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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Nextracker Inc | NASDAQ:NXT | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.23 | 0.63% | 36.97 | 36.49 | 37.50 | 37.07 | 36.16 | 36.30 | 1,176,252 | 22:03:35 |
From Oct 2024 to Dec 2024
Reaffirms FY25 Revenue Outlook and Raises FY25 Profit Outlook
Nextracker (Nasdaq: NXT), a global market leader of intelligent solar tracker and software solutions, today announced financial results for the second quarter of fiscal year 2025, ended September 27, 2024.
Financial Summary
(In millions, except per share)
Q2 FY25*
Q1 FY25*
Q2 FY24
Revenue
$636
$720
$573
GAAP Gross Profit
$225
$237
$149
GAAP Gross Margin
35.4%
33.0%
26.0%
GAAP Net Income
$117
$125
$81
GAAP Net Income Margin
18.5%
17.3%
14.2%
GAAP Diluted EPS
$0.79
$0.84
$0.55
Adjusted Gross Profit
$228
$241
$152
Adjusted Gross Margin
35.9%
33.5%
26.6%
Adjusted EBITDA
$173
$175
$110
Adjusted EBITDA Margin
27.2%
24.3%
19.2%
Adjusted Net Income
$145
$139
$96
Adjusted Diluted EPS
$0.97
$0.93
$0.65
*Q2 FY25 and Q1 FY25 GAAP and adjusted results include approximately $51 million and $47 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates (45X credits). Q2 FY24 results do not include 45X credits.
Please refer to Nextracker’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K for more information on 45X credits and schedules IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures. Additional information can be found on the Investor Relations section of our website.
Business Highlights
“We’re very pleased with the company’s execution, driving a record first half of fiscal year 2025 with strong demand in Q2,” said Dan Shugar, founder and CEO of Nextracker. “In the quarter, we successfully executed on the launch of our new NX Foundation Solutions portfolio. We are also pleased to report that we have received customer orders for all of our new products launched in the last year, including NX Horizon-XTR™ 1.5 all-terrain tracker, NX Horizon™ Low Carbon Tracker, NX Hail Pro-75, and NX Foundation Solutions. Finally, we accelerated our planned timeline for our 100% U.S. domestic content projects ship date from early CY25 to before the end of the current calendar year.”
“We finished Q2 with strong execution and operational discipline, driving meaningful improvements in margins, which allows us to raise our FY25 profit outlook,” said Chuck Boynton, CFO of Nextracker. “In the first half of FY25, we generated $260 million in adjusted free cash flow, bolstering our balance sheet with over $560 million of total cash and cash equivalents, bringing our total liquidity to over $1.5 billion.”
FY2025 Annual Outlook
Reaffirms FY25 revenue outlook and raises FY25 profit outlook
Updated Outlook
Previous Outlook
Revenue
$2.8 to $2.9 billion
$2.8 to $2.9 billion
GAAP Net Income
$378 to $408 million
$363 to $393 million
GAAP Diluted EPS
$2.50 to $2.70
$2.37 to $2.57
Adjusted EBITDA
$625 to $665 million
$600 to $650 million
Adjusted Diluted EPS
$3.10 to $3.30
$2.89 to $3.09
Adjusted EBITDA and adjusted diluted EPS exclude approximately $119 million and $0.60, respectively, for stock-based compensation, acquisition related costs and net intangible amortization.
Q2 FY2025 Earnings Call
October 30, 2024 2:00 p.m. PT / 5:00 p.m. ET Live webcast available on investors.nextracker.com
We encourage you to review our Q2 FY25 Shareholder Letter, which, along with this press release, is available on the Nextracker Investor Relations website and includes important information for Nextracker shareholders that supplements and expands on the information in this press release.
The webcast replay will be available on the Nextracker Investor Relations website following the conclusion of the event.
Upcoming Events
Nextracker leadership executives will present at the upcoming investor conferences:
Baird Global Industrial Conference – Chicago, IL
Fireside Chat November 13, 2024 8:50 a.m. PT / 11:50 a.m. ET
UBS Tech West – Scottsdale, AZ
Fireside Chat December 4, 2024 10:35 a.m. PT / 1:35 p.m. ET
Live webcasts available on investors.nextracker.com
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker, foundations, and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Our products enable solar PV power plants to follow the sun’s movement across the sky and optimize plant performance. With power plants operating in more than forty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit www.nextracker.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the trends for future solar adoption, the expected benefits of the Ojjo, Inc. and Solar Pile International acquisitions, the expected benefits of the NX Foundation Solutions portfolio launch and other new product launches, our domestic content capabilities, and Nextracker’s outlook for fiscal 2025 and other periods. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextracker’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.
Use of Adjusted Financial Information
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules III, IV and V attached to this press release, and can be found, along with other financial information including the Earnings Presentation, on the investor relations section of our website at investors.nextracker.com.
Channels for Disclosure of Information
Nextracker intends to announce material information to the public through the Nextracker Investor Relations website investors.nextracker.com, SEC filings, press releases, public conference calls, and public webcasts. Nextracker uses these channels to communicate with its investors, customers, and the public about the company, its offerings, and other issues. As such, Nextracker encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.
Schedule I
Nextracker Inc.
Unaudited condensed consolidated statements of operations and comprehensive income
(In thousands, except per share data)
Three-month periods ended
September 27, 2024
September 29, 2023
Revenue
$
635,571
$
573,357
Cost of sales
410,776
424,247
Gross profit
224,795
149,110
Selling, general and administrative expenses
72,127
47,872
Research and development
19,193
7,146
Operating income
133,475
94,092
Interest expense
3,665
3,646
Other (income) expense, net
(7,382
)
5,038
Income before income taxes
137,192
85,408
Provision for income taxes
19,928
3,999
Net income and comprehensive income
117,264
81,409
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests
1,873
42,156
Net income attributable to Nextracker Inc.
$
115,391
$
39,253
Earnings per share attributable to Nextracker Inc. common stockholders
Basic
$
0.80
$
0.64
Diluted
$
0.79
$
0.55
Weighted-average shares used in computing per share amounts:
Basic
143,479
61,722
Diluted
149,079
147,141
Nextracker Inc.
Unaudited condensed consolidated statements of operations and comprehensive income (continued)
(In thousands, except per share data)
Six-month periods ended
September 27, 2024
September 29, 2023
Revenue
$
1,355,492
$
1,052,900
Cost of sales
893,257
790,046
Gross profit
462,235
262,854
Selling, general and administrative expenses
132,954
82,107
Research and development
35,712
12,775
Operating income
293,569
167,972
Interest expense
6,945
6,748
Other (income) expense, net
(2,514
)
3,070
Income before income taxes
289,138
158,154
Provision for income taxes
47,080
13,100
Net income and comprehensive income
242,058
145,054
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests
4,967
85,372
Net income attributable to Nextracker Inc.
$
237,091
$
59,682
Earnings per share attributable to Nextracker Inc. common stockholders
Basic
$
1.66
$
1.10
Diluted
$
1.62
$
0.99
Weighted-average shares used in computing per share amounts:
Basic
142,785
54,070
Diluted
149,151
147,008
Schedule II
Nextracker Inc.
Unaudited condensed consolidated balance sheets
(In thousands)
As of September 27, 2024
As of March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
561,884
$
474,054
Accounts receivable, net of allowance of $4,825 and $3,872, respectively
357,586
382,687
Contract assets
360,013
397,123
Inventories
179,251
201,736
Other current assets
326,000
312,635
Total current assets
1,784,734
1,768,235
Property and equipment, net
47,158
9,236
Goodwill
370,613
265,153
Other intangible assets, net
49,283
1,546
Deferred tax assets
472,400
438,272
Other assets
44,471
36,340
Total assets
$
2,768,659
$
2,518,782
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
406,546
$
456,639
Accrued expenses
77,139
82,410
Deferred revenue
236,882
225,539
Current portion of long-term debt
5,625
3,750
Other current liabilities
80,086
123,148
Total current liabilities
806,278
891,486
Long-term debt, net of current portion
140,503
143,967
Tax receivable agreement (TRA) liability
399,054
391,568
Other liabilities
140,506
99,733
Total liabilities
1,486,341
1,526,754
Total stockholders’ equity
1,282,318
992,028
Total liabilities and stockholders’ equity
$
2,768,659
$
2,518,782
Schedule III
Nextracker Inc.
Unaudited condensed consolidated statements of cash flows
(In thousands)
Six-month periods ended
September 27, 2024
September 29, 2023
Cash flows from operating activities:
Net income
$
242,058
$
145,054
Depreciation and amortization
3,883
2,020
Changes in working capital and other, net
28,686
105,603
Net cash provided by operating activities
274,627
252,677
Cash flows from investing activities:
Purchases of property and equipment
(14,900
)
(1,406
)
Payment for business acquisitions, net of cash acquired
(144,675
)
—
Net cash used in investing activities
(159,575
)
(1,406
)
Cash flows from financing activities:
Repayment of bank borrowings
(1,875
)
—
Net proceeds from issuance of Class A shares
—
552,009
Purchase of LLC common units from Yuma, Inc.
—
(552,009
)
Payment of revolver issuance cost
(3,715
)
—
TRA payment
(15,520
)
—
Distribution to non-controlling interest holders
(6,112
)
—
Net transfers to Flex
—
(8,335
)
Other financing activities
—
(26
)
Net cash used in financing activities
(27,222
)
(8,361
)
Net increase in cash and cash equivalents
87,830
242,910
Cash and cash equivalents beginning of period
474,054
130,008
Cash and cash equivalents end of period
$
561,884
$
372,918
Six-month periods ended
Adjusted free cash flow
September 27, 2024
September 29, 2023
Net cash provided by operating activities
$
274,627
$
252,677
Purchases of property and equipment
(14,900
)
(1,406
)
Adjusted free cash flow
$
259,727
$
251,271
Schedule IV
Nextracker Inc.
Reconciliation of GAAP to Non-GAAP financial measures
(In thousands, except percentages and per share data)
Three-month periods ended
September 27, 2024
September 29, 2023
GAAP gross profit & margin
$
224,795
35.4
%
$
149,110
26.0
%
Stock-based compensation expense
2,481
3,245
Intangible amortization
896
62
Adjusted gross profit & margin
$
228,172
35.9
%
$
152,417
26.6
%
GAAP operating income & margin
$
133,475
21.0
%
$
94,092
16.4
%
Stock-based compensation expense
29,885
18,216
Intangible amortization
1,875
62
Acquisition related costs
2,177
—
Adjusted operating income & margin
$
167,412
26.3
%
$
112,370
19.6
%
GAAP net income & margin
$
117,264
18.5
%
$
81,409
14.2
%
Stock-based compensation expense
29,885
18,216
Intangible amortization
1,875
62
Adjustment for taxes
(6,274
)
(3,656
)
Acquisition related costs
2,177
—
Adjusted net income & margin
$
144,927
22.8
%
$
96,031
16.7
%
GAAP net income & margin
$
117,264
18.5
%
$
81,409
14.2
%
Interest, net
455
(86
)
Provision for income taxes
19,928
3,999
Depreciation expense
1,067
912
Intangible amortization
1,875
62
Stock-based compensation expense
29,885
18,216
Acquisition related costs
2,177
—
Other tax related income, net
—
5,686
Adjusted EBITDA & margin
$
172,651
27.2
%
$
110,198
19.2
%
Diluted earnings per share
GAAP
$
0.79
$
0.55
Earnings per share attributable to Non-GAAP adjustments
0.18
0.10
Adjusted
$
0.97
$
0.65
Diluted shares used in computing per share amounts
149,079
147,141
Nextracker Inc.
Reconciliation of GAAP to Non-GAAP financial measures (continued)
(In thousands, except percentages and per share data)
Six-month periods ended
September 27, 2024
September 29, 2023
GAAP gross profit & margin
$
462,235
34.1
%
$
262,854
25.0
%
Stock-based compensation expense
6,261
5,171
Intangible amortization
984
125
Adjusted gross profit & margin
$
469,480
34.6
%
$
268,150
25.5
%
GAAP operating income & margin
$
293,569
21.7
%
$
167,972
16.0
%
Stock-based compensation expense
51,786
26,857
Intangible amortization
1,963
125
Acquisition related costs
3,657
—
Adjusted operating income & margin
$
350,975
25.9
%
$
194,954
18.5
%
GAAP net income & margin
$
242,058
17.9
%
$
145,054
13.8
%
Stock-based compensation expense
51,786
26,857
Intangible amortization
1,963
125
Adjustment for taxes
(15,918
)
(4,881
)
Acquisition related costs
3,657
—
Adjusted net income & margin
$
283,546
20.9
%
$
167,155
15.9
%
GAAP net income & margin
$
242,058
17.9
%
$
145,054
13.8
%
Interest, net
(837
)
1,334
Provision for income taxes
47,080
13,100
Depreciation expense
1,920
1,895
Intangible amortization
1,963
125
Stock-based compensation expense
51,786
26,857
Acquisition related costs
3,657
—
Other tax related income, net
—
5,686
Adjusted EBITDA & margin
$
347,627
25.6
%
$
194,051
18.4
%
Diluted earnings per share
GAAP
$
1.62
$
0.99
Earnings per share attributable to Non-GAAP adjustments
0.28
0.15
Adjusted
$
1.90
$
1.14
Diluted shares used in computing per share amounts
149,151
147,008
See the accompanying notes on Schedule V attached to this press release
Schedule V
Nextracker Inc. Notes
To supplement Nextracker’s unaudited selected financial data presented consistent with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude certain charges and gains, including adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), adjusted gross profit, adjusted operating income, adjusted net income, adjusted diluted earnings per share, and adjusted free cash flow. These supplemental measures exclude certain legal and other charges, stock-based compensation expense and intangible amortization, other discrete events as applicable and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with Nextracker’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Nextracker’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company’s performance.
In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of the Company’s operating performance on a period-to-period basis because such items are not, in our view, related to the Company’s ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:
The following are explanations of each of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding each of these individual items in the reconciliations of these non-GAAP financial measures:
Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit and stock option awards granted to employees. The Company believes that the exclusion of these charges provides for more accurate comparisons of its operating results to peer companies due to the varying available valuation methodologies, subjective assumptions, and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact stock-based compensation expense has on its operating results.
Intangible amortization consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors.
The 45X Advanced Manufacturing Production Tax Credit (“45X Credit”) which was established as part of the Inflation Reduction Act (IRA), is a per-unit tax credit earned over time for each clean energy component domestically produced and sold by a manufacturer. The 45X Credit was eligible for domestic parts manufactured after January 1, 2023. The Company has executed agreements with certain suppliers to ramp up its U.S. manufacturing footprint. These suppliers produce 45X Credit eligible parts, including torque tubes, and structural fasteners, that will then be incorporated into a solar tracker. The Company has contractually agreed with these suppliers to share a portion of the credit related to Nextracker’s purchases. The Company accounts for these credits as a reduction of the purchase price of the parts acquired from the vendor and therefore a reduction of inventory until the part is sold, at which point the Company recognizes such credit as a reduction of cost of sales on the unaudited condensed consolidated statements of operations and comprehensive income. During the fourth quarter of fiscal 2024, the Company determined the amount of the 45X vendor rebates it expects to receive in accordance with the vendor contracts and recognized a cumulative reduction to cost of sales of $121.4 million related to 45X Credit vendor rebates earned on production of eligible components shipped to projects starting on January 1, 2023 through March 31, 2024. The Company believes that the assessment of its operations excluding the benefit from the vendor credits provides a more consistent comparison of its performance given the cumulative nature of the amount recorded in the fiscal fourth quarter. Beginning in the first quarter of fiscal year 2025, these 45X credit vendor rebates are not excluded from our non-GAAP financial measures.
Acquisition costs consist primarily of nonrecurring transaction costs for business acquisitions.
Adjustment for taxes relates to the tax effects of the various adjustments that we incorporate into non-GAAP measures to provide a more meaningful measure on non-GAAP net income and certain adjustments related to non-recurring settlements of tax contingencies or other non-recurring tax charges, when applicable.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030347227/en/
Investors, Financial Media Mary Lai VP, IR & Financial Communications Investor@nextracker.com
Media Kristan Kirsh SVP, Global Marketing Media@nextracker.com
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