Company Quick10K Filing
Quick10K
Sunpower
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$7.38 142 $1,050
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-30 Annual: 2018-12-30
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-04-01 Quarter: 2018-04-01
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-10-01 Quarter: 2017-10-01
10-Q 2017-07-02 Quarter: 2017-07-02
10-Q 2017-04-02 Quarter: 2017-04-02
10-K 2017-01-01 Annual: 2017-01-01
10-Q 2016-10-02 Quarter: 2016-10-02
10-Q 2016-07-03 Quarter: 2016-07-03
10-Q 2016-04-03 Quarter: 2016-04-03
10-K 2016-01-03 Annual: 2016-01-03
10-Q 2015-09-27 Quarter: 2015-09-27
10-Q 2015-06-28 Quarter: 2015-06-28
10-Q 2015-03-29 Quarter: 2015-03-29
10-K 2014-12-28 Annual: 2014-12-28
10-Q 2014-09-28 Quarter: 2014-09-28
10-Q 2014-06-29 Quarter: 2014-06-29
10-Q 2014-03-30 Quarter: 2014-03-30
10-K 2013-12-29 Annual: 2013-12-29
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-16 Officers
8-K 2019-07-03 Officers
8-K 2019-06-24 M&A, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-04-25 Officers, Exhibits
8-K 2019-02-13 Earnings, Exhibits
8-K 2019-01-05 Officers, Other Events, Exhibits
8-K 2018-11-28 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-11-09 Other Events, Exhibits
8-K 2018-11-05 Enter Agreement, M&A, Other Events, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-01 Other Events, Exhibits
8-K 2018-08-10 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-08-09 Enter Agreement, Other Events, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-06-25 Officers
8-K 2018-06-19 Other Events
8-K 2018-06-12 Other Events, Exhibits
8-K 2018-05-22 Enter Agreement, Off-BS Arrangement
8-K 2018-05-17 Shareholder Vote
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-05-01 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-04-16 Other Events, Exhibits
8-K 2018-03-22 Enter Agreement, Exhibits
8-K 2018-03-01 Officers
8-K 2018-02-21 Exit Costs
8-K 2018-02-14 Earnings, Exhibits
8-K 2018-02-05 Other Events, Exhibits
AWK American Water Works Company 18,920
PSB PS Business Parks 4,250
ARWR Arrowhead Pharmaceuticals 1,840
FFWM First Foundation 635
CCB Coastal Financial 208
ABUS Arbutus Biopharma 137
UMRX Unum Therapeutics 102
AIRI Air Industries Group 35
CPWR Ocean Thermal Energy 0
AQSP Acquired Sales 0
SPWR 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization and Summary of Significant Accounting Policies
Note 4, Business Divestiture, for Details of The Sale of Our Commercial Sale-Leaseback Portfolio During The Six Months Ended June 30, 2019.
Note 2. Transactions with Total and Total S.A.
Note 3. Revenue From Contracts with Customers
Note 4. Business Divestiture
Note 5. Balance Sheet Components
Note 6. Solar Services
Note 7. Fair Value Measurements
Note 8. Restructuring
Note 9. Commitments and Contingencies
Note 10. Equity Investments
Note 11. Debt and Credit Sources
Note 12. Derivative Financial Instruments
Note 13. Income Taxes
Note 14. Net Income (Loss) per Share
Note 15. Stock-Based Compensation
Note 16. Segment and Geographical Information
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 6: Exhibits
EX-10.1 ex101x06302019-lettera.htm
EX-31.1 ex311x06302019.htm
EX-31.2 ex312x06302019.htm
EX-32.1 ex321x06302019.htm

Sunpower Earnings 2019-06-30

SPWR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 30, 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


sp2014logoa01a25.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.)
77 Rio Robles
San Jose
California
 
95134
(Address of Principal Executive Offices and Zip Code)

 
 
 
(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 July 26, 2019 was 142,527,682.
 
 
 
 
 
d


1

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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)
 
June 30, 2019
 
December 30, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
167,253


$
309,407

Restricted cash and cash equivalents, current portion
13,139


41,762

Accounts receivable, net1
211,921


175,605

Contract assets1
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 payable1
$
398,071


$
325,550

Accrued liabilities1
192,412


235,252

Operating lease liabilities, current portion
8,321



Contract liabilities, current portion1
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 debt1
819,308


818,356

Operating lease liabilities, net of current portion
38,938



Contract liabilities, net of current portion1
75,934


99,509

Other long-term liabilities
228,249


839,136

Total liabilities
2,035,572


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 June 30, 2019 and December 30, 2018



Common stock, $0.001 par value, 367,500 shares authorized; 154,105 shares issued, and 142,515 shares outstanding as of June 30, 2019; 152,085 shares issued, and 141,180 shares outstanding as of December 30, 2018
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: 11,590 shares of common stock as of June 30, 2019; 10,905 shares of common stock as of December 30, 2018
(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


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
 
Six Months Ended
 
 
June 30, 2019
 
July 1, 2018
 
June 30, 2019
 
July 1, 2018
Revenue:
 
 
 
 
 
 
 
 
Solar power systems, components, and other1
 
$
426,841

 
$
353,780

 
$
768,283

 
$
682,640

Residential leasing
 
1,676

 
95,317

 
5,560

 
158,345

Solar services
 
7,764

 

 
10,663

 


 
436,281

 
449,097

 
784,506

 
840,985

Cost of revenue:
 
 
 
 
 


 
 
Solar power systems, components, and other1
 
412,383

 
692,640

 
793,289

 
1,031,063

Residential leasing
 
1,350

 
66,418

 
4,372

 
109,309

Solar services
 
2,748

 

 
4,330

 


 
416,481

 
759,058

 
801,991

 
1,140,372

Gross profit (loss)
 
19,800

 
(309,961
)
 
(17,485
)
 
(299,387
)
Operating expenses:
 
 
 
 
 


 
 
Research and development1
 
18,159

 
31,275

 
33,152

 
50,327

Sales, general and administrative
 
61,978

 
64,908

 
124,835

 
130,203

Restructuring charges
 
2,453

 
3,504

 
1,788

 
14,681

Gain on sale and impairment of residential lease assets
 
8,301

 
68,269

 
17,527

 
117,361

Gain on business divestiture
 
(137,286
)
 

 
(143,400
)
 

Total operating expenses
 
(46,395
)
 
167,956

 
33,902

 
312,572

Operating income (loss)
 
66,195

 
(477,917
)
 
(51,387
)
 
(611,959
)
Other income (expense), net:
 
 
 
 
 

 
 
Interest income
 
566

 
664

 
1,418

 
1,193

Interest expense1
 
(16,424
)
 
(26,718
)
 
(33,215
)
 
(51,824
)
Other, net
 
67,768

 
36,624

 
100,841

 
52,418

Other income (expense), net
 
51,910

 
10,570

 
69,044

 
1,787

Income (loss) before income taxes and equity in losses of unconsolidated investees
 
118,105

 
(467,347
)
 
17,657

 
(610,172
)
Provision for income taxes
 
(6,068
)
 
(3,081
)
 
(11,865
)
 
(5,709
)
Equity in losses of unconsolidated investees
 
(1,963
)
 
(13,415
)
 
(283
)
 
(15,559
)
Net income (loss)
 
110,074

 
(483,843
)
 
5,509

 
(631,440
)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests
 
11,385

 
36,726

 
26,226

 
68,349

Net income (loss) attributable to stockholders
 
$
121,459

 
$
(447,117
)
 
$
31,735

 
$
(563,091
)
 
 
 
 
 
 
 
 
 


Net income (loss) per share attributable to stockholders:
 
 
 
 
 
 
 
 
Basic
 
$
0.85

 
$
(3.17
)
 
$
0.22

 
$
(4.01
)
Diluted
 
$
0.75

 
$
(3.17
)
 
$
0.22

 
$
(4.01
)
Weighted-average shares:
 
 
 
 
 
 
 
 
Basic
 
142,471

 
140,926

 
142,095

 
140,569

Diluted
 
166,837

 
140,926

 
143,062

 
140,569

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
 
Six Months Ended
 
 
June 30, 2019
 
July 1, 2018
 
June 30, 2019
 
July 1, 2018
Net income (loss)
 
$
110,074

 
$
(483,843
)
 
$
5,509

 
$
(631,440
)
Components of other comprehensive income (loss):
 
 
 
 
 
 
 
 
Translation adjustment
 
811

 
(1,074
)
 
790

 
(326
)
Net change in derivatives (Note 12)
 
(900
)
 
436

 
(715
)
 
2,042

Income taxes
 
255

 
(142
)
 
190

 
(385
)
Total other comprehensive income (loss)
 
166

 
(780
)
 
265

 
1,331

Total comprehensive income (loss)
 
110,240

 
(484,623
)
 
5,774

 
(630,109
)
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
11,385

 
36,726

 
26,226

 
68,349

Comprehensive income (loss) attributable to stockholders
 
$
121,625

 
$
(447,897
)
 
$
32,000

 
$
(561,760
)


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)

 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Value
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated Other
Comprehensive Income (Loss)
 
Accumulated Deficit
 
Total
Stockholders’
Equity (Deficit)
 
Noncontrolling Interests
 
Total Equity (Deficit)
Balances at December 30, 2018
 
141,178

 
$
141

 
$
2,463,370

 
$
(187,069
)
 
$
(4,150
)
 
$
(2,480,988
)
 
$
(208,696
)
 
$
58,810

 
$
(149,886
)
Net loss
 

 

 

 

 

 
(89,724
)
 
(89,724
)
 
(14,841
)
 
(104,565
)
Cumulative-effect upon adoption of ASC 842
 

 

 

 

 

 
9,151

 
9,151

 

 
9,151

Other comprehensive income
 

 

 

 

 
99

 

 
99

 

 
99

Issuance of restricted stock to employees, net of cancellations
 
1,848

 
2

 

 

 

 

 
2

 

 
2

Stock-based compensation expense
 

 

 
6,628

 

 

 

 
6,628

 

 
6,628

Contributions from noncontrolling interests
 

 

 

 

 

 

 

 
20,987

 
20,987

Purchases of treasury stock
 
(633
)
 
(1
)
 

 
(3,871
)
 

 

 
(3,872
)
 

 
(3,872
)
Balances at March 31, 2019
 
142,393

 
142

 
2,469,998

 
(190,940
)
 
(4,051
)
 
(2,561,561
)
 
(286,412
)
 
64,956

 
(221,456
)
Net income (loss)
 

 

 

 

 

 
121,459

 
121,459

 
(11,385
)
 
110,074

Cumulative-effect upon adoption of ASC 842
 

 

 

 

 

 

 

 

 

Other comprehensive income
 

 

 

 

 
166

 

 
166

 

 
166

Issuance of restricted stock to employees, net of cancellations
 
173

 
1

 

 

 

 

 
1

 

 
1

Stock-based compensation expense
 

 

 
6,790

 

 

 

 
6,790

 

 
6,790

Contributions from noncontrolling interests
 

 

 

 

 

 

 

 
8,590

 
8,590

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(316
)
 
(316
)
Purchases of treasury stock
 
(51
)
 

 

 
(494
)
 

 

 
(494
)
 

 
(494
)
Balances at June 30, 2019
 
142,515

 
$
143

 
$
2,476,788

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

 
$
(96,645
)


6

Table of Contents


 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable Noncontrolling Interests
 
Shares
 
Value
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated Other
Comprehensive Income (Loss)
 
Accumulated Deficit
 
Total
Stockholders’
Equity (Deficit)
 
Noncontrolling Interests
 
Total Equity (Deficit)
Balances at December 31, 2017
 
$
15,236

 
139,658

 
$
140

 
$
2,442,513

 
$
(181,539
)
 
$
(3,008
)
 
$
(1,669,897
)
 
$
588,209

 
$
104,179

 
$
692,388

Net loss
 
(10,500
)
 

 

 

 

 

 
(115,974
)
 
(115,974
)
 
(21,123
)
 
(137,097
)
Other comprehensive income
 

 

 

 

 

 
2,112

 

 
2,112

 

 
2,112

Issuance of restricted stock to employees, net of cancellations
 

 
1,799

 
2