$ARRY
Array Technologies, Inc.

2023 Q4 Form 10-Q Financial Statement

#000182072123000171 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $341.6M $350.4M
YoY Change -15.04% -31.96%
Cost Of Revenue $257.4M $263.1M
YoY Change -19.95% -39.5%
Gross Profit $84.23M $87.38M
YoY Change 4.61% 8.92%
Gross Profit Margin 24.66% 24.93%
Selling, General & Admin $43.71M $37.40M
YoY Change 15.9% -3.88%
% of Gross Profit 51.89% 42.8%
Research & Development $2.000M
YoY Change
% of Gross Profit 2.29%
Depreciation & Amortization $13.59M $900.0K
YoY Change -54.48% 28.57%
% of Gross Profit 16.13% 1.03%
Operating Expenses $54.01M $47.17M
YoY Change -13.86% -23.55%
Operating Profit $30.22M $40.21M
YoY Change 69.56% 117.09%
Interest Expense -$6.977M $13.06M
YoY Change -34.28% 49.37%
% of Operating Profit -23.09% 32.49%
Other Income/Expense, Net $252.0K -$9.762M
YoY Change -91.05% -129.19%
Pretax Income $23.50M $30.44M
YoY Change 174.86% -41.42%
Income Tax $409.0K $7.200M
% Of Pretax Income 1.74% 23.65%
Net Earnings $9.754M $23.21M
YoY Change -156.51% -43.13%
Net Earnings / Revenue 2.86% 6.62%
Basic Earnings Per Share $0.07
Diluted Earnings Per Share $0.06 $0.07
COMMON SHARES
Basic Shares Outstanding 151.2M shares 151.1M shares
Diluted Shares Outstanding 152.3M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $249.1M $174.0M
YoY Change 86.02% 177.17%
Cash & Equivalents $249.1M $174.0M
Short-Term Investments
Other Short-Term Assets $89.09M $45.00M
YoY Change 125.91% 8.94%
Inventory $162.0M $216.0M
Prepaid Expenses
Receivables $332.2M $427.7M
Other Receivables $0.00 $300.0K
Total Short-Term Assets $832.3M $863.1M
YoY Change 0.13% -1.0%
LONG-TERM ASSETS
Property, Plant & Equipment $31.89M $29.52M
YoY Change 37.59% 47.43%
Goodwill $435.6M $426.5M
YoY Change 4.66% 18.61%
Intangibles $350.4M $353.9M
YoY Change -9.31% -7.85%
Long-Term Investments
YoY Change
Other Assets $40.72M $41.55M
YoY Change 24.69% 51.09%
Total Long-Term Assets $874.5M $915.7M
YoY Change -0.04% 13.04%
TOTAL ASSETS
Total Short-Term Assets $832.3M $863.1M
Total Long-Term Assets $874.5M $915.7M
Total Assets $1.707B $1.779B
YoY Change 0.04% 5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $119.5M $171.7M
YoY Change -29.88% -13.86%
Accrued Expenses $73.00M $75.10M
YoY Change 24.61% -25.14%
Deferred Revenue $66.49M $100.8M
YoY Change -62.84% -34.87%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.47M $38.77M
YoY Change -44.5% -18.7%
Total Short-Term Liabilities $335.7M $400.5M
YoY Change -27.85% -21.95%
LONG-TERM LIABILITIES
Long-Term Debt $660.9M $658.9M
YoY Change -8.25% -9.13%
Other Long-Term Liabilities $20.43M $21.82M
YoY Change 37.95% 139.44%
Total Long-Term Liabilities $681.4M $680.7M
YoY Change -7.32% -16.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $335.7M $400.5M
Total Long-Term Liabilities $681.4M $680.7M
Total Liabilities $1.096B $1.162B
YoY Change -14.5% -12.76%
SHAREHOLDERS EQUITY
Retained Earnings -$130.2M -$153.3M
YoY Change -51.31% -40.66%
Common Stock $151.0K $151.0K
YoY Change 0.67% 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $259.2M $278.5M
YoY Change
Total Liabilities & Shareholders Equity $1.707B $1.779B
YoY Change 0.04% 5.76%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $9.754M $23.21M
YoY Change -156.51% -43.13%
Depreciation, Depletion And Amortization $13.59M $900.0K
YoY Change -54.48% 28.57%
Cash From Operating Activities $93.98M $71.60M
YoY Change -3.58% -31.67%
INVESTING ACTIVITIES
Capital Expenditures $5.374M $2.200M
YoY Change 36.78% -178.71%
Acquisitions
YoY Change
Other Investing Activities $168.0K $0.00
YoY Change -8500.0% -100.0%
Cash From Investing Activities -$5.206M -$2.200M
YoY Change 32.43% -21.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.32M -45.10M
YoY Change -29.9% -49.64%
NET CHANGE
Cash From Operating Activities 93.98M 71.60M
Cash From Investing Activities -5.206M -2.200M
Cash From Financing Activities -17.32M -45.10M
Net Change In Cash 71.46M 24.30M
YoY Change 3.81% 95.29%
FREE CASH FLOW
Cash From Operating Activities $93.98M $71.60M
Capital Expenditures $5.374M $2.200M
Free Cash Flow $88.61M $69.40M
YoY Change -5.27% -35.49%

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Organization, Business and Out-of-Period Adjustments <div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Array Technologies, Inc. (the “Company”), formerly ATI Intermediate Holdings, LLC, is a Delaware corporation formed in December 2018 as a wholly owned subsidiary of ATI Investment Parent, LLC (“Former Parent”). On October 14, 2020, the Company converted from a Delaware limited liability company to a Delaware corporation and changed the Company’s name to Array Technologies, Inc. The Company is headquartered in Albuquerque, New Mexico, and manufactures and supplies solar tracking systems and related products for customers across the United States and internationally. The Company, through its wholly-owned subsidiary, ATI Investment Sub, Inc., owns subsidiaries through which it conducts substantially all operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Acquisition of STI Norland</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">On January 11, 2022, the Company acquired 100% of the share capital of Soluciones Técnicas Integrales Norland, S.L.U., a Spanish private limited liability Company, and its subsidiaries (collectively, “STI”) with cash and common stock of the Company (the “STI Acquisition”). The STI Acquisition was accounted for as a business combination. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Upon completion of the STI Acquisition, the Company began operating as two reportable operating segments: the Array legacy operating segment (the “Array Legacy Operations”) and the newly acquired operations (the “STI Operations”) pertaining to STI.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Out-of-Period Adjustment for the Correction of Errors</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">During the first quarter of fiscal year 2023, the Company identified certain errors in its previously issued financial statements that have been corrected through a cumulative out-of-period adjustment in the condensed consolidated financial statements as of and for the three months ended March 31, 2023. The Company has concluded that the errors are not material to the previously issued financial statements and the cumulative out-of-period adjustment for the correction of these errors is not material to the financial statements for the three months ended March 31, 2023. Below is a summary of each of the errors corrected and a summary of the cumulative impact.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:125%">Capped Calls</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">As discussed in Note 10 – Debt of the Company’s consolidated financial statements for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 22, 2023, in November 2021 the Company paid $52.9 million to enter into capped call option agreements (the “Capped Calls”) to reduce the potential dilution to holders of the Company’s common stock after a conversion of the Company’s Convertible Notes (as defined below). The Company originally concluded that the Capped Calls met the criteria for equity classification because the Capped Calls are indexed to the Company’s common stock, and the Company has discretion to settle the Capped Calls in shares or cash. As a result, the Company originally recorded the amount paid for the Capped Calls as a reduction to additional paid-in capital of $52.9 million, offset by $12.4 million of income taxes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">When the Company entered into the Capped Calls, the Company executed certain side letters (the “Side Letters”) with the counterparties that replaced some of the terms described in the primary contract including the volatility inputs used to value the Capped Calls under certain circumstances. Upon further evaluation, the Company has concluded that the modification to the volatility inputs precludes the Capped Calls from being </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">indexed to its own stock because there is the possibility that the Capped Calls will settle at an amount that exceeds fair value and, therefore, prevents the Capped Calls from being classified as equity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">In addition, the Side Letters also provide for certain adjustments to settlement amounts on the basis of holder-specific taxes which are impermissible inputs to the valuation that also prevents the Capped Calls from being indexed to the Company’s own stock, and therefore, prevents the Capped Calls from being classified as equity. As a result, for the three months ended March 31, 2023, the Company has concluded that the cash paid for the Capped Calls should have been recorded as an asset of $52.9 million with the asset being subsequently marked to market at the end of each accounting period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:125%">Additional Closing Purchased Put Option</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">As discussed in Note 11 – Redeemable Perpetual Preferred Stock, of the Company’s consolidated financial statements for the fiscal year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023, in August 2021 the Company entered into a Securities Purchase Agreement (the “SPA”) with certain Purchasers (as defined below), which gives the Company the option to require the Purchasers to purchase up to an additional 150,000 shares of Series A Shares (as defined below) and up to 3,375,000 shares of common stock for $148.0 million until June 30, 2023 (the “Put Option”), which has expired. Upon issuance of the Put Option, the Company recorded a reduction to additional paid-in-capital of approximately $12.4 million because the Company originally concluded that the Put Option should be classified as equity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">During the first quarter of 2023, the Company reconsidered the provisions of this option. Because the Series A Shares underlying the Put Option could potentially require redemption under the Certificate of Designations governing the Series A Shares, the Put Option should not have been equity classified. As a result, during the three months ended March 31, 2023, the Company has concluded that the value of the Put Option at inception should have been recorded as an asset of $12.4 million, with the asset being subsequently marked to market at the end of each accounting period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:125%">Correction of the Capped Calls and Put Option </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">The adjustments to correct the Capped Calls and the Put Option at January 1, 2023 resulted in an increase in Derivative assets of $55.7 million, a decrease in Deferred income tax assets of $11.0 million, an increase in additional paid-in-capital of $52.9 million, and a decrease in net income of $8.1 million.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:125%">Goodwill</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">In connection with the acquisition of STI, the Company had understated goodwill by $2.0 million and overstated inventory by the same amount that was sold during fiscal 2022. The Company corrected the goodwill balance during the first quarter of fiscal year 2023, resulting in an increase in goodwill and a decrease in cost of goods sold.</span></div>
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ReclassificationsBeginning in the third quarter of 2023, the Company reclassified amounts recorded for amortization of certain acquired intangible assets in prior presentations from Total operating expenses under the caption "Depreciation and amortization" to Total cost of revenue under the caption "Amortization of developed technology" in the condensed consolidated statements of operations. The Company believes this presentation enhances the comparability of the Company’s financial statements to industry peers.
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Use of Estimates </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements; however, management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.</span></div>
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
133726000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
66574000 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
82292000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
166585000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
216018000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
233159000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
50346000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
40993000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
20825000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17819000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29521000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23174000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
900000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
700000 usd
CY2023Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
400000 usd
CY2022Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
400000 usd
CY2023Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
500000 usd
CY2022Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
300000 usd
us-gaap Depreciation
Depreciation
2400000 usd
us-gaap Depreciation
Depreciation
1900000 usd
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
1000000 usd
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
1200000 usd
us-gaap Depreciation Nonproduction
DepreciationNonproduction
1400000 usd
us-gaap Depreciation Nonproduction
DepreciationNonproduction
600000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
416184000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
8357000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
426541000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
609265000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
602432000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
265642000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
226368000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
343623000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
376064000 usd
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
353923000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
386364000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12600000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
24600000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
38800000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
73500000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
12384000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
49538000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
49538000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
45232000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
40588000 usd
CY2023Q3 arry Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
146343000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
343623000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7200000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39500000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-23200000 usd
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 usd
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 usd
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 usd
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
719528000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
789426000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
21882000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
30383000 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
38767000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
38691000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
658879000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
720352000 usd
CY2022Q1 arry Percentage Of Variable Weighted Average Price Of Temporary Equity
PercentageOfVariableWeightedAveragePriceOfTemporaryEquity
0.95
arry Temporary Equity Put Option Commitment Fee Paid
TemporaryEquityPutOptionCommitmentFeePaid
1500000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
350438000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
515024000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1234936000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1235475000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
74076000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
101513000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
100757000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
178922000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
153900000 usd
arry Contract With Customer Liability Revenue Recognized Percentage
ContractWithCustomerLiabilityRevenueRecognizedPercentage
0.86
CY2023Q3 arry Revenue Bill And Hold Performance Obligation Amount
RevenueBillAndHoldPerformanceObligationAmount
0 usd
arry Revenue Bill And Hold Performance Obligation Amount
RevenueBillAndHoldPerformanceObligationAmount
22800000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
336200000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
1
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
23214000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
40644000 usd
us-gaap Net Income Loss
NetIncomeLoss
114154000 usd
us-gaap Net Income Loss
NetIncomeLoss
9683000 usd
CY2023Q3 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
13091000 usd
CY2022Q3 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
12257000 usd
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
38359000 usd
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
36045000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10123000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10123000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
28387000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
28387000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
75795000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
75795000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26362000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-26362000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
151068000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150322000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150865000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149604000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1255000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1060000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1219000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152323000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
151382000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152083000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149604000 shares
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
arry Incremental Common Shares Attributable To Anti Dilutive Effect Of Share Based Payment Arrangements
IncrementalCommonSharesAttributableToAntiDilutiveEffectOfShareBasedPaymentArrangements
108111 shares
CY2023Q3 us-gaap Other Borrowings
OtherBorrowings
55300000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3400000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11900000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11700000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
24700000 usd
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
350438000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
515024000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1234936000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1235475000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
87379000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
76583000 usd
us-gaap Gross Profit
GrossProfit
331322000 usd
us-gaap Gross Profit
GrossProfit
135838000 usd
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

Files In Submission

Name View Source Status
arry-20230930_def.xml Edgar Link unprocessable
arry-20230930_pre.xml Edgar Link unprocessable
arry-20230930_cal.xml Edgar Link unprocessable
arry-20230930_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0001820721-23-000171-index-headers.html Edgar Link pending
0001820721-23-000171-index.html Edgar Link pending
0001820721-23-000171.txt Edgar Link pending
0001820721-23-000171-xbrl.zip Edgar Link pending
arry-20230930.htm Edgar Link pending
arry-20230930.xsd Edgar Link pending
arry-20230930_g1.jpg Edgar Link pending
exhibit3112023q3.htm Edgar Link pending
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