SAN JOSE, Calif., May 5, 2021 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR), a leading solar technology and energy services
provider, today announced financial results for its first quarter
ended April 4, 2021.
"While demand is soaring, less than three percent of U.S. homes
currently have solar and storage and penetration is still in its
infancy. To significantly increase category growth, the adoption of
distributed energy needs to be easy, reliable and affordable," said
Peter Faricy, CEO of SunPower.
"SunPower has the deepest history and strongest residential and
commercial products in the business, and we see customer experience
and digital product innovation as the keys to our future success.
We believe we are well positioned to accelerate and lead the next
era of solar."
"Specifically, our solid first quarter results reflect the
continued strong demand for our industry-leading solar and storage
solutions in both our residential and commercial markets," said
Faricy. "We continue to see homeowners and businesses across the
country looking for cleaner, lower-cost energy with resiliency
becoming a critical factor in their decisions. SunPower is
delivering the industry's leading solutions today while investing
in the highest growth markets including storage, energy services,
and expanding our community solar efforts. With these strategic
initiatives and favorable national policy proposals, we are on
track to achieve our 2021 goals and drive growth in 2022 and
beyond."
Residential and Light Commercial (RLC)
- Residential strength – 22 percent gross margin, $25 million Adjusted EBITDA
- Overall bookings up 25 percent, record new homes bookings
- Strong success in shifting residential mix to more full systems
sales (55 percent in Q121)
- Progress on addressable market expansion initiatives such as
multi-family, loan servicing, long tail
Commercial and Industrial Solutions (C&I
Solutions)
- Revenue growth of >20 percent, year-over-year (YOY)
megawatts (MW) growth of 34 percent, backlog above 275 MW
- Strong bookings momentum – up 50 percent compared to Q1
2020
- Helix storage – >20 MWh Front of the Meter (FTM) storage
under contract, >400 MWh awarded or shortlisted
- Continued momentum in community solar – >115 MW of pipeline,
added >25 MW in Q121
($ Millions,
except percentages and per-share data)
|
1st Quarter
2021
|
4th Quarter
2020
|
1st Quarter
2020
|
GAAP
revenue
|
$306.4
|
$341.8
|
$290.5
|
GAAP gross margin
from continuing operations
|
16.3%
|
22.0%
|
10.0%
|
GAAP net (loss)
income from continuing operations
|
$(48.4)
|
$412.5
|
$21.5
|
GAAP net (loss)
income from continuing operations per diluted share
|
$(0.28)
|
$2.08
|
$0.12
|
Non-GAAP
revenue1
|
$305.8
|
$341.8
|
$295.7
|
Non-GAAP gross
margin1
|
18.7%
|
22.3%
|
12.1%
|
Non-GAAP net income
(loss)1
|
$9.3
|
$26.6
|
$(15.1)
|
Non-GAAP net income
(loss) from continuing operations per diluted
share1
|
$0.05
|
$0.14
|
$(0.09)
|
Adjusted
EBITDA1
|
$19.1
|
$38.6
|
$(2.7)
|
MW
Recognized
|
127
|
153
|
132
|
Cash2
|
$213.1
|
$232.8
|
$205.5
|
Information presented
for 1st quarter 2020 above is for continuing operations
only, and excludes results of Maxeon, other than Cash.
|
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
The company continued to see strength in its RLC
segment during the first quarter, driven primarily by its
residential and new homes businesses as MW recognized for those
businesses rose approximately 10 percent YOY. For residential, the
company's installed base now exceeds 363,000 customers with its
single and multi-family new homes backlog now exceeding 200 MW.
Demand remains high for the company's SunVault™ residential storage
solution with strong bookings momentum in the first quarter.
However, installation lead times have been longer than expected,
due in part to efforts to improve the installation and
commissioning customer experience. The company expects lead times
to return closer to expected levels by the end of the second
quarter.
Gross margin for the quarter was 22 percent, up more than 700
basis points YOY, as the company benefited from stable pricing, its
successful initiatives to lower its cost of capital and the
continuing mix shift to higher margin loan and lease sales and full
system sales which comprised approximately 55 percent of
residential installations for the quarter. As more than 70 percent
of consumers are opting for system ownership, loan options that
lower the monthly cost of solar will continue to be an important
differentiator for SunPower.
Additionally, the company is making progress on its strategy to
extend its residential addressable market. These include efforts in
the multi-family, affordable new housing segment, initiatives to
capture the long tail by leveraging the company's financing
platform as well as exploring partnerships to expand its dealer
install network.
C&I Solutions
The company's C&I Solutions
business performed well in the first quarter as MW recognized rose
22 percent YOY and revenue rose 23 percent. The company also
maintained its leading market share during the quarter as its
commercial project backlog expanded to 275 MW giving the company
strong 2022 commercial project visibility. Demand for its Helix®
storage solution remained high as the company saw strong initial
customer traction for its front of the meter storage solution while
continuing to grow its community solar pipeline which now exceeds
115 MW.
Additionally, the company also benefited from its commercial
stand-alone storage initiative, booking more than 11 MWh of
projects during the quarter as customers continue to focus on
resiliency and energy cost savings. The company is also seeing
continued success in its front of the meter storage initiatives
with more than 20 MWh currently under contract and more than 400
MWh awarded or shortlisted. With more than 250 MWh of Helix storage
contracted or awarded to date, the company believes C&I
Solutions is well positioned to capitalize on the increased demand
for its commercial storage and services solutions with both the
back of meter and front of meter markets.
Consolidated Financials
"Overall, we executed well in
the first quarter as we met our key financial metrics, increased
our gross margin by 660 basis points (BPS) YOY and improved
linearity compared to prior years," said Manavendra Sial, chief
financial officer at SunPower. "We generated positive cash flow at
the business unit level and repaid our 8.5 percent CEDA loan early
in April."
"We are starting to see the margin benefit of our new financing
programs as our blended residential loan and lease cost of capital
is now below six percent and are also taking a number of steps to
expand our addressable market and platform offerings. Given these
initiatives and the continued mix shift to full systems, we expect
our value creation to essentially double in 2021," said Sial.
First quarter of fiscal year 2021 non-GAAP results exclude net
adjustments that, in the aggregate, decreased GAAP loss by
$57.6 million, including $44.7 million related to a mark-to-market loss on
equity investments, $7.1 million
related to results of operations of legacy business to be exited,
$5.0 million related to stock-based
compensation expense, $5.2 million
related to litigation costs, $3.8
million related to restructuring charges, and $1.0 million related to business reorganization
costs. This was partially offset by $5.4
million gain on sale and impairment of residential lease
assets and $3.8 million for income
taxes and other non-recurring items.
CEO Transition
On March 25,
2021, SunPower announced that it named Peter Faricy as its chief executive officer
(CEO), following Tom Werner's
decision to retire from the company after 18 years. Faricy brings a
track record of high growth through technology innovation and
expertise in creating exceptional customer experiences. Most
recently he served as CEO of Global Direct-to-Consumer for
Discovery, Inc. Prior to Discovery, Faricy spent 13 years at
Amazon, including as vice president leading Amazon Marketplace.
Faricy assumed his new position effective April 19, 2021. To ensure a smooth transition,
Werner will continue in his role of chairman of the board of
directors, planned to be six months.
Financial Outlook
For the second quarter, the company
expects continued strength in our residential business with second
quarter RLC volume growth of approximately 20 percent sequentially
and over 50 percent versus prior year, partially offset by the
timing of certain project milestones in its C&I Solutions
business which is expected to be in line with prior year.
Specifically, the company's second quarter and fiscal year 2021
guidance is as follows:
Second quarter GAAP revenue of $295 to $345
million, GAAP net loss of $12
million to $1 million, MW
recognized of 120 MW to 150 MW and Adjusted EBITDA in the range of
$16 to $27
million.
For fiscal year 2021, given the continued confidence in its
business post the quarter, the company still expects revenue growth
of approximately 35 percent and MW recognized growth of
approximately 25 percent. The company's outlook for Adjusted EBITDA
remains unchanged.
Given strong industry tailwinds, further anticipated federal
policy support as well increased demand for its residential and
commercial storage solutions, the company continues to expect 2022
Adjusted EBITDA growth of greater than 40 percent.
The company will host a conference call for investors this
morning to discuss its first quarter 2021 performance at
5:30 a.m. Pacific Time. The call will
be webcast and can be accessed from SunPower's website at
http://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 first quarter 2021
performance on the Events and Presentations section of SunPower's
Investor Relations page
at http://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 and warranted by one company that gives
customers control over electricity consumption and resiliency
during power outages while providing 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) expectations regarding our
future performance based on bookings, backlog, and pipelines in our
sales channels; (b) our plans and expectations for our products and
solutions, including ramps and timing, anticipated demand, and
impacts on our market position and our ability to meet our targets
and goals; (c) areas of investment, both current and future, and
anticipated impacts on our business and financial results; (d) our
expectations regarding our industry and market factors, including
consumer expectations, the impact of policy proposals, anticipated
demand and volume, and market penetration and expansion; (e) our
expectations regarding achievement of our 2021 goals and projected
growth in 2022 and beyond, and our positioning for future success;
(f) our expectations for installation lead times, including
anticipated timing for normalization and customer experience
improvement with respect to our storage solutions; (g) our
expectations regarding product mix trends and differentiation
provided by the company's loan options; (h) plans for initiatives
to expand our addressable market and anticipated impacts on our
business; (i) expectations for management and board leadership
transitions, including the timing thereof; (j) our second quarter
fiscal 2021 guidance, including GAAP revenue, net loss, MW
recognized, and Adjusted EBITDA, and related assumptions; and (k)
our expectations for fiscal 2021, including revenue and MW
recognized growth and related assumptions; and (l) 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) 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; (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) 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; (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.
©2021 SunPower Corporation. All rights reserved. SUNPOWER, the
SUNPOWER logo, HELIX, and SUNVAULT, are trademarks or registered
trademarks of SunPower Corporation in the U.S.
SUNPOWER
CORPORATION
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
(Unaudited)
|
|
|
|
|
|
April 4,
2021
|
|
January 3,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
213,105
|
|
|
$
|
232,765
|
|
Restricted cash and
cash equivalents, current portion
|
10,928
|
|
|
5,518
|
|
Short-term
investments
|
325,380
|
|
|
—
|
|
Accounts receivable,
net
|
104,804
|
|
|
108,864
|
|
Contract
assets
|
114,029
|
|
|
114,506
|
|
Inventories
|
230,694
|
|
|
210,582
|
|
Advances to suppliers,
current portion
|
3,852
|
|
|
2,814
|
|
Project assets -
plants and land, current portion
|
9,746
|
|
|
21,015
|
|
Prepaid expenses and
other current assets
|
89,109
|
|
|
94,251
|
|
Total current
assets
|
1,101,647
|
|
|
790,315
|
|
|
|
|
|
Restricted cash and
cash equivalents, net of current portion
|
5,404
|
|
|
8,521
|
|
Property, plant and
equipment, net
|
46,790
|
|
|
46,766
|
|
Operating lease
right-of-use assets
|
62,722
|
|
|
54,070
|
|
Solar power systems
leased, net
|
48,331
|
|
|
50,401
|
|
Advances to
suppliers, net of current portion
|
2,813
|
|
|
—
|
|
Other intangible
assets, net
|
298
|
|
|
697
|
|
Other long-term
assets
|
326,766
|
|
|
695,712
|
|
Total
assets
|
$
|
1,594,771
|
|
|
$
|
1,646,482
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
156,552
|
|
|
$
|
166,066
|
|
Accrued
liabilities
|
113,046
|
|
|
121,915
|
|
Operating lease
liabilities, current portion
|
13,529
|
|
|
9,736
|
|
Contract liabilities,
current portion
|
60,385
|
|
|
72,424
|
|
Short-term
debt
|
94,724
|
|
|
97,059
|
|
Convertible debt,
current portion
|
62,456
|
|
|
62,531
|
|
Total current
liabilities
|
500,692
|
|
|
529,731
|
|
|
|
|
|
Long-term
debt
|
86,436
|
|
|
56,447
|
|
Convertible debt, net
of current portion
|
422,749
|
|
|
422,443
|
|
Operating lease
liabilities, net of current portion
|
42,340
|
|
|
43,608
|
|
Contract liabilities,
net of current portion
|
28,748
|
|
|
30,170
|
|
Other long-term
liabilities
|
152,943
|
|
|
157,597
|
|
Total
liabilities
|
1,233,908
|
|
|
1,239,996
|
|
|
|
|
|
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
172
|
|
|
170
|
|
Additional paid-in
capital
|
2,691,423
|
|
|
2,685,920
|
|
Accumulated
deficit
|
(2,133,239)
|
|
|
(2,085,246)
|
|
Accumulated other
comprehensive income
|
8,897
|
|
|
8,799
|
|
Treasury stock, at
cost
|
(207,596)
|
|
|
(205,476)
|
|
Total stockholders'
equity
|
359,657
|
|
|
404,167
|
|
Noncontrolling
interests in subsidiaries
|
1,206
|
|
|
2,319
|
|
Total
equity
|
360,863
|
|
|
406,486
|
|
Total liabilities and
equity
|
$
|
1,594,771
|
|
|
$
|
1,646,482
|
|
|
|
|
|
SUNPOWER
CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
April 4,
2021
|
|
January 3,
2021
|
|
March 29,
2020
|
Revenue:
|
|
|
|
|
|
|
Solar power systems,
components, and other
|
|
$
|
301,237
|
|
|
$
|
338,507
|
|
|
$
|
285,289
|
|
Residential
leasing
|
|
1,120
|
|
|
1,386
|
|
|
1,324
|
|
Solar
services
|
|
4,041
|
|
|
1,917
|
|
|
3,933
|
|
Total
revenue
|
|
306,398
|
|
|
341,810
|
|
|
290,546
|
|
Cost of
revenue:
|
|
|
|
|
|
|
Solar power systems,
components, and other
|
|
254,104
|
|
|
264,515
|
|
|
258,637
|
|
Residential
leasing
|
|
601
|
|
|
1,073
|
|
|
1,296
|
|
Solar
services
|
|
1,819
|
|
|
1,071
|
|
|
1,429
|
|
Total cost of
revenue
|
|
256,524
|
|
|
266,659
|
|
|
261,362
|
|
Gross
profit
|
|
49,874
|
|
|
75,151
|
|
|
29,184
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development
|
|
5,015
|
|
|
3,275
|
|
|
7,768
|
|
Sales, general, and
administrative
|
|
47,744
|
|
|
52,510
|
|
|
40,717
|
|
Restructuring charges
(credits)
|
|
3,766
|
|
|
(134)
|
|
|
1,576
|
|
Gain on sale and
impairment of residential lease assets
|
|
(226)
|
|
|
(208)
|
|
|
(274)
|
|
Income from transition
services agreement, net
|
|
(3,087)
|
|
|
(4,371)
|
|
|
—
|
|
Loss on business
divestiture
|
|
—
|
|
|
124
|
|
|
—
|
|
Total operating
expenses (income)
|
|
53,212
|
|
|
51,196
|
|
|
49,787
|
|
Operating (loss)
income
|
|
(3,338)
|
|
|
23,955
|
|
|
(20,603)
|
|
Other income
(expense), net:
|
|
|
|
|
|
|
Interest
income
|
|
52
|
|
|
72
|
|
|
404
|
|
Interest
expense
|
|
(7,965)
|
|
|
(8,422)
|
|
|
(9,193)
|
|
Other, net
|
|
(43,471)
|
|
|
415,880
|
|
|
50,438
|
|
Other (expense)
income, net
|
|
(51,384)
|
|
|
407,530
|
|
|
41,649
|
|
(Loss) income before
income taxes and equity in earnings of unconsolidated
investees
|
|
(54,722)
|
|
|
431,485
|
|
|
21,046
|
|
Benefit from
(provision for) income taxes
|
|
5,224
|
|
|
(18,833)
|
|
|
(885)
|
|
Equity in losses of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
—
|
|
Net (loss) income
from continuing operations
|
|
(49,498)
|
|
|
412,652
|
|
|
20,161
|
|
Loss from discontinued
operations before income taxes and equity in losses of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
(21,560)
|
|
Provision for income
taxes
|
|
—
|
|
|
—
|
|
|
(984)
|
|
Equity in earnings of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
245
|
|
Net loss from
discontinued operations, net of taxes
|
|
—
|
|
|
—
|
|
|
(22,299)
|
|
Net (loss)
income
|
|
(49,498)
|
|
|
412,652
|
|
|
(2,138)
|
|
Net loss (income) from
continuing operations attributable to noncontrolling
interests
|
|
1,113
|
|
|
(177)
|
|
|
1,379
|
|
Net income from
discontinued operations attributable to noncontrolling
interests
|
|
—
|
|
|
—
|
|
|
(672)
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
1,113
|
|
|
(177)
|
|
|
707
|
|
Net (loss) income
from continuing operations attributable to stockholders
|
|
$
|
(48,385)
|
|
|
$
|
412,475
|
|
|
$
|
21,540
|
|
Net loss from
discontinued operations attributable to stockholders
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(22,971)
|
|
Net (loss) income
attributable to stockholders
|
|
$
|
(48,385)
|
|
|
$
|
412,475
|
|
|
$
|
(1,431)
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to stockholders - basic:
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.28)
|
|
|
$
|
2.42
|
|
|
$
|
0.13
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.14)
|
|
Net (loss) income per
share – basic
|
|
$
|
(0.28)
|
|
|
$
|
2.42
|
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to stockholders - diluted:
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.28)
|
|
|
$
|
2.08
|
|
|
$
|
0.12
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.13)
|
|
Net (loss) income per
share – diluted
|
|
$
|
(0.28)
|
|
|
$
|
2.08
|
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
Weighted-average
shares:
|
|
|
|
|
|
|
Basic
|
|
171,200
|
|
|
170,267
|
|
|
168,822
|
|
Diluted
|
|
171,200
|
|
|
200,132
|
|
|
177,277
|
|
SUNPOWER
CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
April 4,
2021
|
|
January 3,
2021
|
|
March 29,
2020
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(49,498)
|
|
|
$
|
412,652
|
|
|
$
|
(2,138)
|
|
Adjustments to
reconcile net (loss) income to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,849
|
|
|
2,567
|
|
|
16,892
|
|
Stock-based
compensation
|
|
5,437
|
|
|
6,029
|
|
|
6,867
|
|
Non-cash interest
expense
|
|
1,505
|
|
|
1,067
|
|
|
1,910
|
|
Equity in earnings of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
(245)
|
|
Loss (gain) on equity
investments with readily determinable fair value
|
|
44,730
|
|
|
(416,455)
|
|
|
(49,152)
|
|
Loss (gain) on
retirement of convertible debt
|
|
—
|
|
|
878
|
|
|
(2,956)
|
|
Loss on business
divestiture
|
|
—
|
|
|
125
|
|
|
—
|
|
Gain on sale of
investments
|
|
(1,162)
|
|
|
—
|
|
|
—
|
|
Deferred income
taxes
|
|
(3,901)
|
|
|
17,602
|
|
|
(349)
|
|
Other, net
|
|
(5,280)
|
|
|
(255)
|
|
|
289
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
4,114
|
|
|
(14,067)
|
|
|
(17,880)
|
|
Contract
assets
|
|
487
|
|
|
10,708
|
|
|
295
|
|
Inventories
|
|
(8,271)
|
|
|
(17,701)
|
|
|
(43,061)
|
|
Project
assets
|
|
9,197
|
|
|
3,015
|
|
|
(8,881)
|
|
Prepaid expenses and
other assets
|
|
1,429
|
|
|
(1,837)
|
|
|
18,635
|
|
Operating lease
right-of-use assets
|
|
2,875
|
|
|
654
|
|
|
2,923
|
|
Advances to
suppliers
|
|
(3,852)
|
|
|
(2,814)
|
|
|
8,936
|
|
Accounts payable and
other accrued liabilities
|
|
(24,152)
|
|
|
(3,129)
|
|
|
(92,599)
|
|
Contract
liabilities
|
|
(13,461)
|
|
|
17,842
|
|
|
(16,130)
|
|
Operating lease
liabilities
|
|
(3,429)
|
|
|
(1,759)
|
|
|
(2,849)
|
|
Net cash (used in)
provided by operating activities
|
|
(40,383)
|
|
|
15,122
|
|
|
(179,493)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(1,964)
|
|
|
(1,403)
|
|
|
(6,213)
|
|
Cash paid for solar
power systems
|
|
(635)
|
|
|
(1,134)
|
|
|
(610)
|
|
Cash outflow upon
Maxeon Solar Spin-off, net of proceeds
|
|
—
|
|
|
8,996
|
|
|
—
|
|
Cash received from
sale of investments
|
|
1,200
|
|
|
—
|
|
|
—
|
|
Proceeds from sale of
equity investment
|
|
—
|
|
|
133,600
|
|
|
46,149
|
|
Net cash (used in)
provided by investing activities
|
|
(1,399)
|
|
|
140,059
|
|
|
39,326
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from bank
loans and other debt
|
|
71,323
|
|
|
32,752
|
|
|
76,544
|
|
Repayment of bank
loans and other debt
|
|
(35,076)
|
|
|
(44,607)
|
|
|
(65,730)
|
|
Proceeds from issuance
of non-recourse residential and commercial financing, net of
issuance costs
|
|
—
|
|
|
1,355
|
|
|
9,754
|
|
Repayment of
non-recourse residential and commercial financing
|
|
(9,713)
|
|
|
(1,813)
|
|
|
—
|
|
Contributions from
noncontrolling interests to residential projects
|
|
—
|
|
|
324
|
|
|
—
|
|
Distributions to
noncontrolling interests and redeemable noncontrolling interests
attributable to residential projects
|
|
—
|
|
|
(1,414)
|
|
|
—
|
|
Cash paid for
repurchase of convertible debt
|
|
—
|
|
|
(239,554)
|
|
|
(87,141)
|
|
Receipt of contingent
asset of a prior business combination
|
|
—
|
|
|
—
|
|
|
423
|
|
Settlement of
contingent consideration arrangement, net of cash
received
|
|
—
|
|
|
(776)
|
|
|
—
|
|
Equity offering costs
paid
|
|
—
|
|
|
—
|
|
|
(928)
|
|
Purchases of stock for
tax withholding obligations on vested restricted stock
|
|
(2,118)
|
|
|
(4,387)
|
|
|
(6,914)
|
|
Net cash provided by
(used in) financing activities
|
|
24,416
|
|
|
(258,120)
|
|
|
(73,992)
|
|
Effect of exchange
rate changes on cash, cash equivalents, restricted cash and
restricted cash equivalents
|
|
—
|
|
|
(22)
|
|
|
(216)
|
|
Net decrease in cash,
cash equivalents, restricted cash and restricted cash
equivalents
|
|
(17,367)
|
|
|
(102,961)
|
|
|
(214,375)
|
|
Cash, cash
equivalents, restricted cash and restricted cash equivalents,
beginning of period1
|
|
246,804
|
|
|
349,765
|
|
|
458,657
|
|
Cash, cash
equivalents, restricted cash and restricted cash equivalents, end
of period1
|
|
$
|
229,437
|
|
|
$
|
246,804
|
|
|
$
|
244,282
|
|
|
|
|
|
|
|
|
Non-cash
transactions:
|
|
|
|
|
|
|
Costs of solar power
systems sourced from existing inventory
|
|
$
|
—
|
|
|
$
|
1,018
|
|
|
$
|
—
|
|
Costs of solar power
systems funded by liabilities
|
|
$
|
—
|
|
|
$
|
635
|
|
|
$
|
1,184
|
|
Property, plant and
equipment acquisitions funded by liabilities
|
|
$
|
1,647
|
|
|
$
|
866
|
|
|
$
|
2,385
|
|
Contractual
obligations satisfied by inventory
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
975
|
|
Accounts payable
balances reclassified to short-term debt
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,000
|
|
Right-of-use assets
obtained in exchange of lease obligations
|
|
$
|
11,528
|
|
|
$
|
1,008
|
|
|
$
|
12,461
|
|
Assumption of
liabilities in connection with business divestiture
|
|
$
|
—
|
|
|
$
|
9,056
|
|
|
$
|
—
|
|
Holdbacks in
connection with business divestiture
|
|
$
|
—
|
|
|
$
|
7,199
|
|
|
$
|
—
|
|
|
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, litigation,
stock-based compensation, and amortization of intangible assets,
each of which is described below. In addition to the above
adjustments, non-GAAP net loss and non-GAAP net loss per diluted
share are adjusted for adjustments relating to mark to market gain
on equity investments, gain on business divestiture, impairment of
property, plant, and equipment, transaction-related costs, non-cash
interest expense, restructuring charges (credits), gain on
convertible debt repurchased, tax effect of these non-GAAP
adjustments, each of which is described below. In addition to the
above adjustments, Adjusted EBITDA includes adjustments relating to
cash interest expense (net of interest income), provision for
income taxes, and depreciation.
Non-GAAP Adjustments Based on International Financial
Reporting Standards ("IFRS")
The company's non-GAAP results include adjustments under IFRS
that are consistent with the adjustments made in connection with
the company's internal reporting process as part of its status as a
consolidated subsidiary of Total SE, our controlling shareholder
and a foreign public registrant that reports under IFRS.
Differences between GAAP and IFRS reflected in the company's
non-GAAP results are further described below. In these situations,
management believes that IFRS enables investors to better evaluate
the company's performance, and assists in aligning the perspectives
of the management with those of Total SE.
- Mark-to-market loss (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
- Results of operations of legacy business to be exited:
Following the announcement of closure of our Hillsboro, Oregon facility in the first fiscal
quarter of 2021, the company prospectively excludes its results of
operations from Non-GAAP results given that revenue will cease
starting first fiscal quarter of 2021 and all subsequent activities
are focused on the wind down of operations. Management believes
that it is appropriate to exclude these from our non-GAAP results
as it is not reflective of ongoing operating results.
- 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, the company sold membership units
representing a 49% membership interest in majority of its
residential lease business and retained a 51% membership interest.
The Company records an impairment charge based on the expected fair
value for a portion of residential lease assets portfolio that was
retained. Any charges or credits on these remaining unsold
residential lease assets impairment, as well as its corresponding
depreciation savings, are excluded from the company's non-GAAP
results as they are not reflective of ongoing operating
results.
- 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 are
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
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 segment results as they would not have
otherwise been incurred as part of the business operations and
therefore is 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
and expect to continue to incur in upcoming quarters, non-recurring
charges on third-party legal and consulting expenses, primarily to
enable in separation of shared information technology systems and
applications. Management believes that it is appropriate to exclude
these from company's non-GAAP results as it is not reflective of
ongoing operating results.
- 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.
- 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
|
|
|
April 4,
2021
|
|
January 3,
2021
|
|
March 29,
2020
|
GAAP
revenue
|
|
$
|
306,398
|
|
|
$
|
341,810
|
|
|
$
|
290,546
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
(207)
|
|
Other
adjustments:
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
|
(621)
|
|
|
—
|
|
|
—
|
|
Construction revenue
on solar services contracts
|
|
—
|
|
|
—
|
|
|
5,392
|
|
Non-GAAP
revenue
|
|
$
|
305,777
|
|
|
$
|
341,810
|
|
|
$
|
295,731
|
|
Adjustments to
Gross Profit Margin:
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
April 4,
2021
|
|
January 3,
2021
|
|
March 29,
2020
|
GAAP gross profit
from continuing operations
|
|
$
|
49,874
|
|
|
$
|
75,151
|
|
|
$
|
29,184
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
(34)
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
20
|
|
Other
adjustments:
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
|
7,066
|
|
|
—
|
|
|
—
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Gain on sale and
impairment of residential lease assets
|
|
(494)
|
|
|
(485)
|
|
|
(448)
|
|
Stock-based
compensation expense
|
|
887
|
|
|
959
|
|
|
559
|
|
Impairment of
property, plant and equipment
|
|
—
|
|
|
567
|
|
|
—
|
|
Restructuring
credits
|
|
—
|
|
|
(12)
|
|
|
—
|
|
Amortization of
intangible assets
|
|
—
|
|
|
—
|
|
|
1,785
|
|
Non-GAAP gross
profit
|
|
$
|
57,333
|
|
|
$
|
76,180
|
|
|
$
|
35,801
|
|
|
|
|
|
|
|
|
GAAP gross margin
(%)
|
|
16.3
|
%
|
|
22.0
|
%
|
|
10.0
|
%
|
Non-GAAP gross margin
(%)
|
|
18.7
|
%
|
|
22.3
|
%
|
|
12.1
|
%
|
Adjustments to Net
Income (Loss):
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
April 4,
2021
|
|
January 3,
2021
|
|
March 29,
2020
|
GAAP net (loss)
income from continuing operations attributable to
stockholders
|
|
$
|
(48,385)
|
|
|
$
|
412,475
|
|
|
$
|
21,540
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
(34)
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
20
|
|
Mark-to-market loss
(gain) on equity investments
|
|
44,730
|
|
|
(416,456)
|
|
|
(47,871)
|
|
Other
adjustments:
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
|
7,066
|
|
|
—
|
|
|
—
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Gain on sale and
impairment of residential lease assets
|
|
(5,383)
|
|
|
(693)
|
|
|
(722)
|
|
Litigation
|
|
5,210
|
|
|
3,650
|
|
|
485
|
|
Stock-based
compensation expense
|
|
5,013
|
|
|
6,167
|
|
|
4,978
|
|
Amortization of
intangible assets
|
|
—
|
|
|
—
|
|
|
1,786
|
|
Loss on business
divestiture
|
|
—
|
|
|
53
|
|
|
—
|
|
Transaction-related
costs
|
|
130
|
|
|
177
|
|
|
481
|
|
Business
reorganization costs
|
|
954
|
|
|
1,537
|
|
|
—
|
|
Restructuring charges
(credits)
|
|
3,766
|
|
|
(146)
|
|
|
1,576
|
|
Loss (gain) on
convertible debt repurchased
|
|
—
|
|
|
540
|
|
|
(2,956)
|
|
Impairment of
property, plant and equipment
|
|
—
|
|
|
567
|
|
|
—
|
|
Tax effect
|
|
(3,839)
|
|
|
18,700
|
|
|
852
|
|
Non-GAAP net income
(loss) attributable to stockholders
|
|
$
|
9,262
|
|
|
$
|
26,571
|
|
|
$
|
(15,130)
|
|
Adjustments to Net
Income (loss) per diluted share
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
April 4,
2021
|
|
January 3,
2021
|
|
March 29,
2020
|
Net income (loss) per
diluted share
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
GAAP net (loss) income
available to common stockholders1
|
|
$
|
(48,385)
|
|
|
$
|
412,475
|
|
|
$
|
21,540
|
|
Add: Interest expense
on 4.00% debenture due 2023, net of tax
|
|
—
|
|
|
3,126
|
|
|
505
|
|
Add: Interest expense
on 0.875% debenture due 2021, net of tax
|
|
—
|
|
|
421
|
|
|
—
|
|
GAAP net (loss) income
available to common stockholders1
|
|
$
|
(48,385)
|
|
|
$
|
416,022
|
|
|
$
|
22,045
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) available to common stockholders1
|
|
$
|
9,262
|
|
|
$
|
26,571
|
|
|
$
|
(15,130)
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
GAAP weighted-average
shares
|
|
171,200
|
|
|
170,267
|
|
|
168,822
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
Restricted stock
units
|
|
—
|
|
|
5,216
|
|
|
2,104
|
|
0.875% debentures due
2021
|
|
—
|
|
|
7,581
|
|
|
6,350
|
|
4.00% debentures due
2023
|
|
—
|
|
|
17,068
|
|
|
—
|
|
GAAP dilutive
weighted-average common shares:
|
|
171,200
|
|
|
200,132
|
|
|
177,277
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted-average shares
|
|
171,200
|
|
|
170,267
|
|
|
168,822
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
Restricted stock
units
|
|
4,113
|
|
|
5,216
|
|
|
—
|
|
4.00% debentures due
2023
|
|
17,068
|
|
|
17,068
|
|
|
—
|
|
Non-GAAP dilutive
weighted-average common shares1
|
|
192,381
|
|
|
192,551
|
|
|
168,822
|
|
|
|
|
|
|
|
|
GAAP dilutive net
(loss) income per share - continuing operations
|
|
$
|
(0.28)
|
|
|
$
|
2.08
|
|
|
$
|
0.12
|
|
Non-GAAP dilutive net
income (loss) per share - continuing operations
|
|
$
|
0.05
|
|
|
$
|
0.14
|
|
|
$
|
(0.09)
|
|
|
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
|
|
|
April 4,
2021
|
|
January 3,
2021
|
|
March 29,
2020
|
GAAP net (loss)
income from continuing operations attributable to
stockholders
|
|
$
|
(48,385)
|
|
|
$
|
412,475
|
|
|
$
|
21,540
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
(34)
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
20
|
|
Mark-to-market loss
(gain) on equity investments
|
|
44,730
|
|
|
(416,456)
|
|
|
(47,871)
|
|
Other
adjustments:
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
|
7,066
|
|
|
—
|
|
|
—
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Gain on sale and
impairment of residential lease assets
|
|
(5,383)
|
|
|
(693)
|
|
|
(722)
|
|
Litigation
|
|
5,210
|
|
|
3,650
|
|
|
485
|
|
Stock-based
compensation expense
|
|
5,013
|
|
|
6,167
|
|
|
4,978
|
|
Amortization of
intangible assets
|
|
—
|
|
|
—
|
|
|
1,786
|
|
Loss on business
divestiture
|
|
—
|
|
|
53
|
|
|
—
|
|
Transaction-related
costs
|
|
130
|
|
|
177
|
|
|
481
|
|
Business
reorganization costs
|
|
954
|
|
|
1,537
|
|
|
—
|
|
Restructuring charges
(credits)
|
|
3,766
|
|
|
(146)
|
|
|
1,576
|
|
Loss (gain) on
convertible debt repurchased
|
|
—
|
|
|
540
|
|
|
(2,956)
|
|
Impairment of
property, plant and equipment
|
|
—
|
|
|
567
|
|
|
—
|
|
Cash interest expense,
net of interest income
|
|
7,914
|
|
|
8,350
|
|
|
8,867
|
|
(Benefit from)
provision for income taxes
|
|
(5,222)
|
|
|
18,834
|
|
|
885
|
|
Depreciation
|
|
3,342
|
|
|
3,519
|
|
|
3,499
|
|
Adjusted
EBITDA
|
|
$
|
19,135
|
|
|
$
|
38,574
|
|
|
$
|
(2,731)
|
|
Q2 2021 GUIDANCE
(in
thousands)
|
Q2
2021
|
Revenue (GAAP and
Non-GAAP)
|
$295,000-$345,000
|
Net loss
(GAAP)
|
$(12,000)-$(1,000)
|
Adjusted
EBITDA1
|
$16,000-$27,000
|
- Adjusted EBITDA amount above for Q2 2021 includes net
adjustments that decrease net loss by approximately $7 million related to interest expense,
$3 million related to depreciation,
$2 million related to income taxes,
$9 million related to stock-based
compensation, $3 million related to
results of operations of legacy business to be exited, $2 million related to litigation, $1 million related to restructuring charges, and
$1 million related to business
reorganization costs.
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
|
|
|
|
April 4,
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
|
|
|
Other
income
(expense),
net
|
|
Benefit from
income
taxes
|
|
Net income (loss)
attributable to stockholders
|
GAAP
|
$
|
237,937
|
|
|
$
|
66,263
|
|
|
$
|
2,187
|
|
|
$
|
11
|
|
|
$
|
52,574
|
|
|
$
|
4,211
|
|
|
$
|
(8,172)
|
|
|
$
|
1,261
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
(48,385)
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market loss on
equity investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
44,730
|
|
|
—
|
|
|
44,730
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
—
|
|
|
—
|
|
|
(621)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,878
|
|
|
(812)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
7,066
|
|
Gain on sale and
impairment of residential lease assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(494)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,663)
|
|
|
—
|
|
|
(226)
|
|
|
|
—
|
|
|
—
|
|
|
(5,383)
|
|
Litigation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,210
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
5,210
|
|
Stock-based
compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
841
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
370
|
|
|
3,756
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
5,013
|
|
Business
reorganization costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
954
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
954
|
|
Transaction-related
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|
|
(29)
|
|
|
—
|
|
|
130
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,766
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
3,766
|
|
Tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
(3,839)
|
|
|
(3,839)
|
|
Non-GAAP
|
$
|
237,937
|
|
|
$
|
66,263
|
|
|
$
|
1,566
|
|
|
$
|
11
|
|
|
$
|
52,921
|
|
|
$
|
4,211
|
|
|
$
|
(248)
|
|
|
$
|
449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,262
|
|
|
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 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
|
|
Loss (gain) on
business divestiture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
(71)
|
|
|
—
|
|
|
53
|
|
Business
reorganization costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
Transaction-related
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
Restructuring
credits
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(134)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(146)
|
|
Loss 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
|
|
|
|
|
|
|
|
|
|
|
March 29,
2020
|
|
Revenue
|
|
Gross Profit /
Margin
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Residential, Light
Commercial
|
|
Commercial and
Industrial Solutions
|
|
Others
|
|
Intersegment
elimination
|
|
Residential, Light
Commercial
|
|
Commercial and
Industrial Solutions
|
|
Others
|
|
Intersegment
elimination
|
|
Research
and
development
|
|
Sales,
general
and
administrative
|
|
Restructuring
charges
|
|
Loss on sale and
impairment of residential lease assets
|
|
Other
income
(expense),
net
|
|
Provision
for
income
taxes
|
|
Net income (loss)
attributable to stockholders
|
GAAP
|
$
|
226,748
|
|
|
$
|
50,818
|
|
|
$
|
32,859
|
|
|
$
|
(19,879)
|
|
|
$
|
28,639
|
|
|
$
|
(3,047)
|
|
|
$
|
(9,455)
|
|
|
$
|
13,046
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
21,540
|
|
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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,871)
|
|
|
—
|
|
|
(47,871)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and
impairment of residential lease assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(448)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(274)
|
|
|
—
|
|
|
—
|
|
|
(722)
|
|
Construction revenue
on solar services contracts
|
5,392
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,735
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Litigation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
485
|
|
Stock-based
compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
559
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,419
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,978
|
|
Amortization of
intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,786
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,786
|
|
Transaction-related
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
481
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
481
|
|
Restructuring
charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,576
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,576
|
|
Gain on convertible
notes repurchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,956)
|
|
|
—
|
|
|
(2,956)
|
|
Tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
852
|
|
|
852
|
|
Non-GAAP
|
$
|
232,140
|
|
|
$
|
50,611
|
|
|
$
|
32,859
|
|
|
$
|
(19,879)
|
|
|
$
|
33,505
|
|
|
$
|
(1,295)
|
|
|
$
|
(9,455)
|
|
|
$
|
13,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(15,130)
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sunpower-reports-first-quarter-2021-results-301284124.html
SOURCE SunPower Corp.