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Sunpower Corp (SPWR) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, January 2, 2022

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Sunpower Corp

CIK: 867773 Ticker: SPWR

FOR IMMEDIATE RELEASE

Contacts:

Investors
Mike Weinstein
510-260-8585
Mike.Weinstein@sunpower.com

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Sarah Spitz
832-444-7151
Sarah.Spitz@sunpower.com

SunPower Reports Fourth Quarter and Fiscal Year 2021 Results

Fourth quarter results consistent with preliminary disclosure; achieved $385M revenue
Drove fourth quarter Residential gross margin of 25.6%, a multi-year high
Residential demand remains strong with largest backlog in company history
Pivotal year: Created a fast-growing, dynamic residential solar company well positioned for the future
Looking ahead: New supply agreement with Maxeon provides greater degree of freedom for furthering product diversification

SAN JOSE, Calif., February 16, 2022
- SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, today announced financial results for its fourth quarter ended January 2, 2022 in line with the preliminary results shared last month.

As previously disclosed, SunPower took a $27 million supplier-quality charge in fourth quarter 2021. The company is pursuing recovery of costs from the suppliers. The charges are expected to be funded with cash on hand.

Excluding the supplier-quality charge, SunPower reported fourth quarter revenue of a record $385 million, net income of $47 million and Adjusted EBITDA of $19 million. Factors affecting fourth quarter Adjusted EBITDA include approximately $6.5 million of Residential EBITDA effectively pushed into 2022 as the result of weather in California and COVID impacts. Another $3 million was invested in sales and marketing to rapidly expand SunPower’s serviceable solar market to more customers in underpenetrated areas nationally.

SunPower recently announced an agreement to sell its Commercial & Industrial Solutions (CIS) business to TotalEnergies for up to $250 million in cash, including $190 million payable at closing, subject to customary adjustments, and up to $60 million in contingent payments subject to regulatory evolution. The transaction will complete SunPower’s transition to a residential solar company with enhanced strategic focus on accelerating customer growth and expanding products and services to increase customer lifetime value.

“2021 was a pivotal year for SunPower as we charted a new course for the company with an enhanced focus on driving growth in the residential market, and the forward momentum continues into 2022” said Peter Faricy, CEO of SunPower. “Thanks to the strategic acquisition of Blue Raven, the sale of CIS, new executive hires, product innovation and our increased focus on lifetime customer experience, we have never been in a better position to optimize for growth in the year ahead making solar within reach for more homeowners across the nation. I am confident that our clear strategic direction will help create the industry’s best experience for residential customers and deliver long-term value to our shareholders.”

Solidified Strategic Position
With nearly 22,500 residential bookings in the quarter, up 42% versus the prior year, SunPower’s total residential install base reached 427,000 in 2021 with a growing and record-high backlog.


The following information was filed by Sunpower Corp (SPWR) on Wednesday, February 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sunpower Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Condensed Consolidated Balance Sheets (Parentheticals)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Deficit) (Parenthetical)
Consolidated Statements Of Operations
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Accounts Receivable, Net (Details)
Balance Sheet Components - Accrued Liabilities (Details)
Balance Sheet Components - Accumulated Other Comprehensive Loss (Details)
Balance Sheet Components - Allowances (Details)
Balance Sheet Components - Inventories (Details)
Balance Sheet Components - Other Long-Term Assets (Details)
Balance Sheet Components - Other Long-Term Liabilities (Details)
Balance Sheet Components - Prepaid Expenses And Other Current Assets (Details)
Balance Sheet Components - Property, Plant And Equipment, Net (Details)
Business Combination And Divestitures
Business Combination And Divestitures (Tables)
Business Combination And Divestitures - Acquired Intangible Assets (Details)
Business Combination And Divestitures - Acquisition Of Blue Raven Solar Holdings (Details)
Business Combination And Divestitures - Acquisition Of Blue Raven Solar Holdings - Identifiable Tangible And Intangible Assets Acquired And Liabilities Assumed (Details)
Business Combination And Divestitures - Acquisition Of Blue Raven Solar Holdings - Narrative (Details)
Business Combination And Divestitures - Assets And Liabilities (Details)
Business Combination And Divestitures - Net Gain (Loss) On Sale (Details)
Business Combination And Divestitures - Pro Forma Information (Details)
Business Combination And Divestitures - Proceeds Received (Details)
Business Combination And Divestitures - Sale Of Commercial Projects - Narrative (Details)
Business Combination And Divestitures - Sale Of Residential Leases - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Facility And Equipment Leases (Details)
Commitments And Contingencies - Facility And Equipment Leases - Narrative (Details)
Commitments And Contingencies - Future Maturities (Details)
Commitments And Contingencies - Indemnifications - Narrative (Details)
Commitments And Contingencies - Legal Matters - Narrative (Details)
Commitments And Contingencies - Product Warranties (Details)
Commitments And Contingencies - Product Warranties - Narrative (Details)
Commitments And Contingencies - Purchase Commitment (Details)
Commitments And Contingencies - Purchase Commitment - Narrative (Details)
Common Stock
Common Stock (Details)
Common Stock (Tables)
Debt And Credit Sources
Debt And Credit Sources (Tables)
Debt And Credit Sources - 0.875% Debentures Due 2021 (Details)
Debt And Credit Sources - 4.00% Debentures Due 2023 (Details)
Debt And Credit Sources - Asset-Backed Loan With Bank Of America (Details)
Debt And Credit Sources - Bank Of The West (Details)
Debt And Credit Sources - Deutsche Bank Trust (Details)
Debt And Credit Sources - Financing For Safe Harbor Panels Inventory (Details)
Debt And Credit Sources - Loan Agreement With California Enterprise Development Authority ("Ceda") (Details)
Debt And Credit Sources - Non-Recourse Debt (Details)
Debt And Credit Sources - Schedule Of Convertible Debt (Details)
Debt And Credit Sources - Schedule Of Debt (Details)
Debt And Credit Sources - Schedule Of Maturities (Details)
Equity Investments
Equity Investments (Tables)
Equity Investments - Consolidated Vies (Details)
Equity Investments - Equity Method Investments (Details)
Equity Investments - Related Party Transactions With Investees (Details)
Equity Investments - Summarized Financial Information Of Unconsolidated Vies (Details)
Equity Investments - Unconsolidated Vies (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Equity Method Investments Activity (Details)
Fair Value Measurements - Level 3 Significant Unobservable Input Sensitivity (Details)
Fair Value Measurements - Narrative (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Carryforwards (Details)
Income Taxes - Classification Of Interests And Penalties (Details)
Income Taxes - Components Of Income Tax (Details)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Effective Income Tax Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Unrecognized Tax Benefits Activity (Details)
Income Taxes - Unrecognized Tax Benefits Narrative (Details)
Income Taxes - Valuation Allowance (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Antidilutive Shares (Details)
Net Income (Loss) Per Share - Calculation Of Basic And Diluted Net Income (Loss) Per Share Attributable (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Advertising Costs (Details)
Organization And Summary Of Significant Accounting Policies - Estimated Credit Losses (Details)
Organization And Summary Of Significant Accounting Policies - Fair Value Of Financial Instruments (Details)
Organization And Summary Of Significant Accounting Policies - Lease Accounting (Details)
Organization And Summary Of Significant Accounting Policies - Liquidity (Details)
Organization And Summary Of Significant Accounting Policies - Product Warranties (Details)
Organization And Summary Of Significant Accounting Policies - Property, Plant And Equipment (Details)
Organization And Summary Of Significant Accounting Policies - Software Development Costs (Details)
Organization And Summary Of Significant Accounting Policies- Revenue Recognition (Details)
Related Party Transactions (Tables)
Related-Party Transactions
Related-Party Transactions (Details)
Related-Party Transactions - Narrative (Details)
Restructuring
Restructuring (Tables)
Restructuring - Charges Comparison (Details)
Restructuring - Narrative (Details)
Restructuring - Rollforward (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Revenue From Contracts With Customers - Net Change In Estimate (Details)
Revenue From Contracts With Customers - Performance Obligations (Details)
Segment And Geographical Information
Segment And Geographical Information (Narrative) (Details)
Segment And Geographical Information (Tables)
Segment And Geographical Information - Reconciliation Of Other Significant Reconciling Items From Segments To Consolidated (Details)
Segment And Geographical Information - Reconciliation Of Segment Gross Profit To Condensed Consolidated Gaap Gross Profit (Details)
Segment And Geographical Information - Reconciliation Of Segment Revenue To Condensed Consolidated Gaap Revenue (Details)
Segment And Geographical Information - Reconciliation Of Segments Ebitda To Loss Before Income Taxes And Equity In Earnings (Losses) Of Unconsolidated Investees (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Expense (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Shares (Details)
Subsequent Events
Subsequent Events (Details)
Transactions With Total And Total Energies Se
Transactions With Total And Total Energies Se (Tables)
Transactions With Total And Total Energies Se - 0.875% Debentures Due 2021 (Details)
Transactions With Total And Total Energies Se - 4.00% Debentures Due 2023 (Details)
Transactions With Total And Total Energies Se - Affiliation Agreement (Details)
Transactions With Total And Total Energies Se - Joint Solar Projects With Total And Its Affiliates (Details)
Transactions With Total And Total Energies Se - Narrative (Details)
Transactions With Total And Total Energies Se - Revenue From Related Parties (Details)
Transactions With Total And Total Energies Se - Schedule Of Related Party Transactions (Details)
Transactions With Total And Total Energies Se - Supply Agreements (Details)
Ticker: SPWR
CIK: 867773
Form Type: 10-K Annual Report
Accession Number: 0000867773-22-000016
Submitted to the SEC: Fri Feb 25 2022 4:16:28 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Sunday, January 2, 2022
Industry: Semiconductors And Related Devices

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