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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 49.75 | 49.30 | 49.74 | 3 | 09:18:21 |
From Jan 2025 to Feb 2025
Reaffirms FY25 Revenue Outlook and Raises FY25 Profit Outlook
Nextracker (Nasdaq: NXT), a global market leader of intelligent solar trackers, foundations, and software solutions, today announced financial results for the third quarter of fiscal year 2025, ended December 31, 2024.
Financial Summary
(In millions, except per share)
Q3 FY25*
Q2 FY25*
Q3 FY24
Revenue
$679
$636
$710
GAAP Gross Profit
$241
$225
$210
GAAP Gross Margin
35.5%
35.4%
29.5%
GAAP Net Income
$117
$117
$128
GAAP Net Income Margin
17.3%
18.5%
18.0%
GAAP Diluted EPS
$0.79
$0.79
$0.87
Adjusted Gross Profit
$245
$228
$212
Adjusted Gross Margin
36.0%
35.9%
29.9%
Adjusted EBITDA
$186
$173
$168
Adjusted EBITDA Margin
27.4%
27.2%
23.6%
Adjusted Net Income
$154
$145
$142
Adjusted Diluted EPS
$1.03
$0.97
$0.96
*Q3 FY25 and Q2 FY25 GAAP and adjusted results include approximately $52 million and $51 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates (“45X credits”). Q3 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 III, 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
*Per U.S. Treasury Guidance
“We’re very pleased with the company’s execution, delivering record revenue and profit year-to-date driven by strong demand,” said Dan Shugar, founder and CEO of Nextracker. “In the quarter, we successfully deployed several of our newly launched products and features at scale, expanding our total addressable market. In addition, we continue to increase our investment in R&D to drive rapid customer centric innovation ensuring our solutions remain at the forefront of solar technology while driving value for stakeholders worldwide.”
“Our strong year-to-date financial performance, coupled with our growth in backlog enables us to raise our FY25 profit outlook,” said Chuck Boynton, CFO of Nextracker. “The company is on incredibly solid financial footing with $418 million of operating cash flow year-to-date, ending the quarter with over $693 million in cash and equivalents.”
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
$467 to $497 million
$378 to $408 million
GAAP Diluted EPS
$3.11 to $3.31
$2.50 to $2.70
Adjusted EBITDA
$700 to $740 million
$625 to $665 million
Adjusted Diluted EPS
$3.75 to $3.95
$3.10 to $3.30
Adjusted EBITDA and adjusted diluted EPS exclude approximately $120 million and $0.64, respectively, for stock-based compensation, acquisition related costs and net intangible amortization.
Q3 FY2025 Earnings Call
January 28, 2025 2:00 p.m. PT / 5:00 p.m. ET Live webcast available on investors.nextracker.com
We encourage you to review our Q3 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
On March 4, Chuck Boynton, Nextracker Chief Financial Officer, will participate in a fireside chat at the Jefferies Power, Utilities and Clean Energy Conference.
About Nextracker
Nextracker is a leading provider of integrated solar trackers, foundations, and software solutions used in ground-mounted utility-scale and distributed generation solar projects around the world. Our product portfolio enables 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 our new product launches, such as Hail Pro-75, Hail Pro Automated Stowing, XTR 1.5 and NX-Anchor, our domestic content capabilities, the expected benefits from the expansion of our R&D facilities, initiatives and 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
December 31, 2024
September 27, 2024
December 31, 2023
Revenue
$
679,363
$
635,571
$
710,426
Cost of sales
438,460
410,776
500,701
Gross profit
240,903
224,795
209,725
Selling, general and administrative expenses
70,573
72,127
48,356
Research and development
20,094
19,193
12,897
Operating income
150,236
133,475
148,472
Interest expense
3,798
3,665
3,227
Other income, net
(13,778
)
(7,382
)
(21,534
)
Income before income taxes
160,216
137,192
166,779
Provision for income taxes
42,842
19,928
38,818
Net income and comprehensive income
117,374
117,264
127,961
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests
2,091
1,873
86,565
Net income attributable to Nextracker Inc.
$
115,283
$
115,391
$
41,396
Earnings per share attributable to Nextracker Inc. common stockholders
Basic
$
0.80
$
0.80
$
0.67
Diluted
$
0.79
$
0.79
$
0.87
Weighted-average shares used in computing per share amounts:
Basic
143,664
143,479
62,109
Diluted
149,028
149,079
147,344
Nextracker Inc.
Unaudited condensed consolidated statements of operations and comprehensive income (continued)
(In thousands, except per share data)
Nine-month periods ended
December 31, 2024
December 31, 2023
Revenue
$
2,034,855
$
1,763,326
Cost of sales
1,331,717
1,290,747
Gross profit
703,138
472,579
Selling, general and administrative expenses
203,527
126,865
Research and development
55,806
29,270
Operating income
443,805
316,444
Interest expense
10,743
9,975
Other income, net
(16,292
)
(18,464
)
Income before income taxes
449,354
324,933
Provision for income taxes
89,922
51,918
Net income and comprehensive income
359,432
273,015
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests
7,058
171,937
Net income attributable to Nextracker Inc.
$
352,374
$
101,078
Earnings per share attributable to Nextracker Inc. common stockholders
Basic
$
2.46
$
1.78
Diluted
$
2.41
$
1.86
Weighted-average shares used in computing per share amounts:
Basic
143,102
56,789
Diluted
149,134
147,160
Schedule II
Nextracker Inc.
Unaudited condensed consolidated balance sheets
(In thousands)
As of December 31, 2024
As of March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
693,543
$
474,054
Accounts receivable, net of allowance of $2,845 and $3,872, respectively
457,918
382,687
Contract assets
279,027
397,123
Inventories
217,301
201,736
Other current assets
346,732
312,635
Total current assets
1,994,521
1,768,235
Property and equipment, net
47,985
9,236
Goodwill
370,613
265,153
Other intangible assets, net
47,503
1,546
Deferred tax assets
472,189
438,272
Other assets
50,748
36,340
Total assets
$
2,983,559
$
2,518,782
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
377,466
$
456,639
Accrued expenses
72,863
82,410
Deferred revenue
297,007
225,539
Current portion of long-term debt
6,563
3,750
Other current liabilities
150,746
123,148
Total current liabilities
904,645
891,486
Long-term debt, net of current portion
138,770
143,967
Tax receivable agreement (TRA) liability
375,002
391,568
Other liabilities
140,182
99,733
Total liabilities
1,558,599
1,526,754
Total stockholders’ equity
1,424,960
992,028
Total liabilities and stockholders’ equity
$
2,983,559
$
2,518,782
Schedule III
Nextracker Inc.
Unaudited condensed consolidated statements of cash flows
(In thousands)
Nine-month periods ended
December 31, 2024
December 31, 2023
Cash flows from operating activities:
Net income
$
359,432
$
273,015
Depreciation and amortization of intangible assets
8,299
3,138
Changes in working capital and other, net
50,736
41,328
Net cash provided by operating activities
418,467
317,481
Cash flows from investing activities:
Purchases of property and equipment
(23,841
)
(3,850
)
Payment for business acquisitions, net of cash acquired
(144,675
)
—
Net cash used in investing activities
(168,516
)
(3,850
)
Cash flows from financing activities:
Repayment of bank borrowings
(2,813
)
(2,813
)
Net proceeds from issuance of Class A shares
—
552,009
Purchase of LLC common units from Yuma, Inc.
—
(552,009
)
Payment of revolver issuance costs
(6,017
)
—
TRA payment
(15,520
)
—
Distribution to non-controlling interest holders
(6,112
)
(64,365
)
Net transfers to Flex
—
(8,335
)
Other financing activities
—
(308
)
Net cash used in financing activities
(30,462
)
(75,821
)
Net increase in cash and cash equivalents
219,489
237,810
Cash and cash equivalents beginning of period
474,054
130,008
Cash and cash equivalents end of period
$
693,543
$
367,818
Nine-month periods ended
Adjusted free cash flow
December 31, 2024
December 31, 2023
Net cash provided by operating activities
$
418,467
$
317,481
Purchases of property and equipment
(23,841
)
(3,850
)
Adjusted free cash flow
$
394,626
$
313,631
Schedule IV
Nextracker Inc.
Reconciliation of GAAP to Non-GAAP financial measures
(In thousands, except percentages and per share data)
Three-month periods ended
December 31, 2024
September 27, 2024
December 31, 2023
GAAP gross profit & margin
$
240,903
35.5
%
$
224,795
35.4
%
$
209,725
29.5
%
Stock-based compensation expense
3,084
2,481
2,497
Intangible amortization
880
896
63
Adjusted gross profit & margin
$
244,867
36.0
%
$
228,172
35.9
%
$
212,285
29.9
%
GAAP operating income & margin
$
150,236
22.1
%
$
133,475
21.0
%
$
148,472
20.9
%
Stock-based compensation expense
26,980
29,885
13,037
Intangible amortization
1,780
1,875
63
Acquisition related costs
1,038
2,177
—
Adjusted operating income & margin
$
180,034
26.5
%
$
167,412
26.3
%
$
161,572
22.7
%
GAAP net income & margin
$
117,374
17.3
%
$
117,264
18.5
%
$
127,961
18.0
%
Stock-based compensation expense
26,980
29,885
13,037
Intangible amortization
1,780
1,875
63
Adjustment for taxes
6,550
(6,274
)
841
Acquisition related costs
1,038
2,177
—
Adjusted net income & margin
$
153,722
22.6
%
$
144,927
22.8
%
$
141,902
20.0
%
GAAP net income & margin
$
117,374
17.3
%
$
117,264
18.5
%
$
127,961
18.0
%
Interest, net
(1,865
)
455
(198
)
Provision for income taxes
42,842
19,928
38,818
Depreciation expense
2,636
1,067
1,055
Intangible amortization
1,780
1,875
63
Stock-based compensation expense
26,980
29,885
13,037
Acquisition related costs
1,038
2,177
—
Other tax related income, net
(4,413
)
—
(12,945
)
Adjusted EBITDA & margin
$
186,372
27.4
%
$
172,651
27.2
%
$
167,791
23.6
%
Diluted earnings per share
GAAP
$
0.79
$
0.79
$
0.87
Earnings per share attributable to Non-GAAP adjustments
0.24
0.18
0.09
Adjusted
$
1.03
$
0.97
$
0.96
Diluted shares used in computing per share amounts
149,028
149,079
147,344
Nextracker Inc.
Reconciliation of GAAP to Non-GAAP financial measures (continued)
(In thousands, except percentages and per share data)
Nine-month periods ended
December 31, 2024
December 31, 2023
GAAP gross profit & margin
$
703,138
34.6
%
$
472,579
26.8
%
Stock-based compensation expense
9,345
7,668
Intangible amortization
1,864
188
Adjusted gross profit & margin
$
714,347
35.1
%
$
480,435
27.2
%
GAAP operating income & margin
$
443,805
21.8
%
$
316,444
17.9
%
Stock-based compensation expense
78,766
39,895
Intangible amortization
3,743
188
Acquisition related costs
4,695
—
Adjusted operating income & margin
$
531,009
26.1
%
$
356,527
20.2
%
GAAP net income & margin
$
359,432
17.7
%
$
273,015
15.5
%
Stock-based compensation expense
78,766
39,895
Intangible amortization
3,743
188
Adjustment for taxes
(9,368
)
(4,040
)
Acquisition related costs
4,695
—
Adjusted net income & margin
$
437,268
21.5
%
$
309,058
17.5
%
GAAP net income & margin
$
359,432
17.7
%
$
273,015
15.5
%
Interest, net
(2,702
)
1,136
Provision for income taxes
89,922
51,918
Depreciation expense
4,556
2,950
Intangible amortization
3,743
188
Stock-based compensation expense
78,766
39,895
Acquisition related costs
4,695
—
Other tax related income, net
(4,413
)
(7,259
)
Adjusted EBITDA & margin
$
533,999
26.2
%
$
361,843
20.5
%
Diluted earnings per share
GAAP
$
2.41
$
1.86
Earnings per share attributable to Non-GAAP adjustments
0.52
0.24
Adjusted
$
2.93
$
2.10
Diluted shares used in computing per share amounts
149,134
147,160
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 EBITDA margin, adjusted gross profit, adjusted gross margin, 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/20250128806082/en/
Investor Contact: Sarah Lee Investor@nextracker.com
Media Contact: Brandy Lee Media@nextracker.com
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