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:
- Revenue $710 million, up 38% YoY
- GAAP net income $128 million, diluted EPS $0.87
- Adjusted EBITDA $168 million, up 168% YoY
- Adjusted net income $142 million, adjusted diluted EPS
$0.96
Q3 FY2024 Business Highlights:
- Strong execution, significant revenue growth of 38%
year-over-year, and supply chain optimization
- Record backlog; continued demand strength globally, achieved
10-gigawatt milestone in India, Middle East, and Africa regions for
projects in operation or under fulfillment
- High-quality balance sheet with total liquidity of
approximately $800 million; strong operating cash flow of $317
million and adjusted free cash flow of $314 million
year-to-date
“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
- Revenue: $2.425 billion to $2.475 billion (vs. previous $2.3
billion to $2.4 billion)
- GAAP Net Income: $374 million to $429 million (vs. previous
$237 million to $266 million) which includes an estimated $50
million to $80 million of benefit from IRA 45X tax credit vendor
rebates
- GAAP diluted EPS: $2.53 to $2.90 (vs. previous $1.60 to
$1.80)
- Adjusted EBITDA: $475 million to $500 million (vs. previous
$390 million to $440 million) which excludes stock-based
compensation expense, net intangible amortization, and IRA 45X tax
credit vendor rebates
- Adjusted diluted EPS: $2.55 to $2.75 (vs. previous $1.95 to
$2.15) which excludes $0.30 for stock-based compensation expense
and net intangible amortization, and excludes $0.28 to $0.45 of
benefit from IRA 45X tax credit vendor rebates
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 ability to make more meaningful period-to-period
comparisons of the Company’s ongoing operating results;
- the ability to better identify trends in the Company’s
underlying business and perform related trend analysis;
- a better understanding of how management plans and measures the
Company’s underlying business; and
- an easier way to compare the Company’s operating results
against analyst financial models and operating results of
competitors that supplement their GAAP results with non-GAAP
financial measures.
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
Nextracker (NASDAQ:NXT)
過去 株価チャート
から 8 2024 まで 9 2024
Nextracker (NASDAQ:NXT)
過去 株価チャート
から 9 2023 まで 9 2024