10-Q Filing

Nextpower Inc. CIK: 1852131 Q2 2024

Filing Information

Form Type	10-Q
Accession Number	`0001852131-23-000007`
Period End Date	20230930
Filing Date	20231107
Fiscal Year	2024
Fiscal Period	Q2
XBRL Instance	nxt-20230929_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 59 Cash Flow Statement 47 Stockholders Equity 32

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.77M	USD	Point-in-time
Allowances for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.44M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	98.20M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	62.05M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	98.20M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$130.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$372.92M	USD	Point-in-time
Accounts receivable, net of allowance of $1,443 and $1,768, respectively	`AccountsReceivableNetCurrent`	$346.66M	USD	Point-in-time
Accounts receivable, net of allowance of $1,443 and $1,768, respectively	`AccountsReceivableNetCurrent`	$271.16M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$304.80M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$297.96M	USD	Point-in-time
Inventories	`InventoryNet`	$138.06M	USD	Point-in-time
Inventories	`InventoryNet`	$196.24M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$35.08M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$118.16M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.34B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$872.26M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.46M	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`	$1.20M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.32M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$420.96M	USD	Point-in-time
Deferred tax assets and other assets	`DeferredIncomeTaxesAndOtherAssetsNoncurrent`	$273.69M	USD	Point-in-time
Total assets	`Assets`	$2.03B	USD	Point-in-time
Total assets	`Assets`	$1.42B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$211.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$403.48M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$59.77M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$67.31M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$235.91M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$176.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$772.21M	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`	$145.56M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$440.68M	USD	Point-in-time
TRA liability and other liabilities	`OtherLiabilitiesNoncurrent`	$280.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$934.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.36B	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`	$3.32B	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$3.56B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.08B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.31B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$672.10M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-3.35B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.64B	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`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.03B	USD	Point-in-time
Total liabilities, redeemable interests, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.42B	USD	Point-in-time

Income Statement 59 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$573.36M	USD	1 Quarter
Revenue	`Revenues`	$1.05B	USD	2 Qtrs
Revenue	`Revenues`	$870.37M	USD	2 Qtrs
Revenue	`Revenues`	$467.14M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$424.25M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$755.97M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$402.60M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$790.05M	USD	2 Qtrs
Gross profit	`GrossProfit`	$149.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$114.40M	USD	2 Qtrs
Gross profit	`GrossProfit`	$262.85M	USD	2 Qtrs
Gross profit	`GrossProfit`	$64.54M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$20.75M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$36.86M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.87M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$82.11M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$7.15M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$12.78M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$8.30M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.32M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$69.24M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$94.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$39.47M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$167.97M	USD	2 Qtrs
Interest and other expense, net	`InterestIncomeExpenseNonoperatingNet`	$-1.25M	USD	2 Qtrs
Interest and other expense, net	`InterestIncomeExpenseNonoperatingNet`	$-8.68M	USD	1 Quarter
Interest and other expense, net	`InterestIncomeExpenseNonoperatingNet`	$-1.31M	USD	1 Quarter
Interest and other expense, net	`InterestIncomeExpenseNonoperatingNet`	$-9.82M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.99M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$85.41M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$38.16M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$158.15M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$16.78M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.08M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.10M	USD	2 Qtrs
Net income and comprehensive income	`ProfitLoss`	$81.41M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$145.05M	USD	2 Qtrs
Net income and comprehensive income	`ProfitLoss`	$51.22M	USD	2 Qtrs
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	-	USD	2 Qtrs
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	$27.09M	USD	1 Quarter
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	$51.22M	USD	2 Qtrs
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions	`NetIncomePriorToRecognizedTransactions`	-	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	-	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$85.37M	USD	2 Qtrs
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	$42.16M	USD	1 Quarter
Less: Net income attributable to redeemable non-controlling interests	`NetIncomeLossAttributableToRedeemableNoncontrollingInterest`	-	USD	2 Qtrs
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	-	USD	1 Quarter
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	$59.68M	USD	2 Qtrs
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	$39.25M	USD	1 Quarter
Net income attributable to Nextracker Inc.	`NetIncomeLoss`	-	USD	2 Qtrs
Basic (in USD per share)	`EarningsPerShareBasic`	$1.10	USD	2 Qtrs
Basic (in USD per share)	`EarningsPerShareBasic`	$0.64	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.99	USD	2 Qtrs
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.55	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	54.07M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	61.72M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	147.14M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	147.01M	shares	2 Qtrs

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$81.41M	USD	1 Quarter
Net income	`ProfitLoss`	$145.05M	USD	2 Qtrs
Net income	`ProfitLoss`	$51.22M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.02M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.65M	USD	2 Qtrs
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$-105.60M	USD	2 Qtrs
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$1.40M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$252.68M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$52.46M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.41M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.33M	USD	2 Qtrs
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$24.00K	USD	2 Qtrs
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.31M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.41M	USD	2 Qtrs
Net proceeds from issuance of Class A shares	`ProceedsFromIssuanceOfCommonStock`	$552.01M	USD	2 Qtrs
Net proceeds from issuance of Class A shares	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Purchase of LLC common units from Yuma, Inc.	`PaymentsToMinorityShareholders`	$552.01M	USD	2 Qtrs
Purchase of LLC common units from Yuma, Inc.	`PaymentsToMinorityShareholders`	-	USD	2 Qtrs
Net transfers (to) from Parent	`NetTransfersFromToParent`	$-3.99M	USD	2 Qtrs
Net transfers (to) from Parent	`NetTransfersFromToParent`	$8.34M	USD	2 Qtrs
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-26.00K	USD	2 Qtrs
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.36M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.99M	USD	2 Qtrs
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	2 Qtrs
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$55.14M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$242.91M	USD	2 Qtrs
Cash and cash equivalents beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$372.92M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.21M	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`	$372.92M	USD	Point-in-time
Cash and cash equivalents end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.21M	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
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$453.00K	USD	2 Qtrs
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$1.06M	USD	2 Qtrs
TRA revaluation	`TaxReceivableAgreementRevaluation`	$18.34M	USD	Point-in-time
TRA revaluation	`TaxReceivableAgreementRevaluation`	-	USD	Point-in-time
Reclassification of redeemable non-controlling interest	`ReclassificationOfRedeemableNonControllingInterest`	$622.29M	USD	Point-in-time
Reclassification of redeemable non-controlling interest	`ReclassificationOfRedeemableNonControllingInterest`	-	USD	Point-in-time
Capitalized offering costs	`CapitalizedOfferingCosts`	$1.44M	USD	2 Qtrs
Capitalized offering costs	`CapitalizedOfferingCosts`	-	USD	2 Qtrs
Legal settlement paid by Parent	`LegalSettlementPaidByParentNetOfInsuranceRecoveries`	-	USD	2 Qtrs
Legal settlement paid by Parent	`LegalSettlementPaidByParentNetOfInsuranceRecoveries`	$42.75M	USD	2 Qtrs

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-3.35B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-2.64B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.08B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Net income	`NetIncomeLoss`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$59.68M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$39.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	-	USD	2 Qtrs
Net income and comprehensive income	`ProfitLoss`	$81.41M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$145.05M	USD	2 Qtrs
Net income and comprehensive income	`ProfitLoss`	$51.22M	USD	2 Qtrs
Stock-based compensation expense and other	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.22M	USD	1 Quarter
Stock-based compensation expense and other	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$26.86M	USD	2 Qtrs
Issuance of Class A common stock sold in follow-on offering	`StockIssuedDuringPeriodValueNewIssues`	$552.01M	USD	1 Quarter
Issuance of Class A common stock sold in follow-on offering	`StockIssuedDuringPeriodValueNewIssues`	$552.01M	USD	2 Qtrs
Use of Follow-on proceeds as consideration for Yuma's transfer of LLC common units	`UseOfInitialPublicOfferProceedsForTransferringCommonUnitsOfLLCValue`	$552.01M	USD	1 Quarter
Use of Follow-on proceeds as consideration for Yuma's transfer of LLC common units	`UseOfInitialPublicOfferProceedsForTransferringCommonUnitsOfLLCValue`	$552.01M	USD	2 Qtrs
Value adjustment of tax receivable agreement	`AdjustmentsToAdditionalPaidInCapitalValueAdjustmentsOfTaxReceivableAgreement`	$-18.34M	USD	1 Quarter
Value adjustment of tax receivable agreement	`AdjustmentsToAdditionalPaidInCapitalValueAdjustmentsOfTaxReceivableAgreement`	$-18.34M	USD	2 Qtrs
Reclassification of redeemable non-controlling interest	`MinorityInterestDecreaseFromRedemptions`	$-622.29M	USD	2 Qtrs
Reclassification of redeemable non-controlling interest	`MinorityInterestDecreaseFromRedemptions`	$-622.29M	USD	1 Quarter
Redemption value adjustment	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$292.42M	USD	2 Qtrs
Redemption value adjustment	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$-13.26M	USD	1 Quarter
Redemption value adjustments	`TemporaryEquityAccretionToRedemptionValue`	$292.42M	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$-3.35B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-2.64B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.08B	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.