SunPower Reports Third-Quarter 2013 Results -- Q3 2013 GAAP Revenue of $657 Million, Non-GAAP Revenue of $619 Million

-- Q3 2013 GAAP Earnings per Share of $0.73, Non-GAAP Earnings per Share of $0.44

-- Company to Expand Manufacturing Capacity

SAN JOSE, Calif., Oct. 30, 2013 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced financial results for its third quarter ended September 29, 2013. 

($ Millions, except per-share data)

3rd Quarter

2013

2nd Quarter

2013

3rd Quarter

2012

GAAP revenue(1)

$657.1

$576.5

$648.9

GAAP gross margin

29.4%

18.7%

12.4%

GAAP net income (loss)(2)

$108.4

$19.6

($48.5)

GAAP net income (loss) per diluted share(2)

$0.73

$0.15

($0.41)

Non-GAAP gross margin(3)

19.1%

19.5%

14.1%

Non-GAAP net income per diluted share(3)

$0.44

$0.48

$0.03

Megawatts produced

313

296

227


(1) GAAP revenue includes (excludes) $37.7 million, $(73.5) million and $42.3 million for the third quarter of fiscal 2013, second quarter of fiscal 2013, and the third quarter of fiscal 2012, respectively, in revenue primarily related to utility and power plant projects. See details in the non-GAAP measures disclosure included in this press release.

(2) GAAP results include approximately $53.1 million, $(39.7) million and $(47.5) million for the third quarter of fiscal 2013, second quarter of fiscal 2013, and the third quarter of fiscal 2012, respectively, in net, pre-tax benefits (charges) and adjustments excluded from non-GAAP results.  See details in the non-GAAP measures disclosure included in this press release.

(3) A reconciliation of GAAP to non-GAAP results is included at the end of this press release.

"SunPower's third-quarter results reflect strong execution of our diversified downstream strategy, as global demand for our high efficiency systems in both our power plant and distributed generation channels remains robust," said Tom Werner, SunPower president and CEO.  "Operationally, we beat our cost reduction goals for the quarter while improving overall equipment effectiveness and average solar cell conversion efficiency.  Due to strong demand for our unique, cost effective, high efficiency products, we have made the strategic decision to expand our solar cell manufacturing capacity by more than 25 percent.  SunPower's planned 350-megawatts (MW) expansion will produce our next generation, step-reduced cell technology with initial silicon starting in early 2015.  This will bring our total cell capacity to more than 1.8-gigawatts (GW) when fully ramped. 

"Regionally, our North American business once again drove our performance, as construction of the 579-MW Solar Star projects for MidAmerican Solar remains on plan and we expect to start commercial operation of the California Valley Solar Ranch (CVSR) in the near future.  We continue to see significant demand in our residential lease business and recently signed an additional $155 million in new lease capacity financing to fund our growth.  With this new financing, our total lease capacity to date now exceeds $850 million.  Additionally, we expanded our solar loan program during the quarter by signing an agreement with Digital Federal Credit Union for up to $100 million in financing capacity.

"Japan remains a key market for SunPower.  In addition to our longstanding participation in the residential market, we are also increasing shipments to the commercial and power plant segments as evidenced by the recent signing of supply agreements totaling more than 90-MW for two power plants projects.

"Our performance in Europe was solid, as demand trends improved further and industry conditions were in line with our expectations.  As a result, we increased revenue sequentially and met our margin targets for the quarter.  In our emerging markets channel, we are continuing to expand our footprint as we partner with Total to monetize our growing international pipeline.  For example, we recently announced that in partnership with Total S.A., we will construct a 70-MWdc merchant power plant in Chile, the largest merchant solar project in the world, with completion scheduled for 2015," concluded Werner.

Key milestones achieved by the company since the second quarter of 2013 include:

  • Announced 350-MW cell capacity expansion for 2015 production
  • Continued construction of 579-MW Solar Star projects for MidAmerican Solar
  • Signed supply agreement with Shimizu for 69-MWdc power plant in Japan for Eurus Energy Corporation, a joint venture between Toyota Tsusho Corp. and Tokyo Electric Power
  • Announced 70-MWdc merchant power plant in Chile in partnership with Total S.A.
  • North American commercial project pipeline now exceeds $1 billion
  • Started initial shipments for 65-MW of projects under French tender award
  • Residential lease program – approximately 20,000 customers representing 159-MW to date
  • Signed $155 million in new residential lease financing capacity with two partners
  • Signed agreement with Digital Federal Credit Union for up to $100 million in solar loan financing
  • All manufacturing facilities operating at full capacity

"SunPower's ability to leverage our downstream model, combined with the successful execution in our lease and projects business, enabled us to exceed our operational goals for the quarter," said Chuck Boynton, SunPower CFO.  "Financially, we successfully managed our working capital needs, drove more than $150 million in free cash flow and ended the quarter with approximately $1 billion in available liquidity.  Looking forward, we are well positioned for long-term profitability to continue to monetize our global project pipeline, expand our footprint in the distributed generation market and strategically manage our cash."

Third quarter fiscal 2013 GAAP results include pre-tax benefits (charges) and adjustments totaling approximately $53.1 million, including a $26.3 million gross margin adjustment related to the timing of revenue recognition from utility and power plant projects; $52.0 million gain on contract termination; $(12.1) million in stock-based compensation expense; $(12.3) million in non-cash interest expense and $(0.8) million of other adjustments.  These benefits (charges) and adjustments are excluded from the company's non-GAAP results. 

Fourth Quarter and Fiscal Year 2013 Financial Outlook
The company's fourth quarter 2013 consolidated non-GAAP guidance is as follows: revenue of $675 million to $725 million, gross margin of 17 percent to 19 percent, net income per diluted share of $0.15 to $0.35 and MW recognized in the range of 300 MW to 330 MW.  On a GAAP basis, the company expects revenue of $575 million to $625 million, gross margin of 17 percent to 19 percent and net income (loss) per diluted share of ($0.10) to $0.10.

For fiscal year 2013, the company expects non-GAAP revenue of $2.52 billion to $2.57 billion, gross margin of 19 percent to 20 percent, net income per diluted share of $1.30 to $1.50, capital expenditures of $45 million to $55 million and GW recognized in the range of 1.0 GW to 1.03 GW.  On a GAAP basis, the company expects revenue of $2.45 billion to $2.50 billion, gross margin of 18 percent to 19 percent and net income per diluted share of $0.45 to $0.65.  SunPower remains on track to reduce its operational expenses year over year and expects to generate free cash flow, including lease financings of approximately $200 million while continuing to invest in its technology roadmap and manufacturing cost reduction initiatives.

The company will host a conference call for investors this afternoon to discuss its third quarter 2013 performance at 1:30 p.m. Pacific Time.  The call will be webcast and can be accessed from SunPower's website at http://investors.sunpowercorp.com/events.cfm.

This press release contains both GAAP and non-GAAP financial information.  Non-GAAP historical figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release.  Please note that the company has posted supplemental information and slides related to its third quarter 2013 performance on the Events and Presentations section of the SunPower Investor Relations page at http://investors.sunpowercorp.com/events.cfm.  The capacity of power plants in this release is described in approximate megawatts on an alternating current (ac) basis unless otherwise noted.

About SunPower
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.SunPowercorp.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) expanding manufacturing capacity; (b) CVSR construction timeline; (c) growing demand in residential leasing; (d) growing demand in Japan; (e) expanding internal operations; (f) growing international project pipeline; (g) monetizing projects with assistance from Total S.A.; (h) growing North American commercial project pipeline; (i) positioning for long-term profitability; (j) strategically managing cash; (k) guidance for the fourth fiscal quarter, including non-GAAP revenue, gross margin, net income per diluted share and MW recognized and GAAP revenue, gross margin and net loss per diluted share; (l) guidance for fiscal year 2013, including non-GAAP revenue, gross margin, net income per diluted share, capital expenditures and MW recognized and GAAP revenue, gross margin and net income/loss per diluted share; (m) reducing operating expenses; (n) generating free cash flow; (o) additional leasing capacity; (p) investing in technology roadmap and manufacturing cost reduction initiatives.  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) competition in the industry and downward pressure on average selling prices; (2) our liquidity, substantial indebtedness, and our ability to obtain additional financing for our projects and our customers; (3) our ability to meet our cost reduction targets; (4) regulatory changes and the availability of economic incentives promoting use of solar energy; (5) challenges inherent in constructing and maintaining certain of our large projects, such as the California Valley Solar Ranch and Solar Star; (6) the success of our ongoing research and development efforts and commercialization of new products and services; (7) fluctuations in our operating results; (8) manufacturing difficulties that could arise; and (9) challenges managing our joint ventures. 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.sunpowercorp.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.

SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.

 

 SUNPOWER CORPORATION 

 CONDENSED CONSOLIDATED BALANCE SHEETS 

 (In thousands) 






 (Unaudited) 







Sep. 29,


Dec. 30,



2013


2012







ASSETS







Cash and cash equivalents

$      743,575


$      457,487


Restricted cash and cash equivalents

32,020


46,964


Investments

9,179


10,885


Accounts receivable, net

377,824


398,150


Costs and estimated earnings in excess of billings

42,563


36,395


Inventories

288,049


291,386


Advances to suppliers

365,140


351,405


Prepaid expenses and other assets

947,320


889,116


Property, plant and equipment, net

851,344


774,909


Project assets - plants and land

101,564


83,507


Other intangible assets, net

514


744







Total assets

$   3,759,092


$   3,340,948












LIABILITIES AND EQUITY 







Accounts payable

$      483,059


$      414,335


Accrued and other liabilities

776,714


582,991


Billings in excess of costs and estimated earnings

253,329


225,550


Bank loans and other debt

169,999


390,361


Convertible debt

751,372


438,629


Customer advances

215,775


295,730







Total liabilities

2,650,248


2,347,596







Stockholders' equity 

1,079,020


993,352


Noncontrolling interests in subsidiaries

29,824


-







Total equity

1,108,844


993,352







Total liabilities and equity

$   3,759,092


$   3,340,948







 

SUNPOWER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)














THREE MONTHS ENDED


NINE MONTHS ENDED



Sep. 29,


Jun. 30,


Sep. 30,


Sep. 29,


Sep. 30,



2013


2013


2012


2013


2012












Revenue:











AMERICAS


$      442,091


$      367,609


$      502,373


$   1,293,822


$   1,176,148

EMEA


120,712


107,010


88,547


296,374


400,074

APAC


94,317


101,897


58,028


278,873


162,754

Total revenue


657,120


576,516


648,948


1,869,069


1,738,976












Cost of revenue:











AMERICAS


306,024


285,939


409,432


1,008,044


978,062

EMEA


100,605


97,396


111,622


289,495


422,922

APAC


57,261


85,320


47,121


211,126


138,471

Total cost of revenue


463,890


468,655


568,175


1,508,665


1,539,455












Gross margin


193,230


107,861


80,773


360,404


199,521












Operating expenses:











Research and development


14,903


13,035


14,956


41,108


45,786

Selling, general and administrative


63,229


62,035


69,714


195,356


208,388

Restructuring charges


1,114


928


10,544


1,705


61,189

Goodwill and other intangible asset impairment


-


-


59,581


-


59,581












Total operating expenses


79,246


75,998


154,795


238,169


374,944












Operating income (loss)


113,984


31,863


(74,022)


122,235


(175,423)












Gain on share lending arrangement


-


-


50,645


-


50,645

  Other expense, net


(32,762)


(24,101)


(25,146)


(91,898)


(68,157)












Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees


81,222


7,762


(48,523)


30,337


(192,935)












Benefit from (provision for) income taxes


4,575


(4,506)


(593)


(2,920)


(12,542)

Equity in earnings (loss) of unconsolidated investees


1,585


1,009


578


2,261


(1,772)












Net income (loss)


87,382


4,265


(48,538)


29,678


(207,249)












  Net loss attributable to noncontrolling interests


21,004


15,300


-


43,577


-












Net income (loss) attributable to stockholders


$      108,386


$        19,565


$      (48,538)


$        73,255


$    (207,249)












Net income (loss) per share attributable to stockholders:











Net income (loss) per share – basic


$            0.89


$            0.16


$          (0.41)


$            0.61


$          (1.78)

Net income (loss) per share – diluted 


$            0.73


$            0.15


$          (0.41)


$            0.55


$          (1.78)












Weighted-average shares:











- Basic


121,314


120,943


118,952


120,604


116,408

- Diluted


153,876


133,973


118,952


134,859


116,408












SUNPOWER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)















THREE MONTHS ENDED


NINE MONTHS ENDED



Sep. 29,


Jun. 30,


Sep. 30,



Sep. 29,


Sep. 30,



2013


2013


2012



2013


2012

























Net income (loss)


$      87,382


$        4,265


$     (48,538)



$      29,678


$   (207,249)

Components of comprehensive income (loss):












Translation adjustment


1,923


(2,583)


148



(2,003)


(1,802)

Net unrealized loss on derivatives


(2,005)


(1,354)


(2,611)



(524)


(10,738)

Unrealized gain (loss) on investments


7


(7)


-



-


-

Income taxes


379


254


490



100


2,016













Net change in accumulated other comprehensive income (loss)


304


(3,690)


(1,973)



(2,427)


(10,524)













Total comprehensive income (loss)


87,686


575


(50,511)



27,251


(217,773)













Comprehensive loss attributable to noncontrolling interests


21,004


15,300


-



43,577


-













Comprehensive income (loss) attributable to stockholders


$    108,690


$      15,875


$     (50,511)



$      70,828


$   (217,773)













 

SUNPOWER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)














THREE MONTHS ENDED


NINE MONTHS ENDED



Sep. 29,


Jun. 30,


Sep. 30,


Sep. 29


Sep. 30,



2013


2013


2012


2013


2012











(1)

Cash flows from operating activities:











Net income (loss)


$       87,382


$         4,265


$      (48,538)


$       29,678


$    (207,249)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:











Stock-based compensation


12,082


10,505


9,271


31,103


33,179

Depreciation


24,722


24,551


24,385


72,893


82,747

Loss on retirement of property, plant and equipment


-


-


10,990


-


56,399

Amortization of other intangible assets


42


42


2,622


231


8,099

Goodwill impairment


-


-


46,734


-


46,734

Other intangible asset impairment


-


-


12,847


-


12,847

Gain on sale of investments


(51)


-


-


(51)


-

Gain (loss) on mark-to-market derivatives


3


27


-


30


(4)

Non-cash interest expense


12,311


12,181


13,990


36,382


29,336

Amortization of debt issuance costs


1,627


1,041


1,019


3,762


2,899

Equity in (earnings) loss of unconsolidated investees


(1,585)


(1,009)


(578)


(2,261)


1,772

Gain on equity interest in unconsolidated investee


(529)


-


-


(529)


-

Third-party inventories write-down


-


-


-


-


8,869

Gain on share lending arrangement


-


-


(50,645)


-


(50,645)

Gain on contract termination


(51,988)


-


-


(51,988)


-

Deferred income taxes and other tax liabilities


(4,830)


2,423


(2,553)


2,317


110

Changes in operating assets and liabilities:











Accounts receivable


61,063


(167,794)


(32,108)


(46,391)


124,865

Costs and estimated earnings in excess of billings


(1,246)


(4,073)


3,027


(6,168)


(10,709)

Inventories


(65,253)


32,316


4,491


(38,543)


(50,076)

Project assets


(10,820)


3,957


(62,671)


(42,113)


(101,917)

Prepaid expenses and other assets


(6,315)


(142,819)


46,276


48,355


(35,401)

Advances to suppliers


(5,930)


(3,486)


(11,673)


(13,735)


(29,993)

Accounts payable and other accrued liabilities


65,077


70,517


20,718


106,769


(43,008)

Billings in excess of costs and estimated earnings


(81,600)


112,076


(6,036)


27,779


(31,203)

Customer advances


(5,293)


(20,899)


35,953


(27,967)


40,048

Net cash provided by (used in) operating activities


28,869


(66,179)


17,521


129,553


(112,301)












Cash flows from investing activities:











(Increase) decrease in restricted cash and cash equivalents


(2,882)


29


2,720


14,944


54,341

Purchases of property, plant and equipment


(5,579)


(7,839)


(16,389)


(25,460)


(79,033)

Cash paid for solar power systems, leased and to be leased


(18,544)


(23,387)


(49,249)


(83,619)


(100,655)

Purchases of marketable securities


-


(99,928)


(1,436)


(99,928)


(1,436)

Proceeds from sales or maturities of marketable securities


100,947


-


-


100,947


-

Proceeds from sale of equipment to third-party


628


6


-


645


419

Cash received for sale of investment in unconsolidated investee


-


-


-


-


17,403

Cash paid for investments in unconsolidated investees


-


(1,411)


-


(1,411)


(10,000)

Net cash provided by (used in) investing activities


74,570


(132,530)


(64,354)


(93,882)


(118,961)












Cash flows from financing activities:











Proceeds from issuance of convertible debt, net of issuance costs


-


296,283


-


296,283


-

Proceeds from issuance of bank loans, net of issuance costs


-


-


-


-


125,000

Proceeds from issuance of project loans, net of issuance costs


11,610


32,554


13,830


68,225


27,617

Proceeds from recovery of claim in connection with share lending arrangement


-


-


50,645


-


50,645

Proceeds from residential lease financing


26,817


17,458


18,562


83,365


26,809

Proceeds from sale-leaseback financing


-


6,907


-


40,757


-

Contributions from noncontrolling interests


29,535


31,551


-


73,401


-

Repayment of bank loans, project loans and other debt


(8,386)


(101,211)


(25,295)


(290,098)


(126,427)

Repayment of sale-leaseback financing


-


(5,124)


-


(5,124)


-

Cash paid for repurchased convertible debt


-


-


-


-


(198,608)

Proceeds from private offering of common stock, net of issuance costs


-


-


(65)


-


163,616

Cash distributions to Parent in connection with the transfer of entities under common control


-


-


-


-


(178,290)

Proceeds from exercise of stock options


49


24


17


98


51

Purchases of stock for tax withholding obligations on vested restricted stock


(1,401)


(5,444)


(226)


(17,584)


(5,430)

Net cash provided by (used in) financing activities


58,224


272,998


57,468


249,323


(115,017)












Effect of exchange rate changes on cash and cash equivalents


1,352


684


241


1,094


(2,213)

Net increase (decrease) in cash and cash equivalents


163,015


74,973


10,876


286,088


(348,492)

Cash and cash equivalents, beginning of period


580,560


505,587


366,250


457,487


725,618

Cash and cash equivalents, end of period


$     743,575


$     580,560


$     377,126


$     743,575


$     377,126












Non-cash transactions:











Assignment of financing receivables to a third party financial institution


$       22,166


$       11,265


$         7,736


$       67,400


$       10,259

Property, plant and equipment acquisitions funded by liabilities


5,628


6,356


13,243


5,628


13,243

Costs of solar power systems, leased and to be leased, sourced from existing inventory


13,627


14,178


38,591


43,341


80,068

Costs of solar power systems, leased and to be leased, funded by liabilities


2,315


1,708


6,712


2,315


6,712

Costs of solar power systems under sale-leaseback financing arrangements sourced from project assets


-


4,333


-


24,399


-

Non-cash interest expense capitalized and added to the cost of qualified assets


79


162


411


400


1,161

Issuance of warrants in connection with the Liquidity Support Agreement


-


-


-


-


50,327












(1) As adjusted to conform to the current period presentation for solar power systems leased and to be leased.

 

(In thousands, except per share data)




























THREE MONTHS ENDED




NINE MONTHS ENDED





THREE MONTHS ENDED



NINE MONTHS ENDED




Sep. 29,


Jun. 30,


Sep. 30,




Sep. 29,


Sep. 30,





Sep. 29,


Jun. 31,


Sep. 30,




Sep. 29,


Sep. 30,




2013


2013


2012




2013


2012





2013


2013


2012




2013


2012




 (Presented on a GAAP Basis) 





 (Presented on a non-GAAP Basis) 

Gross margin



$       193,230


$       107,861


$         80,773




$       360,404


$       199,521





$       118,478


$       126,483


$         85,464




$       375,453


$       257,034

Operating income (loss)



$       113,984


$         31,863


$        (74,022)




$       122,235


$      (175,423)





$         49,221


$         59,943


$         10,662




$       164,594


$         36,653

Net income (loss) per share attributable to stockholders:


























- Basic



$             0.89


$             0.16


$            (0.41)




$             0.61


$            (1.78)





$             0.48


$             0.52


$             0.03




$             1.23


$                   -

- Diluted



$             0.73


$             0.15


$            (0.41)




$             0.55


$            (1.78)





$             0.44


$             0.48


$             0.03




$             1.15


$                   -






























 

About SunPower's Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results for certain items, as described below. Management does not consider these items in evaluating the core operational activities of SunPower. The specific non-GAAP measures listed below are gross margin, operating income (loss), net income (loss) per share, earnings before interest, taxes, depreciation and amortization (EBITDA) and free cash flow. Management believes that each of these non-GAAP measures (gross margin, operating income (loss), net income (loss) per share, EBITDA and free cash flow) are useful to investors by enabling them to better assess changes in each of these key elements of SunPower'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 provides investors with another method for assessing SunPower's operating results in a manner that is focused on its ongoing core operating performance, absent the effects of these items. Management also uses these non-GAAP measures internally to assess the business and financial performance of current and historical results, for strategic decision making, forecasting future results and evaluating the company's current performance. Many of the analysts covering SunPower also use these non-GAAP measures in their analyses. Given management's use of these non-GAAP measures, SunPower believes these measures are important to investors in understanding SunPower's current and future operating results as seen through the eyes of management. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP measures 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 gross margin. The use of this non-GAAP financial measure allows management to evaluate the gross margin of SunPower's core businesses and trends across different reporting periods on a consistent basis, independent of charges including gain on contract termination, stock-based compensation, non-cash interest expense and other items as described below. In addition, the presentation of non-GAAP gross margin includes the revenue recognition of utility and power plant projects on a non-GAAP basis. This non-GAAP financial measure is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate SunPower's revenue generation performance relative to the direct costs of revenue of its core businesses.
  • Non-GAAP operating income (loss). The use of this non-GAAP financial measure allows management to evaluate the operating results of SunPower's core businesses and trends across different reporting periods on a consistent basis, independent of charges including gain on contract termination, stock-based compensation, non-cash interest expense, restructuring charges, and other items as described below. In addition, the presentation of non-GAAP operating income (loss) includes the revenue recognition of utility and power plant projects on a non-GAAP basis. Non-GAAP operating income (loss) is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to understand the results of operations of SunPower's core businesses and to compare results of operations on a more consistent basis against that of other companies in the industry.
  • Non-GAAP net income (loss) per share. Management presents this non-GAAP financial measure to enable investors and analysts to assess SunPower's operating results and trends across different reporting periods on a consistent basis, independent of items including gain on contract termination, stock-based compensation, non-cash interest expense, restructuring charges, other items as described below, and the tax effects of these non-GAAP adjustments. In addition, the presentation of non-GAAP net income (loss) includes the revenue recognition of utility and power plant projects on a non-GAAP basis. Management presents this non-GAAP financial measure to enable investors and analysts to compare SunPower's operating results on a more consistent basis against that of other companies in the industry.
  • EBITDA. Management presents this non-GAAP financial measure to enable investors and analysts to assess SunPower's operating results and trends across different reporting periods on a consistent basis, independent of items including gain on contract termination, stock-based compensation, non-cash interest expense, restructuring charges, cash interest expense, net of interest income, provision for income taxes, depreciation, and other items as described below. In addition, the presentation of EBITDA includes the revenue recognition of utility and power plant projects on a non-GAAP basis. Management presents this non-GAAP financial measure to enable investors and analysts to compare SunPower's operating results on a more consistent basis against that of other companies in the industry.
  • Free cash flow. Management presents this non-GAAP financial measure to enable investors and analysts to assess SunPower's operating results and trends across different reporting periods on a consistent basis, inclusive of lease financing as described below. Management presents this non-GAAP financial measure to enable investors and analysts to compare SunPower's operating results on a more consistent basis against that of other companies in the industry.

Included items

  • Utility and power plant projects. The company includes adjustments to non-GAAP revenue and non-GAAP cost of revenue related to the utility and power plant projects based on the separately identifiable components of the transactions in order to reflect the substance of the transactions. Such treatment is consistent with accounting rules under International Financial Reporting Standards (IFRS). On a GAAP basis, such revenue and costs of revenue 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 between 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 are 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. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate SunPower's revenue generation performance relative to the direct costs of revenue of its core businesses.
  • Free cash flow adjustments. Specifically to calculate free cash flow, the company includes the impact during the period of the following items:
    • Net cash provided by (used in) investing activities
    • Proceeds from residential lease financing
    • Proceeds from sale-leaseback financing
    • Contributions from noncontrolling interests
    • Repayment of sale-leaseback financing

Excluded Items

  • Gain on contract termination. During the third quarter of fiscal 2013, SunPower agreed to terminate a contract with one of the company's suppliers. As a result, SunPower recorded a gain associated with the non-cash forfeiture of a previously recorded advance from the supplier. As this gain is non-recurring in nature, excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without similar impacts.
  • Stock-based compensation. Stock-based compensation relates primarily to SunPower stock awards such as restricted stock. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are difficult to predict. As a result of this unpredictability, management excludes this item from its internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure the company's core performance against the performance of other companies without the variability created by stock-based compensation.
  • Non-cash interest expense. SunPower 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, SunPower incurs interest expense that is substantially higher than interest payable on its 4.5% senior cash convertible debentures. SunPower excludes non-cash interest expense because the expense is not reflective of its ongoing 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 is recorded as debt issuance costs and amortized over the expected life of the agreement. As a result, SunPower incurs non-cash interest expense associated with the amortization of the warrants. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without non-cash interest expense.
  • Restructuring charges. In October 2012, the company's Board of Directors approved a reorganization to accelerate operating cost reduction and improve overall operating efficiency (the October 2012 Restructuring Plan). 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.
  • Other. Beginning with the first quarter of fiscal 2013 the company has combined amounts previously disclosed under separate captions. These amounts were previously disclosed under one of the following captions:
    • Goodwill and other intangible asset impairment
    • Amortization of intangible assets
    • Restructuring charges (related to actions prior to the October 2012 Restructuring Plan)
    • Charges on manufacturing step reduction plan
    • Non-recurring idle equipment impairment
    • Class action settlement
    • Acquisition and integration costs
    • Change in European government incentives
    • Gain (loss) on mark-to-market derivative instruments
    • Gain on share lending arrangement
    • Gain on sale of equity interest in unconsolidated investee

The adjustments recorded in "Other" for the third quarter of fiscal 2013 are primarily driven by adjustments which would have previously been disclosed under "Restructuring charges."

  • Tax effect. This amount is used to present each of the amounts described above on an after-tax basis with the presentation of non-GAAP net income (loss) per share. The company's non-GAAP tax amount is based on estimated cash tax expense and reserves. This approach is designed to enhance the ability of investors to understand 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. The company forecasts its annual cash tax liability and allocates the tax to each quarter in proportion to earnings for that period.
  • EBITDA adjustments. Specifically to calculate EBITDA, in addition to adjustments previously 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

For more information on 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 and 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

(Unaudited)

(In thousands, except per share data)































STATEMENT OF OPERATIONS DATA:

THREE MONTHS ENDED









NINE MONTHS ENDED


Sep. 29,



Jun. 30,



Sep. 30,



Sep. 29,



Sep. 30



2013



2013



2012



2013



2012

















GAAP AMERICAS revenue

$       442,091



$       367,609



$       502,373



$    1,293,822



$    1,176,148


Utility and power plant projects

(37,669)



74,200



(42,268)



(24,270)



98,759


Non-GAAP AMERICAS revenue

$       404,422



$       441,809



$       460,105



$    1,269,552



$    1,274,907

















GAAP EMEA revenue

$       120,712



$       107,010



$         88,547



$       296,374



$       400,074


Other

-



-



-



-



(193)


Non-GAAP EMEA revenue

$       120,712



$       107,010



$         88,547



$       296,374



$       399,881

















GAAP APAC revenue

$         94,317



$       101,897



$         58,028



$       278,873



$       162,754


Other

-



(672)



-



(672)



-


Non-GAAP APAC revenue

$         94,317



$       101,225



$         58,028



$       278,201



$       162,754

















GAAP total revenue

$       657,120



$       576,516



$       648,948



$    1,869,069



$    1,738,976


Utility and power plant projects

(37,669)



74,200



(42,268)



(24,270)



98,759


Other

-



(672)



-



(672)



(193)


Non-GAAP total revenue

$       619,451



$       650,044



$       606,680



$    1,844,127



$    1,837,542

















GAAP AMERICAS gross margin

$       136,067

30.8%


$         81,670

22.2%


$         92,941

18.5%


$       285,778

22.1%


$       198,086

16.8%

Utility and power plant projects

(26,323)



16,142



(5,815)



57,957



24,869


Gain on contract termination

(25,604)



-



-



(25,604)



-


Stock-based compensation expense

1,295



1,136



1,589



3,209



4,743


Non-cash interest expense

291



291



308



802



731


Other

42



42



4,015



443



10,608


Non-GAAP AMERICAS gross margin

$         85,768

21.2%


$         99,281

22.5%


$         93,038

20.2%


$       322,585

25.4%


$       239,037

18.7%
















GAAP EMEA gross margin

$          20,107

16.7%


$           9,614

9.0%


$       (23,075)

-26.1%


$           6,879

2.3%


$        (22,848)

-5.7%

Gain on contract termination

(9,395)



-



-



(9,395)



-


Stock-based compensation expense

803



618



795



1,862



3,158


Non-cash interest expense

107



132



112



368



425


Other

-



-



2,200



186



8,614


Non-GAAP EMEA gross margin

$         11,622

9.6%


$         10,364

9.7%


$        (19,968)

-22.6%


$             (100)

0.0%


$        (10,651)

-2.7%
















GAAP APAC gross margin

$         37,056

39.3%


$         16,577

16.3%


$         10,907

18.8%


$         67,747

24.3%


$         24,283

14.9%

Gain on contract termination

(16,988)



-



-



(16,988)



-


Stock-based compensation expense

827



763



368



2,081



1,125


Non-cash interest expense

193



170



81



542



190


Other

-



(672)



1,038



(414)



3,050


Non-GAAP APAC gross margin

$         21,088

22.4%


$         16,838

16.6%


$         12,394

21.4%


$         52,968

19.0%


$         28,648

17.6%
















GAAP total gross margin

$       193,230

29.4%


$       107,861

18.7%


$         80,773

12.4%


$       360,404

19.3%


$       199,521

11.5%

Utility and power plant projects

(26,323)



16,142



(5,815)



57,957



24,869


Gain on contract termination

(51,987)



-



-



(51,987)



-


Stock-based compensation expense

2,925



2,517



2,752



7,152



9,026


Non-cash interest expense

591



593



501



1,712



1,346


Other

42



(630)



7,253



215



22,272


Non-GAAP total gross margin

$       118,478

19.1%


$       126,483

19.5%


$         85,464

14.1%


$       375,453

20.4%


$       257,034

14.0%
















GAAP operating expenses

$         79,246



$         75,998



$       154,795



$       238,169



$       374,944


Stock-based compensation expense

(9,157)



(7,988)



(6,519)



(23,951)



(24,153)


Non-cash interest expense

(42)



(42)



(25)



(124)



(76)


October 2012 Restructuring Plan 

(56)



255



-



777



-


Other

(734)



(1,683)



(73,449)



(4,012)



(130,334)


Non-GAAP operating expenses

$         69,257



$         66,540



$         74,802



$       210,859



$       220,381

















GAAP operating income (loss)

$       113,984



$         31,863



$        (74,022)



$       122,235



$      (175,423)


Utility and power plant projects

(26,323)



16,142



(5,815)



57,957



24,869


Gain on contract termination

(51,987)



-



-



(51,987)



-


Stock-based compensation expense

12,082



10,505



9,271



31,103



33,179


Non-cash interest expense

633



635



526



1,836



1,422


October 2012 Restructuring Plan 

56



(255)



-



(777)



-


Other

776



1,053



80,702



4,227



152,606


Non-GAAP operating income

$         49,221



$         59,943



$         10,662



$       164,594



$         36,653
































NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO STOCKHOLDERS:














THREE MONTHS ENDED



NINE MONTHS ENDED



Sep. 29,



Jun. 30,



Sep. 30,



Sep. 29,



Sep. 30,



2013



2013



2012



2013



2012

















Basic:















GAAP net income (loss) per share attributable to stockholders

$             0.89



$             0.16



$            (0.41)



$             0.61



$            (1.78)


Utility and power plant projects

(0.22)



0.13



(0.05)



0.47



0.22


Gain on contract termination

(0.43)



-



-



(0.43)



-


Stock-based compensation expense

0.10



0.09



0.08



0.26



0.29


Non-cash interest expense

0.10



0.10



0.12



0.30



0.25


October 2012 Restructuring Plan 

-



-



-



(0.01)



-


Other

0.01



0.01



0.25



0.04



0.89


Tax effect

0.03



0.03



0.04



(0.01)



0.13


Non-GAAP net income (loss) per share attributable to stockholders

$             0.48



$             0.52



$             0.03



$             1.23



$                 -

















Diluted:















GAAP net income (loss) per share attributable to stockholders

$             0.73



$             0.15



$            (0.41)



$             0.55



$            (1.78)


Utility and power plant projects

(0.18)



0.12



(0.05)



0.46



0.22


Gain on contract termination

(0.38)



-



-



(0.40)



-


Stock-based compensation expense

0.11



0.08



0.08



0.24



0.29


Non-cash interest expense

0.11



0.09



0.12



0.28



0.25


October 2012 Restructuring Plan 

-



-



-



(0.01)



-


Other

0.03



0.01



0.25



0.03



0.89


Tax effect

0.02



0.03



0.04



-



0.13


Non-GAAP net income (loss) per share attributable to stockholders

$             0.44



$             0.48



$             0.03



$             1.15



$                 -
































Weighted-average shares:






























GAAP net income (loss) per share attributable to stockholders:















- Basic

121,314



120,943



118,952



120,604



116,408


- Diluted

153,876



133,973



118,952



134,859



116,408

















Non-GAAP net income (loss) per share attributable to stockholders:















- Basic

121,314



120,943



118,952



120,604



116,408


- Diluted*

133,138



129,697



119,176



129,441



116,408


 

*Non-GAAP diluted weighted-average shares exclude the potential impact of the company's convertible bonds under the if-converted method when the relevant conversion option is not in the money for the relevant period. For the three months ended September 29, 2013, 12.0 million and 8.7 million weighted-average shares relating to the company's 0.75% convertible bonds due 2018 and the company's 4.75% convertible bonds due 2014, respectively, were excluded. For the three months ended June 30, 2013, 4.3 million and 8.7 million weighted-average shares relating to the company's 0.75% convertible bonds due 2018 and the company's 4.75% convertible bonds due 2014, respectively, were excluded. For the nine months ended September 29, 2013, 5.4 million and 8.7 million weighted-average shares relating to the company's 0.75% convertible bonds due 2018 and the company's 4.75% convertible bonds due 2014, respectively, were excluded.































EBITDA:
















THREE MONTHS ENDED



NINE MONTHS ENDED



Sep. 29,



Jun. 30,



Sep. 30,



Sep. 29,



Sep. 30,



2013



2013



2012



2013



2012

















GAAP net income (loss) attributable to stockholders

$       108,386



$         19,565



$        (48,538)



$         73,255



$      (207,249)


Utility and power plant projects

(26,323)



16,142



(5,815)



57,957



24,869


Gain on contract termination

(51,987)



-



-



(51,987)



-


Stock-based compensation expense

12,082



10,505



9,271



31,103



33,179


Non-cash interest expense

12,311



12,181



13,990



36,382



29,336


October 2012 Restructuring Plan 

56



(255)



-



(777)



-


Other

779



1,080



30,057



4,257



104,710


Cash interest expense, net of interest income

16,292



12,998



12,276



44,747



35,259


Provision for income taxes

(4,575)



4,506



593



2,920



12,542


Depreciation

24,722



24,551



24,385



72,893



82,747


EBITDA

$         91,743



$       101,273



$         36,219



$       270,750



$       115,393















































FREE CASH FLOW:
















THREE MONTHS ENDED



NINE MONTHS ENDED



Sep. 29,



Jun. 30,



Sep. 30,



Sep. 29,



Sep. 30,



2013



2013



2012



2013



2012

















Net cash provided by (used in) operating activities

$         28,869



$        (66,179)



$         17,521



$       129,553



$      (112,301)


Net cash provided by (used in) investing activities

74,570



(132,530)



(64,354)



(93,882)



(118,961)


Proceeds from residential lease financing

26,817



17,458



18,562



83,365



26,809


Proceeds from sale-leaseback financing

-



6,907



-



40,757



-


Contributions from noncontrolling interests

29,535



31,551



-



73,401



-


Repayment of sale-leaseback financing

-



(5,124)



-



(5,124)



-


Free cash flow

$       159,791



$      (147,917)



$        (28,271)



$       228,070



$      (204,453)

















 

Q4 2013 GUIDANCE (in thousands except per share data)

Q4 2013

FY 2013

Revenue (GAAP)

$575,000-$625,000

$2,450,000-$2,500,000

Revenue (non-GAAP) (a)

$675,000-$725,000

$2,520,000-$2,570,000

Gross margin (GAAP)

17%-19%

18%-19%

Gross margin (non-GAAP) (b)

17%-19%

19%-20%

Net income (loss) per diluted share (GAAP)

($0.10)-$0.10

$0.45-$0.65

Net income per diluted share (non-GAAP) (c)

$0.15-$0.35

$1.30-$1.50

 

(a)  

Estimated non-GAAP amounts above include a net increase of approximately $100 million for Q4 2013 and $70 million for fiscal 2013 of revenue primarily related to utility and power plant projects.






















(b)

Estimated non-GAAP amounts above for Q4 2013 include net, pre-tax adjustments that increase gross margin by approximately $10 million related to the non-GAAP revenue adjustments that are discussed above, $4 million related to stock-based compensation expense, and $1 million related to non-cash interest expense. Estimated non-GAAP amounts above for fiscal 2013 include net, pre-tax adjustments that increase (decrease) gross margin by approximately $68 million related to the non-GAAP revenue adjustments that are discussed above, $11 million related to stock-based compensation expense, $3 million related to non-cash interest expense, and $(52) million related to gain on contract termination.




(c)    

Estimated non-GAAP amounts above for Q4 2013 include estimated net, pre-tax adjustments that increase net income (loss) by approximately $10 million related to the non-GAAP revenue adjustments that are discussed above, $13 million related to stock-based compensation expense, $13 million related to non-cash interest expense, $2 million related to restructuring charges, and $3 million of other items. Estimated non-GAAP amounts above for fiscal 2013 include estimated net, pre-tax adjustments that increase (decrease) net income by approximately $68 million related to the non-GAAP revenue adjustments that are discussed above, $44 million related to stock-based compensation expense, $49 million related to non-cash interest expense, $(52) million related to gain on contract termination, $1 million related to restructuring expenses, $7 million related to other items, and $(2) million related to tax effects.




The following supplemental data represents the adjustments, individual charges and credits that are included and/or excluded from SunPower's non-GAAP gross margin, operating income (loss) and net income (loss) per share measures for each period presented in the Condensed Consolidated Statements of Operations contained herein.


SUPPLEMENTAL DATA


(In thousands)














THREE MONTHS ENDED














September 29, 2013


 Revenue 

 Cost of revenue 

 Operating expenses 

 Other income (expense), net 

 Benefit from (provision for) income taxes 


AMERICAS

EMEA

APAC

AMERICAS

EMEA

APAC

 Research and
development 

 Selling, general
and administrative 

 Restructuring charges 

Utility and power plant projects

$      (37,669)

$               -

$               -

$       11,346

$               -

$               -

$                 -

$                       -

$                 -

$                 -

$                 -

Gain on contract termination

-

-

-

(25,604)

(9,395)

(16,988)

-

-

-

-

-

Stock-based compensation expense

-

-

-

1,295

803

827

1,390

7,767

-

-

-

Non-cash interest expense

-

-

-

291

107

193

19

23

-

11,678

-

October 2012 Restructuring Plan

-

-

-

-

-

-

-

-

56

-

-

Other

-

-

-

42

-

-

-

(324)

1,058

3

-

Tax effect

-

-

-

-

-

-

-

-

-

-

3,477


$      (37,669)

$               -

$               -

$      (12,630)

$        (8,485)

$      (15,968)

$           1,409

$                  7,466

$            1,114

$          11,681

$            3,477


























June 30, 2013


 Revenue 

 Cost of revenue 

 Operating expenses 

 Other income (expense), net 

 Benefit from (provision for) income taxes 


AMERICAS

EMEA

APAC

AMERICAS

EMEA

APAC

 Research and
development 

 Selling, general
and administrative 

 Restructuring charges 

Utility and power plant projects

$        74,200

$               -

$               -

$      (58,058)

$               -

$               -

$                 -

$                       -

$                 -

$                 -

$                 -

Stock-based compensation expense

-

-

-

1,136

618

763

1,225

6,763

-

-

-

Non-cash interest expense

-

-

-

291

132

170

19

23

-

11,546

-

October 2012 Restructuring Plan

-

-

-

-

-

-

-

-

(255)

-

-

Other

-

-

(672)

42

-

-

-

500

1,183

27

-

Tax effect

-

-

-

-

-

-

-

-

-

-

3,594


$        74,200

$               -

$           (672)

$      (56,589)

$            750

$            933

$           1,244

$                  7,286

$               928

$          11,573

$            3,594


























September 30, 2012


 Revenue 

 Cost of revenue 

 Operating expenses 

 Other income (expense), net 

 Benefit from (provision for) income taxes 


AMERICAS

EMEA

APAC

AMERICAS

EMEA

APAC

 Research and
development 

 Selling, general
and administrative 

 Restructuring charges 

Utility and power plant projects

$      (42,268)

$               -

$               -

$       36,453

$               -

$               -

$                 -

$                       -

$                 -

$                 -

$                 -

Stock-based compensation expense

-

-

-

1,589

795

368

1,045

5,474

-

-

-

Non-cash interest expense

-

-

-

308

112

81

3

22

-

13,464

-

Other

-

-

-

4,015

2,200

1,038

-

62,905

10,544

(50,645)

-

Tax effect

-

-

-

-

-

-

-

-

-

-

4,532


$      (42,268)

$               -

$               -

$       42,365

$         3,107

$         1,487

$           1,048

$                68,401

$          10,544

$        (37,181)

$            4,532














NINE MONTHS ENDED














September 29, 2013


 Revenue 

 Cost of revenue 

 Operating expenses 

 Other income (expense), net 

 Benefit from (provision for) income taxes 


AMERICAS

EMEA

APAC

AMERICAS

EMEA

APAC

 Research and
development 

 Selling, general
and administrative 

 Restructuring charges 

Utility and power plant projects

$      (24,270)

$               -

$               -

$       82,227

$               -

$               -

$                 -

$                       -

$                 -

$                 -

$                 -

Gain on contract termination

-

-

-

(25,604)

(9,395)

(16,988)

-

-

-

-

-

Stock-based compensation expense

-

-

-

3,209

1,862

2,081

3,737

20,214

-

-

-

Non-cash interest expense

-

-

-

802

368

542

55

69

-

34,546

-

October 2012 Restructuring Plan

-

-

-

-

-

-

-

-

(777)

-

-













Other

-

-

(672)

443

186

258

-

1,530

2,482

30

-

Tax effect

-

-

-

-

-

-

-

-

-

-

(1,377)


$      (24,270)

$               -

$           (672)

$       61,077

$        (6,979)

$      (14,107)

$           3,792

$                21,813

$            1,705

$          34,576

$          (1,377)














September 30, 2012


 Revenue 

 Cost of revenue 

 Operating expenses 

 Other income (expense), net 

 Benefit from (provision for) income taxes 


AMERICAS

EMEA

APAC

AMERICAS

EMEA

APAC

 Research and
development 

 Selling, general
and administrative 

 Restructuring charges 

Utility and power plant projects

$        98,759

$               -

$               -

$      (73,890)

$               -

$               -

$                 -

$                       -

$                 -

$                 -

$                 -

Stock-based compensation expense

-

-

-

4,743

3,158

1,125

3,920

20,233

-

-

-

Non-cash interest expense

-

-

-

731

425

190

9

67

-

27,914

-

October 2012 Restructuring Plan 

-

-

-

-

-

-

-

-

-

-

-

Other

-

(193)

-

10,608

8,807

3,050

-

69,145

61,189

(47,896)

-

Tax effect

-

-

-

-

-

-

-

-

-

-

14,955


$        98,759

$           (193)

$               -

$      (57,808)

$       12,390

$         4,365

$           3,929

$                89,445

$          61,189

$        (19,982)

$          14,955













 

SOURCE SunPower Corp.



RELATED LINKS
http://www.sunpowercorp.com

More by this Source

Best of Content We Love 2014 


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.