- Added a record 19,700 customers in the second quarter, a
51% increase YoY
- Accelerated revenue growth to 63% YoY
- Achieved backlog of 53,000 retrofit and new homes
customers
- Delivered strong gross margin: 20% GAAP, 21%
non-GAAP
- Announced strategic relationship with IKEA U.S. to reach
new customers and simplify the solar buying experience
SAN
JOSE, Calif., Aug. 2, 2022
/PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar
technology and energy services provider, today announced financial
results for the second quarter, ending July
3, 2022.
"There is a ubiquitous need for reliable electricity at an
affordable price that isn't being met with our traditional energy
sources," said Peter Faricy,
SunPower CEO. "With our strategic growth plan, investment in
world-class customer experience and robust pipeline, SunPower is
well positioned to capture the strong resulting demand for solar
and storage. This quarter we added a record number of customers,
including an all-time high for new homes installs, and accumulated
a backlog that we expect to set us up for high growth in the second
half of the year."
SECOND QUARTER BUSINESS HIGHLIGHTS
SunPower continues to execute across its five strategic pillars
to capture demand and cement its leadership position as the company
delivering the most innovative ecosystem of home energy products
with unmatched customer experience.
World-class customer
experience
|
1.
|
Highest rated solar
company: In the second quarter of 2022, SunPower remained
the only 4+ star rated solar provider in the U.S. with an average
review score of 4.3. SunPower's Net Promoter Score improved to 51,
a 38% improvement year-over-year (YoY).
|
|
|
2.
|
Improved time to
resolution: The company continued its trend of significantly
improving customer response speed. In the last quarter, it
minimized wait times to 31 seconds, a 45% improvement YoY, and
shortened the average time it takes to resolve a customer query by
36% YoY.
|
|
Best, most
affordable products
|
3.
|
Significant progress
on ground-breaking panel: SunPower and First Solar (NASDAQ:
FSLR) are finalizing negotiations to develop the world's
most-advanced residential solar panels. The companies have agreed
on the majority of key terms and are working toward definitive
agreements. They are expected to sign a deal in the next quarter
and promptly move forward to operationalize production.
|
|
|
4.
|
Increasing panel
supply: SunPower secured additional product volume under
their agreement with Maxeon Solar Technologies (NASDAQ: MAXN) for
increased panel supply through the end of the year. Along with
additional supply chain agreements, this further ensures the
company's ability to meet unprecedented demand.
|
|
Growth
|
5.
|
Joining forces with
IKEA U.S.: In May, SunPower announced a new strategic
relationship with IKEA U.S. to introduce solar and storage to a new
consumer market and make renewable energy easier to access. Through
the collaboration, SunPower home energy products will be featured
in select IKEA stores, and members of IKEA's customer loyalty
program will be able to initiate their solar journey from the
showroom floor. Home Solar with IKEA is expected to launch in
select California markets in Fall 2022.
|
|
|
6.
|
Driving growth in
new homes: SunPower continues to stand out as an industry
leader in new homes. It recorded a 46% increase YoY for contracted
active solar-standard communities, with previously sold backlog
growing to 34,0001 customers. This quarter, the company
further expanded its category presence across the country: it
solidified a multiyear national contract extension with KB Home
(NYSE: KBH) and finalized a deal with Dream Finders Homes (NASDAQ:
DFH) to build nearly 400 solar-standard homes across five
communities in Colorado.
|
|
Digital
innovation
|
7.
|
Completed
significant monitoring upgrade: SunPower finalized a multiyear
project to redesign its monitoring systems for a superior customer
experience. The new system enables faster load times and activates
features such as panel-level monitoring and alerts for customers
and dealers. With the implementation, SunPower reduced maximum
delay time between when panels measure power production and when
that data is visible in the mySunPower app from one hour to less
than two minutes. The new monitoring system is expected to save
SunPower more than $4 million in annual operating costs by gaining
efficiency and reducing third party vendor fees.
|
|
|
World-class
financial solutions
|
8.
|
Grew financing
product portfolio: SunPower Financial introduced several new
offerings in the second quarter to help keep customers' monthly
payments low, including low-APR loans and expanded eligibility up
to $150,000.
|
|
1Backlog
calculated as of July 22, 2022.
|
In June, SunPower closed the sale of its Commercial &
Industrial Solutions (CIS) business to TotalEnergies. Additionally
in the second quarter, TotalEnergies and Global Infrastructure
Partners (GIP) signed a deal where GIP is expected to acquire an
approximate 50% interest in a new joint venture that will hold
TotalEnergies' 51% ownership in SunPower Corporation.
"This agreement is a strong signal from energy leaders and
investors that accelerating the energy transition is an imperative
and a powerful vote of confidence that SunPower is well suited to
play a leading role in that change," said Faricy.
Financial Highlights
($ Millions, except
percentages, residential
customers, and per-share data)
|
2nd Quarter
2022
|
1st Quarter
2022
|
2nd Quarter
2021
|
GAAP revenue from
continuing operations
|
$417.8
|
$350.3
|
$260.8
|
GAAP gross margin from
continuing operations
|
19.5 %
|
20.6 %
|
23.3 %
|
GAAP net income (loss)
from continuing operations
|
$(42.5)
|
$(2.2)
|
$87.1
|
GAAP net income (loss)
from continuing operations
per diluted share
|
$(0.24)
|
$(0.01)
|
$0.46
|
Non-GAAP revenue from
continuing operations1
|
$414.1
|
$336.1
|
$254.1
|
Non-GAAP gross margin
from continuing operations1
|
21.3 %
|
21.7 %
|
22.5 %
|
Non-GAAP net income
(loss) from continuing operations1
|
$5.2
|
$2.9
|
$12.1
|
Non-GAAP net income
(loss) from continuing
operations per diluted share1
|
$0.03
|
$0.02
|
$0.07
|
Adjusted
EBITDA1
|
$15.2
|
$11.2
|
$22.4
|
Residential
customers
|
463,600
|
443,800
|
363,000
|
Cash2
|
$206.4
|
$142.3
|
$209.8
|
|
The sale of our C&I
Solutions business met the criteria for classification as
"discontinued operations" in accordance with the guidance in ASC
205-20, Discontinued Operations, beginning the first quarter
of fiscal 2022. For all periods presented, the financial results of
C&I Solutions are excluded in the table above.
|
|
1Information
about SunPower's use of non-GAAP financial information, including a
reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP
Financial Measures" below.
|
|
2Includes
cash and cash equivalents, excluding restricted cash
|
2022 Financial Outlook
SunPower affirmed prior 2022
guidance of $2,000-$2,400 Adjusted EBITDA per customer and
73,000-80,000 incremental customers, resulting in $90-$110 million
Adjusted EBITDA for the year.
Earnings Conference Call Information
SunPower will discuss its second quarter, 2022 financial results
on Tuesday, August 2 at 8:30 a.m. Eastern Time. The conference call can
be accessed live by registering at
https://register.vevent.com/register/BI8045a492c8dd47d6be8faf25537fcfbd.
The live audio webcast and supplemental financial information will
be available on SunPower's investor website at
http://investors.sunpower.com/events.cfm.
About SunPower
SunPower (NASDAQ:SPWR) is a leading solar technology and energy
services provider in North
America. SunPower offers the only solar + storage solution
designed and warranted by one company that gives customers control
over electricity consumption and resiliency during power outages.
For more information, visit www.sunpower.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding: (a) expectations regarding demand
and our future performance based on backlog, bookings, projected
consumer demand, and pipelines in our sales channels and for our
products, and our ability to meet consumer demand; (b) our plans
and expectations with respect to our strategic partnerships and
initiatives, including our proposed partnership with First Solar,
our strategic relationship with IKEA, and our agreements with KB
Home and Dream Finders Homes, and the anticipated business and
financial impacts thereof; (c) our strategic plans and areas of
investment and focus, both current and future, and expectations for
the results thereof, including improved customer experience,
increased installation capacity, development of new products and
services, and cost savings; (d) our expectations regarding
projected demand and growth in 2022 and beyond, our positioning for
future success, and our ability to capture demand and deliver
long-term value to our shareholders; (e) our expectations for
industry trends and factors, and the impact thereof on our business
and strategic plans; and (f) our guidance for fiscal year 2022,
including Adjusted EBITDA per customer, incremental customers, and
Adjusted EBITDA, and related assumptions.
These forward-looking statements are based on our current
assumptions, expectations, and beliefs and involve substantial
risks and uncertainties that may cause results, performance, or
achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to: (1)
regulatory changes and the availability of economic incentives
promoting use of solar energy; (2) potential disruptions to our
operations and supply chain that may result from epidemics or
natural disasters, including impacts of the COVID-19 pandemic, and
other factors; (3) competition in the solar and general energy
industry, supply chain constraints, interest rates, and pricing
pressures; (4) changes in public policy, including the imposition
and applicability of tariffs; (5) our dependence on sole- or
limited-source supply relationships, including for our solar panels
and other components of our products; (6) risks related to the
introduction of new or enhanced products, including potential
technical challenges, lead times, and our ability to match supply
with demand while maintaining quality, sales, and support
standards; (7) the success of our ongoing research and development
efforts and our ability to commercialize new products and services,
including products and services developed through strategic
partnerships; (8) our liquidity, indebtedness, and ability to
obtain additional financing for our projects and customers; and (9)
challenges managing our acquisitions, joint ventures, and
partnerships, including our ability to successfully manage acquired
assets and supplier relationships. A detailed discussion of these
factors and other risks that affect our business is included in
filings we make with the Securities and Exchange Commission (SEC)
from time to time, including our most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk Factors."
Copies of these filings are available online from the SEC or on the
SEC Filings section of our Investor Relations website at
investors.sunpower.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
©2022 SunPower Corporation. All rights reserved. SUNPOWER,
SUNPOWER FINANCIAL, SUNVAULT, and the SUNPOWER logo are trademarks
or registered trademarks of SunPower Corporation in the U.S.
SUNPOWER CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
July 3,
2022
|
|
January 3,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
206,355
|
|
$
123,735
|
Restricted cash and
cash equivalents, current portion
|
1,024
|
|
691
|
Short-term
investments
|
293,580
|
|
365,880
|
Accounts receivable,
net
|
149,166
|
|
121,268
|
Contract
assets
|
30,358
|
|
25,994
|
Inventories
|
222,524
|
|
214,432
|
Advances to suppliers,
current portion
|
2,216
|
|
462
|
Prepaid expenses and
other current assets
|
166,364
|
|
100,212
|
Current assets of
discontinued operations
|
—
|
|
120,792
|
Total current
assets
|
1,071,587
|
|
1,073,466
|
|
|
|
|
Restricted cash and
cash equivalents, net of current portion
|
21,270
|
|
14,887
|
Property, plant and
equipment, net
|
50,675
|
|
33,560
|
Operating lease
right-of-use assets
|
28,809
|
|
31,654
|
Solar power systems
leased, net
|
43,510
|
|
45,502
|
Goodwill
|
126,338
|
|
126,338
|
Other intangible
assets, net
|
24,401
|
|
24,879
|
Other long-term
assets
|
169,882
|
|
156,994
|
Long-term assets of
discontinued operations
|
—
|
|
47,526
|
Total assets
|
$
1,536,472
|
|
$
1,554,806
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
148,147
|
|
$
138,514
|
Accrued
liabilities
|
155,273
|
|
101,980
|
Operating lease
liabilities, current portion
|
10,506
|
|
10,753
|
Contract liabilities,
current portion
|
102,778
|
|
62,285
|
Short-term
debt
|
62,089
|
|
109,568
|
Convertible debt,
current portion
|
424,298
|
|
—
|
Current liabilities of
discontinued operations
|
—
|
|
86,496
|
Total current
liabilities
|
903,091
|
|
509,596
|
|
|
|
|
Long-term
debt
|
54,130
|
|
380
|
Convertible debt, net
of current portion
|
—
|
|
423,677
|
Operating lease
liabilities, net of current portion
|
23,544
|
|
28,566
|
Contract liabilities,
net of current portion
|
18,674
|
|
18,705
|
Other long-term
liabilities
|
117,942
|
|
141,197
|
Long-term liabilities
of discontinued operations
|
—
|
|
42,661
|
Total
liabilities
|
1,117,381
|
|
1,164,782
|
|
|
|
|
Equity:
|
|
|
|
Common
stock
|
174
|
|
173
|
Additional paid-in
capital
|
2,840,028
|
|
2,714,500
|
Accumulated
deficit
|
(2,213,195)
|
|
(2,122,212)
|
Accumulated other
comprehensive income
|
11,139
|
|
11,168
|
Treasury stock, at
cost
|
(224,829)
|
|
(215,240)
|
Total stockholders'
equity
|
413,317
|
|
388,389
|
Noncontrolling
interests in subsidiaries
|
5,774
|
|
1,635
|
Total
equity
|
419,091
|
|
390,024
|
Total liabilities and
equity
|
$
1,536,472
|
|
$
1,554,806
|
SUNPOWER CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 3,
2022
|
|
April 3,
2022
|
|
July 4,
2021
|
|
July 3,
2022
|
|
July 4,
2021
|
Total
revenues
|
|
$
417,772
|
|
$
350,277
|
|
$
260,751
|
|
$
768,049
|
|
$
500,887
|
Total cost of
revenues
|
|
336,273
|
|
277,968
|
|
200,040
|
|
614,241
|
|
394,210
|
Gross profit
|
|
81,499
|
|
72,309
|
|
60,711
|
|
153,808
|
|
106,677
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
7,405
|
|
5,010
|
|
4,258
|
|
12,415
|
|
8,882
|
Sales, general, and
administrative
|
|
93,043
|
|
76,996
|
|
49,478
|
|
170,039
|
|
91,745
|
Restructuring
(credits) charges
|
|
(494)
|
|
627
|
|
808
|
|
133
|
|
4,574
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
—
|
|
—
|
|
(68)
|
|
—
|
|
(294)
|
(Income) expense from
transition
services agreement, net
|
|
(494)
|
|
266
|
|
(1,656)
|
|
(228)
|
|
(4,743)
|
Total operating
expenses
|
|
99,460
|
|
82,899
|
|
47,530
|
|
182,359
|
|
94,874
|
Operating (loss)
income
|
|
(17,961)
|
|
(10,590)
|
|
13,181
|
|
(28,551)
|
|
11,803
|
Other (expense) income,
net:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
92
|
|
42
|
|
73
|
|
134
|
|
125
|
Interest
expense
|
|
(5,964)
|
|
(5,044)
|
|
(6,630)
|
|
(11,008)
|
|
(13,657)
|
Other, net
|
|
(14,652)
|
|
1,444
|
|
84,075
|
|
(13,208)
|
|
39,560
|
Other (expense)
income, net
|
|
(20,524)
|
|
(3,558)
|
|
77,518
|
|
(24,082)
|
|
26,028
|
(Loss) income from
continuing operations
before income taxes and equity in earnings
of unconsolidated investees
|
|
(38,485)
|
|
(14,148)
|
|
90,699
|
|
(52,633)
|
|
37,831
|
(Provision for)
benefits from income
taxes
|
|
(3,226)
|
|
11,643
|
|
(3,594)
|
|
8,417
|
|
1,532
|
Net (loss) income from
continuing
operations
|
|
(41,711)
|
|
(2,505)
|
|
87,105
|
|
(44,216)
|
|
39,363
|
(Loss) income from
discontinued
operations before income taxes and
equity in losses of unconsolidated
investees1
|
|
(20,857)
|
|
(26,298)
|
|
(13,505)
|
|
(47,155)
|
|
(15,359)
|
Benefits from
(provision for) income
taxes from discontinued operations
|
|
241
|
|
343
|
|
1,169
|
|
584
|
|
1,267
|
Net (loss) income from
discontinued
operations, net of taxes
|
|
(20,616)
|
|
(25,955)
|
|
(12,336)
|
|
(46,571)
|
|
(14,092)
|
Net (loss)
income
|
|
(62,327)
|
|
(28,460)
|
|
74,769
|
|
(90,787)
|
|
25,271
|
Net (income) loss from
continuing
operations attributable to noncontrolling
interests
|
|
(785)
|
|
339
|
|
(11)
|
|
(446)
|
|
584
|
Net (income) loss from
discontinued
operations attributable to noncontrolling
interests
|
|
—
|
|
250
|
|
449
|
|
250
|
|
967
|
Net (income) loss
attributable to
noncontrolling interests
|
|
(785)
|
|
589
|
|
438
|
|
(196)
|
|
1,551
|
Net (loss) income from
continuing
operations attributable to stockholders
|
|
(42,496)
|
|
(2,166)
|
|
87,094
|
|
(44,662)
|
|
39,947
|
Net (loss) income from
discontinued
operations attributable to stockholders
|
|
(20,616)
|
|
(25,705)
|
|
(11,887)
|
|
(46,321)
|
|
(13,125)
|
Net (loss) income
attributable to
stockholders
|
|
$
(63,112)
|
|
$
(27,871)
|
|
$
75,207
|
|
$
(90,983)
|
|
$
26,822
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to
stockholders - basic:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.24)
|
|
$
(0.01)
|
|
$
0.50
|
|
$
(0.26)
|
|
$
0.23
|
Discontinued
operations
|
|
$
(0.12)
|
|
$
(0.15)
|
|
$
(0.07)
|
|
$
(0.27)
|
|
$
(0.08)
|
Net (loss) income per
share – basic
|
|
$
(0.36)
|
|
$
(0.16)
|
|
$
0.43
|
|
$
(0.53)
|
|
$
0.15
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to
stockholders - diluted:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.24)
|
|
$
(0.01)
|
|
$
0.46
|
|
$
(0.26)
|
|
$
0.23
|
Discontinued
operations
|
|
$
(0.12)
|
|
$
(0.15)
|
|
$
(0.07)
|
|
$
(0.27)
|
|
$
(0.08)
|
Net (loss) income per
share – diluted
|
|
$
(0.36)
|
|
$
(0.16)
|
|
$
0.39
|
|
$
(0.53)
|
|
$
0.15
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
173,951
|
|
173,376
|
|
172,640
|
|
173,664
|
|
171,920
|
Diluted
|
|
173,951
|
|
173,376
|
|
194,363
|
|
173,664
|
|
176,794
|
SUNPOWER CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 3,
2022
|
|
April 3,
2022
|
|
July 4,
2021
|
|
July 3,
2022
|
|
July 4,
2021
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
(62,327)
|
|
$
(28,460)
|
|
$
74,769
|
|
$
(90,787)
|
|
$
25,271
|
Adjustments to
reconcile net (loss) income
to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
12,383
|
|
4,665
|
|
2,968
|
|
17,048
|
|
5,817
|
Stock-based
compensation
|
|
7,072
|
|
5,427
|
|
9,613
|
|
12,499
|
|
15,050
|
Non-cash interest
expense
|
|
833
|
|
726
|
|
1,650
|
|
1,559
|
|
3,155
|
Loss (gain) on equity
investments
|
|
15,255
|
|
(1,315)
|
|
(83,746)
|
|
13,940
|
|
(39,016)
|
(Gain) loss on sale of
investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,162)
|
(Gain) loss on
business divestitures,
net
|
|
—
|
|
—
|
|
(224)
|
|
—
|
|
(224)
|
Deferred income
taxes
|
|
2,554
|
|
(13,750)
|
|
2,264
|
|
(11,196)
|
|
(1,637)
|
Other, net
|
|
104
|
|
845
|
|
(935)
|
|
949
|
|
(6,215)
|
Changes in operating
assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(25,585)
|
|
(12,354)
|
|
(7,023)
|
|
(37,939)
|
|
(2,909)
|
Contract
assets
|
|
13,852
|
|
(6,519)
|
|
24,011
|
|
7,333
|
|
24,498
|
Inventories
|
|
18,022
|
|
(35,081)
|
|
10,096
|
|
(17,059)
|
|
1,825
|
Project
assets
|
|
(2,597)
|
|
2,892
|
|
(2,892)
|
|
295
|
|
6,305
|
Prepaid expenses and
other assets
|
|
(83,296)
|
|
(86,502)
|
|
702
|
|
(169,798)
|
|
5,180
|
Operating lease
right-of-use assets
|
|
3,017
|
|
2,415
|
|
3,490
|
|
5,432
|
|
6,365
|
Advances to
suppliers
|
|
150
|
|
(2,222)
|
|
568
|
|
(2,072)
|
|
(3,284)
|
Accounts payable and
other
accrued liabilities
|
|
5,074
|
|
41,444
|
|
(18,077)
|
|
46,518
|
|
(42,229)
|
Contract
liabilities
|
|
44,207
|
|
22,066
|
|
4,907
|
|
66,273
|
|
(8,554)
|
Operating lease
liabilities
|
|
(4,545)
|
|
(3,027)
|
|
(3,160)
|
|
(7,572)
|
|
(6,589)
|
Net cash (used in)
provided
by operating activities
|
|
(55,827)
|
|
(108,750)
|
|
18,981
|
|
(164,577)
|
|
(18,353)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and
equipment
|
|
(12,947)
|
|
(8,636)
|
|
(1,881)
|
|
(21,583)
|
|
(6,894)
|
Investments in
software development
costs
|
|
(1,204)
|
|
(1,521)
|
|
—
|
|
(2,725)
|
|
—
|
Proceeds from sale of
property, plant
and equipment
|
|
—
|
|
—
|
|
900
|
|
—
|
|
900
|
Cash paid for solar
power systems
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(635)
|
Cash received from
sale of
investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,200
|
Proceeds from business
divestitures,
net of de-consolidated cash
|
|
—
|
|
—
|
|
10,516
|
|
—
|
|
10,516
|
Cash received from
C&I Solutions
sale, net of deconsolidated cash
|
|
146,303
|
|
—
|
|
—
|
|
146,303
|
|
—
|
Cash paid for equity
investments
|
|
(9,420)
|
|
(7,000)
|
|
—
|
|
(16,420)
|
|
—
|
Proceeds from sale of
equity
investment
|
|
—
|
|
149,830
|
|
—
|
|
149,830
|
|
—
|
Proceeds from return
of capital from
equity investments
|
|
—
|
|
—
|
|
2,276
|
|
—
|
|
2,276
|
Cash paid for
investments in
unconsolidated investees
|
|
(3,164)
|
|
(154)
|
|
—
|
|
(3,318)
|
|
—
|
Net cash provided by
(used in)
investing activities
|
|
119,568
|
|
132,519
|
|
11,811
|
|
252,087
|
|
7,363
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans and other
debt
|
|
78,818
|
|
21,458
|
|
24,073
|
|
100,276
|
|
95,396
|
Repayment of bank
loans and other
debt
|
|
(74,100)
|
|
(23,944)
|
|
(68,497)
|
|
(98,044)
|
|
(103,573)
|
Repayment of
non-recourse
residential and commercial financing debt
|
|
—
|
|
—
|
|
(85)
|
|
—
|
|
(9,798)
|
Repayment of
convertible debt
|
|
—
|
|
—
|
|
(62,757)
|
|
—
|
|
(62,757)
|
Payments for financing
leases
|
|
(118)
|
|
—
|
|
—
|
|
(118)
|
|
—
|
Issuance of common
stock to
executive
|
|
—
|
|
—
|
|
2,998
|
|
—
|
|
2,998
|
Purchases of stock for
tax withholding
obligations on vested restricted stock
|
|
(2,256)
|
|
(7,332)
|
|
(4,335)
|
|
(9,588)
|
|
(6,453)
|
Net cash (used in)
provided
by financing activities
|
|
2,344
|
|
(9,818)
|
|
(108,603)
|
|
(7,474)
|
|
(84,187)
|
Net increase (decrease)
in cash, cash
equivalents, and restricted cash
|
|
66,085
|
|
13,951
|
|
(77,810)
|
|
80,036
|
|
(95,177)
|
Cash, cash equivalents
and restricted cash,
beginning of period
|
|
162,564
|
|
148,613
|
|
229,437
|
|
148,613
|
|
246,804
|
Cash, cash equivalents,
and restricted
cash, end of period
|
|
$
228,649
|
|
$
162,564
|
|
$
151,627
|
|
$
228,649
|
|
$
151,627
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents,
and restricted cash to the condensed
consolidated balance sheets, including
discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
206,355
|
|
$
142,250
|
|
$
140,462
|
|
$
206,355
|
|
$
140,462
|
Restricted cash and
cash equivalents,
current portion
|
|
1,024
|
|
681
|
|
5,818
|
|
1,024
|
|
5,818
|
Restricted cash and
cash equivalents,
net of current portion
|
|
21,270
|
|
12,857
|
|
5,347
|
|
21,270
|
|
5,347
|
Cash, cash
equivalents, and restricted
cash from discontinued operations
|
|
—
|
|
6,776
|
|
—
|
|
—
|
|
—
|
Total cash, cash
equivalents, and restricted
cash
|
|
$
228,649
|
|
$
162,564
|
|
$
151,627
|
|
$
228,649
|
|
$
151,627
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow
information:
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
acquisitions funded by liabilities
(including financing leases)
|
|
$
3,713
|
|
$
922
|
|
$
(473)
|
|
$
4,635
|
|
$
1,174
|
Right-of-use assets
obtained in
exchange of lease obligations
|
|
649
|
|
877
|
|
—
|
|
1,526
|
|
11,528
|
Working capital
adjustment related to
C&I Solutions sale
|
|
6,265
|
|
—
|
|
—
|
|
6,265
|
|
—
|
Accrued legal
expenditures on equity
method investment
|
|
163
|
|
—
|
|
—
|
|
163
|
|
—
|
Deconsolidation of
right-of-use assets
and lease obligations
|
|
—
|
|
—
|
|
3,340
|
|
—
|
|
3,340
|
Debt repaid in sale of
commercial
projects
|
|
—
|
|
—
|
|
5,585
|
|
—
|
|
5,585
|
Cash paid for
interest
|
|
1,312
|
|
9,874
|
|
2,090
|
|
11,186
|
|
13,527
|
Cash paid for income
taxes
|
|
2,250
|
|
250
|
|
20,194
|
|
2,500
|
|
20,233
|
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), the company uses non-GAAP measures that are
adjusted for certain items from the most directly comparable GAAP
measures. The specific non-GAAP measures listed below are: revenue;
gross margin; net loss; net loss per diluted share; and adjusted
earnings before interest, taxes, depreciation and amortization
("Adjusted EBITDA"). Management believes that each of these
non-GAAP measures are useful to investors, enabling them to better
assess changes in each of these key elements of the company's
results of operations across different reporting periods on a
consistent basis, independent of certain items as described below.
Thus, each of these non-GAAP financial measures provide investors
with another method to assess the company's operating results in a
manner that is focused on its ongoing, core operating performance,
absent the effects of these items. Management uses these non-GAAP
measures internally to assess the business, its financial
performance, current and historical results, as well as for
strategic decision-making and forecasting future results. Many of
the analysts covering the company also use these non-GAAP measures
in their analysis. Given management's use of these non-GAAP
measures, the company believes these measures are important to
investors in understanding the company's operating results as seen
through the eyes of management. These non-GAAP measures are not
prepared in accordance with GAAP or intended to be a replacement
for GAAP financial data; and therefore, should be reviewed together
with the GAAP measures and are not intended to serve as a
substitute for results under GAAP, and may be different from
non-GAAP measures used by other companies.
Non-GAAP revenue includes adjustments relating to results of
operations of legacy business exited/to be exited. Non-GAAP gross
margin includes adjustments relating to gain/loss on sale and
impairment of residential lease assets, litigation, stock-based
compensation, and amortization of intangible assets, each of which
is described below. In addition to the above adjustments, non-GAAP
net loss and non-GAAP net loss per diluted share are adjusted for
adjustments relating to mark to market gain on equity investments,
gain on business divestitures, impairment of property, plant, and
equipment, transaction-related costs, non-cash interest expense,
restructuring charges (credits), gain on convertible debt
repurchased, tax effect of these non-GAAP adjustments, each of
which is described below. In addition to the above adjustments,
Adjusted EBITDA includes adjustments relating to cash interest
expense (net of interest income), provision for income taxes, and
depreciation.
Non-GAAP Adjustments Based on International Financial
Reporting Standards ("IFRS")
The company's non-GAAP results
include adjustments under IFRS that are consistent with the
adjustments made in connection with the company's internal
reporting process as part of its status as a consolidated
subsidiary of TotalEnergies SE, our controlling shareholder and a
foreign public registrant that reports under IFRS. Differences
between GAAP and IFRS reflected in the company's non-GAAP results
are further described below. In these situations, management
believes that IFRS enables investors to better evaluate the
company's performance, and assists in aligning the perspectives of
the management with those of TotalEnergies SE.
- Mark-to-market loss (gain) in equity investments: We recognize
adjustments related to the fair value of equity investments with
readily determinable fair value based on the changes in the stock
price of these equity investments at every reporting period. Under
U.S. GAAP, mark-to-market gains and losses due to changes in stock
prices for these securities are recorded in earnings while under
IFRS, an election can be made to recognize such gains and losses in
other comprehensive income. Such an election was made by
TotalEnergies SE. Further, we elected the Fair Value Option ("FVO")
for some of our equity method investments, and we adjust the
carrying value of those investments based on their fair market
value calculated periodically. Such option is not available under
IFRS, and equity method accounting is required for those
investments. We believe that excluding these adjustments on equity
investments is consistent with our internal reporting process as
part of its status as a consolidated subsidiary of TotalEnergies
SE. and better reflects our ongoing results.
Other Non-GAAP Adjustments
- Results of operations of businesses exited/to be exited: We
exclude the results of operations of our legacy businesses that we
have exited, or to be exited, from our Non-GAAP results. These
legacy businesses include our light commercial business that we
exited starting in the first fiscal quarter of 2022 to reinforce
the Company's strategic direction to focus solely on the
residential solar market, Hillsboro,
Oregon facility that ceased manufacturing and revenue
generation in the first quarter of 2021, as well as, results of our
legacy power plant and legacy O&M businesses. We are not doing
new activities for these businesses, and the remaining activities
comprise of fulfillment of existing outstanding orders, true-up of
estimated milestones payments, settlement of certain warranty
obligations on projects and other wind-down activities. As such,
these are excluded from our non-GAAP results as they are not
reflective of our ongoing operating results.
- Loss/Gain on sale and impairment of residential lease assets:
In fiscal 2018 and 2019, in an effort to sell all the residential
lease assets owned by us, we sold membership units representing a
49% membership interest in majority of our residential lease
business and retained a 51% membership interest. We recorded
impairment charges based on the expected fair value for a portion
of residential lease assets portfolio that was retained.
Depreciation savings from the unsold residential lease assets
resulting from their exclusion from non-GAAP results historically,
are excluded from our non-GAAP results as they are not reflective
of ongoing operating results.
- Stock-based compensation: Stock-based compensation relates
primarily to our equity incentive awards. Stock-based compensation
is a non-cash expense that is dependent on market forces that are
difficult to predict. We believe that this adjustment for
stock-based compensation provides investors with a basis to measure
the company's core performance, including compared with the
performance of other companies, without the period-to-period
variability created by stock-based compensation.
- Litigation: We may be involved in various instances of
litigation, claims and proceedings that result in payments or
recoveries. We exclude gains or losses associated with such events
because the gains or losses do not reflect our underlying financial
results in the period incurred. We also exclude expenses pertaining
to litigation relating to businesses that discontinued as a result
of spin-off of Maxeon Solar, for which we are indemnifying them. We
believe that it is appropriate to exclude such charges from our
non-GAAP results as they are not reflective of ongoing operating
results.
- Transaction-related costs: In connection with material
transactions such as acquisition or divestiture of a business, the
company incurred transaction costs including legal and accounting
fees. We believe that it is appropriate to exclude these costs from
our non-GAAP results as they would not have otherwise been incurred
as part of the business operations and therefore is not reflective
of ongoing operating results.
- Amortization of intangible assets and software: We incur
amortization of intangible assets as a result of acquisitions,
primarily from the Blue Raven acquisition, which includes brand,
non-compete arrangements, and purchased technology. In addition, we
also incur amortization of our capitalized internal-use software
costs once the software has been placed into service, until the end
of the useful life of the software. We believe that it is
appropriate to exclude these amortization charges from our non-GAAP
results as they are non-recurring in nature, and are therefore not
reflective of ongoing operating results.
- Executive transition costs: We incur non-recurring charges
related to the hiring and transition of new executive officers.
During fiscal 2021, we appointed a new chief executive officer, as
well as other chief executives, and we are investing resources in
those executive transitions, and in developing new members of
management as we complete our transformation. We believe that it is
appropriate to exclude these from our non-GAAP results as they are
not reflective of ongoing operating results.
- Acquisition-related costs: We incurred certain costs in
connection with the acquisition of Blue Raven, that are either paid
as part of the transaction or will be paid in the coming year, but
are considered post-acquisition compensation under the applicable
GAAP framework due to the nature of such items. A majority of the
expense incurred in fourth quarter of fiscal 2021 represents cash
paid to certain employees of Blue Raven for settlement of their
pre-existing share-based payment plan, in excess of the respective
fair value. For fiscal 2022, other post-combination expenses
include change in fair value of contingent consideration as well as
deferred post-combination employment expense payable to certain
Blue Raven employees and sellers. We believe that it is appropriate
to exclude these from our non-GAAP results as they are directly
related to the acquisition transaction and non-recurring in nature,
and are therefore not reflective of ongoing operating results.
- Business reorganization costs: In connection with the spin-off
of Maxeon into an independent, publicly traded company, we incurred
non-recurring charges on third-party legal and consulting expenses,
primarily to enable in separation of shared information technology
systems and applications. In addition, we incurred certain
non-recurring costs upon amendment, settlement or termination of
historical agreements with Maxeon to fully enable separate
independent operations of the two Companies that is focused on our
respective core business. We believe that it is appropriate to
exclude these from our non-GAAP results as it is not reflective of
ongoing operating results.
- Restructuring charges (credits): We incur restructuring
expenses related to reorganization plans aimed towards realigning
resources consistent with the company's global strategy and
improving its overall operating efficiency and cost structure.
Although the Company has engaged in restructuring activities in the
past, each has been a discrete event based on a unique set of
business objectives. We believe that it is appropriate to exclude
these from our non-GAAP results as it is not reflective of ongoing
operating results.
- 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 3,
2022
|
|
April 3,
2022
|
|
July 4,
2021
|
|
July 3,
2022
|
|
July 4,
2021
|
GAAP revenue
|
|
$
417,772
|
|
350,277
|
|
$
260,751
|
|
$
768,049
|
|
$
500,886
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
(3,674)
|
|
(14,208)
|
|
(6,631)
|
|
(17,882)
|
|
(8,829)
|
Non-GAAP
revenue
|
|
$
414,098
|
|
336,069
|
|
$
254,120
|
|
$
750,167
|
|
$
492,057
|
|
Adjustments to Gross
Profit Margin:
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 3,
2022
|
|
April 3,
2022
|
|
July 4,
2021
|
|
July 3,
2022
|
|
July 4,
2021
|
GAAP gross profit from
continuing operations
|
|
$
81,499
|
|
$
72,309
|
|
$
60,710
|
|
$ 153,808
|
|
$ 106,676
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
5,348
|
|
(260)
|
|
(3,608)
|
|
5,088
|
|
3,303
|
Executive transition
costs
|
|
85
|
|
378
|
|
—
|
|
463
|
|
—
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
(278)
|
|
(279)
|
|
(519)
|
|
(557)
|
|
(1,013)
|
Stock-based
compensation expense
|
|
1,398
|
|
899
|
|
627
|
|
2,297
|
|
1,164
|
Business
reorganization costs
|
|
11
|
|
—
|
|
—
|
|
11
|
|
—
|
Transaction-related
costs
|
|
56
|
|
—
|
|
—
|
|
56
|
|
—
|
Non-GAAP gross
profit
|
|
$
88,119
|
|
$
73,047
|
|
$
57,210
|
|
$ 161,166
|
|
$ 110,130
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin
(%)
|
|
19.5 %
|
|
20.6 %
|
|
23.3 %
|
|
20.0 %
|
|
21.3 %
|
Non-GAAP gross margin
(%)
|
|
21.3 %
|
|
21.7 %
|
|
22.5 %
|
|
21.5 %
|
|
22.4 %
|
|
Adjustments to Net
Income (Loss):
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 3,
2022
|
|
April 3,
2022
|
|
July 4,
2021
|
|
July 3,
2022
|
|
July 4,
2021
|
GAAP net (loss) income
from continuing
operations attributable to stockholders
|
|
$
(42,496)
|
|
$
(2,166)
|
|
$
87,094
|
|
$
(44,662)
|
|
$
39,947
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market loss
(gain) on equity
investments
|
|
15,255
|
|
(1,315)
|
|
(83,746)
|
|
13,940
|
|
(39,016)
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
7,503
|
|
2,933
|
|
(3,116)
|
|
10,436
|
|
8,084
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
(278)
|
|
(279)
|
|
(587)
|
|
(557)
|
|
(5,970)
|
Litigation
|
|
3,166
|
|
177
|
|
3,447
|
|
3,343
|
|
8,580
|
Stock-based
compensation expense
|
|
7,054
|
|
5,329
|
|
9,188
|
|
12,383
|
|
13,542
|
Amortization of
intangible assets and
software
|
|
2,786
|
|
1,978
|
|
—
|
|
4,764
|
|
—
|
(Gain) loss on
business divestitures, net
|
|
—
|
|
—
|
|
(5,290)
|
|
—
|
|
(5,290)
|
Transaction-related
costs
|
|
259
|
|
964
|
|
(82)
|
|
1,223
|
|
118
|
Executive transition
costs
|
|
3,685
|
|
1,469
|
|
502
|
|
5,154
|
|
502
|
Business
reorganization costs
|
|
4,521
|
|
—
|
|
901
|
|
4,521
|
|
1,855
|
Restructuring
(credits) charges
|
|
(639)
|
|
186
|
|
871
|
|
(453)
|
|
766
|
Acquisition-related
costs
|
|
2,310
|
|
5,808
|
|
—
|
|
8,118
|
|
—
|
Tax effect
|
|
2,025
|
|
(12,186)
|
|
2,911
|
|
(10,161)
|
|
(830)
|
Non-GAAP net income
(loss) attributable
to stockholders
|
|
$
5,151
|
|
$
2,898
|
|
$
12,093
|
|
$
8,049
|
|
$
22,288
|
|
Adjustments to Net
Income (loss) per diluted share:
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 3,
2022
|
|
April 3,
2022
|
|
July 4,
2021
|
|
July 3,
2022
|
|
July 4,
2021
|
Net income (loss) per
diluted share
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income
available
to common stockholders1
|
|
$
(42,496)
|
|
$
(2,166)
|
|
$
87,094
|
|
$
(44,662)
|
|
$
39,947
|
Add: Interest expense
on 4.00%
debenture due 2023, net of tax
|
|
—
|
|
—
|
|
3,126
|
|
—
|
|
—
|
Add: Interest expense
on 0.875%
debenture due 2021, net of tax
|
|
—
|
|
—
|
|
67
|
|
—
|
|
168
|
GAAP net income (loss)
available
to common stockholders1
|
|
$
(42,496)
|
|
$
(2,166)
|
|
$
90,287
|
|
$
(44,662)
|
|
$
40,115
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss)
available to common stockholders1
|
|
$
5,151
|
|
$
2,898
|
|
$
12,093
|
|
$
8,049
|
|
$
22,288
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average
shares
|
|
173,951
|
|
173,376
|
|
172,640
|
|
173,664
|
|
171,920
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
—
|
|
—
|
|
3,084
|
|
—
|
|
3,299
|
0.875% debentures due
2021
|
|
—
|
|
—
|
|
1,571
|
|
—
|
|
1,575
|
4.00% debentures due
2023
|
|
—
|
|
—
|
|
17,068
|
|
—
|
|
—
|
GAAP dilutive
weighted-average
common shares:
|
|
173,951
|
|
173,376
|
|
194,363
|
|
173,664
|
|
176,794
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted-average
shares
|
|
173,951
|
|
173,376
|
|
172,640
|
|
173,664
|
|
171,920
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
units
|
|
770
|
|
1,399
|
|
3,084
|
|
790
|
|
3,299
|
Non-GAAP dilutive
weighted-
average common shares1
|
|
174,721
|
|
174,775
|
|
175,724
|
|
174,454
|
|
175,219
|
|
|
|
|
|
|
|
|
|
|
|
GAAP dilutive net
(loss) income per
share - continuing operations
|
|
$
(0.24)
|
|
$
(0.01)
|
|
$
0.46
|
|
$
(0.26)
|
|
$
0.23
|
Non-GAAP dilutive net
income (loss)
per share - continuing operations
|
|
$
0.03
|
|
$
0.02
|
|
$
0.07
|
|
$
0.05
|
|
$
0.13
|
|
1In
accordance with the if-converted method, net (loss) income
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) income per diluted
share. If the conversion option for a debenture is not in the money
for the relevant period, the potential conversion of the debenture
under the if-converted method is excluded from the calculation of
non-GAAP net income (loss) per diluted share.
|
Adjusted
EBITDA:
|
|
|
|
THREE MONTHS
ENDED
|
|
SIX MONTHS
ENDED
|
|
|
July 3,
2022
|
|
April 3,
2022
|
|
July 4,
2021
|
|
July 3,
2022
|
|
July 4,
2021
|
GAAP net (loss) income
from continuing
operations attributable to stockholders
|
|
$
(42,496)
|
|
$
(2,166)
|
|
$
87,094
|
|
$
(44,662)
|
|
$
39,947
|
Adjustments based on
IFRS:
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market loss
(gain) on equity
investments
|
|
15,255
|
|
(1,315)
|
|
(83,746)
|
|
13,940
|
|
(39,016)
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
Results of operations
of businesses
exited/to be exited
|
|
7,503
|
|
2,933
|
|
(3,116)
|
|
10,436
|
|
8,084
|
(Gain) loss on sale
and impairment of
residential lease assets
|
|
(278)
|
|
(279)
|
|
(587)
|
|
(557)
|
|
(5,970)
|
Litigation
|
|
3,166
|
|
177
|
|
3,447
|
|
3,343
|
|
8,580
|
Stock-based
compensation expense
|
|
7,054
|
|
5,329
|
|
9,188
|
|
12,383
|
|
13,542
|
Amortization of
intangible assets and
software
|
|
2,786
|
|
1,978
|
|
—
|
|
4,764
|
|
—
|
(Gain) loss on
business divestitures,
net
|
|
—
|
|
—
|
|
(5,290)
|
|
—
|
|
(5,290)
|
Transaction-related
costs
|
|
259
|
|
964
|
|
(82)
|
|
1,223
|
|
118
|
Executive transition
costs
|
|
3,685
|
|
1,469
|
|
502
|
|
5,154
|
|
502
|
Business
reorganization costs
|
|
4,521
|
|
—
|
|
901
|
|
4,521
|
|
1,855
|
Restructuring
(credits) charges
|
|
(639)
|
|
186
|
|
871
|
|
(453)
|
|
766
|
Acquisition-related
costs
|
|
2,310
|
|
5,808
|
|
—
|
|
8,118
|
|
—
|
Cash interest expense,
net of interest
income
|
|
5,829
|
|
4,878
|
|
6,498
|
|
10,707
|
|
13,449
|
Provision for (benefit
from) income
taxes
|
|
2,720
|
|
(11,676)
|
|
3,560
|
|
(8,956)
|
|
(1,564)
|
Depreciation
|
|
3,571
|
|
2,873
|
|
3,198
|
|
6,444
|
|
6,227
|
Adjusted
EBITDA
|
|
$
15,246
|
|
$
11,159
|
|
$
22,438
|
|
$
26,405
|
|
$
41,230
|
FY 2022
GUIDANCE
|
|
(in
thousands)
|
FY
2022
|
Residential
Customers
|
73,000 -
80,000
|
Residential Adjusted
EBITDA/Customer1
|
$2,000 -
$2,400
|
Adjusted
EBITDA
|
$90 million -$110
million
|
Net (Loss) Income
(GAAP)
|
$(15) million -$(35)
million
|
- Excluding Product & Digital operating expenses for
Residential only.
- Adjusted EBITDA guidance for FY 2022 includes net adjustments
that decrease GAAP net loss by approximately $125 million primarily relating to the following
adjustments: stock-based compensation expense, results of
operations of businesses exited/to be exited, mark-to-market (gain)
loss on equity investments, net, acquisition-related costs,
interest expense, depreciation and amortization, income taxes, and
other non-recurring adjustments.
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SOURCE SunPower Corp.