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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -0.23% | 60.39 | 56.58 | 67.00 | 60.37 | 58.50 | 59.39 | 2,270,621 | 05:00:08 |
Achieves Record Revenue and Profits; Raises FY24 Guidance
Nextracker (Nasdaq: NXT), one of the world’s leading providers of intelligent solar tracker and software solutions, today announced financial results for the third quarter ended December 31, 2023.
Q3 FY2024 Financial Highlights:
Q3 FY2024 Business Highlights:
“Nextracker achieved a record third quarter, outperforming across revenue, profit and backlog, which reflects strong execution and spotlights our capability to meet customer requirements. Underpinned by product differentiation that is gaining momentum in the marketplace, we are raising our annual guidance once again,” said Dan Shugar, Founder and CEO of Nextracker. “As the world transitions to renewable energy and with solar leading new power generation, we are well positioned as the global leader in trackers, and we’re just getting started.”
Raised FY2024 Annual Guidance
Q3 FY2024 Earnings Call
January 31, 2024 1:30p.m. PT / 4:30p.m. ET Live webcast available on investors.nextracker.com
The webcast replay, along with supporting materials, will be available on the Nextracker IR website following the conclusion of the event.
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Our products enable solar panels power plants to follow the sun’s movement across the sky and optimize plant performance. With power plants operating in more than 30 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 and Nextracker’s outlook for fiscal 2024 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 Non-GAAP Financial Information
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules 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.
Nextracker Inc.
Unaudited condensed consolidated statements of operations and comprehensive income
(In thousands, except share and per share data)
Three-months ended
Nine-months ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Revenue
$
710,426
$
513,370
$
1,763,326
$
1,383,742
Cost of sales
500,701
431,111
1,290,747
1,187,081
Gross profit
209,725
82,259
472,579
196,661
Selling, general and administrative expenses
48,356
18,613
126,865
55,475
Research and development
12,897
4,984
29,270
13,283
Operating income
148,472
58,662
316,444
127,903
Interest and other income, net
(18,307
)
(2,366
)
(8,489
)
(1,118
)
Income before income taxes
166,779
61,028
324,933
129,021
Provision for income taxes
38,818
18,442
51,918
35,218
Net income and comprehensive income
127,961
42,586
273,015
93,803
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions
—
42,586
—
93,803
Less: Net income attributable to redeemable non-controlling interests
86,565
—
171,937
—
Net income attributable to Nextracker Inc.
$
41,396
$
—
$
101,078
$
—
Earnings per share attributable to the stockholders of Nextracker Inc. (1)
Basic
$0.67
N/A
$1.78
N/A
Diluted
$0.87
N/A
$1.86
N/A
Weighted-average shares used in computing per share amounts:
Basic
62,108,835
N/A
56,789,399
N/A
Diluted
147,344,370
N/A
147,160,053
N/A
(1)
Basic and diluted earnings per share is applicable only for the period following the initial public offering (“IPO”) and the related Transactions.
Nextracker Inc.
Unaudited condensed consolidated balance sheets
(In thousands)
As of December 31, 2023
As of March 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
367,818
$
130,008
Accounts receivable, net of allowance of $1,884 and $1,768, respectively
365,271
271,159
Contract assets
351,545
297,960
Inventories
202,662
138,057
Other current assets
131,664
35,081
Total current assets
1,418,960
872,265
Property and equipment, net
8,369
7,255
Goodwill
265,153
265,153
Other intangible assets, net
1,633
1,321
Deferred tax assets and other assets
401,010
273,686
Total assets
$
2,095,125
$
1,419,680
LIABILITIES, REDEEMABLE INTERESTS AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable
374,919
211,355
Accrued expenses
70,178
59,770
Deferred revenue
180,021
176,473
Due to related parties
58,292
12,239
Other current liabilities
76,027
47,589
Total current liabilities
759,437
507,426
Long-term debt
144,762
147,147
TRA liability and other liabilities
439,396
280,246
Total liabilities
1,343,595
934,819
Redeemable non-controlling interest
3,868,543
3,560,628
Total stockholders' deficit
$
(3,117,013
)
$
(3,075,767
)
Total liabilities, redeemable interests, and stockholders' deficit
$
2,095,125
$
1,419,680
Nextracker Inc.
Unaudited condensed consolidated statements of cash flows
(In thousands)
Nine-months ended
December 31, 2023
December 31, 2022
Cash flows from operating activities:
Net income
$
273,015
$
93,803
Depreciation and amortization
3,138
3,594
Changes in working capital and other, net
41,328
(25,015
)
Net cash provided by operating activities
317,481
72,382
Cash flows from investing activities:
Purchases of property and equipment
(3,850
)
(2,653
)
Proceeds from the disposition of property and equipment
—
24
Net cash used in investing activities
(3,850
)
(2,629
)
Cash flows from financing activities:
Repayments of bank borrowings and long-term debt
(2,813
)
—
Net proceeds from issuance of Class A shares
552,009
—
Purchase of LLC common units from Yuma, Inc.
(552,009
)
—
Distribution to non-controlling interest holders
(64,365
)
—
Net transfers (to) from Parent
(8,335
)
1,258
Other financing activities
(308
)
—
Net cash provided by (used in) financing activities
(75,821
)
1,258
Effect of exchange rate on cash and cash equivalents
—
—
Net increase in cash and cash equivalents
237,810
71,011
Cash and cash equivalents beginning of period
130,008
29,070
Cash and cash equivalents end of period
$
367,818
$
100,081
Nine-months ended
Adjusted free cash flow
December 31, 2023
December 31, 2022
Net cash provided by operating activities
$
317,481
$
72,382
Purchases of property and equipment
(3,850
)
(2,653
)
Proceeds from the disposition of property and equipment
—
24
Adjusted free cash flow
$
313,631
$
69,753
Nextracker Inc.
Reconciliation of GAAP to Non-GAAP Financial measures
(In thousands, except percentages, shares and per share data)
Three-months ended
Nine-months ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
GAAP gross profit
$
209,725
$
82,259
$
472,579
$
196,661
Stock-based compensation expense
2,497
350
7,668
1,105
Intangible amortization
63
63
188
188
Non-GAAP gross profit
$
212,285
$
82,672
$
480,435
$
197,954
GAAP operating income
$
148,472
$
58,662
$
316,444
$
127,903
Stock-based compensation expense
13,037
940
39,895
2,790
Intangible amortization
63
63
188
1,145
Legal costs and other
—
—
—
1,441
Non-GAAP operating income
$
161,572
$
59,665
$
356,527
$
133,279
GAAP net income
$
127,961
$
42,586
$
273,015
$
93,803
Stock-based compensation expense
13,037
940
39,895
2,790
Intangible amortization
63
63
188
1,145
Adjustment for taxes
841
(193
)
(4,040
)
(1,983
)
Legal costs and other
—
—
—
1,441
Non-GAAP net income
$
141,902
$
43,396
$
309,058
$
97,196
GAAP Net income
$
127,961
$
42,586
$
273,015
$
93,803
Interest, net
(198
)
(215
)
1,136
(380
)
Provision for income taxes
38,818
18,442
51,918
35,218
Depreciation expense
1,055
887
2,950
2,450
Intangible amortization
63
63
188
1,145
Stock-based compensation expense
13,037
940
39,895
2,790
Legal costs and other
—
—
—
1,441
Other tax related income, net
(12,945
)
—
(7,259
)
—
Adjusted EBITDA
$
167,791
$
62,703
$
361,843
$
136,467
Net income (% of revenue)
18.0
%
8.3
%
15.5
%
6.8
%
Non-GAAP gross margin
29.9
%
16.1
%
27.2
%
14.3
%
Adjusted EBITDA (% of revenue)
23.6
%
12.2
%
20.5
%
9.9
%
Diluted earnings per share
GAAP
$
0.87
N/A
$
1.86
N/A
Earnings per share attributable to Non-GAAP adjustments
$
0.09
N/A
$
0.24
N/A
Non-GAAP
$
0.96
N/A
$
2.10
N/A
Diluted shares used in computing per share amounts
147,344,370
N/A
147,160,053
N/A
See the accompanying notes on Schedule V attached to this press release
Nextracker Inc. Notes
(1) 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 (“EBITDA”), non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP 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 and assumed in business acquisitions. 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.
During fiscal year 2023, the Company granted equity compensation awards to employees under the First Amended and Restated 2022 Nextracker LLC Equity Incentive Plan (the “2022 Nextracker Plan”), Vesting of awards under the Plan was contingent on a Nextracker Initial Public Offering (IPO) which occurred on February 9, 2023. In addition to the 2022 Nextracker Plan, Flex maintains several stock-based incentive plans for the benefit of certain of its officers, directors, and employees, including the employees of Nextracker. Stock-based compensation expense for the nine-month periods also include expense recognized under the Flex plan.
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.
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/20240131023522/en/
Investors & Analysts Mary Lai VP, Investor Relations Investor@nextracker.com
Media & Press Kristan Kirsh SVP, Global Marketing Media@nextracker.com
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