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Sunpower Corp (SPWR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Sunpower Corp

CIK: 867773 Ticker: SPWR


Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts:

Investors
Bob Okunski
408-240-5447
Bob.Okunski@sunpower.com

Media
Natalie Wymer
408-457-2348
Natalie.Wymer@sunpower.com


SunPower Reports Fourth Quarter and FY 2017 Results
Company Reports Strong Q4 Revenue and Adjusted EBITDA, Exceeds Cash Forecasts
Proposed Sale of 8point3, Residential Lease Portfolio to Improve Near-Term Liquidity

SAN JOSE, Calif., Feb. 14, 2018
- SunPower Corp. (NASDAQ:SPWR) today announced financial results for its fourth quarter ended December 31, 2017.

($ Millions, except percentages and per-share data)
4th Quarter 2017
3rd Quarter 2017
4th Quarter 2016
FY 2017
FY 2016
GAAP revenue
$658.1
$477.2
$1,024.9
$1,871.8
$2,559.6
GAAP gross margin
(2.3)%
3.3%
(3.1)%
(0.8)%
7.4%
GAAP net loss
$(568.7)
$(54.2)
$(275.1)
$(851.2)
$(471.1)
GAAP net loss per diluted share
$(4.07)
$(0.39)
$(1.99)
$(6.11)
$(3.41)
Non-GAAP revenue1
$824.0
$533.6
$1,097.3
$2,128.6
$2,702.9
Non-GAAP gross margin1,2
11.9%
12.8%
6.4%
11.1%
14.5%
Non-GAAP net income (loss)1,2
$35.8
$29.5
$3.3
$(34.4)
$85.0
Non-GAAP net income (loss) per diluted share1,2
$0.25
$0.21
$0.02
$(0.25)
$0.60
Adjusted EBITDA1,2
$100.3
$67.3
$71.4
$189.7
$311.9
Operating cash flow
$47.9
$(26.6)
$486.1
$(267.4)
$(312.3)
1Information about SunPower's use of non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below.
2Excludes polysilicon costs related to its above market polysilicon contracts.

“We are pleased with our results for the quarter, which were the product of solid execution across all business segments,” said Tom Werner, SunPower president and CEO. “In our distributed generation business, demand remained strong through the end of the year, enabling SunPower to gain share in both our residential and commercial segments. Our solid performance in commercial reflected the completion of a number of key projects including the 28-megawatt (MW) Vandenberg Air Force project while expanding our footprint in storage and booking of our first Helix storage project. Demand for our high quality, industry leading residential solutions remained robust as we exceeded plan in all core markets. For the full year, our residential MW deployments grew more than 25 percent, reinforcing our market leadership position in this segment. In our power plant business, we completed and sold the 110-MW El Pelicano project in Chile in the fourth quarter generating significant cash and delevering the balance sheet. We are seeing continued growth in our SunPower Solutions group as well, including the recent award of 115 MW of rooftop projects in the latest French tender.

“In our upstream business, we are on track to achieve our long-term cost reduction targets and our Fabs remain at 100 percent utilization. We are particularly pleased with the progress of our next generation solar cell and module technology and are proceeding with installation of the first full-scale Next Generation Technology (NGT) manufacturing line at Fab 3 with volume production planned in the second half of this year.



The following information was filed by Sunpower Corp (SPWR) on Wednesday, February 14, 2018 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

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statement Of Comprehensive Income (loss) Statement
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parentheticals)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parentheticals)
Consolidated Statements Of Operations
Balance Sheet Components
Balance Sheet Components (details)
Balance Sheet Components (tables)
Business Combinations (details)
Business Combinations Fair Value Of Net Assets Acquired (details)
Business Combinations Purchase Price Allocation (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Common Stock (details)
Debt And Credit Sources
Debt And Credit Sources (details)
Debt And Credit Sources (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Equity Method Investments
Equity Method Investments (details)
Equity Method Investments Equity Method Investments (tables)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Future Amortization (details)
Goodwill And Other Intangible Assets - Goodwill Rollforward (details)
Goodwill And Other Intangible Assets - Intangible Assets (details)
Goodwill And Other Intangible Assets - Narrative (details)
Income Taxes
Income Taxes (details)
Leasing
Leasing (details)
Leasing (tables)
Net Income (loss) Per Share
Net Income (loss) Per Share (details)
Net Income (loss) Per Share (tables)
Restructuring
Restructuring (details)
Restructuring (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Subsequent Events (details)
The Company And Summary Of Significant Accounting Policies
The Company And Summary Of Significant Accounting Policies (details)
The Company And Summary Of Significant Accounting Policies (policies)
The Company And Summary Of Significant Accounting Policies Property, Plant & Equipment, Estimated Useful Life (details)
Transactions With Total And Total S.a.
Transactions With Total And Total S.a. (details)
Transactions With Total And Total S.a. (tables)
Ticker: SPWR
CIK: 867773
Form Type: 10-K Annual Report
Accession Number: 0000867773-18-000016
Submitted to the SEC: Wed Feb 14 2018 8:09:56 PM EST
Accepted by the SEC: Thu Feb 15 2018
Period: Sunday, December 31, 2017
Industry: Semiconductors And Related Devices

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