ARRAY TECHNOLOGIES, INC. (ARRY)

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ARRAY TECHNOLOGIES, INC.

ARRY • CIK 0001820721

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Revenue from Contract with Customer, Excluding Assessed Tax	$1,576,551	$915,807	$1,284,141	$1,185,012
Gross Profit	$415,551	$297,677	$298,553	$287,609
Interest and Other Income	$8,330	$16,777	$11,852	$9,522
InterestExpenseNonoperating	—	$34,825	$27,331	$21,877
Foreign Currency Transaction Gain (Loss), before Tax	$-53	$-4,515	$2,042	$700
Gain (Loss) on Extinguishment of Debt	$457	$0	$14,207	$0
Other Nonoperating Income (Expense)	$-1,015	$-1,008	$-992	$-1,092
Nonoperating Income (Expense)	$-36,967	$-23,571	$-222	$-12,747
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$177,157	$-250,576	$-29,217	$-73,528
Income Tax Expense (Benefit)	$39,917	$-10,182	$23,018	$12,372
Net Income (Loss) Attributable to Parent	$137,240	$-240,394	$-52,235	$-85,900
Preferred Stock Dividends and Other Adjustments	—	—	$59,797	$62,011
Net Income (Loss) Available to Common Stockholders, Basic	$85,549	$-296,064	$-112,032	$-147,911
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$1,146,442	$603,572	$938,552	$846,417
Cost, Amortization	$14,558	$14,558	$17,520	$21,470
Cost of Revenue	$1,161,000	$618,130	$985,588	$897,403
General and Administrative Expense	$159,535	$160,567	$198,612	$214,442
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$2,964	$125	$177	$32
Depreciation, Depletion and Amortization, Nonproduction	$38,928	$36,086	$26,199	$31,356
Impairment of Long-Lived Assets Held-for-use	—	$91,904	$0	$0
Goodwill, Impairment Loss	—	$236,000	$102,560	$102,560
Operating Expenses	$201,427	$524,682	$327,548	$348,390
Operating Income (Loss)	$214,124	$-227,005	$-28,995	$-60,781
Weighted Average Number of Shares Outstanding, Basic	150,942,000	151,754,000	152,537,000	153,620,000
Weighted Average Number of Shares Outstanding, Diluted	152,022,000	151,754,000	152,537,000	152,993,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	1,080,000	0	0	-627,000

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Cash and Cash Equivalents, at Carrying Value	$249,080	$362,992	$244,388	$307,302
Restricted Cash	—	$1,149	$1,596	$0
Property, Plant and Equipment, Net	$31,886	$26,222	$58,225	$68,180
Accounts Receivable, after Allowance for Credit Loss, Current	$332,152	$275,838	$271,578	$323,439
Inventory, Net	$161,964	$200,818	$150,374	$156,469
Goodwill	$435,591	$160,189	$135,173	$135,173
Prepaid Expense and Other Assets, Current	$89,085	$157,927	$201,108	$104,576
Intangible Assets, Net (Excluding Goodwill)	$350,396	$181,409	$238,579	$212,472
Assets, Current	$832,281	$998,724	$869,044	$891,786
Deferred Income Tax Assets, Net	$15,870	$17,754	$23,965	$24,843
Other Assets, Noncurrent	$40,717	$41,701	$29,718	$109,202
Assets	$1,706,741	$1,425,999	$1,451,792	$1,534,036
Deferred Income Tax Liabilities, Net	$66,858	$21,398	$22,133	$20,374
Business Combination, Contingent Consideration, Liability, Noncurrent	$8,936	$7,868	$12,739	$13,596
Product Warranty Accrual, Noncurrent	$3,372	$4,830	$5,466	$5,863
Long-term Debt, Excluding Current Maturities	$660,948	$646,570	$658,664	$657,749
Other Liabilities, Noncurrent	$20,428	$18,684	$25,838	$1,488
Liabilities	$1,096,233	$1,137,164	$1,191,404	$1,237,943
Temporary Equity, Carrying Amount, Attributable to Parent	$351,260	$406,931	$466,728	$498,173
Accounts Payable, Current	$119,498	$172,368	$143,994	$161,092
Other Accrued Liabilities, Current	$70,211	$91,183	$54,289	$19,648
Accrued Income Taxes, Current	$5,754	$5,227	$4,687	$3,839
Contract with Customer, Liability, Current	$66,488	$119,775	$128,433	$105,103
Business Combination, Contingent Consideration, Liability, Current	$1,427	$1,193	$14,551	$10,975
Product Warranty Accrual, Current	$2,790	$2,063	$10,844	$12,390
Long-term Debt, Current Maturities	$21,472	$30,714	$10,315	$0
Other Liabilities, Current	$48,051	$15,291	$2,237	$3,451
Liabilities, Current	$335,691	$437,814	$377,012	$405,762
Preferred Stock, Value, Issued	$0	$0	$0	$0
Common Stock, Value, Issued	$151	$151	$152	$155
Additional Paid in Capital	$344,517	$297,780	$226,848	$203,156
Retained Earnings (Accumulated Deficit)	$-130,230	$-370,624	$-422,859	$-396,516
Accumulated Other Comprehensive Income (Loss), Net of Tax	$44,810	$-45,403	$-10,481	$-8,875
Stockholders' Equity Attributable to Parent	$259,248	$-118,096	$-206,340	$-202,080
Temporary Equity, Shares Authorized	500,000	500,000	500,000	500,000
Temporary Equity, Shares Issued	432,759	460,920	490,829	400,000
Temporary Equity, Liquidation Preference	$493,100	$493,100	$493,100	$506,400
Preferred Stock, Shares Authorized	4,500,000	4,500,000	4,500,000	4,500,000
Preferred Stock, Shares Issued	0	0	0	0
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	151,242,120	151,951,652	152,779,614	153,972,487
Inventory, Raw Materials, Gross	$86,614	$60,588	$47,613	$47,613
Inventory, Work in Process, Gross	—	—	$2,195	$2,195
Inventory, Finished Goods, Gross	$75,350	$140,230	$100,566	$100,566
Severance Costs	—	—	$1,200	$800
Prepaid Taxes	—	—	$27,319	$27,841
Other Assets, Current	—	—	$21,753	$25,355
Accounts Payable and Accrued Liabilities, Current	—	—	$12,332	$12,332
Employee-related Liabilities, Current	$15,778	$13,068	$17,135	$31,850
Interest Payable, Current	$4,723	$692	$5,564	$5,282
Taxes Payable, Current	$5,560	$4,019	$1,853	$1,853
Other Sundry Liabilities, Current	$22,602	$27,361	$17,405	$17,405

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss) Attributable to Parent	$137,240	$-240,394	$-52,235	$-85,900
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1,806	$-17,503	$5,999	$2,126
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$115,179	$115,061	$-118,157	$-71,468
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$249,080	$364,141	$245,984	$98,484
Goodwill, Impairment Loss	—	$236,000	$102,560	$102,560
Payments to Acquire Property, Plant, and Equipment	$16,989	$7,305	$21,972	$28,133
Impairment of Long-Lived Assets Held-for-use	—	$91,904	$0	$0
Payments to Acquire Businesses, Net of Cash Acquired	$0	$0	$164,916	$164,916
Accounts Receivable, Credit Loss Expense (Reversal)	$2,527	$2,058	$912	$-995
Proceeds from Sale of Property, Plant, and Equipment	$168	$34	$0	$0
Deferred Income Tax Expense (Benefit)	$-8,862	$-37,650	$3,195	$804
Payments to Acquire Equipment on Lease	—	$11,276	$0	$0
Other Depreciation and Amortization	$40,268	$38,221	$29,768	$33,587
PaymentsToAcquireEquitySecuritiesFvNi	—	$3,000	$1,000	$1,000
Cost, Amortization	$14,558	$14,558	$17,520	$21,470
ProceedsFromSaleOfEquitySecuritiesFvNi	—	$11,975	$0	$0
Amortization of Debt Issuance Costs and Discounts	$10,570	$6,087	$5,216	$3,527
Net Cash Provided by (Used in) Investing Activities	$-16,821	$-9,572	$-187,888	$-194,049
Gain (Loss) on Extinguishment of Debt	$457	$0	$14,207	$0
Share-based Payment Arrangement, Noncash Expense	$14,540	$10,349	$15,571	$17,395
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$2,964	$125	$177	$32
Inventory Write-down	$6,431	$2,923	$29,516	$29,516
Other Noncash Income (Expense)	—	—	$2,032	$1,352
Increase (Decrease) in Accounts Receivable	$-92,800	$-41,423	$-31,008	$-31,008
Proceeds from Other Debt	$63,311	$93,059	$151,151	$132,341
Increase (Decrease) in Inventories	$-66,743	$44,787	$-52,852	$-52,852
Proceeds from Convertible Debt	—	—	$345,000	$0
Increase (Decrease) in Income Taxes Receivable	$-9	$4,112	$6,849	$6,849
Increase (Decrease) in Prepaid Expense and Other Assets	$10,840	$69,708	$25,844	$25,844
Payments of Debt Issuance Costs	—	—	$10,434	$0
Increase (Decrease) in Other Accounts Payable	$-37,654	$58,180	$-35,868	$-35,868
Repayments of Other Debt	$88,063	$97,424	$174,392	$170,641
Increase (Decrease) in Accrued Liabilities	$5,325	$-436	$-54,136	$-54,136
Repayments of Secured Debt	$74,300	$4,300	$233,875	$0
Increase (Decrease) in Income Taxes Payable	$1,936	$-863	$-540	$-540
Repayments of Convertible Debt	—	—	$78,363	$0
IncreaseDecreaseInOperatingLeaseLiability	$1,177	$-8,624	$2,202	$2,202
Increase (Decrease) in Contract with Customer, Liability	$-111,986	$55,563	$489	$489
Proceeds from (Payments for) Other Financing Activities	—	—	$-849	$-1,532
Increase (Decrease) in Other Operating Assets and Liabilities, Net	—	—	$18,278	$-54,079
Net Cash Provided by (Used in) Financing Activities	$-101,761	$-11,844	$-38,053	$-42,406
Net Cash Provided by (Used in) Operating Activities	$231,955	$153,980	$101,785	$162,861
Operating Lease, Payments	$7,911	$7,042	$7,454	$7,454
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$10,562	$849	$81,611	$81,611
Interest Paid, Excluding Capitalized Interest, Operating Activities	$43,949	$38,655	$16,056	$7,822
IncomeTaxPaidFederalAfterRefundReceived	—	—	$18,994	$18,994
IncomeTaxPaidStateAndLocalAfterRefundReceived	—	—	$3,067	$3,067
Income Taxes Paid, Net	$45,942	$27,966	$23,332	$9,113
Capital Expenditures Incurred but Not yet Paid	—	—	$2,791	$4,098
Payment for Contingent Consideration Liability, Financing Activities	—	—	$19,038	$19,038
Preferred Stock, Accretion of Redemption Discount	$51,691	$55,670	$59,797	$62,010

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Import this data to Google Sheets with:

=jivedata("ARRY","financials")

Full statements spill as a table. For one cell: =jivedata("ARRY","Revenue") or =jivedata("ARRY","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.