Nextracker (NXT) 10-Q 6 Nov 23 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 29, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2023
Document Transition Report	false
Entity File Number	001-41617
Entity Registrant Name	Nextracker Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-5047383
Entity Address, Address Line One	6200 Paseo Padre Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94555
City Area Code	510
Local Phone Number	270-2500
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	NXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,096,475
Entity Central Index Key	0001852131
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--03-31

Unaudited condensed consolidate

Unaudited condensed consolidated balance sheets - USD ($) $ in Thousands	Sep. 29, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 372,918	$ 130,008
Accounts receivable, net of allowance of $1,443 and $1,768, respectively	346,662	271,159
Contract assets	304,804	297,960
Inventories	196,235	138,057
Other current assets	118,161	35,081
Total current assets	1,338,780	872,265
Property and equipment, net	7,464	7,255
Goodwill	265,153	265,153
Other intangible assets, net	1,196	1,321
Deferred tax assets and other assets	420,965	273,686
Total assets	2,033,558	1,419,680
Current liabilities:
Accounts payable	403,478	211,355
Accrued expenses	67,306	59,770
Deferred revenue	235,907	176,473
Total current liabilities	772,210	507,426
Long-term debt	145,557	147,147
TRA liability and other liabilities	440,682	280,246
Total liabilities	1,358,449	934,819
Commitments and contingencies (Note 9)
Redeemable non-controlling interest	3,316,130	3,560,628
Stockholders' deficit:
Accumulated deficit	(3,313,137)	(3,075,782)
Additional paid-in-capital	672,102	0
Total stockholders' deficit	(2,641,021)	(3,075,767)
Total liabilities, redeemable interests, and stockholders' deficit	2,033,558	1,419,680
Related Party
Current assets:
Accounts receivable, net of allowance of $1,443 and $1,768, respectively	11,600
Current liabilities:
Other current liabilities	0	12,239
Nonrelated Party
Current liabilities:
Other current liabilities	65,519	47,589
Class A common stock
Stockholders' deficit:
Class of common stock, price par value, shares authorized, issued and outstanding	6	5
Class B common stock
Stockholders' deficit:
Class of common stock, price par value, shares authorized, issued and outstanding	$ 8	$ 10

Condensed Combined Balance Shee

Condensed Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2023	Mar. 31, 2023
Allowances for doubtful accounts	$ 1,443	$ 1,768
Common stock, shares, issued (in shares)		98,204,522
Common stock, shares, outstanding (in shares)		98,204,522
Class A common stock
Common stock, par or stated value per share (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares, issued (in shares)	62,096,475	45,886,065
Common stock, shares, outstanding (in shares)	62,096,475	45,886,065
Class B common stock
Common stock, par or stated value per share (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	82,572,960
Common stock, shares, outstanding (in shares)	82,572,960

Unaudited condensed consolida_2

Unaudited condensed consolidated statements of operations and comprehensive income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023		Sep. 30, 2022
Income Statement [Abstract]
Revenue		$ 573,357	$ 467,142	$ 1,052,900		$ 870,372
Cost of sales		424,247	402,603	790,046		755,970
Gross profit		149,110	64,539	262,854		114,402
Selling, general and administrative expenses		47,872	20,745	82,107		36,862
Research and development		7,146	4,322	12,775		8,299
Operating income		94,092	39,472	167,972		69,241
Interest and other expense, net		8,684	1,309	9,818		1,248
Income before income taxes		85,408	38,163	158,154		67,993
Provision for income taxes		3,999	11,076	13,100		16,776
Net income and comprehensive income		81,409		145,054		51,217
Less: Net income attributable to Nextracker LLC prior to the reorganization transactions		0	27,087	0		51,217
Less: Net income attributable to redeemable non-controlling interests		42,156	0	85,372		0
Net income attributable to Nextracker Inc.		$ 39,253	$ 0	$ 59,682		$ 0
Earnings per share attributable to the stockholders of Nextracker Inc.
Basic (in USD per share)	[1]	$ 0.64		$ 1.10
Diluted (in USD per share)	[1]	$ 0.55		$ 0.99
Weighted-average shares used in computing per share amounts:
Basic (in shares)		61,721,709		54,070,140
Diluted (in shares)		147,141,142		147,008,353	[1]
[1] (1) Basic and diluted earnings per share is applicable only for the period following the initial public offering (“IPO”) and the related Transactions. See Note 5 for a description of the Transactions.

Unaudited condensed consolida_3

Unaudited condensed consolidated statements of redeemable interest and stockholders' deficit / parent company equity (deficit) - USD ($) $ in Thousands	Total	Redeemable preferred units	Redeemable units Redeemable preferred units	Redeemable units Redeemable non-controlling interests	Accumulated net parent investment	Common stock Class A common stock	Common stock Class B common stock	Additional paid-in-capital	Accumulated deficit
Redeemable Beginning Balance at Mar. 31, 2022			$ 504,168	$ 0
Beginning Balance at Mar. 31, 2022	$ 0				$ (3,035)	$ 0	$ 0	$ 0	$ 0
Beginning Balance (in shares) at Mar. 31, 2022						0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0
Net income and comprehensive income	51,217				51,217
Stock-based compensation expense and other					1,850
Paid-in-kind dividend for Series A redeemable preferred units		$ 12,500
Paid-in-kind dividend for Series A redeemable preferred units					(12,500)
Net transfer to Parent					48,868
Redeemable Ending Balance at Sep. 30, 2022			516,668	0
Ending Balance at Sep. 30, 2022	0				86,400	$ 0	$ 0	0	0
Ending Balance (in shares) at Sep. 30, 2022						0	0
Redeemable Beginning Balance at Jul. 01, 2022			510,418	0
Beginning Balance at Jul. 01, 2022	0				16,701	$ 0	$ 0	0	0
Beginning Balance (in shares) at Jul. 01, 2022						0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0
Net income and comprehensive income					27,087
Stock-based compensation expense and other					845
Paid-in-kind dividend for Series A redeemable preferred units		$ 6,250
Paid-in-kind dividend for Series A redeemable preferred units					(6,250)
Net transfer to Parent					48,017
Redeemable Ending Balance at Sep. 30, 2022			516,668	0
Ending Balance at Sep. 30, 2022	0				86,400	$ 0	$ 0	0	0
Ending Balance (in shares) at Sep. 30, 2022						0	0
Redeemable Beginning Balance at Mar. 31, 2023			0	3,560,628
Beginning Balance at Mar. 31, 2023	(3,075,767)				0	$ 5	$ 10	0	(3,075,782)
Beginning Balance (in shares) at Mar. 31, 2023						45,886,065	98,204,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59,682			85,372					59,682
Net income and comprehensive income	145,054
Stock-based compensation expense and other	26,857							26,857
Vesting of Nextracker Inc. RSU awards (in shares)						578,848
Issuance of Class A common stock sold in follow-on offering (in shares)						15,631,562
Issuance of Class A common stock sold in follow-on offering	552,009					$ 1		552,008
Use of Follow-on proceeds as consideration for Yuma's transfer of LLC common unit (in shares)							(15,631,562)
Use of Follow-on proceeds as consideration for Yuma's transfer of LLC common units	(552,009)						$ (2)	(552,007)
Value adjustment of tax receivable agreement	18,337							18,337
Reclassification of redeemable non-controlling interest	622,292			(622,292)				622,292
Redemption value adjustment	(292,422)							4,615	(297,037)
Redemption value adjustments	292,422			292,422
Redeemable Ending Balance at Sep. 29, 2023			0	3,316,130
Ending Balance at Sep. 29, 2023	(2,641,021)				0	$ 6	$ 8	672,102	(3,313,137)
Ending Balance (in shares) at Sep. 29, 2023						62,096,475	82,572,960
Redeemable Beginning Balance at Jun. 30, 2023			0	3,909,522
Beginning Balance at Jun. 30, 2023	(3,352,375)				0	$ 5	$ 10	0	(3,352,390)
Beginning Balance (in shares) at Jun. 30, 2023						46,422,308	98,204,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,253			42,156					39,253
Net income and comprehensive income	81,409
Stock-based compensation expense and other	18,216							18,216
Vesting of Nextracker Inc. RSU awards (in shares)						42,605
Issuance of Class A common stock sold in follow-on offering (in shares)						15,631,562
Issuance of Class A common stock sold in follow-on offering	552,009					$ 1		552,008
Use of Follow-on proceeds as consideration for Yuma's transfer of LLC common unit (in shares)							(15,631,562)
Use of Follow-on proceeds as consideration for Yuma's transfer of LLC common units	(552,009)						$ (2)	(552,007)
Value adjustment of tax receivable agreement	18,337							18,337
Reclassification of redeemable non-controlling interest	622,292			(622,292)				622,292
Redemption value adjustment	13,256							13,256
Redemption value adjustments				(13,256)
Redeemable Ending Balance at Sep. 29, 2023			$ 0	$ 3,316,130
Ending Balance at Sep. 29, 2023	$ (2,641,021)				$ 0	$ 6	$ 8	$ 672,102	$ (3,313,137)
Ending Balance (in shares) at Sep. 29, 2023						62,096,475	82,572,960

Unaudited condensed consolida_4

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 145,054	$ 51,217
Depreciation and amortization	2,020	2,645
Changes in working capital and other, net	105,603	(1,401)
Net cash provided by operating activities	252,677	52,461
Cash flows from investing activities:
Purchases of property and equipment	(1,406)	(1,335)
Proceeds from the disposition of property and equipment	0	24
Net cash used in investing activities	(1,406)	(1,311)
Cash flows from financing activities:
Net proceeds from issuance of Class A shares	552,009	0
Purchase of LLC common units from Yuma, Inc.	(552,009)	0
Net transfers (to) from Parent	(8,335)	3,989
Other financing activities	(26)	0
Net cash provided by (used in) financing activities	(8,361)	3,989
Effect of exchange rate on cash and cash equivalents	0	0
Net increase in cash and cash equivalents	242,910	55,139
Cash and cash equivalents beginning of period	130,008	29,070
Cash and cash equivalents end of period	372,918	84,209
Non-cash investing activity:
Unpaid purchases of property and equipment	1,059	453
Non-cash financing activity:
TRA revaluation	18,337	0
Reclassification of redeemable non-controlling interest	622,292	0
Capitalized offering costs	0	1,441
Legal settlement paid by Parent	$ 0	$ 42,750

Organization of Nextracker

Organization of Nextracker	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization of Nextracker	Organization of Nextracker Nextracker Inc. and its subsidiaries (“Nextracker”, “we”, the “Company”) is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Nextracker’s products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. Nextracker has operations in the United States, Mexico, Spain and other countries in Europe, India, Australia, the Middle East, Africa and Brazil. Prior to the completion of the Transactions, as described in Note 5 and the Initial Public Offering as described below, we operated as part of Flex Ltd. (“Flex” or “Parent”) and not as a standalone entity. On December 19, 2022, Nextracker Inc. was formed as a Delaware corporation which is a 100%-owned subsidiary of Yuma, Inc. ("Yuma"), a Delaware corporation and indirect wholly-owned subsidiary of Flex Ltd. Nextracker Inc. was formed for the purpose of completing the initial public offering of its Class A common stock (the “IPO”) and other related Transactions, in order to carry on the business of Nextracker LLC. The Initial Public Offering and follow-on offering On February 8, 2023, the Company's registration statement on Form S-1 relating to its IPO was declared effective by the Securities and Exchange Commission (“SEC”) and the shares of its Class A common stock began trading on the Nasdaq Global Select Market on February 9, 2023. The IPO closed on February 13, 2023, pursuant to which the Company issued and sold 30,590,000 shares of its Class A common stock at a public offering price of $24.00 per share, giving effect to the exercise in full of the underwriters' option to purchase additional shares. The Company received net proceeds of $693.8 million, after deducting $40.4 million in underwriting discounts. The Company used all of the net proceeds from the IPO to purchase its member's interest in Nextracker LLC from Yuma (see Note 5). On July 3, 2023 the Company completed a follow-on offering of Class A common stock and issued 15,631,562 shares of Class A common stock and received net proceeds of $552.0 million. The price per share received was at a discount to the closing price of the Company’s stock as of June 30, 2023. The entire net proceeds were used by Nextracker to acquire 14,025,000 Nextracker LLC common units from Yuma, and 1,606,562 Nextracker LLC common units from TPG Rise. Simultaneously, 14,025,000 and 1,606,562 shares of Class B shares were surrendered by Flex and TPG, respectively, and cancelled. A proportionate share of redeemable non-controlling interest was reclassified to permanent equity as a result. The Company holds a member's interest of approximately 43% of Nextracker LLC as of September 29, 2023.

Summary of accounting policies

Summary of accounting policies	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of accounting policies	Summary of accounting policies Variable interest entities ("VIE") and consolidation Subsequent to the IPO, the Company’s sole material asset is its member’s interest in Nextracker LLC. In accordance with the Nextracker LLC Operating Agreement, the Company was named the managing member of Nextracker LLC. As a result, the Company has all management powers over the business and affairs of Nextracker LLC and to conduct, direct and exercise full control over the activities of Nextracker LLC. Class A common stock issued in the IPO does not hold majority voting rights but hold 100% of the economic interest in the Company, which results in Nextracker LLC being considered a VIE. Due to the Company’s power to control the activities most directly affecting the results of Nextracker LLC, the Company is considered the primary beneficiary of the VIE. Accordingly, beginning with the IPO, the Company consolidates the financial results of Nextracker LLC and its subsidiaries. Member’s interest in Nextracker LLC held by Yuma, Yuma Subsidiary, Inc., a Delaware corporation and wholly-owned subsidiary of Yuma ("Yuma Sub"), TPG Rise Flash, L.P. ("TPG") and the TPG affiliates are presented on the condensed consolidated balance sheets as temporary equity under the caption “Redeemable non-controlling interests.” Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for reporting interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2023, contained in the Company’s Annual Report on Form 10-K (the "Form 10-K"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary to present the Company's financial statements fairly have been included. Operating results for the three and six -month periods ended September 29, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024 or any future period. All intracompany transactions and accounts within Nextracker have been eliminated. Prior to the Transactions (as described in Note 5), Nextracker did not operate as a separate entity and stand-alone separate historical financial statements for Nextracker were not prepared. Accordingly, the unaudited condensed consolidated financial statements for the three and six -month periods ended September 30, 2022 were derived from Flex’s historical accounting records and were presented on a carve-out basis and include allocations of certain costs from Flex incurred on Nextracker’s behalf. Such costs may not have represented the amounts that would have been incurred had Nextracker operated autonomously or independently from Flex during the period preceding the IPO. The condensed consolidated balance sheet as of March 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Form 10-K. The first quarters for fiscal years 2024 and 2023 ended on June 30, 2023 (91 days), and July 1, 2022 (92 days), respectively. The second quarters for fiscal 2024 and 2023 ended on September 29, 2023 (91 days), and September 30, 2022 (91 days), respectively. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Estimates are used in accounting for, among other things, impairment of goodwill, impairment of long-lived assets, allowance for doubtful accounts, reserve for excess or obsolete inventories, valuation of deferred tax assets, warranty reserves, contingencies, operation accruals, and fair values of awards granted under stock-based compensation plans. Due to the long-term economic effect of the COVID-19 pandemic and geopolitical conflicts (including the Russian invasion of Ukraine), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the COVID-19 pandemic, the Russian invasion of Ukraine and the Israel-Hamas conflict. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements. Product warranty Nextracker offers an assurance type warranty for its products against defects in design, materials and workmanship for a period ranging from five warranties, a provision for estimated future costs related to warranty expense is recorded when they are probable and reasonably estimable, which is typically when products are delivered. The estimated warranty liability is based on our warranty model which relies on historical warranty claim information and assumptions based on the nature, frequency and average cost of claims for each product line by project. When little or no experience exists, the estimate is based on comparable product lines and/or estimated potential failure rates. These estimates are based on data from Nextracker specific projects. Estimates related to the outstanding warranty liability are re-evaluated on an ongoing basis using best-available information and revisions are made as necessary. The following table summarizes the activity related to the estimated accrued warranty reserve for the six-month periods ended September 29, 2023 and September 30, 2022: Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 Beginning balance $ 22,591 $ 10,485 Provision (release) for warranties issued (2,614) 1,392 Payments (883) (446) Ending balance $ 19,094 $ 11,431 Inventories Inventories are stated at the lower of cost (on a first-in, first-out basis) or net realizable value. Nextracker’s inventory primarily consists of finished goods to be used and to be sold to customers, including components procured to complete the tracker system projects. Other current assets Other current assets include short-term deposits and advances of $98.0 million and $29.3 million as of September 29, 2023 and March 31, 2023, respectively, primarily related to advance payments to certain vendors for procurement of inventory. Other current assets as of September 29, 2023 also includes related party receivable balance of approximately $11.6 million. Deferred tax assets and other assets Deferred tax assets and other assets includes the deferred tax assets of $405.0 million and $257.1 million as of September 29, 2023 and March 31, 2023, respectively, primarily related to the Company's investment in Nextracker LLC. In connection with the follow-on exchange a deferred tax asset has been booked reflecting Nextracker’s incremental outside basis difference in Nextracker LLC partnership of $155.4 million. Accrued expenses Accrued expenses include accruals primarily for freight and tariffs of $43.8 million and $44.6 million as of September 29, 2023 and March 31, 2023, respectively. In addition, it includes $23.5 million and $15.2 million of accrued payroll as of September 29, 2023 and March 31, 2023, respectively. TRA liability and other liabilities Tax Receivable Agreement ("TRA") liability and other liabilities primarily include the liability of $373.1 million and $230.3 million as of September 29, 2023 and March 31, 2023, respectively, related to the expected amount to be paid to Yuma, Yuma Sub, TPG and the TPG affiliates pursuant to the TRA. Additionally, the balance includes the long-term portion of standard product warranty liabilities of $9.5 million and $11.8 million, respectively, and the long-term portion of deferred revenue of $58.5 million and $35.8 million as of September 29, 2023 and March 31, 2023, respectively. Redeemable non-controlling interests The balance of the redeemable non-controlling interests is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated maximum redemption amount. The resulting changes in the estimated maximum redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the condensed consolidated balance sheets as temporary equity under the caption “Redeemable non-controlling interests.” The following table present a reconciliation of the change in redeemable non-controlling interests for the period presented: (in thousands) Six-month period ended Balance at beginning of period $ 3,560,628 Net income attributable to redeemable non-controlling interests 85,372 Reclassification of redeemable non-controlling interest (622,292) Redemption value adjustments 292,422 Balance at end of period $ 3,316,130 As a result of the follow-on transaction that occurred on July 3, 2023 and that drove a repurchase of redeemable non-controlling interest, as further described in Note 5, we reclassed a proportionate share of redeemable non-controlling interest to additional paid-in capital and readjusted redeemable non-controlling interest to its new maximum redemption value as of September 29, 2023, which exceeded carrying value based on the revised basis that reflects the new ownership percentages held by noncontrolling interest holders.

Revenue

Revenue	6 Months Ended
	Sep. 29, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Based on ASC 606 provisions, the Company disaggregates its revenue from contracts with customers by those sales recorded over time and sales recorded at a point in time. The following table presents Nextracker’s revenue disaggregated based on timing of transfer—point in time and over time for the three- and six-month periods ended September 29, 2023 and September 30, 2022: Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Timing of Transfer Point in time $ 21,263 $ 9,902 $ 26,904 $ 33,153 Over time 552,094 457,240 1,025,996 837,219 Total revenue $ 573,357 $ 467,142 $ 1,052,900 $ 870,372 Contract balances The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities (deferred revenue) on the condensed consolidated balance sheets. Nextracker’s contract amounts are billed as work progresses in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. When billing occurs subsequent to revenue recognition, a contract asset results. Contract assets of $304.8 million and $298.0 million as of September 29, 2023 and March 31, 2023, respectively, are presented in the condensed consolidated balance sheets, of which $125.4 million and $116.3 million, respectively, will be invoiced at the end of the projects as they represent funds withheld until the products are installed by a third party, arranged by the customer, and the project is declared operational. The remaining unbilled receivables will be invoiced throughout the project based on a set billing schedule such as milestones reached or completed tracker rows delivered. Contract assets increased $6.8 million from March 31, 2023 to September 29, 2023 due to fluctuations in the timing and volume of billings for the Company’s revenue recognized over time. During the six-month periods ended September 29, 2023 and September 30, 2022 , Nextracker convert ed $119.2 million an d $72.2 million of d eferred revenue to revenue, respectively, which represente d 56% and 67% , respectively, of the beginning period balance of deferred revenue. Remaining performance obligations As of September 29, 2023, Nextracker had $294.4 million of the transaction price allocated to the remaining performance obligations. The Company expects to recognize revenue on approximately 80% of these performance obligations in the next 12 months. The remaining long-term unperformed obligations primarily relate to extended warranty and deposits collected in advance on certain tracker projects.

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets Goodwill Goodwill relates to the 2015 acquisition of Nextracker LLC and the 2016 acquisition of BrightBox by Flex on behalf of Nextracker LLC. As of September 29, 2023 and March 31, 2023, goodwill totaled $265.2 million, respectively and is not deductible for tax purposes. Other intangible assets The components of identifiable intangible assets are as follows: As of September 29, 2023 As of March 31, 2023 (In thousands) Gross Accumulated Net Gross Accumulated Net Trade name and other intangibles $ 2,500 $ (1,304) $ 1,196 $ 2,500 $ (1,179) $ 1,321 Total $ 2,500 $ (1,304) $ 1,196 $ 2,500 $ (1,179) $ 1,321 Total intangible asset amortization expense recognized in operations was immaterial for the periods presented.

The Transactions

The Transactions	6 Months Ended
	Sep. 29, 2023
Equity [Abstract]
The Transactions	The Transactions The Company and Nextracker LLC completed the following reorganization and other transactions in connection with the IPO (collectively, referred to as the “Transactions”): • Immediately prior to the completion of the IPO, Nextracker Inc. issued 128,794,522 shares of its Class B common stock to Yuma, Yuma Sub, and TPG Rise in exchange for cash consideration, which number of shares was equal to the number of common units of Nextracker LLC held directly or indirectly by Yuma, Yuma Sub and TPG Rise (not inclusive of those held by affiliated blocker corporations – see below) immediately following the Transactions and before giving effect to the IPO. • Immediately prior to the completion of the IPO and as permitted under and in accordance with the limited liability company agreement of Nextracker LLC in effect prior to the IPO (the “Prior LLC Agreement”), TPG Rise exercised its right to have certain blocker corporations affiliated with TPG Rise each merge with a separate direct, wholly-owned subsidiary of Nextracker Inc., with the blocker corporations surviving each such merger, in a transaction intended to qualify as a tax-free transaction. In connection with such blocker corporations’ mergers, the investors in each such blocker corporation received a number of shares of Nextracker Inc.’s Class A common stock with a value based on the Series A Preferred Units held by such blocker corporation for a total of 15,279,190 shares of Nextracker Inc.’s Class A common stock. • Immediately prior to the closing of the IPO, Nextracker LLC made a distribution in an aggregate amount of $175.0 million (the “Distribution”). With respect to such Distribution, $21.7 million was distributed to TPG Rise and $153.3 million to Yuma and Yuma Sub in accordance with their pro rata units of Nextracker LLC. The Distribution was financed, in part, with net proceeds from the $150.0 million term loan under the senior credit facility with a syndicate of banks (the "2023 Credit Agreement"). • Nextracker Inc. used all the net proceeds from the IPO ($693.8 million) as consideration for Yuma’s transfer to Nextracker Inc. of 30,590,000 Nextracker LLC common units at a price per unit equal to $22.68. • In connection with Yuma’s transfer to Nextracker Inc. of 30,590,000 Nextracker LLC common units, a corresponding number of shares of Nextracker Inc.’s Class B common stock held by Yuma were canceled. • In connection with the IPO, Nextracker Inc. repurchased all 100 shares of common stock previously issued to Yuma for an immaterial amount. On February 8, 2023, the Company amended and restated its certificate of incorporation to, among other things, authorize 900,000,000 shares of $0.0001 par value Class A common stock, 500,000,000 shares of $0.0001 par value Class B common stock, and 50,000,000 shares of par value $0.0001 preferred stock. On February 13, 2023, the members of Nextracker LLC entered into the Third Amended and Restated Limited Liability Company Agreement of Nextracker LLC to, among other things, effect the Transactions described above and to appoint Nextracker Inc. as the managing member of Nextracker LLC. Nextracker Inc. beneficially owns 62,096,475 Nextracker LLC common units after the completion of the IPO, the Transactions and the follow-on offering described below, and as of September 29, 2023. The 2023 follow-on offering On July 3, 2023, Nextracker Inc. completed an underwritten offering of 18,150,000 shares of Class A common stock, of which 15,631,562 shares were offered and sold by the Company and 2,518,438 shares were offered and sold by certain of the Company’s stockholders for approximately $662.5 million in total gross proceeds, including the full exercise of the underwriters’ option to purchase additional shares of Class A common stock. The Company received net proceeds of $552.0 million. The entire net proceeds from the sale of shares by Nextracker were used by Nextracker to acquire 14,025,000 Nextracker LLC common units from Yuma, and 1,606,562 Nextracker LLC common units from TPG Rise. Simultaneously, 14,025,000 and 1,606,562 shares of Class B shares were surrendered by Flex and TPG, respectively, and cancelled. As a result of this follow-on offering ( r eferred to as the “Follow-on”), as of the closing date on July 3, 2023: • Approximately $1.8 million of offering costs were paid by Flex. • Immediately following the completion of the Follow-on, Flex (through Yuma and Yuma Sub), owned 74,432,619 shares of Class B common stock, representing approximately 51.45% of the total outstanding shares of the Company's outstanding common stock. • Additionally, TPG owned 8,140,341 shares of Class B common stock representing approximately 5.63% of the total outstanding shares of the Company's outstanding common stock. • Nextracker Inc. beneficially owned 62,053,870 LLC units, representing approximately 42.91% of the total units of Nextracker LLC. Exchange Agreement The Company, Nextracker LLC, Yuma, Yuma Sub and TPG entered into an exchange agreement (the “Exchange Agreement”) under which Yuma, Yuma Sub and TPG (or certain permitted transferees thereof) have the right, subject to the terms of the Exchange Agreement, to require Nextracker LLC to exchange Nextracker LLC common units (together with a corresponding number of shares of Class B common stock) for newly-issued shares of Class A common stock of Nextracker Inc. on a one-to-one basis, or, in the alternative, Nextracker Inc. may elect to exchange such Nextracker LLC common units (together with a corresponding number of shares of Nextracker Inc. Class B common stock) for cash equal to the product of (i) the number of Nextracker LLC common units (together with a corresponding number of shares of Class B common stock) being exchanged, (ii) the then-applicable exchange rate under the Exchange Agreement (which will initially be one and is subject to adjustment) and (iii) the Class A common stock value (based on the market price of our Class A common stock), subject to customary conversion rate adjustments for stock splits, stock dividends, reclassifications and other similar transactions; provided further, that in the event of an exchange request by an exchanging holder, Nextracker Inc. may at its option effect a direct exchange of shares of Class A common stock for Nextracker LLC common units and shares of Class B common stock in lieu of such exchange or make a cash payment to such exchanging holder, in each case pursuant to the same economic terms applicable to an exchange between the exchanging holder and Nextracker LLC. As Nextracker LLC interests are redeemable upon the occurrence of an event not solely within the control of the Company, such interests are presented in temporary equity on the condensed consolidated balance sheets.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Stock-based compensation	Stock-based compensation The Company adopted the First Amended and Restated 2022 Nextracker LLC Equity Incentive Plan in April 2022 (the “LLC Plan”), which provides for the issuance of options, unit appreciation rights, performance units, performance incentive units, restricted incentive units and other unit-based awards to employees, directors, and consultants of the Company. Additionally, in connection with the IPO in February 2023, the Company approved the Second Amended and Restated 2022 Nextracker Inc. Equity Incentive Plan (the “NI Plan,” and collectively with the LLC Plan, the “2022 Plan”) to reflect, among other things, that the underlying equity interests with respect to awards issued under the LLC Plan shall, in lieu of common units of Nextracker LLC, relate to Class A common stock of Nextracker for periods from and after the closing of the IPO. In addition to the 2022 Plan, certain executives, officers and employees of the Company also participate in the Flex 2017 equity incentive plan (the “Flex 2017 Plan”), and as such, stock-based compensation expense for the period presented also include expense recognized under the Flex 2017 Plan. The following table summarizes the Company’s stock-based compensation expense under the 2022 Plan and the Flex 2017 Plan: Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Cost of sales $ 3,245 $ 345 $ 5,171 $ 755 Selling, general and administrative expenses 14,971 500 21,686 1,095 Total stock-based compensation expense $ 18,216 $ 845 $ 26,857 $ 1,850 Stock-based compensation expense includes an allocation of Flex’s corporate and shared functional employee expense of immaterial amounts for the three- and six-month periods ended September 29, 2023 and September 30, 2022. These charges were recorded within selling, general and administrative expenses. The 2022 Nextracker equity incentive plan During the six-month period ended September 29, 2023, the Company granted 1.1 million time-based unvested restricted share units ("RSU") awards to certain of its employees under the 2022 Plan. The vesting for these unvested RSU awards is contingent upon time-based vesting with continued service over a three-year period from the grant date, with a portion of the awards vesting at the end of each year. The weighted average fair value per share of the RSUs granted during the period was estimated to be $40.16 per award. In addition, the Company also granted 0.4 million performance-based vesting ("PSU") awards whereby vesting is generally contingent upon (i) time-based vesting with continued service through March 31, 2026, and (ii) the achievement of certain metrics specific to the Company, which could result in a range of 0 -300% of such PSUs ultimately vesting. The weighted average fair value per share of the PSUs granted during the period was estimated to be $54.63 per award. The fair value of these PSU awards granted during the six-month period ended September 29, 2023 was determined using Monte-Carlo simulation models which is a probabilistic approach for calculating the fair value of the awards. Further, the Company granted 0.5 million option awards that will cliff-vest on the third anniversary of the grant date, subject generally to continuous service through such vesting date. The exercise price for the shares underlying such option is equal to $40.47 per award, which corresponds to the Company's closing price per share as of the grant date of the awards. The fair value of these option a wards granted during the six-month period ended September 29, 2023 was estimated using a Black-Scholes option pricing model . Additionally, during the six-month period ended September 29, 2023, an immaterial number of awards were forfeited due to employee terminations. The total unrecognized compensation expense related to unvested awards under the 2022 Nextracker Plan as of September 29, 2023 was approximately $101.4 million, which is expected to be recognized over a weighted-average period of approximately 2.51 years. The Flex 2017 equity incentive plan (the "2017 Plan") All options have been fully expensed and none were outstanding and exercisable as of September 29, 2023. The executives, officers and employees of Flex, including Nextracker, were granted restricted share unit (“RSU”) awards under the 2017 Plan. RSU awards are rights to acquire a specified number of ordinary Flex shares for no cash consideration in exchange for continued service with Flex. RSU awards generally vest in installments over a two As of September 29, 2023, the total unrecognized compensation cost related to unvested RSU awards held by Nextracker employees was approximately $1.0 million under the 2017 Plan. These costs will be amortized generally on a straight-line basis over a weighted-average period of approximately one year. There were no options and no RSU awards granted under the 2017 Plan during the six-month period ended September 29, 2023.

Earnings per share

Earnings per share	6 Months Ended
	Sep. 29, 2023
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders of the Company for the three and six -month periods ended September 29, 2023 by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share reflects the potential dilution from stock-based compensation awards. The potential dilution from awards was computed using the treasury stock method based on the average fair market value of the Company’s Class A common stock for the period. Additionally, the potential dilutive impact of Class B common stock convertible into Class A was also considered in the calculation. The computation of earnings per share and weighted average shares outstanding of the Company’s common stock for the period is presented below: Three-month period ended September 29, 2023 Six-month period ended September 29, 2023 (in thousands except share and per share amounts) Income Numerator Weighted average shares outstanding Denominator Per Share Amount Income Numerator Weighted average shares outstanding Denominator Per Share Amount Basic EPS Net income available to Nextracker Inc. common stockholders $ 39,253 61,721,709 $ 0.64 $ 59,682 54,070,140 $ 1.10 Effect of Dilutive impact Common stock equivalents from option awards (1) 1,013,988 955,488 Common stock equivalents from RSUs (2) 1,106,310 996,010 Common stock equivalents from PSUs (3) 382,624 426,199 Income attributable to non-controlling interests and common stock equivalent from Class B common stock $ 42,156 82,916,511 $ 85,372 90,560,516 Diluted EPS Net income and comprehensive income $ 81,409 147,141,142 $ 0.55 $ 145,054 147,008,353 $ 0.99 (1) During the three and six-month periods ended September 29, 2023, approximately 0.5 million and 0.5 million of option awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) During the three and six-month periods ended September 29, 2023, 0.4 million and 0.4 million of RSU awards, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (3) During the three and six-month periods ended September 29, 2023, 0.4 million and 0.4 million of PSU awards, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

Relationship with parent and re

Relationship with parent and related parties	6 Months Ended
	Sep. 29, 2023
Related Party Transactions [Abstract]
Relationship with parent and related parties	Relationship with parent and related parties Prior to the IPO, Nextracker was managed and operated in the normal course of business by Flex. Accordingly, certain shared costs were allocated to Nextracker and reflected as expenses in these condensed consolidated financial statements. Nextracker’s management and the management of Flex consider the expenses included and the allocation methodologies used to be reasonable and appropriate reflections of the historical Flex expenses attributable to Nextracker for purposes of the stand-alone financial statements up until the IPO. However, the expenses reflected in these condensed consolidated financial statements may not be indicative of the expenses that would have been incurred by Nextracker during the periods presented if Nextracker historically operated as a separate, stand-alone entity during such period, which expenses would have depended on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. In addition, the expenses reflected in the condensed consolidated financial statements for the period prior to the IPO may not be indicative of expenses that Nextracker will incur in the future. Allocation of corporate expenses The condensed consolidated financial statements for the period prior to the IPO, include expense allocations for certain functions provided by Flex, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, and stock-based compensation. These expenses have been allocated to Nextracker on the basis of direct usage when identifiable, with the remainder allocated on the basis of revenue, headcount or other measure. During the six -month period ended September 30, 2022, Nextracker was allocated $3.2 million of general corporate expenses incurred by Flex. Of these expenses $2.1 million was included within selling, general and administrative expenses and $1.1 million was included in cost of sales in the condensed consolidated statements of operations and comprehensive income. An immaterial amount of general corporate expenses incurred by Flex was allocated to Nextracker during the six -month period ended September 29, 2023. Risk management Flex carries insurance for property, casualty, product liability matters, auto liability, and workers’ compensation and maintain excess policies to provide additional limits. Prior to the IPO, Nextracker paid a premium to Flex in exchange for the coverage provided. In fiscal year 2023, the policies with significant premiums included the Marine Cargo/Goods in Transit and the multiple Errors and Omissions policies all through various insurance providers. Expenses related to coverage provided by Flex were reflected in the condensed consolidated statements of operations and comprehensive income and were immaterial for the six-month periods ended September 29, 2023, and September 30, 2022, respectively. Cash management and financing Prior to the IPO, Nextracker participated in Flex’ centralized cash management programs. Disbursements were independently managed by Nextracker. All significant transactions between Nextracker and Flex that were not historically cash settled were reflected in the condensed consolidated statement of cash flows, for the period prior to the IPO, as net transfers to parent as these were deemed to be internal financing transactions. All intra-company accounts, profits and transactions have been eliminated. The following is a summary of material transactions reflected in the accumulated net parent investment during the three- and six -month periods ended September 30, 2022: Three-month ended Six-month ended (In thousands) September 30, 2022 September 30, 2022 Corporate allocations (excluding stock-based compensation expense) $ 38 $ 1,398 Transfer of operations to Nextracker (1) 39,858 43,087 Net cash pooling activities (2) (2,441) (11,349) Income taxes 10,562 15,732 Net transfers from Parent $ 48,017 $ 48,868 (1) Primarily represents certain international operations where related income and/or losses are included in Nextracker’s condensed consolidated statements of operations. Cash was also collected by the international operations on behalf of Nextracker, for which Nextracker and Flex do not intend to settle in the future. For the period presented, the balance includes the legal settlement paid by Flex on August 4, 2022 as further disclosed in the Company Annual Report on Form 10-K for the fiscal year ended March 31, 2023. (2) Primarily represents financing activities for cash pooling and capital transfers. The cash balance reflected in the condensed consolidated balance sheets consist of the cash managed and controlled by Nextracker. Prior to the IPO when Nextracker was a controlled entity of Flex, Nextracker's U.S. operations participated in the Flex cash pooling management programs intra-quarter; all outstanding positions were settled or scheduled for settlement as of each quarter end. Cash pooling activities during the period prior to the IPO were reflected under net transfers from Parent in the condensed consolidated statements of redeemable interest and stockholders' deficit /parent company equity (deficit), and the condensed consolidated statements of cash flows. Subsequent to the IPO, Nextracker has the option to participate in the Flex cash pooling management programs. As of March 31, 2023, the Company had $8.3 million of cash pool payable outstanding to Flex, which was a component of Due to related parties on the condensed consolidated balance sheet. During the three-month period ended September 29, 2023, the Company repaid such amounts to Flex, and no such cash pool payable is outstanding as of September 29, 2023. Due to related parties relates to balances resulting from transactions between Nextracker and Flex subsidiaries that have historically been cash settled. Nextracker purchased certain components and services from other Flex affiliates of $26.9 million and $13.9 million for the three-month periods ended September 29, 2023, and September 30, 2022 respectively. Nextracker purchased certain components and services from other Flex affiliates of $56.5 million and $28.9 million for the six-month periods ended September 29, 2023, and September 30, 2022 respectively. Flex also administers on behalf of Nextracker payments to certain freight providers as well as payrolls to certain employees based in the U.S. Additionally, the Company and Flex entered into an umbrella agreement (as disclosed in the Company’s annual report on Form 10-K for the year ended March31, 2023 ) that governs the terms, conditions and obligations of a strategic commercial relationship between Nextracker and Flex for the sale of Nextracker’s solar trackers in Brazil. As part of this arrangement, Flex acts as an agent for Nextracker, bills and collects on the Company’s behalf. Nextracker’s average due to related parties balance was $4.2 million and $42.9 million for the three-month periods ended September 29, 2023, and September 30, 2022, respectively. Nextracker had an average due from related parties balance of $1.6 million for the six-month periods ended September 29, 2023, compared to an average due to related parties balance of $37.2 million for the six-month periods ended September 30, 2022. All related cash flow activities were classified within net cash provided by operating activities in the condensed consolidated statement of cash flows.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Litigation and other legal matters Nextracker has accrued for loss contingencies to the extent it believes that losses are probable and estimable. The amounts accrued are not material, but it is reasonably possible that actual losses could be in excess of Nextracker’s accrual. Any such excess loss could have a material adverse effect on Nextracker’s results of operations or cash flows for a particular period or on Nextracker’s financial condition. There were no additional accrual for loss contingencies during the three- and six -month periods ended September 29, 2023.

Income taxes

Income taxes	6 Months Ended
	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company follows the guidance under ASC 740-270, "Interim Reporting", which requires a company to calculate the income tax associated with ordinary income using an estimated annual effective tax rate ("AETR"). At the end of each interim period, the Company applies the AETR to year-to-date (YTD) ordinary income (or loss) to arrive at the YTD income tax expense. The Company recorded the tax effect of discrete items in the quarter in which the discrete events occur. The following table presents income tax expense recorded by the Company along with the respective consolidated effective tax rates for each period presented. For the three and six-month periods ended September 29, 2023, the difference between the effective tax rate and the U.S. statutory corporate tax rate of 21% is primarily attributable to certain non-controlling interest in Nextracker LLC which is not taxable to Nextracker Inc. and its subsidiaries, partially offset by U.S. state and local income taxes and the jurisdictional mix of income between the U.S. and other operating jurisdictions. In addition, there was a change in accounting estimate related to the Tax Receivable Agreement which resulted in a discrete benefit of $6.7 million. Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Income tax 3,999 11,076 13,100 16,776 Effective tax rates 4.7 % 29.0 % 8.3 % 24.7 %

Segment reporting

Segment reporting	6 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Segment reporting	Segment reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or a decision-making group, in deciding how to allocate resources and in assessing performance. Resource allocation decisions and Nextracker’s performance are assessed by its Chief Executive Officer, identified as the CODM. For all periods presented, Nextracker has one operating and reportable segment. The following table sets forth geographic information of revenue based on the locations to which the products are shipped: Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Revenue: U.S. $ 382,160 $ 311,423 $ 652,498 $ 580,813 Rest of the World 191,197 155,719 400,402 289,559 Total $ 573,357 $ 467,142 $ 1,052,900 $ 870,372 The United States is the principal country of domicile.

Subsequent events

Subsequent events	6 Months Ended
	Sep. 29, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events On October 25, 2023, pursuant to the terms of that certain Agreement and Plan of Merger, dated as of February 7, 2023 (the “Merger Agreement”), by and among Flex, Nextracker, Yuma, and Yuma Acquisition Corp., a wholly-owned subsidiary of Nextracker, Flex delivered to Nextracker the Merger Notice (as defined in the Merger Agreement) exercising Flex’s right to effect the transactions contemplated by the Merger Agreement (the “Merger Transactions”). Concurrently, the Company filed a Registration Statement on Form S-4. The Company is currently assessing the Merger Transactions, which are not expected to have a material impact on its financial statements. The Merger Transactions are subject to a number of conditions as set forth in the Merger Agreement, including the approval of Flex shareholders in accordance with Singapore law, and there is no assurance that any such conditions will be satisfied or waived. Accordingly, no assurance can be given that the Merger Transactions will in fact be completed. The Merger Transactions are currently expected to be completed in the Company’s fourth quarter ending March 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 39,253	$ 0	$ 59,682	$ 0

Summary of accounting policies

Summary of accounting policies (Policies)	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for reporting interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2023, contained in the Company’s Annual Report on Form 10-K (the "Form 10-K"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary to present the Company's financial statements fairly have been included. Operating results for the three and six -month periods ended September 29, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024 or any future period. All intracompany transactions and accounts within Nextracker have been eliminated. Prior to the Transactions (as described in Note 5), Nextracker did not operate as a separate entity and stand-alone separate historical financial statements for Nextracker were not prepared. Accordingly, the unaudited condensed consolidated financial statements for the three and six -month periods ended September 30, 2022 were derived from Flex’s historical accounting records and were presented on a carve-out basis and include allocations of certain costs from Flex incurred on Nextracker’s behalf. Such costs may not have represented the amounts that would have been incurred had Nextracker operated autonomously or independently from Flex during the period preceding the IPO. The condensed consolidated balance sheet as of March 31, 2023 was derived from the Company’s audited consolidated financial statements included in the Form 10-K. The first quarters for fiscal years 2024 and 2023 ended on June 30, 2023 (91 days), and July 1, 2022 (92 days), respectively. The second quarters for fiscal 2024 and 2023 ended on September 29, 2023 (91 days), and September 30, 2022 (91 days), respectively.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Estimates are used in accounting for, among other things, impairment of goodwill, impairment of long-lived assets, allowance for doubtful accounts, reserve for excess or obsolete inventories, valuation of deferred tax assets, warranty reserves, contingencies, operation accruals, and fair values of awards granted under stock-based compensation plans. Due to the long-term economic effect of the COVID-19 pandemic and geopolitical conflicts (including the Russian invasion of Ukraine), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the COVID-19 pandemic, the Russian invasion of Ukraine and the Israel-Hamas conflict. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements.
Product warranty	Product warranty Nextracker offers an assurance type warranty for its products against defects in design, materials and workmanship for a period ranging from five
Inventories	Inventories Inventories are stated at the lower of cost (on a first-in, first-out basis) or net realizable value. Nextracker’s inventory primarily consists of finished goods to be used and to be sold to customers, including components procured to complete the tracker system projects.
Redeemable non-controlling interests	Redeemable non-controlling interests The balance of the redeemable non-controlling interests is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated maximum redemption amount. The resulting changes in the estimated maximum redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the condensed consolidated balance sheets as temporary equity under the caption “Redeemable non-controlling interests.”

Summary of accounting policie_2

Summary of accounting policies (Tables)	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Product Warranty	The following table summarizes the activity related to the estimated accrued warranty reserve for the six-month periods ended September 29, 2023 and September 30, 2022: Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 Beginning balance $ 22,591 $ 10,485 Provision (release) for warranties issued (2,614) 1,392 Payments (883) (446) Ending balance $ 19,094 $ 11,431
Redeemable Noncontrolling Interest	The following table present a reconciliation of the change in redeemable non-controlling interests for the period presented: (in thousands) Six-month period ended Balance at beginning of period $ 3,560,628 Net income attributable to redeemable non-controlling interests 85,372 Reclassification of redeemable non-controlling interest (622,292) Redemption value adjustments 292,422 Balance at end of period $ 3,316,130

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Sep. 29, 2023
Revenue from Contract with Customer [Abstract]
Summary of Nextracker's Revenue Disaggregation	The following table presents Nextracker’s revenue disaggregated based on timing of transfer—point in time and over time for the three- and six-month periods ended September 29, 2023 and September 30, 2022: Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Timing of Transfer Point in time $ 21,263 $ 9,902 $ 26,904 $ 33,153 Over time 552,094 457,240 1,025,996 837,219 Total revenue $ 573,357 $ 467,142 $ 1,052,900 $ 870,372

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The components of identifiable intangible assets are as follows: As of September 29, 2023 As of March 31, 2023 (In thousands) Gross Accumulated Net Gross Accumulated Net Trade name and other intangibles $ 2,500 $ (1,304) $ 1,196 $ 2,500 $ (1,179) $ 1,321 Total $ 2,500 $ (1,304) $ 1,196 $ 2,500 $ (1,179) $ 1,321

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs	The following table summarizes the Company’s stock-based compensation expense under the 2022 Plan and the Flex 2017 Plan: Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Cost of sales $ 3,245 $ 345 $ 5,171 $ 755 Selling, general and administrative expenses 14,971 500 21,686 1,095 Total stock-based compensation expense $ 18,216 $ 845 $ 26,857 $ 1,850

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 29, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The computation of earnings per share and weighted average shares outstanding of the Company’s common stock for the period is presented below: Three-month period ended September 29, 2023 Six-month period ended September 29, 2023 (in thousands except share and per share amounts) Income Numerator Weighted average shares outstanding Denominator Per Share Amount Income Numerator Weighted average shares outstanding Denominator Per Share Amount Basic EPS Net income available to Nextracker Inc. common stockholders $ 39,253 61,721,709 $ 0.64 $ 59,682 54,070,140 $ 1.10 Effect of Dilutive impact Common stock equivalents from option awards (1) 1,013,988 955,488 Common stock equivalents from RSUs (2) 1,106,310 996,010 Common stock equivalents from PSUs (3) 382,624 426,199 Income attributable to non-controlling interests and common stock equivalent from Class B common stock $ 42,156 82,916,511 $ 85,372 90,560,516 Diluted EPS Net income and comprehensive income $ 81,409 147,141,142 $ 0.55 $ 145,054 147,008,353 $ 0.99 (1) During the three and six-month periods ended September 29, 2023, approximately 0.5 million and 0.5 million of option awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) During the three and six-month periods ended September 29, 2023, 0.4 million and 0.4 million of RSU awards, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (3) During the three and six-month periods ended September 29, 2023, 0.4 million and 0.4 million of PSU awards, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

Relationship with parent and _2

Relationship with parent and related parties (Tables)	6 Months Ended
	Sep. 29, 2023
Related Party Transactions [Abstract]
Summary of Material Transactions Reflected in Accumulated Net Parent Investment	The following is a summary of material transactions reflected in the accumulated net parent investment during the three- and six -month periods ended September 30, 2022: Three-month ended Six-month ended (In thousands) September 30, 2022 September 30, 2022 Corporate allocations (excluding stock-based compensation expense) $ 38 $ 1,398 Transfer of operations to Nextracker (1) 39,858 43,087 Net cash pooling activities (2) (2,441) (11,349) Income taxes 10,562 15,732 Net transfers from Parent $ 48,017 $ 48,868 (1) Primarily represents certain international operations where related income and/or losses are included in Nextracker’s condensed consolidated statements of operations. Cash was also collected by the international operations on behalf of Nextracker, for which Nextracker and Flex do not intend to settle in the future. For the period presented, the balance includes the legal settlement paid by Flex on August 4, 2022 as further disclosed in the Company Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	The following table presents income tax expense recorded by the Company along with the respective consolidated effective tax rates for each period presented. For the three and six-month periods ended September 29, 2023, the difference between the effective tax rate and the U.S. statutory corporate tax rate of 21% is primarily attributable to certain non-controlling interest in Nextracker LLC which is not taxable to Nextracker Inc. and its subsidiaries, partially offset by U.S. state and local income taxes and the jurisdictional mix of income between the U.S. and other operating jurisdictions. In addition, there was a change in accounting estimate related to the Tax Receivable Agreement which resulted in a discrete benefit of $6.7 million. Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Income tax 3,999 11,076 13,100 16,776 Effective tax rates 4.7 % 29.0 % 8.3 % 24.7 %

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Summary of Geographic Information of Revenue	The following table sets forth geographic information of revenue based on the locations to which the products are shipped: Three-month periods ended Six-month periods ended (In thousands) September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Revenue: U.S. $ 382,160 $ 311,423 $ 652,498 $ 580,813 Rest of the World 191,197 155,719 400,402 289,559 Total $ 573,357 $ 467,142 $ 1,052,900 $ 870,372

Organization of Nextracker - Ad

Organization of Nextracker - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 03, 2023	Feb. 13, 2023	Feb. 12, 2023	Sep. 29, 2023	Dec. 19, 2022
Yuma, Inc
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Number of shares repurchased during the period (in shares)	14,025,000
TPG Rise
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Number of shares repurchased during the period (in shares)	1,606,562
Nextracker Inc
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Noncontrolling interest, ownership percentage by parent				43%
IPO | Class A common stock
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)		30,590,000
Sale of stock price per share (in USD per share)		$ 24
Proceeds from the IPO		$ 693.8
Payments for underwriting expense		$ 40.4
Follow-on Offering
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Consideration received on transaction	$ 552
Yuma, Inc. | Nextracker Inc
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Noncontrolling interest, ownership percentage by parent					100%
Yuma, Inc. | IPO
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)		30,590,000
Proceeds from the IPO			$ 693.8
Number of shares repurchased during the period (in shares)		100
Yuma, Inc. | IPO | Class B common stock
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)			128,794,522
Flex Ltd | Class B common stock
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Stock repurchased and retired during period (in shares)	14,025,000
TPG Rise | Class A common stock
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)			15,279,190
TPG Rise | Class B common stock
Organization Consolidation And Presentation Of FinancialS tatements [Line Items]
Stock repurchased and retired during period (in shares)	1,606,562

Summary of accounting policie_3

Summary of accounting policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2023	Mar. 31, 2023
Variable Interest Entity [Line Items]
Advance deposits	$ 98,000	$ 29,300
Accounts receivable related party	346,662	271,159
Deferred tax assets and other assets	420,965	273,686
Accrued freight and tariffs	43,800	44,600
Accrued payroll	23,500	15,200
Nextracker Inc
Variable Interest Entity [Line Items]
Deferred tax assets and other assets	405,000	257,100
Deferred tax assets, investment in subsidiaries	155,400
Related Party
Variable Interest Entity [Line Items]
Accounts receivable related party	$ 11,600
Minimum
Variable Interest Entity [Line Items]
Product warranty term	5 years
Maximum
Variable Interest Entity [Line Items]
Product warranty term	10 years
Tax Receivable Agreement
Variable Interest Entity [Line Items]
Liability relating to tax receivable agreement and others	$ 373,100	230,300
Other Noncurrent Liabilities
Variable Interest Entity [Line Items]
Standard product warranty liability non current	9,500	11,800
Contract with customers liability non current	$ 58,500	$ 35,800
Nextracker LLC
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	100%

Summary of accounting policie_4

Summary of accounting policies - Summary of Product Warranty (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 22,591	$ 10,485
Provision (release) for warranties issued	(2,614)	1,392
Payments	(883)	(446)
Ending balance	$ 19,094	$ 11,431

Summary of accounting policie_5

Summary of accounting policies - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period			$ 3,560,628
Net income attributable to redeemable non-controlling interests	$ 42,156	$ 0	85,372	$ 0
Reclassification of redeemable non-controlling interest			(622,292)
Redemption value adjustments			292,422
Balance at end of period	$ 3,316,130		$ 3,316,130

Revenue - Summary of Nextracker

Revenue - Summary of Nextracker's Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 573,357	$ 467,142	$ 1,052,900	$ 870,372
Point in time
Disaggregation of Revenue [Line Items]
Total revenue	21,263	9,902	26,904	33,153
Over time
Disaggregation of Revenue [Line Items]
Total revenue	$ 552,094	$ 457,240	$ 1,025,996	$ 837,219

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 304,804		$ 297,960
Contract with customer assets funds withheld	125,400		$ 116,300
Contract with customer asset change in measure of timing and volume of billings	6,800
Contract with customer liability, revenue recognized	$ 119,200	$ 72,200
Percentage of revenue recognized	56%	67%
Transaction price allocated to performance obligation	$ 294,400
Revenue remaining performance obligation percentage	80%

Goodwill and Intangible asset_2

Goodwill and Intangible assets - Additional Information (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 265,153	$ 265,153

Goodwill and intangible asset_3

Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,500	$ 2,500
Accumulated amortization	(1,304)	(1,179)
Net carrying amount	1,196	1,321
Trade name and other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,500	2,500
Accumulated amortization	(1,304)	(1,179)
Net carrying amount	$ 1,196	$ 1,321

The Transactions (Details)

The Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 03, 2023	Feb. 13, 2023	Feb. 12, 2023	Sep. 29, 2023	Mar. 31, 2023	Feb. 08, 2023
Shareholder equity and redeemable preferred units [Line Items]
Common stock, shares authorized (in shares)						500,000,000
Preferred stock, shares authorized (in shares)						50,000,000
Preferred stock, par or stated value per share (in USD per share)						$ 0.0001
Common stock, shares, outstanding (in shares)	62,053,870				98,204,522
Shares outstanding percentage owned	42.91%
Yuma, Inc
Shareholder equity and redeemable preferred units [Line Items]
Number of shares repurchased during the period (in shares)	14,025,000
TPG Rise
Shareholder equity and redeemable preferred units [Line Items]
Number of shares repurchased during the period (in shares)	1,606,562
Flex Ltd
Shareholder equity and redeemable preferred units [Line Items]
Shares outstanding percentage owned	51.45%
IPO
Shareholder equity and redeemable preferred units [Line Items]
Distribution in an aggregate amount			$ 175
IPO | Nextracker Inc.
Shareholder equity and redeemable preferred units [Line Items]
Common unit outstanding (in shares)				62,096,475
IPO | 2023 Credit Agreement
Shareholder equity and redeemable preferred units [Line Items]
Proceeds from term loan			150
IPO | Yuma, Inc.
Shareholder equity and redeemable preferred units [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)		30,590,000
Distribution in an aggregate amount			153.3
Proceeds from the IPO			693.8
Common unit price per unit (in USD per share)		$ 22.68
Common unit outstanding (in shares)		30,590,000
Number of shares repurchased during the period (in shares)		100
IPO | TPG Rise
Shareholder equity and redeemable preferred units [Line Items]
Distribution in an aggregate amount			$ 21.7
Follow-on Offering
Shareholder equity and redeemable preferred units [Line Items]
Consideration received on transaction	$ 552
Follow-on Offering | Flex Ltd
Shareholder equity and redeemable preferred units [Line Items]
Payments of stock issuance costs	$ 1.8
Class B common stock
Shareholder equity and redeemable preferred units [Line Items]
Common stock, shares authorized (in shares)				500,000,000	500,000,000
Common stock, par or stated value per share (in USD per share)				$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares, outstanding (in shares)				82,572,960
Class B common stock | TPG Rise
Shareholder equity and redeemable preferred units [Line Items]
Stock repurchased and retired during period (in shares)	1,606,562
Common stock, shares, outstanding (in shares)	8,140,341
Shares outstanding percentage owned	5.63%
Class B common stock | Flex Ltd
Shareholder equity and redeemable preferred units [Line Items]
Stock repurchased and retired during period (in shares)	14,025,000
Common stock, shares, outstanding (in shares)	74,432,619
Class B common stock | IPO | Yuma, Inc.
Shareholder equity and redeemable preferred units [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)			128,794,522
Class A common stock
Shareholder equity and redeemable preferred units [Line Items]
Common stock, shares authorized (in shares)				900,000,000	900,000,000	900,000,000
Common stock, par or stated value per share (in USD per share)				$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares, outstanding (in shares)				62,096,475	45,886,065
Class A common stock | TPG Rise
Shareholder equity and redeemable preferred units [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)			15,279,190
Class A common stock | IPO
Shareholder equity and redeemable preferred units [Line Items]
Issuance of Class A common stock sold in follow-on offering (in shares)		30,590,000
Proceeds from the IPO		$ 693.8
Class A common stock | Follow-on Offering
Shareholder equity and redeemable preferred units [Line Items]
Number of shares issued in transaction (in shares)	18,150,000
Consideration received on transaction	$ 662.5
Class A common stock | Follow-on Offering, Company Share
Shareholder equity and redeemable preferred units [Line Items]
Number of shares issued in transaction (in shares)	15,631,562
Class A common stock | Follow-on Offering, Certain Stockholder Shares
Shareholder equity and redeemable preferred units [Line Items]
Number of shares issued in transaction (in shares)	2,518,438

Stock-based compensation - Sche

Stock-based compensation - Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 18,216	$ 845	$ 26,857	$ 1,850
Cost of sales
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,245	345	5,171	755
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 14,971	$ 500	$ 21,686	$ 1,095

Stock-based compensation - Addi

Stock-based compensation - Additional information (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Sep. 29, 2023 USD ($) $ / shares shares
2022 Nextracker plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 101.4
Weighted-average period over which cost not yet recognized is expected to be recognized	2 years 6 months 3 days
2022 Nextracker plan | Common stock equivalents from RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of equity-based payment instruments granted during the period (in shares)	1,100,000
Award vesting period	3 years
Weighted average grant date fair values (in USD per share) | $ / shares	$ 40.16
2022 Nextracker plan | Common stock equivalents from PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of equity-based payment instruments granted during the period (in shares)	400,000
Weighted average grant date fair values (in USD per share) | $ / shares	$ 54.63
2022 Nextracker plan | Common stock equivalents from PSUs | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	0%
2022 Nextracker plan | Common stock equivalents from PSUs | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	300%
2022 Nextracker plan | Common stock equivalents from Options awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, weighted average grant date fair values (in USD per share) | $ / shares	$ 40.47
Gross number of share options granted during the period (in shares)	500,000
2017 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross number of share options granted during the period (in shares)	0
Unrecognized compensation cost | $	$ 1
Weighted-average period over which cost not yet recognized is expected to be recognized	1 year
Outstanding options (in shares)	0
Exercisable options (in shares)	0
2017 Plan | Common stock equivalents from RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of equity-based payment instruments granted during the period (in shares)	0
2017 Plan | Common stock equivalents from RSUs | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	2 years
2017 Plan | Common stock equivalents from RSUs | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years

Earnings per share - Schedule o

Earnings per share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
		Sep. 29, 2023	Sep. 29, 2023
Basic EPS
Net income available to Nextracker Inc. common stockholders, Income		$ 39,253	$ 59,682
Net income available to Nextracker Inc. common stockholders, Weighted average shares outstanding (in shares)		61,721,709	54,070,140
Net income available to Nextracker Inc. common stockholders, Per Share (in USD per share)	[1]	$ 0.64	$ 1.10
Effect of Dilutive impact
Income attributable to non-controlling interest and common stock equivalent from Class B common stock, Income		$ 42,156	$ 85,372
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)		82,916,511	90,560,516
Diluted EPS
Net income and comprehensive income, Income		$ 81,409	$ 145,054
Net income and comprehensive income, Weighted average shares outstanding (in shares)		147,141,142	147,008,353	[1]
Net income and comprehensive income, Per Share (in USD per share)	[1]	$ 0.55	$ 0.99
Common stock equivalents from Options awards
Effect of Dilutive impact
Common stock equivalents (in shares)		1,013,988	955,488
Diluted EPS
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)		500,000	500,000
Common stock equivalents from RSUs
Effect of Dilutive impact
Common stock equivalents (in shares)		1,106,310	996,010
Diluted EPS
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)		400,000	400,000
Common stock equivalents from PSUs
Effect of Dilutive impact
Common stock equivalents (in shares)		382,624	426,199
Diluted EPS
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)		400,000	400,000
[1] (1) Basic and diluted earnings per share is applicable only for the period following the initial public offering (“IPO”) and the related Transactions. See Note 5 for a description of the Transactions.

Relationship with parent and _3

Relationship with parent and related parties - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Mar. 31, 2023
Related Party Transaction [Line Items]
Amount of transaction		$ 48,017		$ 48,868
Flex Ltd
Related Party Transaction [Line Items]
Related party transaction purchases from related party	$ 26,900	13,900	$ 56,500	28,900
Related Party
Related Party Transaction [Line Items]
Due to related party	0		0		$ 12,239
Related Party | Flex Ltd
Related Party Transaction [Line Items]
Amount of transaction			0	3,200
General and administrative expense				2,100
Cost of goods and services sold				1,100
Due to related party					$ 8,300
Accounts payable	$ 4,200	$ 42,900	$ 1,600	$ 37,200

Relationship with parent and _4

Relationship with parent and related parties - Summary of Material Transactions Reflected on Accumulated Net Parent Investment (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Related Party Transaction [Line Items]
Net transfers from Parent	$ 48,017	$ 48,868
Corporate allocations (excluding stock-based compensation expense)
Related Party Transaction [Line Items]
Net transfers from Parent	38	1,398
Transfer of operations to Nextracker
Related Party Transaction [Line Items]
Net transfers from Parent	39,858	43,087
Net cash pooling activities
Related Party Transaction [Line Items]
Net transfers from Parent	(2,441)	(11,349)
Income taxes
Related Party Transaction [Line Items]
Net transfers from Parent	$ 10,562	$ 15,732

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Tax receivable agreement	$ 6,700
Income tax	$ 3,999	$ 11,076	$ 13,100	$ 16,776
Effective tax rates	4.70%	29%	8.30%	24.70%

Segment reporting - Additional

Segment reporting - Additional Information (Details)	6 Months Ended
	Sep. 29, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Segment reporting - Summary of

Segment reporting - Summary of Geographic Information of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Revenue, Major Customer [Line Items]
Revenue	$ 573,357	$ 467,142	$ 1,052,900	$ 870,372
U.S.
Revenue, Major Customer [Line Items]
Revenue	382,160	311,423	652,498	580,813
Rest of the World
Revenue, Major Customer [Line Items]
Revenue	$ 191,197	$ 155,719	$ 400,402	$ 289,559