10-K Filing

Nextpower Inc. CIK: 1852131 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001193125-23-163921`
Period End Date	20230331
Filing Date	20230609
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	d502138d10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 47 Cash Flow Statement 80 Stockholders Equity 19

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit loss on accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.57M	USD	Point-in-time
Allowance for credit loss on accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.77M	USD	Point-in-time
Temporary equity, par value per share	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Temporary equity, par value per share	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	238,096.00	shares	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$130.01M	USD	Point-in-time
Accounts receivable, net of allowance of $1,768 and $3,574, respectively	`AccountsReceivableNetCurrent`	$168.30M	USD	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	23.81M	shares	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net of allowance of $1,768 and $3,574, respectively	`AccountsReceivableNetCurrent`	$271.16M	USD	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	238,096.00	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$292.41M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$297.96M	USD	Point-in-time
Inventories	`InventoryNet`	$172.21M	USD	Point-in-time
Inventories	`InventoryNet`	$138.06M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$52.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$35.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$872.26M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$714.06M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.25M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.42M	USD	Point-in-time
Goodwill	`Goodwill`	$265.15M	USD	Point-in-time
Goodwill	`Goodwill`	$265.15M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.53M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.32M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$28.12M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$273.69M	USD	Point-in-time
Total assets	`Assets`	$1.02B	USD	Point-in-time
Total assets	`Assets`	$1.42B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$266.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$211.35M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$59.77M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$26.18M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$77.87M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$176.47M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$12.24M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$39.31M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$47.59M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$63.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$473.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$507.43M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$147.15M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$280.25M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$42.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$516.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$934.82M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable preferred units, $0.001 par value, 0 unit and 238,096 units issued and outstanding, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Redeemable preferred units, $0.001 par value, 0 unit and 238,096 units issued and outstanding, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$504.17M	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	-	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$3.56B	USD	Point-in-time
Accumulated net parent investment	`AccumulatedNetParentInvestment`	-	USD	Point-in-time
Accumulated net parent investment	`AccumulatedNetParentInvestment`	$-3.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.08B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	-	USD	Point-in-time
Total parent company deficit	`ParentCompanyDeficit`	-	USD	Point-in-time
Total parent company deficit	`ParentCompanyDeficit`	$-3.04M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit / parent company deficit	`LiabilitiesAndStockholdersEquity`	$1.02B	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit / parent company deficit	`LiabilitiesAndStockholdersEquity`	$1.42B	USD	Point-in-time

Income Statement 47 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.46B	USD	Annual
Revenue	`Revenues`	$1.20B	USD	Annual
Revenue	`Revenues`	$1.90B	USD	Annual
Cost of sales	`CostOfRevenue`	$1.31B	USD	Annual
Cost of sales	`CostOfRevenue`	$1.62B	USD	Annual
Cost of sales	`CostOfRevenue`	$963.64M	USD	Annual
Gross profit	`GrossProfit`	$147.03M	USD	Annual
Gross profit	`GrossProfit`	$231.98M	USD	Annual
Gross profit	`GrossProfit`	$286.97M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$60.44M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$96.87M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$66.95M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$14.18M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$13.01M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$21.62M	USD	Annual
Operating income	`OperatingIncomeLoss`	$168.49M	USD	Annual
Operating income	`OperatingIncomeLoss`	$158.53M	USD	Annual
Operating income	`OperatingIncomeLoss`	$65.91M	USD	Annual
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$-502.00K	USD	Annual
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$-799.00K	USD	Annual
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$598.00K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$65.11M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$158.03M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$169.08M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$14.20M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$33.68M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$47.75M	USD	Annual
Net income and comprehensive income	`ProfitLoss`	$121.33M	USD	Annual
Net income and comprehensive income	`ProfitLoss`	$50.91M	USD	Annual
Net income and comprehensive income	`ProfitLoss`	$124.35M	USD	Annual
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToReorganizationTransactions`	$124.35M	USD	Annual
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToReorganizationTransactions`	$117.74M	USD	Annual
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToReorganizationTransactions`	$50.91M	USD	Annual
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	-	USD	Annual
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	-	USD	Annual
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$2.45M	USD	Annual
Net income attributable to Nextracker Inc	`NetIncomeLoss`	-	USD	Annual
Net income attributable to Nextracker Inc	`NetIncomeLoss`	$1.14M	USD	Annual
Net income attributable to Nextracker Inc	`NetIncomeLoss`	-	USD	Annual
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.02	USD	Annual
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$0.02	USD	Annual
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	45.89M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	45.89M	shares	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	145.85M	shares	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	145.85M	shares	1 Quarter

Cash Flow Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$121.33M	USD	Annual
Net income	`ProfitLoss`	$50.91M	USD	Annual
Net income	`ProfitLoss`	$124.35M	USD	Annual
Depreciation, and amortization	`DepreciationDepletionAndAmortization`	$16.81M	USD	Annual
Depreciation, and amortization	`DepreciationDepletionAndAmortization`	$11.15M	USD	Annual
Depreciation, and amortization	`DepreciationDepletionAndAmortization`	$4.63M	USD	Annual
Provision for doubtful accounts	`ProvisionForLoanLeaseAndOtherLosses`	$-1.43M	USD	Annual
Provision for doubtful accounts	`ProvisionForLoanLeaseAndOtherLosses`	$1.24M	USD	Annual
Provision for doubtful accounts	`ProvisionForLoanLeaseAndOtherLosses`	$2.44M	USD	Annual
Non-cash other expense	`OtherNoncashExpense`	$1.61M	USD	Annual
Non-cash other expense	`OtherNoncashExpense`	$1.75M	USD	Annual
Non-cash other expense	`OtherNoncashExpense`	$1.46M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$4.31M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$3.05M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$31.99M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-2.85M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$25.99M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-5.34M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$160.26M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.13M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$45.46M	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$145.61M	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$7.08M	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$41.70M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$23.29M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-25.06M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$87.74M	USD	Annual
Other current and noncurrent assets	`IncreaseDecreaseInOtherOperatingAssets`	$18.00M	USD	Annual
Other current and noncurrent assets	`IncreaseDecreaseInOtherOperatingAssets`	$17.18M	USD	Annual
Other current and noncurrent assets	`IncreaseDecreaseInOtherOperatingAssets`	$18.98M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-37.03M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$35.82M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$55.56M	USD	Annual
Other current and noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-6.30M	USD	Annual
Other current and noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$21.84M	USD	Annual
Other current and noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$28.17M	USD	Annual
Deferred revenue (current and noncurrent)	`IncreaseDecreaseInContractWithCustomerLiability`	$-555.00K	USD	Annual
Deferred revenue (current and noncurrent)	`IncreaseDecreaseInContractWithCustomerLiability`	$120.47M	USD	Annual
Deferred revenue (current and noncurrent)	`IncreaseDecreaseInContractWithCustomerLiability`	$15.24M	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedPartiesCurrent`	$-12.64M	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedPartiesCurrent`	$-23.28M	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedPartiesCurrent`	$10.51M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$107.67M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$94.27M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-147.11M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.18M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.46M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.92M	USD	Annual
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$24.00K	USD	Annual
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$167.00K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$500.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.75M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.96M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.16M	USD	Annual
Proceeds from bank borrowings and long term debt	`ProceedsFromIssuanceOfLongTermDebt`	$170.00M	USD	Annual
Repayments of bank borrowings	`RepaymentsOfLongTermDebt`	$20.00M	USD	Annual
Net proceeds from issuance of Class A shares	`ProceedsFromIssuanceOfCommonStock`	$693.78M	USD	Annual
Net proceeds from issuance of Class B shares	`ProceedsFromOtherEquity`	$76.00K	USD	Annual
Purchase of LLC common units from Yuma, Inc.	`PaymentsToMinorityShareholders`	$693.78M	USD	Annual
Pre-IPO distributions to non-controlling interest holders	`PreInitialPublicOfferDistributionToNoncontrollingInterestHolders`	$175.00M	USD	Annual
Net transfers (to) from Parent	`NetTransfersFromToParent`	$8.66M	USD	Annual
Net transfers (to) from Parent	`NetTransfersFromToParent`	$-24.20M	USD	Annual
Net transfers (to) from Parent	`NetTransfersFromToParent`	$-427.73M	USD	Annual
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.85M	USD	Annual
Dividend distribution to Parent	`PaymentsOfDistributionsToAffiliates`	$331.40M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.66M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.57M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$96.33M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$100.94M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$187.64M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-161.52M	USD	Annual
Cash and cash equivalents beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.95M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.59M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.07M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$130.01M	USD	Point-in-time
Cash and cash equivalents end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.95M	USD	Point-in-time
Cash and cash equivalents end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.59M	USD	Point-in-time
Cash and cash equivalents end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.07M	USD	Point-in-time
Cash and cash equivalents end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$130.01M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Beginning Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	$504.17M	USD	Point-in-time
Redemption value adjustment	`TemporaryEquityAccretionToRedemptionValue`	$3.29B	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$28.85M	USD	Annual
Net income	`NetIncomeLoss`	-	USD	Annual
Net income	`NetIncomeLoss`	$1.14M	USD	Annual
Net income	`NetIncomeLoss`	-	USD	Annual
Effect of reorganization transactions (Value)	`StockIssuedDuringThePeriodValueReorganizationTransaction`	$149.92M	USD	Annual
Issuance of common stock (Value)	`StockIssuedDuringPeriodValueNewIssues`	$76.00K	USD	Annual
Use of IPO proceeds as consideration for Yuma's transfer of LLC common unit(Value)	`UseOfInitialPublicOfferProceedsForTransferringCommonUnitsOfLlcValue`	$-693.78M	USD	Annual
Establishment of tax receivable agreement	`EstablishmentOfTaxReceivableAgreementValue`	$36.86M	USD	Annual
Net income subsequent to reorganization transactions	`NetIncomeSubsequentToReorganizationTransactions`	$1.14M	USD	Annual
Redemption value adjustment	`IncreaseInCarryingAmountOfRedeemablePreferredStock`	$3.29B	USD	Annual
Ending Balance	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Ending Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	$504.17M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.