Nextracker Reports Q1 FY25 Financial Results
Nextracker (NXT) reported strong Q1 FY25 financial results, with 50% year-over-year revenue growth to $720 million. The company reaffirmed its FY25 outlook, projecting revenue between $2.8 billion to $2.9 billion. Key highlights include:
- GAAP Net Income of $125 million, up from $64 million in Q1 FY24
- GAAP Diluted EPS of $0.84, compared to $0.43 in Q1 FY24
- Adjusted EBITDA of $175 million, with a 24.3% margin
- Acquisitions of Ojjo, Inc. and Solar Pile International's foundations business
- Expansion of manufacturing facilities and launch of new products
Nextracker maintains a strong balance sheet with over $1.4 billion in total liquidity and continues to see healthy demand for solar trackers in both U.S. and international markets.
Nextracker (NXT) ha riportato risultati finanziari solidi per il primo trimestre dell'anno fiscale 25, con una Crescita dei ricavi del 50% anno su anno raggiungendo i 720 milioni di dollari. L'azienda ha confermato le sue previsioni per l'anno fiscale 25, prevedendo ricavi tra 2,8 miliardi e 2,9 miliardi di dollari. I principali punti salienti includono:
- Utile netto GAAP di 125 milioni di dollari, in aumento rispetto ai 64 milioni di dollari del primo trimestre dell'anno fiscale 24
- Utile per azione diluito GAAP di 0,84 dollari, rispetto a 0,43 dollari nel primo trimestre dell'anno fiscale 24
- EBITDA rettificato di 175 milioni di dollari, con un margine del 24,3%
- Acquisizioni di Ojjo, Inc. e del business delle fondazioni di Solar Pile International
- Espansione delle strutture di produzione e lancio di nuovi prodotti
Nextracker mantiene un bilancio solido con oltre 1,4 miliardi di dollari in liquidità totale e continua a riscontrare una forte domanda per i tracker solari sia negli Stati Uniti che nei mercati internazionali.
Nextracker (NXT) reportó resultados financieros sólidos en el primer trimestre del año fiscal 25, con un crecimiento de ingresos del 50% en comparación con el año anterior, alcanzando los 720 millones de dólares. La compañía reafirmó su perspectiva para el año fiscal 25, proyectando ingresos entre 2.8 mil millones y 2.9 mil millones de dólares. Los aspectos más destacados incluyen:
- Ingreso neto GAAP de 125 millones de dólares, en comparación con 64 millones de dólares en el primer trimestre del año fiscal 24
- EPS diluido GAAP de 0.84 dólares, en comparación con 0.43 dólares en el primer trimestre del año fiscal 24
- EBITDA ajustado de 175 millones de dólares, con un margen del 24.3%
- Adquisiciones de Ojjo, Inc. y el negocio de cimentaciones de Solar Pile International
- Expansión de las instalaciones de fabricación y lanzamiento de nuevos productos
Nextracker mantiene un balance sólido con más de 1.4 mil millones de dólares en liquidez total y continúa viendo una demanda saludable para los rastreadores solares tanto en los mercados de EE. UU. como internacionales.
Nextracker (NXT)는 2025 회계연도 첫 분기에 전년 대비 50%의 매출 성장으로 7억 2천만 달러의 강력한 재무 결과를 보고했습니다. 이 회사는 2025 회계연도에 대한 전망을 재확인하며 28억 달러에서 29억 달러 사이의 매출을 예상하고 있습니다. 주요 하이라이트는 다음과 같습니다:
- GAAP 기준 순이익 1억 2,500만 달러, 2024 회계연도 첫 분기의 6,400만 달러에서 증가
- GAAP 기준 희석 주당 순이익(EPS) 0.84달러, 2024 회계연도 첫 분기의 0.43달러와 비교
- 조정된 EBITDA 1억 7,500만 달러, 마진 24.3%
- Ojjo, Inc. 및 Solar Pile International의 기초 비즈니스 인수
- 제조 시설 확장 및 신제품 출시
Nextracker는 14억 달러 이상의 총 유동성을 보유한 강력한 재무 상황을 유지하고 있으며, 미국 및 해외 시장에서 태양광 트래커에 대한 건전한 수요를 지속적으로 보고하고 있습니다.
Nextracker (NXT) a annoncé des résultats financiers solides pour le premier trimestre de l'exercice fiscal 25, avec une croissance des revenus de 50 % par rapport à l'année précédente pour atteindre 720 millions de dollars. L'entreprise a réaffirmé ses prévisions pour l'exercice fiscal 25, projetant des revenus compris entre 2,8 milliards et 2,9 milliards de dollars. Les faits marquants incluent :
- Revenu net GAAP de 125 millions de dollars, en hausse par rapport à 64 millions de dollars au premier trimestre de l'exercice fiscal 24
- BPA dilué GAAP de 0,84 dollar, comparé à 0,43 dollar au premier trimestre de l'exercice fiscal 24
- EBITDA ajusté de 175 millions de dollars, avec une marge de 24,3 %
- Acquisitions d'Ojjo, Inc. et de l'entreprise de fondations de Solar Pile International
- Expansion des installations de fabrication et lancement de nouveaux produits
Nextracker maintient un bilan solide avec plus de 1,4 milliard de dollars de liquidité totale et continue de constater une demande saine pour les suiveurs solaires à la fois sur les marchés américains et internationaux.
Nextracker (NXT) hat im ersten Quartal des Geschäftsjahres 25 starke Finanz Ergebnisse berichtet, mit einem Umsatzwachstum von 50% im Jahresvergleich auf 720 Millionen Dollar. Das Unternehmen hat seine Prognose für das Geschäftsjahr 25 bekräftigt und erwartet einen Umsatz zwischen 2,8 Milliarden und 2,9 Milliarden Dollar. Zu den wichtigsten Highlights gehören:
- GAAP-Nettoeinkommen von 125 Millionen Dollar, ein Anstieg von 64 Millionen Dollar im ersten Quartal des Geschäftsjahres 24
- GAAP verwässerter Gewinn je Aktie (EPS) von 0,84 Dollar, im Vergleich zu 0,43 Dollar im ersten Quartal des Geschäftsjahres 24
- Angepasste EBITDA von 175 Millionen Dollar mit einer Marge von 24,3%
- Akquisitionen von Ojjo, Inc. und dem Fundamentgeschäft von Solar Pile International
- Ausbau der Produktionsstätten und Einführung neuer Produkte
Nextracker hält eine starke Bilanz mit über 1,4 Milliarden Dollar an totaler Liquidität und sieht weiterhin eine gesunde Nachfrage nach Solartrackern sowohl auf dem US-amerikanischen als auch auf den internationalen Märkten.
- 50% year-over-year revenue growth to $720 million in Q1 FY25
- GAAP Net Income increased to $125 million from $64 million in Q1 FY24
- Adjusted EBITDA margin improved to 24.3% from 17.4% in Q1 FY24
- Reaffirmed FY25 outlook with projected revenue of $2.8-$2.9 billion
- Expanded manufacturing capacity with new facilities and partnerships
- Acquired Ojjo, Inc. and Solar Pile International's foundations business to enhance product offerings
- Increased total liquidity to over $1.4 billion
- Launched new products: NX Horizon Low Carbon Tracker and Agrivoltaics
- Slight sequential revenue decrease from $737 million in Q4 FY24 to $720 million in Q1 FY25
- GAAP Net Income and EPS decreased sequentially due to one-time 45X credit adjustment in Q4 FY24
Insights
Nextracker's Q1 FY25 results demonstrate robust financial performance, with revenue growing 50% year-over-year to
The company's adjusted metrics, which include IRA 45X advanced manufacturing tax credit vendor rebates, paint an even more positive picture. Adjusted gross margin improved to
Nextracker's balance sheet appears solid, with the company expanding its revolver facility to
The reaffirmed FY25 outlook, projecting revenue between
Overall, Nextracker's financial performance and outlook appear strong, but investors should monitor the integration of recent acquisitions and their impact on future profitability.
Nextracker's Q1 FY25 results and strategic moves reflect a company capitalizing on favorable market conditions in the solar industry. The 50% year-over-year revenue growth indicates robust demand for solar trackers in both U.S. and international markets, suggesting a positive industry outlook.
The company's product launches, including the NX Horizon Low Carbon Tracker and Agrivoltaics solutions, demonstrate Nextracker's commitment to innovation and addressing evolving market needs. These new offerings could potentially expand the company's addressable market and maintain its competitive edge.
Nextracker's expansion of manufacturing capabilities, including the JM Steel facility in Pittsburgh and a second Nevada factory, aligns with the trend towards localized production. This strategy could help the company benefit from IRA incentives and mitigate supply chain risks.
The acquisitions of Ojjo and Solar Pile International's foundations business for a combined
The company's expectation of 100% U.S. domestic content capability by early CY25 positions it favorably to capitalize on the growing emphasis on local manufacturing and could provide a competitive advantage in the U.S. market.
While the outlook appears positive, investors should monitor potential challenges such as industry competition, policy changes affecting solar incentives and the successful integration of recent acquisitions.
Adds Solar Foundation Offerings with Ojjo and Solar Pile International Acquisitions
Financial Summary (In millions, except per share) |
|||
|
Q1 FY25* |
Q4 FY24* |
Q1 FY24* |
Revenue |
|
|
|
GAAP Gross Profit |
|
|
|
GAAP Gross Margin |
|
|
|
GAAP Net Income |
|
|
|
GAAP Net Income Margin |
|
|
|
GAAP Diluted EPS |
|
|
|
|
|
|
|
Adjusted Gross Profit |
|
|
|
Adjusted Gross Margin |
|
|
|
Adjusted EBITDA |
|
|
|
Adjusted EBITDA Margin |
|
|
|
Adjusted Net Income |
|
|
|
Adjusted Diluted EPS |
|
|
|
*Q1 FY25 GAAP and adjusted results include approximately |
|
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
to$500 million on June 21, 2024$1 billion -
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
“Our exceptional Q1 results led to our sixth consecutive quarter of year-over-year double-digit revenue growth,” said Chuck
FY2025 Annual Outlook
Nextracker reaffirmed its full-year fiscal year 2025 outlook:
|
FY25 Outlook |
|
Revenue |
|
|
GAAP Net Income |
|
|
GAAP Diluted EPS |
|
|
Adjusted EBITDA |
|
|
Adjusted Diluted EPS |
|
GAAP net income range of
Adjusted EBITDA and adjusted diluted EPS exclude approximately
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.
|
|||||||||||
|
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.
|
||||||
|
||||||
|
As of June 28,
|
|
As of March 31,
|
|||
ASSETS |
||||||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
471,879 |
|
$ |
474,054 |
|
Accounts receivable, net of allowance of |
|
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.
|
||||||||||||
|
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.
|
|||||||||||||||||||||
|
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
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
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
Source: Nextracker
FAQ
What was Nextracker's (NXT) revenue growth in Q1 FY25?
How much did Nextracker (NXT) spend on acquisitions in Q1 FY25?
What is Nextracker's (NXT) revenue outlook for FY25?
How did Nextracker's (NXT) GAAP Net Income change in Q1 FY25 compared to Q1 FY24?