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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 27, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission file number 001-34166


spwr-20200927_g1.gif
SunPower Corporation
(Exact Name of Registrant as Specified in Its Charter)

Delaware94-3008969
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
51 Rio RoblesSan JoseCalifornia95134
(Address of Principal Executive Offices)
(Zip Code)

(408) 240-5500
(Registrant's Telephone Number, Including Area Code)

_________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
 x
Non-accelerated filer Smaller reporting company Emerging growth company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  x

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockSPWRNASDAQ

The total number of outstanding shares of the registrant’s common stock as of October 23, 2020 was 170,159,499.


1


TABLE OF CONTENTS


2

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SunPower Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share par values)
(unaudited)
 September 27, 2020December 29, 2019
Assets
Current assets:
Cash and cash equivalents$324,741 $301,999 
Restricted cash and cash equivalents, current portion16,605 26,348 
Accounts receivable, net1
94,756 127,878 
Contract assets1
126,474 99,426 
Inventories178,139 163,405 
Advances to suppliers, current portion 31,843 
Project assets - plants and land, current portion24,366 12,650 
Prepaid expenses and other current assets2
96,247 86,755 
Current assets of discontinued operations 530,627 
Total current assets861,328 1,380,931 
Restricted cash and cash equivalents, net of current portion8,419 9,354 
Property, plant and equipment, net50,397 55,860 
Operating lease right-of-use assets53,716 40,699 
Solar power systems leased, net51,179 54,338 
Other intangible assets, net1,073 7,121 
Other long-term assets423,197 277,805 
Long-term assets of discontinued operations 345,813 
Total assets$1,449,309 $2,171,921 
Liabilities and (Deficit) Equity  
Current liabilities:  
Accounts payable1,2
$162,499 $207,062 
Accrued liabilities1
128,647 116,276 
Operating lease liabilities, current portion9,995 7,559 
Contract liabilities, current portion1
55,274 91,345 
Short-term debt96,625 44,473 
Convertible debt, current portion1
301,258  
Current liabilities of discontinued operations 431,694 
Total current liabilities754,298 898,409 
Long-term debt68,386 112,340 
Convertible debt1
422,132 820,259 
Operating lease liabilities, net of current portion44,100 36,657 
Contract liabilities, net of current portion1
29,478 31,922 
Other long-term liabilities137,981 157,774 
Long-term liabilities of discontinued operations 93,061 
Total liabilities1,456,375 2,150,422 
Commitments and contingencies (Note 8)
(Deficit) equity:  
Preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding as of September 27, 2020 and December 29, 2019
  
Common stock, $0.001 par value, 367,500 shares authorized; 182,941 shares issued, and 170,139 shares outstanding as of September 27, 2020; 182,830 shares issued, and 170,059 shares outstanding as of December 29, 2019
170 168 
Additional paid-in capital2,679,960 2,661,819 
Accumulated deficit(2,497,409)(2,449,679)
Accumulated other comprehensive gain (loss)8,070 (9,512)
Treasury stock, at cost: 12,801 shares of common stock as of September 27, 2020; 12,770 shares of common stock as of December 29, 2019
(201,090)(192,633)
Total stockholders' (deficit) equity(10,299)10,163 
Noncontrolling interests in subsidiaries3,233 11,336 
Total (deficit) equity(7,066)21,499 
Total liabilities and (deficit) equity$1,449,309 $2,171,921 
1 We have related-party balances for transactions made with Total SE and its affiliates as well as unconsolidated entities in which we have a direct equity investment. These related-party balances are recorded within the "accounts receivable, net," "contract assets," "accounts payable," "accrued liabilities," "contract liabilities, current portion," "convertible debt," and "contract liabilities, net of current portion," financial statement line items on our condensed consolidated balance sheets (see Note 3, Note 10, Note 11, and Note 12).

2 We have related-party balances for transactions entered with Maxeon Solar. These related-party balances are recorded within "prepaid expenses and other current assets" and "accrued liabilities" on our condensed consolidated balance sheets (see Note 13).



The accompanying notes are an integral part of these condensed consolidated financial statements.
3

SunPower Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
 Three Months EndedNine Months Ended
 September 27, 2020September 29, 2019September 27, 2020September 29, 2019
Revenue:
Solar power systems, components, and other1
$267,619 $277,280 $765,316 $665,623 
Residential leasing1,284 3,523 3,937 9,083 
Solar services5,903 5,239 13,766 15,902 
274,806 286,042 783,019 690,608 
Cost of revenue:
Solar power systems, components, and other1,2
233,144 236,991 681,649 600,947 
Residential leasing1,209 1,567 3,722 5,939 
Solar services3,313 1,989 5,672 6,319 
237,666 240,547 691,043 613,205 
Gross profit37,140 45,495 91,976 77,403 
Operating expenses:
Research and development2
5,344 8,837 19,106 26,494 
Sales, general and administrative35,462 41,428 112,193 129,582 
Restructuring (credits) charges(97)4,252 2,738 6,626 
(Gain) loss on sale and impairment of residential lease assets386 10,756 253 28,283 
Gain on business divestiture  (10,458)(143,400)
Income from transition services agreement, net2
(1,889) (1,889) 
Total operating expenses39,206 65,273 121,943 47,585 
Operating income (loss)(2,066)(19,778)(29,967)29,818 
Other income (expense), net:
Interest income104 951 682 2,184 
Interest expense1
(7,090)(8,930)(24,731)(40,570)
Other, net155,457 45,111 277,100 145,343 
Other income, net148,471 37,132 253,051 106,957 
Income from continuing operations before income taxes and equity in earnings of unconsolidated investees146,405 17,354 223,084 136,775 
Provision for income taxes(36,725)(2,928)(38,716)(10,074)
Equity in losses of unconsolidated investees (960) (716)
Net income from continuing operations109,680 13,466 184,368 125,985 
Loss from discontinued operations before income taxes and equity in earnings (losses) of unconsolidated investees(70,761)(29,417)(125,599)(131,181)
Provision for income taxes6,137 (2,450)3,191 (7,169)
Equity in earnings (losses) of unconsolidated investees58 (807)(586)(1,334)
Net loss from discontinued operations, net of taxes(64,566)(32,674)(122,994)(139,684)
Net income (loss)45,114 (19,208)61,374 (13,699)
Net (income) loss from continuing operations attributable to noncontrolling interests and redeemable noncontrolling interests(230)5,178 2,512 33,474 
Net (income) loss from discontinued operations attributable to noncontrolling interests and redeemable noncontrolling interests(258)(987)(1,313)(3,057)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(488)4,191 1,199 30,417 
Net income from continuing operations attributable to stockholders$109,450 $18,644 $186,880 $159,459 
Net loss from discontinued operations attributable to stockholders(64,824)$(33,661)$(124,307)$(142,741)
Net income (loss) attributable to stockholders$44,626 $(15,017)$62,573 $16,718 
Net income (loss) per share attributable to stockholders - basic:
Continuing operations0.64 0.13 1.10 1.12 
Discontinued operations(0.38)(0.24)(0.73)(1.00)
Net income (loss) per share - basic0.26 (0.11)0.37 0.12 
Net income (loss) per share attributable to stockholders - diluted:
Continuing operations0.57 0.12 0.99 1.03 
Discontinued operations(0.33)(0.22)(0.62)(0.86)
Net income (loss) per share - diluted0.24 (0.10)0.37 0.17 
Weighted-average shares:
Basic170,113 142,553 169,646 142,248 
Diluted198,526 155,583 200,124 166,861 

1We have related-party transactions with Total SE and its affiliates as well as unconsolidated entities in which we have a direct equity investment. These related-party transactions are recorded within the "revenue: solar power systems, components, and other," "cost of revenue: solar power systems, components, and other," "operating expenses: research and development," and "other income (expense), net: interest expense" financial statement line items in our condensed consolidated statements of operations (see Note 3 and Note 11).

2We have related-party transactions with Maxeon Solar. These related-party transactions are recorded within the "cost of revenue: solar power systems, components, and other", "research and development" expenses", and "income from transition services agreement, net" (see Note 13).


The accompanying notes are an integral part of these condensed consolidated financial statements.
4

SunPower Corporation
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(unaudited)

 Three Months EndedNine Months Ended
September 27, 2020September 29, 2019September 27, 2020September 29, 2019
Net income (loss)$45,114 $(19,208)$61,374 $(13,699)
Components of other comprehensive income:
Translation adjustment2,619 (1,547)2,753 (755)
Net change in derivatives (Note 12)(1,602)2,267 (2,540)1,550 
Net gain (loss) on long-term pension liability obligation16  (33) 
Income taxes(5)(626)(5)(436)
Total other comprehensive income (loss)1,028 94 175 359 
Total comprehensive income (loss)46,142 (19,114)61,549 (13,340)
Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests(488)4,191 1,199 30,417 
Comprehensive income (loss) attributable to stockholders$45,654 $(14,923)$62,748 $17,077 


The accompanying notes are an integral part of these condensed consolidated financial statements.

5

SunPower Corporation
Condensed Consolidated Statements of Equity (Deficit)
(In thousands)
 Common Stock     
 SharesValueAdditional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Loss
Accumulated DeficitTotal
Stockholders’
Equity (Deficit)
Noncontrolling Interests in SubsidiariesTotal Equity (Deficit)
Balances at December 29, 2019168,121 $168 $2,661,819 $(192,633)$(9,512)$(2,449,679)$10,163 $11,336 $21,499 
Net loss— — — — — (1,431)(1,431)(707)(2,138)
Other comprehensive income— — — — 723 — 723 — 723 
Issuance of restricted stock to employees, net of cancellations2,452 3 — — — — 3 — 3 
Stock-based compensation expense— — 6,885 — — — 6,885 — 6,885 
Purchases of treasury stock(818)(1)— (6,910)— — (6,911)— (6,911)
Balances at March 29, 2020169,755 170 2,668,704 (199,543)(8,789)(2,451,110)9,432 10,629 20,061 
Net income (loss)— — — — — 19,378 19,378 (980)18,398 
Other comprehensive loss— — — — (1,576)— (1,576)— (1,576)
Issuance of restricted stock to employees, net of cancellations533  — — — —  —  
Stock-based compensation expense— — 5,675 — — — 5,675 — 5,675 
Purchases of treasury stock(229)— — (1,253)— — (1,253)— (1,253)
Balances at June 28, 2020170,059 170 2,674,379 (200,796)(10,365)(2,431,732)31,656 9,649 41,305 
Net income— — — — — 44,626 44,626 488 45,114 
Other comprehensive loss— — — — 1,028 — 1,028 — 1,028 
Distributions to non-controlling interest(302)(302)
Issuance of restricted stock to employees, net of cancellations111 — — — —  —  
Stock-based compensation expense— — 5,581 — — — 5,581 — 5,581 
Purchases of treasury stock(31)— — (294)— — (294)— (294)
Contributions to non-controlling interest22 22 
Issuance of Maxeon Solar green convertible notes— — 53,040 — — — 53,040 — 53,040 
Impact of Maxeon Solar Spin-Off— (53,040)— 17,407 (110,303)(145,936)(6,624)(152,560)
Balances at September 27, 2020170,139 $170 $2,679,960 $(201,090)$8,070 $(2,497,409)$(10,299)$3,233 $(7,066)


6

 Common Stock     
 SharesValueAdditional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Loss
Accumulated DeficitTotal
Stockholders’
Deficit
Noncontrolling Interests in SubsidiariesTotal Equity
Balances at December 30, 2018141,178 $141 $2,463,370 $(187,069)$(4,150)$(2,480,988)$(208,696)$58,810 $(149,886)
Net loss— — — — — (89,724)(89,724)(14,841)(104,565)
Cumulative-effect upon adoption of ASC 842— — — — — 9,151 9,151 — 9,151 
Other comprehensive income— — — — 99 — 99 — 99 
Issuance of restricted stock to employees, net of cancellations1,848 2 — — — — 2 — 2 
Stock-based compensation expense— — 6,628 — — — 6,628 — 6,628 
Contributions from noncontrolling interests— — — — — — — 20,987 20,987 
Purchases of treasury stock(633)(1)— (3,871)— — (3,872)— (3,872)
Balances at March 31, 2019142,393 142 2,469,998 (190,940)(4,051)(2,561,561)