Delaware | 94-3008969 |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description |
99.1 | Press Release dated April 30, 2015 |
SUNPOWER CORPORATION | ||
April 30, 2015 | By: | /S/ CHARLES D. BOYNTON |
Name: | Charles D. Boynton | |
Title: | Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 | Press Release dated April 30, 2015 |
($ Millions, except percentages and per-share data) | 1st Quarter 2015 | 4th Quarter 2014 | 1st Quarter 2014 |
GAAP revenue | $440.9 | $1,164.2 | $692.4 |
GAAP gross margin | 20.6% | 22.3% | 23.5% |
GAAP net income (loss) | $(9.6) | $134.7 | $65.0 |
GAAP net income (loss) per diluted share | $(0.07) | $0.83 | $0.42 |
Non-GAAP revenue1 | $430.6 | $609.7 | $683.7 |
Non-GAAP gross margin1 | 20.5% | 20.4% | 22.0% |
Non-GAAP net income1 | $19.7 | $39.4 | $75.3 |
Non-GAAP net income per diluted share1 | $0.13 | $0.26 | $0.49 |
1 | Information about SunPower's use of non-GAAP financial information is provided under "Use of Non-GAAP Financial Measures" below. |
Mar. 29, 2015 | Dec. 28, 2014 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 601,573 | $ | 956,175 | |||
Restricted cash and cash equivalents, current portion | 27,507 | 18,541 | |||||
Accounts receivable, net | 467,868 | 504,316 | |||||
Costs and estimated earnings in excess of billings | 46,117 | 187,087 | |||||
Inventories | 302,587 | 208,573 | |||||
Advances to suppliers, current portion | 90,270 | 98,129 | |||||
Project assets - plants and land, current portion | 179,650 | 101,181 | |||||
Prepaid expenses and other current assets | 345,825 | 328,845 | |||||
Total current assets | 2,061,397 | 2,402,847 | |||||
Restricted cash and cash equivalents, net of current portion | 34,383 | 24,520 | |||||
Restricted long-term marketable securities | 7,027 | 7,158 | |||||
Property, plant and equipment, net | 594,466 | 585,344 | |||||
Solar power systems leased and to be leased, net | 427,187 | 390,913 | |||||
Project assets - plants and land, net of current portion | 29,394 | 15,475 | |||||
Advances to suppliers, net of current portion | 305,484 | 311,528 | |||||
Long-term financing receivables, net | 298,785 | 269,587 | |||||
Goodwill and other intangible assets, net | 38,008 | 37,981 | |||||
Other long-term assets | 307,010 | 300,229 | |||||
Total assets | $ | 4,103,141 | $ | 4,345,582 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 432,568 | $ | 419,919 | |||
Accrued liabilities | 269,491 | 331,034 | |||||
Billings in excess of costs and estimated earnings | 89,061 | 83,440 | |||||
Short-term debt | 18,222 | 18,105 | |||||
Convertible debt, current portion | — | 245,325 | |||||
Customer advances, current portion | 27,367 | 31,788 | |||||
Total current liabilities | 836,709 | 1,129,611 | |||||
Long-term debt | 296,276 | 214,181 | |||||
Convertible debt, net of current portion | 693,591 | 692,955 | |||||
Customer advances, net of current portion | 143,218 | 148,896 | |||||
Other long-term liabilities | 542,973 | 555,344 | |||||
Total liabilities | 2,512,767 | 2,740,987 | |||||
Redeemable noncontrolling interests in subsidiaries | 29,306 | 28,566 | |||||
Equity: | |||||||
Preferred stock | — | — | |||||
Common stock | 133 | 131 | |||||
Additional paid-in capital | 2,235,562 | 2,219,581 | |||||
Accumulated deficit | (570,179 | ) | (560,598 | ) | |||
Accumulated other comprehensive loss | (19,535 | ) | (13,455 | ) | |||
Treasury stock, at cost | (150,189 | ) | (111,485 | ) | |||
Total stockholders' equity | 1,495,792 | 1,534,174 | |||||
Noncontrolling interests in subsidiaries | 65,276 | 41,855 | |||||
Total equity | 1,561,068 | 1,576,029 | |||||
Total liabilities and equity | $ | 4,103,141 | $ | 4,345,582 |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
Revenue: | ||||||||||||
Residential | $ | 155,324 | $ | 181,137 | $ | 164,718 | ||||||
Commercial | 49,063 | 105,407 | 76,504 | |||||||||
Power Plant | 236,484 | 877,694 | 451,200 | |||||||||
Total revenue | 440,871 | 1,164,238 | 692,422 | |||||||||
Cost of revenue: | ||||||||||||
Residential | 122,772 | 157,571 | 132,687 | |||||||||
Commercial | 46,880 | 105,841 | 64,463 | |||||||||
Power Plant | 180,401 | 641,347 | 332,283 | |||||||||
Total cost of revenue | 350,053 | 904,759 | 529,433 | |||||||||
Gross margin | 90,818 | 259,479 | 162,989 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 21,168 | 22,725 | 16,746 | |||||||||
Selling, general and administrative | 77,214 | 74,500 | 73,928 | |||||||||
Restructuring charges | 3,581 | 13,213 | (461 | ) | ||||||||
Total operating expenses | 101,963 | 110,438 | 90,213 | |||||||||
Operating income (loss) | (11,145 | ) | 149,041 | 72,776 | ||||||||
Other expense, net | (17,745 | ) | (17,637 | ) | (17,905 | ) | ||||||
Income (loss) before income taxes and equity in earnings of unconsolidated investees | (28,890 | ) | 131,404 | 54,871 | ||||||||
Provision for income taxes | (2,351 | ) | (11,628 | ) | (13,620 | ) | ||||||
Equity in earnings of unconsolidated investees | 2,191 | 1,833 | 1,783 | |||||||||
Net income (loss) | (29,050 | ) | 121,609 | 43,034 | ||||||||
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | 19,469 | 13,106 | 22,010 | |||||||||
Net income (loss) attributable to stockholders | $ | (9,581 | ) | $ | 134,715 | $ | 65,044 | |||||
Net income (loss) per share attributable to stockholders: | ||||||||||||
- Basic | $ | (0.07 | ) | $ | 1.03 | $ | 0.53 | |||||
- Diluted | $ | (0.07 | ) | $ | 0.83 | $ | 0.42 | |||||
Weighted-average shares: | ||||||||||||
- Basic | 132,033 | 131,393 | 122,196 | |||||||||
- Diluted | 132,033 | 164,075 | 160,434 |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | (29,050 | ) | $ | 121,609 | $ | 43,034 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization expense | 28,563 | 33,671 | 25,371 | |||||||||
Stock-based compensation | 13,546 | 13,652 | 14,867 | |||||||||
Non-cash interest expense | 4,680 | 5,593 | 5,170 | |||||||||
Equity in earnings of unconsolidated investees | (2,191 | ) | (1,833 | ) | (1,783 | ) | ||||||
Excess tax benefit from stock-based compensation | (572 | ) | (2,379 | ) | — | |||||||
Deferred income taxes and other tax liabilities | (5,078 | ) | 23,549 | 17,985 | ||||||||
Other, net | 855 | 2,660 | 206 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisition: | ||||||||||||
Accounts receivable | 32,735 | 14,429 | 93,574 | |||||||||
Costs and estimated earnings in excess of billings | 140,970 | (140,831 | ) | 14,009 | ||||||||
Inventories | (108,072 | ) | (25,107 | ) | 4,043 | |||||||
Project assets | (93,150 | ) | (34,909 | ) | 22,491 | |||||||
Prepaid expenses and other assets | (25,090 | ) | 351,803 | (12,191 | ) | |||||||
Long-term financing receivables, net | (29,198 | ) | (17,205 | ) | (32,333 | ) | ||||||
Advances to suppliers | 13,903 | (7,765 | ) | (7,263 | ) | |||||||
Accounts payable and other accrued liabilities | (51,781 | ) | 61,144 | (16,972 | ) | |||||||
Billings in excess of costs and estimated earnings | 5,621 | (265,650 | ) | (117,009 | ) | |||||||
Customer advances | (10,099 | ) | (10,082 | ) | (2,727 | ) | ||||||
Net cash provided by (used in) operating activities | (113,408 | ) | 122,349 | 50,472 | ||||||||
Cash flows from investing activities: | ||||||||||||
Increase in restricted cash and cash equivalents | (18,828 | ) | (2,012 | ) | (2,293 | ) | ||||||
Purchases of property, plant and equipment | (24,564 | ) | (56,997 | ) | (8,800 | ) | ||||||
Cash paid for solar power systems, leased and to be leased | (19,403 | ) | (15,415 | ) | (14,989 | ) | ||||||
Cash paid for solar power systems | — | (8,540 | ) | — | ||||||||
Cash paid for acquisitions, net of cash acquired | — | (28,184 | ) | — | ||||||||
Cash paid for investments in unconsolidated investees | — | (92,000 | ) | (5,013 | ) | |||||||
Cash paid for intangibles | (526 | ) | — | — | ||||||||
Net cash used in investing activities | (63,321 | ) | (203,148 | ) | (31,095 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Cash paid for repurchase of convertible debt | (324,273 | ) | (97 | ) | (1 | ) | ||||||
Proceeds from settlement of 4.75% Bond Hedge | — | — | 68,842 | |||||||||
Payments to settle 4.75% Warrants | — | — | (81,077 | ) | ||||||||
Proceeds from settlement of 4.50% Bond Hedge | 74,628 | 17 | — | |||||||||
Proceeds from issuance of non-recourse debt financing, net of issuance costs | — | 7,086 | 39,108 | |||||||||
Repayment of non-recourse debt financing | (398 | ) | (244 | ) | — |
Proceeds from issuance of project loans, net of issuance costs | 89,991 | 61,537 | — | |||||||||
Assumption of project loan by customer | — | — | (40,672 | ) | ||||||||
Repayment of bank loans, project loans and other debt | (7,946 | ) | (533 | ) | (7,850 | ) | ||||||
Repayment of residential lease financing | (10,546 | ) | — | (7,213 | ) | |||||||
Proceeds from sale-leaseback financing | 727 | 27,022 | 16,685 | |||||||||
Repayment of sale-leaseback financing | (90 | ) | (2,856 | ) | (779 | ) | ||||||
Contributions from noncontrolling interests and redeemable noncontrolling interests | 45,890 | 25,371 | 30,552 | |||||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | (2,260 | ) | (2,285 | ) | (1,117 | ) | ||||||
Proceeds from exercise of stock options | 3 | 113 | 68 | |||||||||
Excess tax benefit from stock-based compensation | 572 | 2,379 | — | |||||||||
Purchases of stock for tax withholding obligations on vested restricted stock | (38,704 | ) | (1,548 | ) | (43,506 | ) | ||||||
Net cash provided by (used in) financing activities | (172,406 | ) | 115,962 | (26,960 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (5,467 | ) | (1,717 | ) | (187 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (354,602 | ) | 33,446 | (7,770 | ) | |||||||
Cash and cash equivalents, beginning of period | 956,175 | 922,729 | 762,511 | |||||||||
Cash and cash equivalents, end of period | $ | 601,573 | $ | 956,175 | $ | 754,741 | ||||||
Non-cash transactions: | ||||||||||||
Assignment of financing receivables to a third party financial institution | $ | 1,307 | $ | 1,604 | $ | 1,496 | ||||||
Costs of solar power systems, leased and to be leased, sourced from existing inventory | 14,664 | 15,396 | 7,120 | |||||||||
Costs of solar power systems, leased and to be leased, funded by liabilities | 6,388 | 3,786 | 1,634 | |||||||||
Costs of solar power systems under sale-leaseback financing arrangements sourced from project assets | 1,050 | 10,926 | 15,269 | |||||||||
Property, plant and equipment acquisitions funded by liabilities | 20,185 | 11,461 | 5,544 |
• | Utility and power plant projects. The company includes adjustments related to the revenue recognition of utility and power plant projects based on the separately-identifiable components of transactions in order to reflect the substance of the transactions. This treatment is consistent with accounting rules relating to such projects under International Financial Reporting Standards (IFRS). On a GAAP basis, such projects are accounted for under U.S. GAAP real estate accounting guidance. Management calculates separate revenue and cost of revenue amounts each fiscal period in accordance with the two treatments above and the aggregate difference for the company’s affected projects is included in the relevant reconciliation tables below. Over the life of each project, cumulative revenue and gross margin will be equivalent under the two treatments; however, revenue and gross margin will generally be recognized earlier under the company’s non-GAAP treatment than under the company’s GAAP treatment. Among other factors, this is due to the attribution of non-GAAP revenue and margin to the company’s project development efforts at the time of initial project sale as required under IFRS accounting rules, whereas no separate attribution to this element occurs under U.S. GAAP real estate accounting guidance. Within each project, the relationship between the adjustments to revenue and gross margins is generally consistent. However, as the company may have multiple utility and power plant projects in progress at any given time, the relationship in the aggregate will occasionally appear otherwise. During the fourth quarter of fiscal 2014, the company met the requirements to recognize revenue and the corresponding costs for its Solar Star Projects in California under the full accrual method of U.S. GAAP real estate accounting guidance, resulting in the recognition of incremental GAAP revenue and margin of $429 million and $146 million, respectively. Management believes that this adjustment for utility and power plant projects enables investors to evaluate the company's revenue generation performance relative to the direct costs of revenue of its core businesses. |
• | Loss on arbitration ruling. On January 28, 2015, an arbitral tribunal of the International Court of Arbitration of the International Chamber of Commerce declared a binding partial award in the matter of an arbitration between First Philippine Electric Corporation (“FPEC”) and First Philippine Solar Corporation (“FPSC”) against SunPower Philippines Manufacturing, Ltd. (“SPML”), the company’s wholly-owned subsidiary. The tribunal found SPML in breach of its obligations under its supply agreement with FPSC, and in breach of its joint venture agreement with FPEC. As a result, in the fourth quarter of fiscal 2014, the company recorded its best estimate of probable loss related to this case. As this loss is nonrecurring in nature, excluding this data provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts. |
• | Stock-based compensation. Stock-based compensation relates primarily to the company’s equity incentive awards. Stock-based compensation is a non-cash expense that varies from period to period and is dependent on market forces that are difficult to predict. Due to this unpredictability, management excludes this item from its internal operating forecasts and models. 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. |
• | Non-cash interest expense. The company separately accounted for the fair value liabilities of the embedded cash conversion option and the over-allotment option on its 4.5% senior cash convertible debentures issued in 2010 as an original issue discount and a corresponding derivative conversion liability. As a result, the company incurred interest expense that was substantially higher than interest payable on its 4.5% senior cash convertible debentures. The company excluded non-cash interest expense because the expense did not reflect its financial results in the period incurred. In addition, in connection with the Liquidity Support Agreement with Total executed on February 28, 2012, the company issued warrants to Total to acquire 9,531,677 shares of its common stock. The fair value of the warrants was recorded as debt issuance costs and amortized over the expected life of the agreement. As a result, the company incurred non-cash interest expense associated with the amortization of the warrants. 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. |
• | November 2014 Restructuring Plan. In November 2014, the company approved a reorganization plan aimed towards realigning resources consistently with SunPower's 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 SunPower 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 SunPower'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. |
• | YieldCo-related costs. On March 10, 2015, First Solar, Inc. (“First Solar”) and the company entered into a master formation agreement (the “MFA”) to form a joint venture (the “YieldCo”) to own, operate, and acquire solar energy systems. Pursuant to the MFA, First Solar and the company have agreed to use commercially reasonable efforts to effect the closing of an initial public offering of the YieldCo (the “IPO”) by December 31, 2015. Costs incurred related to the IPO may include legal, accounting, advisory, valuation, and other expenses, as well as modifications to or terminations of certain existing financing structures in preparation for the YieldCo. As these costs are non-recurring in nature, excluding this data provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts. |
• | Other. The company combines amounts previously disclosed under separate captions into “Other” when amounts do not have a significant impact on the current fiscal period. Management believes that these adjustments provide investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts. |
• | 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 and non-GAAP net income 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 proportion to earnings for that period. 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. |
• | EBITDA adjustments. When calculating EBITDA, in addition to adjustments described above, the company excludes the impact during the period of the following items: |
• | Cash interest expense, net of interest income |
• | Provision for income taxes |
• | Depreciation |
• | Free cash flow adjustments. When calculating free cash flow, the company includes the impact during the period of the following items: |
• | Net cash used in investing activities |
• | Proceeds from issuance of non-recourse debt financing, net of issuance costs |
• | Repayment of non-recourse debt financing |
• | Proceeds from residential lease financing |
• | Repayment of residential lease financing |
• | Proceeds from sale-leaseback financing |
• | Repayment of sale-leaseback financing |
• | Contributions from noncontrolling interests and redeemable noncontrolling interests |
• | Distributions to noncontrolling interests and redeemable noncontrolling interests |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
GAAP revenue | $ | 440,871 | $ | 1,164,238 | $ | 692,422 | ||||||
Utility and power plant projects | (10,270 | ) | (554,577 | ) | (8,709 | ) | ||||||
Non-GAAP revenue | $ | 430,601 | $ | 609,661 | $ | 683,713 |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
GAAP gross margin | $ | 90,818 | $ | 259,479 | $ | 162,989 | ||||||
Utility and power plant projects | (11,251 | ) | (195,997 | ) | (16,608 | ) | ||||||
Loss on arbitration ruling | — | 56,806 | — | |||||||||
Stock-based compensation expense | 2,566 | 3,443 | 3,556 | |||||||||
Non-cash interest expense | 617 | 661 | 700 | |||||||||
Other | 5,411 | — | — | |||||||||
Non-GAAP gross margin | $ | 88,161 | $ | 124,392 | $ | 150,637 | ||||||
GAAP gross margin (%) | 20.6 | % | 22.3 | % | 23.5 | % | ||||||
Non-GAAP gross margin (%) | 20.5 | % | 20.4 | % | 22.0 | % |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
GAAP net income (loss) attributable to stockholders | $ | (9,581 | ) | $ | 134,715 | $ | 65,044 | |||||
Utility and power plant projects | (11,251 | ) | (195,997 | ) | (16,608 | ) | ||||||
Loss on arbitration ruling | — | 56,806 | — | |||||||||
Stock-based compensation expense | 13,546 | 13,652 | 14,867 | |||||||||
Non-cash interest expense | 4,679 | 5,593 | 5,170 | |||||||||
November 2014 restructuring plan | 3,787 | 13,115 | — | |||||||||
YieldCo-related costs | 9,900 | — | — | |||||||||
Other | 5,704 | 2,106 | (445 | ) | ||||||||
Tax effect | 2,940 | 9,424 | 7,317 | |||||||||
Non-GAAP net income attributable to stockholders | $ | 19,724 | $ | 39,414 | $ | 75,345 |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
Net income (loss) per diluted share | ||||||||||||
Numerator: | ||||||||||||
GAAP net income (loss) available to common stockholders1 | $ | (9,581 | ) | $ | 136,124 | $ | 67,679 | |||||
Non-GAAP net income available to common stockholders1 | $ | 19,724 | $ | 39,964 | $ | 77,980 | ||||||
Denominator: | ||||||||||||
GAAP weighted-average shares | 132,033 | 164,075 | 160,434 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options | 41 | — | — | |||||||||
Restricted stock units | 2,994 | — | — | |||||||||
Upfront Warrants (held by Total) | 6,908 | — | — | |||||||||
Warrants (under the CSO2015) | 1,781 | — | — | |||||||||
0.75% debentures due 2018 | 12,026 | — | — | |||||||||
0.875% debentures due 2021 | — | (8,203 | ) | — | ||||||||
Non-GAAP weighted-average shares1 | 155,783 | 155,872 | 160,434 | |||||||||
GAAP net income (loss) per diluted share | $ | (0.07 | ) | $ | 0.83 | $ | 0.42 | |||||
Non-GAAP net income per diluted share | $ | 0.13 | $ | 0.26 | $ | 0.49 |
1 | In accordance with the if-converted method, net income (loss) available to common stockholders excludes interest expense related to the 0.75%, 0.875%, and 4.75% debentures if the debentures are considered converted in the calculation of net income (loss) per diluted share. If the conversion option for a debenture is not in the money for the relevant period, the potential conversion of the debenture under the if-converted method is excluded from the calculation of non-GAAP net income per diluted share. |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
GAAP net income (loss) attributable to stockholders | $ | (9,581 | ) | $ | 134,715 | $ | 65,044 | |||||
Utility and power plant projects | (11,251 | ) | (195,997 | ) | (16,608 | ) | ||||||
Loss on arbitration ruling | — | 56,806 | — | |||||||||
Stock-based compensation expense | 13,546 | 13,652 | 14,867 | |||||||||
Non-cash interest expense | 4,679 | 5,593 | 5,170 | |||||||||
November 2014 Restructuring Plan | 3,787 | 13,115 | — | |||||||||
YieldCo-related costs | 9,900 | — | — | |||||||||
Other | 5,704 | 2,106 | (445 | ) | ||||||||
Cash interest expense, net of interest income | 11,092 | 11,006 | 14,834 | |||||||||
Provision for income taxes | 2,351 | 11,628 | 13,620 | |||||||||
Depreciation | 28,604 | 32,282 | 25,371 | |||||||||
EBITDA | $ | 58,831 | $ | 84,906 | $ | 121,853 |
THREE MONTHS ENDED | ||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | ||||||||||
Net cash provided by (used in) operating activities | $ | (113,408 | ) | $ | 122,349 | $ | 50,472 | |||||
Net cash used in investing activities | (63,321 | ) | (203,148 | ) | (31,095 | ) | ||||||
Proceeds from issuance of non-recourse debt financing, net of issuance costs | — | 7,086 | 39,108 | |||||||||
Repayment of non-recourse debt financing | (398 | ) | (244 | ) | — | |||||||
Repayment of residential lease financing | (10,546 | ) | — | (7,213 | ) | |||||||
Proceeds from sale-leaseback financing | 727 | 27,022 | 16,685 | |||||||||
Repayment of sale-leaseback financing | (90 | ) | (2,856 | ) | (779 | ) | ||||||
Contributions from noncontrolling interests and redeemable noncontrolling interests | 45,890 | 25,371 | 30,552 | |||||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | (2,260 | ) | (2,285 | ) | (1,117 | ) | ||||||
Free cash flow | $ | (143,406 | ) | $ | (26,705 | ) | $ | 96,613 |
March 29, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Margin | Operating expenses | Other income (expense), net | Benefit from (provision for) income taxes | Net income attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Power Plant | Residential | Commercial | Power Plant | Research and development | Selling, general and administrative | Restructuring charges | ||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 155,324 | $ | 49,063 | $ | 236,484 | $ | 32,552 | 21.0 | % | $ | 2,183 | 4.4 | % | $ | 56,083 | 23.7 | % | $ | (9,581 | ) | |||||||||||||||||||||||||||||||
Utility and power plant projects | — | — | (10,270 | ) | — | — | (11,251 | ) | — | — | — | — | — | (11,251 | ) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 922 | 388 | 1,256 | 2,273 | 8,707 | — | — | — | 13,546 | ||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | — | — | — | 220 | 55 | 342 | 9 | 21 | — | 4,032 | — | 4,679 | ||||||||||||||||||||||||||||||||||||||||
November 2014 restructuring plan | — | — | — | — | — | — | — | — | 3,787 | — | — | 3,787 | ||||||||||||||||||||||||||||||||||||||||
YieldCo-related costs | — | — | — | — | — | — | — | 3,584 | — | 6,316 | — | 9,900 | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 1,584 | 399 | 3,428 | 321 | 178 | (206 | ) | — | — | 5,704 | |||||||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | 2,940 | 2,940 | ||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 155,324 | $ | 49,063 | $ | 226,214 | $ | 35,278 | 22.7 | % | $ | 3,025 | 6.2 | % | $ | 49,858 | 22.0 | % | $ | 19,724 |
December 28, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Margin | Operating expenses | Other income (expense), net | Benefit from (provision for) income taxes | Net income attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Power Plant | Residential | Commercial | Power Plant | Research and development | Selling, general and administrative | Restructuring charges | ||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 181,137 | $ | 105,407 | $ | 877,694 | $ | 23,566 | 13.0 | % | $ | (434 | ) | (0.4 | )% | $ | 236,347 | 26.9 | % | $ | 134,715 | |||||||||||||||||||||||||||||||
Utility and power plant projects | — | — | (554,577 | ) | — | — | (195,997 | ) | — | — | — | — | — | (195,997 | ) | |||||||||||||||||||||||||||||||||||||
Loss on arbitration ruling | — | — | — | 18,684 | 9,660 | 28,462 | — | — | — | — | — | 56,806 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 1,068 | 483 | 1,892 | 1,983 | 8,226 | — | — | — | 13,652 | ||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | — | — | — | 218 | 112 | 331 | 6 | 21 | — | 4,905 | — | 5,593 | ||||||||||||||||||||||||||||||||||||||||
November 2014 Restructuring Plan | — | — | — | — | — | — | — | — | 13,115 | — | — | 13,115 | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 214 | 236 | 98 | 1,558 | — | 2,106 | ||||||||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | 9,424 | 9,424 | ||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 181,137 | $ | 105,407 | $ | 323,117 | $ | 43,536 | 24.0 | % | $ | 9,821 | 9.3 | % | $ | 71,035 | 22.0 | % | $ | 39,414 |
March 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Margin | Operating expenses | Other income (expense), net | Benefit from (provision for) income taxes | Net income attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Power Plant | Residential | Commercial | Power Plant | Research and development | Selling, general and administrative | Restructuring charges | ||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 164,718 | $ | 76,504 | $ | 451,200 | $ | 32,031 | 19.4 | % | $ | 12,041 | 15.7 | % | $ | 118,917 | 26.4 | % | $ | 65,044 | ||||||||||||||||||||||||||||||||
Utility and power plant projects | — | — | (8,709 | ) | — | — | (16,608 | ) | — | — | — | — | — | (16,608 | ) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 994 | 540 | 2,022 | 1,797 | 9,514 | — | — | — | 14,867 | ||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense | — | — | — | 188 | 94 | 418 | 7 | 23 | — | 4,440 | — | 5,170 | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 7 | (461 | ) | 9 | — | (445 | ) | ||||||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | 7,317 | 7,317 | ||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 164,718 | $ | 76,504 | $ | 442,491 | $ | 33,213 | 20.2 | % | $ | 12,675 | 16.6 | % | $ | 104,749 | 23.7 | % | $ | 75,345 |