "restricted cash
and cash equivalents, current portion" and "restricted cash and
cash equivalents, net of current portion" financial statement line
items on the condensed consolidated balance sheets for the
respective periods.
|
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, impairment of
property, plant and equipment, 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, litigation,
gain on business divestiture, , transaction-related costs, business
reorganization costs, 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
- Gain/loss on sale and impairment of residential lease assets:
In fiscal 2018 and 2019, in an effort to deconsolidate all the
residential lease assets owned by us, the company sold membership
units representing a 49% membership interest in its residential
lease business and retained a 51% membership interest. The loss on
divestment, including adjustments to contingent consideration
shortly after the closure of the transaction, and the remaining
unsold residential lease assets impairment with its corresponding
depreciation savings are excluded from the company's non-GAAP
results as they are non-recurring in nature and not reflective of
ongoing operating results.
- Construction revenue on solar services contracts: Upon adoption
of the new lease accounting guidance ("ASC 842") in the first
quarter of fiscal 2019, revenue and cost of revenue on solar
services contracts with residential customers are recognized
ratably over the term of those contracts, once the projects are
placed in service. For non-GAAP results, the company recognizes
revenue and cost of revenue upfront based on the expected cash
proceeds to align with the legacy lease accounting guidance.
Management believes it is appropriate to recognize revenue and cost
of revenue upfront based on total expected cash proceeds, as it
better reflects the company's ongoing results as such method aligns
revenue and costs incurred most accurately in the same period.
Starting in second quarter of fiscal 2020, we no longer have this
non-GAAP measure.
- Stock-based compensation: Stock-based compensation relates
primarily to the company's equity incentive awards. Stock-based
compensation is a non-cash expense that is dependent on market
forces that are difficult to predict. Management believes 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.
- Amortization of intangible assets: The company incurs
amortization of intangible assets as a result of acquisitions,
which includes patents, purchased technology, project pipeline
assets, and in-process research and development. Management
believes that it is appropriate to exclude these amortization
charges from the company's non-GAAP financial measures as they
arise from prior acquisitions, which are not reflective of ongoing
operating results.
- Gain on business divestiture: In second quarter of fiscal 2020,
the company sold its Operations and Maintenance ("O&M")
contracts business to a third-party buyer. Similarly, in fiscal
2019, the company sold all of its membership interests in certain
subsidiaries that own leasehold interests in projects subject to
sale-leaseback financing arrangements. In connection with these
divestitures, the company recognized gain within its income
statement in the period in which the sale was completed. Management
believes that it is appropriate to exclude such gain from the
company's non-GAAP financial measures as it is not reflective of
ongoing operating results.
- 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 all expenses
pertaining to litigation relating to businesses that discontinued
as a result of spin-off of Maxeon Solar, for which we are
indemnifying them. Management believes 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
non-recurring transactions such as acquisition or divestiture of a
business, the company incurred transaction costs including legal
and accounting fees. Management believes that it is appropriate to
exclude these costs from the company's non-GAAP results as it is
not reflective of ongoing operating results.
- Business reorganization costs: In connection with the
reorganization of our business into an upstream and downstream, and
subsequent announcement of the separation transaction to separate
the Company into two independent, and publicly traded companies, we
incurred and expect to continue to incur in upcoming quarters,
non-recurring charges on third-party legal and consulting expenses
to close the separation transaction. Management believes that it is
appropriate to exclude these from company's non-GAAP results as it
is not reflective of ongoing operating results.
- Non-cash interest expense: The company incurs non-cash interest
expense related to the amortization of items such as original
issuance discounts on its debt. The company excludes non-cash
interest expense because the expense does not reflect its financial
results in the period incurred. Management believes that this
adjustment for non-cash interest expense provides investors with a
basis to evaluate the company's performance, including compared
with the performance of other companies, without non-cash interest
expense.
- Restructuring charges (credits): The company incurs
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. Management believes that it is
appropriate to exclude these from company's non-GAAP results as it
is not reflective of ongoing operating results.
- Gain on convertible debt repurchased: In connection with the
early repurchase of a portion of our 0.875% Convertible debentures
due June 1, 2021, we recognized a
gain, represented by the difference between the book value of the
convertible debentures, net of the remaining unamortized discount
prior to repurchase and the reacquisition price of the convertible
notes upon repurchase. Management believes 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. The company's non-GAAP tax
amount is based on estimated cash tax expense and reserves. The
company forecasts its 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 the company's 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, the company excludes
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
|
|
TWELVE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
September 27,
2020
|
|
December 29,
2019
|
|
January 3,
2021
|
|
December 29,
2019
|
GAAP
revenue
|
|
$
|
341,810
|
|
|
$
|
274,806
|
|
|
$
|
401,617
|
|
|
$
|
1,124,829
|
|
|
$
|
1,092,226
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(207)
|
|
|
(259)
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
(44)
|
|
|
—
|
|
|
(44)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Construction revenue
on solar services contracts
|
|
—
|
|
|
—
|
|
|
3,235
|
|
|
5,392
|
|
|
128,144
|
|
Non-GAAP
revenue
|
|
$
|
341,810
|
|
|
$
|
274,806
|
|
|
$
|
404,808
|
|
|
$
|
1,130,014
|
|
|
$
|
1,220,067
|
|
|
|
Adjustments to
Gross Profit (Loss) / Margin:
|
|
|
|
THREE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
September 27,
2020
|
|
December 29,
2019
|
|
January 3,
2021
|
|
December 29,
2019
|
GAAP gross profit
from continuing operations
|
|
$
|
75,151
|
|
|
$
|
37,140
|
|
|
$
|
86,074
|
|
|
$
|
167,127
|
|
|
$
|
163,478
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34)
|
|
|
993
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
(75)
|
|
|
20
|
|
|
(4,763)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
1,966
|
|
|
4,735
|
|
|
20,018
|
|
Loss on sale and
impairment of residential lease assets
|
|
(485)
|
|
|
(469)
|
|
|
(435)
|
|
|
(1,860)
|
|
|
(1,703)
|
|
Stock-based
compensation expense
|
|
959
|
|
|
623
|
|
|
1,020
|
|
|
2,612
|
|
|
2,390
|
|
Amortization of
intangible assets
|
|
—
|
|
|
1,189
|
|
|
1,783
|
|
|
4,757
|
|
|
7,135
|
|
Litigation
|
|
—
|
|
|
—
|
|
|
709
|
|
|
—
|
|
|
709
|
|
Impairment of
property, plant and equipment
|
|
567
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
—
|
|
Restructuring
(credits) charges
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
Non-GAAP gross
profit
|
|
$
|
76,180
|
|
|
$
|
38,483
|
|
|
$
|
91,042
|
|
|
$
|
177,912
|
|
|
$
|
188,257
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin
(%)
|
|
22.0
|
%
|
|
13.5
|
%
|
|
21.4
|
%
|
|
14.9
|
%
|
|
15.0
|
%
|
Non-GAAP gross margin
(%)
|
|
22.3
|
%
|
|
14.0
|
%
|
|
22.5
|
%
|
|
15.7
|
%
|
|
15.4
|
%
|
|
|
Adjustments to Net
Income (Loss):
|
|
|
|
THREE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
September 27,
2020
|
|
December 29,
2019
|
|
January 3,
2021
|
|
December 29,
2019
|
GAAP net income from
continuing operations attributable to stockholders
|
|
$
|
412,475
|
|
|
$
|
109,450
|
|
|
$
|
47,360
|
|
|
$
|
599,355
|
|
|
$
|
206,820
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34)
|
|
|
993
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
(75)
|
|
|
20
|
|
|
5,680
|
|
Mark-to-market gain on
equity investments
|
|
(416,456)
|
|
|
(155,431)
|
|
|
(28,250)
|
|
|
(690,818)
|
|
|
(156,345)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
1,966
|
|
|
4,735
|
|
|
(7,012)
|
|
Gain on sale and
impairment of residential lease assets
|
|
(693)
|
|
|
(83)
|
|
|
(3,366)
|
|
|
(1,815)
|
|
|
25,636
|
|
Litigation
|
|
3,650
|
|
|
395
|
|
|
714
|
|
|
4,530
|
|
|
714
|
|
Stock-based
compensation expense
|
|
6,167
|
|
|
4,454
|
|
|
6,118
|
|
|
19,554
|
|
|
19,800
|
|
Amortization of
intangible assets
|
|
—
|
|
|
1,189
|
|
|
1,783
|
|
|
4,759
|
|
|
7,135
|
|
Gain on business
divestiture
|
|
53
|
|
|
—
|
|
|
—
|
|
|
(10,476)
|
|
|
(143,400)
|
|
Transaction-related
costs
|
|
177
|
|
|
—
|
|
|
1,723
|
|
|
2,040
|
|
|
5,294
|
|
Business
reorganization costs
|
|
1,537
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
|
—
|
|
Non-cash interest
expense
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Restructuring
(credits) charges
|
|
(146)
|
|
|
(97)
|
|
|
8,039
|
|
|
1,992
|
|
|
14,110
|
|
Gain on convertible
debt repurchased
|
|
540
|
|
|
(104)
|
|
|
—
|
|
|
(2,520)
|
|
|
—
|
|
Impairment of
property, plant and equipment
|
|
567
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
—
|
|
Tax effect
|
|
18,700
|
|
|
33,769
|
|
|
385
|
|
|
54,314
|
|
|
2,202
|
|
Non-GAAP net loss
attributable to stockholders
|
|
$
|
26,571
|
|
|
$
|
(6,458)
|
|
|
$
|
36,400
|
|
|
$
|
(12,260)
|
|
|
$
|
(18,370)
|
|
|
|
Adjustments to Net
Income (loss) per diluted share
|
|
|
|
THREE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
September 27,
2020
|
|
December 29,
2019
|
|
January
3,
2021
|
|
December 29,
2019
|
Net income (loss) per
diluted share
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common stockholders1
|
|
$
|
412,475
|
|
|
$
|
109,450
|
|
|
$
|
47,360
|
|
|
$
|
599,355
|
|
|
$
|
206,820
|
|
Add: Interest expense
on 4.00% debenture due 2023, net of tax
|
|
3,126
|
|
|
3,358
|
|
|
3,358
|
|
|
12,499
|
|
|
13,430
|
|
Add: Interest expense
on 0.875% debenture due 2021, net of tax
|
|
421
|
|
|
467
|
|
|
691
|
|
|
1,824
|
|
|
2,765
|
|
GAAP net income
available to common stockholders1
|
|
$
|
416,022
|
|
|
$
|
113,275
|
|
|
$
|
51,409
|
|
|
$
|
613,678
|
|
|
$
|
223,015
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) available to common stockholders1
|
|
$
|
26,571
|
|
|
$
|
(6,458)
|
|
|
$
|
36,400
|
|
|
$
|
(12,260)
|
|
|
$
|
(18,370)
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average
shares
|
|
170,267
|
|
|
170,113
|
|
|
152,439
|
|
|
169,801
|
|
|
144,796
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
5,216
|
|
|
3,560
|
|
|
3,565
|
|
|
318
|
|
|
2,729
|
|
0.875% debentures due
2021
|
|
7,581
|
|
|
7,785
|
|
|
8,203
|
|
|
10,055
|
|
|
8,203
|
|
4.00% debentures due
2023
|
|
17,068
|
|
|
17,068
|
|
|
13,922
|
|
|
17,068
|
|
|
13,922
|
|
GAAP dilutive
weighted-average common shares:
|
|
200,132
|
|
|
198,526
|
|
|
178,129
|
|
|
197,242
|
|
|
169,650
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted-average shares
|
|
170,267
|
|
|
170,113
|
|
|
152,439
|
|
|
169,801
|
|
|
144,796
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
5,216
|
|
|
—
|
|
|
3,565
|
|
|
—
|
|
|
—
|
|
4.00% debentures due
2023
|
|
17,068
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-GAAP dilutive
weighted-average common shares1
|
|
192,551
|
|
|
170,113
|
|
|
156,004
|
|
|
169,801
|
|
|
144,796
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP dilutive net
income per share - continuing operations
|
|
$
|
2.08
|
|
|
$
|
0.57
|
|
|
$
|
0.29
|
|
|
$
|
3.11
|
|
|
$
|
1.31
|
|
Non-GAAP dilutive net
income (loss) per share - continuing operations
|
|
$
|
0.14
|
|
|
$
|
(0.04)
|
|
|
$
|
0.23
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.13)
|
|
|
1In
accordance with the if-converted method, net 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 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 loss per
diluted share.
|
|
|
Adjusted
EBITDA:
|
|
|
|
THREE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
September 27,
2020
|
|
December 29,
2019
|
|
January 3,
2021
|
|
December 29,
2019
|
GAAP net income
(loss) from continuing operations attributable to
stockholders
|
|
$
|
412,475
|
|
|
$
|
109,450
|
|
|
$
|
47,360
|
|
|
$
|
599,355
|
|
|
$
|
206,820
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34)
|
|
|
993
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
(75)
|
|
|
20
|
|
|
5,680
|
|
Mark-to-market gain on
equity investments
|
|
(416,456)
|
|
|
(155,431)
|
|
|
(28,250)
|
|
|
(690,818)
|
|
|
(156,345)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
1,966
|
|
|
4,735
|
|
|
(7,012)
|
|
(Gain) loss on sale
and impairment of residential lease assets
|
|
(693)
|
|
|
(83)
|
|
|
(3,366)
|
|
|
(1,815)
|
|
|
25,636
|
|
Litigation
|
|
3,650
|
|
|
395
|
|
|
714
|
|
|
4,530
|
|
|
714
|
|
Stock-based
compensation expense
|
|
6,167
|
|
|
4,454
|
|
|
6,118
|
|
|
19,554
|
|
|
19,800
|
|
Amortization of
intangible assets
|
|
—
|
|
|
1,189
|
|
|
1,783
|
|
|
4,759
|
|
|
7,135
|
|
Gain on business
divestiture
|
|
53
|
|
|
—
|
|
|
—
|
|
|
(10,476)
|
|
|
(143,400)
|
|
Transaction-related
costs
|
|
177
|
|
|
—
|
|
|
1,723
|
|
|
2,040
|
|
|
5,294
|
|
Business
reorganization costs
|
|
1,537
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
|
—
|
|
Non-cash interest
expense
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Restructuring
(credits) charges
|
|
(146)
|
|
|
(97)
|
|
|
8,039
|
|
|
2,592
|
|
|
14,110
|
|
Gain on convertible
debt repurchased
|
|
540
|
|
|
(104)
|
|
|
—
|
|
|
(2,520)
|
|
|
—
|
|
Impairment of
property, plant and equipment
|
|
567
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
—
|
|
Cash interest expense,
net of interest income
|
|
8,350
|
|
|
6,918
|
|
|
8,263
|
|
|
32,452
|
|
|
33,954
|
|
Provision for income
taxes
|
|
18,834
|
|
|
36,725
|
|
|
6,435
|
|
|
57,550
|
|
|
16,509
|
|
Depreciation
|
|
3,519
|
|
|
5,156
|
|
|
6,133
|
|
|
16,108
|
|
|
29,049
|
|
Adjusted
EBITDA
|
|
$
|
38,574
|
|
|
$
|
8,572
|
|
|
$
|
56,846
|
|
|
$
|
40,136
|
|
|
$
|
58,940
|
|
(in
thousands)
|
Q1
2021
|
Revenue (GAAP and
Non-GAAP)
|
$270,000-$330,000
|
Net income
(GAAP)
|
$(20,000)-$(10,000)
|
Adjusted
EBITDA1
|
$10,000-$20,000
|
1.
|
Estimated Adjusted
EBITDA amount above for Q1 2021 includes net adjustments that
decrease net income by approximately $7 million related to
stock-based compensation expense, $11 million related to
restructuring and related charges, $8 million related to interest
expense, $2 million related to depreciation expense, and $2 million
related to income taxes.
|
SUPPLEMENTAL
DATA
(In thousands,
except percentages)
|
|
The following
supplemental data represent the adjustments that are included or
excluded from SunPower's non-GAAP revenue, gross profit/margin, net
income (loss) and net income (loss) per diluted share measures for
each period presented in the Consolidated Statements of Operations
contained herein.
|
|
THREE MONTHS
ENDED
|
|
|
January 3,
2021
|
|
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
|
|
Provision
for
income
taxes
|
|
|
Net income
(loss)
attributable
to
stockholders
|
GAAP
|
$
|
257,932
|
|
|
$
|
79,547
|
|
|
$
|
9,959
|
|
|
$
|
(5,628)
|
|
|
$
|
61,128
|
|
|
$
|
13,559
|
|
|
$
|
(5,300)
|
|
|
$
|
5,764
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
412,475
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gain on
equity investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(416,456)
|
|
|
—
|
|
|
(416,456)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(485)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(208)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(693)
|
|
Litigation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,650
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,650
|
|
Stock-based
compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
952
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
904
|
|
|
4,304
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,167
|
|
Gain on business
divestiture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
(71)
|
|
|
—
|
|
|
53
|
|
Business
reorganization costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
Transaction-related
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
Restructuring
(credits) charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(134)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(146)
|
|
Gain on convertible
debt repurchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
540
|
|
|
—
|
|
|
540
|
|
Impairment of
property, plant and equipment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
567
|
|
Tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
18,700
|
|
|
18,700
|
|
Non-GAAP
|
$
|
257,932
|
|
|
$
|
79,547
|
|
|
$
|
9,959
|
|
|
$
|
(5,628)
|
|
|
$
|
61,583
|
|
|
$
|
14,133
|
|
|
$
|
(5,300)
|
|
|
$
|
5,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
26,571
|
|
|
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
|
|
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
debt 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)
|
|
|
December 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
|
|
Other
income
(expense),
net
|
|
Benefit
from
income
taxes
|
|
Equity in
earnings of
unconsolidated
investees
|
|
Gain
(Loss)
attributable
to non-
controlling
interests
|
|
|
Net income
(loss)
attributable
to
stockholders
|
|
GAAP
|
$
|
253,483
|
|
|
$
|
87,538
|
|
$
|
78,072
|
|
|
$
|
(17,476)
|
|
|
$
|
41,120
|
|
|
$
|
162
|
|
$
|
11,511
|
|
$
|
33,281
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
47,360
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy sale-leaseback
transactions
|
(44)
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(75)
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75)
|
|
Mark-to-market gain on
equity investments
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,250)
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
(28,250)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(435)
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,931)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,366)
|
|
Construction revenue
on solar services contracts
|
3,235
|
|
|
—
|
|
—
|
|
|
—
|
|
|
1,966
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,966
|
|
Litigation
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
709
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
714
|
|
Stock-based
compensation expense
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
1,020
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
5,098
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,118
|
|
Amortization of
intangible assets
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,783
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,783
|
|
Transaction-related
costs
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
1,723
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,723
|
|
Non-cash interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,039
|
|
Tax effect
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
385
|
|
Non-GAAP
|
$
|
256,674
|
|
|
$
|
87,538
|
|
$
|
78,072
|
|
|
$
|
(17,476)
|
|
|
$
|
44,305
|
|
|
$
|
1,945
|
|
$
|
11,511
|
|
$
|
33,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
36,400
|
|
|
TWELVE MONTHS
ENDED
|
|
|
|
January 3,
2021
|
|
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
|
|
Benefit
from
income
taxes
|
|
Equity in
earnings of
unconsolidated
investees
|
|
Gain
(Loss)
attributable
to non-
controlling
interests
|
|
|
Net income
(loss)
attributable
to
stockholders
|
GAAP
|
$
|
842,681
|
|
|
$
|
255,018
|
|
$
|
65,574
|
|
|
$
|
(38,444)
|
|
|
$
|
150,596
|
|
|
$
|
23,368
|
|
|
$
|
(24,205)
|
|
$
|
17,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
599,355
|
|
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
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(690,818)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(690,818)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(1,860)
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,815)
|
|
Construction revenue
on solar services contracts
|
5,392
|
|
|
—
|
|
—
|
|
|
—
|
|
|
4,735
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Litigation
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
4,530
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,530
|
|
Stock-based
compensation expense
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
2,605
|
|
|
7
|
|
|
—
|
|
—
|
|
|
904
|
|
|
16,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,554
|
|
Amortization of
intangible assets
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,759
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,759
|
|
Gain on business
divestiture
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,334)
|
|
|
(142)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,476)
|
|
Business
reorganization costs
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
1,537
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
Gain on convertible
notes repurchased
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,520)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,520)
|
|
Transaction-related
costs
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
2,040
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,040
|
|
Restructuring
(credits) charges
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,004
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,992
|
|
Impairment of
property, plant and equipment
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
567
|
|
Tax effect
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54,314
|
|
|
—
|
|
|
—
|
|
|
54,314
|
|
Non-GAAP
|
$
|
848,073
|
|
|
$
|
254,811
|
|
$
|
65,574
|
|
|
$
|
(38,444)
|
|
|
$
|
156,084
|
|
|
$
|
28,667
|
|
|
$
|
(24,205)
|
|
$
|
17,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(12,260)
|
|
|
December 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
|
|
Benefit
from
income
taxes
|
|
Equity in
earnings of
unconsolidated
investees
|
|
Gain
(Loss)
attributable
to non-
controlling
interests
|
|
|
Net income
(loss)
attributable
to
stockholders
|
GAAP
|
$
|
735,753
|
|
|
$
|
243,570
|
|
$
|
156,615
|
|
|
$
|
(43,712)
|
|
|
$
|
92,083
|
|
|
$
|
(981)
|
|
|
$
|
39,569
|
|
$
|
32,807
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
206,820
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
—
|
|
|
(259)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
993
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
993
|
|
Legacy sale-leaseback
transactions
|
(44)
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(4,763)
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,443
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,680
|
|
Mark-to-market gain on
equity investments
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(157,345)
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
(156,345)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain)/loss on sale
and impairment of residential lease assets
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(1,703)
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,440)
|
|
|
25,636
|
|
Construction revenue
on solar services contracts
|
128,144
|
|
|
—
|
|
—
|
|
|
—
|
|
|
20,018
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,030)
|
|
|
(7,012)
|
|
Litigation
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
709
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
714
|
|
Stock-based
compensation expense
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
2,390
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
17,410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,800
|
|
Amortization of
intangible assets
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,135
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,135
|
|
Gain on business
divestiture
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(143,400)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(143,400)
|
|
Transaction-related
costs
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
5,294
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,294
|
|
Non-cash interest
expense
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,110
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,110
|
|
Tax effect
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,202
|
|
|
—
|
|
|
—
|
|
|
2,202
|
|
Non-GAAP
|
$
|
863,853
|
|
|
$
|
243,311
|
|
$
|
156,615
|
|
|
$
|
(43,712)
|
|
|
$
|
108,734
|
|
|
$
|
7,147
|
|
|
$
|
39,569
|
|
$
|
32,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(18,370)
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sunpower-reports-strong-fourth-quarter-and-fiscal-year-2020-results-301230360.html
SOURCE SunPower Corp.