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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission file number 001-34166


https://cdn.kscope.io/2901aa18064a6ec87ada7d5dc4dcc22b-sp2014logoa01a28.gif
SunPower Corporation
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
94-3008969
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
51 Rio Robles
 
95134
San Jose
 
 
California
 
 
(Address of Principal Executive Offices)

 
(Zip Code)


(408) 240-5500
(Registrant's Telephone Number, Including Area Code)

_________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 x
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  x

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of exchange on which registered
Common Stock
SPWR
NASDAQ

The total number of outstanding shares of the registrant’s common stock as of October 25, 2019 was 142,612,199.
 
 
 
 
 
d


1

Table of Contents


TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



2

Table of Contents


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

SunPower Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share par values)
(unaudited)
 
September 29, 2019
 
December 30, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
188,983


$
309,407

Restricted cash and cash equivalents, current portion
10,097


41,762

Restricted short-term marketable securities
6,033

 

Accounts receivable, net1
205,667


175,605

Contract assets1
78,868


58,994

Inventories
388,508


308,146

Advances to suppliers, current portion
75,366


37,878

Project assets - plants and land, current portion
20,260


10,796

Prepaid expenses and other current assets
132,643


131,183

Total current assets
1,106,425


1,073,771

 





Restricted cash and cash equivalents, net of current portion
11,655


12,594

Restricted long-term marketable securities


5,955

Property, plant and equipment, net
335,375


839,871

Operating lease right-of-use assets
46,283



Solar power systems leased and to be leased, net
55,444


92,557

Advances to suppliers, net of current portion
62,914


133,694

Long-term financing receivables, net - held for sale


19,592

Other intangible assets, net
9,504


12,582

Other long-term assets
262,072


162,033

Total assets
$
1,889,672


$
2,352,649

 
 
 
 
Liabilities and Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable1
$
440,267


$
325,550

Accrued liabilities1
194,367


235,252

Operating lease liabilities, current portion
8,644



Contract liabilities, current portion1
118,644


104,130

Short-term debt
80,297


40,074

Total current liabilities
842,219


705,006

 
 
 
 
Long-term debt
48,460


40,528

Convertible debt1
819,783


818,356

Operating lease liabilities, net of current portion
44,807



Contract liabilities, net of current portion1
67,930


99,509

Other long-term liabilities
226,729


839,136

Total liabilities
2,049,928


2,502,535

Commitments and contingencies (Note 9)


 


Equity:
 

 
 

Preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding as of September 29, 2019 and December 30, 2018



Common stock, $0.001 par value, 367,500 shares authorized; 154,190 shares issued, and 142,577 shares outstanding as of September 29, 2019; 152,085 shares issued, and 141,180 shares outstanding as of December 30, 2018
143


141

Additional paid-in capital
2,483,815


2,463,370

Accumulated deficit
(2,455,119
)

(2,480,988
)
Accumulated other comprehensive loss
(3,791
)

(4,150
)
Treasury stock, at cost: 11,613 shares of common stock as of September 29, 2019; 10,905 shares of common stock as of December 30, 2018
(191,725
)

(187,069
)
Total stockholders' deficit
(166,677
)

(208,696
)
Noncontrolling interests in subsidiaries
6,421


58,810

Total deficit
(160,256
)

(149,886
)
Total liabilities and equity
$
1,889,672


$
2,352,649


1We have related-party balances for transactions made with Total S.A. and its affiliates as well as unconsolidated entities in which we have a direct equity investment. These related-party balances are recorded within the "accounts receivable, net," "contract assets," "accounts payable," "accrued liabilities," "contract liabilities, current portion," "convertible debt," and "contract liabilities, net of current portion," financial statement line items on our condensed consolidated balance sheets (see Note 2, Note 9, Note 10, and Note 11).



The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents


SunPower Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 29, 2019
 
September 30, 2018
 
September 29, 2019
 
September 30, 2018
Revenue:
 
 
 
 
 
 
 
 
Solar power systems, components, and other1
 
$
467,196

 
$
358,403

 
$
1,235,479

 
$
1,041,043

Residential leasing
 
3,523

 
69,860

 
9,083

 
228,205

Solar services
 
5,239

 

 
15,902

 


 
475,958

 
428,263

 
1,260,464

 
1,269,248

Cost of revenue:
 
 
 
 
 


 
 
Solar power systems, components, and other1
 
424,151

 
373,282

 
1,217,440

 
1,404,345

Residential leasing
 
1,567

 
45,104

 
5,939

 
154,413

Solar services
 
1,989

 

 
6,319

 


 
427,707

 
418,386

 
1,229,698

 
1,558,758

Gross profit (loss)
 
48,251

 
9,877

 
30,766

 
(289,510
)
Operating expenses:
 
 
 
 
 


 
 
Research and development1
 
16,101

 
15,898

 
49,253

 
66,225

Sales, general and administrative
 
64,734

 
76,069

 
189,569

 
206,272

Restructuring charges
 
4,283

 
3,923

 
6,071

 
18,604

Loss on sale and impairment of residential lease assets
 
10,756

 
53,537

 
28,283

 
170,898

Gain on business divestiture
 

 
(59,347
)
 
(143,400
)
 
(59,347
)
Total operating expenses
 
95,874

 
90,080

 
129,776

 
402,652

Operating loss
 
(47,623
)
 
(80,203
)
 
(99,010
)
 
(692,162
)
Other income (expense), net:
 
 
 
 
 

 
 
Interest income
 
1,025

 
1,087

 
2,443

 
2,280

Interest expense1
 
(10,649
)
 
(25,972
)
 
(43,864
)
 
(77,796
)
Other, net
 
45,184

 
(3,643
)
 
146,025

 
48,775

Other income (expense), net
 
35,560

 
(28,528
)
 
104,604

 
(26,741
)
Income (loss) before income taxes and equity in losses of unconsolidated investees
 
(12,063
)
 
(108,731
)
 
5,594

 
(718,903
)
Provision for income taxes
 
(5,378
)
 
(3,680
)
 
(17,243
)
 
(9,389
)
Equity in losses of unconsolidated investees
 
(1,767
)
 
(1,500
)
 
(2,050
)
 
(17,059
)
Net loss
 
(19,208
)
 
(113,911
)
 
(13,699
)
 
(745,351
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
4,191

 
24,085

 
30,417

 
92,434

Net income (loss) attributable to stockholders
 
$
(15,017
)
 
$
(89,826
)
 
$
16,718

 
$
(652,917
)
 
 
 
 
 
 
 
 
 


Net income (loss) per share attributable to stockholders:
 
 
 
 
 
 
 
 
Basic
 
$
(0.11
)
 
$
(0.64
)
 
$
0.12

 
$
(4.64
)
Diluted
 
$
(0.11
)
 
$
(0.64
)
 
$
0.12

 
$
(4.64
)
Weighted-average shares:
 
 
 
 
 
 
 
 
Basic
 
142,553

 
141,027

 
142,248

 
140,722

Diluted
 
142,553

 
141,027

 
144,736

 
140,722

1We have related-party transactions with Total S.A. and its affiliates as well as unconsolidated entities in which we have a direct equity investment. These related-party transactions are recorded within the "revenue: solar power systems, components, and other," "cost of revenue: solar power systems, components, and other," "operating expenses: research and development," and "other income (expense), net: interest expense" financial statement line items in our condensed consolidated statements of operations (see Note 2 and Note 10).


The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents


SunPower Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 29, 2019
 
September 30, 2018
 
September 29, 2019
 
September 30, 2018
Net loss
 
$
(19,208
)
 
$
(113,911
)
 
$
(13,699
)
 
$
(745,351
)
Components of other comprehensive income (loss):
 
 
 
 
 
 
 
 
Translation adjustment
 
(1,547
)
 
(2,120
)
 
(755
)
 
(2,445
)
Net change in derivatives (Note 12)
 
2,267

 
231

 
1,550

 
2,273

Income taxes
 
(626
)
 
(36
)
 
(436
)
 
(421
)
Total other comprehensive income (loss)
 
94

 
(1,925
)
 
359

 
(593
)
Total comprehensive loss
 
(19,114
)
 
(115,836
)
 
(13,340
)
 
(745,944
)
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
4,191

 
24,085

 
30,417

 
92,434

Comprehensive income (loss) attributable to stockholders
 
$
(14,923
)
 
$
(91,751
)
 
$
17,077

 
$
(653,510
)


The accompanying notes are an integral part of these condensed consolidated financial statements.


5

Table of Contents


SunPower Corporation
Condensed Consolidated Statements of Equity (Deficit)
(In thousands)

 
Three Months Ended September 29, 2019
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Value
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated Other
Comprehensive Loss
 
Accumulated Deficit
 
Total
Stockholders’
Deficit
 
Noncontrolling Interests in Subsidiaries
 
Total Deficit
Balances at June 30, 2019
 
142,515

 
$
143

 
$
2,476,788

 
$
(191,434
)
 
$
(3,885
)
 
$
(2,440,102
)
 
$
(158,490
)
 
$
61,845

 
$
(96,645
)
Net loss
 

 

 

 

 

 
(15,017
)
 
(15,017
)
 
(4,191
)
 
(19,208
)
Other comprehensive income
 

 

 

 

 
94

 

 
94

 

 
94

Issuance of restricted stock to employees, net of cancellations
 
85

 

 

 

 

 

 

 

 

Stock-based compensation expense
 

 

 
7,027

 

 

 

 
7,027

 

 
7,027

Contributions from noncontrolling interests
 

 

 

 

 

 

 

 
1,836

 
1,836

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(1,236
)
 
(1,236
)
Purchases of treasury stock
 
(23
)
 

 

 
(291
)
 

 

 
(291
)
 

 
(291
)
Reduction of non-controlling interests, due to sale of interest in residential lease portfolio1
 

 

 

 

 

 

 

 
(51,833
)
 
(51,833
)
Balances at September 29, 2019
 
142,577

 
$
143

 
$
2,483,815

 
$
(191,725
)
 
$
(3,791
)
 
$
(2,455,119
)
 
$
(166,677
)
 
$
6,421

 
$
(160,256
)
1See Note 4 "Business Divestiture and Sale of Assets".

6

Table of Contents


 
 
Three Months Ended September 30, 2018
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable Noncontrolling Interests
 
Shares
 
Value
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated Other
Comprehensive Loss
 
Accumulated Deficit
 
Total
Stockholders’
Equity (Deficit)
 
Noncontrolling Interests
 
Total Equity
Balances at July 1, 2018
 
$
14,335

 
140,985

 
$
141

 
$
2,455,813

 
$
(186,439
)
 
$
(1,676
)
 
$
(2,232,988
)
 
$
34,851

 
$
95,790

 
$
130,641

Net loss
 
(7,245
)
 

 

 

 

 

 
(89,826
)
 
(89,826
)
 
(16,840
)
 
(106,666
)
Other comprehensive income
 

 

 

 

 

 
(1,925
)
 

 
(1,925
)
 

 
(1,925
)
Issuance of restricted stock to employees, net of cancellations
 

 
90

 

 

 

 

 

 

 

 

Stock-based compensation expense
 

 

 

 
6,225

 

 

 

 
6,225

 

 
6,225

Contributions from noncontrolling interests
 
10,520

 

 

 

 

 

 

 

 
23,868

 
23,868

Distributions to noncontrolling interests
 
(2,380
)
 

 

 

 

 

 

 

 
(3,676
)
 
(3,676
)
BAML2 equity buyout
 

 

 

 
(4,933
)
 

 

 

 
(4,933
)
 
(7,400
)
 
(12,333
)
Purchases of treasury stock
 

 
(19
)
 

 

 
(349
)
 

 

 
(349
)
 

 
(349
)
Balances at September 30, 2018
 
$
15,230

 
141,056

 
$
141

 
$
2,457,105

 
$
(186,788
)
 
$
(3,601
)
 
$
(2,322,814
)
 
$
(55,957
)
 
$
91,742