Slide 1: Q2 FY2024 Earnings Presentation
Q2 FY2024 Earnings Presentation October 25, 2023 ©2023 NEXTRACK ER 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Cautionary Note About Forward-Looking Statements Industry and Market Data This presentation is made by Nextracker Inc. (the "Company") and contains forward-looking statements within the meaning of Market data and industry information used throughout this presentation are b
Slide 3: Q2 FY2024 Highlights
Q2 FY2024 Highlights • Record revenue and profits; Significant margin expansion due to strategic supply chain repositioning and continued pricing discipline Q2 Revenue $ 573M • Record backlog; robust customer wins across multiple continents • Launched Next Gen Tech Suite with 3 new innovations that
Slide 4: Business & Product Highlights
Business & Product Highlights ©2023 NEXTRACK ER 4
Slide 5: Nextracker Strengthens Global Supply Chain
Nextracker Strengthens Global Supply Chain US: Asteelflash/USI – Fremont, California New electronics manufacturing line Asteelflash expanded dedicated capacity for production of Nextracker’s patented power controller (SPC) and high voltage power supply. US: Unimacts – Las Vegas, Nevada New steel man
Slide 6: Next-Gen Tech Suite Increases Market Opportunities
Next-Gen Tech Suite Increases Market Opportunities First generation Hail Stow First generation NX Horizon XTR First generation TrueCapture delivered in 2020 delivered in 2019 delivered in 2017 NX Horizon Hail Pro NX Horizon XTR-1.5 TrueCapture Zonal Diffuse Comprehensive Hail-Stowing Solution Doubli
Slide 7: Q2 Global Wins Driven by Strong Demand
Q2 Global Wins Driven by Strong Demand New 1 Contracts Europe North 2 Record Backlog America Significantly Over $3 Billion Asia LatAm Australia 1. The pins represent the approx. geographies of multiple projects of EPC agreements and VCAs signed in the quarter. EPC stands for Engineering, Procurement
Slide 8: Q2 Financial Results
Q2 Financial Results ©2023 NEXTRACK ER 8
Slide 9: Q2 FY2024 Financial Highlights
Q2 FY2024 Financial Highlights 3rd Consecutive Quarter of Growth YoY Since IPO Revenue ($M) Adj. EBITDA($M) & Margin % U.S. +23% Y/Y ● RoW +23% Y/Y +23% +164% 573 110 RoW US 513 518 467 480 RoW 84 403 128 191 33% 186 73 156 209 63 134 19% 42 17% EBITDA Margin 390 US 32 14% 382 67% 12% 311 328 269 27
Slide 10: Strong Execution in Q2; Building Track Record
Strong Execution in Q2; Building Track Record Non-GAAP P&L Q2’23 Q1’24 Q2’24 ($M, ex cept % and per share amount s) Key Highlights Revenue 467 480 573 Gross Profit 65 116 152 • Significant margin expansion Y/Y due to Gross Margin 14% 24% 27% structural enhancements to supply chain and continued pric
Slide 11: High-Quality Balance Sheet and Cash Flow Management
High-Quality Balance Sheet and Cash Flow Management As of As of Balance Sheet Mar. 31, Sep. 29, Strong Capital Structure ($M) 2023 2023 • Liquidity of $873M Cash AR & Contract Assets 130 569 373 651 Inv entories 138 196 • Limited debt, Debt/Adj. EBITDA < 1x Other Current Assets 35 118 o Approx. $150
Slide 12: Full Year FY2024 Guidance
Full Year FY2024 Guidance REVENUE $2.3-$2.4B Assumptions RAISED 24% Y/Y Growth at Midpoint AT MID-PT +$50M mid-pt. vs. prior $2.2 - $2.4B • Interest and Other Expense $15M - $20M • Adjusted Income Tax Rate 15% - 20% Adj. EBITDA 1,3 $390-$440M • WASO of ~148M RAISED • Excludes possible benefits relat
Slide 13: Appendix
APPENDIX ©2023 NEXTRACK ER 13
Slide 14: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures $M, except percentages and per share data Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 GAAP gross profit 50 65 82 90 114 149 Stock-based compensation expense 0 0 0 12 2 3 Intangible amortization 0 0 0 0 0 0 Non-GAAP gross profit 50 65 83 102 116 152 Gross Margin 12
Slide 15: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures $M, except percentages and per share data Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 GAAP net income 24 27 43 28 64 81 Interest, net (0) (0) (0) 2 1 (0) Provision for income taxes 6 11 18 13 9 4 Depreciation expense 1 1 1 1 1 1 Intangible amortization 1 1 0 0 0 0
Slide 16: Thank You
Thank You IR website: Investors.Nextracker.com ©2023 NEXTRACK ER 16