Slide 1: Q3 FY2024 Earnings Presentation
Q3 FY2024 Earnings Presentation Jan 31, 2024 ©2024 NEXTRACKER 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: Q3 FY2024 Financial Highlights
Q3 FY2024 Financial Highlights • Record revenue and profits; strong execution, significant revenue growth of 38% YoY, and further optimization of our re-architected Q3 Revenue supply chain $ 710M • Record backlog; continued demand strength globally, achieved 10 GW milestone in India, Middle East, an
Slide 4: Energy Market Overview
Energy Market Overview ©2024 NEXTRACKER 4
Slide 5: U.S. EIA: Solar is Fastest Growing Energy Source Today, Becomes Largest Source After 2033
U.S. EIA: Solar is Fastest Growing Energy Source Today, Becomes Largest Source After 2033 Forecasted U.S. Generation Growth Forecasted U.S. Generation by Source (2023 - 2028 CAGR) 1,800 26 % 11 % 1,600 4% 4% 1% 1,400 Solar Wind Geo Waste Hydro (0)% (1)% (5)% (10)% 1,200 Solar Nuclear Biomass Gas Coa
Slide 6: Significant Power Generation Capacity Growth Needed to Meet Rising Energy Demand
Significant Power Generation Capacity Growth Needed to Meet Rising Energy Demand U.S. Electric Power Sector Generation Capacity – All Types (1990 – 2028) 1800 Key Demand Drivers 1600 2023-2028: 4.6% CAGR ◼ Data Centers 1400 ◼ Electrification of 2007-2022: vehicles, Gigawatts 1.0% CAGR appliances, an
Slide 7: Energy Storage Capacity Increasing Significantly
Energy Storage Capacity Increasing Significantly U.S. Annual Grid-Scale Market Outlook as of Dec. 2023 (GWh1) Cumulative Actual Deployments Cumulative Forecasted Deployments 115 77 47 24 12 3 2020 2021 2022 2023 2024 2025 Graph reflects rounded cumulative figures, using 2020 annual as base year for
Slide 8: Business & Product Highlights
Business & Product Highlights ©2024 NEXTRACKER 8
Slide 9: Q3 Global Wins Driven by Strong Demand
Q3 Global Wins Driven by Strong Demand Select 1 New Contracts 2 Record Backlog Europe North Remains Significantly America Asia Over $3 Billion LatAm Australia 1. The pins represent the approx. geographies of multiple projects of EPC agreements and VCAs signed in the quarter. EPC is Engineering, Proc
Slide 10: Achieved 10 GW Milestone in India, Middle East, Africa
Achieved 10 GW Milestone in India, Middle East, Africa • Achieved 10 GW of smart solar trackers operational or under fulfillment in India, Middle East, and Africa Nextracker's NX Horizon flagship solar tracker • Domestic content and manufacturing programs globally, including in India with over 80% o
Slide 11: Increasing Traction with Hardware & Software Innovation
Increasing Traction with Hardware & Software Innovation • Differentiated products and technologies supported NX Horizon by over 500 patents issued and pending Hail Pro • Strong traction with NX Horizon flagship and NX Horizon-XTR products, as well as software solutions including TrueCapture and NX N
Slide 12: Q3 Financial Results
Q3 Financial Results ©2024 NEXTRACKER 12
Slide 13: Q3 FY2024 Financial Highlights
Q3 FY2024 Financial Highlights 4th Consecutive Quarter of Growth YoY Since IPO Revenue ($M) Adj. EBITDA($M) & Margin % U.S. +70% Y/Y ● RoW -17% Y/Y +38% +168% RoW 710 168 US RoW 573 155 22% 513 518 480 110 128 191 186 84 24% 209 73 EBITDA U.S. 63 19% Margin 556 78% 17% 390 382 14% 328 12% 270 Q3'23
Slide 14: Strong Execution Continued in Q3
Strong Execution Continued in Q3 Growth Non-GAAP P&L Q3’23 Q2’24 Q3’24 Key Highlights ($M, except % and per share amounts) Y/Y Revenue 513 573 710 38% • Significant margin expansion and EBITDA acceleration Y/Y due to strong Gross Profit 83 152 212 157% execution, supply chain optimization, Gross Mar
Slide 15: High-Quality Balance Sheet and Cash Flow Management
High-Quality Balance Sheet and Cash Flow Management As of As of Balance Sheet Mar. 31, Dec. 31, Strong Capital Structure ($M) 2023 2023 • Total liquidity of approx. $800M Cash AR & Contract Assets 130 569 368 717 Inventories 138 203 • Debt/Adj. EBITDA < 1x Other Current Assets 35 132 o Limited debt,
Slide 16: Full Year FY2024 Guidance
Full Year FY2024 Guidance REVENUE $2.425 - $2.475B FY24 Guidance Assumptions RAISED 29% Y/Y Growth at Midpoint • Interest and other income up to $5M +$100M mid-pt. vs. prior $2.3 - $2.4B • Adjusted income tax rate 15% - 20% • WASO of ~148M Adj. EBITDA 1 $475 - $500M* RAISED 133% Y/Y Growth at Midpoi
Slide 17: Appendix
APPENDIX ©2024 NEXTRACKER 17
Slide 18: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Numbers in chart may not total due to rounding. ©2024 NEXTRACKER 18
Slide 19: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Numbers in chart may not total due to rounding. ©2024 NEXTRACKER 19
Slide 20: Thank You
Thank You IR website: Investors.Nextracker.com ©2024 NEXTRACKER 20