Nextracker Reports Q2 FY25 Financial Results
Nextracker (Nasdaq: NXT) announced its Q2 FY25 financial results, reporting revenue of $636 million, a GAAP Gross Profit of $225 million, and a GAAP Net Income of $117 million. The GAAP Diluted EPS stood at $0.79. Adjusted metrics showed Gross Profit at $228 million and Net Income at $145 million, with Adjusted Diluted EPS of $0.97. The company highlighted strong demand and execution, leading to a reaffirmed FY25 revenue outlook of $2.8 to $2.9 billion and a raised profit outlook. GAAP Net Income is projected between $378 to $408 million, and Adjusted EBITDA is expected at $625 to $665 million.
Business highlights include the unveiling of NX Foundation Solutions, signing 100% U.S. domestic content project contracts, and expanding the manufacturing footprint. The company also inaugurated India's first R&D Center for Solar Excellence in Hyderabad.
Nextracker (Nasdaq: NXT) ha annunciato i risultati finanziari del secondo trimestre dell'anno fiscale 2025, riportando ricavi di 636 milioni di dollari, un utile lordo GAAP di 225 milioni di dollari e un utile netto GAAP di 117 milioni di dollari. L'EPS diluito GAAP si è attestato a 0,79 dollari. Le metriche rettificate mostrano un utile lordo di 228 milioni di dollari e un utile netto di 145 milioni di dollari, con un EPS diluito rettificato di 0,97 dollari. L'azienda ha evidenziato una forte domanda e un'eccellente esecuzione, portando a un outlook sui ricavi per l'anno fiscale 2025 confermato tra i 2,8 e i 2,9 miliardi di dollari e un'aspettativa di profitto elevata. L'utile netto GAAP è previsto tra i 378 e i 408 milioni di dollari e l'EBITDA rettificato è atteso tra i 625 e i 665 milioni di dollari.
I punti salienti dell'azienda includono il lancio delle NX Foundation Solutions, la firma di contratti per progetti con contenuto nazionale statunitense al 100% e l'espansione della capacità produttiva. L'azienda ha anche inaugurato il primo Centro di Ricerca e Sviluppo per l'Eccellenza Solare in India a Hyderabad.
Nextracker (Nasdaq: NXT) anunció sus resultados financieros del segundo trimestre del año fiscal 2025, reportando ingresos de 636 millones de dólares, una ganancia bruta GAAP de 225 millones de dólares y una ganancia neta GAAP de 117 millones de dólares. El EPS diluido GAAP fue de 0,79 dólares. Las métricas ajustadas mostraron una ganancia bruta de 228 millones de dólares y una ganancia neta de 145 millones de dólares, con un EPS diluido ajustado de 0,97 dólares. La compañía destacó una fuerte demanda y ejecución, llevando a una perspectiva de ingresos confirmada para el año fiscal 2025 de entre 2,8 y 2,9 mil millones de dólares y una perspectiva de ganancias elevada. Se proyecta que la ganancia neta GAAP esté entre 378 y 408 millones de dólares, y se espera que el EBITDA ajustado sea de entre 625 y 665 millones de dólares.
Los aspectos destacados del negocio incluyen el lanzamiento de NX Foundation Solutions, la firma de contratos de proyectos con contenido nacional estadounidense al 100% y la expansión de la capacidad de fabricación. La compañía también inauguró el primer Centro de I+D para la Excelencia Solar en India en Hyderabad.
Nextracker (Nasdaq: NXT)는 2025 회계연도 2분기 재무 결과를 발표하며 수익 6억 3천6백만 달러, GAAP 총 이익 2억 2천5백만 달러, GAAP 순이익 1억 1천7백만 달러를 보고했습니다. GAAP 희석 EPS는 0.79달러로 집계되었습니다. 조정된 지표에서는 총 이익이 2억 2천8백만 달러, 순이익이 1억 4천5백만 달러로 나타나며, 조정 희석 EPS는 0.97달러입니다. 회사는 강한 수요와 실행을 강조하며, 2025 회계연도 수익 전망을 28억에서 29억 달러로 재확인하고 이익 전망을 상향 조정했습니다. GAAP 순이익은 3억 7천8백만에서 4억 8백만 달러로 예상되며, 조정된 EBITDA는 6억 2천5백만에서 6억 6천5백만 달러로 예상됩니다.
사업 하이라이트에는 NX Foundation Solutions의 공개, 미국 국내 콘텐츠 프로젝트 계약 100% 체결, 제조 기반 확대가 포함됩니다. 회사는 또한 하이데라바드에 인도의 첫 번째 태양광 우수성 연구개발 센터를 개설했습니다.
Nextracker (Nasdaq: NXT) a annoncé ses résultats financiers pour le deuxième trimestre de l'exercice 2025, rapportant des revenus de 636 millions de dollars, un bénéfice brut GAAP de 225 millions de dollars et un bénéfice net GAAP de 117 millions de dollars. Le BPA dilué GAAP s'est établi à 0,79 dollar. Les métriques ajustées ont montré un bénéfice brut de 228 millions de dollars et un bénéfice net de 145 millions de dollars, avec un BPA dilué ajusté de 0,97 dollar. L'entreprise a souligné une forte demande et une bonne exécution, menant à une prévision de revenus confirmée pour l'exercice 2025 de 2,8 à 2,9 milliards de dollars et une prévision de bénéfices rehaussée. Le bénéfice net GAAP devrait se situer entre 378 et 408 millions de dollars, et l'EBITDA ajusté devrait être compris entre 625 et 665 millions de dollars.
Les points forts de l'entreprise incluent le lancement des NX Foundation Solutions, la signature de contrats de projets à contenu national américain à 100 % et l'expansion des capacités de fabrication. L'entreprise a également inauguré le premier Centre de R&D pour l'Excellence Solaire en Inde à Hyderabad.
Nextracker (Nasdaq: NXT) hat die finanziellen Ergebnisse des zweiten Quartals des Geschäftsjahres 2025 bekannt gegeben und berichtet von Einnahmen in Höhe von 636 Millionen US-Dollar, einem GAAP Bruttogewinn von 225 Millionen US-Dollar und einem GAAP Nettoergebnis von 117 Millionen US-Dollar. Der GAAP verwässerte EPS lag bei 0,79 US-Dollar. Die bereinigten Kennzahlen zeigten einen Bruttogewinn von 228 Millionen US-Dollar und ein Nettoergebnis von 145 Millionen US-Dollar, mit einem bereinigten verwässerten EPS von 0,97 US-Dollar. Das Unternehmen hob die starke Nachfrage und Umsetzung hervor, was zu einer bestätigten Umsatzprognose für das Geschäftsjahr 2025 von 2,8 bis 2,9 Milliarden US-Dollar und einer angepassten Gewinnprognose führte. Das GAAP Nettoergebnis wird zwischen 378 und 408 Millionen US-Dollar prognostiziert, und das bereinigte EBITDA wird zwischen 625 und 665 Millionen US-Dollar erwartet.
Zu den Höhepunkten des Geschäfts gehören die Enthüllung der NX Foundation Solutions, die Unterzeichnung von Verträgen über 100 % nationale Inhalte in den USA und die Expansion der Produktionskapazität. Das Unternehmen eröffnete auch Indiens erstes F&E-Zentrum für Solar Excellence in Hyderabad.
- Revenue increased to $636 million in Q2 FY25.
- GAAP Gross Profit rose to $225 million.
- GAAP Net Income improved to $117 million.
- Strong GAAP Gross Margin of 35.4%.
- Adjusted Net Income reached $145 million.
- Adjusted Diluted EPS increased to $0.97.
- Reaffirmed FY25 revenue outlook of $2.8 to $2.9 billion.
- Raised FY25 profit outlook with GAAP Net Income projected between $378 to $408 million.
- Adjusted EBITDA expected at $625 to $665 million.
- Revenue declined from $720 million in Q1 FY25 to $636 million in Q2 FY25.
- GAAP Net Income decreased from $125 million in Q1 FY25 to $117 million in Q2 FY25.
- GAAP Diluted EPS dropped from $0.84 in Q1 FY25 to $0.79 in Q2 FY25.
Insights
Nextracker delivered an impressive Q2 FY25 with notable margin expansion and strong profitability metrics. Revenue reached
The raised profit guidance, maintaining
The accelerated timeline for 100% U.S. domestic content projects and expansion to 85+ manufacturing facilities demonstrate Nextracker's strong market positioning in the growing solar infrastructure sector. The launch of NX Foundation Solutions and successful market reception of new products like XTR 1.5 and Low Carbon Tracker reflect strategic product diversification.
The establishment of India's first R&D Center for Solar Excellence, alongside existing centers in Brazil and the U.S., positions the company for continued innovation and global market penetration. The IRA 45X manufacturing tax credits of
Reaffirms FY25 Revenue Outlook and Raises FY25 Profit Outlook
Financial Summary |
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(In millions, except per share) |
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Q2 FY25* |
Q1 FY25* |
Q2 FY24 |
Revenue |
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GAAP Gross Profit |
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GAAP Gross Margin |
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GAAP Net Income |
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GAAP Net Income Margin |
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GAAP Diluted EPS |
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Adjusted Gross Profit |
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Adjusted Gross Margin |
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|
Adjusted EBITDA |
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Adjusted EBITDA Margin |
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Adjusted Net Income |
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Adjusted Diluted EPS |
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*Q2 FY25 and Q1 FY25 GAAP and adjusted results include approximately |
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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 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
-
Unveiled NX Foundation Solutions at 2024 RE+
North America inAnaheim, California -
Signed
100% U.S. domestic content project contracts and accelerated planned ship date to the end of CY24 - Expanded manufacturing footprint to over 85 partner manufacturing facilities
-
Inaugurated India’s first R&D Center for Solar Excellence in Hyderabad, the third global R&D center along with centers in
Brazil and theU.S.
“We’re very pleased with the company’s execution, driving a record first half of fiscal year 2025 with strong demand in Q2,” said Dan Shugar, founder and CEO of Nextracker. “In the quarter, we successfully executed on the launch of our new NX Foundation Solutions portfolio. We are also pleased to report that we have received customer orders for all of our new products launched in the last year, including NX Horizon-XTR™ 1.5 all-terrain tracker, NX Horizon™ Low Carbon Tracker, NX Hail Pro-75, and NX Foundation Solutions. Finally, we accelerated our planned timeline for our
“We finished Q2 with strong execution and operational discipline, driving meaningful improvements in margins, which allows us to raise our FY25 profit outlook,” said Chuck Boynton, CFO of Nextracker. “In the first half of FY25, we generated
FY2025 Annual Outlook
Reaffirms FY25 revenue outlook and raises FY25 profit outlook
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Updated Outlook |
Previous Outlook |
Revenue |
|
|
GAAP Net Income |
|
|
GAAP Diluted EPS |
|
|
Adjusted EBITDA |
|
|
Adjusted Diluted EPS |
|
|
Adjusted EBITDA and adjusted diluted EPS exclude approximately |
Q2 FY2025 Earnings Call
October 30, 2024
2:00 p.m. PT / 5:00 p.m. ET
Live webcast available on investors.nextracker.com
We encourage you to review our Q2 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
Nextracker leadership executives will present at the upcoming investor conferences:
Baird Global Industrial Conference –
Fireside Chat
November 13, 2024
8:50 a.m. PT / 11:50 a.m. ET
UBS Tech West –
Fireside Chat
December 4, 2024
10:35 a.m. PT / 1:35 p.m. ET
Live webcasts available on investors.nextracker.com
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker, foundations, and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Our products enable 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 the NX Foundation Solutions portfolio launch and other new product launches, 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 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 |
||||||
|
September 27,
|
|
September 29,
|
||||
Revenue |
$ |
635,571 |
|
|
$ |
573,357 |
|
Cost of sales |
|
410,776 |
|
|
|
424,247 |
|
Gross profit |
|
224,795 |
|
|
|
149,110 |
|
Selling, general and administrative expenses |
|
72,127 |
|
|
|
47,872 |
|
Research and development |
|
19,193 |
|
|
|
7,146 |
|
Operating income |
|
133,475 |
|
|
|
94,092 |
|
Interest expense |
|
3,665 |
|
|
|
3,646 |
|
Other (income) expense, net |
|
(7,382 |
) |
|
|
5,038 |
|
Income before income taxes |
|
137,192 |
|
|
|
85,408 |
|
Provision for income taxes |
|
19,928 |
|
|
|
3,999 |
|
Net income and comprehensive income |
|
117,264 |
|
|
|
81,409 |
|
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests |
|
1,873 |
|
|
|
42,156 |
|
Net income attributable to Nextracker Inc. |
$ |
115,391 |
|
|
$ |
39,253 |
|
|
|
|
|
||||
Earnings per share attributable to Nextracker Inc. common stockholders |
|
|
|
||||
Basic |
$ |
0.80 |
|
|
$ |
0.64 |
|
Diluted |
$ |
0.79 |
|
|
$ |
0.55 |
|
Weighted-average shares used in computing per share amounts: |
|
|
|
||||
Basic |
|
143,479 |
|
|
|
61,722 |
|
Diluted |
|
149,079 |
|
|
|
147,141 |
|
Nextracker Inc. |
|||||||
Unaudited condensed consolidated statements of operations and comprehensive income (continued) |
|||||||
(In thousands, except per share data) |
|||||||
|
Six-month periods ended |
||||||
|
September 27,
|
|
September 29,
|
||||
Revenue |
$ |
1,355,492 |
|
|
$ |
1,052,900 |
|
Cost of sales |
|
893,257 |
|
|
|
790,046 |
|
Gross profit |
|
462,235 |
|
|
|
262,854 |
|
Selling, general and administrative expenses |
|
132,954 |
|
|
|
82,107 |
|
Research and development |
|
35,712 |
|
|
|
12,775 |
|
Operating income |
|
293,569 |
|
|
|
167,972 |
|
Interest expense |
|
6,945 |
|
|
|
6,748 |
|
Other (income) expense, net |
|
(2,514 |
) |
|
|
3,070 |
|
Income before income taxes |
|
289,138 |
|
|
|
158,154 |
|
Provision for income taxes |
|
47,080 |
|
|
|
13,100 |
|
Net income and comprehensive income |
|
242,058 |
|
|
|
145,054 |
|
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests |
|
4,967 |
|
|
|
85,372 |
|
Net income attributable to Nextracker Inc. |
$ |
237,091 |
|
|
$ |
59,682 |
|
|
|
|
|
||||
Earnings per share attributable to Nextracker Inc. common stockholders |
|
|
|
||||
Basic |
$ |
1.66 |
|
|
$ |
1.10 |
|
Diluted |
$ |
1.62 |
|
|
$ |
0.99 |
|
Weighted-average shares used in computing per share amounts: |
|
|
|
||||
Basic |
|
142,785 |
|
|
|
54,070 |
|
Diluted |
|
149,151 |
|
|
|
147,008 |
|
Schedule II |
|||||
Nextracker Inc. |
|||||
Unaudited condensed consolidated balance sheets |
|||||
(In thousands) |
|||||
|
As of September 27, 2024 |
|
As of March 31, 2024 |
||
ASSETS |
|||||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
561,884 |
|
$ |
474,054 |
Accounts receivable, net of allowance of |
|
357,586 |
|
|
382,687 |
Contract assets |
|
360,013 |
|
|
397,123 |
Inventories |
|
179,251 |
|
|
201,736 |
Other current assets |
|
326,000 |
|
|
312,635 |
Total current assets |
|
1,784,734 |
|
|
1,768,235 |
Property and equipment, net |
|
47,158 |
|
|
9,236 |
Goodwill |
|
370,613 |
|
|
265,153 |
Other intangible assets, net |
|
49,283 |
|
|
1,546 |
Deferred tax assets |
|
472,400 |
|
|
438,272 |
Other assets |
|
44,471 |
|
|
36,340 |
Total assets |
$ |
2,768,659 |
|
$ |
2,518,782 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
406,546 |
|
$ |
456,639 |
Accrued expenses |
|
77,139 |
|
|
82,410 |
Deferred revenue |
|
236,882 |
|
|
225,539 |
Current portion of long-term debt |
|
5,625 |
|
|
3,750 |
Other current liabilities |
|
80,086 |
|
|
123,148 |
Total current liabilities |
|
806,278 |
|
|
891,486 |
Long-term debt, net of current portion |
|
140,503 |
|
|
143,967 |
Tax receivable agreement (TRA) liability |
|
399,054 |
|
|
391,568 |
Other liabilities |
|
140,506 |
|
|
99,733 |
Total liabilities |
|
1,486,341 |
|
|
1,526,754 |
Total stockholders’ equity |
|
1,282,318 |
|
|
992,028 |
Total liabilities and stockholders’ equity |
$ |
2,768,659 |
|
$ |
2,518,782 |
Schedule III |
|||||||
Nextracker Inc. |
|||||||
Unaudited condensed consolidated statements of cash flows |
|||||||
(In thousands) |
|||||||
Six-month periods ended |
|||||||
|
September 27,
|
|
September 29,
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
242,058 |
|
|
$ |
145,054 |
|
Depreciation and amortization |
|
3,883 |
|
|
|
2,020 |
|
Changes in working capital and other, net |
|
28,686 |
|
|
|
105,603 |
|
Net cash provided by operating activities |
|
274,627 |
|
|
|
252,677 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(14,900 |
) |
|
|
(1,406 |
) |
Payment for business acquisitions, net of cash acquired |
|
(144,675 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(159,575 |
) |
|
|
(1,406 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repayment of bank borrowings |
|
(1,875 |
) |
|
|
— |
|
Net proceeds from issuance of Class A shares |
|
— |
|
|
|
552,009 |
|
Purchase of LLC common units from |
|
— |
|
|
|
(552,009 |
) |
Payment of revolver issuance cost |
|
(3,715 |
) |
|
|
— |
|
TRA payment |
|
(15,520 |
) |
|
|
— |
|
Distribution to non-controlling interest holders |
|
(6,112 |
) |
|
|
— |
|
Net transfers to Flex |
|
— |
|
|
|
(8,335 |
) |
Other financing activities |
|
— |
|
|
|
(26 |
) |
Net cash used in financing activities |
|
(27,222 |
) |
|
|
(8,361 |
) |
Net increase in cash and cash equivalents |
|
87,830 |
|
|
|
242,910 |
|
Cash and cash equivalents beginning of period |
|
474,054 |
|
|
|
130,008 |
|
Cash and cash equivalents end of period |
$ |
561,884 |
|
|
$ |
372,918 |
|
|
Six-month periods ended |
||||||
Adjusted free cash flow |
September 27,
|
|
September 29,
|
||||
Net cash provided by operating activities |
$ |
274,627 |
|
|
$ |
252,677 |
|
Purchases of property and equipment |
|
(14,900 |
) |
|
|
(1,406 |
) |
Adjusted free cash flow |
$ |
259,727 |
|
|
$ |
251,271 |
|
Schedule IV |
|||||||||||||
Nextracker Inc. |
|||||||||||||
Reconciliation of GAAP to Non-GAAP financial measures |
|||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||
|
Three-month periods ended |
||||||||||||
|
September 27, 2024 |
|
September 29, 2023 |
||||||||||
GAAP gross profit & margin |
$ |
224,795 |
|
|
35.4 |
% |
|
$ |
149,110 |
|
|
26.0 |
% |
Stock-based compensation expense |
|
2,481 |
|
|
|
|
|
3,245 |
|
|
|
||
Intangible amortization |
|
896 |
|
|
|
|
|
62 |
|
|
|
||
Adjusted gross profit & margin |
$ |
228,172 |
|
|
35.9 |
% |
|
$ |
152,417 |
|
|
26.6 |
% |
|
|
|
|
|
|
|
|
||||||
GAAP operating income & margin |
$ |
133,475 |
|
|
21.0 |
% |
|
$ |
94,092 |
|
|
16.4 |
% |
Stock-based compensation expense |
|
29,885 |
|
|
|
|
|
18,216 |
|
|
|
||
Intangible amortization |
|
1,875 |
|
|
|
|
|
62 |
|
|
|
||
Acquisition related costs |
|
2,177 |
|
|
|
|
|
— |
|
|
|
||
Adjusted operating income & margin |
$ |
167,412 |
|
|
26.3 |
% |
|
$ |
112,370 |
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
||||||
GAAP net income & margin |
$ |
117,264 |
|
|
18.5 |
% |
|
$ |
81,409 |
|
|
14.2 |
% |
Stock-based compensation expense |
|
29,885 |
|
|
|
|
|
18,216 |
|
|
|
||
Intangible amortization |
|
1,875 |
|
|
|
|
|
62 |
|
|
|
||
Adjustment for taxes |
|
(6,274 |
) |
|
|
|
|
(3,656 |
) |
|
|
||
Acquisition related costs |
|
2,177 |
|
|
|
|
|
— |
|
|
|
||
Adjusted net income & margin |
$ |
144,927 |
|
|
22.8 |
% |
|
$ |
96,031 |
|
|
16.7 |
% |
|
|
|
|
|
|
|
|
||||||
GAAP net income & margin |
$ |
117,264 |
|
|
18.5 |
% |
|
$ |
81,409 |
|
|
14.2 |
% |
Interest, net |
|
455 |
|
|
|
|
|
(86 |
) |
|
|
||
Provision for income taxes |
|
19,928 |
|
|
|
|
|
3,999 |
|
|
|
||
Depreciation expense |
|
1,067 |
|
|
|
|
|
912 |
|
|
|
||
Intangible amortization |
|
1,875 |
|
|
|
|
|
62 |
|
|
|
||
Stock-based compensation expense |
|
29,885 |
|
|
|
|
|
18,216 |
|
|
|
||
Acquisition related costs |
|
2,177 |
|
|
|
|
|
— |
|
|
|
||
Other tax related income, net |
|
— |
|
|
|
|
|
5,686 |
|
|
|
||
Adjusted EBITDA & margin |
$ |
172,651 |
|
|
27.2 |
% |
|
$ |
110,198 |
|
|
19.2 |
% |
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share |
|
|
|
|
|
|
|
||||||
GAAP |
$ |
0.79 |
|
|
|
|
$ |
0.55 |
|
|
|
||
Earnings per share attributable to Non-GAAP adjustments |
|
0.18 |
|
|
|
|
|
0.10 |
|
|
|
||
Adjusted |
$ |
0.97 |
|
|
|
|
$ |
0.65 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Diluted shares used in computing per share amounts |
|
149,079 |
|
|
|
|
|
147,141 |
|
|
|
Nextracker Inc. |
|||||||||||||
Reconciliation of GAAP to Non-GAAP financial measures (continued) |
|||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||
|
Six-month periods ended |
||||||||||||
|
September 27, 2024 |
|
September 29, 2023 |
||||||||||
GAAP gross profit & margin |
$ |
462,235 |
|
|
34.1 |
% |
|
$ |
262,854 |
|
|
25.0 |
% |
Stock-based compensation expense |
|
6,261 |
|
|
|
|
|
5,171 |
|
|
|
||
Intangible amortization |
|
984 |
|
|
|
|
|
125 |
|
|
|
||
Adjusted gross profit & margin |
$ |
469,480 |
|
|
34.6 |
% |
|
$ |
268,150 |
|
|
25.5 |
% |
|
|
|
|
|
|
|
|
||||||
GAAP operating income & margin |
$ |
293,569 |
|
|
21.7 |
% |
|
$ |
167,972 |
|
|
16.0 |
% |
Stock-based compensation expense |
|
51,786 |
|
|
|
|
|
26,857 |
|
|
|
||
Intangible amortization |
|
1,963 |
|
|
|
|
|
125 |
|
|
|
||
Acquisition related costs |
|
3,657 |
|
|
|
|
|
— |
|
|
|
||
Adjusted operating income & margin |
$ |
350,975 |
|
|
25.9 |
% |
|
$ |
194,954 |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
||||||
GAAP net income & margin |
$ |
242,058 |
|
|
17.9 |
% |
|
$ |
145,054 |
|
|
13.8 |
% |
Stock-based compensation expense |
|
51,786 |
|
|
|
|
|
26,857 |
|
|
|
||
Intangible amortization |
|
1,963 |
|
|
|
|
|
125 |
|
|
|
||
Adjustment for taxes |
|
(15,918 |
) |
|
|
|
|
(4,881 |
) |
|
|
||
Acquisition related costs |
|
3,657 |
|
|
|
|
|
— |
|
|
|
||
Adjusted net income & margin |
$ |
283,546 |
|
|
20.9 |
% |
|
$ |
167,155 |
|
|
15.9 |
% |
|
|
|
|
|
|
|
|
||||||
GAAP net income & margin |
$ |
242,058 |
|
|
17.9 |
% |
|
$ |
145,054 |
|
|
13.8 |
% |
Interest, net |
|
(837 |
) |
|
|
|
|
1,334 |
|
|
|
||
Provision for income taxes |
|
47,080 |
|
|
|
|
|
13,100 |
|
|
|
||
Depreciation expense |
|
1,920 |
|
|
|
|
|
1,895 |
|
|
|
||
Intangible amortization |
|
1,963 |
|
|
|
|
|
125 |
|
|
|
||
Stock-based compensation expense |
|
51,786 |
|
|
|
|
|
26,857 |
|
|
|
||
Acquisition related costs |
|
3,657 |
|
|
|
|
|
— |
|
|
|
||
Other tax related income, net |
|
— |
|
|
|
|
|
5,686 |
|
|
|
||
Adjusted EBITDA & margin |
$ |
347,627 |
|
|
25.6 |
% |
|
$ |
194,051 |
|
|
18.4 |
% |
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share |
|
|
|
|
|
|
|
||||||
GAAP |
$ |
1.62 |
|
|
|
|
$ |
0.99 |
|
|
|
||
Earnings per share attributable to Non-GAAP adjustments |
|
0.28 |
|
|
|
|
|
0.15 |
|
|
|
||
Adjusted |
$ |
1.90 |
|
|
|
|
$ |
1.14 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Diluted shares used in computing per share amounts |
|
149,151 |
|
|
|
|
|
147,008 |
|
|
|
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. 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 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/20241030347227/en/
Investors, Financial Media
Mary Lai
VP, IR & Financial Communications
Investor@nextracker.com
Media
Kristan Kirsh
SVP, Global Marketing
Media@nextracker.com
Source: Nextracker
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