Slide 1: Q4 FY24 Earnings Presentation
Q4 FY24 Earnings Presentation May 14, 2024 Horizon XTRTM terrain following tracker, first delivered in 2019
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 Market data and industry information used throughout this presentation are based on man
Slide 3: Q4 and Full Fiscal Year 2024 Highlights
Q4 and Full Fiscal Year 2024 Highlights FY24 Financial Highlights Q4 Revenue FY24 Revenue • Record revenue and profits $737M $2.5B Q4 Revenue $ • Revenue growth of 31% YoY 737M 42% Y/Y Growth 31% Y/Y Growth • Adj. EBITDA increased >2X from prior year 42% Y/Y Growth • Record backlog of >$4B1; more th
Slide 4: Business Highlights & Milestones Through FY24
Business Highlights & Milestones Through FY24 Innovation & New Product Launches Talent and Operations Hail Pro Low Carbon Tracker >1,000 9 ISO45001 NX Horizon-XTR 1.5 Zonal Diffuse Global Global Achieved Headcount Offices Global Supply Chain Global Customer Base ~40 TrueCapture 100 GW 20 80+ 50 GW C
Slide 5: Record Backlog Reflects Strong Sales Momentum Globally
Record Backlog Reflects Strong Sales Momentum Globally Backlog Significant orders in FY24 >$4B and new tracker fleets operating across U.S. and >3X international markets 1,885 $2.6B Backlog is defined to a strict standard; executed contracts or purchase orders with deposits, bill of materials, and s
Slide 6: Nearly 7,000 Solar & Solar + Storage Projects in U.S. Interconnection Queue
Nearly 7,000 Solar & Solar + Storage Projects in U.S. Interconnection Queue 2023 Existing GW 2023 Queue GW • Solar and Solar + Storage make up 60% 2,500 of 2023 interconnection queues GW Solar Solar & • Storage standalone provides an 2,000 Solar + additional 20% of interconnection Storage queues GW
Slide 7: Nextracker's Global and Diversified Supply Chain
Nextracker’s Global and Diversified Supply Chain 100+ GW shipped since inception Shipments Capacity >80 ~64 GW >50 GW/yr. mfg. partner N. America Global facilities on 5 continents ~36 GW >30 GW/yr. RoW U.S. © 2024 NEXTRACKER 7
Slide 8: NX Horizon Low Carbon Solution
NX Horizon Low Carbon Solution Low Greenhouse Gas Manufacturing Option, with Emissions Verification Extractive Steelmaking Circular Steelmaking Enhanced U.S. Sourcing Model Blast Furnace / Basic Oxygen Furnace Allocates Electric Arc Furnace Recycled Steel ~2.3 ~0.8 TONS CO2 / TONS CO2 / TON STEEL TO
Slide 9: Nextracker's Proven Solutions to Mitigate Severe Weather
Nextracker’s Proven Solutions to Mitigate Severe Weather Losses from Solar PV Claims Nextracker is well-positioned with operational tools to assist owners in mitigating severe weather risk Other & Theft Mechanical 4% NX NAVIGATOR Weather Breakdown Advanced tracker health monitoring 11% excl. Hail 8%
Slide 10: Financial Results
074 nextracker mlarelatene| Results
Slide 11: Q4 FY2024 Financial Highlights
Q4 FY2024 Financial Highlights 5th Consecutive Quarter of Double-Digit Growth YoY Since IPO Revenue ($M) Adj. EBITDA ($M) U.S. +27% Y/Y • RoW +89% Y/Y Y/Y increased > 2X +42% +120% RoW 710 737 168 160 US RoW 24% 573 155 242 22% 518 33% Adj. 480 110 EBITDA 128 191 Margin 209 84 19% 73 556 U.S. 17% 49
Slide 12: Full FY2024 Financial Highlights
Full FY2024 Financial Highlights 3rd Consecutive Year of Double-Digit Revenue Growth YoY Revenue ($M) Adj. EBITDA ($M) U.S. +31% Y/Y • RoW +32% Y/Y Y/Y increased > 2X +31% +150% 2,500 521 RoW 21% US 1,902 797 RoW Adj. 32% EBITDA 1,458 604 RoW Margin 32% 553 RoW 209 38% U.S. U.S. 1,703 11% 68% U.S. 1
Slide 13: Strong Execution and Record Performance in Q4 & FY24
Strong Execution and Record Performance in Q4 & FY24 Fiscal Q4 Results Fiscal Year 2024 Results Non-GAAP P&L Growth Non-GAAP P&L Growth ($M, except % and per Q4’23 Q3’24 Q4’24 ($M, except % and per FY’22 FY’23 FY’24 share amounts) Y/Y share amounts) Y/Y Revenue 518 710 737 42% Revenue 1,458 1,902 2,
Slide 14: High-Quality Balance Sheet and Cash Flow Management
High-Quality Balance Sheet and Cash Flow Management As of As of Balance Sheet Mar. 31, Mar. 31, ($M) 2023 2024 Cash 130 474 Strong Capital Structure AR & Contract Assets 569 780 • Total liquidity > $800M Inventories Other Current Assets 138 35 202 312 • Debt-to-adj. EBITDA < 1x Current Assets Non-Cu
Slide 15: Capital Allocation Supported by Strong Cash Flow Generation
Capital Allocation Supported by Strong Cash Flow Generation Adj. Free Cash Flow ($M) Capital Allocation Framework +308% • Growth-focused capital deployment 427 • Asset-light model generates cash with strong 70%+ FCF conversion, excl. M&A • Maintain high-quality balance sheet • Given projected busine
Slide 16: Full Year FY2025 Guidance
Full Year FY2025 Guidance Revenue $2.8 - $2.9B Guidance Assumptions 14% Y/Y Growth at Midpoint • Interest and other expense $15M - $20M • Adjusted income tax rate 20% - 25% • WASO of ~153M Adj. EBITDA 1 $600 - $650M 20% Y/Y Growth at Midpoint Adj. EPS 2 $2.89 - $3.09 GAAP $2.41 - $2.61 1. Adjusted E
Slide 17: Appendix
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Slide 18: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Fiscal Period Fiscal Period In millions, except percentages and per share data Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 FY'22 FY'23 FY'24 GAAP gross profit 90 114 149 210 340 147 287 813 Stock-based compensation expense 12 2 3 2 3 2 13 11 Intangible amortization 0 0
Slide 19: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Fiscal Period Fiscal Period In millions, except percentages and per share data Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 FY'22 FY'23 FY'24 GAAP net income 28 64 81 128 223 51 121 496 Interest, net 2 1 (0) (0) 1 0 2 2 Provision for income taxes 13 9 4 39 60 14 48 112 D