SunPower Corporation (NASDAQ:SPWR) Q1 2023 Earnings Conference Call May 3, 2023 8:00 AM ET

Company Participants

Mike Weinstein - Vice President of Investor Relations

Peter Faricy - Chief Executive Officer

Guthrie Dundas - Interim Chief Financial Officer

Conference Call Participants

Kashy Harrison - Piper Sandler

Sean Morgan - Evercore ISI

Julien Dumoulin-Smith - Bank of America

Ben Kallo - Baird

Tristan Richardson - Scotiabank

Philip Shen - Roth MKM

Andrew Percoco - Morgan Stanley

Biju Perincheril - Susquehanna Financial Group

Brian Lee - Goldman Sachs

Operator

Good day, and thank you for standing by. Welcome to the SunPower First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Mike Weinstein. Please go ahead.

Mike Weinstein

Good morning. I would like to welcome everyone to our first quarter 2023 earnings conference call.

On the call today, we will begin with comments from Peter Faricy, CEO of SunPower, who will provide an update with first quarter announcements and business highlights, followed by an update on progress toward 2023 guidance, including California sales, backlog and financing. Following Peter's comments, Guthrie Dundas, SunPower's Interim CFO, will then review our financial results. As a reminder, a replay of the call will be available later today on the Investor Relations page of our website.

During today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the Safe Harbor slide of today's presentation, today's press release, our 2023 Form 10-K and quarterly reports on Form 10-Q. Please see these documents for additional information regarding those factors that may affect these forward-looking statements. Also, we will reference certain non-GAAP metrics during today's call. Please refer to the appendix of our presentation, as well as today's press release for the appropriate GAAP to non-GAAP reconciliations.

Finally, to enhance this call, we've also posted a set of PowerPoint slides, which we will reference during the call on the Events and Presentations page of our Investor Relations website. In the same location, we have posted a supplemental data sheet detailing additional historical metrics.

With that, I'd like to turn the call over to Peter Faricy, CEO of SunPower. Peter?

Peter Faricy

Thanks, Mike, and good morning, everyone. I'm pleased to be with all of you to discuss both our Q1 2023 results and the progress we are making on our five-pillar strategy to build SunPower into the world's best residential solar company. In the first quarter, we continued to show strong customer installation growth, that tracked towards the high-end of our full year 2023 guidance of approximately 10% to 30% customer growth. We reported $1 million of adjusted EBITDA this quarter, with $10 million of business unit cash generation.