$ARRY
Array Technologies, Inc.

2024 Q3 Form 10-Q Financial Statement

#000182072124000062 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $231.4M $255.8M $507.7M
YoY Change -33.97% -49.63% 19.48%
Cost Of Revenue $153.1M $169.8M $357.7M
YoY Change -41.8% -52.52% -5.26%
Gross Profit $78.32M $85.95M $150.0M
YoY Change -10.37% -42.71% 216.7%
Gross Profit Margin 33.84% 33.61% 29.55%
Selling, General & Admin $40.15M $36.97M $40.25M
YoY Change 7.35% -8.15% 27.74%
% of Gross Profit 51.27% 43.01% 26.83%
Research & Development $1.600M $1.800M $2.300M
YoY Change -20.0% -21.74%
% of Gross Profit 2.04% 2.09% 1.53%
Depreciation & Amortization $1.300M $1.100M $13.16M
YoY Change 44.44% -91.64% -46.41%
% of Gross Profit 1.66% 1.28% 8.77%
Operating Expenses $211.0M $46.35M $53.80M
YoY Change 347.26% -13.85% -3.75%
Operating Profit -$132.7M $39.60M $96.24M
YoY Change -430.0% -58.85% -1229.32%
Interest Expense -$4.147M -$4.300M -$9.155M
YoY Change -131.74% -53.03% -6.17%
% of Operating Profit -10.86% -9.51%
Other Income/Expense, Net -$4.829M -$6.094M $125.0K
YoY Change -50.53% -4975.2% -133.69%
Pretax Income -$137.5M $33.51M $87.21M
YoY Change -551.68% -61.58% -613.85%
Income Tax $3.900M $7.800M $22.40M
% Of Pretax Income 23.28% 25.69%
Net Earnings -$141.4M $25.70M $52.02M
YoY Change -708.92% -50.6% -1973.39%
Net Earnings / Revenue -61.08% 10.05% 10.25%
Basic Earnings Per Share -$1.02 $0.08 $0.34
Diluted Earnings Per Share -$1.02 $0.08 $0.34
COMMON SHARES
Basic Shares Outstanding 151.9M shares 151.8M shares 150.9M shares
Diluted Shares Outstanding 151.9M shares 152.2M shares 152.1M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $332.4M $282.3M $156.0M
YoY Change 91.02% 81.01% 205.54%
Cash & Equivalents $332.4M $282.3M $156.0M
Short-Term Investments
Other Short-Term Assets $92.10M $91.26M $42.74M
YoY Change 104.66% 113.52% -19.1%
Inventory $195.7M $165.6M $206.9M
Prepaid Expenses
Receivables $282.1M $309.7M $502.4M
Other Receivables $0.00 $0.00 $312.0K
Total Short-Term Assets $902.3M $848.9M $908.2M
YoY Change 4.54% -6.53% 0.03%
LONG-TERM ASSETS
Property, Plant & Equipment $27.63M $26.68M $30.67M
YoY Change -6.41% -13.03% 72.31%
Goodwill $250.9M $402.5M $441.3M
YoY Change -41.18% -8.78% 5.64%
Intangibles $301.6M $307.6M $375.5M
YoY Change -14.78% -18.09% -13.98%
Long-Term Investments
YoY Change
Other Assets $65.01M $52.45M $97.09M
YoY Change 56.44% -45.98% 97.76%
Total Long-Term Assets $660.8M $802.6M $944.5M
YoY Change -27.83% -15.03% 8.89%
TOTAL ASSETS
Total Short-Term Assets $902.3M $848.9M $908.2M
Total Long-Term Assets $660.8M $802.6M $944.5M
Total Assets $1.563B $1.652B $1.853B
YoY Change -12.12% -10.86% 4.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $149.2M $112.5M $188.6M
YoY Change -13.12% -40.37% -18.79%
Accrued Expenses $50.46M $58.90M $62.70M
YoY Change -32.82% -6.05% 2.9%
Deferred Revenue $112.6M $90.98M $114.8M
YoY Change 11.77% -20.75% -31.48%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $28.06M $29.22M $37.45M
YoY Change -27.63% -21.97% -27.27%
Total Short-Term Liabilities $374.9M $337.6M $435.0M
YoY Change -6.4% -22.39% -15.59%
LONG-TERM LIABILITIES
Long-Term Debt $648.3M $651.5M $702.5M
YoY Change -1.6% -7.25% -11.93%
Other Long-Term Liabilities $16.89M $18.61M $28.15M
YoY Change -22.62% -33.88% 61.71%
Total Long-Term Liabilities $665.2M $670.1M $730.6M
YoY Change -2.28% -8.28% -10.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $374.9M $337.6M $435.0M
Total Long-Term Liabilities $665.2M $670.1M $730.6M
Total Liabilities $1.106B $1.073B $1.240B
YoY Change -4.85% -13.5% -12.34%
SHAREHOLDERS EQUITY
Retained Earnings -$243.7M -$102.4M -$176.5M
YoY Change 58.97% -42.01% -41.71%
Common Stock $151.0K $151.0K $151.0K
YoY Change 0.0% 0.0% 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.49M $200.0M $612.3M
YoY Change
Total Liabilities & Shareholders Equity $1.563B $1.652B $1.853B
YoY Change -12.12% -10.86% 4.36%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$141.4M $25.70M $52.02M
YoY Change -708.92% -50.6% -1973.39%
Depreciation, Depletion And Amortization $1.300M $1.100M $13.16M
YoY Change 44.44% -91.64% -46.41%
Cash From Operating Activities $44.94M $3.957M $20.54M
YoY Change -37.24% -80.74% -292.56%
INVESTING ACTIVITIES
Capital Expenditures $1.077M $2.131M $5.541M
YoY Change -51.05% -61.54% -460.27%
Acquisitions
YoY Change
Other Investing Activities $11.97M $29.00K $0.00
YoY Change -100.0%
Cash From Investing Activities $10.90M -$2.102M -$5.541M
YoY Change -595.32% -62.06% 259.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.097M 431.0K -15.55M
YoY Change -82.05% -102.77% -170.82%
NET CHANGE
Cash From Operating Activities 44.94M 3.957M 20.54M
Cash From Investing Activities 10.90M -2.102M -5.541M
Cash From Financing Activities -8.097M 431.0K -15.55M
Net Change In Cash 47.74M 2.286M -553.0K
YoY Change 96.44% -513.38% -105.67%
FREE CASH FLOW
Cash From Operating Activities $44.94M $3.957M $20.54M
Capital Expenditures $1.077M $2.131M $5.541M
Free Cash Flow $43.86M $1.826M $15.00M
YoY Change -36.8% -87.83% -264.3%

Facts In Submission

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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Organization, Business and Out-of-Period Adjustments </span><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. </span></div>Headquartered in Albuquerque, New Mexico, the Company is a leading global manufacturer and supplier of utility-scale solar tracking systems and technologies.
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Reclassifications</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%">Software Implementation Costs</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 the Company reclassified capitalized software costs recorded as Property, plant and equipment, net to Intangible assets, net on the condensed consolidated balance sheets. The reclassification was recorded retrospectively and resulted in a $4.0 million increase to Intangible assets, net at December 31, 2023, with a corresponding decrease in the same amount to Property, plant and equipment, net.</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%">These reclassifications did not impact the Company’s operating income (loss), net income (loss), earnings (loss) per share, or statements of cash flows for any current or historical periods.</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%">Amortization of Developed Technology</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%">Beginning in the third quarter of 2023, the Company retrospectively 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. </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%">These reclassifications did not impact the Company’s operating income (loss), net income (loss) or earnings (loss) per share for any current or historical periods. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows.</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%">Brazil Value-Added Tax Benefit</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%">Revenue in 2023, excludes a Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), that has been reclassified and included in cost of revenues for all periods presented. For the six months ended June 30, 2023, the Brazil ICMS value-added tax benefit was $13.2 million, which has been included in cost of sales.</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%">This reclassification had no impact on the Company’s gross profit, income (loss) from operations, net income or income (loss) per common share in the current period. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows.</span></div>
CY2024Q2 arry Equity Securities Without Readily Determinable Fair Value Ownership Percentage
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<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 condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.</span></div>
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CY2024Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
13749000 usd
CY2023Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
12784000 usd
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
27251000 usd
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
25268000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
11949000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11949000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
52381000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
52381000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
612000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
612000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
69532000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
69532000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
151797000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150919000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
151574000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150763000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
410000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1210000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
596000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1207000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152207000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152129000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152170000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
151970000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2024Q2 arry Incremental Common Shares Attributable To Anti Dilutive Effect Of Share Based Payment Arrangements
IncrementalCommonSharesAttributableToAntiDilutiveEffectOfShareBasedPaymentArrangements
479623 shares
arry Incremental Common Shares Attributable To Anti Dilutive Effect Of Share Based Payment Arrangements
IncrementalCommonSharesAttributableToAntiDilutiveEffectOfShareBasedPaymentArrangements
473074 shares
CY2023Q2 arry Incremental Common Shares Attributable To Anti Dilutive Effect Of Share Based Payment Arrangements
IncrementalCommonSharesAttributableToAntiDilutiveEffectOfShareBasedPaymentArrangements
52609 shares
arry Incremental Common Shares Attributable To Anti Dilutive Effect Of Share Based Payment Arrangements
IncrementalCommonSharesAttributableToAntiDilutiveEffectOfShareBasedPaymentArrangements
57263 shares
CY2024Q2 us-gaap Other Borrowings
OtherBorrowings
37700000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
800000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4800000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8600000 usd
arry Deferred Compensation Arrangements Percentage Of Base Salary
DeferredCompensationArrangementsPercentageOfBaseSalary
0.50
arry Deferred Compensation Arrangements Percentage Of Compensation
DeferredCompensationArrangementsPercentageOfCompensation
1
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
300000 usd
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
255766000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
507725000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
409169000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
884498000 usd
CY2024Q2 us-gaap Gross Profit
GrossProfit
85953000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
146402000 usd
us-gaap Gross Profit
GrossProfit
141043000 usd
us-gaap Gross Profit
GrossProfit
243942000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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