10-Q Filing

Nextpower Inc. CIK: 1852131 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001852131-23-000004`
Period End Date	20230630
Filing Date	20230809
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	nxt-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 30 Cash Flow Statement 32 Stockholders Equity 16

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.77M	USD	Point-in-time
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.62M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$355.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$130.01M	USD	Point-in-time
Accounts receivable, net of allowance of $1,621 and $1,768, respectively	`AccountsReceivableNetCurrent`	$271.16M	USD	Point-in-time
Accounts receivable, net of allowance of $1,621 and $1,768, respectively	`AccountsReceivableNetCurrent`	$222.75M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$297.96M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$320.12M	USD	Point-in-time
Inventories	`InventoryNet`	$136.66M	USD	Point-in-time
Inventories	`InventoryNet`	$138.06M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$35.08M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$82.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.12B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$872.26M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.25M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.91M	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`	$1.26M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.32M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$266.74M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$273.69M	USD	Point-in-time
Total assets	`Assets`	$1.66B	USD	Point-in-time
Total assets	`Assets`	$1.42B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$293.45M	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`	$57.28M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$176.47M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$251.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$676.14M	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`	$147.29M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$280.25M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$276.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.10B	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`	$3.56B	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$3.91B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.08B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.35B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-3.35B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.42B	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.66B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$479.54M	USD	1 Quarter
Revenue	`Revenues`	$403.23M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$365.80M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$353.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$49.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$113.74M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$34.23M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.12M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.63M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.98M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$29.77M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$73.88M	USD	1 Quarter
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$61.00K	USD	1 Quarter
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$-1.13M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$72.75M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$29.83M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.70M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.10M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$24.13M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$63.65M	USD	1 Quarter
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`	$24.13M	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$43.22M	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	-	USD	1 Quarter
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	-	USD	1 Quarter
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	$20.43M	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$0.44	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.43	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	46.41M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	146.87M	shares	1 Quarter

Cash Flow Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net income and comprehensive income	`ProfitLoss`	$24.13M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$63.65M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.05M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$-161.08M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$22.61M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$225.77M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.79M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$427.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$694.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-694.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-427.00K	USD	1 Quarter
Net transfers (to) from Parent	`NetTransfersFromToParent`	-	USD	1 Quarter
Net transfers (to) from Parent	`NetTransfersFromToParent`	$309.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-309.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$225.07M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.06M	USD	1 Quarter
Cash and cash equivalent beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$130.01M	USD	Point-in-time
Cash and cash equivalent beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$355.08M	USD	Point-in-time
Cash and cash equivalent beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.13M	USD	Point-in-time
Cash and cash equivalent beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.07M	USD	Point-in-time
Cash and cash equivalent end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$130.01M	USD	Point-in-time
Cash and cash equivalent end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$355.08M	USD	Point-in-time
Cash and cash equivalent end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.13M	USD	Point-in-time
Cash and cash equivalent end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.07M	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$116.00K	USD	1 Quarter
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$155.00K	USD	1 Quarter
Capitalized offering costs	`CapitalizedOfferingCosts`	-	USD	1 Quarter
Capitalized offering costs	`CapitalizedOfferingCosts`	$297.00K	USD	1 Quarter

Stockholders Equity 16 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	`StockholdersEquity`	$-3.35B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Net income	`NetIncomeLoss`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$20.43M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$24.13M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$63.65M	USD	1 Quarter
Stock-based compensation expense and other	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$8.64M	USD	1 Quarter
Vesting of Nextracker Inc. RSU awards (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	0.00	shares	1 Quarter
Redemption value adjustment	`TemporaryEquityAccretionToRedemptionValue`	$305.68M	USD	1 Quarter
Redemption value adjustment	`IncreaseInCarryingAmountOfRedeemablePreferredStock`	$305.68M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.35B	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.