SEC Comment Letter 0000000000-23-006795 to SUNPOWER CORP (SPWRQ) (CIK 0000867773)
SUNPOWER CORP (SPWRQ) (CIK 0000867773)
Date: June 26, 2023 · CIK: 0000867773 · Accession: 0000000000-23-006795
AI Filing Summary & Sentiment
Letter
United States securities and exchange commission logo June 26, 2023 Elizabeth Eby Chief Financial Officer Sunpower Corporation 1414 Harbour Way South , Suite 1901 Richmond , California 94804 Re:Sunpower Corporation Form 10-K for the year ended January 1, 2023 Form 10-Q for the period ended April 2, 2023 Form 8-K furnished May 3, 2023 Response dated June 16, 2023 File No. 1-34166 Dear Elizabeth Eby: We have reviewed your June 16, 2023 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our June 1, 2023 letter. Correspondence dated June 16, 2023 Form 10-Q for the period ended April 2, 2023 Item 5: Other Information Information concerning certain limited activities related to Iran, page 40 1.We note your response to our prior comment 1 that you will respond by June 30, 2023. We will evaluate your response when provided. Form 8-K furnished May 3, 2023 Exhibit 99.1 Earnings Release Reconciliations of GAAP Measures to Non-GAAP Measures, page 14
FirstName LastNameElizabeth Eby Comapany NameSunpower Corporation June 26, 2023 Page 2 FirstName LastName Elizabeth Eby Sunpower Corporation June 26, 2023 Page 2 2.We note your response to our comment number 2. In future filings, please revise to remove the adjustments for general operating results of business divestitures that did not meet the criteria for discontinued operations, such as the Hillsboro facility. As noted in our prior comment, excluding normal operating costs related to businesses that do not meet the criteria for being presented as discontinued operations pursuant to ASC 205-20, would represent individually tailored accounting measures. Refer to Question 100.04 of the Non-GAAP Compliance and Disclosure Interpretations. Additionally, the true-up to warranty claims appears to be a continuing obligation of the company, and to the extent it is recorded in cost of sales, appears to represent normal cash operating expenses which should not be adjusted from these Non-GAAP measures. Please revise your Non-GAAP measures in future filings. You may contact Charles Eastman at (202) 551-3794 or Claire Erlanger at (202) 551- 3301 with any questions. Sincerely, Division of Corporation Finance Office of Manufacturing
Show Raw Text
United States securities and exchange commission logo
June 26, 2023
Elizabeth Eby
Chief Financial Officer
Sunpower Corporation
1414 Harbour Way South , Suite 1901
Richmond , California 94804
Re:Sunpower Corporation
Form 10-K for the year ended January 1, 2023
Form 10-Q for the period ended April 2, 2023
Form 8-K furnished May 3, 2023
Response dated June 16, 2023
File No. 1-34166
Dear Elizabeth Eby:
We have reviewed your June 16, 2023 response to our comment letter and have the
following comments. In some of our comments, we may ask you to provide us with information
so we may better understand your disclosure.
Please respond to these comments within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe our
comments apply to your facts and circumstances, please tell us why in your response.
After reviewing your response to these comments, we may have additional
comments. Unless we note otherwise, our references to prior comments are to comments in our
June 1, 2023 letter.
Correspondence dated June 16, 2023
Form 10-Q for the period ended April 2, 2023
Item 5: Other Information
Information concerning certain limited activities related to Iran, page 40
1.We note your response to our prior comment 1 that you will respond by June 30, 2023.
We will evaluate your response when provided.
Form 8-K furnished May 3, 2023
Exhibit 99.1 Earnings Release
Reconciliations of GAAP Measures to Non-GAAP Measures, page 14
FirstName LastNameElizabeth Eby
Comapany NameSunpower Corporation
June 26, 2023 Page 2
FirstName LastName
Elizabeth Eby
Sunpower Corporation
June 26, 2023
Page 2
2.We note your response to our comment number 2. In future filings, please revise to
remove the adjustments for general operating results of business divestitures that did not
meet the criteria for discontinued operations, such as the Hillsboro facility. As noted in
our prior comment, excluding normal operating costs related to businesses that do not
meet the criteria for being presented as discontinued operations pursuant to ASC 205-20,
would represent individually tailored accounting measures. Refer to Question 100.04 of
the Non-GAAP Compliance and Disclosure Interpretations. Additionally, the true-up to
warranty claims appears to be a continuing obligation of the company, and to the extent it
is recorded in cost of sales, appears to represent normal cash operating expenses which
should not be adjusted from these Non-GAAP measures. Please revise your Non-GAAP
measures in future filings.
You may contact Charles Eastman at (202) 551-3794 or Claire Erlanger at (202) 551-
3301 with any questions.
Sincerely,
Division of Corporation Finance
Office of Manufacturing