Company Quick10K Filing
SunPower
Price15.01 EPS0
Shares145 P/E84
MCap2,172 P/FCF-8
Net Debt-162 EBIT87
TEV2,010 TEV/EBIT23
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-03-29 Filed 2020-05-08
10-K 2019-12-29 Filed 2020-02-18
10-Q 2019-09-29 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-30 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-04-01 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-10-01 Filed 2017-11-02
10-Q 2017-07-02 Filed 2017-08-02
10-Q 2017-04-02 Filed 2017-05-10
10-K 2017-01-01 Filed 2017-02-17
10-Q 2016-10-02 Filed 2016-11-10
10-Q 2016-07-03 Filed 2016-08-10
10-Q 2016-04-03 Filed 2016-05-06
10-K 2016-01-03 Filed 2016-02-19
10-Q 2015-09-27 Filed 2015-10-29
10-Q 2015-06-28 Filed 2015-07-29
10-Q 2015-03-29 Filed 2015-04-30
10-K 2014-12-28 Filed 2015-02-24
10-Q 2014-09-28 Filed 2014-10-29
10-Q 2014-06-29 Filed 2014-07-31
10-Q 2014-03-30 Filed 2014-04-30
10-K 2013-12-29 Filed 2014-02-18
10-Q 2013-09-29 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-30 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-07-01 Filed 2012-08-09
10-Q 2012-04-01 Filed 2012-05-09
10-K 2012-01-01 Filed 2012-02-29
10-Q 2011-10-02 Filed 2011-11-10
10-Q 2011-07-03 Filed 2011-08-09
10-Q 2011-04-03 Filed 2011-05-12
10-K 2011-01-02 Filed 2011-02-28
10-Q 2010-10-03 Filed 2010-11-12
10-Q 2010-07-04 Filed 2010-08-13
10-Q 2010-04-04 Filed 2010-05-14
10-K 2010-01-03 Filed 2010-03-19
8-K 2020-05-14 Shareholder Vote
8-K 2020-05-07 Earnings, Exhibits
8-K 2020-04-14 Officers
8-K 2020-03-27 Officers
8-K 2020-03-25 Officers, Regulation FD, Exhibits
8-K 2020-02-14 Enter Agreement
8-K 2020-02-12 Earnings, Exhibits
8-K 2019-11-20 Enter Agreement, Other Events, Exhibits
8-K 2019-11-08 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-10-15 Officers
8-K 2019-10-04 Officers
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 2019-03-26 Enter Agreement
8-K 2019-02-25 Officers
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 2018-04-26 Officers, 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

SPWR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization and Summary of Significant Accounting Policies
Note 2. Transactions with Total and Total S.A.
Note 3. Revenue From Contracts with Customers
Note 4. Balance Sheet Components
Note 5. Solar Services
Note 6. Fair Value Measurements
Note 7. Restructuring
Note 8. Commitments and Contingencies
Note 9. Equity Investments
Note 10. Debt and Credit Sources
Note 11. Derivative Financial Instruments
Note 12. Income Taxes
Note 13. Net Loss per Share
Note 14. Stock - Based Compensation
Note 15. 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 ex101xspwr-totaldebent.htm
EX-31.1 ex311x03292020.htm
EX-31.2 ex312x03292020.htm
EX-32.1 ex321x03292020.htm

SunPower Earnings 2020-03-29

Balance SheetIncome StatementCash Flow
10.07.95.93.81.8-0.32012201420172020
Assets, Equity
1.20.80.50.1-0.2-0.62012201420172020
Rev, G Profit, Net Income
0.80.60.30.1-0.2-0.42012201420172020
Ops, Inv, Fin

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Table of Contents


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 March 29, 2020
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


spwr-20200329_g1.gif
SunPower Corporation
(Exact Name of Registrant as Specified in Its Charter)

Delaware94-3008969
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
51 Rio RoblesSan JoseCalifornia95134
(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 filerAccelerated filer
 x
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 classTrading SymbolName of exchange on which registered
Common StockSPWRNASDAQ

The total number of outstanding shares of the registrant’s common stock as of May 1, 2020 was 169,952,323.


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TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

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SunPower Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share par values)
(unaudited)
 March 29, 2020December 29, 2019
Assets
Current assets:
Cash and cash equivalents  $205,452  $422,955  
Restricted cash and cash equivalents, current portion29,466  26,348  
Restricted short-term marketable securities  6,196  6,187  
Accounts receivable, net1
243,476  226,476  
Contract assets1
102,340  99,426  
Inventories391,800  358,257  
Advances to suppliers, current portion98,452  107,388  
Project assets - plants and land, current portion21,581  12,650  
Prepaid expenses and other current assets104,635  121,244  
Total current assets1,203,398  1,380,931  
Restricted cash and cash equivalents, net of current portion9,364  9,354  
Property, plant and equipment, net312,192  323,726  
Operating lease right-of-use assets60,796  51,258  
Solar power systems leased, net53,375  54,338  
Advances to suppliers, net of current portion13,993  13,993  
Other intangible assets, net5,568  7,466  
Other long-term assets338,838  330,855  
Total assets$1,997,524  $2,171,921  
Liabilities and Equity  
Current liabilities:  
Accounts payable1
$403,180  $441,759  
Accrued liabilities1
165,863  203,890  
Operating lease liabilities, current portion11,424  9,463  
Contract liabilities, current portion1
126,281  138,441  
Short-term debt124,682  104,856  
Total current liabilities831,430  898,409  
Long-term debt98,095  113,827  
Convertible debt1
730,637  820,259  
Operating lease liabilities, net of current portion53,740  46,089  
Contract liabilities, net of current portion1
63,567  67,538  
Other long-term liabilities199,994  204,300  
Total liabilities1,977,463  2,150,422  
Commitments and contingencies (Note 8)
Equity:  
Preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding as of March 29, 2020 and December 29, 2019
    
Common stock, $0.001 par value, 367,500 shares authorized; 182,297 shares issued, and 169,755 shares outstanding as of March 29, 2020; 179,845 shares issued, and 168,121 shares outstanding as of December 29, 2019
170  168  
Additional paid-in capital2,668,704  2,661,819  
Accumulated deficit(2,451,110) (2,449,679) 
Accumulated other comprehensive loss(8,789) (9,512) 
Treasury stock, at cost: 12,542 shares of common stock as of March 29, 2020; 11,724 shares of common stock as of December 29, 2019
(199,543) (192,633) 
Total stockholders' equity9,432  10,163  
Noncontrolling interests in subsidiaries10,629  11,336  
Total equity20,061  21,499  
Total liabilities and equity$1,997,524  $2,171,921  
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," "prepaid expenses and other current assets," "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 8, Note 9, and Note 10).



The accompanying notes are an integral part of these condensed consolidated financial statements.
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SunPower Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
 Three Months Ended
 March 29, 2020March 31, 2019
Revenue:
Solar power systems, components, and other1
$443,933  $341,442  
Residential leasing1,324  3,884  
Solar services3,933  2,899  
449,190  348,225  
Cost of revenue:
Solar power systems, components, and other1
409,017  380,906  
Residential leasing1,296  3,022  
Solar services1,429  1,582  
411,742  385,510  
Gross profit (loss)37,448  (37,285) 
Operating expenses:
Research and development1
15,638  14,993  
Sales, general and administrative65,958  62,857  
Restructuring charges (credits)1,576  (665) 
(Gain) loss on sale and impairment of residential lease assets(274) 9,226  
Gain on business divestiture  (6,114) 
Total operating expenses82,898  80,297  
Operating loss(45,450) (117,582) 
Other income (expense), net:
Interest income404  852  
Interest expense1
(10,537) (16,791) 
Other, net55,069  33,073  
Other income, net44,936  17,134  
Loss before income taxes and equity in earnings of unconsolidated investees(514) (100,448) 
Provision for income taxes(1,869) (5,797) 
Equity in earnings of unconsolidated investees245  1,680  
Net loss(2,138) (104,565) 
Net income attributable to noncontrolling interests and redeemable noncontrolling interests707  14,841  
Net loss attributable to stockholders$(1,431) $(89,724) 




Net loss per share attributable to stockholders:
Basic(0.01) $(0.63) 
Diluted(0.01) $(0.63) 
Weighted-average shares:
Basic168,822  141,720  
Diluted168,822  141,720  
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 9).


The accompanying notes are an integral part of these condensed consolidated financial statements.
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SunPower Corporation
Condensed Consolidated Statements of Comprehensive Loss
(In thousands)
(unaudited)

 Three Months Ended
March 29, 2020March 31, 2019
Net loss$(2,138) $(104,565) 
Components of other comprehensive income (loss):
Translation adjustment(775) (21) 
Net change in derivatives (Note 11)1,688  185  
Net loss on long-term pension liability obligation(49)   
Income taxes(141) (65) 
Total other comprehensive income723  99  
Total comprehensive loss(1,415) (104,466) 
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests707  14,841  
Comprehensive loss attributable to stockholders$(708) $(89,625) 


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

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SunPower Corporation
Condensed Consolidated Statements of Equity (Deficit)
(In thousands)
Three Months Ended March 29, 2020
 Common Stock     
 SharesValueAdditional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Loss
Accumulated DeficitTotal
Stockholders’
Equity
Noncontrolling Interests in SubsidiariesTotal Equity (Deficit)
Balances at December 29, 2019168,121  $168  $2,661,819  $(192,633) $(9,512) $(2,449,679) $10,163  $11,336  $21,499  
Net loss—  —  —  —  —  (1,431) (1,431) (707) (2,138) 
Other comprehensive income—  —  —  —  723  —  723  —  723  
Issuance of restricted stock to employees, net of cancellations2,452  3  —  —  —  —  3  —  3  
Stock-based compensation expense—  —  6,885  —  —  —  6,885  —  6,885  
Purchases of treasury stock(818) (1) —  (6,910) —  —  (6,911) —  (6,911) 
Balances at March 29, 2020169,755  $170  $2,668,704  $(199,543) $(8,789) $(2,451,110) $9,432  $10,629  $20,061  


Three Months Ended March 31, 2019
 Common Stock     
 SharesValueAdditional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Loss
Accumulated DeficitTotal
Stockholders’
Equity (Deficit)
Noncontrolling Interests in SubsidiariesTotal Equity (Deficit)
Balances at December 30, 2018141,178  $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 cancellations1,848  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, 2019142,393  $142  $2,469,998  $(190,940) $(4,051) $(2,561,561) $(286,412) $64,956  $(221,456) 


The accompanying notes are an integral part of these condensed consolidated financial statements.
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SunPower Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited) 

Three Months Ended
 March 29, 2020March 31, 2019
Cash flows from operating activities:
Net loss(2,138) (104,565) 
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization16,892  24,190  
Stock-based compensation6,867  5,666  
Non-cash interest expense1,910  2,415  
Equity in earnings of unconsolidated investees(245) (1,680) 
Gain on equity investments(49,152) (33,000) 
Gain on retirement of convertible debt(2,956)   
Gain on business divestiture  (6,114) 
Deferred income taxes(349) 2,048  
Impairment of residential lease assets289  9,226