Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - SUNPOWER CORP | ex99_1.htm |
| EX-99.3 - EXHIBIT 99.3 - SUNPOWER CORP | ex99_3.htm |
| 8-K - SUNPOWER CORPORATION 8-K 11-3-2011 - SUNPOWER CORP | form8k.htm |
Exhibit 99.2
Third Quarter 2011 Earnings Supplementary Slides
November 3, 2011
© 2011 SunPower Corporation
Safe Harbor Statement
2
© 2011 SunPower Corporation
Agenda
§ Q311 Performance and 2011 Overview
§ Panel Cost Roadmap
§ Q311 Financial Review
§ 2011 Outlook
3
© 2011 SunPower Corporation
Q3 and 2011 Overview
§ Q3: Achieved financial plan during rapid market price
reductions
reductions
– Revenue, non-GAAP EPS met or exceeded outlook
– Single RLC price reduction in Q3
– Manufacturing lines full utilization, record cell production
– Inventory stable Q on Q
– Ending cash up >25% sequentially with $475 million in new facilities
– Continued strong support from Total
§ 2011: Share gain, cost reduction, balance sheet strength
– Q4 RLC ASP set to gain share
– Q4 OpEx reduction and restructuring plan to align with 2012 plan
– Q4 output reduced by ~50 MW to align with
– First step-reduced cell production line operating - 15% lower $/W YOY
– Finish year with strong balance sheet and ample liquidity
4
© 2011 SunPower Corporation
Q3 UPP Execution
§Exceeded revenue/margin forecast - North American market strength
§Shipped 120 MW - up 80% vs Q310
§Completed Pofi / Galatina Italian power plants
§Sold CVSR to NRG, completed DOE LG, started construction
§First power plant orders from India 15 MW
§Growth in Japanese shipments through Toshiba
§Strong investor demand: 25 MW Modesto Irrigation District power plant
§US pipeline maturing with permit and transmission progress
§Global pipeline expanding: working with Total on new opportunities
§C7 concentrator tracking system launched at SPI
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© 2011 SunPower Corporation
Q3 R&C Expanding Rapidly
§Q3 Residential demand improved less than anticipated
§Record shipments into Germany in Q3
§Extended #1 market share in US RLC
§Demand strong for new leasing product - 8 states in Q3, more in 2012
§Increasing dealer share of account in EU / US
§Leadership position in US public sector business - strong backlog
– >90 California schools under construction 2011-12 school year
§Alliance programs launched: Ford, OSH, more to come
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© 2011 SunPower Corporation
Q3 Technology Advances
§First Gen 3 cells through fabs: 24%+ efficiency
§Launched AC solar panels with 25 yr warranty for residential markets
§Oasis rollout for ground mount power plants successful
– 20 MW Copper Crossing power plant for Iberdrola
– 9 MW project for Campbell’s Soup
§Launched C7 concentrating tracker system for UPP markets
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© 2011 SunPower Corporation
Cost Reduction Roadmap
8
Step reduction;
Vertical integration
Thinner wafers;
Continuous Improvement
Projects
Projects
$1.00
$1.08
Efficiency adjusted cost per watt
* Q411 cost per watt excludes up to $0.04/w due to lower utilization costs
~$0.86
© 2011 SunPower Corporation
Financial Results
|
($ Millions except per share data)
|
Quarter
Ending 10/2/11
|
Quarter
Ending 10/3/10
|
Quarter
Ending 7/3/11
|
|
Revenues (Non-GAAP)
|
$705.4
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$553.8
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$592.3
|
|
UPP
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$324.5
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$261.0
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$302.4
|
|
R&C
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$380.9
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$292.8
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$289.8
|
|
Gross Margin % (Non-GAAP)
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11.4%
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22.3%
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12.5%
|
|
UPP
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12.6%
|
20.0%
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8.5%
|
|
R&C
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10.3%
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24.3%
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16.7%
|
|
Tax Rate (non-GAAP)
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25.6%
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15.4%
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20.6%**
|
|
Net Income (Loss) (GAAP)
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($370.8)**
|
$20.1
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($147.9)
|
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Net Income (Loss) (Non-GAAP)
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$15.4
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$26.3
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($18.4)
|
|
Diluted Wtg. Avg. Shares Out. (GAAP)
Diluted Wtg. Avg. Shares Out. (Non-GAAP)
|
98.3*
99.6*
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105.6*
105.6*
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97.7*
97.7*
|
|
EPS (GAAP)
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($3.77)
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$0.21
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($1.51)
|
|
EPS (Non-GAAP)
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$0.16
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$0.26
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($0.19)
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Note: Non-GAAP figures are reconciled to comparable GAAP figures in appendix on company website
*not converted method
** Q311 GAAP results reflect $349.8 million charge for goodwill and intangible asset impairment
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© 2011 SunPower Corporation
Balance Sheet / Liquidity
§ Finished Q311 with over $610 million in cash & investments
§ Working capital - leveraging Total
– Closed new $275 million revolving credit / $200 million LOC facilities
– Increased inventory turns to 5.9 times
– Inventory stable, sequential improvement in DSO
§ Capex spend of $17 million
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© 2011 SunPower Corporation
Q4 2011 Non-GAAP Guidance*
|
|
Q4 2011
Outlook |
2011
Outlook |
|
Revenue
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$675-$725M(a)
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$2.40-$2.45B(b)
|
|
UPP % **
|
35%-40%
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45%-50%
|
|
R&C % **
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60%-65%
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50%-55%
|
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Gross Margin
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10%-12%(c)
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12%-14%(d)
|
|
EPS
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($0.15)-$0.10(e)
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($0.05)-$0.20(f)
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WASO
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99-100M(g)
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99-100M(g)
|
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CapEx
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$40-$50M
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$125-$135M
|
|
MW Recognized
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250 - 275MW
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800 - 825MW
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*) Non-GAAP to GAAP reconciliation footnotes are available in the appendix section of this presentation
**) As a % of revenue
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Appendix
© 2011 SunPower Corporation
2011 Outlook: MW Recognized
13
|
|
Q4 2011
Outlook
|
2011
Outlook
|
|
Total Recognized MW
|
250 - 275MW
|
800 - 825MW
|
|
Segmentation %
|
|
|
|
UPP
|
35%-40%
|
45%-50%
|
|
R&C
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60%-65%
|
50%-55%
|
|
Geography
|
|
|
|
US
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115 - 125MW
|
390 - 400MW
|
|
Europe
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110 - 120MW
|
360 - 370MW
|
|
ROW
|
25 - 30MW
|
50 - 55MW
|
© 2011 SunPower Corporation
Q4 2011 GAAP Guidance
|
|
Q4 2011
Outlook |
2011
Outlook |
|
Revenue
|
$575-$625M
|
$2.30-$2.35B
|
|
UPP %
|
25%-30%
|
40%-45%
|
|
R&C %
|
70%-75%
|
55%-60%
|
|
Gross Margin
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7%-9%
|
9%-11%
|
|
EPS
|
($0.60)-($0.35)
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($5.90)-($5.65)
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|
WASO
|
99-100M
|
99-100M
|
|
CapEx
|
$40-$50M
|
$125-$135M
|
|
MW Recognized
|
240 - 265
|
790 - 815
|
Note: Non-GAAP figures are reconciled to comparable GAAP figures in 8/9/11 earnings press release
14
© 2011 SunPower Corporation
2011 Non-GAAP Guidance Footnotes
(a) Estimated non-GAAP amounts above for Q4 2011 include the estimated revenue for a UPP project and R&C leases of approximately $98.0
million.
million.
(b) Estimated non-GAAP amounts above for FY 2011 include the estimated revenue for a UPP project and R&C leases of approximately $98.0
million.
million.
(c) Estimated non-GAAP amounts above for Q4 2011 reflect adjustments that include the gross margin of approximately $21.0 million related
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude estimated stock-
based compensation expense of approximately $3.6 million and estimated non-cash interest expense of approximately $0.4 million.
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude estimated stock-
based compensation expense of approximately $3.6 million and estimated non-cash interest expense of approximately $0.4 million.
(d) Estimated non-GAAP amounts above for FY 2011 reflect adjustments that include the gross margin of approximately $21.0 million related
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude amortization of
intangible assets of approximately $0.4 million, estimated stock-based compensation expense of approximately $14.5 million, estimated non-
cash interest expense of approximately $2.6 million and loss on change in European government incentives of approximately $48.5 million.
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude amortization of
intangible assets of approximately $0.4 million, estimated stock-based compensation expense of approximately $14.5 million, estimated non-
cash interest expense of approximately $2.6 million and loss on change in European government incentives of approximately $48.5 million.
(e) Estimated non-GAAP amounts above for Q4 2011 reflect adjustments that include the gross margin of approximately $21.0 million related
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude estimated stock-
based compensation expense of approximately $12.3 million, estimated non-cash interest expense of approximately $6.8 million, estimated
Total investment-related costs of approximately $1.1 million, amortization of intangible assets of approximately $1.0 million and the related tax
effects of these non-GAAP adjustments.
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude estimated stock-
based compensation expense of approximately $12.3 million, estimated non-cash interest expense of approximately $6.8 million, estimated
Total investment-related costs of approximately $1.1 million, amortization of intangible assets of approximately $1.0 million and the related tax
effects of these non-GAAP adjustments.
(f) Estimated non-GAAP amounts above for FY 2011 reflect adjustments that include the gross margin of approximately $21.0 million related to
the non-GAAP revenue adjustments that are discussed above and a net gain related to sale of stock and change in equity interest in
unconsolidated investee of approximately $4.0 million. In addition, the estimated non-GAAP amounts exclude goodwill and other intangible
asset impairment of approximately $349.8 million, amortization of intangible assets of approximately $21.6 million, estimated stock-based
compensation expense of approximately $50.1 million, estimated non-cash interest expense of approximately $27.9 million, estimated Total
investment-related costs of approximately $14.7 million, amortization of promissory notes of approximately $3.5 million, loss on change in
European government incentives of approximately $65.7 million, net gain on mark-to-market derivatives of approximately $0.3 million and the
related tax effects of these non-GAAP adjustments.
the non-GAAP revenue adjustments that are discussed above and a net gain related to sale of stock and change in equity interest in
unconsolidated investee of approximately $4.0 million. In addition, the estimated non-GAAP amounts exclude goodwill and other intangible
asset impairment of approximately $349.8 million, amortization of intangible assets of approximately $21.6 million, estimated stock-based
compensation expense of approximately $50.1 million, estimated non-cash interest expense of approximately $27.9 million, estimated Total
investment-related costs of approximately $14.7 million, amortization of promissory notes of approximately $3.5 million, loss on change in
European government incentives of approximately $65.7 million, net gain on mark-to-market derivatives of approximately $0.3 million and the
related tax effects of these non-GAAP adjustments.
(g) Weighted average shares used in the calculation of diluted earnings per share is based on the not converted method.
15
© 2011 SunPower Corporation
GAAP to Non-GAAP Reconciliation
16
© 2011 SunPower Corporation
17
GAAP to Non-GAAP Reconciliation
18
Third Quarter 2011 Earnings Supplementary Slides
November 3, 2011