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As Of Filer Filing For·On·As Docs:Size 7/31/19 Sunpower Corp 8-K:2,9 7/31/19 13:2M |
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Exhibit |
| Continued strength in distributed generation (DG), expanded international power plant footprint |
| Partnered with Bank of America Merrill Lynch and Hannon Armstrong on residential lease funding structure to lower capital costs and improve economics |
| SunPower
Energy Services (SPES) |
| Commenced U.S. shipments of 415-watt residential Maxeon-5, A-Series panel |
| Commercial and industrial (C&I) Helix storage solutions pipeline increased to 135 megawatts (MW) with about 30 percent attach rate |
| SunPower Technologies (SPT) |
| Record
quarterly shipment volume into international DG markets |
| Expected production on second Maxeon-5 manufacturing line in third quarter with 250-MW nameplate capacity by end of 2019 |
($ Millions, except percentages and per-share data) | 2nd Quarter 2019 | 1st
Quarter 2019 | 2nd Quarter 2018 |
GAAP revenue | $436.3 | $348.2 | $449.1 |
GAAP gross margin | 4.5% | (10.7)% | (69.0)% |
GAAP net income (loss) | $121.5 | $(89.7) | $(447.1) |
GAAP
net income (loss) per diluted share | $0.75 | $(0.63) | $(3.17) |
Non-GAAP revenue1 | $481.9 | $411.6 | $447.1 |
Non-GAAP gross margin1 | 10.5% | 6.0% | 11.7% |
Non-GAAP
net income (loss)1 | $(31.1) | $(57.4) | $(1.9) |
Non-GAAP net loss per diluted share1 | $(0.22) | $(0.41) | $(0.01) |
Adjusted EBITDA1 | $8.0 | $(23.8) | $58.6 |
MW
Deployed | 622 | 455 | 385 |
Assets | |||||||
Current
assets: | |||||||
Cash and cash equivalents | $ | 167,253 | $ | 309,407 | |||
Restricted cash and cash equivalents, current portion | 13,139 | 41,762 | |||||
Accounts
receivable, net | 211,921 | 175,605 | |||||
Contract assets | 53,701 | 58,994 | |||||
Inventories | 350,575 | 308,146 | |||||
Advances
to suppliers, current portion | 83,884 | 37,878 | |||||
Project assets - plants and land, current portion | 17,219 | 10,796 | |||||
Prepaid expenses and other current
assets | 113,748 | 131,183 | |||||
Total current assets | 1,011,440 | 1,073,771 | |||||
Restricted
cash and cash equivalents, net of current portion | 19,360 | 12,594 | |||||
Restricted long-term marketable securities | 6,126 | 5,955 | |||||
Property, plant and equipment,
net | 434,011 | 839,871 | |||||
Operating lease right-of-use assets | 41,329 | | |||||
Solar power systems leased and to be leased, net | 72,317 | 92,557 | |||||
Advances
to suppliers, net of current portion | 62,914 | 133,694 | |||||
Long-term financing receivables, net - held for sale | 18,388 | 19,592 | |||||
Other intangible assets,
net | 11,698 | 12,582 | |||||
Other long-term assets | 261,344 | 162,033 | |||||
Total assets | $ | 1,938,927 | $ | 2,352,649 | |||
Liabilities
and Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 398,071 | $ | 325,550 | |||
Accrued
liabilities | 192,412 | 235,252 | |||||
Operating lease liabilities, current portion | 8,321 | | |||||
Contract
liabilities, current portion | 109,118 | 104,130 | |||||
Short-term debt | 62,874 | 40,074 | |||||
Total current liabilities | 770,796 | 705,006 | |||||
Long-term
debt | 102,347 | 40,528 | |||||
Convertible debt | 819,308 | 818,356 | |||||
Operating lease liabilities, net of current portion | 38,938 | | |||||
Contract
liabilities, net of current portion | 75,934 | 99,509 | |||||
Other long-term liabilities | 228,249 | 839,136 | |||||
Total liabilities | 2,035,572 | 2,502,535 | |||||
Equity: | |||||||
Preferred
stock | | | |||||
Common stock | 143 | 141 | |||||
Additional paid-in capital | 2,476,788 | 2,463,370 |
Accumulated
deficit | (2,440,102 | ) | (2,480,988 | ) | |||
Accumulated other comprehensive loss | (3,885 | ) | (4,150 | ) | |||
Treasury stock, at cost | (191,434 | ) | (187,069 | ) | |||
Total
stockholders' deficit | (158,490 | ) | (208,696 | ) | |||
Noncontrolling interests in subsidiaries | 61,845 | 58,810 | |||||
Total
deficit | (96,645 | ) | (149,886 | ) | |||
Total liabilities and equity | $ | 1,938,927 | $ | 2,352,649 |
THREE
MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
Revenue: | ||||||||||||||||||||
SunPower
Energy Services | $ | 211,726 | $ | 178,221 | $ | 269,683 | $ | 389,947 | $ | 516,611 | ||||||||||
SunPower
Technologies | 314,971 | 230,804 | 248,290 | 545,775 | 502,124 | |||||||||||||||
Intersegment
eliminations | (90,416 | ) | (60,800 | ) | (68,876 | ) | (151,216 | ) | (177,750 | ) | ||||||||||
Total
revenue | 436,281 | 348,225 | 449,097 | 784,506 | 840,985 | |||||||||||||||
Cost
of revenue: | ||||||||||||||||||||
SunPower Energy Services | 189,262 | 171,078 | 220,910 | 360,340 | 426,913 | |||||||||||||||
SunPower
Technologies | 317,717 | 282,868 | 614,469 | 600,585 | 892,510 | |||||||||||||||
Intersegment
eliminations | (90,498 | ) | (68,436 | ) | (76,321 | ) | (158,934 | ) | (179,051 | ) | ||||||||||
Total
cost of revenue | 416,481 | 385,510 | 759,058 | 801,991 | 1,140,372 | |||||||||||||||
Gross
profit (loss) | 19,800 | (37,285 | ) | (309,961 | ) | (17,485 | ) | (299,387 | ) | |||||||||||
Operating
expenses: | ||||||||||||||||||||
Research and development | 18,159 | 14,993 | 31,275 | 33,152 | 50,327 | |||||||||||||||
Sales,
general and administrative | 61,978 | 62,857 | 64,908 | 124,835 | 130,203 | |||||||||||||||
Restructuring
charges (credits) | 2,453 | (665 | ) | 3,504 | 1,788 | 14,681 | ||||||||||||||
Gain
on sale and impairment of residential lease assets | 8,301 | 9,226 | 68,269 | 17,527 | 117,361 | |||||||||||||||
Gain
on business divestiture | (137,286 | ) | (6,114 | ) | | (143,400 | ) | | ||||||||||||
Total
operating expenses (income) | (46,395 | ) | 80,297 | 167,956 | 33,902 | 312,572 | ||||||||||||||
Operating
income (loss) | 66,195 | (117,582 | ) | (477,917 | ) | (51,387 | ) | (611,959 | ) | |||||||||||
Other
income (expense), net: | ||||||||||||||||||||
Interest income | 566 | 852 | 664 | 1,418 | 1,193 | |||||||||||||||
Interest
expense | (16,424 | ) | (16,791 | ) | (26,718 | ) | (33,215 | ) | (51,824 | ) | ||||||||||
Other,
net | 67,768 | 33,073 | 36,624 | 100,841 | 52,418 | |||||||||||||||
Other
income, net | 51,910 | 17,134 | 10,570 | 69,044 | 1,787 | |||||||||||||||
Income
(loss) before income taxes and equity in losses of unconsolidated investees | 118,105 | (100,448 | ) | (467,347 | ) | 17,657 | (610,172 | ) | ||||||||||||
Provision
for income taxes | (6,068 | ) | (5,797 | ) | (3,081 | ) | (11,865 | ) | (5,709 | ) | ||||||||||
Equity
in earnings (losses) of unconsolidated investees | (1,963 | ) | 1,680 | (13,415 | ) | (283 | ) | (15,559 | ) | |||||||||||
Net
Income (loss) | 110,074 | (104,565 | ) | (483,843 | ) | 5,509 | (631,440 | ) | ||||||||||||
Net
loss attributable to noncontrolling interests and redeemable noncontrolling interests | 11,385 | 14,841 | 36,726 | 26,226 | 68,349 | |||||||||||||||
Net
income (loss) attributable to stockholders | $ | 121,459 | $ | (89,724 | ) | $ | (447,117 | ) | $ | 31,735 | $ | (563,091 | ) |
Net
income (loss) per share attributable to stockholders: | ||||||||||||||||||||
Basic | $ | 0.85 | $ | (0.63 | ) | $ | (3.17 | ) | $ | 0.22 | $ | (4.01 | ) | |||||||
Diluted | $ | 0.75 | $ | (0.63 | ) | $ | (3.17 | ) | $ | 0.22 | $ | (4.01 | ) | |||||||
Weighted-average
shares: | ||||||||||||||||||||
Basic | 142,471 | 141,720 | 140,926 | 142,095 | 140,569 | |||||||||||||||
Diluted | 166,837 | 141,720 | 140,926 | 143,062 | 140,569 |
THREE MONTHS ENDED | SIX
MONTHS ENDED | |||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 110,074 | $ | (104,565 | ) | $ | (483,843 | ) | $ | 5,509 | $ | (631,440 | ) | |||||||
Adjustments
to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
Depreciation and amortization | 22,534 | 24,190 | 38,568 | 46,724 | 78,401 | |||||||||||||||
Stock-based
compensation | 6,270 | 5,666 | 6,644 | 11,936 | 13,697 | |||||||||||||||
Non-cash
interest expense | 2,510 | 2,415 | 3,819 | 4,925 | 8,262 | |||||||||||||||
Non-cash
restructuring charges | 2,346 | | | 2,346 | | |||||||||||||||
Dividend
from equity method investee | | | (1,452 | ) | | 3,947 | ||||||||||||||
Equity
in (earnings) losses of unconsolidated investees | 1,963 | (1,680 | ) | 13,414 | 283 | 15,559 | ||||||||||||||
Unrealized
gain on equity investment | (67,500 | ) | (33,000 | ) | | (100,500 | ) | | ||||||||||||
Gain
on business divestiture | (137,286 | ) | (6,114 | ) | | (143,400 | ) | | ||||||||||||
Gain
on sale of equity investments, net | | | (34,449 | ) | | (50,025 | ) | |||||||||||||
Deferred
income taxes | (4 | ) | 2,048 | 1,775 | 2,044 | 1,431 | ||||||||||||||
Impairment
of property, plant and equipment | 777 | | 369,168 | 777 | 369,168 | |||||||||||||||
Gain
on sale and impairment of residential lease assets | 16,728 | 9,226 | 68,269 | 25,954 | 117,361 | |||||||||||||||
Other,
net | | | (3,415 | ) | | (2,443 | ) | |||||||||||||
Changes
in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | (60,827 | ) | 12,196 | (17,957 | ) | (48,631 | ) | (4,033 | ) | |||||||||||
Contract
assets | 5,697 | 1,712 | (11,814 | ) | 7,409 | (35,375 | ) | |||||||||||||
Inventories | (20,386 | ) | (41,718 | ) | (41,654 | ) | (62,104 | ) | (75,849 | ) | ||||||||||
Project
assets | (6,974 | ) | 776 | (9,398 | ) | (6,198 | ) | 11,086 | ||||||||||||
Prepaid
expenses and other assets | (27,212 | ) | 11,727 | 23,423 | (15,485 | ) | 34,308 | |||||||||||||
Operating
lease right-of-use assets | (11,383 | ) | 2,603 | | (8,780 | ) | | |||||||||||||
Long-term
financing receivables, net - held for sale | 657 | (1,611 | ) | (71,042 | ) | (954 | ) | (109,156 | ) | |||||||||||
Advances
to suppliers | 11,719 | 13,055 | 9,973 | 24,774 | 15,122 | |||||||||||||||
Accounts
payable and other accrued liabilities | 40,018 | (28,819 | ) | 20,713 | 11,199 | (79,444 | ) | |||||||||||||
Contract
liabilities | 17,996 | (14,578 | ) | (2,822 | ) | 3,418 | (35,919 | ) |
THREE
MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
Operating lease liabilities | 11,222 | (2,559 | ) | | 8,663 | | ||||||||||||||
Net
cash used in operating activities | (81,061 | ) | (149,030 | ) | (122,080 | ) | (230,091 | ) | (355,342 | ) | ||||||||||
Cash
flows from investing activities: | ||||||||||||||||||||
Purchases of property, plant and equipment | (11,656 | ) | (6,548 | ) | (16,503 | ) | (18,204 | ) | (25,362 | ) | ||||||||||
Cash
paid for solar power systems, leased, net | | | (14,901 | ) | | (38,688 | ) | |||||||||||||
Cash
paid for solar power systems | (15,723 | ) | (27,600 | ) | (832 | ) | (43,323 | ) | (3,436 | ) | ||||||||||
Proceeds
from business divestiture, net of cash sold | 30,814 | 9,677 | | 40,491 | | |||||||||||||||
Dividend
from equity method investee | | | 10,258 | | 12,952 | |||||||||||||||
Proceeds
from sale of equity method investment | | | 390,484 | | 417,766 | |||||||||||||||
Proceeds
from the sale of property, plant, and equipment | 228 | | | 228 | ||||||||||||||||
Cash
paid for investments in unconsolidated investees | (10,000 | ) | | (7,712 | ) | (10,000 | ) | (14,061 | ) | |||||||||||
Net
cash provided by (used in) investing activities | (6,337 | ) | (24,471 | ) | 360,794 | (30,808 | ) | 349,171 | ||||||||||||
Cash
flows from financing activities: | ||||||||||||||||||||
Proceeds from bank loans and other debt | 75,687 | 67,979 | 66,665 | 143,666 | 116,459 | |||||||||||||||
Repayment
of 0.75% debentures due 2018, bank loans and other debt | (66,688 | ) | (58,372 | ) | (368,475 | ) | (125,060 | ) | (419,527 | ) | ||||||||||
Proceeds
from issuance of non-recourse residential financing, net of issuance costs | 43,476 | 22,255 | 34,422 | 65,731 | 67,109 | |||||||||||||||
Repayment
of non-recourse residential financing | (1,156 | ) | | (6,118 | ) | (1,156 | ) | (9,899 | ) | |||||||||||
Contributions
from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | 8,590 | 20,987 | 36,564 | 29,577 | 73,290 | |||||||||||||||
Distributions
to noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | (316 | ) | | (7,160 | ) | (316 | ) | (12,582 | ) | |||||||||||
Proceeds
from issuance of non-recourse power plant and commercial financing, net of issuance costs | | | 13,182 | | 22,286 | |||||||||||||||
Repayment
of non-recourse power plant and commercial financing | | | (3,788 | ) | | (4,678 | ) |
THREE
MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
Payment to Solar World for asset purchase agreement | (9,000 | ) | | | (9,000 | ) | | |||||||||||||
Settlement
of contingent consideration arrangement | | (2,448 | ) | | (2,448 | ) | | |||||||||||||
Purchases
of stock for tax withholding obligations on vested restricted stock | (493 | ) | (3,872 | ) | (374 | ) | (4,365 | ) | (4,900 | ) | ||||||||||
Net
cash provided by (used in) financing activities | 50,100 | 46,529 | (235,082 | ) | 96,629 | (172,442 | ) | |||||||||||||
Effect
of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 147 | 112 | (1,601 | ) | 259 | (1,124 | ) | |||||||||||||
Net
increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (37,151 | ) | (126,860 | ) | 2,031 | (164,011 | ) | (179,737 | ) | |||||||||||
Cash,
cash equivalents, restricted cash and restricted cash equivalents, beginning of period2 | 236,903 | 363,763 | 362,569 | 363,763 | 544,337 | |||||||||||||||
Cash,
cash equivalents, restricted cash and restricted cash equivalents, end of period2 | $ | 199,752 | $ | 236,903 | $ | 364,600 | $ | 199,752 | $ | 364,600 | ||||||||||
Non-cash
transactions: | ||||||||||||||||||||
Costs of solar power systems, leased, sourced from existing inventory | $ | | $ | | $ | 7,286 | $ | 21,640 | ||||||||||||
Costs
of solar power systems, leased, funded by liabilities | $ | | $ | | $ | 5,166 | $ | 5,166 | ||||||||||||
Costs
of solar power systems sourced from existing inventory | $ | 4,767 | $ | 16,406 | $ | 21,173 | ||||||||||||||
Costs
of solar power systems funded by liabilities | $ | 4,529 | $ | 4,553 | $ | 4,529 | ||||||||||||||
Costs
of solar power systems under sale-leaseback financing arrangements, sourced from project assets | $ | | $ | | $ | 5,789 | $ | | $ | 15,580 | ||||||||||
Property,
plant and equipment acquisitions funded by liabilities | $ | 22,560 | $ | 10,792 | $ | 15,954 | $ | 22,560 | $ | 15,954 | ||||||||||
Contractual
obligations satisfied with inventory | $ | | $ | | $ | 23,364 | $ | | $ | 40,881 | ||||||||||
Assumption
of debt by buyer upon sale of equity interest | $ | | $ | | $ | | $ | | $ | 27,321 | ||||||||||
Transaction
fees funded by liability due to the sale of equity method investees | $ | | $ | | $ | 3,911 | $ | | $ | 3,911 |
THREE
MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
Right-of-use assets obtained in exchange of lease obligations | $ | 13,280 | $ | 81,525 | $ | | $ | 94,805 | $ | | ||||||||||
Derecognition
of financing obligations upon business divestiture | $ | 590,884 | $ | | $ | | $ | 590,884 | $ | | ||||||||||
Holdback
related to business divestiture | $ | 2,425 | $ | | $ | | $ | 2,425 | $ | |
| 8point3: The company includes adjustments related to the sales of projects contributed to 8point3 based on the difference between the fair market value of the consideration received and the net carrying value of the projects contributed, of which, a portion is deferred in proportion to the companys retained equity stake in 8point3. The deferred profit is subsequently recognized over time. Under GAAP, these sales are recognized under either
real estate, lease, or consolidation accounting guidance depending upon the nature of the individual asset contributed, with outcomes ranging from no, partial, or full profit recognition. IFRS profit, less deferrals associated with retained equity, is recognized for sales related to the residential lease portfolio. Revenue recognition for other projects sold to 8point3 is deferred until these projects reach commercial operations. Equity in earnings of unconsolidated investees also includes the impact of the companys share of 8point3s earnings related to sales of projects receiving sales recognition under IFRS but not GAAP. On June 19, 2018, the company sold its equity interest in the 8point3 Group. |
| Legacy
utility and power plant projects: The company includes adjustments related to revenue recognition of certain utility and power plant projects based on the ratio of costs incurred to date to the total estimated |
| Legacy sale-leaseback transactions: The
company includes adjustments primarily related to revenue recognition on certain legacy sale-leaseback transactions based on the net proceeds received from the buyer-lessor. Under GAAP, these transactions were accounted for under the financing method in accordance with the applicable accounting guidance. Under such guidance, no revenue or profit is recognized at the inception of the transaction, and the net proceeds from the buyer-lessor are recorded as a financing liability. Imputed interest is recorded on the liability equal to the companys incremental borrowing rate adjusted solely to prevent negative amortization. Under IFRS, such revenue and profit is recognized at the time of sale to the buyer-lessor if certain criteria are met. Upon adoption of IFRS 16, Leases, on December 31, 2018, IFRS is aligned with GAAP. |
| Unrealized
(gain) loss 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, unrealized 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 S.A. Management believes that excluding the unrealized gain or loss on the equity investments is consistent with the company's internal reporting process as part of its status as a consolidated subsidiary of Total S.A. and better reflects the
company's ongoing results. |
| Gain on sale and impairment of residential lease assets: In the fourth quarter of fiscal 2017, the company made the decision to sell or refinance its interest in the residential lease portfolio and as a result of this triggering event, determined it was necessary to evaluate the potential for impairment in its ability to recover the carrying amount of the residential lease portfolio. In accordance with such evaluation, the
company recognized a non-cash impairment charge on its solar power systems leased and to be leased and an allowance for losses related financing receivables. In connection with the impairment loss, the carrying values of the company's solar power systems leased and to be leased were reduced which resulted in lower depreciation charges. In the fourth quarter of fiscal 2018, the company sold membership units representing a 49% membership interest in its residential lease business and retained a 51% membership interest. The loss on divestment and the remaining unsold residential lease assets impairment with its corresponding depreciation savings are excluded from the companys non-GAAP results as they are non-cash in
nature and not reflective of ongoing operating results. |
| Impairment of property, plant, and equipment: In the second quarter of fiscal 2018, the company announced its proposed plan to change the corporate structure into the Upstream business unit and Downstream business unit, and long-term strategy to replace IBC technology to NGT. Accordingly, the company expects to upgrade the equipment associated with our manufacturing operations for the production of NGT over the next several years. In connection with these events, the
company determined indicators of impairment existed and therefore performed an evaluation of the recoverability of the asset group. In accordance with such evaluation, the company recognized a non-cash impairment charge on its property, plant and equipment. Such asset impairment is excluded from the companys segment results as it is non-cash in nature and not reflective of ongoing segment results. |
| Construction
revenue on solar services contracts: Upon adoption of the new lease accounting guidance (ASC 842) in the first quarter of fiscal 2019, revenue and cost of revenue on solar services contracts with residential customers are recognized ratably over the term of those contracts, once the projects are placed in service. For non-GAAP results, the company recognizes revenue and cost of revenue upfront based on the expected cash proceeds to align with the legacy lease accounting guidance. Management believes it is appropriate to recognize revenue and cost of revenue upfront based on total expected cash proceeds, as
it better reflects our ongoing results as such method aligns revenue and costs incurred most accurately in the same period. |
| Cost of above-market polysilicon: The company has entered into multiple long-term, fixed-price supply agreements to purchase polysilicon for periods of up to 10 years. The prices in select legacy supply agreements, which incorporate a cash portion and a non-cash portion attributable to the amortization of prepayments made under the agreements, significantly exceed current market prices. Additionally, in order to reduce inventory and improve working capital, the
company has periodically elected to sell polysilicon inventory in the marketplace at prices below the companys purchase price, thereby incurring a loss. Management believes that it is appropriate to exclude the impact of its above-market cost of polysilicon, including the effect of above-market polysilicon on product costs, losses incurred on sales of polysilicon to third parties, and inventory reserves and project asset impairments from the company's non-GAAP financial measures as they are not reflective of ongoing operating results and do not contribute to a meaningful evaluation of a company's past operating performance. |
| Stock-based
compensation: Stock-based compensation relates primarily to the companys 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 companys non-GAAP financial measures as they arise from prior acquisitions, are not reflective of ongoing operating results, and do not contribute to a meaningful evaluation of a companys past operating performance. |
| Depreciation of idle equipment: In the fourth quarter of 2017, the
company changed the deployment plan for its next generation of solar cell technology, and revised its depreciation estimates to reflect the use of certain assets over its shortened useful life. Such asset depreciation is excluded from the company's non-GAAP financial measures as it is non-cash in nature and not reflective of ongoing operating results. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without such charges. |
| Gain on business divestiture:
In the first quarter of fiscal 2019, the company entered into a transaction pursuant to which it sold membership interest in certain of its subsidiaries that own leasehold interests in projects subject to sale-leaseback financing arrangements. In connection with this sale, the company recognized a gain relating to this business divestiture. Management believes that it is appropriate to exclude this gain from our non-GAAP results as it is 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 companys non-GAAP financial measures as they would not have otherwise been incurred as part of its business operations and are therefore not reflective of ongoing operating results. |
| Business
reorganization costs: In connection with the reorganization of our business into an upstream and downstream business unit structure, the company incurred and expect to continue incurring expenses in the upcoming quarters associated with reclassifying prior period segment information, reorganization of corporate functions and responsibilities to the business units, updating accounting policies and processes and implementing systems to fulfill the requirements of the master supply agreement between the segments. Management believes that it is appropriate to exclude these from the companys non-GAAP financial measures as they would not have otherwise been incurred as part of its business operations and are therefore not reflective of ongoing operating results. |
| Non-cash
interest expense: The company incurs non-cash interest expense related to the amortization of items such as original issuance discounts on its debt. The company excludes non-cash interest expense because the expense does not reflect its financial results in the period incurred. Management believes that this adjustment for non-cash interest expense provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without non-cash interest expense. |
| Restructuring
expenses: The company incurs restructuring expenses related to reorganization plans aimed towards realigning resources consistent with the companys global strategy and improving its overall operating efficiency and cost structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities and such costs have historically occurred infrequently. 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. As such, management believes that it is appropriate to exclude restructuring charges from the
company's non-GAAP financial measures as they are not reflective of ongoing operating results or contribute to a meaningful evaluation of a company's past operating performance. |
| 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. |
| 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 (benefit from) income taxes |
| Depreciation |
THREE
MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
GAAP revenue | $ | 436,281 | $ | 348,225 | $ | 449,097 | $ | 784,506 | $ | 840,985 | ||||||||||
Adjustments
based on IFRS: | ||||||||||||||||||||
8point3 | | | (8,337 | ) | | (8,588 | ) | |||||||||||||
Legacy
utility and power plant projects | (23 | ) | (171 | ) | (1,301 | ) | (194 | ) | (3,093 | ) | ||||||||||
Legacy
sale-leaseback transactions | | | 7,695 | | 16,798 | |||||||||||||||
Other
adjustments: | ||||||||||||||||||||
Construction revenue on solar services contracts | 45,614 | 63,505 | | 109,119 | | |||||||||||||||
Non-GAAP
revenue | $ | 481,872 | $ | 411,559 | $ | 447,154 | $ | 893,431 | $ | 846,102 |
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
GAAP gross profit (loss) | $ | 19,800 | $ | (37,285 | ) | $ | (309,961 | ) | $ | (17,485 | ) | $ | (299,387 | ) | ||||||
Adjustments
based on IFRS: | ||||||||||||||||||||
8point3 | | | (8,337 | ) | | (8,337 | ) | |||||||||||||
Legacy
utility and power plant projects | 884 | 116 | (569 | ) | 1,000 | (837 | ) | |||||||||||||
Legacy
sale-leaseback transactions | (3,684 | ) | (823 | ) | (359 | ) | (4,507 | ) | (3,398 | ) | ||||||||||
Other
adjustments: | ||||||||||||||||||||
Gain on sale and impairment of residential lease assets | (632 | ) | (125 | ) | (4,151 | ) | (757 | ) | (8,005 | ) | ||||||||||
Construction
revenue on solar services contracts | 5,506 | 11,386 | | 16,892 | | |||||||||||||||
Impairment
of property, plant and equipment | | | 355,106 | | 355,107 | |||||||||||||||
Cost
of above-market polysilicon | 25,950 | 49,428 | 16,669 | 75,378 | 35,369 | |||||||||||||||
Stock-based
compensation expense | 1,133 | 168 | 1,580 | 1,301 | 2,521 | |||||||||||||||
Amortization
of intangible assets | 1,783 | 1,786 | 2,443 | 3,569 | 4,935 | |||||||||||||||
Depreciation
of idle equipment | | | | | 721 | |||||||||||||||
Non-GAAP
gross profit | $ | 50,740 | $ | 24,651 | $ | 52,421 | $ | 75,391 | $ | 78,689 | ||||||||||
GAAP
gross margin (%) | 4.5 | % | (10.7 | )% | (69.0 | )% | (2.2 | )% | (35.6 | )% | ||||||||||
Non-GAAP
gross margin (%) | 10.5 | % | 6.0 | % | 11.7 | % | 8.4 | % | 9.3 | % |
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
GAAP net income (loss) attributable to stockholders | $ | 121,459 | $ | (89,724 | ) | $ | (447,117 | ) | $ | 31,735 | $ | (563,091 | ) | |||||||
Adjustments
based on IFRS: | ||||||||||||||||||||
8point3 | | | (8,308 | ) | | (8,485 | ) | |||||||||||||
Legacy
utility and power plant projects | 884 | 116 | (569 | ) | 1,000 | (837 | ) | |||||||||||||
Legacy
sale-leaseback transactions | 1,025 | 4,911 | 4,187 | 5,936 | 5,560 | |||||||||||||||
Unrealized
gain on equity investment | (67,500 | ) | (33,000 | ) | | (100,500 | ) | | ||||||||||||
Other
adjustments: | ||||||||||||||||||||
Gain on sale and impairment of residential lease assets | 15,554 | 8,313 | 50,360 | 23,867 | 95,499 | |||||||||||||||
Construction
revenue on solar services contracts | (6,398 | ) | (3,740 | ) | | (10,138 | ) | | ||||||||||||
Impairment
of property, plant and equipment | | | 369,168 | | 369,168 | |||||||||||||||
Cost
of above-market polysilicon | 25,950 | 49,428 | 16,669 | 75,378 | 35,369 | |||||||||||||||
Stock-based
compensation expense | 6,270 | 5,666 | 6,643 | 11,936 | 15,401 | |||||||||||||||
Amortization
of intangible assets | 1,783 | 1,786 | 2,443 | 3,569 | 4,935 | |||||||||||||||
Depreciation
of idle equipment | | | | | 721 | |||||||||||||||
Gain
on business divestiture | (137,286 | ) | (6,114 | ) | | (143,400 | ) | | ||||||||||||
Transaction-related
costs | 1,173 | 1,422 | | 2,595 | | |||||||||||||||
Business
reorganization costs | 4,156 | 2,649 | | 6,805 | | |||||||||||||||
Non-cash
interest expense | 10 | 10 | 23 | 20 | 45 | |||||||||||||||
Restructuring
charges (credits) | 2,453 | (665 | ) | 3,504 | 1,788 | 14,681 | ||||||||||||||
Tax
effect | (669 | ) | 1,518 | 1,072 | 849 | 902 | ||||||||||||||
Non-GAAP
net loss attributable to stockholders | $ | (31,136 | ) | $ | (57,424 | ) | $ | (1,925 | ) | $ | (88,560 | ) | $ | (30,132 | ) |
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
Net income (loss) per diluted share | ||||||||||||||||||||
Numerator: | ||||||||||||||||||||
GAAP
net income (loss) available to common stockholders1 | $ | 121,459 | $ | (89,724 | ) | $ | (447,117 | ) | $ | 31,735 | $ | (563,091 | ) | |||||||
Add:
Interest expense on 4.00% debenture due 2023, net of tax | 3,358 | | | | | |||||||||||||||
Add:
Interest expense on 0.875% debenture due 2021, net of tax | 691 | | | | | |||||||||||||||
Net
income (loss) available to common stockholders | $ | 125,508 | $ | (89,724 | ) | $ | (447,117 | ) | $ | 31,735 | $ | (563,091 | ) | |||||||
Non-GAAP
net loss available to common stockholders1 | $ | (31,136 | ) | $ | (57,424 | ) | $ | (1,925 | ) | $ | (88,560 | ) | $ | (30,132 | ) | |||||
Denominator: | ||||||||||||||||||||
GAAP
weighted-average shares | 142,471 | 141,720 | 140,926 | 142,095 | 140,569 | |||||||||||||||
Effect
of dilutive securities: | ||||||||||||||||||||
Restricted stock units | 2,241 | | | 967 | | |||||||||||||||
0.875%
debentures due 2021 | 13,922 | | | | | |||||||||||||||
4.00%
debentures due 2023 | 8,203 | | | | | |||||||||||||||
GAAP
dilutive weighted-average common shares: | 166,837 | 141,720 | 140,926 | 143,062 | 140,569 | |||||||||||||||
Non-GAAP
weighted-average shares1 | 142,471 | 141,720 | 140,926 | 142,095 | 140,569 | |||||||||||||||
GAAP
net income (loss) per diluted share | $ | 0.75 | $ | (0.63 | ) | $ | (3.17 | ) | $ | 0.22 | $ | (4.01 | ) | |||||||
Non-GAAP
net loss per diluted share | $ | (0.22 | ) | $ | (0.41 | ) | $ | (0.01 | ) | $ | (0.62 | ) | $ | (0.21 | ) |
THREE
MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||
GAAP net income (loss) attributable to stockholders | $ | 121,459 | $ | (89,724 | ) | $ | (447,117 | ) | $ | 31,735 | $ | (563,091 | ) | |||||||
Adjustments
based on IFRS: | ||||||||||||||||||||
8point3 | | | (8,308 | ) | | (8,485 | ) | |||||||||||||
Legacy
utility and power plant projects | 884 | 116 | (569 | ) | 1,000 | (837 | ) | |||||||||||||
Legacy
sale-leaseback transactions | 1,025 | 4,911 | 4,187 | 5,936 | 5,560 | |||||||||||||||
Unrealized
gain on equity investment | (67,500 | ) | (33,000 | ) | | (100,500 | ) | | ||||||||||||
Other
adjustments: | ||||||||||||||||||||
Gain on sale and impairment of residential lease assets | 15,554 | 8,313 | 50,360 | 23,867 | 95,499 | |||||||||||||||
Construction
revenue on solar services contracts | (6,398 | ) | (3,740 | ) | | (10,138 | ) | | ||||||||||||
Impairment
of property, plant and equipment | | | 369,168 | | 369,168 | |||||||||||||||
Cost
of above-market polysilicon | 25,950 | 49,428 | 16,669 | 75,378 | 35,369 | |||||||||||||||
Stock-based
compensation expense | 6,270 | 5,666 | 6,643 | 11,936 | 15,401 | |||||||||||||||
Amortization
of intangible assets | 1,783 | 1,786 | 2,443 | 3,569 | 4,935 | |||||||||||||||
Depreciation
of idle equipment | | | | | 721 | |||||||||||||||
Gain
on business divestiture | (137,286 | ) | (6,114 | ) | | (143,400 | ) | | ||||||||||||
Transaction-related
costs | 1,173 | 1,422 | | 2,595 | | |||||||||||||||
Business
reorganization costs | 4,156 | 2,649 | | 6,805 | | |||||||||||||||
Non-cash
interest expense | 10 | 10 | 23 | 20 | 45 | |||||||||||||||
Restructuring
charges (credits) | 2,453 | (665 | ) | 3,504 | 1,788 | 14,681 | ||||||||||||||
Cash
interest expense, net of interest income | 11,148 | 10,206 | 21,509 | 21,354 | 41,674 | |||||||||||||||
Provision
for income taxes | 6,068 | 5,797 | 3,081 | 11,865 | 5,709 | |||||||||||||||
Depreciation | 21,286 | 19,181 | 36,983 | 40,467 | 74,559 | |||||||||||||||
Adjusted
EBITDA | $ | 8,035 | $ | (23,758 | ) | $ | 58,576 | $ | (15,723 | ) | $ | 90,908 |
(in thousands except percentages) | Q3 2019 | FY 2019 |
Revenue (GAAP) | $430,000-$470,000 | $1,800,000-$2,000,000 |
Revenue (non-GAAP)1 | $450,000-$490,000 | $1,900,000-$2,100,000 |
Gross
margin (GAAP) | 8% - 12% | N/A |
Gross margin (non-GAAP)2 | 14% - 17% | N/A |
Net income (loss) (GAAP) | $(55,000)-$(35,000) | $(20,000)-$0 |
Adjusted EBITDA3 | $30,000-$50,000 | $100,000-$120,000 |
1. | Estimated
non-GAAP amounts above for Q3 2019 and fiscal 2019 include net adjustments that increase revenue by approximately $20 million and $130 million, respectively, related to construction revenue on solar services contracts. |
2. | Estimated non-GAAP amounts above for Q3 2019 include net adjustments that increase gross margin by approximately $27 million related to cost of above-market polysilicon, $2 million related to construction revenue on solar services contracts, $1 million related to stock-based compensation expense, and $2
million related to amortization of intangible assets. |
3. | Estimated Adjusted EBITDA amounts above for Q3 2019 include net adjustments that decrease (increase) net income by approximately $27 million related to cost of above-market polysilicon, $15 million related to depreciation, $7 million related to impairment of lease assets, $10 million related to interest expense, $10 million related to stock-based compensation expense, $6 million related to income taxes, $5 million related to business reorganization costs, $2 million related to amortization of intangible assets, and $3 million related to restructuring. Estimated non-GAAP amounts above for fiscal 2019 include net adjustments that decrease (increase)
net loss by approximately $137 million related to cost of above-market polysilicon, $72 million related to depreciation, $40 million related to interest expense, $32 million related to impairment of lease assets, $31 million related to stock-based compensation expense, $20 million related to income taxes, $19 million related to business reorganization costs, $8 million related to amortization of intangible assets, $5 million related to restructuring, $3 million related to transaction-related costs, $(101) million related to unrealized gain on equity investment, $(145) million related to the gain on business divestiture, and $(1) million related to construction revenue on solar services contracts. |
Revenue | Gross Profit / Margin | Operating expenses | Other income (expense), net | Provision for income taxes | Gain
(Loss) attributable to non-controlling interests | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||
SunPower Energy Services | SunPower Technologies | Intersegment eliminations | SunPower Energy Services | SunPower
Technologies | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring expense | Gain
on sale and impairment of residential lease assets | Gain on business divestiture | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 211,726 | $ | 314,971 | $ | (90,416 | ) | $ | 22,464 | 10.6 | % | $ | (2,746 | ) | (0.9 | )% | $ | 82 | $ | 121,459 | |||||||||||||||||||||||||||||||||||||
Adjustments
based on IFRS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy
utility and power plant projects | | (23 | ) | | | 884 | | | | | | | | | | 884 | |||||||||||||||||||||||||||||||||||||||||
Legacy
sale-leaseback transactions | | | | (3,684 | ) | | | | | | | | 4,709 | | | 1,025 | |||||||||||||||||||||||||||||||||||||||||
Unrealized
gain on equity investment | | | | | | | | | | | | (67,500 | ) | | | (67,500 | ) | ||||||||||||||||||||||||||||||||||||||||
Other
adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain
on sale and impairment of residential lease assets | | | | (632 | ) | | | | | | 16,728 | | | | (542 | ) | 15,554 | ||||||||||||||||||||||||||||||||||||||||
Construction
revenue on solar services contracts | 45,614 | | | 5,506 | | | | | | | | | | (11,904 | ) | (6,398 | ) | ||||||||||||||||||||||||||||||||||||||||
Cost
of above-market polysilicon | | | | | 23,875 | 2,075 | | | | | | | | | 25,950 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | | | | 460 | 673 | | 879 | 4,258 | | | | | | | 6,270 | ||||||||||||||||||||||||||||||||||||||||||
Amortization
of intangible assets | | | | | 1,783 | | | | | | | | | | 1,783 | ||||||||||||||||||||||||||||||||||||||||||
Gain
on business divestiture | | | | | | | | | | | (137,286 | ) | | | | (137,286 | ) | ||||||||||||||||||||||||||||||||||||||||
Business
reorganization costs | | | | | | | 777 | 3,379 | | | | | | | 4,156 | ||||||||||||||||||||||||||||||||||||||||||
Transaction-related
costs | | | | | | | | 1,173 | | | | | | | 1,173 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash
interest expense | | | | | | | | 10 | | | | | | | 10 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring
expense | | | | | | | | | 2,453 | | | | | | 2,453 | ||||||||||||||||||||||||||||||||||||||||||
Tax
effect | | | | | | | | | | | | | (669 | ) | | (669 | ) | ||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 257,340 | $ | 314,948 | $ | (90,416 | ) | $ | 24,114 | 9.4 | % | $ | 24,469 | 7.8 | % | $ | 2,157 | $ | (31,136 | ) |
THREE
MONTHS ENDED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other income (expense), net | Benefit from income taxes | Gain
(Loss) attributable to non-controlling interests | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||
SunPower Energy Services | SunPower Technologies | Intersegment eliminations | SunPower Energy Services | SunPower
Technologies | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring credits | Impairment
of residential lease assets | Gain on business divestiture | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 178,221 | $ | 230,804 | $ | (60,800 | ) | $ | 7,143 | 4.0 | % | $ | (52,064 | ) | (22.6 | )% | $ | 7,636 | $ | (89,724 | ) | ||||||||||||||||||||||||||||||||||||
Adjustments
based on IFRS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy
utility and power plant projects | | (171 | ) | | 125 | (9 | ) | | | | | | | | | | 116 | ||||||||||||||||||||||||||||||||||||||||
Legacy
sale-leaseback transactions | | | | (824 | ) | 1 | | | | | | | 5,734 | | | 4,911 | |||||||||||||||||||||||||||||||||||||||||
Unrealized
gain on equity investment | | | | | | | | | | | | (33,000 | ) | | | (33,000 | ) | ||||||||||||||||||||||||||||||||||||||||
Other
adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment
of residential lease assets | | | | (125 | ) | | | | | | 9,226 | | | | (788 | ) | 8,313 | ||||||||||||||||||||||||||||||||||||||||
Construction
revenue on solar services contracts | 63,505 | | | 11,386 | | | | | | | | | | (15,126 | ) | (3,740 | ) | ||||||||||||||||||||||||||||||||||||||||
Cost
of above-market polysilicon | | | | | 49,428 | | | | | | | | | | 49,428 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | | | | 168 | | | 593 | 4,905 | | | | | | | 5,666 | ||||||||||||||||||||||||||||||||||||||||||
Amortization
of intangible assets | | | | | 1,786 | | | | | | | | | | 1,786 | ||||||||||||||||||||||||||||||||||||||||||
Gain
on business divestiture | | | | | | | | | | | (6,114 | ) | | | | (6,114 | ) | ||||||||||||||||||||||||||||||||||||||||
Business
reorganization costs | | | | | | | | 2,649 | | | | | | | 2,649 | ||||||||||||||||||||||||||||||||||||||||||
Transaction-related
costs | | | | | | | | 1,422 | | | | | | | 1,422 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash
interest expense | | | | | | | | 10 | | | | | | | 10 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring
credits | | | | | | | | | (665 | ) | | | | | | (665 | ) | ||||||||||||||||||||||||||||||||||||||||
Tax
effect | | | | | | | | | | | | | 1,518 | | 1,518 | ||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 241,726 | $ | 230,633 | $ | (60,800 | ) | $ | 17,873 | 7.4 | % | $ | (858 | ) | (0.4 | )% | $ | 7,636 | $ | (57,424 | ) |
THREE
MONTHS ENDED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other income (expense), net | Benefit from (provision for) income taxes | Equity
in earnings of unconsolidated investees | Gain (Loss) attributable to non-controlling interests | Net income (loss) attributable to stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
SunPower Energy Services | SunPower Technologies | Intersegment eliminations | SunPower
Energy Services | SunPower Technologies | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring credits | Impairment
of residential lease assets | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 269,683 | $ | 248,290 | $ | (68,876 | ) | $ | 48,773 | 18.1 | % | $ | (366,179 | ) | (147.5 | )% | $ | 7,445 | $ | (447,117 | ) | ||||||||||||||||||||||||||||||||||||
Adjustments
based on IFRS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8point3 | (2,149 | ) | (6,188 | ) | | (2,149 | ) | (6,188 | ) | | | | | | | | 29 | | (8,308 | ) | |||||||||||||||||||||||||||||||||||||
Legacy
utility and power plant projects | (82 | ) | (1,219 | ) | | (6 | ) | (563 | ) | | | | | | | | | | (569 | ) | |||||||||||||||||||||||||||||||||||||
Legacy
sale-leaseback transactions | 7,695 | | | (359 | ) | | | | | | | 4,546 | | | | 4,187 | |||||||||||||||||||||||||||||||||||||||||
Other
adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment
of residential lease assets | | | | (4,152 | ) | | | | | | 68,269 | | | | (13,757 | ) | 50,360 | ||||||||||||||||||||||||||||||||||||||||
Impairment
of property, plant and equipment | | | | 33 | 355,074 | | 12,832 | 1,229 | | | | | | | 369,168 | ||||||||||||||||||||||||||||||||||||||||||
Cost
of above-market polysilicon | | | | (3,514 | ) | 20,183 | | | | | | | | | | 16,669 | |||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | | | | 801 | 779 | | 906 | 4,157 | | | | | | | 6,643 | ||||||||||||||||||||||||||||||||||||||||||
Amortization
of intangible assets | | | | 1,119 | 1,324 | | | | | | | | | | 2,443 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash
interest expense | | | | | | | 3 | 20 | | | | | | | 23 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring
expense | | | | | | | | | 3,504 | | | | | | 3,504 | ||||||||||||||||||||||||||||||||||||||||||
Tax
effect | | | | | | | | | | | | 1,072 | | | 1,072 | ||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 275,147 | $ | 240,883 | $ | (68,876 | ) | $ | 40,546 | 14.7 | % | $ | 4,430 | 1.8 | % | $ | 7,445 | $ | (1,925 | ) |
Revenue | Gross Profit / Margin | Operating expenses | Other income (expense), net | Provision for income taxes | Gain
(Loss) attributable to non-controlling interests | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||
SunPower Energy Services | SunPower Technologies | Intersegment eliminations | SunPower Energy Services | SunPower
Technologies | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring expense | Gain
on sale and impairment of residential lease assets | Gain on business divestiture | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 389,947 | $ | 545,775 | $ | (151,216 | ) | $ | 29,607 | 7.6 | % | $ | (54,810 | ) | (10.0 | )% | $ | 7,718 | $ | 31,735 | |||||||||||||||||||||||||||||||||||||
Adjustments
based on IFRS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy
utility and power plant projects | | (194 | ) | | 125 | 875 | | | | | | | | | | 1,000 | |||||||||||||||||||||||||||||||||||||||||
Legacy
sale-leaseback transactions | | | | (4,508 | ) | 1 | | | | | | | 10,443 | | | 5,936 | |||||||||||||||||||||||||||||||||||||||||
Unrealized
gain on equity investment | | | | | | | | | | | | (100,500 | ) | | | (100,500 | ) | ||||||||||||||||||||||||||||||||||||||||
Other
adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain
on sale and impairment of residential lease assets | | | | (757 | ) | | | | | | 25,954 | | | | (1,330 | ) | 23,867 | ||||||||||||||||||||||||||||||||||||||||
Construction
revenue on solar services contracts | 109,119 | | | 16,892 | | | | | | | | | | (27,030 | ) | (10,138 | ) | ||||||||||||||||||||||||||||||||||||||||
Cost
of above-market polysilicon | | | | | 73,303 | 2,075 | | | | | | | | | 75,378 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | | | | 628 | 673 | | 1,472 | 9,163 | | | | | | | 11,936 | ||||||||||||||||||||||||||||||||||||||||||
Amortization
of intangible assets | | | | | 3,569 | | | | | | | | | | 3,569 | ||||||||||||||||||||||||||||||||||||||||||
Gain
on business divestiture | | | | | | | | | | | (143,400 | ) | | | | (143,400 | ) | ||||||||||||||||||||||||||||||||||||||||
Business
reorganization costs | | | | | | | 777 | 6,028 | | | | | | | 6,805 | ||||||||||||||||||||||||||||||||||||||||||
Transaction-related
costs | | | | | | | | 2,595 | | | | | | | 2,595 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash
interest expense | | | | | | | | 20 | | | | | | | 20 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring
expense | | | | | | | | | 1,788 | | | | | | 1,788 | ||||||||||||||||||||||||||||||||||||||||||
Tax
effect | | | | | | | | | | | | | 849 | | 849 | ||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 499,066 | $ | 545,581 | $ | (151,216 | ) | $ | 41,987 | 8.4 | % | $ | 23,611 | 4.3 | % | $ | 9,793 | $ | (88,560 | ) |
SIX
MONTHS ENDED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other income (expense), net | Benefit from (provision for) income taxes | Equity
in earnings of unconsolidated investees | Gain (Loss) attributable to non-controlling interests | Net income (loss) attributable to stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
SunPower Energy Services | SunPower Technologies | Intersegment eliminations | SunPower
Energy Services | SunPower Technologies | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring credits | Impairment
of residential lease assets | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 516,611 | $ | 502,124 | $ | (177,750 | ) | $ | 89,698 | 17.4 | % | $ | (390,386 | ) | (75.6 | )% | $ | 1,301 | $ | (563,091 | ) | ||||||||||||||||||||||||||||||||||||
Adjustments
based on IFRS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8point3 | (2,400 | ) | (6,188 | ) | | (2,149 | ) | (6,188 | ) | | | | | | | | (148 | ) | | (8,485 | ) | ||||||||||||||||||||||||||||||||||||
Legacy
utility and power plant projects | (474 | ) | (2,619 | ) | | (456 | ) | (381 | ) | | | | | | | | | | (837 | ) | |||||||||||||||||||||||||||||||||||||
Legacy
sale-leaseback transactions | 16,798 | | | (3,398 | ) | | | | | | | 8,958 | | | | 5,560 | |||||||||||||||||||||||||||||||||||||||||
Other
adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment
of residential lease assets | | | | (8,005 | ) | | | | | | 117,361 | | | | (13,857 | ) | 95,499 | ||||||||||||||||||||||||||||||||||||||||
Impairment
of property, plant and equipment | | | | 33 | 355,074 | | 12,832 | 1,229 | | | | | | | 369,168 | ||||||||||||||||||||||||||||||||||||||||||
Cost
of above-market polysilicon | | | | (3,514 | ) | 38,883 | | | | | | | | | | 35,369 | |||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | | | | 1,162 | 1,359 | | 3,783 | 9,097 | | | | | | | 15,401 | ||||||||||||||||||||||||||||||||||||||||||
Amortization
of intangible assets | | | | 2,521 | 2,414 | | | | | | | | | | 4,935 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation
of idle equipment | | | | 289 | 432 | | | | | | | | | | 721 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash
interest expense | | | | | | | 6 | 39 | | | | | | | 45 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring
expense | | | | | | | | | 14,681 | | | | | | 14,681 | ||||||||||||||||||||||||||||||||||||||||||
Tax
effect | | | | | | | | | | | | 902 | | | 902 | ||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 530,535 | $ | 493,317 | $ | (177,750 | ) | $ | 76,181 | 14.4 | % | $ | 1,207 | 0.2 | % | $ | 1,301 | $ | (30,132 | ) |
This 8-K Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 7/31/19 | SC 13D/A | ||
6/30/19 | 10-Q | |||
3/31/19 | 10-Q, 4 | |||
12/31/18 | 4, SD | |||
12/30/18 | 10-K | |||
7/1/18 | ||||
6/19/18 | 8-K | |||
List all Filings |