50% Revenue Growth YoY; Reaffirms FY25
Outlook
Adds Solar Foundation Offerings with Ojjo and
Solar Pile International Acquisitions
Nextracker (Nasdaq: NXT), a global market leader of intelligent
solar tracker and software solutions, today announced financial
results for the first quarter of fiscal year 2025, ended June 28,
2024.
Financial Summary
(In millions, except per share)
Q1 FY25*
Q4 FY24*
Q1 FY24*
Revenue
$720
$737
$480
GAAP Gross Profit
$237
$340
$114
GAAP Gross Margin
33.0%
46.2%
23.7%
GAAP Net Income
$125
$223
$64
GAAP Net Income Margin
17.3%
30.3%
13.3%
GAAP Diluted EPS
$0.84
$1.51
$0.43
Adjusted Gross Profit
$241
$222
$116
Adjusted Gross Margin
33.5%
30.2%
24.1%
Adjusted EBITDA
$175
$160
$84
Adjusted EBITDA Margin
24.3%
21.7%
17.4%
Adjusted Net Income
$139
$142
$71
Adjusted Diluted EPS
$0.93
$0.96
$0.48
*Q1 FY25 GAAP and adjusted results include
approximately $47 million of IRA 45X advanced manufacturing tax
credit vendor rebates (45X credits). Q4 FY24 GAAP results include a
cumulative adjustment to recognize 45X credits of $121 million
earned on eligible deliveries from January 1, 2023, through March
31, 2024. Q1 FY24 results do not include 45X credits.
Please refer to Nextracker’s most recent
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, and
additional information can be found on the Investor Relations
section of our website.
Business Highlights
- Launched NX Horizon Low Carbon Tracker in April 2024 and
unveiled Agrivoltaics in July 2024
- Expanded JM Steel’s Pittsburgh facility with
Nextracker-dedicated manufacturing in April 2024
- Opened a second Nevada factory by Unimacts with
Nextracker-dedicated manufacturing in June 2024
- Acquired Ojjo, Inc. on June 20, 2024 for approximately $120
million
- Acquired Solar Pile International’s foundations business on
July 31, 2024 for approximately $48 million
- Amended credit agreement and expanded revolver facility from
$500 million to $1 billion on June 21, 2024
- Currently expect 100% U.S. domestic content capability with an
early CY25 planned ship date
“Our fiscal year is off to an excellent start with another
quarter of strong execution, where healthy demand dynamics
continued for solar trackers in both the U.S. and international
markets,” said Dan Shugar, founder and CEO of Nextracker.
“We also unveiled new product solutions, expanded several of our
partner manufacturing facilities, and added foundations solutions
with the acquisitions of Ojjo and Solar Pile International’s
foundations business.”
“Our exceptional Q1 results led to our sixth consecutive quarter
of year-over-year double-digit revenue growth,” said Chuck
Boynton, CFO of Nextracker. “We continued to bolster our strong
balance sheet with healthy operating cash flows, limited debt, and
an expanded total liquidity of over $1.4 billion.”
FY2025 Annual Outlook
Nextracker reaffirmed its full-year fiscal year 2025
outlook:
FY25 Outlook
Revenue
$2.8 billion to $2.9 billion
GAAP Net Income
$363 million to $393 million
GAAP Diluted EPS
$2.37 to $2.57
Adjusted EBITDA
$600 million to $650 million
Adjusted Diluted EPS
$2.89 to $3.09
GAAP net income range of $363 million to $393 million is updated
from previous range of $369 million to $399 million to include
estimated impact of incremental net intangible asset amortization
resulting from acquisitions. GAAP diluted EPS range of $2.37 to
$2.57 is updated from previous $2.41 to $2.61 to include the
estimated impact of incremental net intangible asset amortization
resulting from acquisitions.
Adjusted EBITDA and adjusted diluted EPS exclude approximately
$103 million and $0.52, respectively, for stock-based compensation
and net intangible amortization.
Q1 FY2025 Earnings Call
August 1, 2024 2:00 p.m. PT / 5:00 p.m. ET Live webcast
available on investors.nextracker.com
We encourage you to review our Q1 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.
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 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 and Solar Pile
International acquisitions, 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 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 share and per share data)
Three-month periods
ended
June 28, 2024
March 31, 2024
June 30, 2023
Revenue
$
719,921
$
736,515
$
479,543
Cost of sales
482,481
396,045
365,799
Gross profit
237,440
340,470
113,744
Selling, general and administrative
expenses
60,827
56,706
32,437
Research and development
16,519
13,090
7,427
Operating income
160,094
270,674
73,880
Interest expense
3,280
3,845
3,102
Other expense (income), net
4,868
(16,235
)
(1,968
)
Income before income taxes
151,946
283,064
72,746
Provision for income taxes
27,152
59,864
9,101
Net income and comprehensive income
124,794
223,200
63,645
Less: Net income attributable to
non-controlling interests and redeemable non-controlling
interests
3,094
18,037
43,216
Net income attributable to Nextracker
Inc.
$
121,700
$
205,163
$
20,429
Earnings per share attributable to the
stockholders of Nextracker Inc.
Basic
$
0.86
$
1.48
$
0.44
Diluted
$
0.84
$
1.51
$
0.43
Weighted-average shares used in computing
per share amounts:
Basic
142,102,503
138,389,259
46,411,859
Diluted
149,233,237
148,144,066
146,868,852
Schedule II
Nextracker Inc. Unaudited
condensed consolidated balance sheets (In thousands)
As of June 28, 2024
As of March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
471,879
$
474,054
Accounts receivable, net of allowance of
$4,020 and $3,872, respectively
401,937
382,687
Contract assets
361,939
397,123
Inventories
166,023
201,736
Other current assets
295,633
312,635
Total current assets
1,697,411
1,768,235
Property and equipment, net
35,261
9,236
Goodwill
328,381
265,153
Other intangible assets, net
46,458
1,546
Deferred tax assets and other assets
519,418
474,612
Total assets
$
2,626,929
$
2,518,782
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
387,401
$
456,639
Accrued expenses
69,028
82,410
Deferred revenue
218,565
225,539
Current portion of long-term debt
4,688
3,750
Other current liabilities
123,275
123,148
Total current liabilities
802,957
891,486
Long-term debt, net of current portion
142,235
143,967
Tax receivable agreement liability and
other liabilities
545,106
491,301
Total liabilities
1,490,298
1,526,754
Total stockholders' equity
1,136,631
992,028
Total liabilities and stockholders'
equity
$
2,626,929
$
2,518,782
Schedule III
Nextracker Inc. Unaudited
condensed consolidated statements of cash flows (In thousands)
Three-month periods
ended
June 28, 2024
March 31, 2024
June 30, 2023
Cash flows from operating activities:
Net income
$
124,794
$
223,200
$
63,645
Depreciation and amortization
941
1,225
1,046
Changes in working capital and other,
net
(4,889
)
(112,933
)
161,076
Net cash provided by operating
activities
120,846
111,492
225,767
Cash flows from investing activities:
Purchases of property and equipment
(2,890
)
(2,310
)
(694
)
Payment of business acquisition, net of
cash acquired
(110,165
)
—
—
Purchase of intangible assets
—
(500
)
—
Net cash used in investing activities
(113,055
)
(2,810
)
(694
)
Cash flows from financing activities:
Repayment of bank borrowings
(937
)
—
—
Payment of revolver issuance cost
(3,715
)
—
—
Distribution to non-controlling interest
holders
(5,314
)
(2,516
)
—
Other financing activities
—
70
—
Net cash used in financing activities
(9,966
)
(2,446
)
—
Net (decrease) increase in cash and cash
equivalents
(2,175
)
106,236
225,073
Cash and cash equivalents beginning of
period
474,054
367,818
130,008
Cash and cash equivalents end of
period
$
471,879
$
474,054
$
355,081
Three-month periods
ended
Adjusted free cash flow
June 28, 2024
March 31, 2024
June 30, 2023
Net cash provided by operating
activities
$
120,846
$
111,492
$
225,767
Purchases of property and equipment
(2,890
)
(2,310
)
(694
)
Other financing
—
3,750
—
Adjusted free cash flow
$
117,956
$
112,932
$
225,073
Schedule IV
Nextracker Inc. Reconciliation of
GAAP to Non-GAAP Financial measures (In thousands, except
percentages, shares and per share data)
Three-month periods
ended
June 28, 2024
March 31, 2024
June 30, 2023
GAAP gross profit & margin
$
237,440
33.0
%
$
340,470
46.2
%
$
113,744
23.7
%
Stock-based compensation expense
3,780
3,096
1,926
Intangible amortization
88
87
63
Advanced manufacturing tax credit vendor
rebate
—
(121,405
)
—
Adjusted gross profit &
margin
$
241,308
33.5
%
$
222,248
30.2
%
$
115,733
24.1
%
GAAP operating income &
margin
$
160,094
22.2
%
$
270,674
36.8
%
$
73,880
15.4
%
Stock-based compensation expense
21,901
16,889
8,460
Intangible amortization
88
87
63
Acquisition costs
1,480
—
—
Advanced manufacturing tax credit vendor
rebate
—
(121,405
)
—
Adjusted operating income &
margin
$
183,563
25.5
%
$
166,245
22.6
%
$
82,403
17.2
%
GAAP net income & margin
$
124,794
17.3
%
$
223,200
30.3
%
$
63,645
13.3
%
Stock-based compensation expense
21,901
16,889
8,460
Intangible amortization
88
87
63
Adjustment for taxes
(9,644
)
23,567
(1,225
)
Acquisition costs
1,480
—
—
Advanced manufacturing tax credit vendor
rebate
—
(121,405
)
—
Adjusted net income &
margin
$
138,619
19.3
%
$
142,338
19.3
%
$
70,943
14.8
%
GAAP net income & margin
$
124,794
17.3
%
$
223,200
30.3
%
$
63,645
13.3
%
Interest, net
(1,292
)
988
1,420
Provision for income taxes
27,152
59,864
9,101
Depreciation expense
853
1,138
983
Intangible amortization
88
87
63
Stock-based compensation expense
21,901
16,889
8,460
Acquisition costs
1,480
—
—
Advanced manufacturing tax credit vendor
rebate
—
(121,405
)
—
Other tax related income, net
—
(21,138
)
—
Adjusted EBITDA & margin
$
174,976
24.3
%
$
159,623
21.7
%
$
83,672
17.4
%
Diluted earnings per share
GAAP
$
0.84
$
1.51
$
0.43
Earnings per share attributable to
Non-GAAP adjustments
$
0.09
$
(0.55
)
$
0.05
Adjusted
$
0.93
$
0.96
$
0.48
Diluted shares used in computing per share
amounts
149,233,237
148,144,066
146,868,852
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 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.
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 acquisition.
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/20240801264651/en/
Investors, Financial Media & Press Mary Lai VP, IR &
Financial Communications 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 7 2024 まで 8 2024
Nextracker (NASDAQ:NXT)
過去 株価チャート
から 8 2023 まで 8 2024