($ Millions, except percentages and per-share data) | 4th Quarter 2021 | 3rd Quarter 2021 | 4th Quarter 2020 | Fiscal Year 2021 | Fiscal Year 2020 | ||||||||||||
GAAP revenue | $384.5 | $323.6 | $341.8 | $1,323.5 | $1,124.8 | ||||||||||||
GAAP gross margin from continuing operations | 13.3% | 18.4% | 22.0% | 16.7% | 14.9% | ||||||||||||
GAAP net income (loss) from continuing operations | $20.2 | $(84.4) | $412.5 | $(37.4) | $599.4 | ||||||||||||
GAAP net income (loss) from continuing operations per diluted share | $0.11 | $(0.49) | $2.08 | $(0.22) | $3.11 | ||||||||||||
Non-GAAP revenue1 | $384.2 | $322.0 | $337.5 | $1,312.7 | $1,102.9 | ||||||||||||
Non-GAAP gross margin1 | 13.9% | 18.9% | 22.4% | 17.5% | 16.8% | ||||||||||||
Non-GAAP net income (loss)1 | $(12.8) | $10.6 | $26.1 | $12.5 | $(3.7) | ||||||||||||
Non-GAAP net income (loss) from continuing operations per diluted share1 | $(0.07) | $0.06 | $0.14 | $0.07 | $(0.02) | ||||||||||||
Adjusted EBITDA1 | $(7.6) | $18.2 | $37.5 | $46.8 | $46.7 | ||||||||||||
MW Recognized | 154 | 121 | 153 | 527 | 483 | ||||||||||||
Cash2 | $127.1 | $268.6 | $232.8 | $127.1 | $232.8 |
January 2, 2022 | January 3, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 127,130 | $ | 232,765 | |||||||
Restricted cash and cash equivalents, current portion | 4,157 | 5,518 | |||||||||
Short-term investments | 365,880 | — | |||||||||
Accounts receivable, net | 126,789 | 108,864 | |||||||||
Contract assets | 81,667 | 114,506 | |||||||||
Inventories | 242,993 | 210,582 | |||||||||
Advances to suppliers, current portion | 3,276 | 2,814 | |||||||||
Project assets - plants and land, current portion | 8,105 | 21,015 | |||||||||
Prepaid expenses and other current assets | 113,469 | 94,251 | |||||||||
Total current assets | 1,073,466 | 790,315 | |||||||||
Restricted cash and cash equivalents, net of current portion | 17,326 | 8,521 | |||||||||
Property, plant and equipment, net | 35,294 | 46,766 | |||||||||
Operating lease right-of-use assets | 59,226 | 54,070 | |||||||||
Solar power systems leased, net | 45,502 | 50,401 | |||||||||
Goodwill | 126,338 | — | |||||||||
Other intangible assets, net | 24,879 | 697 | |||||||||
Other long-term assets | 172,775 | 695,712 | |||||||||
Total assets | $ | 1,554,806 | $ | 1,646,482 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 177,055 | $ | 166,066 | |||||||
Accrued liabilities | 114,908 | 121,915 | |||||||||
Operating lease liabilities, current portion | 12,153 | 9,736 | |||||||||
Contract liabilities, current portion | 88,844 | 72,424 | |||||||||
Short-term debt | 112,669 | 97,059 | |||||||||
Convertible debt, current portion | — | 62,531 | |||||||||
Total current liabilities | 505,629 | 529,731 | |||||||||
Long-term debt | 380 | 56,447 | |||||||||
Convertible debt, net of current portion | 423,677 | 422,443 | |||||||||
Operating lease liabilities, net of current portion | 38,766 | 43,608 | |||||||||
Contract liabilities, net of current portion | 27,801 | 30,170 | |||||||||
Other long-term liabilities | 168,529 | 157,597 | |||||||||
Total liabilities | 1,164,782 | 1,239,996 | |||||||||
Equity: | |||||||||||
Common stock | 173 | 170 | |||||||||
Additional paid-in capital | 2,714,500 | 2,685,920 |
Accumulated deficit | (2,122,212) | (2,085,246) | |||||||||
Accumulated other comprehensive income (loss) | 11,168 | 8,799 | |||||||||
Treasury stock, at cost | (215,240) | (205,476) | |||||||||
Total stockholders' equity | 388,389 | 404,167 | |||||||||
Noncontrolling interests in subsidiaries | 1,635 | 2,319 | |||||||||
Total equity | 390,024 | 406,486 | |||||||||
Total liabilities and equity | $ | 1,554,806 | $ | 1,646,482 |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Solar power systems, components, and other | $ | 378,782 | $ | 318,607 | $ | 338,507 | $ | 1,302,034 | $ | 1,103,823 | ||||||||||||||||||||||
Leasing revenue | 5,750 | 5,029 | 3,303 | 21,459 | 21,006 | |||||||||||||||||||||||||||
Total revenues | 384,532 | 323,636 | 341,810 | 1,323,493 | 1,124,829 | |||||||||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||||||||
Solar power systems, components, and other | 329,423 | 260,251 | 264,515 | 1,089,831 | 946,164 | |||||||||||||||||||||||||||
Leasing revenue | 4,057 | 3,735 | 2,144 | 12,055 | 11,538 | |||||||||||||||||||||||||||
Total cost of revenues | 333,480 | 263,986 | 266,659 | 1,101,886 | 957,702 | |||||||||||||||||||||||||||
Gross profit | 51,052 | 59,650 | 75,151 | 221,607 | 167,127 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 4,365 | 2,979 | 3,275 | 17,070 | 22,381 | |||||||||||||||||||||||||||
Sales, general, and administrative | 76,610 | 51,169 | 52,510 | 232,253 | 164,703 | |||||||||||||||||||||||||||
Restructuring charges (credits) | 175 | (230) | (134) | 4,519 | 2,604 | |||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | — | — | (208) | (294) | 45 | |||||||||||||||||||||||||||
(Gain) loss on business divestitures, net | — | — | 124 | (224) | (10,334) | |||||||||||||||||||||||||||
Income from transition services agreement, net1 | 956 | (468) | (4,371) | (4,255) | (6,260) | |||||||||||||||||||||||||||
Total operating expenses | 82,106 | 53,450 | 51,196 | 249,069 | 173,139 | |||||||||||||||||||||||||||
Operating income (loss) | (31,054) | 6,200 | 23,955 | (27,462) | (6,012) | |||||||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||||||||
Interest income | 39 | 83 | 72 | 288 | 754 | |||||||||||||||||||||||||||
Interest expense | (6,683) | (6,710) | (8,422) | (29,079) | (33,153) | |||||||||||||||||||||||||||
Other, net | 68,904 | (86,074) | 415,880 | 23,430 | 692,980 | |||||||||||||||||||||||||||
Other income (expense), net | 62,260 | (92,701) | 407,530 | (5,361) | 660,581 | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of unconsolidated investees | 31,206 | (86,501) | 431,485 | (32,823) | 654,569 | |||||||||||||||||||||||||||
(Provision for) benefits from income taxes | (10,212) | 2,194 | (18,833) | (5,219) | (57,549) | |||||||||||||||||||||||||||
Net (loss) income from continuing operations | 20,994 | (84,307) | 412,652 | (38,042) | 597,020 | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes and equity in earnings (losses) of unconsolidated investees | — | — | — | — | (125,599) | |||||||||||||||||||||||||||
Benefits from (provision for) income taxes | — | — | — | — | 3,191 | |||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated investees | — | — | — | — | (586) |
Net (loss) income from discontinued operations, net of taxes | — | — | — | — | (122,994) | |||||||||||||||||||||||||||
Net (loss) income | 20,994 | (84,307) | 412,652 | (38,042) | 474,026 | |||||||||||||||||||||||||||
Net (income) loss from continuing operations attributable to noncontrolling interests | (798) | (69) | (177) | 684 | 2,335 | |||||||||||||||||||||||||||
Net (income) loss from discontinued operations attributable to noncontrolling interests | — | — | — | — | (1,313) | |||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (798) | (69) | (177) | 684 | 1,022 | |||||||||||||||||||||||||||
Net (loss) income from continuing operations attributable to stockholders | 20,196 | (84,376) | 412,475 | (37,358) | 599,355 | |||||||||||||||||||||||||||
Net (loss) income from discontinued operations attributable to stockholders | — | — | — | — | (124,307) | |||||||||||||||||||||||||||
Net (loss) income attributable to stockholders | $ | 20,196 | $ | (84,376) | $ | 412,475 | $ | (37,358) | $ | 475,048 | ||||||||||||||||||||||
Net income (loss) per share attributable to stockholders - basic: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.12 | $ | (0.49) | $ | 2.42 | $ | (0.22) | $ | 3.53 | ||||||||||||||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | (0.73) | ||||||||||||||||||||||
Net income (loss) per share - basic | $ | 0.12 | $ | (0.49) | $ | 2.42 | $ | (0.22) | $ | 2.80 | ||||||||||||||||||||||
Net income (loss) per share attributable to stockholders - diluted: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.11 | $ | (0.49) | $ | 2.08 | $ | (0.22) | $ | 3.11 | ||||||||||||||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | (0.63) | ||||||||||||||||||||||
Net income (loss) per share - diluted | $ | 0.11 | $ | (0.49) | $ | 2.08 | $ | (0.22) | $ | 2.48 | ||||||||||||||||||||||
Weighted-average shares: | ||||||||||||||||||||||||||||||||
Basic | 173,019 | 172,885 | 170,267 | 172,436 | 169,801 | |||||||||||||||||||||||||||
Diluted | 175,807 | 172,885 | 200,132 | 172,436 | 197,242 |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 20,994 | $ | (84,307) | $ | 412,652 | $ | (38,042) | $ | 474,026 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,008 | 1,681 | 2,567 | 11,506 | 48,304 | |||||||||||||||||||||||||||
Stock-based compensation | 6,126 | 4,726 | 6,029 | 25,902 | 24,817 | |||||||||||||||||||||||||||
Non-cash interest expense | 947 | 940 | 1,067 | 5,042 | 6,562 | |||||||||||||||||||||||||||
Equity in losses (earnings) of unconsolidated investees | — | — | — | — | 586 | |||||||||||||||||||||||||||
Loss (gain) on equity investments | (68,950) | 86,254 | (416,455) | (21,712) | (692,100) | |||||||||||||||||||||||||||
(Gain) loss on retirement of convertible debt | — | — | 878 | — | (2,182) | |||||||||||||||||||||||||||
(Gain) loss on sale of investments | — | — | — | (1,162) | — | |||||||||||||||||||||||||||
(Gain) loss on business divestitures, net | — | — | 125 | (224) | (10,334) | |||||||||||||||||||||||||||
Deferred income taxes | 9,797 | (2,472) | 17,602 | 5,688 | 19,241 | |||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | — | — | 209 | (226) | 1,024 | |||||||||||||||||||||||||||
Other, net | 439 | (120) | (464) | (5,670) | 534 | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | (14,099) | (1,541) | (14,067) | (18,549) | 98,962 | |||||||||||||||||||||||||||
Contract assets | 6,163 | 4,189 | 10,708 | 34,850 | (12,063) | |||||||||||||||||||||||||||
Inventories | (1,567) | (5,583) | (17,701) | (5,325) | (29,808) | |||||||||||||||||||||||||||
Project assets | 1,581 | (3,488) | 3,015 | 4,398 | (8,187) | |||||||||||||||||||||||||||
Prepaid expenses and other assets | (21,786) | (11,512) | (1,837) | (32,701) | (6,161) | |||||||||||||||||||||||||||
Operating lease right-of-use assets | 2,548 | 2,344 | 654 | 11,257 | 10,552 | |||||||||||||||||||||||||||
Advances to suppliers | 225 | 2,597 | (2,814) | (462) | 13,482 | |||||||||||||||||||||||||||
Accounts payable and other accrued liabilities | 39,976 | (14,016) | (3,129) | (16,269) | (78,269) | |||||||||||||||||||||||||||
Contract liabilities | 13,736 | 5,047 | 17,842 | 10,229 | (35,976) | |||||||||||||||||||||||||||
Operating lease liabilities | (2,549) | (3,868) | (1,759) | (13,006) | (10,401) | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (2,411) | (19,129) | 15,122 | (44,476) | (187,391) | |||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchases of property, plant, and equipment | (6,090) | (1,623) | (1,403) | (10,024) | (14,577) |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
Investments in software development costs | (1,051) | (2,468) | — | (3,519) | — | |||||||||||||||||||||||||||
Proceeds from sale of property, plant, and equipment | — | — | — | 900 | — | |||||||||||||||||||||||||||
Cash paid for solar power systems | — | — | (1,134) | (635) | (6,528) | |||||||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | (1,338) | |||||||||||||||||||||||||||
Proceeds from maturities of marketable securities | — | — | — | — | 6,588 | |||||||||||||||||||||||||||
Cash outflow upon Maxeon Solar Spin-off, net of proceeds | — | — | 8,996 | — | (131,136) | |||||||||||||||||||||||||||
Cash received from sale of investments | — | — | — | 1,200 | — | |||||||||||||||||||||||||||
Proceeds from business divestitures, net of de-consolidated cash | — | — | — | 10,516 | 15,418 | |||||||||||||||||||||||||||
Proceeds from sale of equity investment | — | 177,780 | 133,600 | 177,780 | 253,039 | |||||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | (124,200) | — | — | (124,200) | — | |||||||||||||||||||||||||||
Proceeds from return of capital from equity investments | — | — | — | 2,276 | 7,724 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (131,341) | 173,689 | 140,059 | 54,294 | 129,190 | |||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Proceeds from bank loans and other debt | 28,412 | 28,273 | 32,752 | 152,081 | 216,483 | |||||||||||||||||||||||||||
Repayment of bank loans and other debt | (24,385) | (52,813) | (44,607) | (180,771) | (227,677) | |||||||||||||||||||||||||||
Proceeds from issuance of non-recourse residential and commercial financing, net of issuance costs | — | — | 1,355 | — | 14,789 | |||||||||||||||||||||||||||
Repayment of non-recourse residential and commercial financing | — | — | (1,813) | (9,798) | (9,044) | |||||||||||||||||||||||||||
Contributions from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | — | — | — | — | 22 | |||||||||||||||||||||||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests attributable to residential projects | — | — | (1,090) | — | (1,392) | |||||||||||||||||||||||||||
Repayment of convertible debt | — | — | (239,554) | (62,757) | (334,732) | |||||||||||||||||||||||||||
Proceeds from issuance of Maxeon Solar green convertible debt | — | — | — | — | 200,000 | |||||||||||||||||||||||||||
Receipt of contingent asset of a prior business combination | — | — | — | — | 2,245 |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
Settlement of contingent consideration arrangement of a prior business combination | — | — | (776) | — | (776) | |||||||||||||||||||||||||||
Issuance of common stock to executive | — | — | — | 2,998 | — | |||||||||||||||||||||||||||
Equity offering costs paid | — | — | — | — | (928) | |||||||||||||||||||||||||||
Purchases of stock for tax withholding obligations on vested restricted stock | (2,500) | (809) | (4,387) | (9,762) | (12,842) | |||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 1,527 | (25,349) | (258,120) | (108,009) | (153,852) | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | — | — | (22) | — | 200 | |||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (132,225) | 129,211 | (102,961) | (98,191) | (211,853) | |||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 280,838 | 151,627 | 349,765 | 246,804 | 458,657 | |||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 148,613 | $ | 280,838 | $ | 246,804 | $ | 148,613 | $ | 246,804 | ||||||||||||||||||||||
Reconciliation of cash, cash equivalents, and restricted cash to the unaudited consolidated balance sheets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 127,130 | $ | 268,574 | $ | 232,765 | $ | 127,130 | $ | 232,765 | ||||||||||||||||||||||
Restricted cash and cash equivalents, current portion | 4,157 | 7,438 | 5,518 | 4,157 | 5,518 | |||||||||||||||||||||||||||
Restricted cash and cash equivalents, net of current portion | 17,326 | 4,826 | 8,521 | 17,326 | 8,521 | |||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 148,613 | $ | 280,838 | $ | 246,804 | $ | 148,613 | $ | 246,804 | ||||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||
Costs of solar power systems funded by liabilities | $ | — | $ | — | $ | 635 | $ | — | $ | 635 | ||||||||||||||||||||||
Property, plant, and equipment acquisitions funded by liabilities | $ | (1,210) | $ | 1,356 | $ | 866 | $ | 1,320 | $ | 866 | ||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | $ | 3,671 | $ | 4,429 | $ | 1,008 | $ | 19,628 | $ | 22,794 | ||||||||||||||||||||||
Deconsolidation of right-of-use assets and lease obligations | $ | — | $ | — | $ | — | $ | 3,340 | $ | — | ||||||||||||||||||||||
Debt repaid in sale of commercial projects | $ | — | $ | — | $ | — | $ | 5,585 | $ | — | ||||||||||||||||||||||
Fair value of contingent consideration for business combination | $ | 11,100 | $ | — | $ | — | $ | 11,100 | $ | — |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
Assumption of liabilities in connection with business divestitures | $ | — | $ | — | $ | 9,056 | $ | — | $ | 9,056 | ||||||||||||||||||||||
Holdbacks in connection with business divestitures | $ | — | $ | — | $ | 7,199 | $ | — | $ | 7,199 | ||||||||||||||||||||||
Costs of solar power systems sourced from existing inventory | $ | — | $ | — | $ | 1,018 | $ | — | $ | 1,018 | ||||||||||||||||||||||
Cash paid for interest | $ | 1,555 | $ | 10,168 | $ | 4,117 | $ | 25,289 | $ | 31,704 | ||||||||||||||||||||||
Cash paid for income taxes | $ | 2,509 | $ | 83 | $ | 1,527 | $ | 22,825 | $ | 18,708 |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
GAAP revenue | $ | 384,532 | $ | 323,636 | $ | 341,810 | $ | 1,323,493 | $ | 1,124,829 | ||||||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||
Legacy utility and power plant projects | $ | — | $ | — | $ | — | $ | — | $ | (207) | ||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | $ | (318) | $ | (1,677) | $ | (4,331) | $ | (10,825) | $ | (27,131) | ||||||||||||||||||||||
Construction revenue on solar services contracts | $ | — | $ | — | $ | — | $ | — | $ | 5,392 | ||||||||||||||||||||||
Non-GAAP revenue | $ | 384,214 | $ | 321,959 | $ | 337,479 | $ | 1,312,668 | $ | 1,102,883 |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
GAAP gross profit from continuing operations | $ | 51,052 | $ | 59,650 | $ | 75,151 | $ | 221,607 | $ | 167,127 | ||||||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||
Legacy utility and power plant projects | — | — | — | — | (34) | |||||||||||||||||||||||||||
Legacy sale-leaseback transactions | — | — | — | — | 20 | |||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | 1,586 | 291 | 110 | 5,180 | 7,412 | |||||||||||||||||||||||||||
Construction revenue on solar service contracts | — | — | — | — | 4,735 | |||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | (275) | (249) | (485) | (1,537) | (1,860) | |||||||||||||||||||||||||||
Stock-based compensation expense | 1,183 | 1,029 | 952 | 4,062 | 2,605 | |||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | — | 4,759 | |||||||||||||||||||||||||||
Restructuring (credits) charges | — | — | (12) | — | (12) | |||||||||||||||||||||||||||
Non-GAAP gross profit | $ | 53,546 | $ | 60,721 | $ | 75,716 | $ | 229,312 | $ | 184,752 | ||||||||||||||||||||||
GAAP gross margin (%) | 13.3 | % | 18.4 | % | 22.0 | % | 16.7 | % | 14.9 | % | ||||||||||||||||||||||
Non-GAAP gross margin (%) | 13.9 | % | 18.9 | % | 22.4 | % | 17.5 | % | 16.8 | % |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
GAAP net income (loss) from continuing operations attributable to stockholders | $ | 20,196 | $ | (84,376) | $ | 412,475 | $ | (37,358) | $ | 599,355 | ||||||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||
Legacy utility and power plant projects | — | — | — | — | (34) | |||||||||||||||||||||||||||
Legacy sale-leaseback transactions | — | — | — | — | 20 | |||||||||||||||||||||||||||
Mark-to-market (gain) loss on equity investments | (68,950) | 86,254 | (416,456) | (21,712) | (690,818) | |||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | 2,661 | 938 | 294 | 11,683 | 9,383 | |||||||||||||||||||||||||||
Construction revenue on solar service contracts | — | — | — | — | 4,735 | |||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | (275) | (249) | (693) | (6,494) | (1,815) | |||||||||||||||||||||||||||
Litigation | (9,311) | 1,623 | 3,650 | 888 | 4,530 | |||||||||||||||||||||||||||
Stock-based compensation expense | 6,040 | 4,693 | 6,008 | 25,717 | 19,387 | |||||||||||||||||||||||||||
Amortization of intangible assets | 1,579 | — | — | 1,579 | 4,759 | |||||||||||||||||||||||||||
(Gain) loss on business divestitures, net | — | — | 53 | (224) | (10,476) | |||||||||||||||||||||||||||
Transaction-related costs | 1,545 | 1,329 | 175 | 3,229 | 2,033 | |||||||||||||||||||||||||||
Executive transition costs | 1,254 | 827 | — | 2,583 | — | |||||||||||||||||||||||||||
Business reorganization costs | (129) | 1,045 | 1,537 | 2,771 | 1,537 | |||||||||||||||||||||||||||
Restructuring (credits) charges | 191 | (154) | (146) | 803 | 1,935 | |||||||||||||||||||||||||||
(Gain) loss on convertible debt repurchased | — | — | 540 | — | (2,520) | |||||||||||||||||||||||||||
Acquisition-related costs | 18,764 | — | — | 18,764 | — | |||||||||||||||||||||||||||
Tax effect | 13,661 | (1,293) | 18,699 | 10,272 | 54,314 | |||||||||||||||||||||||||||
Non-GAAP net income (loss) attributable to stockholders | $ | (12,774) | $ | 10,637 | $ | 26,136 | $ | 12,501 | $ | (3,675) |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
Net income (loss) per diluted share | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
GAAP net income (loss) available to common stockholders1 | $ | 20,196 | $ | (84,376) | $ | 412,475 | $ | (37,358) | $ | 599,355 | ||||||||||||||||||||||
Add: Interest expense on 4.00% debenture due 2023, net of tax | — | — | 3,126 | — | 12,499 | |||||||||||||||||||||||||||
Add: Interest expense on 0.875% debenture due 2021, net of tax | — | — | 421 | — | 1,824 | |||||||||||||||||||||||||||
GAAP net income (loss) available to common stockholders1 | $ | 20,196 | $ | (84,376) | $ | 416,022 | $ | (37,358) | $ | 613,678 | ||||||||||||||||||||||
Non-GAAP net income (loss) available to common stockholders1 | $ | (12,774) | $ | 10,637 | $ | 26,136 | $ | 12,501 | $ | (3,675) | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
GAAP weighted-average shares | 173,019 | 172,885 | 170,267 | 172,436 | 169,801 | |||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||
Restricted stock units | 2,788 | — | 5,217 | — | 318 | |||||||||||||||||||||||||||
0.875% debentures due 2021 | — | — | 7,581 | — | 10,055 | |||||||||||||||||||||||||||
4.00% debentures due 2023 | — | — | 17,068 | — | 17,068 | |||||||||||||||||||||||||||
GAAP dilutive weighted-average common shares: | 175,807 | 172,885 | 200,133 | 172,436 | 197,242 | |||||||||||||||||||||||||||
Non-GAAP weighted-average shares | 173,019 | 172,885 | 170,267 | 172,436 | 169,801 | |||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||
Restricted stock units | — | 2,680 | 5,216 | 2,680 | — | |||||||||||||||||||||||||||
4.00% debentures due 2023 | — | — | 17,068 | — | — | |||||||||||||||||||||||||||
Non-GAAP dilutive weighted-average common shares1 | 173,019 | 175,565 | 192,551 | 175,116 | 169,801 | |||||||||||||||||||||||||||
GAAP dilutive net income (loss) per share - continuing operations | $ | 0.11 | $ | (0.49) | $ | 2.08 | $ | (0.22) | $ | 3.11 | ||||||||||||||||||||||
Non-GAAP dilutive net income (loss) per share - continuing operations | $ | (0.07) | $ | 0.06 | $ | 0.14 | $ | 0.07 | $ | (0.02) |
THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||||||||||||||||||
January 2, 2022 | October 3, 2021 | January 3, 2021 | January 2, 2022 | January 3, 2021 | ||||||||||||||||||||||||||||
GAAP net income (loss) from continuing operations attributable to stockholders | $ | 20,196 | $ | (84,376) | $ | 412,475 | $ | (37,358) | $ | 599,355 | ||||||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||
Legacy utility and power plant projects | — | — | — | — | (34) | |||||||||||||||||||||||||||
Legacy sale-leaseback transactions | — | — | — | — | 20 | |||||||||||||||||||||||||||
Mark-to-market (gain) loss on equity investments | (68,950) | 86,254 | (416,456) | (21,712) | (690,818) | |||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | 2,661 | 938 | 294 | 11,683 | 9,383 | |||||||||||||||||||||||||||
Construction revenue on solar service contracts | — | — | — | — | 4,735 | |||||||||||||||||||||||||||
Gain on sale and impairment of residential lease assets | (275) | (249) | (693) | (6,494) | (1,815) | |||||||||||||||||||||||||||
Litigation | (9,311) | 1,623 | 3,650 | 888 | 4,530 | |||||||||||||||||||||||||||
Stock-based compensation expense | 6,040 | 4,693 | 6,008 | 25,717 | 19,387 | |||||||||||||||||||||||||||
Amortization of intangible assets | 1,579 | — | — | 1,579 | 4,759 | |||||||||||||||||||||||||||
(Gain) loss on business divestitures, net | — | — | 53 | (224) | (10,476) | |||||||||||||||||||||||||||
Transaction-related costs | 1,545 | 1,329 | 175 | 3,229 | 2,033 | |||||||||||||||||||||||||||
Executive transition costs | 1,254 | 827 | — | 2,583 | — | |||||||||||||||||||||||||||
Business reorganization costs | (129) | 1,045 | 1,537 | 2,771 | 1,537 | |||||||||||||||||||||||||||
Restructuring charges | 191 | (154) | (146) | 803 | 1,935 | |||||||||||||||||||||||||||
(Gain) loss on convertible debt repurchased | — | — | 540 | — | (2,520) | |||||||||||||||||||||||||||
Acquisition-related costs | 18,764 | — | — | 18,764 | — | |||||||||||||||||||||||||||
Cash interest expense, net of interest income | 6,582 | 6,543 | 8,348 | 28,566 | 32,435 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 9,646 | (2,194) | 18,834 | 4,627 | 57,550 | |||||||||||||||||||||||||||
Depreciation | 2,633 | 1,928 | 2,893 | 11,384 | 14,752 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | (7,574) | $ | 18,207 | $ | 37,512 | $ | 46,806 | $ | 46,748 |
(in thousands) | FY 2022 | ||||
Residential Customers | 73,000 - 80,000 | ||||
Residential Adjusted EBITDA/Customer1 | $2,000 - $2,400 | ||||
Adjusted EBITDA | $90 million -$110 million | ||||
Net Income (GAAP) | $85 million -$105 million |
January 2, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other expense (income), net | (Benefits from) provision for income taxes | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||
Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring (credits) charges | (Gain) loss on sale and impairment of residential lease assets | (Gain) loss on business divestitures, net | ||||||||||||||||||||||||||||||||||||||
GAAP | $ | 347,512 | $ | 36,702 | $ | 318 | $ | — | $ | 61,773 | $ | (9,135) | $ | (1,350) | $ | (236) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20,196 | ||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market (gain) loss on equity investments | — | — | — | — | — | — | — | — | — | — | — | — | — | (68,950) | — | (68,950) | ||||||||||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | — | — | (318) | — | — | — | 1,350 | 236 | — | 539 | (15) | — | — | (14) | 565 | 2,661 | ||||||||||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | — | — | — | — | (275) | — | — | — | — | — | — | — | — | — | — | (275) | ||||||||||||||||||||||||||||||||||
Litigation | — | — | — | — | — | — | — | — | — | (9,311) | — | — | — | — | — | (9,311) | ||||||||||||||||||||||||||||||||||
Executive transition costs | — | — | — | — | — | — | — | — | — | 1,254 | — | — | — | — | — | 1,254 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 708 | 475 | — | — | 625 | 4,232 | — | — | — | — | — | 6,040 | ||||||||||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | — | — | — | — | 1,579 | — | — | — | — | — | 1,579 | ||||||||||||||||||||||||||||||||||
(Gain) loss on business divestitures, net | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Business reorganization costs | — | — | — | — | — | — | — | — | — | (129) | — | — | — | — | — | (129) | ||||||||||||||||||||||||||||||||||
Transaction-related costs | — | — | — | — | — | — | — | — | — | 1,545 | — | — | — | — | — | 1,545 | ||||||||||||||||||||||||||||||||||
Restructuring (credits) charges | — | — | — | — | — | — | — | — | — | — | 191 | — | — | — | — | 191 | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | — | — | — | — | — | 18,764 | — | — | — | — | — | 18,764 | ||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 13,661 | 13,661 | ||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 347,512 | $ | 36,702 | $ | — | $ | — | $ | 62,206 | $ | (8,660) | $ | — | $ | — | $ | (12,774) |
October 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other expense (income), net | (Benefits from) provision for income taxes | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||
Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring (credits) charges | (Gain) loss on sale and impairment of residential lease assets | (Gain) loss on business divestitures, net | ||||||||||||||||||||||||||||||||||||||
GAAP | $ | 281,635 | $ | 40,324 | $ | 1,677 | $ | — | $ | 62,680 | $ | (2,739) | $ | (208) | $ | (83) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (84,376) | ||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market (gain) loss on equity investments | — | — | — | — | — | — | — | — | — | — | — | — | — | 86,254 | — | 86,254 | ||||||||||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | — | — | (1,677) | — | — | — | 208 | 83 | — | 469 | (75) | — | — | 253 | — | 938 | ||||||||||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | — | — | — | — | (249) | — | — | — | — | — | — | — | — | — | — | (249) | ||||||||||||||||||||||||||||||||||
Litigation | — | — | — | — | — | — | — | — | — | 1,623 | — | — | — | — | — | 1,623 | ||||||||||||||||||||||||||||||||||
Executive transition costs | — | — | — | — | — | — | — | — | — | 827 | — | — | — | — | — | 827 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 677 | 352 | — | — | 624 | 3,040 | — | — | — | — | — | 4,693 | ||||||||||||||||||||||||||||||||||
Business reorganization costs | — | — | — | — | — | — | — | — | — | 1,045 | — | — | — | — | — | 1,045 | ||||||||||||||||||||||||||||||||||
Transaction-related costs | — | — | — | — | — | — | — | — | — | 1,397 | — | — | — | (68) | — | 1,329 | ||||||||||||||||||||||||||||||||||
Restructuring (credits) charges | — | — | — | — | — | — | — | — | — | — | (154) | — | — | — | — | (154) | ||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (1,293) | (1,293) | ||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 281,635 | $ | 40,324 | $ | — | $ | — | $ | 63,108 | $ | (2,387) | $ | — | $ | — | $ | 10,637 |
January 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other expense (income), net | (Benefits from) provision for income taxes | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||
Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring (credits) charges | (Gain) loss on sale and impairment of residential lease assets | (Gain) loss on business divestitures, net | ||||||||||||||||||||||||||||||||||||||
GAAP | $ | 257,932 | $ | 79,547 | $ | 9,959 | $ | (5,628) | $ | 61,128 | $ | 14,133 | $ | (5,875) | $ | 5,765 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 412,475 | ||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market (gain) loss on equity investments | — | — | — | — | — | — | — | — | — | — | — | — | — | (416,456) | — | (416,456) | ||||||||||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | — | — | (9,959) | 5,628 | — | — | 5,875 | (5,765) | (4) | 170 | — | — | — | 18 | — | 294 | ||||||||||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | — | — | — | — | (485) | — | — | — | — | — | — | (208) | — | — | — | (693) | ||||||||||||||||||||||||||||||||||
Litigation | — | — | — | — | — | — | — | — | — | 3,650 | — | — | — | — | — | 3,650 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 952 | — | — | — | 904 | 4,152 | — | — | — | — | — | 6,008 | ||||||||||||||||||||||||||||||||||
(Gain) loss on business divestitures, net | — | — | — | — | — | — | — | — | — | — | — | — | 124 | (71) | — | 53 | ||||||||||||||||||||||||||||||||||
Business reorganization costs | — | — | — | — | — | — | — | — | — | 1,537 | — | — | — | — | — | 1,537 | ||||||||||||||||||||||||||||||||||
Transaction-related costs | — | — | — | — | — | — | — | — | — | 175 | — | — | — | — | — | 175 | ||||||||||||||||||||||||||||||||||
Restructuring (credits) charges | — | — | — | — | (12) | — | — | — | — | — | (134) | — | — | — | — | (146) | ||||||||||||||||||||||||||||||||||
(Gain) loss on convertible debt repurchased | — | — | — | — | — | — | — | — | — | — | — | — | — | 540 | — | 540 | ||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 18,699 | 18,699 | ||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 257,932 | $ | 79,547 | $ | — | $ | — | $ | 61,583 | $ | 14,133 | $ | — | $ | — | $ | 26,136 |
January 2, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other expense (income), net | (Benefits from) provision for income taxes | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||
Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring (credits) charges | (Gain) loss on sale and impairment of residential lease assets | (Gain) loss on business divestitures, net | ||||||||||||||||||||||||||||||||||||||
GAAP | $ | 1,121,203 | $ | 191,465 | $ | 10,814 | $ | 11 | $ | 234,129 | $ | (7,342) | $ | (6,541) | $ | 1,361 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (37,358) | ||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market (gain) loss on equity investments | — | — | — | — | — | — | — | — | — | — | — | — | — | (21,712) | — | (21,712) | ||||||||||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | — | — | (10,814) | (11) | — | — | 6,541 | (1,361) | — | 1,907 | 3,718 | — | — | 284 | 594 | 11,683 | ||||||||||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | — | — | — | — | (1,537) | — | — | — | — | (4,663) | — | (294) | — | — | — | (6,494) | ||||||||||||||||||||||||||||||||||
Litigation | — | — | — | — | — | — | — | — | — | 888 | — | — | — | — | — | 888 | ||||||||||||||||||||||||||||||||||
Executive transition costs | — | — | — | — | — | — | — | — | — | 2,583 | — | — | — | — | — | 2,583 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 2,853 | 1,209 | — | — | 3,075 | 18,580 | — | — | — | — | — | 25,717 | ||||||||||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | — | — | — | — | 1,579 | — | — | — | — | — | 1,579 | ||||||||||||||||||||||||||||||||||
(Gain) loss on business divestiture | — | — | — | — | — | — | — | — | — | — | — | — | (224) | — | — | (224) | ||||||||||||||||||||||||||||||||||
Business reorganization costs | — | — | — | — | — | — | — | — | — | 2,771 | — | — | — | — | — | 2,771 | ||||||||||||||||||||||||||||||||||
Transaction-related costs | — | — | — | — | — | — | — | — | — | 3,476 | — | — | — | (247) | — | 3,229 | ||||||||||||||||||||||||||||||||||
Restructuring (credits) charges | — | — | — | — | — | — | — | — | — | — | 803 | — | — | — | — | 803 | ||||||||||||||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | — | — | — | — | — | 18,764 | — | — | — | — | — | 18,764 | ||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 10,272 | 10,272 | ||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 1,121,203 | $ | 191,465 | $ | — | $ | — | $ | 235,445 | $ | (6,133) | $ | — | $ | — | $ | 12,501 |
January 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Gross Profit / Margin | Operating expenses | Other expense (income), net | (Benefits from) provision for income taxes | Net income (loss) attributable to stockholders | |||||||||||||||||||||||||||||||||||||||||||||
Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Residential, Light Commercial | Commercial and Industrial Solutions | Others | Intersegment eliminations | Research and development | Sales, general and administrative | Restructuring (credits) charges | (Gain) loss on sale and impairment of residential lease assets | (Gain) loss on business divestitures, net | ||||||||||||||||||||||||||||||||||||||
GAAP | $ | 842,680 | $ | 255,018 | $ | 65,574 | $ | (38,443) | $ | 150,596 | $ | 23,943 | $ | (24,782) | $ | 17,370 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 599,355 | ||||||||||||||||||
Adjustments based on IFRS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy utility and power plant projects | — | (207) | — | — | — | (34) | — | — | — | — | — | — | — | — | — | (34) | ||||||||||||||||||||||||||||||||||
Legacy sale-leaseback transactions | — | — | — | — | 20 | — | — | — | — | — | — | — | — | — | — | 20 | ||||||||||||||||||||||||||||||||||
Mark-to-market (gain) loss on equity investments | — | — | — | — | — | — | — | — | — | — | — | — | — | (690,818) | — | (690,818) | ||||||||||||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Results of operations of legacy business to be exited | — | — | (65,574) | 38,443 | — | — | 24,782 | (17,370) | (4) | 766 | 57 | — | — | 1,028 | — | 9,383 | ||||||||||||||||||||||||||||||||||
(Gain) loss on sale and impairment of residential lease assets | — | — | — | — | (1,860) | — | — | — | — | — | — | 45 | — | — | — | (1,815) | ||||||||||||||||||||||||||||||||||
Construction revenue on solar services contracts | 5,392 | — | — | — | 4,735 | — | — | — | — | — | — | — | — | — | — | 4,735 | ||||||||||||||||||||||||||||||||||
Litigation | — | — | — | — | — | — | — | — | — | 4,530 | — | — | — | — | — | 4,530 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 2,605 | — | — | — | 904 | 15,878 | — | — | — | — | — | 19,387 | ||||||||||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 4,759 | — | — | — | — | — | — | — | — | — | 4,759 | ||||||||||||||||||||||||||||||||||
(Gain) loss on business divestitures, net | — | — | — | — | — | — | — | — | — | — | — | — | (10,334) | (142) | — | (10,476) | ||||||||||||||||||||||||||||||||||
Business reorganization costs | — | — | — | — | — | — | — | — | — | 1,537 | — | — | — | — | — | 1,537 | ||||||||||||||||||||||||||||||||||
Transaction-related costs | — | — | — | — | — | — | — | — | — | 2,033 | — | — | — | — | — | 2,033 | ||||||||||||||||||||||||||||||||||
Restructuring charges (credits) | — | — | — | — | (12) | — | — | — | — | — | 1,947 | — | — | — | — | 1,935 | ||||||||||||||||||||||||||||||||||
(Gain) loss on convertible debt repurchased | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,520) | — | (2,520) | ||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 54,314 | 54,314 | ||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 848,072 | $ | 254,811 | $ | — | $ | — | $ | 156,084 | $ | 28,668 | $ | — | $ | — | $ | (3,675) |