Nextracker Files 2024 Annual Report

TL;DR

Nextracker's 2024 10-K is in. Get the full financial picture.

AI Summary

Nextracker Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, headquartered in Fremont, CA, is a leader in solar tracker and software solutions. This filing provides a comprehensive overview of its financial performance, business operations, and risk factors for the period.

Why It Matters

This 10-K filing offers investors and analysts a detailed look into Nextracker's financial health and strategic direction, crucial for understanding its market position and future prospects in the renewable energy sector.

Risk Assessment

Risk Level: medium — The filing details various business and financial risks inherent in the solar energy industry and Nextracker's operations.

Key Players & Entities

• Nextracker Inc. (company) — Filer of the 10-K
• Fremont, CA (location) — Company headquarters
• March 31, 2024 (date) — Fiscal year end

FAQ

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value NXT The Nasdaq Stock Market L
• $2.5 b — 2023 and 2022: We generated revenue of $2.5 billion, $1.9 billion, and $1.5 billion f
• $1.9 b — We generated revenue of $2.5 billion, $1.9 billion, and $1.5 billion for fiscal year
• $1.5 billion — enue of $2.5 billion, $1.9 billion, and $1.5 billion for fiscal years 2024, 2023 and 2022, r
• $813.0 m — ectively. We generated gross profit of $813.0 million, $287.0 million and $147.0 millio
• $287.0 million — nerated gross profit of $813.0 million, $287.0 million and $147.0 million for fiscal years 202
• $147.0 million — t of $813.0 million, $287.0 million and $147.0 million for fiscal years 2024, 2023 and 2022, r
• $702.7 m — respectively. Non-GAAP gross profit was $702.7 million, $300.0 million and $152.6 millio
• $300.0 million — n-GAAP gross profit was $702.7 million, $300.0 million and $152.6 million for fiscal years 202
• $152.6 million — was $702.7 million, $300.0 million and $152.6 million for fiscal years 2024, 2023 and 2022, r
• $587.1 m — vely. We generated operating income of $587.1 million, $168.5 million and $65.9 million
• $168.5 million — ted operating income of $587.1 million, $168.5 million and $65.9 million for fiscal years 2024
• $65.9 million — e of $587.1 million, $168.5 million and $65.9 million for fiscal years 2024, 2023 and 2022, r
• $522.8 m — ectively. Non-GAAP operating income was $522.8 million, $203.1 million and $90.4 million
• $203.1 million — AP operating income was $522.8 million, $203.1 million and $90.4 million for fiscal years 2024

Filing Documents

• nxt-20240331.htm (10-K) — 1875KB
• exhibit1021-cboyntonofferx.htm (EX-10.21) — 44KB
• exhibit191-nxtinsidertradi.htm (EX-19.1) — 71KB
• exhibit21-1xsubisidiaries.htm (EX-21.1) — 12KB
• ex231-consentxfy24.htm (EX-23.1) — 2KB
• nxt-20230331xex311fy24.htm (EX-31.1) — 8KB
• nxt-20230331xex312fy24.htm (EX-31.2) — 8KB
• nxt-20230331xex321fy24.htm (EX-32.1) — 4KB
• nxt-20230331xex322fy24.htm (EX-32.2) — 4KB
• exhibit971-nxtclawbackpoli.htm (EX-97.1) — 45KB
• image_1.jpg (GRAPHIC) — 41KB
• image_11a.jpg (GRAPHIC) — 98KB
• image_29a.jpg (GRAPHIC) — 0KB
• image_2a.jpg (GRAPHIC) — 39KB
• 0001628280-24-025460.txt ( ) — 10468KB
• nxt-20240331.xsd (EX-101.SCH) — 70KB
• nxt-20240331_cal.xml (EX-101.CAL) — 82KB
• nxt-20240331_def.xml (EX-101.DEF) — 414KB
• nxt-20240331_lab.xml (EX-101.LAB) — 835KB
• nxt-20240331_pre.xml (EX-101.PRE) — 651KB
• nxt-20240331_htm.xml (XML) — 1381KB

Page

PART I Page Forward Looking Statement 1

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 42 Item 1C. C ybersecurity 42

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 1

[Reserved]

Item 6. [Reserved] 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 1

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 60

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 61

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 99

Controls and Procedures

Item 9A. Controls and Procedures 99

Other Information

Item 9B. Other Information 100

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 100

Executive Compensation

Item 11. Executive Compensation 100

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 101

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 101 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 101

Form 10-K Summary

Item 16. Form 10-K Summary 101 Exhibit Index 101 Signatures 103 iii PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Special note regarding forward-looking statements Certain statements included in this Annual Report on Form 10-K are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"). All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: our future financial performance, cash flows, liquidity position or other results our management's plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation the effects of the Transactions (as defined in Note 6 in the notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K ) on our business expected payments under the Tax Receivable Agreement (as defined below) growth, declines and other trends in markets we sell into new or modified laws, regulations and accounting pronouncements future regulatory approvals and the timing thereof outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities future tax rates, tax credits and other tax provisions future foreign currency exchange rates and fluctuations in those rates general economic and capital markets conditions the anticipated timing of any of the foregoing assumptions underlying any of the foregoing and any other statements that address events or developments that we intend or believe will or may occur in the future. Terminology such as "will," "may," "should," "cou

BUSINESS

ITEM 1. BUSINESS Unless the context requires otherwise, references in this Annual Report on Form 10-K to "Nextracker," the "Company," "we," "us" and "our" shall mean both Nextracker LLC (the "LLC") and its consolidated subsidiaries prior to the IPO (as defined below) and to Nextracker Inc. and its consolidated subsidiaries following the IPO and the related transactions completed in connection with and subsequent to the IPO. Our vision We envision a world powered by renewable energy where clean, affordable power is available to all. Our mission Our mission is to be the most trusted and valued renewable energy company by delivering intelligent, reliable, and productive solar power. Overview We are a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Our products enable solar panels to follow the sun's movement across the sky and optimize utility-scale plant performance. With power plants operating in more than 30 countries worldwide, we offer solar tracker technologies that increase energy production while reducing costs for significant plant return on investment ("ROI"). We are the global market leader based on gigawatts ("GW") shipped for eight consecutive years. The solar tracker market plays a key part in driving the global energy transition by increasing energy production and improving the levelized cost of energy ("LCOE"). The majority of utility-scale projects installed today in mature markets such as the United States, Latin America and Australia use solar trackers, and adoption of solar tracker technology is growing in developing solar markets such as the Middle East and Africa. We have developed the next generation of solar trackers that enable rows to move independently, providing further benefits to customers. Our intelligent independent row tracking system incorporates proprietary technology that we believe produces more energy, lower

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View this 10-K filing on SEC EDGAR