SAN JOSE, Calif., Aug. 3, 2021 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR), a leading solar technology and energy services
provider, today announced financial results for its second quarter
ended July 4, 2021.
"Consumer demand for better, more resilient energy is increasing
and with more than 100 million homes in the U.S. that could benefit
from solar and storage, we see a significant opportunity to meet
that demand," said Peter Faricy, CEO
of SunPower. "To lead in customer adoption and growth we are
focused on delivering world class customer experiences and
continuing to invest in strategic priorities that will make solar
easy, reliable and affordable. We believe this long-term strategic
approach will position SunPower as a leader as the market continues
to expand."
"Our solid second quarter results reflect continued execution in
both our residential and commercial businesses as year over year
megawatts grew 40 percent and we doubled our gross margin per
watt," said Faricy. "We also made material progress on a number of
our key initiatives to expand our addressable market during the
quarter including increasing our dealer footprint, expanding our
financial platform to include loan servicing as well as announcing
our strategic alliance with leading EV solutions provider Wallbox.
This alliance will enable us to offer our residential customers a
simple and cost effective integrated solar, storage and EV solution
that will lower overall energy costs while reducing strain on the
grid. Looking forward, we remain on track to achieve our 2021
financial outlook and are well positioned to drive growth and
profitability in 2022 and
beyond."
Residential and Light Commercial (RLC)
- Residential strength – 23 percent gross margin, up 160 basis
points sequentially, $28 million
Adjusted EBITDA
- Added 13,000 customers - residential bookings up 16 percent
sequentially, 67 percent year-over-year (YoY)
- Continued progress in converting residential mix to more full
systems sales (>55 percent in Q221)
- EV business alliance with Wallbox expected to expand
addressable market by $15
billion
Commercial and Industrial Solutions (CIS)
- YoY megawatts (MW) growth of ~30 percent, 1 gigawatt installed
base, backlog above 260MW
- Strong bookings momentum – up more than 20 percent YoY
- Helix storage – >20 MWh Front of the Meter (FTM) storage
under contract, >500 MWh pipeline
- Continued momentum in community solar – more than 150 MW of
pipeline, added >35 MW in Q221
($ Millions,
except percentages and per-share data)
|
2nd Quarter
2021
|
1st Quarter
2021
|
2nd Quarter
2020
|
GAAP
revenue
|
$308.9
|
$306.4
|
$217.7
|
GAAP gross margin
from continuing operations
|
19.8%
|
16.3%
|
11.8%
|
GAAP net income
(loss) from continuing operations
|
$75.2
|
$(48.4)
|
$55.9
|
GAAP net income
(loss) from continuing operations per diluted share
|
$0.40
|
$(0.28)
|
$0.31
|
Non-GAAP
revenue1
|
$308.9
|
$305.8
|
$217.7
|
Non-GAAP gross
margin1
|
20.6%
|
18.7%
|
12.6%
|
Non-GAAP net income
(loss)1
|
$10.4
|
$9.3
|
$(17.2)
|
Non-GAAP net income
(loss) from continuing operations per diluted
share1
|
$0.06
|
$0.05
|
$(0.10)
|
Adjusted
EBITDA1
|
$22.2
|
$19.1
|
$(4.3)
|
MW
Recognized
|
125
|
127
|
91
|
Cash2
|
$140.5
|
$213.1
|
$235.3
|
|
Information presented
for 2nd 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 second quarter, driven primarily by
its residential and new homes businesses as MW recognized for those
businesses rose more than 50 percent YoY. SunPower added
13,000 new customers during the quarter, bringing its total
residential install base to more than 376,000. Additionally,
it grew its single and multi-family new homes backlog by 10 percent
sequentially to more than 220 MW. Demand also remains high for
the company's SunVault™ residential storage solution with strong
bookings momentum continuing in the second quarter and attach rates
of 23 percent in its direct sales channel. The company expects
SunVault growth to accelerate in the second half of the year given
that lead times have returned to normal as well the successful
relaunch of SunVault with its growing dealer base starting in
June.
Residential gross margin for the quarter was 23 percent, up 160
basis points sequentially and more than 600 basis points
YoY. The increase was primarily driven by a lower cost of
capital, supply chain initiatives and the continuing conversion in
mix from component sales to higher margin full system sales which
totaled more than 55 percent of residential installations for the
quarter.
CIS
The company's CIS second quarter performance
reflected solid execution as MW recognized rose approximately 30
percent YoY bringing its total installed base to 1 gigawatt. CIS
also maintained its leading market share during the quarter as it
increased its backlog by 20 percent YoY and finalized an agreement
with California Resources Corporation to develop up to 45MW of
Behind-the-Meter (BTM) solar projects. Demand for its
Helix® BTM storage solution remained high as the company
now has more than 35MWh installed and a pipeline in excess of
230MWh.
Additionally, the company is seeing continued success in its FTM
storage initiatives with more than 20 MWh currently under contract
and a pipeline of greater than 500 MWh. The company continues to
make progress on its community solar initiatives as its pipeline is
now more than 150MW. Given this success, SunPower believes
that its CIS business is well positioned to capitalize on the
increased demand for its commercial storage and services offerings
as customers continue to look for solutions to address their
resiliency and cost savings needs.
Consolidated Financials
"Overall, we were pleased with
our execution for the quarter as we saw sequential improvement in
both gross margin and Adjusted EBITDA," said Manavendra Sial, chief
financial officer at SunPower. "We generated positive cash
flow at the business unit level as well as further improved our
balance sheet with retirement of our outstanding 2021 convertible
notes in June. Finally, we continued to make progress on our
goal to lower our cost of capital to 5.5 percent while continuing
to invest in our digital and product initiatives to reduce our
customer acquisition costs. Given our second quarter success
confidence in our supply chain and execution on our strategic
priorities, we remain confident in our ability to capitalize on our
growth opportunities."
Second quarter of fiscal year 2021 non-GAAP results exclude net
adjustments that, in the aggregate, increased GAAP income by
$65 million, resulting from
$84 million related to a
mark-to-market gain on equity investments, $1 million gain on sale and impairment of
residential lease assets. This was partially offset by $2 million related to results of operations of
legacy business exited, $10 million
related to stock-based compensation expense, $4 million related to litigation costs,
$1 million related to restructuring
charges, $1 million related to
business reorganization costs, and $2
million for income taxes and other non-recurring items.
Financial Outlook
For the third quarter, the company
expects sequential volume and margin improvements in its
residential business with volume expected to grow more than 40
percent versus the prior year.
Specifically, the company expects third quarter GAAP revenue of
$325 to $375
million, GAAP net loss of $10
to $0 million and MW recognized of
125 MW to 150 MW. Third quarter Adjusted EBITDA will be in the
range of $21 to $31 million as linearity has significantly
improved compared to the previous two years.
For fiscal year 2021, the company expects GAAP revenue of
$1.41 to $1.49
billion, GAAP net income of $40 to $60 million
and MW recognized of 540 MW to 610 MW. Residential MW recognized
are expected to be in the range of 340MW to 380MW.
For fiscal year 2021, the company's full year Adjusted EBITDA
guidance remains unchanged at $110 to
$130 million inclusive of up to
$10 million incremental spend on
customer experience and digital initiatives that will further
accelerate the growth of SunPower's residential business in 2022
and beyond. Third quarter and total year 2021 MW recognized and
revenue guidance includes the impact of CIS project timing and
increasing investment in new residential growth initiatives
compared to its light commercial business.
The company will host a conference call for investors this
afternoon to discuss its second quarter 2021 performance at
1:30 p.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 second 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) our plans and expectations
regarding strategic partnerships and initiatives, including our
relationship with Wallbox, and the anticipated impacts thereof on
our business and financial results, as well as on total addressable
market, customer relationships, cost savings, and strain on the
grid; (b) our expectations regarding our industry and market
factors, including consumer demand and expectations, market
opportunity, and our positioning and ability to meet anticipated
demand and deliver on our objectives; (c) areas of investment, both
current and future, and anticipated impacts on our business and
financial results; (d) our strategic plans and expectations for the
results thereof; (e) our expectations regarding achievement of our
2021 goals and projected growth and profitability in 2022 and
beyond, and our positioning for future success; (f) expectations
regarding our future performance based on bookings, backlog, and
pipelines in our sales channels and for our products; (g) our plans
and expectations for our products and solutions, including ramps
and timing, anticipated demand and growth, and impacts on our
market position and our ability to meet our targets and goals; (h)
the anticipated future success of our growth initiatives, and our
positioning to capitalize on the increased demand for commercial
storage and services offerings; (i) areas of investment, both
current and future, and anticipated impacts on our business and
financial results; (j) plans for initiatives to lower our cost of
capital, expand our addressable market, and continue to invest in
growth areas, and anticipated impacts on our business and financial
results; (k) expected sequential margin growth and improvements in
our residential business, including expected volume growth; (l) our
third quarter fiscal 2021 guidance, including GAAP revenue, net
loss, MW recognized, and Adjusted EBITDA, and related assumptions;
and (m) our expectations for fiscal 2021, including GAAP revenue,
net income, MW recognized and residential MW recognized 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, and other factors; (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)
|
|
|
July 4,
2021
|
|
January 3,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
140,462
|
|
|
$
|
232,765
|
|
Restricted cash and
cash equivalents, current portion
|
5,818
|
|
|
5,518
|
|
Short-term
investments
|
372,820
|
|
|
—
|
|
Accounts receivable,
net
|
110,450
|
|
|
108,864
|
|
Contract
assets
|
89,219
|
|
|
114,506
|
|
Inventories
|
235,843
|
|
|
210,582
|
|
Advances to suppliers,
current portion
|
4,995
|
|
|
2,814
|
|
Project assets -
plants and land, current portion
|
12,850
|
|
|
21,015
|
|
Prepaid expenses and
other current assets
|
88,890
|
|
|
94,251
|
|
Total current
assets
|
1,061,347
|
|
|
790,315
|
|
|
|
|
|
Restricted cash and
cash equivalents, net of current portion
|
5,347
|
|
|
8,521
|
|
Property, plant and
equipment, net
|
32,507
|
|
|
46,766
|
|
Operating lease
right-of-use assets
|
55,893
|
|
|
54,070
|
|
Solar power systems
leased, net
|
47,385
|
|
|
50,401
|
|
Other long-term
assets
|
344,153
|
|
|
696,409
|
|
Total
assets
|
$
|
1,546,632
|
|
|
$
|
1,646,482
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
158,631
|
|
|
$
|
166,066
|
|
Accrued
liabilities
|
97,134
|
|
|
121,915
|
|
Operating lease
liabilities, current portion
|
12,969
|
|
|
9,736
|
|
Contract liabilities,
current portion
|
65,425
|
|
|
72,424
|
|
Short-term
debt
|
74,071
|
|
|
97,059
|
|
Convertible debt,
current portion
|
—
|
|
|
62,531
|
|
Total current
liabilities
|
408,230
|
|
|
529,731
|
|
|
|
|
|
Long-term
debt
|
58,224
|
|
|
56,447
|
|
Convertible debt, net
of current portion
|
423,059
|
|
|
422,443
|
|
Operating lease
liabilities, net of current portion
|
35,230
|
|
|
43,608
|
|
Contract liabilities,
net of current portion
|
28,283
|
|
|
30,170
|
|
Other long-term
liabilities
|
149,593
|
|
|
157,597
|
|
Total
liabilities
|
1,102,619
|
|
|
1,239,996
|
|
|
|
|
|
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
172
|
|
|
170
|
|
Additional paid-in
capital
|
2,703,647
|
|
|
2,685,920
|
|
Accumulated
deficit
|
(2,058,032)
|
|
|
(2,085,246)
|
|
Accumulated other
comprehensive income
|
9,389
|
|
|
8,799
|
|
Treasury stock, at
cost
|
(211,931)
|
|
|
(205,476)
|
|
Total stockholders'
equity
|
443,245
|
|
|
404,167
|
|
Noncontrolling
interests in subsidiaries
|
768
|
|
|
2,319
|
|
Total
equity
|
444,013
|
|
|
406,486
|
|
Total liabilities and
equity
|
$
|
1,546,632
|
|
|
$
|
1,646,482
|
|
SUNPOWER
CORPORATION
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
April 4,
2021
|
|
June 28,
2020
|
|
July 4,
2021
|
|
June 28,
2020
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Solar power systems,
components, and other
|
|
$
|
303,408
|
|
|
$
|
301,237
|
|
|
$
|
212,408
|
|
|
$
|
604,645
|
|
|
$
|
497,697
|
|
Residential
leasing
|
|
1,354
|
|
|
1,120
|
|
|
1,329
|
|
|
2,474
|
|
|
2,653
|
|
Solar
services
|
|
4,165
|
|
|
4,041
|
|
|
3,930
|
|
|
8,206
|
|
|
7,863
|
|
Total
revenues
|
|
308,927
|
|
|
306,398
|
|
|
217,667
|
|
|
615,325
|
|
|
508,213
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
Solar power systems,
components, and other
|
|
246,053
|
|
|
254,104
|
|
|
189,868
|
|
|
500,157
|
|
|
448,505
|
|
Residential
leasing
|
|
678
|
|
|
601
|
|
|
1,217
|
|
|
1,279
|
|
|
2,513
|
|
Solar
services
|
|
1,165
|
|
|
1,819
|
|
|
930
|
|
|
2,984
|
|
|
2,359
|
|
Total cost of
revenues
|
|
247,896
|
|
|
256,524
|
|
|
192,015
|
|
|
504,420
|
|
|
453,377
|
|
Gross
profit
|
|
61,031
|
|
|
49,874
|
|
|
25,652
|
|
|
110,905
|
|
|
54,836
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
4,711
|
|
|
5,015
|
|
|
5,994
|
|
|
9,726
|
|
|
13,762
|
|
Sales, general, and
administrative
|
|
56,730
|
|
|
47,744
|
|
|
36,014
|
|
|
104,474
|
|
|
76,731
|
|
Restructuring
charges
|
|
808
|
|
|
3,766
|
|
|
1,259
|
|
|
4,574
|
|
|
2,835
|
|
(Gain) loss on sale
and impairment of residential lease assets
|
|
(68)
|
|
|
(226)
|
|
|
141
|
|
|
(294)
|
|
|
(133)
|
|
Gain on business
divestitures, net
|
|
(224)
|
|
|
—
|
|
|
(10,458)
|
|
|
(224)
|
|
|
(10,458)
|
|
Income from transition
services agreement, net
|
|
(1,656)
|
|
|
(3,087)
|
|
|
—
|
|
|
(4,743)
|
|
|
—
|
|
Total operating
expenses
|
|
60,301
|
|
|
53,212
|
|
|
32,950
|
|
|
113,513
|
|
|
82,737
|
|
Operating income
(loss)
|
|
730
|
|
|
(3,338)
|
|
|
(7,298)
|
|
|
(2,608)
|
|
|
(27,901)
|
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
114
|
|
|
52
|
|
|
174
|
|
|
166
|
|
|
578
|
|
Interest
expense
|
|
(7,721)
|
|
|
(7,965)
|
|
|
(8,448)
|
|
|
(15,686)
|
|
|
(17,641)
|
|
Other, net
|
|
84,071
|
|
|
(43,471)
|
|
|
71,205
|
|
|
40,600
|
|
|
121,643
|
|
Other income
(expense), net
|
|
76,464
|
|
|
(51,384)
|
|
|
62,931
|
|
|
25,080
|
|
|
104,580
|
|
Income (loss) before
income taxes and equity in earnings of unconsolidated
investees
|
|
77,194
|
|
|
(54,722)
|
|
|
55,633
|
|
|
22,472
|
|
|
76,679
|
|
(Provision for)
benefit from income taxes
|
|
(2,425)
|
|
|
5,224
|
|
|
(1,106)
|
|
|
2,799
|
|
|
(1,991)
|
|
Net income (loss)
from continuing operations
|
|
74,769
|
|
|
(49,498)
|
|
|
54,527
|
|
|
25,271
|
|
|
74,688
|
|
Loss from discontinued
operations before income taxes and equity in losses of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
(33,278)
|
|
|
—
|
|
|
(54,838)
|
|
Provision for income
taxes
|
|
—
|
|
|
—
|
|
|
(1,962)
|
|
|
—
|
|
|
(2,946)
|
|
Equity in earnings of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
(889)
|
|
|
—
|
|
|
(644)
|
|
Net loss from
discontinued operations, net of taxes
|
|
—
|
|
|
—
|
|
|
(36,129)
|
|
|
—
|
|
|
(58,428)
|
|
Net income
(loss)
|
|
74,769
|
|
|
(49,498)
|
|
|
18,398
|
|
|
25,271
|
|
|
16,260
|
|
Net loss from
continuing operations attributable to noncontrolling
interests
|
|
438
|
|
|
1,113
|
|
|
1,363
|
|
|
1,551
|
|
|
2,742
|
|
Net income from
discontinued operations attributable to noncontrolling
interests
|
|
—
|
|
|
—
|
|
|
(383)
|
|
|
—
|
|
|
(1,055)
|
|
Net loss attributable
to noncontrolling interests
|
|
438
|
|
|
1,113
|
|
|
980
|
|
|
1,551
|
|
|
1,687
|
|
Net income (loss)
from continuing operations attributable to stockholders
|
|
75,207
|
|
|
(48,385)
|
|
|
55,890
|
|
|
26,822
|
|
|
77,430
|
|
Net loss from
discontinued operations attributable to stockholders
|
|
—
|
|
|
—
|
|
|
(36,512)
|
|
|
—
|
|
|
(59,483)
|
|
Net income (loss)
attributable to stockholders
|
|
$
|
75,207
|
|
|
$
|
(48,385)
|
|
|
$
|
19,378
|
|
|
$
|
26,822
|
|
|
$
|
17,947
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to stockholders - basic:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.44
|
|
|
$
|
(0.28)
|
|
|
$
|
0.33
|
|
|
$
|
0.16
|
|
|
$
|
0.46
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.21)
|
|
|
$
|
—
|
|
|
$
|
(0.35)
|
|
Net income (loss) per
share – basic
|
|
$
|
0.44
|
|
|
$
|
(0.28)
|
|
|
$
|
0.12
|
|
|
$
|
0.16
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to stockholders - diluted:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.40
|
|
|
$
|
(0.28)
|
|
|
$
|
0.31
|
|
|
$
|
0.15
|
|
|
$
|
0.44
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.19)
|
|
|
$
|
—
|
|
|
$
|
(0.33)
|
|
Net income (loss) per
share – diluted
|
|
$
|
0.40
|
|
|
$
|
(0.28)
|
|
|
$
|
0.12
|
|
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
172,640
|
|
|
171,200
|
|
|
170,003
|
|
|
171,920
|
|
|
169,413
|
|
Diluted
|
|
194,363
|
|
|
171,200
|
|
|
192,040
|
|
|
176,794
|
|
|
179,174
|
|
SUNPOWER
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
April 4,
2021
|
|
June 28,
2020
|
|
July 4,
2021
|
|
June 28,
2020
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
74,769
|
|
|
$
|
(49,498)
|
|
|
$
|
18,398
|
|
|
$
|
25,271
|
|
|
$
|
16,260
|
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,968
|
|
|
2,849
|
|
|
16,918
|
|
|
5,817
|
|
|
33,810
|
|
Stock-based
compensation
|
|
9,613
|
|
|
5,437
|
|
|
5,879
|
|
|
15,050
|
|
|
12,746
|
|
Non-cash interest
expense
|
|
1,650
|
|
|
1,505
|
|
|
1,838
|
|
|
3,155
|
|
|
3,748
|
|
Equity in losses of
unconsolidated investees
|
|
—
|
|
|
—
|
|
|
889
|
|
|
—
|
|
|
644
|
|
(Gain) loss on equity
investments
|
|
(83,746)
|
|
|
44,730
|
|
|
(71,062)
|
|
|
(39,016)
|
|
|
(120,214)
|
|
Gain on retirement of
convertible debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,956)
|
|
Gain on business
divestitures, net
|
|
(224)
|
|
|
—
|
|
|
(10,458)
|
|
|
(224)
|
|
|
(10,458)
|
|
Gain on sale of
investments
|
|
—
|
|
|
(1,162)
|
|
|
—
|
|
|
(1,162)
|
|
|
—
|
|
Deferred income
taxes
|
|
2,264
|
|
|
(3,901)
|
|
|
1,381
|
|
|
(1,637)
|
|
|
1,032
|
|
Other, net
|
|
(935)
|
|
|
(5,280)
|
|
|
1,466
|
|
|
(6,215)
|
|
|
3,995
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(7,023)
|
|
|
4,114
|
|
|
79,029
|
|
|
(2,909)
|
|
|
58,909
|
|
Contract
assets
|
|
24,011
|
|
|
487
|
|
|
(3,164)
|
|
|
24,498
|
|
|
(2,869)
|
|
Inventories
|
|
10,096
|
|
|
(8,271)
|
|
|
36,336
|
|
|
1,825
|
|
|
(6,725)
|
|
Project
assets
|
|
(2,892)
|
|
|
9,197
|
|
|
(3,024)
|
|
|
6,305
|
|
|
(11,905)
|
|
Prepaid expenses and
other assets
|
|
3,751
|
|
|
1,429
|
|
|
9,403
|
|
|
5,180
|
|
|
28,038
|
|
Operating lease
right-of-use assets
|
|
3,490
|
|
|
2,875
|
|
|
4,863
|
|
|
6,365
|
|
|
7,786
|
|
Advances to
suppliers
|
|
568
|
|
|
(3,852)
|
|
|
3,093
|
|
|
(3,284)
|
|
|
12,029
|
|
Accounts payable and
other accrued liabilities
|
|
(18,077)
|
|
|
(24,152)
|
|
|
(33,637)
|
|
|
(42,229)
|
|
|
(126,236)
|
|
Contract
liabilities
|
|
4,907
|
|
|
(13,461)
|
|
|
(34,324)
|
|
|
(8,554)
|
|
|
(50,454)
|
|
Operating lease
liabilities
|
|
(3,160)
|
|
|
(3,429)
|
|
|
(3,173)
|
|
|
(6,589)
|
|
|
(6,022)
|
|
Net cash provided by
(used in) operating activities
|
|
22,030
|
|
|
(40,383)
|
|
|
20,651
|
|
|
(18,353)
|
|
|
(158,842)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(4,930)
|
|
|
(1,964)
|
|
|
(4,592)
|
|
|
(6,894)
|
|
|
(10,805)
|
|
Proceeds from sale of
property, plant and equipment
|
|
900
|
|
|
—
|
|
|
—
|
|
|
900
|
|
|
—
|
|
Cash paid for solar
power systems
|
|
—
|
|
|
(635)
|
|
|
(2,037)
|
|
|
(635)
|
|
|
(2,647)
|
|
Proceeds from business
divestitures, net of de-consolidated cash
|
|
10,516
|
|
|
—
|
|
|
15,417
|
|
|
10,516
|
|
|
15,417
|
|
Proceeds from return
of capital from equity investments
|
|
2,276
|
|
|
—
|
|
|
7,724
|
|
|
2,276
|
|
|
53,873
|
|
Cash received from
sale of investments
|
|
—
|
|
|
1,200
|
|
|
—
|
|
|
1,200
|
|
|
—
|
|
Net cash provided by
(used in) investing activities
|
|
8,762
|
|
|
(1,399)
|
|
|
16,512
|
|
|
7,363
|
|
|
55,838
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and other debt
|
|
24,073
|
|
|
71,323
|
|
|
44,954
|
|
|
95,396
|
|
|
121,498
|
|
Repayment of bank
loans and other debt
|
|
(68,497)
|
|
|
(35,076)
|
|
|
(53,605)
|
|
|
(103,573)
|
|
|
(119,335)
|
|
Proceeds from issuance
of non-recourse residential and commercial financing, net of
issuance costs
|
|
—
|
|
|
—
|
|
|
890
|
|
|
—
|
|
|
10,644
|
|
Repayment of
non-recourse residential and commercial financing debt
|
|
(85)
|
|
|
(9,713)
|
|
|
—
|
|
|
(9,798)
|
|
|
—
|
|
Repayment of
convertible debt
|
|
(62,757)
|
|
|
—
|
|
|
—
|
|
|
(62,757)
|
|
|
(87,141)
|
|
Receipt of contingent
asset of a prior business combination
|
|
—
|
|
|
—
|
|
|
1,811
|
|
|
—
|
|
|
2,234
|
|
Issuance of common
stock to executive
|
|
2,998
|
|
|
—
|
|
|
—
|
|
|
2,998
|
|
|
—
|
|
Equity offering costs
paid
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(928)
|
|
Purchases of stock for
tax withholding obligations on vested restricted stock
|
|
(4,335)
|
|
|
(2,118)
|
|
|
(1,467)
|
|
|
(6,453)
|
|
|
(8,381)
|
|
Net cash (used in)
provided by financing activities
|
|
(108,603)
|
|
|
24,416
|
|
|
(7,417)
|
|
|
(84,187)
|
|
|
(81,409)
|
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
|
—
|
|
|
—
|
|
|
330
|
|
|
—
|
|
|
114
|
|
Net (decrease)
increase in cash, cash equivalents, and restricted cash
|
|
(77,810)
|
|
|
(17,367)
|
|
|
30,076
|
|
|
(95,177)
|
|
|
(184,299)
|
|
Cash, cash
equivalents and restricted cash, Beginning of period
|
|
229,437
|
|
|
246,804
|
|
|
244,282
|
|
|
246,804
|
|
|
458,657
|
|
Cash, cash
equivalents, and restricted cash, End of period
|
|
$
|
151,627
|
|
|
$
|
229,437
|
|
|
$
|
274,358
|
|
|
$
|
151,627
|
|
|
$
|
274,358
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the unaudited
condensed consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
140,462
|
|
|
$
|
213,105
|
|
|
$
|
235,307
|
|
|
$
|
140,462
|
|
|
$
|
235,307
|
|
Restricted cash and
cash equivalents, current portion
|
|
5,818
|
|
|
10,928
|
|
|
30,631
|
|
|
5,818
|
|
|
30,631
|
|
Restricted cash and
cash equivalents, net of current portion
|
|
5,347
|
|
|
5,404
|
|
|
8,420
|
|
|
5,347
|
|
|
8,420
|
|
Total cash, cash
equivalents, and restricted cash
|
|
$
|
151,627
|
|
|
$
|
229,437
|
|
|
$
|
274,358
|
|
|
$
|
151,627
|
|
|
$
|
274,358
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
Costs of solar power
systems funded by liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
532
|
|
|
$
|
—
|
|
|
$
|
1,716
|
|
Property, plant and
equipment acquisitions funded by liabilities
|
|
(473)
|
|
|
1,647
|
|
|
3,067
|
|
|
1,174
|
|
|
5,452
|
|
Accounts payable
balances reclassified to short-term debt
|
|
—
|
|
|
—
|
|
|
18,933
|
|
|
—
|
|
|
23,933
|
|
Right-of-use assets
obtained in exchange of lease obligations
|
|
—
|
|
|
11,528
|
|
|
963
|
|
|
11,528
|
|
|
13,424
|
|
Deconsolidation of
right-of-use assets and lease obligations
|
|
3,340
|
|
|
—
|
|
|
—
|
|
|
3,340
|
|
|
—
|
|
Debt repaid in sale of
commercial projects
|
|
5,585
|
|
|
—
|
|
|
—
|
|
|
5,585
|
|
|
—
|
|
Assumption of
liabilities in connection with business divestitures
|
|
—
|
|
|
—
|
|
|
9,085
|
|
|
—
|
|
|
9,085
|
|
Holdbacks in
connection with business divestitures
|
|
—
|
|
|
—
|
|
|
7,199
|
|
|
—
|
|
|
7,199
|
|
Cash paid for
interest
|
|
2,090
|
|
|
11,437
|
|
|
5,200
|
|
|
13,527
|
|
|
16,523
|
|
Cash paid for income
taxes
|
|
20,144
|
|
|
89
|
|
|
9,599
|
|
|
20,233
|
|
|
11,701
|
|
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 divestitures, 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 TotalEnergies SE, our controlling
shareholder and a foreign public registrant that reports under
IFRS. Differences between GAAP and IFRS reflected in the company's
non-GAAP results are further described below. In these situations,
management believes that IFRS enables investors to better evaluate
the company's performance, and assists in aligning the perspectives
of the management with those of TotalEnergies SE.
- Mark-to-market loss (gain) in equity investments: We recognize
adjustments related to the fair value of equity investments with
readily determinable fair value based on the changes in the stock
price of these equity investments at every reporting period. Under
U.S. GAAP, mark-to-market gains and losses due to changes in stock
prices for these securities are recorded in earnings while under
IFRS, an election can be made to recognize such gains and losses in
other comprehensive income. Such an election was made by
TotalEnergies SE. Further, we elected the Fair Value Option ("FVO")
for some of our equity method investments, and we adjust the
carrying value of those investments based on their fair market
value calculated periodically. Such option is not available under
IFRS, and equity method accounting is required for those
investments. We believe that excluding these adjustments on equity
investments is consistent with our internal reporting process as
part of its status as a consolidated subsidiary of TotalEnergies
SE. and better reflects our ongoing results.
Other Non-GAAP Adjustments
- Results of operations of legacy business to be exited:
Following the announcement of closure of our Hillsboro, Oregon facility in the first fiscal
quarter of 2021, we prospectively exclude 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. We believe that it is appropriate to
exclude these from our non-GAAP results as it is not reflective of
ongoing operating results.
- Loss/Gain on sale and impairment of residential lease assets:
In fiscal 2018 and 2019, in an effort to sell all the residential
lease assets owned by us, we sold membership units representing a
49% membership interest in majority of its residential lease
business and retained a 51% membership interest. We record 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 our non-GAAP results as they are not reflective of
ongoing operating results.
- Stock-based compensation: Stock-based compensation relates
primarily to our equity incentive awards. Stock-based compensation
is a non-cash expense that is dependent on market forces that are
difficult to predict. We believe that this adjustment for
stock-based compensation provides investors with a basis to measure
the company's core performance, including compared with the
performance of other companies, without the period-to-period
variability created by stock-based compensation.
- Amortization of intangible assets: We incur amortization of
intangible assets as a result of acquisitions, which includes
patents, purchased technology, project pipeline assets, and
in-process research and development. We believe 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. We believe that it is appropriate to exclude
such charges from our non-GAAP results as they are not reflective
of ongoing operating results.
- Transaction-related costs: In connection with material
transactions such as acquisition or divestiture of a business, the
company incurred transaction costs including legal and accounting
fees. We believe that it is appropriate to exclude these costs from
our 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.
- Gain on business divestiture: In the second quarter of fiscal
2021, we sold a portion of our residential lease business and
certain commercial projects. We recognized a gain and a loss
relating to these business divestitures, respectively. We believe
that it is appropriate to exclude such gain and loss from the
company's non-GAAP financial measures as it is not reflective of
ongoing operating results.
- Executive transition costs: We incur non-recurring charges
related to the hiring and transition of new executive officers. We
recently appointed a new chief executive officer and chief legal
officer, and are investing resources in those executive
transitions, and in developing new members of management as we
complete our restructuring transformation. We believe that it is
appropriate to exclude these from our non-GAAP results as they are
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. We believe that it is appropriate to exclude these
from our non-GAAP results as it is not reflective of ongoing
operating results.
- Restructuring charges (credits): We incur restructuring
expenses related to reorganization plans aimed towards realigning
resources consistent with the company's global strategy and
improving its overall operating efficiency and cost structure.
Although the company has engaged in restructuring activities in the
past, each has been a discrete event based on a unique set of
business objectives. We believe that it is appropriate to exclude
these from our non-GAAP results as it is not reflective of ongoing
operating results.
- Tax effect: This amount is used to present each of the
adjustments described above on an after-tax basis in connection
with the presentation of non-GAAP net income (loss) and non-GAAP
net income (loss) per diluted share. Our non-GAAP tax amount is
based on estimated cash tax expense and reserves. We forecast our
annual cash tax liability and allocates the tax to each quarter in
a manner generally consistent with its GAAP methodology. This
approach is designed to enhance investors' ability to understand
the impact of our tax expense on its current operations, provide
improved modeling accuracy, and substantially reduce fluctuations
caused by GAAP to non-GAAP adjustments, which may not reflect
actual cash tax expense, or tax impact of non-recurring items.
- Adjusted EBITDA adjustments: When calculating Adjusted EBITDA,
in addition to adjustments described above, we exclude the impact
of the following items during the period:
-
- Cash interest expense, net of interest income
- Provision for income taxes
- Depreciation
For more information about these non-GAAP financial measures,
please see the tables captioned "Reconciliations of GAAP Measures
to Non-GAAP Measures" set forth at the end of this release, which
should be read together with the preceding financial statements
prepared in accordance with GAAP.
SUNPOWER
CORPORATION
|
RECONCILIATIONS OF
GAAP MEASURES TO NON-GAAP MEASURES
|
(In thousands,
except percentages and per share data)
|
(Unaudited)
|
|
Adjustments to
Revenue:
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
April 4,
2021
|
|
June 28,
2020
|
|
July 4,
2021
|
|
June 28,
2020
|
GAAP
revenue
|
|
$
|
308,927
|
|
|
$
|
306,398
|
|
|
$
|
217,667
|
|
|
$
|
615,325
|
|
|
$
|
508,213
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(207)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
|
(4)
|
|
|
(621)
|
|
|
—
|
|
|
(625)
|
|
|
—
|
|
Construction revenue
on solar services contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,392
|
|
Non-GAAP
revenue
|
|
$
|
308,923
|
|
|
$
|
305,777
|
|
|
$
|
217,667
|
|
|
$
|
614,700
|
|
|
$
|
513,398
|
|
|
Adjustments to
Gross Profit Margin:
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
April 4,
2021
|
|
June 28,
2020
|
|
July 4,
2021
|
|
June 28,
2020
|
GAAP gross profit
from continuing operations
|
|
$
|
61,031
|
|
|
$
|
49,874
|
|
|
$
|
25,652
|
|
|
$
|
110,905
|
|
|
$
|
54,836
|
|
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
|
|
2,031
|
|
|
7,066
|
|
|
—
|
|
|
9,097
|
|
|
—
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Gain on sale and
impairment of residential lease assets
|
|
(519)
|
|
|
(494)
|
|
|
(458)
|
|
|
(1,013)
|
|
|
(906)
|
|
Stock-based
compensation expense
|
|
1,069
|
|
|
887
|
|
|
471
|
|
|
1,956
|
|
|
1,030
|
|
Amortization of
intangible assets
|
|
—
|
|
|
—
|
|
|
1,784
|
|
|
—
|
|
|
3,568
|
|
Non-GAAP gross
profit
|
|
$
|
63,612
|
|
|
$
|
57,333
|
|
|
$
|
27,449
|
|
|
$
|
120,945
|
|
|
$
|
63,249
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin
(%)
|
|
19.8
|
%
|
|
16.3
|
%
|
|
11.8
|
%
|
|
18.0
|
%
|
|
10.8
|
%
|
Non-GAAP gross margin
(%)
|
|
20.6
|
%
|
|
18.7
|
%
|
|
12.6
|
%
|
|
19.7
|
%
|
|
12.3
|
%
|
|
Adjustments to Net
Income (Loss):
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
April 4,
2021
|
|
June 28,
2020
|
|
July 4,
2021
|
|
June 28,
2020
|
GAAP net income
(loss) from continuing operations attributable to
stockholders
|
|
$
|
75,207
|
|
|
$
|
(48,385)
|
|
|
55,890
|
|
|
$
|
26,822
|
|
|
$
|
77,430
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34)
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
Mark-to-market (gain)
loss on equity investments
|
|
(83,746)
|
|
|
44,730
|
|
|
(71,060)
|
|
|
(39,016)
|
|
|
(118,931)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
|
2,031
|
|
|
7,066
|
|
|
—
|
|
|
9,097
|
|
|
—
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Gain on sale and
impairment of residential lease assets
|
|
(587)
|
|
|
(5,383)
|
|
|
(317)
|
|
|
(5,970)
|
|
|
(1,039)
|
|
Litigation
|
|
3,493
|
|
|
5,210
|
|
|
—
|
|
|
8,703
|
|
|
485
|
|
Stock-based
compensation expense
|
|
10,037
|
|
|
5,013
|
|
|
3,955
|
|
|
15,050
|
|
|
8,933
|
|
Amortization of
intangible assets
|
|
—
|
|
|
—
|
|
|
1,784
|
|
|
—
|
|
|
3,570
|
|
Gain on business
divestitures, net
|
|
(224)
|
|
|
—
|
|
|
(10,529)
|
|
|
(224)
|
|
|
(10,529)
|
|
Transaction-related
costs
|
|
225
|
|
|
130
|
|
|
1,382
|
|
|
355
|
|
|
1,863
|
|
Executive transition
costs
|
|
502
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|
—
|
|
Business
reorganization costs
|
|
904
|
|
|
954
|
|
|
—
|
|
|
1,858
|
|
|
—
|
|
Restructuring
charges
|
|
808
|
|
|
3,766
|
|
|
659
|
|
|
4,574
|
|
|
2,235
|
|
Gain on convertible
debt repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,956)
|
|
Tax effect
|
|
1,772
|
|
|
(3,839)
|
|
|
994
|
|
|
(2,067)
|
|
|
1,846
|
|
Non-GAAP net income
(loss) attributable to stockholders
|
|
$
|
10,422
|
|
|
$
|
9,262
|
|
|
$
|
(17,242)
|
|
|
$
|
19,684
|
|
|
$
|
(32,372)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Net
Income (loss) per diluted share:
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
April 4,
2021
|
|
June 28,
2020
|
|
July 4,
2021
|
|
June 28,
2020
|
Net income (loss) per
diluted share
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
available to common stockholders1
|
|
$
|
75,207
|
|
|
$
|
(48,385)
|
|
|
$
|
55,890
|
|
|
$
|
26,822
|
|
|
$
|
77,430
|
|
Add: Interest expense
on 4.00% debenture due 2023, net of tax
|
|
3,126
|
|
|
—
|
|
|
3,358
|
|
|
—
|
|
|
—
|
|
Add: Interest expense
on 0.875% debenture due 2021, net of tax
|
|
67
|
|
|
—
|
|
|
535
|
|
|
168
|
|
|
1,040
|
|
GAAP net income (loss)
available to common stockholders1
|
|
$
|
78,400
|
|
|
$
|
(48,385)
|
|
|
$
|
59,783
|
|
|
$
|
26,990
|
|
|
$
|
78,470
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) available to common stockholders1
|
|
$
|
10,422
|
|
|
$
|
9,262
|
|
|
$
|
(17,242)
|
|
|
$
|
19,684
|
|
|
$
|
(32,372)
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average
shares
|
|
172,640
|
|
|
171,200
|
|
|
170,003
|
|
|
171,920
|
|
|
169,413
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
3,084
|
|
|
—
|
|
|
1,765
|
|
|
3,299
|
|
|
1,558
|
|
0.875% debentures due
2021
|
|
1,571
|
|
|
—
|
|
|
6,350
|
|
|
1,575
|
|
|
8,203
|
|
4.00% debentures due
2023
|
|
17,068
|
|
|
—
|
|
|
13,922
|
|
|
—
|
|
|
—
|
|
GAAP dilutive
weighted-average common shares:
|
|
194,363
|
|
|
171,200
|
|
|
192,040
|
|
|
176,794
|
|
|
179,174
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted-average shares
|
|
172,640
|
|
|
171,200
|
|
|
170,003
|
|
|
171,920
|
|
|
169,413
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
3,084
|
|
|
4,113
|
|
|
—
|
|
|
3,299
|
|
|
—
|
|
4.00% debentures due
2023
|
|
—
|
|
|
17,068
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-GAAP dilutive
weighted-average common shares1
|
|
175,724
|
|
|
192,381
|
|
|
170,003
|
|
|
175,219
|
|
|
169,413
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP dilutive net
income (loss) per share - continuing operations
|
|
$
|
0.40
|
|
|
$
|
(0.28)
|
|
|
$
|
0.31
|
|
|
$
|
0.15
|
|
|
$
|
0.44
|
|
Non-GAAP dilutive net
income (loss) per share - continuing operations
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
(0.10)
|
|
|
$
|
0.11
|
|
|
$
|
(0.19)
|
|
|
1In
accordance with the if-converted method, net loss available to
common stockholders excludes interest expense related to the 0.875%
and 4.00% 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
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
April 4,
2021
|
|
June 28,
2020
|
|
July 4,
2021
|
|
June 28,
2020
|
GAAP net income
(loss) from continuing operations attributable to
stockholders
|
|
$
|
75,207
|
|
|
$
|
(48,385)
|
|
|
$
|
55,890
|
|
|
$
|
26,822
|
|
|
$
|
77,430
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Legacy utility and
power plant projects
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34)
|
|
Legacy sale-leaseback
transactions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
Mark-to-market (gain)
loss on equity investments
|
|
(83,746)
|
|
|
44,730
|
|
|
(71,060)
|
|
|
(39,016)
|
|
|
(118,931)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
|
2,031
|
|
|
7,066
|
|
|
—
|
|
|
9,097
|
|
|
—
|
|
Construction revenue
on solar service contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,735
|
|
Gain on sale and
impairment of residential lease assets
|
|
(587)
|
|
|
(5,383)
|
|
|
(317)
|
|
|
(5,970)
|
|
|
(1,039)
|
|
Litigation
|
|
3,493
|
|
|
5,210
|
|
|
—
|
|
|
8,703
|
|
|
485
|
|
Stock-based
compensation expense
|
|
10,037
|
|
|
5,013
|
|
|
3,955
|
|
|
15,050
|
|
|
8,933
|
|
Amortization of
intangible assets
|
|
—
|
|
|
—
|
|
|
1,784
|
|
|
—
|
|
|
3,570
|
|
Gain on business
divestitures, net
|
|
(224)
|
|
|
—
|
|
|
(10,529)
|
|
|
(224)
|
|
|
(10,529)
|
|
Transaction-related
costs
|
|
225
|
|
|
130
|
|
|
1,382
|
|
|
355
|
|
|
1,863
|
|
Executive transition
costs
|
|
502
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|
—
|
|
Business
reorganization costs
|
|
904
|
|
|
954
|
|
|
—
|
|
|
1,858
|
|
|
—
|
|
Restructuring
charges
|
|
808
|
|
|
3,766
|
|
|
1,259
|
|
|
4,574
|
|
|
2,835
|
|
Gain on convertible
debt repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,956)
|
|
Cash interest expense,
net of interest income
|
|
7,607
|
|
|
7,914
|
|
|
8,317
|
|
|
15,521
|
|
|
17,184
|
|
Provision for (benefit
from) income taxes
|
|
2,427
|
|
|
(5,222)
|
|
|
1,106
|
|
|
(2,795)
|
|
|
1,991
|
|
Depreciation
|
|
3,486
|
|
|
3,342
|
|
|
3,933
|
|
|
6,828
|
|
|
7,432
|
|
Adjusted
EBITDA
|
|
$
|
22,170
|
|
|
$
|
19,135
|
|
|
$
|
(4,280)
|
|
|
$
|
41,305
|
|
|
$
|
(7,011)
|
|
Q3 2021 GUIDANCE and FY 2021 GUIDANCE
(in
thousands)
|
Q3
2021
|
FY
2021
|
Revenue (GAAP and
Non-GAAP)
|
$325,000-$375,000
|
$1,410,000-$1,490,000
|
Net (loss) income
(GAAP)
|
$(10,000)-$0
|
$40,000-$60,000
|
Adjusted
EBITDA1
|
$21,000-$31,000
|
$110,000-$130,000
|
- Consistent with prior quarters, Adjusted EBITDA guidance for Q3
2021 and fiscal 2021 include net adjustments that decrease GAAP net
loss by approximately $31 million and
increase GAAP net income by approximately $70 million, respectively, primarily relating to
the following adjustments: mark-to-market (gain) loss on equity
investments, stock-based compensation expense, business
reorganization costs, restructuring charges, litigation, interest
expense, depreciation, income taxes, and other
adjustments.
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
|
|
July 4,
2021
|
|
Revenue
|
Gross Profit /
Margin
|
Operating
expenses
|
Other
income,
net
|
Provision for
income
taxes
|
Net income (loss)
attributable
to
stockholders
|
|
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 on sale and
impairment of residential lease assets
|
Gain on business
divestitures, net
|
GAAP
|
$
|
254,119
|
|
$
|
48,176
|
|
$
|
6,632
|
|
$
|
—
|
|
$
|
57,102
|
|
$
|
321
|
|
$
|
3,189
|
|
$
|
419
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
75,207
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market loss on
equity investments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(83,746)
|
|
—
|
|
(83,746)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
—
|
|
—
|
|
(4)
|
|
—
|
|
—
|
|
—
|
|
2,031
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,031
|
|
Gain on sale and
impairment of residential lease assets
|
—
|
|
—
|
|
—
|
|
—
|
|
(519)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(68)
|
|
—
|
|
—
|
|
—
|
|
(587)
|
|
Litigation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,493
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,493
|
|
Executive transition
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
502
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
502
|
|
Stock-based
compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
627
|
|
382
|
|
60
|
|
—
|
|
1,456
|
|
7,512
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,037
|
|
Gain on business
divestitures, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(224)
|
|
—
|
|
—
|
|
(224)
|
|
Business
reorganization costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
904
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
904
|
|
Transaction-related
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
375
|
|
—
|
|
—
|
|
—
|
|
(150)
|
|
—
|
|
225
|
|
Restructuring
charges
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
808
|
|
—
|
|
—
|
|
—
|
|
—
|
|
808
|
|
Tax effect
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,772
|
|
1,772
|
|
Non-GAAP
|
$
|
254,119
|
|
$
|
48,176
|
|
$
|
6,628
|
|
$
|
—
|
|
$
|
57,210
|
|
$
|
703
|
|
$
|
5,280
|
|
$
|
419
|
|
|
|
|
|
|
|
|
$
|
10,422
|
|
|
April 4,
2021
|
|
Revenue
|
Gross Profit /
Margin
|
Operating
expenses
|
Other
expense
(income),
net
|
Benefit from
income
taxes
|
Net (loss)
income attributable
to stockholders
|
|
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 on sale and
impairment of residential lease assets
|
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
|
|
|
June 28,
2020
|
|
Revenue
|
Gross Profit /
Margin
|
Operating
expenses
|
Other
income,
net
|
Provision
for
income
taxes
|
Net income
(loss)
attributable
to stockholders
|
|
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
|
Gain on business
divestitures, net
|
GAAP
|
$
|
160,290
|
|
$
|
50,320
|
|
$
|
12,700
|
|
$
|
(5,643)
|
|
$
|
26,204
|
|
$
|
8,924
|
|
$
|
(6,283)
|
|
$
|
(3,194)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
|
55,890
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gain on
equity investments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(71,060)
|
|
—
|
|
(71,060)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and
impairment of residential lease assets
|
—
|
|
—
|
|
—
|
|
—
|
|
(458)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
141
|
|
—
|
|
—
|
|
—
|
|
(317)
|
|
Stock-based
compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
471
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,484
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,955
|
|
Amortization of
intangible assets
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,784
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,784
|
|
Gain on business
divestitures, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10,458)
|
|
(71)
|
|
—
|
|
(10,529)
|
|
Transaction-related
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,382
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,382
|
|
Restructuring
charges
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
659
|
|
—
|
|
—
|
|
—
|
|
—
|
|
659
|
|
Tax effect
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
994
|
|
994
|
|
Non-GAAP
|
$
|
160,290
|
|
$
|
50,320
|
|
$
|
12,700
|
|
$
|
(5,643)
|
|
$
|
26,217
|
|
$
|
10,708
|
|
$
|
(6,283)
|
|
$
|
(3,194)
|
|
|
|
|
|
|
|
|
$
|
(17,242)
|
|
|
SIX MONTHS
ENDED
|
|
|
July 4,
2021
|
|
Revenue
|
Gross Profit /
Margin
|
Operating
expenses
|
Other
income,
net
|
Benefit from
income
taxes
|
Net income (loss)
attributable
to stockholders
|
|
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 on sale and
impairment of residential lease assets
|
Gain on business
divestitures, net
|
GAAP
|
$
|
492,056
|
|
$
|
114,439
|
|
$
|
8,819
|
|
$
|
11
|
|
$
|
109,676
|
|
$
|
4,532
|
|
$
|
(4,983)
|
|
$
|
1,680
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
|
26,822
|
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market loss on
equity investments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(39,016)
|
|
—
|
|
(39,016)
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of legacy business to be exited
|
—
|
|
—
|
|
(625)
|
|
—
|
|
—
|
|
—
|
|
9,909
|
|
(812)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,097
|
|
Gain on sale and
impairment of residential lease assets
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,013)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,663)
|
|
—
|
|
(294)
|
|
|
—
|
|
—
|
|
(5,970)
|
|
Litigation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,703
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,703
|
|
Executive transition
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
502
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
502
|
|
Stock-based
compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
1,468
|
|
382
|
|
106
|
|
—
|
|
1,826
|
|
11,268
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
15,050
|
|
Gain on business
divestitures, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(224)
|
|
—
|
|
—
|
|
(224)
|
|
Business
reorganization costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,858
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,858
|
|
Transaction-related
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
534
|
|
—
|
|
—
|
|
—
|
|
(179)
|
|
—
|
|
355
|
|
Restructuring
charges
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,574
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,574
|
|
Tax effect
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,067)
|
|
(2,067)
|
|
Non-GAAP
|
$
|
492,056
|
|
$
|
114,439
|
|
$
|
8,194
|
|
$
|
11
|
|
$
|
110,131
|
|
$
|
4,914
|
|
$
|
5,032
|
|
$
|
868
|
|
|
|
|
|
|
|
|
$
|
19,684
|
|
|
June 28,
2020
|
|
Revenue
|
Gross Profit /
Margin
|
Operating
expenses
|
Other
income,
net
|
Provision
for
income
taxes
|
Net income
(loss)
attributable
to stockholders
|
|
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
|
Gain on sale and
impairment of residential lease assets
|
Gain on business
divestitures, net
|
GAAP
|
$
|
387,038
|
|
$
|
101,138
|
|
$
|
45,559
|
|
$
|
(25,522)
|
|
$
|
54,843
|
|
$
|
5,877
|
|
$
|
(15,738)
|
|
$
|
9,852
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
77,430
|
|
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
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(118,931)
|
|
—
|
|
(118,931)
|
|
Other
adjustments:
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Gain on sale and
impairment of residential lease assets
|
—
|
|
—
|
|
—
|
|
—
|
|
(906)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(133)
|
|
—
|
|
—
|
|
—
|
|
(1,039)
|
|
Construction revenue
on solar services contracts
|
5,392
|
|
—
|
|
—
|
|
—
|
|
4,735
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,735
|
|
Litigation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
485
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
485
|
|
Stock-based
compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
1,030
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,903
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,933
|
|
Amortization of
intangible assets
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,570
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,570
|
|
Gain on business
divestitures, net
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10,458)
|
|
(71)
|
|
—
|
|
(10,529)
|
|
Transaction-related
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,863
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,863
|
|
Restructuring
charges
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,235
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,235
|
|
Gain on convertible
debt repurchased
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,956)
|
|
—
|
|
(2,956)
|
|
Tax effect
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,846
|
|
1,846
|
|
Non-GAAP
|
$
|
392,430
|
|
$
|
100,931
|
|
$
|
45,559
|
|
$
|
(25,522)
|
|
$
|
59,722
|
|
$
|
9,413
|
|
$
|
(15,738)
|
|
$
|
9,852
|
|
|
|
|
|
|
|
|
$
|
(32,372)
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sunpower-reports-second-quarter-2021-results-301347583.html
SOURCE SunPower Corp.