10-Q Filing

Nextpower Inc. CIK: 1852131 Q3 2024

Filing Information

Form Type	10-Q
Accession Number	`0001628280-24-003593`
Period End Date	20231231
Filing Date	20240207
Fiscal Year	2024
Fiscal Period	Q3
XBRL Instance	nxt-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 60 Cash Flow Statement 54 Stockholders Equity 29

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.77M	USD	Point-in-time
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.88M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	62.05M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$367.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$130.01M	USD	Point-in-time
Accounts receivable, net of allowance of $1,884 and $1,768, respectively	`AccountsReceivableNetCurrent`	$365.27M	USD	Point-in-time
Accounts receivable, net of allowance of $1,884 and $1,768, respectively	`AccountsReceivableNetCurrent`	$271.16M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$351.55M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$297.96M	USD	Point-in-time
Inventories	`InventoryNet`	$202.66M	USD	Point-in-time
Inventories	`InventoryNet`	$138.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.42B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$872.26M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.25M	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`	$1.63M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.32M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$401.01M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$273.69M	USD	Point-in-time
Total assets	`Assets`	$1.42B	USD	Point-in-time
Total assets	`Assets`	$2.10B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$211.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$374.92M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$59.77M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$70.18M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$176.47M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$180.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$759.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$507.43M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$147.15M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$144.76M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$280.25M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$439.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.34B	USD	Point-in-time
Total liabilities	`Liabilities`	$934.82M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$3.87B	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$3.56B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.27B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.08B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$154.93M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.64B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-3.12B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.10B	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.42B	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.76B	USD	3 Qtrs
Revenue	`Revenues`	$1.38B	USD	3 Qtrs
Revenue	`Revenues`	$710.43M	USD	1 Quarter
Revenue	`Revenues`	$513.37M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.19B	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$431.11M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$500.70M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.29B	USD	3 Qtrs
Gross profit	`GrossProfit`	$209.72M	USD	1 Quarter
Gross profit	`GrossProfit`	$472.58M	USD	3 Qtrs
Gross profit	`GrossProfit`	$82.26M	USD	1 Quarter
Gross profit	`GrossProfit`	$196.66M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$126.86M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$48.36M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.61M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$55.48M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$12.90M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.28M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$29.27M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$148.47M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$58.66M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$316.44M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$127.90M	USD	3 Qtrs
Interest and other income, net	`InterestIncomeExpenseNonoperatingNet`	$2.37M	USD	1 Quarter
Interest and other income, net	`InterestIncomeExpenseNonoperatingNet`	$1.12M	USD	3 Qtrs
Interest and other income, net	`InterestIncomeExpenseNonoperatingNet`	$8.49M	USD	3 Qtrs
Interest and other income, net	`InterestIncomeExpenseNonoperatingNet`	$18.31M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$61.03M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$324.93M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$166.78M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$129.02M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$18.44M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$51.92M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$35.22M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$38.82M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$127.96M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$93.80M	USD	3 Qtrs
Net income and comprehensive income	`ProfitLoss`	$42.59M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$273.01M	USD	3 Qtrs
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	-	USD	1 Quarter
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	$93.80M	USD	3 Qtrs
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	-	USD	3 Qtrs
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	$42.59M	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$86.56M	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	-	USD	3 Qtrs
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	-	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$171.94M	USD	3 Qtrs
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	-	USD	3 Qtrs
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	$41.40M	USD	1 Quarter
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	$101.08M	USD	3 Qtrs
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	-	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$0.67	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$1.78	USD	3 Qtrs
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.87	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$1.86	USD	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.79M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	62.11M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	147.16M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	147.34M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$127.96M	USD	1 Quarter
Net income	`ProfitLoss`	$93.80M	USD	3 Qtrs
Net income	`ProfitLoss`	$42.59M	USD	1 Quarter
Net income	`ProfitLoss`	$273.01M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.14M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.59M	USD	3 Qtrs
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$25.02M	USD	3 Qtrs
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$-41.33M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$317.48M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$72.38M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.85M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.65M	USD	3 Qtrs
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$24.00K	USD	3 Qtrs
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.63M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.85M	USD	3 Qtrs
Repayments of bank borrowings and long-term debt	`RepaymentsOfLongTermDebt`	-	USD	3 Qtrs
Repayments of bank borrowings and long-term debt	`RepaymentsOfLongTermDebt`	$2.81M	USD	3 Qtrs
Net proceeds from issuance of Class A shares	`ProceedsFromIssuanceOfCommonStock`	$552.01M	USD	3 Qtrs
Net proceeds from issuance of Class A shares	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Purchase of LLC common units from Yuma, Inc.	`PaymentsForRepurchaseOfCommonStock`	-	USD	3 Qtrs
Purchase of LLC common units from Yuma, Inc.	`PaymentsForRepurchaseOfCommonStock`	$552.01M	USD	3 Qtrs
Distribution to non-controlling interest holders	`PaymentsToMinorityShareholders`	$64.36M	USD	3 Qtrs
Distribution to non-controlling interest holders	`PaymentsToMinorityShareholders`	-	USD	3 Qtrs
Net transfers (to) from Parent	`NetTransfersFromToParent`	$-1.26M	USD	3 Qtrs
Net transfers (to) from Parent	`NetTransfersFromToParent`	$8.34M	USD	3 Qtrs
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-308.00K	USD	3 Qtrs
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.82M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.26M	USD	3 Qtrs
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	3 Qtrs
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$237.81M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$71.01M	USD	3 Qtrs
Cash and cash equivalents beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.08M	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`	$367.82M	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`	$100.08M	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`	$367.82M	USD	Point-in-time
Cash and cash equivalents end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$130.01M	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$422.00K	USD	3 Qtrs
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$1.48M	USD	3 Qtrs
Unpaid purchases of intangibles	`CapitalExpendituresOfIntangiblesIncurredButNotYetPaid`	$500.00K	USD	3 Qtrs
Unpaid purchases of intangibles	`CapitalExpendituresOfIntangiblesIncurredButNotYetPaid`	-	USD	3 Qtrs
TRA revaluation	`TaxReceivableAgreementRevaluation`	$18.34M	USD	Point-in-time
TRA revaluation	`TaxReceivableAgreementRevaluation`	-	USD	Point-in-time
Reclassification of redeemable non-controlling interest	`ReclassificationOfRedeemableNonControllingInterest`	-	USD	Point-in-time
Reclassification of redeemable non-controlling interest	`ReclassificationOfRedeemableNonControllingInterest`	$622.29M	USD	Point-in-time
Capitalized offering costs	`CapitalizedOfferingCosts`	$2.53M	USD	3 Qtrs
Capitalized offering costs	`CapitalizedOfferingCosts`	-	USD	3 Qtrs
Legal settlement paid by Parent	`LegalSettlementPaidByParentNetOfInsuranceRecoveries`	-	USD	3 Qtrs
Legal settlement paid by Parent	`LegalSettlementPaidByParentNetOfInsuranceRecoveries`	$20.43M	USD	3 Qtrs

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-2.64B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.12B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Net income	`NetIncomeLoss`	-	USD	3 Qtrs
Net income	`NetIncomeLoss`	$41.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$101.08M	USD	3 Qtrs
Net income	`NetIncomeLoss`	-	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$127.96M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$93.80M	USD	3 Qtrs
Net income and comprehensive income	`ProfitLoss`	$42.59M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$273.01M	USD	3 Qtrs
Stock-based compensation expense prior to reorganization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$12.82M	USD	1 Quarter
Stock-based compensation expense prior to reorganization	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$39.68M	USD	3 Qtrs
Issuance of Class A common stock sold in follow-on offering	`StockIssuedDuringPeriodValueNewIssues`	$552.01M	USD	3 Qtrs
Use of Follow-on proceeds as consideration for Yuma's transfer of LLC common units	`UseOfInitialPublicOfferProceedsForTransferringCommonUnitsOfLLCValue`	$552.01M	USD	3 Qtrs
Value adjustment of tax receivable agreement	`AdjustmentsToAdditionalPaidInCapitalValueAdjustmentsOfTaxReceivableAgreement`	$-18.34M	USD	3 Qtrs
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	`MinorityInterestDecreaseFromRedemptions`	$-622.29M	USD	3 Qtrs
Redemption value adjustments	`TemporaryEquityAccretionToRedemptionValue`	$822.63M	USD	3 Qtrs
Redemption value adjustment	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$530.21M	USD	1 Quarter
Redemption value adjustment	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$822.63M	USD	3 Qtrs
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-2.64B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.12B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time

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