# EDGAR Filing Document

**Accession Number:** 0001852131
**File Stem:** 0000000000-23-001139
**Filing Date:** 2023-2
**Character Count:** 13535
**Document Hash:** d92c5f1408f953733c3886cad582f84f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001139.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000000000-23-001139

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230203

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nextracker Inc.
- **CENTRAL INDEX KEY:** 0001852131
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 6200 PASEO PADRE PARKWAY
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94555
- **BUSINESS PHONE:** 510-270-2500

**MAIL ADDRESS:**
- **STREET 1:** 6200 PASEO PADRE PARKWAY
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94555

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nextracker LLC
- **DATE OF NAME CHANGE:** 20220215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nextracker Inc.
- **DATE OF NAME CHANGE:** 20210318

## Text-Extract

```

United States securities and exchange commission logo

                               February 3, 2023

       Heather Childress
       Vice President, Deputy General Counsel
       Nextracker Inc.
       6200 Paseo Padre Parkway
       Fremont, California 94555

                                                        Re: Nextracker Inc.
                                                            Amendment No.2 to
Registration Statement on Form S-1
                                                            Filed February 1,
2023
                                                            File No. 333-269238

       Dear Heather Childress:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Amendment No. 2 to Form S-1 filed February 1, 2023

       Capitalization, page 90

   1.                                                   Please revise the
historical number of redeemable preferred units issued and outstanding
                                                        at September 30, 2022
to reflect the reverse unit split. This comment is also applicable to
                                                        the unaudited pro forma
condensed combined balance sheet on page 102.

       Dilution, page 91

   2.                                                   You disclose pro forma
net tangible book value of $351.1 million and pro forma as
                                                        adjusted net tangible
book value of $176.1 million at September 30, 2022. Please more
                                                        fully explain to us,
and revise the filing to clarify, how each amount, as well as the related
                                                        per share amounts, were
calculated.
 Heather Childress
FirstName
NextrackerLastNameHeather Childress
          Inc.
Comapany3,NameNextracker
February   2023          Inc.
February
Page 2 3, 2023 Page 2
FirstName LastName
3.       Please revise the table on page 92 that summarizes the total number of
shares of Class A
         common stock purchased, the total consideration paid or to be paid,
and the average price
         paid per share, by existing stockholders and new investors, at
September 30, 2022, to
         address the following:
             Provide separate disclosures for each existing stockholder, Flex
and TPG; and
             Clarify if the Total Consideration from existing stockholders was
reduced by the
             $175 million Distribution that they will receive, if not, explain
why or revise.
Preliminary financial results for the three and nine months ended December 31,
2022
Reconciliation of GAAP to Non-GAAP Financial Measures, page 99

4.       It appears Adjusted free cash flow for the nine-month period ended
December 31, 2022
         should read $69 million. Please revise the table as appropriate.
Unaudited Pro Forma Condensed Combined Financial Statements
Notes to the Unaudited Pro Forma Condensed Combined Balance Sheet, page 103

5.       Refer to note 4. Please more fully explain to us, and revise the
filing to clarify, how you
         calculated the net book value of member   s interest of $428.1 at
September 30, 2022 and
         explain the terms of the non-controlling interests that result in them
being classified as
         redeemable. Please also explain why you used the 16.1% interest to
calculate the
         redeemable non-controlling interests rather than the 26.75% interest
disclosed in the
         forepart of filing, including the diagram on page 19, which includes
the interests held
         through the blocker corporations that also appear to be held by
Nextracker Inc.
Notes to the Unaudited Pro Forma Condensed Combined Statements of Operations,
page 106

6.       Refer to note 3. Please more fully explain to us, and revise the
filing to clarify, how you
         calculated net income and comprehensive income attributable to the
non-controlling
         interests during each period based on the amounts of income before
income taxes in the
         pro forma financial statements. Please also explain why you used a
80.7% interest to
         calculate these amounts relative to either the 83.9% interest used in
note 4 on page 104 or
         a 73.25% interest as implied by the 26.75% interest disclosed in the
forepart of filing,
         including the diagram on page 19.
7.       Refer to note 5. We note you adjusted the weighted average shares
outstanding to add 4.9
         million shares to represent the number of shares necessary to repay
the amount of the
         $175 Distribution that exceeds the income you generated over the last
12 months. We note
         such adjustments are generally required when historical earnings per
disclosures are
         adjusted to present pro forma earnings per share disclosures; however,
since your pro
         forma earnings per share calculations already include all the shares
that will be issued as a
         result of the offering, it is not clear why additional shares would be
required to be added
         as it appears this results in more shares outstanding than will be
issued. Please advise or
         revise.
 Heather Childress
Nextracker Inc.
February 3, 2023
Page 3
8.    In regard to Note 7, please explain the inclusion of payment in kind
dividends for the
      redeemable preferred units. In this regard, we note the pro forma
statements of operations
      assume transactions are presented as if they occurred on April 1, 2021,
which would
      appear to include the conversion of the redeemable preferred units.
       You may contact Dale Welcome at 202-551-3865 or Anne McConnell at
202-551-3709 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Alex King at 202-551-8631 or Jay Ingram at 202-551-3397 with any other
questions.

                                                           Sincerely,
FirstName LastNameHeather Childress
                                                           Division of
Corporation Finance
Comapany NameNextracker Inc.
                                                           Office of
Manufacturing
February 3, 2023 Page 3
cc:       Lindsey A. Smith
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

February 3, 2023

Heather Childress  
Vice President, Deputy General Counsel  
Nextracker Inc.  
6200 Paseo Padre Parkway  
Fremont, California 94555

**Re: Nextracker Inc.**

**Amendment No.2 to Registration Statement on Form S-1**

**Filed February 1, 2023**

**File No. 333-269238**

Dear Heather Childress:

We have reviewed your amended registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Amendment No. 2 to Form S-1 filed February 1, 2023

Capitalization, page 90

1. Please revise the historical number of redeemable preferred units issued and outstanding at September 30, 2022 to reflect the reverse unit split. This comment is also applicable to the unaudited pro forma condensed combined balance sheet on page 102.

Dilution, page 91

2. You disclose pro forma net tangible book value of $351.1 million and pro forma as adjusted net tangible book value of $176.1 million at September 30, 2022. Please more fully explain to us, and revise the filing to clarify, how each amount, as well as the related per share amounts, were calculated.

Heather Childress
Nextracker Inc.
February 3, 2023
Page 2

3. Please revise the table on page 92 that summarizes the total number of shares of Class A common stock purchased, the total consideration paid or to be paid, and the average price paid per share, by existing stockholders and new investors, at September 30, 2022, to address the following:
- Provide separate disclosures for each existing stockholder, Flex and TPG; and
- Clarify if the Total Consideration from existing stockholders was reduced by the $175 million Distribution that they will receive, if not, explain why or revise.

Preliminary financial results for the three and nine months ended December 31, 2022
Reconciliation of GAAP to Non-GAAP Financial Measures, page 99

4. It appears Adjusted free cash flow for the nine-month period ended December 31, 2022 should read $69 million. Please revise the table as appropriate.

Unaudited Pro Forma Condensed Combined Financial Statements
Notes to the Unaudited Pro Forma Condensed Combined Balance Sheet, page 103

5. Refer to note 4. Please more fully explain to us, and revise the filing to clarify, how you calculated the net book value of member's interest of $428.1 at September 30, 2022 and explain the terms of the non-controlling interests that result in them being classified as redeemable. Please also explain why you used the 16.1% interest to calculate the redeemable non-controlling interests rather than the 26.75% interest disclosed in the forepart of filing, including the diagram on page 19, which includes the interests held through the blocker corporations that also appear to be held by Nextracker Inc.

Notes to the Unaudited Pro Forma Condensed Combined Statements of Operations, page 106

6. Refer to note 3. Please more fully explain to us, and revise the filing to clarify, how you calculated net income and comprehensive income attributable to the non-controlling interests during each period based on the amounts of income before income taxes in the pro forma financial statements. Please also explain why you used a 80.7% interest to calculate these amounts relative to either the 83.9% interest used in note 4 on page 104 or a 73.25% interest as implied by the 26.75% interest disclosed in the forepart of filing, including the diagram on page 19.
7. Refer to note 5. We note you adjusted the weighted average shares outstanding to add 4.9 million shares to represent the number of shares necessary to repay the amount of the $175 Distribution that exceeds the income you generated over the last 12 months. We note such adjustments are generally required when historical earnings per disclosures are adjusted to present pro forma earnings per share disclosures; however, since your pro forma earnings per share calculations already include all the shares that will be issued as a result of the offering, it is not clear why additional shares would be required to be added as it appears this results in more shares outstanding than will be issued. Please advise or revise.

Heather Childress
Nextracker Inc.
February 3, 2023
Page 3

8. In regard to Note 7, please explain the inclusion of payment in kind dividends for the redeemable preferred units. In this regard, we note the pro forma statements of operations assume transactions are presented as if they occurred on April 1, 2021, which would appear to include the conversion of the redeemable preferred units.

You may contact Dale Welcome at 202-551-3865 or Anne McConnell at 202-551-3709 if you have questions regarding comments on the financial statements and related matters. Please contact Alex King at 202-551-8631 or Jay Ingram at 202-551-3397 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Manufacturing

cc: Lindsey A. Smith