Array Technologies Inc

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

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FY2023 · Filed Feb 28, 2024

ARRY$4.73-8.9%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows F-

Consolidated Statements of Cash Flows

	Year Ended December 31,
	2023	2022	2021
Operating activities:
Net income (loss)	$137,240	$4,432	$(50,403)
Adjustments to net income (loss):
Provision for (recovery of) bad debts	2,527	2,599	(467)
Deferred tax benefit	(8,862)	(31,565)	(10,102)
Depreciation and amortization	40,268	86,501	11,388
Amortization of developed technology	14,558	14,558	14,558
Amortization of debt discount and issuance costs	10,570	6,857	15,036
Gain on debt refinancing	(457)	—	—
Equity-based compensation	14,540	14,982	13,757
Contingent consideration	2,964	(4,507)	2,696
Warranty provision	4,666	4,152	516
Write-down of inventories	6,431	(859)	990
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	92,800	(76,984)	(116,848)
Inventories	66,743	20,870	(88,184)
Income tax receivables	9	5,611	8,106
Prepaid expenses and other	(10,840)	19,124	(21,226)
Accounts payable	(37,654)	12,667	7,015
Accrued expenses and other	5,325	1,024	9,133
Income tax payable	1,936	(755)	(8,754)
Lease liabilities	1,177	3,784	221
Deferred revenue	(111,986)	59,002	(50,619)
Net cash provided by (used in) operating activities	231,955	141,493	(263,187)
Investing activities:
Purchase of property, plant and equipment	(16,989)	(10,619)	(3,357)
Retirement/disposal of PP&E	168	—	—
Acquisition of STI, net of cash acquired	—	(373,818)	—
Investment in equity securities	—	—	(11,975)
Net cash used in investing activities	(16,821)	(384,437)	(15,332)
Financing activities:
Proceeds from Series A issuance	—	33,098	224,987
Proceeds from common stock issuance	—	15,885	120,645
Series A equity issuance costs and commitment fees	(1,509)	(1,893)	(7,195)
Common stock issuance costs	—	(450)	(3,873)

Consolidated Statements of Cash Flows(continued)

	Year Ended December 31,
	2023	2022	2021
Dividends paid on Series A Preferred	—	(18,670)	(8,051)
Payments on revolving credit facility	—	(116,000)	(126,033)
Proceeds from revolving credit facility	—	116,000	126,033
Proceeds from issuance of other debt	63,311	20,188	—
Proceeds from issuance of convertible notes	—	—	413,321
Premium paid on capped call	—	—	(52,870)
Fees paid on issuance of convertible notes	—	—	(1,591)
Principal payments on term loan facility	(74,300)	(14,300)	—
Principal payments on other debt	(88,063)	(23,935)	(133,225)
Contingent consideration payments	(1,200)	(1,483)	(7,810)
Debt issuance costs	—	—	(6,590)
Net cash (used in) provided by financing activities	(101,761)	8,440	537,748
Effect of exchange rate changes on cash and cash equivalent balances	1,806	735	—
Net change in cash and cash equivalents	115,179	(233,769)	259,229
Cash and cash equivalents, beginning of period	133,901	367,670	108,441
Cash and cash equivalents, end of period	$249,080	$133,901	$367,670
Supplemental Cash Flow Information
Cash paid for interest	$43,949	$23,118	$24,306
Cash paid for income taxes	$45,942	$10,739	$13,318
Non-cash Investing and Financing Activities
Dividends accrued on Series A Preferred	$26,370	$6,389	$—
Stock consideration paid for acquisition of STI	$—	$200,224	$—

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