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Sunpower Corp (SPWR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 30, 2018

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 Fiscal Year 2018 Results
Solid Financial Performance, NGT Expansion, DG Strength
SunPower to Host Capital Markets Day on March 27, 2019

SAN JOSE, Calif., Feb. 13, 2019 - SunPower Corp. (NASDAQ:SPWR) today announced financial results for its fourth quarter ended December 30, 2018.

Fourth Quarter Highlights
Solid financial performance: strong cash generation quarter
Significantly delevered balance sheet: more than 50 percent sequential net debt reduction
Completed previously announced business re-segmentation
SunPower Energy Services (SPES)
North American residential annual deployments increased 15 percent
Record commercial bookings quarter: 80 percent of 2019 forecast in backlog
SunPower Technologies (SPT)
Initial production of company’s Next Generation Technology (NGT) panels
Expanding NGT capacity: initiated process for second manufacturing line

($ Millions, except percentages and per-share data)
4th Quarter 2018
3rd Quarter 2018
4th Quarter 20173
FY 2018
FY 20173
GAAP revenue
$456.8
$428.3
$651.1
$1,726.1
$1,794.0
GAAP gross margin
(1.7)%
2.3%
(2.0)%
(17.2)%4
(1.0)%
GAAP net loss
$(158.2)
$(89.8)
$(572.7)
$(811.1)4
$(929.1)
GAAP net loss per diluted share
$(1.12)
$(0.64)
$(4.10)
$(5.76)4
$(6.67)
Non-GAAP revenue1
$525.4
$443.4
$824.0
$1,814.9
$2,128.6
Non-GAAP gross margin1,2
6.9%
4.7%
11.9%
7.5%
11.1%
Non-GAAP net income (loss)1,2
$(30.3)
$(40.9)
$35.8
$(101.4)
$(34.4)
Non-GAAP net income (loss) per diluted share1,2
$(0.21)
$(0.29)
$0.26
$(0.72)
$(0.25)
Adjusted EBITDA1,2
$13.6
$6.7
$100.3
$111.2
$189.7
Net Debt
$589.6
$1,254.4
$1,169.8
$589.6
$1,169.8
    
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.
3The company adopted the new revenue recognition standard effective January 1, 2018. The prior periods presented here have been restated to reflect adoption of the new standard.
4Includes impairment charges of approximately $369.2 million for legacy manufacturing assets of which $355.1 million is recorded in GAAP gross margin in second quarter 2018.



The following information was filed by Sunpower Corp (SPWR) on Wednesday, February 13, 2019 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
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parentheticals)
Consolidated Statements Of Comprehensive Loss
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 Combination And Divestitures
Business Combination And Divestitures (Tables)
Business Combination And Divestitures Business Combinations (Details)
Business Combination And Divestitures Divestiture (Details)
Business Combination And Divestitures Fair Value Of Net Assets Acquired (Details)
Business Combination And Divestitures Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Common Stock
Common Stock (Details)
Common Stock (Tables)
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 Investments
Equity Investments Equity Method Investments (Tables)
Equity Method Investments (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Leasing
Leasing (Details)
Leasing (Tables)
Net Loss Per Share
Net Loss Per Share (Details)
Net Loss Per Share (Tables)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies - Advertising Costs (Details)
Organization And Summary Of Significant Accounting Policies - Impact To Previously Reported Results, Balance Sheet (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Impact Of New Leasing Guidance (Details)
Organization And Summary Of Significant Accounting Policies - Impacts To Previously Reported Results, Statement Of Cash Flows (Details)
Organization And Summary Of Significant Accounting Policies - Impacts To Previously Reported Results, Statement Of Operations Ytd (Details)
Organization And Summary Of Significant Accounting Policies - Narrative (Details)
Organization And Summary Of Significant Accounting Policies - Useful Lives (Details)
Other Intangible Assets
Other Intangible Assets (Tables)
Other Intangible Assets - Future Amortization (Details)
Other Intangible Assets - Intangible Assets (Details)
Other Intangible Assets - Narrative (Details)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers Revenue From Contracts With Customers
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details)
Segment And Geographical Information
Segment And Geographical Information (Details)
Segment And Geographical Information (Tables)
Selected Unaudited Quarterly Financial Data
Selected Unaudited Quarterly Financial Data (Details)
Selected Unaudited Quarterly Financial Data (Tables)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Subsequent Events
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: 0000867773-19-000006
Submitted to the SEC: Wed Feb 13 2019 5:00:48 PM EST
Accepted by the SEC: Thu Feb 14 2019
Period: Sunday, December 30, 2018
Industry: Semiconductors And Related Devices

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