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Subjects: ERN, ERP

Maxeon Solar Technologies Announces Second Quarter 2022 Financial Results


--Record EU DG revenues, high-volume shipments commenced for US Utility-Scale--
-- Maxeon 7 ready to scale with funding secured --

SINGAPORE, Aug. 18, 2022 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the second quarter ended July 3, 2022.

Maxeon's Chief Executive Officer Jeff Waters noted, "Demand for our technology continues to strengthen, in part because of our direct-to-installer model in DG and our exposure to the US utility-scale business. The DG business posted another record for EU revenues based on higher volume, panel price increases and growing Beyond the Panel mix. In the US, we completed our first direct deliveries to commercial customers and began building the domestic sales team for our residential channel. Utility-scale demand is another bright spot in the US where we added another 1.2 gigawatts of bookings and executed our first contract with price adjustment mechanisms designed to ensure we secure margins consistent with our long-term financial model."

Commenting on result of the Company's fund raising effort, Waters added, "We recently announced a $207 million private convertible bond issuance to our significant shareholder TZE. This transaction will provide the necessary funding for our Maxeon 7 conversion project in the Philippines and Mexico, among other things. This transaction also highlights TZE's continued commitment to, and confidence in, Maxeon's success."

Continued Waters, "In the second quarter of 2022, Maxeon executed further on our multi-year capacity transformation with notable progress on Maxeon 6, Maxeon 7 and our North America Performance Line. We've produced our last ever Maxeon 5 module and are on track to have a fully utilized half gigawatt of Maxeon 6 capacity later this year. The Maxeon 7 pilot line achieved its performance targets and, with funding recently secured, we now plan to scale the technology. Our Performance Line remains on track to reach 1.8 gigawatts early next year and based on recent passage of the Inflation Reduction Act, we are accelerating plans to add an incremental 3 gigawatts in the US."

Selected Q2 Unaudited Financial Summary

(In thousands, except shipments)

Fiscal Q2 2022


Fiscal Q1 2022


Fiscal Q2 2021

Shipments, in MW

521


488


434

Revenue

$                   238,080


$                   223,081


$                   175,895

Gross loss(1)

(39,324)


(12,964)


(2,812)

GAAP Operating expenses

35,701


37,410


38,069

GAAP Net loss attributable to the stockholders(1)

(87,920)


(59,112)


(77,011)

Capital expenditures

18,231


21,682


51,703




Other Financial Data(1), (2)

(In thousands)

Fiscal Q2 2022


Fiscal Q1 2022


Fiscal Q2 2021

Non-GAAP Gross loss

$                    (23,905)


$                    (12,542)


$                      (2,629)

Non-GAAP Operating expenses

30,162


34,367


31,200

Adjusted EBITDA(3)

(36,833)


(33,590)


(23,536)



 (1)

The Company's GAAP and Non-GAAP results were impacted by the effects of certain items. Refer to "Supplementary information affecting
GAAP and Non-GAAP results
" below.



(2)

The Company's use of Non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP
Financial Measures" below.



(3)

The Adjusted EBITDA for three months ended July 4, 2021 did not contain an adjustment for equity in losses of unconsolidated investees. For a
reconciliation of Adjusted EBITDA to GAAP Net Loss for the three months ended July 4, 2021, please refer to our Form 6-K furnished with the
SEC on August 12, 2021.

 

Supplementary information affecting GAAP and Non-GAAP results




Three Months Ended

(In thousands)

Financial
statements item
affected

July 3, 2022


April 3, 2022


July 4, 2021

Incremental cost of above market
polysilicon(1)

Cost of revenue

3,308


7,388


12,538

Loss on ancillary sales of excess
polysilicon(2), (3)

Cost of revenue

?


8,328


2,498



(1)

Relates to the difference between our contractual cost for the polysilicon under the long-term fixed supply agreements with our supplier and the
price of polysilicon available in the market as derived from publicly available information at the beginning of each quarter, multiplied by the
volume of modules sold within the quarter.



(2)

In order to reduce inventory and improve working capital, we have periodically elected to sell polysilicon inventory procured under the long-
term fixed supply agreements in the market at prices below our purchase price, thereby incurring a loss.



(3)

For the three months ended April 3, 2022, the loss on ancillary sales of excess polysilicon also included $5.9 million provision for the loss on
firm purchase commitment in connection to the ancillary sales to third parties of excess polysilicon to be fulfilled in subsequent quarters.

 

Third Quarter 2022 Outlook

For the third quarter of 2022, the Company anticipates the following results:

(In millions, except shipments)

 Outlook

Shipments, in MW

580 - 620 MW

Revenue

$270 - $290

Gross loss(1)

$10 - $20

Non-GAAP gross loss(1), (2)

$10 - $20

Operating expenses

$38 ± $1

Non-GAAP operating expenses(3)

$35± $1

Adjusted EBITDA(1), (4)

$(27) - $(37)

Capital expenditures(5)

$21 - $25

Out-of-market polysilicon cost(1)

$1



(1)

Outlook for Gross loss, Non-GAAP gross loss and Adjusted EBITDA includes out-of-market polysilicon cost.



(2)

The Company's Non-GAAP gross loss is impacted by the effects of adjusting for stock-based compensation expense. The Company does not
provide a reconciliation between its gross loss and Non-GAAP gross loss outlook as the outlook is rounded to the nearest million and hence the
adjustment does not result in a difference to Non-GAAP gross loss outlook.



(3)

The Company's Non-GAAP operating expenses are impacted by the effects of adjusting for stock-based compensation expense and restructuring
charges and fees.



(4)

The Company cannot provide a reconciliation between its Adjusted EBITDA projection and the most directly comparable GAAP measures
without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of the remeasurement gain or loss of
the prepaid forward and the equity in gain or loss of unconsolidated investees.



(5)

Capital expenditures are directed mainly to upgrading production to Maxeon 6 in our Malaysia factory, the purchase of cell and module
equipment for our 1.8 GW of Performance line capacity for the U.S., as well as developing Maxeon 7 technology and operating a pilot line.

 

These anticipated results for the third quarter of 2022 are preliminary, unaudited and represent the most current information available to management. The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the uncertainty of the continuing impact of the COVID-19 pandemic, and the global economic environment. Please refer to Forward Looking Statements section below. Management's views and estimates are subject to change without notice.

For more information

Maxeon's second quarter 2022 financial results and management commentary can be found on Form 6-K by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations. The Form 6-K and Company's other filings are also available online from the Securities and Exchange Commission at www.sec.gov.

Conference Call Details

The Company will hold a conference call on August 18, 2022, at 5:30 PM U.S. ET / August 19, 2022, at 5:30 AM Singapore Time, to discuss results and to provide an update on the business.

To join the live conference call, participants must first register here, where a dial-in number will be provided.

A simultaneous webcast of the conference call will be available on Maxeon's website at https://corp.maxeon.com/events-and-presentations. A webcast replay will be available on Maxeon's website for one year at https://corp.maxeon.com/events-and-presentations.

About Maxeon Solar Technologies

Maxeon Solar Technologies Ltd (NASDAQ: MAXN) is Powering Positive ChangeTM. Headquartered in Singapore, Maxeon designs and manufactures Maxeon® and SunPower® brand solar panels, and has sales operations in more than 100 countries, operating under the SunPower brand in certain countries outside the United States. The Company is a leader in solar innovation with access to over 1,000 patents and two best-in-class solar panel product lines. Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,700 trusted partners and distributors. A pioneer in sustainable solar manufacturing, Maxeon leverages a +35-year history in the solar industry and numerous awards for its technology. For more information about how Maxeon is Powering Positive ChangeTM visit us at https://www.maxeon.com/, on LinkedIn and on Twitter @maxeonsolar.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) our expectations regarding pricing trends, demand and growth projections; (b) potential disruptions to our operations and supply chain that may result from epidemics, natural disasters or military conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine and the pace of recovery from the COVID-19 pandemic; (c) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (d) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, and projected growth and profitability; (e) our ability to meet short term and long term material cash requirements including our obligations under the long-term polysilicon supply agreement, our ability to complete an equity or debt offering at favorable terms, if at all, and our overall liquidity, substantial indebtedness and ability to obtain additional financing; (f) our technology outlook, including anticipated fab utilization and expected ramp and production timelines for the Company's Maxeon 5 and 6, next-generation Maxeon 7 and Performance line solar panels, expected cost reductions, and future performance; (g) our strategic goals and plans, including partnership discussions with respect to the Company's next-generation technology, and our relationships with existing customers, suppliers and partners, and our ability to achieve and maintain them; (h) our expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels; (i) our third quarter fiscal year 2022 guidance, including shipments, revenue, gross profit, non-GAAP gross profit, operating expenses, non-GAAP operating expenses, Adjusted EBITDA, capital expenditures, out-of-market polysilicon cost, and related assumptions; and (j) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets.

The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Maxeon's operations and business outlook contain forward-looking statements.

These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, including regulatory and other challenges that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred and ability to obtain additional financing for our projects, customers and operations; (3) our ability to manage supply chain cost increases and operating expenses; (4) potential disruptions to our operations and supply chain that may result from damage or destruction of facilities operated by our suppliers, difficulties in hiring or retaining key personnel, epidemics, natural disasters, including impacts of the COVID-19 pandemic, or the war in Ukraine; (5) our ability to manage our key customers and suppliers; (6) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (7) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation and foreign exchange rates upon customer demand; (8) changes in regulation and public policy, including the imposition and applicability of tariffs; (9) our ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (10) fluctuations in our operating results and in the foreign currencies in which we operate; (11) appropriately sizing, or delays in expanding, our manufacturing capacity and containing manufacturing and logistics difficulties that could arise; (12) unanticipated impact to customer demand and sales schedules due, among other factors, to the spread of COVID-19, the war in Ukraine and other environmental disasters; (13) challenges managing our acquisitions, joint ventures and partnerships, including our ability to successfully manage acquired assets and supplier relationships; (14) reaction by securities or industry analysts to our quarterly guidance which, in combination with our results of operations, may cause them to cease publishing research or reports about us, or adversely change their recommendations regarding our ordinary shares, which may negatively impact the market price of our ordinary shares and volume of our stock trading; and (15) unpredictable outcomes resulting from our litigation activities or other disputes. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including our most recent report on Form 20-F, particularly under the heading "Risk Factors". Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

Use of Non-GAAP Financial Measures

We present certain non-GAAP measures such as non-GAAP gross loss, non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, restructuring charges and fees, remeasurement loss on prepaid forward and physical delivery forward, loss on extinguishment of debt, impairment and equity in losses of unconsolidated investees ("Adjusted EBITDA") to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross loss is defined as gross loss excluding stock-based compensation. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation and restructuring charges and fees.

We believe that non-GAAP gross loss, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies.

As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures:

 

Reconciliation of Non-GAAP Financial Measures



Three Months Ended

(In thousands)

July 3, 2022


April 3, 2022


July 4, 2021

Gross loss

$                    (39,324)


$                    (12,964)


$                      (2,812)

Stock-based compensation

249


422


183

Loss related to settlement of price escalation dispute

15,170


?


?

Non-GAAP Gross loss

(23,905)


(12,542)


(2,629)







GAAP Operating expenses

35,701


37,410


38,069

Stock-based compensation

(1,896)


(2,275)


(1,708)

Restructuring charges and fees

(3,643)


(768)


(5,161)

Non-GAAP Operating expenses

30,162


34,367


31,200







GAAP Net loss attributable to the stockholders

(87,920)


(59,112)


(77,011)

Interest expense, net

5,685


4,786


7,054

Provision for (benefit from) income taxes

937


825


(1,217)

Depreciation

15,305


12,898


9,681

Amortization

75


90


65

EBITDA

(65,918)


(40,513)


(61,428)

Impairment

?


?


?

Stock-based compensation

2,145


2,697


1,891

Loss related to settlement of price escalation dispute

15,170


?


?

Restructuring charges and fees

3,643


768


5,161

Remeasurement loss on prepaid forward

3,986


397


27,035

Equity in losses of unconsolidated investees

4,141


3,061


3,805

Adjusted EBITDA(1)

(36,833)


(33,590)


(23,536)



(1)

The Adjusted EBITDA for three months ended July 4, 2021 did not contain an adjustment for equity in losses of unconsolidated investees. For a
reconciliation of Adjusted EBITDA to GAAP Net Loss for the three months ended July 4, 2021, please refer to our Forms 6-K furnished with
the SEC on August 12, 2021.

 

Reconciliation of Non-GAAP Outlook


(In millions)

Outlook

Operating expenses

$38 ± $1

Stock-based compensation

(2)

Restructuring charges and fees

(1)

Non-GAAP operating expenses

$35± $1

 

©2022 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information.

MAXEON SOLAR TECHNOLOGIES, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except for shares data)



As of


July 3, 2022


January 2, 2022

Assets




Current assets:




Cash and cash equivalents

$                138,347


$                 166,542

Restricted short-term marketable securities

980


1,079

Accounts receivable, net

57,664


39,730

Inventories

282,440


212,820

Advances to suppliers, current portion

15,447


51,045

Prepaid expenses and other current assets

112,030


61,904

Total current assets

$                606,908


$                 533,120

Property, plant and equipment, net

397,431


386,630

Operating lease right of use assets

15,317


15,397

Other intangible assets, net

289


420

Advances to suppliers, net of current portion

1,407


716

Deferred tax assets

4,969


5,183

Other long-term assets

54,741


115,077

Total assets

$             1,081,062


$              1,056,543

Liabilities and Equity




Current liabilities:




Accounts payable

$                267,598


$                 270,475

Accrued liabilities

105,859


78,680

Contract liabilities, current portion

118,645


44,059

Short-term debt

49,806


25,355

Operating lease liabilities, current portion

2,817


2,467

Total current liabilities

$                544,725


$                 421,036

Long-term debt

1,855


213

Contract liabilities, net of current portion

101,360


58,994

Operating lease liabilities, net of current portion

12,917


13,464

Convertible debt

189,556


145,772

Deferred tax liabilities

1,501


1,150

Other long-term liabilities

60,637


61,039

Total liabilities

$                912,551


$                 701,668

Commitments and contingencies




Equity:




Common stock, no par value (44,708,556 and 44,246,603 issued and outstanding as of
July 3, 2022 and January 2, 2022, respectively)

$                          ?


$                           ?

Additional paid-in capital

576,359


624,261

Accumulated deficit

(399,871)


(262,961)

Accumulated other comprehensive loss

(13,402)


(11,844)

Equity attributable to the Company

163,086


349,456

Noncontrolling interests

5,425


5,419

Total equity

168,511


354,875

Total liabilities and equity

$             1,081,062


$              1,056,543

 

MAXEON SOLAR TECHNOLOGIES, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)



Three Months Ended


Six Months Ended


July 3, 2022


July 4, 2021


July 3, 2022


July 4, 2021

Revenue

$                  238,080


$                  175,895


$                  461,161


$                  341,312

Cost of revenue

277,404


178,707


513,449


343,073

Gross loss

(39,324)


(2,812)


(52,288)


(1,761)

Operating expenses:








Research and development

12,416


10,165


26,310


23,195

Sales, general and administrative

21,520


22,743


45,271


46,061

Restructuring charges

1,765


5,161


1,530


6,020

Total operating expenses

35,701


38,069


73,111


75,276

Operating loss

(75,025)


(40,881)


(125,399)


(77,037)

Other expense, net








Interest expense, net

(5,684)


(7,054)


(10,470)


(14,666)

Other, net

(1,978)


(26,900)


(2,130)


(17,456)

Other expense, net

(7,662)


(33,954)


(12,600)


(32,122)

Loss before income taxes and equity in losses
of unconsolidated investees

(82,687)


(74,835)


(137,999)


(109,159)

(Provision for) benefit from income taxes

(937)


1,217


(1,762)


(1,045)

Equity in losses of unconsolidated investees

(4,141)


(3,805)


(7,201)


(5,935)

Net loss

(87,765)


(77,423)


(146,962)


(116,139)

Net (income) loss attributable to
noncontrolling interests

(155)


412


(70)


314

Net loss attributable to the stockholders

$                  (87,920)


$                  (77,011)


$                (147,032)


$                (115,825)









Net loss per share attributable to stockholders:








Basic

$                       (2.15)


$                       (1.99)


$                       (3.61)


$                       (3.36)

Diluted

(2.15)


(1.99)


(3.61)


(3.36)









Weighted average shares used to compute net
loss per share:








Basic

40,853


38,639


40,751


34,483

Diluted

40,853


38,639


40,751


34,483

 

MAXEON SOLAR TECHNOLOGIES, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(In thousands)



Shares


Amount


Additional
Paid In
Capital


Accumulated
Deficit


Accumulated
Other
Comprehensive
Loss


Equity Attributable
to the
Company


Noncontrolling

Interests


Total Equity

Balance at January 2, 2022

44,247


$         ?


$         624,261


$        (262,961)


$            (11,844)


$         349,456


$               5,419


$         354,875

Effect of adoption of ASU 2020-06

?


?


(52,189)


10,122


?


(42,067)


?


(42,067)

Net loss

?


?


?


(59,112)


?


(59,112)


(85)


(59,197)

Issuance of common stock for stock-based
compensation, net of tax withheld

354


?


(2)


?


?


(2)


?


(2)

Distribution to noncontrolling interest

?


?


?


?


?


?


(64)


(64)

Recognition of stock-based compensation

?


?


1,466


?


?


1,466


?


1,466

Other comprehensive income

?


?


?


?


(803)


(803)


?


(803)

Balance at April 3, 2022

44,601


$         ?


$         573,536


$        (311,951)


$            (12,647)


$         248,938


$               5,270


$         254,208

Net (loss) income

?


$         ?


$                  ?


$          (87,920)


$                    ?


$          (87,920)


$                  155


$          (87,765)

Issuance of common stock for stock-based
compensation, net of tax withheld

108


?


(21)


?


?


(21)


?


(21)

Recognition of stock-based compensation

?


?


2,844


?


?


2,844


?


2,844

Other comprehensive income

?


?


?


?


(755)


(755)


?


(755)

Balance at July 3, 2022

44,709


?


576,359


(399,871)


(13,402)


163,086


5,425


168,511


















































Shares


Amount


Additional
Paid In
Capital


Accumulated
Deficit


Accumulated
Other
Comprehensive
Loss


Equity
Attributable
to the
Company


Noncontrolling
Interests


Total Equity

Balance at January 3, 2021

33,995


$         ?


$         451,474


$            (8,441)


$            (10,391)


$         432,642


$               6,645


$         439,287

Net loss

?


?


?


(38,814)


?


(38,814)


98


(38,716)

Issuance of common stock for stock-based
compensation, net of tax withheld

229


?


(2,550)


?


?


(2,550)


?


(2,550)

Recognition of stock-based compensation

?


?


1,570


?


?


1,570


?


1,570

Other comprehensive income

?


?


?


?


(79)


(79)


?


(79)

Balance at April 4, 2021

34,224


$         ?


$         450,494


$          (47,255)


$            (10,470)


$         392,769


$               6,743


$         399,512

Net loss

?


?


?


(77,011)


?


(77,011)


(412)


(77,423)

Issuance of common stock, net of issuance cost

9,916


?


169,684


?


?


169,684


?


169,684

Issuance of common stock for stock-based
compensation, net of tax withheld

57


?


(1,262)


?


?


(1,262)


?


(1,262)

Recognition of stock-based compensation

?


?


2,097


?


?


2,097


?


2,097

Other comprehensive income

?


?


?


?


(473)


(473)


?


(473)

Balance at July 4, 2021

44,197


?


621,013


(124,266)


(10,943)


485,804


6,331


492,135

 

MAXEON SOLAR TECHNOLOGIES, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)



Six Months Ended


July 3, 2022


July 4, 2021

Cash flows from operating activities




Net loss

$             (146,962)


$                (116,139)

Adjustments to reconcile net loss to operating cash flows




Depreciation and amortization

28,368


19,028

Stock-based compensation

4,842


3,393

Non-cash interest expense

2,819


7,175

Equity in losses of unconsolidated investees

7,201


5,935

Deferred income taxes

475


721

Loss on disposal of property, plant and equipment

191


1,045

Remeasurement loss on prepaid forward

4,383


18,680

Other, net

558


(777)

Changes in operating assets and liabilities




Accounts receivable

(18,728)


29,089

Contract assets

1,025


172

Inventories

(69,902)


(42,119)

Prepaid expenses and other assets

(20,825)


(5,040)

Operating lease right-of-use assets

1,337


1,236

Advances to suppliers

34,907


18,892

Accounts payable and other accrued liabilities

58,134


(5,250)

Contract liabilities

117,329


47,540

Operating lease liabilities

(1,454)


(1,459)

Net cash provided by (used in) operating activities

3,698


(17,878)

Cash flows from investing activities




Purchases of property, plant and equipment

(39,913)


(62,661)

Proceeds from (cash paid for) disposal of property, plant and equipment

32


(148)

Net cash used in investing activities

(39,881)


(62,809)

Cash flows from financing activities




Proceeds from debt

130,010


97,243

Repayment of debt

(105,650)


(119,927)

Repayment of finance lease obligations

(332)


(358)

Payment for tax withholding obligations for issuance of common
stock upon vesting of restricted stock units

(23)


(3,812)

Net proceeds from issuance of common stock

?


169,684

Distribution to noncontrolling interest

(64)


?

Net cash provided by financing activities

23,941


142,830

Effect of exchange rate changes on cash, cash equivalents and
restricted cash

160


26

Net (decrease) increase in cash, cash equivalents and restricted cash

(12,082)


62,169

Cash, cash equivalents and restricted cash, beginning of period

192,232


209,572

Cash, cash equivalents and restricted cash, end of period

$                180,150


$                   271,741

Non-cash transactions




Property, plant and equipment purchases funded by liabilities

$                   33,800


$                     20,947

Cost from issuance of common stock paid in shares

?


1,078

Property, plant and equipment obtained through capital lease

2,127


?

Right-of-use assets obtained in exchange for lease obligations

1,257


?

 

The following table reconciles our cash and cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents and restricted cash reported on our Condensed Consolidated Statements of Cash Flows as of July 3, 2022 and July 4, 2021:

(In thousands)

July 3, 2022


July 4, 2021

Cash and cash equivalents

$                  138,347


$                    266,880

Restricted cash, current portion, included in Prepaid expenses and
other current assets

35,396


4,335

Restricted cash, net of current portion, included in Other long-term
assets

6,407


526

Total cash, cash equivalents and restricted cash shown in Condensed
Consolidated Statements of Cash Flows

$                  180,150


$                    271,741

 

SOURCE Maxeon Solar Technologies, Ltd.


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