Delaware
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94-3008969
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(State or other jurisdiction
of incorporation)
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(I.R.S. Employer
Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release dated August 9, 2011
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SUNPOWER CORPORATION
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||
Date: August 9, 2011
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By:
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/s/ Dennis V. Arriola
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Name:
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Dennis V. Arriola
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Title:
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Executive Vice President and Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release dated August 9, 2011
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($ Millions except per-share data)
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2nd Quarter
2011
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1st Quarter
2011
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2nd Quarter
2010
|
Revenue
|
$592.3
|
$451.4
|
$384.2
|
GAAP gross margin
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3.3% (1)
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19.6%
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22.9%
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GAAP net loss
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($147.9)
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($2.1)
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($6.2)
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GAAP net loss per share
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($1.51)(1)(2)
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($0.02)
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($0.07)
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Non-GAAP gross margin(3)
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12.5%
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20.3%
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26.3%
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Non-GAAP net income (loss) per diluted share(3)
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($0.19)
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$0.15
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$0.15
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·
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$771 Million Letter of Credit Facility signed using Total Credit Support Agreement
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·
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Launched world-record efficiency SunPower® E 20 Series solar panel
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·
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Successful production run of Gen 2 high efficiency solar cells using 15% step reduced process
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·
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Completed construction of both Pofi (5 MW) and Galatina (9 MW) power plants in Italy
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·
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Received final Federal Environmental Assessment with a finding of no significant impact for 250 MWac California Valley Solar Ranch power plant and completed comprehensive settlement agreement with national environmental groups
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·
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Partnered with Citi to fund $105 million U.S. residential solar lease program
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Q3 2011
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FY 2011
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Revenue
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$700-750 million
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$2.80 - $2.95 billion
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Gross Margin (GAAP)
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12% - 14%
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14% - 16%
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Gross Margin (Non-GAAP)*
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13% - 15%
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17% - 19%
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GAAP net loss per diluted share
|
($0.25) – ($0.15)
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($1.00) – ($0.50)
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Non-GAAP net income per diluted share*
|
$0.05 - $0.15
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$0.75 - $1.25
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MW Recognized
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225 – 250 MW
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900 – 950 MW
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Jul. 3,
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Jan. 2,
|
|||||||
2011
|
2011
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 245,790 | $ | 605,420 | ||||
Restricted cash and cash equivalents
|
225,607 | 256,299 | ||||||
Investments
|
- | 38,720 | ||||||
Accounts receivable, net
|
395,991 | 381,200 | ||||||
Costs and estimated earnings in excess of billings
|
144,370 | 89,190 | ||||||
Inventories
|
412,614 | 313,398 | ||||||
Advances to suppliers
|
304,541 | 287,092 | ||||||
Prepaid expenses and other assets
|
492,319 | 371,228 | ||||||
Property, plant and equipment, net
|
592,659 | 578,620 | ||||||
Project assets - plants and land
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115,630 | 46,106 | ||||||
Goodwill and other intangible assets, net
|
399,411 | 412,058 | ||||||
Total assets
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$ | 3,328,932 | $ | 3,379,331 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Accounts payable
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$ | 413,554 | $ | 382,884 | ||||
Accrued and other liabilities
|
382,633 | 268,836 | ||||||
Billings in excess of costs and estimated earnings
|
47,210 | 48,715 | ||||||
Bank loans
|
213,623 | 248,010 | ||||||
Convertible debt
|
605,567 | 591,923 | ||||||
Customer advances
|
174,243 | 181,529 | ||||||
Total liabilities
|
1,836,830 | 1,721,897 | ||||||
Stockholders' equity
|
1,492,102 | 1,657,434 | ||||||
Total liabilities and stockholders' equity
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$ | 3,328,932 | $ | 3,379,331 |
THREE MONTHS ENDED
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SIX MONTHS ENDED
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|||||||||||||||||||
Jul. 3,
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Apr. 3,
|
Jul. 4,
|
Jul. 3,
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Jul. 4,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Revenue:
|
||||||||||||||||||||
Utility and power plants
|
$ | 302,439 | $ | 245,909 | $ | 119,999 | $ | 548,348 | $ | 264,093 | ||||||||||
Residential and commercial
|
289,816 | 205,509 | 264,239 | 495,325 | 467,419 | |||||||||||||||
Total revenue
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592,255 | 451,418 | 384,238 | 1,043,673 | 731,512 | |||||||||||||||
Cost of revenue:
|
||||||||||||||||||||
Utility and power plants
|
309,032 | 203,011 | 97,224 | 512,043 | 208,652 | |||||||||||||||
Residential and commercial
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263,929 | 159,885 | 199,163 | 423,814 | 363,266 | |||||||||||||||
Total cost of revenue
|
572,961 | 362,896 | 296,387 | 935,857 | 571,918 | |||||||||||||||
Gross margin
|
19,294 | 88,522 | 87,851 | 107,816 | 159,594 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
15,255 | 13,646 | 11,206 | 28,901 | 21,613 | |||||||||||||||
Selling, general and administrative
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90,856 | 76,179 | 78,376 | 167,035 | 142,656 | |||||||||||||||
Restructuring charges
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13,308 | - | - | 13,308 | - | |||||||||||||||
Total operating expenses
|
119,419 | 89,825 | 89,582 | 209,244 | 164,269 | |||||||||||||||
Operating loss
|
(100,125 | ) | (1,303 | ) | (1,731 | ) | (101,428 | ) | (4,675 | ) | ||||||||||
Other income (expense):
|
||||||||||||||||||||
Gain on change in equity interest in unconsolidated investee
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322 | - | 28,348 | 322 | 28,348 | |||||||||||||||
Gain (loss) on mark-to-market derivatives
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(97 | ) | (44 | ) | 34,070 | (141 | ) | 31,852 | ||||||||||||
Interest and other income (expense), net
|
(25,098 | ) | (23,723 | ) | (29,837 | ) | (48,821 | ) | (46,095 | ) | ||||||||||
Other income (expense), net
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(24,873 | ) | (23,767 | ) | 32,581 | (48,640 | ) | 14,105 | ||||||||||||
Income (loss) from continuing operations before income taxes and equity in earnings of unconsolidated investees
|
(124,998 | ) | (25,070 | ) | 30,850 | (150,068 | ) | 9,430 | ||||||||||||
Benefit from (provision for) income taxes
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(22,702 | ) | 15,816 | (46,992 | ) | (6,886 | ) | (16,117 | ) | |||||||||||
Equity in earnings (loss) of unconsolidated investees
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(172 | ) | 7,133 | 2,030 | 6,961 | 5,148 | ||||||||||||||
Loss from continuing operations
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(147,872 | ) | (2,121 | ) | (14,112 | ) | (149,993 | ) | (1,539 | ) | ||||||||||
Income from discontinued operations, net of taxes
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- | - | 7,896 | - | 7,896 | |||||||||||||||
Net income (loss)
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$ | (147,872 | ) | $ | (2,121 | ) | $ | (6,216 | ) | $ | (149,993 | ) | $ | 6,357 | ||||||
Net income (loss) per share of class A and class B common stock:
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||||||||||||||||||||
Net income (loss) per share – basic:
|
||||||||||||||||||||
Continuing operations
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$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.15 | ) | $ | (1.55 | ) | $ | (0.01 | ) | |||||
Discontinued operations
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- | - | 0.08 | - | 0.08 | |||||||||||||||
Net income (loss) per share – basic
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$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (1.55 | ) | $ | 0.07 | ||||||
Net income (loss) per share – diluted:
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||||||||||||||||||||
Continuing operations
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$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.15 | ) | $ | (1.55 | ) | $ | (0.01 | ) | |||||
Discontinued operations
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- | - | 0.08 | - | 0.08 | |||||||||||||||
Net income (loss) per share – diluted
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$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (1.55 | ) | $ | 0.07 | ||||||
Weighted-average shares:
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||||||||||||||||||||
- Basic
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97,656 | 96,453 | 95,564 | 97,054 | 95,359 | |||||||||||||||
- Diluted
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97,656 | 96,453 | 95,564 | 97,054 | 95,359 |
THREE MONTHS ENDED
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SIX MONTHS ENDED
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|||||||||||||||||||
Jul. 3,
|
Apr. 3,
|
Jul. 4,
|
Jul. 3,
|
Jul. 4,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net income (loss)
|
$ | (147,872 | ) | $ | (2,121 | ) | $ | (6,216 | ) | $ | (149,993 | ) | $ | 6,357 | ||||||
Less: Income from discontinued operations, net of taxes
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- | - | 7,896 | - | 7,896 | |||||||||||||||
Loss from continuing operations
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$ | (147,872 | ) | $ | (2,121 | ) | $ | (14,112 | ) | $ | (149,993 | ) | $ | (1,539 | ) | |||||
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations:
|
||||||||||||||||||||
Stock-based compensation
|
12,817 | 13,163 | 11,591 | 25,980 | 22,399 | |||||||||||||||
Depreciation
|
27,967 | 25,697 | 24,558 | 53,664 | 49,273 | |||||||||||||||
Amortization of other intangible assets
|
6,868 | 7,064 | 11,702 | 13,932 | 16,461 | |||||||||||||||
Loss (gain on sale) of investments
|
319 | (128 | ) | - | 191 | (1,572 | ) | |||||||||||||
Loss (gain) on mark-to-market derivatives
|
97 | 44 | (34,070 | ) | 141 | (31,852 | ) | |||||||||||||
Non-cash interest expense
|
7,007 | 7,325 | 9,378 | 14,332 | 15,768 | |||||||||||||||
Debt issuance costs
|
1,478 | 1,256 | 1,091 | 2,734 | 1,790 | |||||||||||||||
Amortization of promissory notes
|
2,062 | 1,290 | 2,919 | 3,352 | 2,919 | |||||||||||||||
Gain on change in equity interest in unconsolidated investee
|
(322 | ) | - | (28,348 | ) | (322 | ) | (28,348 | ) | |||||||||||
Third-party inventories write-down
|
16,399 | - | - | 16,399 | - | |||||||||||||||
Project assets write-down
|
16,053 | - | - | 16,053 | - | |||||||||||||||
Equity in (earnings) loss of unconsolidated investees
|
172 | (7,133 | ) | (2,030 | ) | (6,961 | ) | (5,148 | ) | |||||||||||
Deferred income taxes and other tax liabilities
|
87 | (2,171 | ) | 47,939 | (2,084 | ) | 12,219 | |||||||||||||
Changes in operating assets and liabilities, net of effect of acquisition:
|
||||||||||||||||||||
Accounts receivable
|
(49,165 | ) | 52,274 | 11,151 | 3,109 | 41,662 | ||||||||||||||
Costs and estimated earnings in excess of billings
|
(6,476 | ) | (40,638 | ) | (27,657 | ) | (47,114 | ) | (32,564 | ) | ||||||||||
Inventories
|
60,202 | (163,199 | ) | (21,163 | ) | (102,997 | ) | (72,248 | ) | |||||||||||
Project assets
|
(56,198 | ) | (27,644 | ) | (44,480 | ) | (83,842 | ) | (47,906 | ) | ||||||||||
Prepaid expenses and other assets
|
4,905 | (14,233 | ) | (92,623 | ) | (9,328 | ) | (107,315 | ) | |||||||||||
Advances to suppliers
|
(4,650 | ) | (12,820 | ) | 579 | (17,470 | ) | 3,757 | ||||||||||||
Accounts payable and other accrued liabilities
|
26,352 | (26,368 | ) | 93,909 | (16 | ) | 120,782 | |||||||||||||
Billings in excess of costs and estimated earnings
|
(23,751 | ) | 21,271 | (16,903 | ) | (2,480 | ) | (5,288 | ) | |||||||||||
Customer advances
|
(224 | ) | (7,588 | ) | 1,869 | (7,812 | ) | 951 | ||||||||||||
Net cash used in operating activities of continuing operations
|
(105,873 | ) | (174,659 | ) | (64,700 | ) | (280,532 | ) | (45,799 | ) | ||||||||||
Net cash provided by operating activities of discontinued operations
|
- | - | 649 | - | 649 | |||||||||||||||
Net cash used in operating activities
|
(105,873 | ) | (174,659 | ) | (64,051 | ) | (280,532 | ) | (45,150 | ) | ||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Decrease (increase) in restricted cash and cash equivalents
|
35,421 | (4,728 | ) | 11,464 | 30,693 | (8,253 | ) | |||||||||||||
Purchases of property, plant and equipment
|
(23,407 | ) | (44,757 | ) | (56,634 | ) | (68,164 | ) | (100,292 | ) | ||||||||||
Proceeds from sale of equipment to third-party
|
290 | 209 | - | 499 | 2,875 | |||||||||||||||
Proceeds from sales or maturities of available-for-sale securities
|
43,459 | 300 | - | 43,759 | 1,572 | |||||||||||||||
Cash paid for acquisitions, net of cash acquired
|
- | - | - | - | (272,699 | ) | ||||||||||||||
Cash paid for investments in joint ventures and other non-public companies
|
(30,000 | ) | (20,000 | ) | - | (50,000 | ) | (1,618 | ) | |||||||||||
Net cash used in investing activities of continuing operations
|
25,763 | (68,976 | ) | (45,170 | ) | (43,213 | ) | (378,415 | ) | |||||||||||
Net cash used in investing activities of discontinued operations
|
- | - | (17,708 | ) | - | (17,708 | ) | |||||||||||||
Net cash used in investing activities
|
25,763 | (68,976 | ) | (62,878 | ) | (43,213 | ) | (396,123 | ) | |||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Proceeds from issuance of bank loans, net of issuance costs
|
25,000 | 164,221 | - | 189,221 | - | |||||||||||||||
Proceeds from issuance of project loans, net of issuance costs
|
- | - | 3,595 | - | 5,134 | |||||||||||||||
Proceeds from issuance of convertible debt, net of issuance costs
|
- | - | 29,320 | - | 244,241 | |||||||||||||||
Repayment of bank loans
|
(70,000 | ) | (156,136 | ) | (30,000 | ) | (226,136 | ) | (30,000 | ) | ||||||||||
Cash paid for bond hedge
|
- | - | (9,024 | ) | - | (75,200 | ) | |||||||||||||
Proceeds from warrant transactions
|
- | - | 7,374 | - | 61,450 | |||||||||||||||
Proceeds from exercise of stock options
|
3,853 | 73 | 346 | 3,926 | 346 | |||||||||||||||
Purchases of stock for tax withholding obligations on vested restricted stock
|
(1,319 | ) | (8,077 | ) | (797 | ) | (9,396 | ) | (1,977 | ) | ||||||||||
Net cash provided by (used in) financing activities of continuing operations
|
(42,466 | ) | 81 | 814 | (42,385 | ) | 203,994 | |||||||||||||
Net cash provided by financing activities of discontinued operations
|
- | - | 17,059 | - | 17,059 | |||||||||||||||
Net cash provided by (used in) financing activities
|
(42,466 | ) | 81 | 17,873 | (42,385 | ) | 221,053 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
506 | 5,994 | (7,130 | ) | 6,500 | (12,691 | ) | |||||||||||||
Net decrease in cash and cash equivalents
|
(122,070 | ) | (237,560 | ) | (116,186 | ) | (359,630 | ) | (232,911 | ) | ||||||||||
Cash and cash equivalents at beginning of period
|
367,860 | 605,420 | 499,154 | 605,420 | 615,879 | |||||||||||||||
Cash and cash equivalents at end of period
|
245,790 | 367,860 | 382,968 | 245,790 | 382,968 | |||||||||||||||
Less: Cash and cash equivalents of discontinued operations
|
- | - | - | - | - | |||||||||||||||
Cash and cash equivalents of continuing operations, end of period
|
$ | 245,790 | $ | 367,860 | $ | 382,968 | $ | 245,790 | $ | 382,968 | ||||||||||
Non-cash transactions:
|
||||||||||||||||||||
Property, plant and equipment acquisitions funded by liabilities
|
$ | 6,494 | $ | 8,596 | $ | 113,008 | $ | 6,494 | $ | 113,008 | ||||||||||
Non-cash interest expense capitalized and added to the cost of qualified assets
|
795 | 499 | 560 | 1,294 | 1,095 |
THREE MONTHS ENDED
|
SIX MONTHS ENDED
|
THREE MONTHS ENDED
|
SIX MONTHS ENDED
|
|||||||||||||||||||||||||||||||||||||
Jul. 3,
|
Apr. 3,
|
Jul. 4,
|
Jul. 3,
|
Jul. 4,
|
Jul. 3,
|
Apr. 3,
|
Jul. 4,
|
Jul. 3,
|
Jul. 4,
|
|||||||||||||||||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||||||||||||||
(Presented on a GAAP Basis)
|
(Presented on a non-GAAP Basis)
|
|||||||||||||||||||||||||||||||||||||||
Gross margin
|
$ | 19,294 | $ | 88,522 | $ | 87,851 | $ | 107,816 | $ | 159,594 | $ | 73,853 | $ | 91,772 | $ | 103,282 | $ | 165,625 | $ | 181,423 | ||||||||||||||||||||
Operating income (loss)
|
$ | (100,125 | ) | $ | (1,303 | ) | $ | (1,731 | ) | $ | (101,428 | ) | $ | (4,675 | ) | $ | (4,090 | ) | $ | 21,248 | $ | 33,032 | $ | 17,158 | $ | 46,558 | ||||||||||||||
Net income (loss) per share of class A and class B common stock:
|
||||||||||||||||||||||||||||||||||||||||
- Basic
|
$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (1.55 | ) | $ | 0.07 | $ | (0.19 | ) | $ | 0.15 | $ | 0.15 | $ | (0.04 | ) | $ | 0.20 | ||||||||||||||
- Diluted
|
$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (1.55 | ) | $ | 0.07 | $ | (0.19 | ) | $ | 0.15 | $ | 0.15 | $ | (0.04 | ) | $ | 0.20 |
·
|
Non-GAAP gross margin. The use of this non-GAAP financial measure allows management to evaluate the gross margin of SunPower’s core businesses and trends across different reporting periods on a consistent basis, independent of charges including amortization of intangible assets, stock-based compensation, certain losses due to change in European government incentives, and interest expense. In addition, the presentation of non-GAAP gross margin includes the results of discontinued operations. This non-GAAP financial measure is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate SunPower’s revenue generation performance relative to the direct costs of revenue of its core businesses.
|
·
|
Non-GAAP operating income (loss). The use of this non-GAAP financial measure allows management to evaluate the operating results of SunPower's core businesses and trends across different reporting periods on a consistent basis, independent of charges including amortization of intangible assets and promissory notes, stock-based compensation, Total investment related costs, certain losses due to change in European government incentives, and interest expense. In addition, the presentation of non-GAAP operating income (loss) includes the results of discontinued operations. Non-GAAP operating income (loss) is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to understand the results of operations of SunPower’s core businesses and to compare results of operations on a more consistent basis against that of other companies in the industry.
|
·
|
Non-GAAP net income (loss) per share. Management presents this non-GAAP financial measure to enable investors and analysts to assess SunPower's operating results and trends across different reporting periods on a consistent basis, independent of items including amortization of intangible assets and promissory notes, stock-based compensation, Total investment related costs, certain losses due to change in European government incentives, interest expense, net gains (losses) on mark-to-market derivative instruments, changes in our equity investment in joint ventures, and the tax effects of these non-GAAP adjustments. In addition, investors and analysts can compare SunPower's operating results on a more consistent basis against that of other companies in the industry.
|
·
|
Amortization of intangible assets. SunPower incurs amortization of intangible assets as a result of acquisitions, which includes in-process research and development, patents, project assets, purchased technology and trade names. SunPower excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from prior acquisitions and have no direct correlation to the operation of SunPower’s core businesses.
|
·
|
Stock-based compensation. Stock-based compensation relates primarily to SunPower stock awards such as stock options and restricted stock. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are difficult to predict. As a result of this unpredictability, management excludes this item from its internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure the company’s core performance against the performance of other companies without the variability created by stock-based compensation.
|
·
|
Total investment related costs. SunPower excludes expenses such as legal, banking and other professional services incurred in connection with Total Gas & Power USA, SAS’s investment in SunPower. SunPower excludes such charges because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the investment made by Total and have no direct correlation to the operation of SunPower’s core businesses.
|
·
|
Amortization of promissory notes. Included in the total consideration for a prior acquisition completed on March 26, 2010 is $14 million in promissory notes to the acquiree’s management shareholders issued by SunPower. Since the vesting and payment of the promissory notes are contingent on future employment, the promissory notes are considered deferred compensation and therefore are not included in the purchase price allocated to the net assets acquired. SunPower excludes this non-cash charge over the service period required under the terms of the promissory notes because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from prior acquisitions and have no direct correlation to the operation of SunPower’s core businesses.
|
·
|
Loss on change in European government incentives. On May 5, 2011, the Italian government announced a legislative decree which defined the revised feed-in-tariff ("FIT") and the transition process effective June 1, 2011. The decree announced a decline in FIT and also set forth a limit on the construction of solar plants on agricultural land. Similarly, during the last several months other European countries reduced government incentives for the solar market. Such changes had a materially negative effect on the market for solar systems in Europe and affected SunPower’s financial results as follows:
|
o
|
Write-down of project assets. Project assets consist primarily of capitalized costs relating to solar power system projects in various stages of development that we incur prior to the sale of the solar power system to a third party. These costs include costs for land and costs for developing and constructing a solar power system. The fair market value of these project assets declined due to SunPower’s inability to develop, commercialize and sell active projects within Europe. Such charges are excluded from non-GAAP financial measures as they are related to a discrete event and are not reflective of ongoing operating results.
|
o
|
Third-party inventory charges. Charges relate to the write-down of third-party inventory and costs associated with the termination of above-market third-party solar cell supply contracts as the decline in European government incentives, primarily in Italy, has driven down demand and average selling price in certain areas of Europe. Such charges are excluded from non-GAAP financial measures as they are related to a discrete event and are not reflective of ongoing operating results.
|
o
|
Loss on foreign currency derivatives. SunPower has an active hedging program designed to reduce its exposure to movements in foreign currency exchange rates. As a part of this program, SunPower designates certain derivative transactions as effective cash flow hedges of anticipated foreign currency revenues and records the effective portion of changes in the fair value of such transactions in accumulated other comprehensive income (loss) until the anticipated revenues have occurred, at which point the associated income or loss would be recognized in revenue. In the first quarter of fiscal 2011, in connection with the decline in forecasted revenue surrounding the change in the Italian FIT, SunPower reclassified an amount held in accumulated other comprehensive income (loss) to other income (expense), net for certain previously anticipated transactions which did not occur or were now probable not to occur. SunPower excludes this item as it is not reflective of ongoing operating results and excluding this data provides investors with a basis to compare the company’s performance against the performance of other companies without such transactions.
|
·
|
Non-cash interest expense. SunPower separately accounted for the liability and equity components of its convertible debt issued in 2007 in a manner that reflected interest expense equal to its non-convertible debt borrowing rate. In addition, SunPower measured the two share lending arrangements entered into in connection with its convertible debt issued in 2007 at fair value and amortized the imputed share lending costs in current and prior periods. As a result, SunPower incurs interest expense that is substantially higher than interest payable on its 1.25% senior convertible debentures and 0.75% senior convertible debentures.
|
·
|
Gain (loss) on mark-to-market derivative instruments. In connection with the issuance of its 4.5% senior cash convertible debentures in 2010, SunPower entered into certain convertible debenture hedge and warrant transactions with respect to its class A common stock intended to reduce the potential cash payments that would occur upon conversion of the debentures. The convertible debenture hedge and warrant transactions consisting of call option instruments are deemed to be mark-to-market derivatives until such transactions settle or expire. As of December 23, 2010, the warrant transactions were amended to be share-settled rather than cash-settled, therefore, the warrant transactions are not subject to mark-to-market accounting treatment subsequent to December 23, 2010. In addition, the embedded cash conversion option of the debt is deemed to be a mark-to-market derivative instrument during the period in which the cash convertible debt remains outstanding. Finally, the over-allotment option in favor of the debenture underwriters is deemed a mark-to-market derivative instrument during the period the over-allotment option remained unexercised, or from April 1, 2010 through April 5, 2010. SunPower excluded the net gain (loss) relating to the above mentioned derivative instruments from its non-GAAP results because it was not realized in cash and it is not reflective of the company’s ongoing financial results. Excluding this data provides investors with a basis to compare the company’s performance against the performance of other companies without a net non-cash gain (loss) on mark-to-market derivative instruments.
|
·
|
Gain on change in equity interest in unconsolidated investee. On June 30, 2010, Woongjin Energy Co., Ltd completed its initial public offering and the sale of 15.9 million new shares of common stock. In the second quarter of 2011, Woongjin Energy issued additional equity to other investors. SunPower did not participate in these common stock issuances by Woongjin Energy. As a result of the new common stock issuances by Woongjin Energy, SunPower’s percentage equity interest in Woongjin Energy decreased and SunPower recognized a non-cash gain in both the second quarter of 2011 and 2010, representing the excess of the price over SunPower’s per share carrying value of its shares. SunPower excluded the non-cash gain from its non-GAAP results because it was not realized in cash and it is not reflective of its ongoing financial results. Excluding this data provides investors with a basis to compare SunPower’s performance against the performance of other companies without non-cash income from a gain on change in its equity interest in unconsolidated investees.
|
·
|
Tax effect. This amount is used to present each of the amounts described above on an after-tax basis with the presentation of non-GAAP net income (loss) per share.
|
·
|
Income from discontinued operations, net of taxes. In connection with a prior acquisition completed on March 26, 2010, it acquired an already completed and operating solar power plant. In the period in which an asset of SunPower is classified as held-for-sale, it is required to present the related assets, liabilities and results of operations associated with that asset as discontinued operations in its financial statements in accordance with GAAP. During the second quarter of 2010, SunPower generated electricity revenue and incurred costs and expenses associated with this owned asset. The presentation of SunPower’s Consolidated Statements of Operations discloses the results of operations of the solar power plant as a one line item classification as discontinued operations in accordance with GAAP. As such, the presentation of GAAP gross margin and GAAP operating income in the second quarter of 2010 excludes the results of these discontinued operations. SunPower reclassified the results of the solar power plant operations from the one line discontinued operations classification for GAAP purposes to the natural account classifications (revenue, etc.) within non-GAAP gross margin and non-GAAP operating income. SunPower believes this reclassification of the solar power plant’s results of operations provides an appropriate representation of the results of SunPower's operations during the quarter in operating a solar power plant.
|
THREE MONTHS ENDED
|
SIX MONTHS ENDED
|
|||||||||||||||||||||||||||||||||||||||
Jul. 3,
|
Apr. 3,
|
Jul. 4,
|
Jul. 3,
|
Jul. 4,
|
||||||||||||||||||||||||||||||||||||
2011
|
2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||
GAAP utility and power plants gross margin
|
$ | (6,593 | ) | -2 | % | $ | 42,898 | 17 | % | $ | 22,775 | 19 | % | $ | 36,305 | 7 | % | $ | 55,441 | 21 | % | |||||||||||||||||||
Amortization of intangible assets
|
65 | 102 | 774 | 167 | 1,463 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
2,414 | 885 | 1,632 | 3,299 | 2,823 | |||||||||||||||||||||||||||||||||||
Loss on change in European government incentives
|
29,082 | - | - | 29,082 | - | |||||||||||||||||||||||||||||||||||
Non-cash interest expense
|
601 | 385 | 275 | 986 | 676 | |||||||||||||||||||||||||||||||||||
Discontinued operations
|
- | - | 7,905 | - | 7,905 | |||||||||||||||||||||||||||||||||||
Non-GAAP utility and power plants gross margin
|
$ | 25,569 | 8 | % | $ | 44,270 | 18 | % | $ | 33,361 | 26 | % | $ | 69,839 | 13 | % | $ | 68,308 | 25 | % | ||||||||||||||||||||
GAAP residential and commercial gross margin
|
$ | 25,887 | 9 | % | $ | 45,624 | 22 | % | $ | 65,076 | 25 | % | $ | 71,511 | 14 | % | $ | 104,153 | 22 | % | ||||||||||||||||||||
Amortization of intangible assets
|
2 | 193 | 2,125 | 195 | 4,249 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
2,859 | 1,036 | 2,327 | 3,895 | 3,818 | |||||||||||||||||||||||||||||||||||
Loss on change in European government incentives
|
19,381 | - | - | 19,381 | - | |||||||||||||||||||||||||||||||||||
Non-cash interest expense
|
155 | 649 | 393 | 804 | 895 | |||||||||||||||||||||||||||||||||||
Non-GAAP residential and commercial gross margin
|
$ | 48,284 | 17 | % | $ | 47,502 | 23 | % | $ | 69,921 | 26 | % | $ | 95,786 | 19 | % | $ | 113,115 | 24 | % | ||||||||||||||||||||
GAAP total gross margin
|
$ | 19,294 | 3 | % | $ | 88,522 | 20 | % | $ | 87,851 | 23 | % | $ | 107,816 | 10 | % | $ | 159,594 | 22 | % | ||||||||||||||||||||
Amortization of intangible assets
|
67 | 295 | 2,899 | 362 | 5,712 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
5,273 | 1,921 | 3,959 | 7,194 | 6,641 | |||||||||||||||||||||||||||||||||||
Loss on change in European government incentives
|
48,463 | - | - | 48,463 | - | |||||||||||||||||||||||||||||||||||
Non-cash interest expense
|
756 | 1,034 | 668 | 1,790 | 1,571 | |||||||||||||||||||||||||||||||||||
Discontinued operations
|
- | - | 7,905 | - | 7,905 | |||||||||||||||||||||||||||||||||||
Non-GAAP total gross margin
|
$ | 73,853 | 12 | % | $ | 91,772 | 20 | % | $ | 103,282 | 26 | % | $ | 165,625 | 16 | % | $ | 181,423 | 25 | % | ||||||||||||||||||||
GAAP operating loss
|
$ | (100,125 | ) | $ | (1,303 | ) | $ | (1,731 | ) | $ | (101,428 | ) | $ | (4,675 | ) | |||||||||||||||||||||||||
Amortization of intangible assets
|
6,868 | 7,064 | 11,702 | 13,932 | 16,461 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
12,817 | 13,163 | 11,591 | 25,980 | 22,399 | |||||||||||||||||||||||||||||||||||
Total investment related costs
|
13,123 | - | - | 13,123 | - | |||||||||||||||||||||||||||||||||||
Amortization of promissory notes
|
2,062 | 1,290 | 2,919 | 3,352 | 2,919 | |||||||||||||||||||||||||||||||||||
Loss on change in European government incentives
|
60,407 | - | - | 60,407 | - | |||||||||||||||||||||||||||||||||||
Non-cash interest expense
|
758 | 1,034 | 668 | 1,792 | 1,571 | |||||||||||||||||||||||||||||||||||
Discontinued operations
|
- | - | 7,883 | - | 7,883 | |||||||||||||||||||||||||||||||||||
Non-GAAP operating income (loss)
|
$ | (4,090 | ) | $ | 21,248 | $ | 33,032 | $ | 17,158 | $ | 46,558 |
THREE MONTHS ENDED
|
SIX MONTHS ENDED
|
|||||||||||||||||||
Jul. 3,
|
Apr. 3,
|
Jul. 4,
|
Jul. 3,
|
Jul. 4,
|
||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||||||||||
Basic:
|
||||||||||||||||||||
GAAP net income (loss) per share
|
$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (1.55 | ) | $ | 0.07 | ||||||
Reconciling items:
|
||||||||||||||||||||
Amortization of intangible assets
|
0.07 | 0.07 | 0.12 | 0.14 | 0.17 | |||||||||||||||
Stock-based compensation expense
|
0.13 | 0.14 | 0.12 | 0.27 | 0.23 | |||||||||||||||
Total investment related costs
|
0.13 | - | - | 0.14 | - | |||||||||||||||
Amortization of promissory notes
|
0.02 | 0.01 | 0.03 | 0.03 | 0.03 | |||||||||||||||
Loss on change in European government incentives
|
0.62 | 0.05 | - | 0.67 | - | |||||||||||||||
Non-cash interest expense
|
0.07 | 0.08 | 0.10 | 0.15 | 0.17 | |||||||||||||||
Mark-to-market derivatives
|
- | - | (0.35 | ) | - | (0.33 | ) | |||||||||||||
Gain on change in equity interest in unconsolidated investee
|
- | - | (0.30 | ) | - | (0.30 | ) | |||||||||||||
Tax effect
|
0.28 | (0.18 | ) | 0.50 | 0.11 | 0.16 | ||||||||||||||
Non-GAAP net income (loss) per share
|
$ | (0.19 | ) | $ | 0.15 | $ | 0.15 | $ | (0.04 | ) | $ | 0.20 | ||||||||
Diluted:
|
||||||||||||||||||||
GAAP net income (loss) per share
|
$ | (1.51 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (1.55 | ) | $ | 0.07 | ||||||
Reconciling items:
|
||||||||||||||||||||
Amortization of intangible assets
|
0.07 | 0.07 | 0.12 | 0.14 | 0.17 | |||||||||||||||
Stock-based compensation expense
|
0.13 | 0.14 | 0.12 | 0.27 | 0.23 | |||||||||||||||
Total investment related costs
|
0.13 | - | - | 0.14 | - | |||||||||||||||
Amortization of promissory notes
|
0.02 | 0.01 | 0.03 | 0.03 | 0.03 | |||||||||||||||
Loss on change in European government incentives
|
0.62 | 0.05 | - | 0.67 | - | |||||||||||||||
Non-cash interest expense
|
0.07 | 0.08 | 0.10 | 0.15 | 0.17 | |||||||||||||||
Mark-to-market derivatives
|
- | - | (0.35 | ) | - | (0.33 | ) | |||||||||||||
Gain on change in equity interest in unconsolidated investee
|
- | - | (0.30 | ) | - | (0.30 | ) | |||||||||||||
Tax effect
|
0.28 | (0.18 | ) | 0.50 | 0.11 | 0.16 | ||||||||||||||
Non-GAAP net income (loss) per share
|
$ | (0.19 | ) | $ | 0.15 | $ | 0.15 | $ | (0.04 | ) | $ | 0.20 | ||||||||
Weighted-average shares:
|
||||||||||||||||||||
GAAP net income (loss) per share:
|
||||||||||||||||||||
- Basic
|
97,656 | 96,453 | 95,564 | 97,054 | 95,359 | |||||||||||||||
- Diluted
|
97,656 | 96,453 | 95,564 | 97,054 | 95,359 | |||||||||||||||
Non-GAAP net income (loss) per share:
|
||||||||||||||||||||
- Basic
|
97,656 | 96,453 | 95,564 | 97,054 | 95,359 | |||||||||||||||
- Diluted
|
97,656 | 98,583 | 96,816 | 97,054 | 96,644 |
Q3 2011 GUIDANCE:
|
Q3 2011
|
FY 2011
|
||
Revenue
|
$700,000-$750,000
|
$2,800,000-$2,950,000
|
||
Gross margin (GAAP)
|
12%-14%
|
14%-16%
|
||
Gross margin (non-GAAP)
|
13%-15% (a)
|
17%-19% (b)
|
||
Net income per diluted share (GAAP)
|
($0.25)-($0.15)
|
($1.00)-($0.50)
|
||
Net income per diluted share (non-GAAP)
|
$0.05-$0.15 (c)
|
$0.75-$1.25 (d)
|
(a) Estimated non-GAAP amounts above for Q3 2011 reflect adjustments that exclude the estimated amortization of intangible assets of approximately $0.06-$0.13 million, estimated stock-based compensation expense of approximately $3.71-$5.71 million and estimated non-cash interest expense of approximately $0.46-$1.06 million.
|
|||||||||||||||
(b) Estimated non-GAAP amounts above for FY 2011 reflect adjustments that exclude the estimated amortization of intangible assets of approximately $0.68-$0.78 million, estimated stock-based compensation expense of approximately $15.03-$19.03 million, estimated non-cash interest expense of approximately $2.60-$4.00 million and loss on change in European government incentives of approximately $48.46 million.
|
|||||||||||||||
(c) Estimated non-GAAP amounts above for Q3 2011 reflect adjustments that exclude the estimated amortization of intangible assets of approximately $6.64-$7.70 million, estimated stock-based compensation expense of approximately $12.99-$15.99 million, estimated non-cash interest expense of approximately $6.49-$8.19 million, estimated restructuring charges of approximately $0.10-$1.40 million, estimated Total investment related costs of approximately $0.30-$0.90 million, amortization of promissory notes of approximately $0.13 million and the related tax effects of these non-GAAP adjustments.
|
|||||||||||||||
(d) Estimated non-GAAP amounts above for FY 2011 reflect adjustments that exclude the estimated amortization of intangible assets of approximately $27.40-$29.50 million, estimated stock-based compensation expense of approximately $53.46-$59.46 million, estimated non-cash interest expense of approximately $27.39-$30.99 million, estimated restructuring charges of approximately $12.14-$14.64 million, estimated Total investment related costs of approximately $13.12-$14.32 million, amortization of promissory notes of approximately $3.57 million, loss on change in European government incentives of approximately $53.14 million, gain on change in equity interest of unconsolidated investee of approximately $0.32 million and the related tax effects of these non-GAAP adjustments.
|
July 3, 2011
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
Cost of revenue
|
Operating expenses
|
|
|
|
|||||||||||||||||||||||||||||||||||
Utility and
power plants
|
Residential and commercial
|
Utility and
power plants
|
Residential and commercial
|
Research and
development
|
Selling, general
and administrative
|
Restructuring charges
|
Other income (expense), net |
Benefit from (provision for) income taxes
|
Income from discontinued operations, net of taxes | |||||||||||||||||||||||||||||||
Amortization of intangible assets
|
$ | - | $ | - | $ | 65 | $ | 2 | $ | - | $ | 6,801 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Stock-based compensation expense
|
- | - | 2,414 | 2,859 | 1,735 | 5,809 | - | - | - | - | ||||||||||||||||||||||||||||||
Total investment related costs
|
- | - | - | - | - | 13,123 | - | - | - | - | ||||||||||||||||||||||||||||||
Amortization of promissory notes
|
- | - | - | - | - | 698 | 1,364 | - | - | - | ||||||||||||||||||||||||||||||
Loss on change in European government incentives
|
- | - | 29,082 | 19,381 | - | - | 11,944 | - | - | - | ||||||||||||||||||||||||||||||
Non-cash interest expense
|
- | - | 601 | 155 | - | 2 | - | 6,249 | - | - | ||||||||||||||||||||||||||||||
Mark-to-market derivatives
|
- | - | - | - | - | - | - | 97 | - | - | ||||||||||||||||||||||||||||||
Gain on change in equity interest in unconsolidated investee
|
- | - | - | - | - | - | - | (322 | ) | - | - | |||||||||||||||||||||||||||||
Tax effect
|
- | - | - | - | - | - | - | - | 27,416 | - | ||||||||||||||||||||||||||||||
$ | - | $ | - | $ | 32,162 | $ | 22,397 | $ | 1,735 | $ | 26,433 | $ | 13,308 | $ | 6,024 | $ | 27,416 | $ | - |
April 3, 2011
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
Cost of revenue
|
Operating expenses
|
||||||||||||||||||||||||||||||||||||||
Utility and
power plants
|
Residential and commercial
|
Utility and
power plants
|
Residential and commercial
|
Research and
development
|
Selling, general
and administrative
|
Restructuring charges
|
Other income (expense), net
|
Benefit from (provision for) income taxes
|
Income from discontinued operations, net of taxes
|
|||||||||||||||||||||||||||||||
Amortization of intangible assets
|
$ | - | $ | - | $ | 102 | $ | 193 | $ | - | $ | 6,769 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Stock-based compensation expense
|
- | - | 885 | 1,036 | 1,769 | 9,473 | - | - | - | - | ||||||||||||||||||||||||||||||
Amortization of promissory notes
|
- | - | - | - | - | 1,290 | - | - | - | - | ||||||||||||||||||||||||||||||
Loss on change in European government incentives
|
- | - | - | - | - | - | - | 4,672 | - | - | ||||||||||||||||||||||||||||||
Non-cash interest expense
|
- | - | 385 | 649 | - | - | - | 6,291 | - | - | ||||||||||||||||||||||||||||||
Mark-to-market derivatives
|
- | - | - | - | - | - | - | 44 | - | - | ||||||||||||||||||||||||||||||
Tax effect
|
- | - | - | - | - | - | - | - | (17,035 | ) | - | |||||||||||||||||||||||||||||
$ | - | $ | - | $ | 1,372 | $ | 1,878 | $ | 1,769 | $ | 17,532 | $ | - | $ | 11,007 | $ | (17,035 | ) | $ | - |
July 4, 2010
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
Cost of revenue
|
Operating expenses
|
|
|
|
|||||||||||||||||||||||||||||||||||
Utility and
power plants
|
Residential and commercial
|
Utility and
power plants
|
Residential and commercial
|
Research and
development
|
Selling, general
and administrative
|
Restructuring charges
|
Other income (expense), net | Benefit from (provision for) income taxes | Income from discontinued operations, net of taxes | |||||||||||||||||||||||||||||||
Amortization of intangible assets
|
$ | - | $ | - | $ | 774 | $ | 2,125 | $ | - | $ | 8,803 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Stock-based compensation expense
|
- | - | 1,632 | 2,327 | 2,253 | 5,379 | - | - | - | - | ||||||||||||||||||||||||||||||
Amortization of promissory notes
|
- | - | - | - | - | 2,919 | - | - | - | - | ||||||||||||||||||||||||||||||
Non-cash interest expense
|
- | - | 275 | 393 | - | - | - | 8,710 | - | - | ||||||||||||||||||||||||||||||
Mark-to-market derivatives
|
- | - | - | - | - | - | - | (34,070 | ) | - | - | |||||||||||||||||||||||||||||
Gain on change in equity interest in unconsolidated investee
|
- | - | - | - | - | - | - | (28,348 | ) | - | - | |||||||||||||||||||||||||||||
Tax effect
|
- | - | - | - | - | - | - | - | 47,457 | - | ||||||||||||||||||||||||||||||
Discontinued operations
|
7,905 | - | - | - | - | (22 | ) | - | 3,627 | (3,614 | ) | (7,896 | ) | |||||||||||||||||||||||||||
$ | 7,905 | $ | - | $ | 2,681 | $ | 4,845 | $ | 2,253 | $ | 17,079 | $ | - | $ | (50,081 | ) | $ | 43,843 | $ | (7,896 | ) |
July 3, 2011
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
Cost of revenue
|
Operating expenses
|
|
|
|
|||||||||||||||||||||||||||||||||||
Utility and
power plants
|
Residential and commercial
|
Utility and
power plants
|
Residential and commercial
|
Research and
development
|
Selling, general
and administrative
|
Restructuring charges
|
Other income (expense), net | Benefit from (provision for) income taxes |
Income from discontinued operations, net of taxes
|
|||||||||||||||||||||||||||||||
Amortization of intangible assets
|
$ | - | $ | - | $ | 167 | $ | 195 | $ | - | $ | 13,570 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Stock-based compensation expense
|
- | - | 3,299 | 3,895 | 3,504 | 15,282 | - | - | - | - | ||||||||||||||||||||||||||||||
Total investment related costs
|
- | - | - | - | - | 13,123 | - | - | - | - | ||||||||||||||||||||||||||||||
Amortization of promissory notes
|
- | - | - | - | - | 1,988 | 1,364 | - | - | - | ||||||||||||||||||||||||||||||
Loss on change in European government incentives
|
- | - | 29,082 | 19,381 | - | - | 11,944 | 4,672 | - | - | ||||||||||||||||||||||||||||||
Non-cash interest expense
|
- | - | 986 | 804 | - | 2 | - | 12,540 | - | - | ||||||||||||||||||||||||||||||
Mark-to-market derivatives
|
- | - | - | - | - | - | - | 141 | - | - | ||||||||||||||||||||||||||||||
Gain on change in equity interest in unconsolidated investee
|
- | - | - | - | - | - | - | (322 | ) | - | - | |||||||||||||||||||||||||||||
Tax effect
|
- | - | - | - | - | - | - | - | 10,381 | - | ||||||||||||||||||||||||||||||
$ | - | $ | - | $ | 33,534 | $ | 24,275 | $ | 3,504 | $ | 43,965 | $ | 13,308 | $ | 17,031 | $ | 10,381 | $ | - |
July 4, 2010
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
Cost of revenue
|
Operating expenses
|
|
|
|
|||||||||||||||||||||||||||||||||||
Utility and
power plants
|
Residential and commercial
|
Utility and
power plants
|
Residential and commercial
|
Research and
development
|
Selling, general
and administrative
|
Restructuring charges
|
Other income (expense), net | Benefit from (provision for) income taxes | Income from discontinued operations, net of taxes | |||||||||||||||||||||||||||||||
Amortization of intangible assets
|
$ | - | $ | - | $ | 1,463 | $ | 4,249 | $ | - | $ | 10,749 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Stock-based compensation expense
|
- | - | 2,823 | 3,818 | 3,936 | 11,822 | - | - | - | - | ||||||||||||||||||||||||||||||
Amortization of promissory notes
|
- | - | - | - | - | 2,919 | - | - | - | - | ||||||||||||||||||||||||||||||
Non-cash interest expense
|
- | - | 676 | 895 | - | - | - | 14,197 | - | - | ||||||||||||||||||||||||||||||
Mark-to-market derivatives
|
- | - | - | - | - | - | - | (31,852 | ) | - | - | |||||||||||||||||||||||||||||
Gain on change in equity interest in unconsolidated investee
|
- | - | - | - | - | - | - | (28,348 | ) | - | - | |||||||||||||||||||||||||||||
Tax effect
|
- | - | - | - | - | - | - | - | 15,868 | - | ||||||||||||||||||||||||||||||
Discontinued operations
|
7,905 | - | - | - | - | (22 | ) | - | 3,627 | (3,614 | ) | (7,896 | ) | |||||||||||||||||||||||||||
$ | 7,905 | $ | - | $ | 4,962 | $ | 8,962 | $ | 3,936 | $ | 25,468 | $ | - | $ | (42,376 | ) | $ | 12,254 | $ | (7,896 | ) |