Sunpower Corp (SPWR) 10-Q Quarterly Report October 2019



($ Millions, except percentages and per-share data)	3rd Quarter 2019	2nd Quarter 2019	3rd Quarter 2018
GAAP revenue	$476.0	$436.3	$428.3
GAAP gross margin	10.1%	4.5%	2.3%
GAAP net income (loss)	$(15.0)	$121.5	$(89.8)
GAAP net income (loss) per diluted share	$(0.11)	$0.75	$(0.64)
Non-GAAP revenue¹	$491.7	$481.9	$443.4
Non-GAAP gross margin¹	15.9%	10.5%	4.7%
Non-GAAP net income (loss)¹	$10.6	$(31.1)	$(40.9)
Non-GAAP net income (loss) per diluted share¹	$0.07	$(0.22)	$(0.29)
Adjusted EBITDA¹	$42.0	$8.0	$6.7
MW Deployed	586	622	346

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.

The following information was filed by Sunpower Corp (SPWR) on Wednesday, October 30, 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-Q Quarterly 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-Q Quarterly Report:

Legal - Other Highlight
Risk Factors-Risks Related to Our Supply Chain," including "-Our long-term, firm commitment supply agreements could result in excess or insufficient inventory, place us at a competitive disadvantage on pricing, or lead to disputes, each of which could Table of Contents impair our ability to meet our cost reduction roadmap, and in some circumstances may force us to take a significant accounting charge" and "-We will continue to be dependent on a limited number of third-party suppliers for certain raw materials and components for our products, which could prevent us from delivering our products to our customers within required timeframes and could in turn result in sales and installation delays, cancellations, penalty payments and loss of market share" of our Annual Report on Form 10-K for the fiscal year ended December 30, 2018.

Financial - Expense Highlight
R&D expense decreased by 26% during the nine months ended September 29, 2019 as compared to the nine months ended September 30, 2018, primarily due to a decrease in labor and facility costs as a result of reductions in headcount driven by our February 2018 restructuring plan.
Financial - Expense Highlight
SG&A expense decreased by 15% and 8% during the three and nine months ended September 29, 2019 as compared to the three and nine months ended September 30, 2018, respectively, primarily due to reductions in headcount and salary expenses driven by our February 2018 restructuring plan and ongoing cost reduction efforts.
Revenue - Product Highlight
Gain on business divestiture increased by 142% during the nine months ended September 29, 2019 as compared to the nine months ended September 30, 2018, primarily due to the gain the on our sale of commercial sale-leaseback portfolio during the first and second quarters of fiscal 2019 resulting in a gain of $143.4 million compared to the gain of $59.3 million on sale of Microinverter business recorded in the quarter ended September 30, 2018.
Financial - Earnings Highlight
Table of Contents Gross margin for the segment increased by 16% and 9%, during the three and nine months ended September 29, 2019 as compared to the three and nine months ended September 30, 2018, respectively, primarily due to higher volume of module sales in Europe and Asia, as well as the sale of development projects in Japan and Chile, and profit contributed by the gain on sale and leaseback of our Oregon manufacturing facility.
Revenue - Product
We believe that our strategic...Read more
Financial - Expense
We often choose to bear...Read more
Financial - Expense
This was partially offset by:...Read more
Financial - Expense
Net cash provided by financing...Read more
Other - Other
An additional gain $4.3 million...Read more
Other - Other
While challenging industry conditions and...Read more
Financial - Debt
Additional debt would result in...Read more
Revenue - Product
Risk Factors-Risks Related to Our...Read more
Other - Other
Factors that could cause or...Read more
Revenue - Product
This was offset by (i)...Read more
Other - Other
we also have the ability...Read more
Other - Other
As of September 29, 2019...Read more
Other - Other
In fiscal 2019, we continue...Read more
Financial - Shares
Our equity in losses of...Read more
Revenue - Product
Under the new segmentation, SunPower...Read more
Revenue - Product
Our total revenue during the...Read more
Financial - Shares
The current economic environment, however,...Read more
Revenue - Product
In connection with the sale...Read more
Revenue - Product
Revenue for the segment increased...Read more
Revenue - Product
The sale of additional equity...Read more
Financial - Shares
We have been successful in...Read more
Financial - Expense
This was partially offset by:...Read more
Financial - Cash Flow
We continue to focus on...Read more
Revenue - Product
This reduction was partially offset...Read more
Other - Other
Restructuring charges decreased by 67%...Read more
Financial - Expense
Uncertainties associated with the Section...Read more
Revenue - Product
For the purpose of the...Read more
Financial - Debt
The assumption of such debt,...Read more
Financial - Earnings
Each draw down from the...Read more
Other - Other
We will continue to monitor...Read more
Financial - Shares
The decrease in net loss...Read more
Other - Other
The application of this structure...Read more
Revenue - Geography
If we undergo a non-stock...Read more
Revenue - Geography
If we undergo a non-stock...Read more
Financial - Expense
Interest expense decreased 59% and...Read more
M & A - Other
Our efforts in this area...Read more
Revenue - Product
Sale of Residential Lease Assets...Read more
Financial - Debt
The following table summarizes our...Read more
Financial - Expense
We are focusing on our...Read more
Other - Other
Any delays in disposition of...Read more
Other - Other
We are now producing our...Read more
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Our total revenue during the...Read more
Revenue - Product
Table of Contents On December...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Sunpower Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: SPWR
CIK: 867773
Form Type: 10-Q Quarterly Report
Accession Number: 0000867773-19-000066
Submitted to the SEC: Wed Oct 30 2019 2:47:36 PM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Sunday, September 29, 2019
Industry: Semiconductors And Related Devices