10-Q Filing

ARRAY TECHNOLOGIES, INC. CIK: 1820721 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001820721-21-000020`
Period End Date	20210331
Filing Date	20210511
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	arry-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 36 Cash Flow Statement 64 Stockholders Equity 7

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Authorized preferred stock (in shares )	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Authorized preferred stock (in shares )	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.13M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$108.44M	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$118.69M	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$121.92M	USD	Point-in-time
Authorized common stock (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Inventories, net	`InventoryNet`	$124.70M	USD	Point-in-time
Inventories, net	`InventoryNet`	$118.46M	USD	Point-in-time
Authorized common stock (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Income tax receivables	`IncomeTaxesReceivable`	$17.16M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	126.99M	shares	Point-in-time
Income tax receivables	`IncomeTaxesReceivable`	$4.16M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	126.99M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$15.64M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$12.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$375.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$285.55M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.74M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$9.77M	USD	Point-in-time
Goodwill	`Goodwill`	$69.73M	USD	Point-in-time
Goodwill	`Goodwill`	$69.73M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$198.26M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$192.38M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$25.87M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.09M	USD	Point-in-time
Total assets	`Assets`	$656.02M	USD	Point-in-time
Total assets	`Assets`	$583.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$71.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$82.75M	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$2.61M	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$2.23M	USD	Point-in-time
Accrued expenses and other	`OtherAccruedLiabilitiesCurrent`	$34.55M	USD	Point-in-time
Accrued expenses and other	`OtherAccruedLiabilitiesCurrent`	$29.16M	USD	Point-in-time
Accrued warranty reserve	`ProductWarrantyAccrualClassifiedCurrent`	$3.10M	USD	Point-in-time
Accrued warranty reserve	`ProductWarrantyAccrualClassifiedCurrent`	$3.05M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$10.22M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$8.81M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$149.82M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$89.88M	USD	Point-in-time
Current portion of contingent consideration	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$8.96M	USD	Point-in-time
Current portion of contingent consideration	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$9.57M	USD	Point-in-time
Current portion of term loan	`LongTermDebtCurrent`	$4.30M	USD	Point-in-time
Current portion of term loan	`LongTermDebtCurrent`	$4.31M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$6.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$289.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$232.34M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$13.11M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$13.04M	USD	Point-in-time
Contingent consideration, net of current portion	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$10.27M	USD	Point-in-time
Contingent consideration, net of current portion	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$10.74M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.05M	USD	Point-in-time
Long-term debt, net of current portion, debt discount and issuance costs	`LongTermDebtNoncurrent`	$391.68M	USD	Point-in-time
Long-term debt, net of current portion, debt discount and issuance costs	`LongTermDebtNoncurrent`	$423.97M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$447.82M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$421.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$736.92M	USD	Point-in-time
Total liabilities	`Liabilities`	$653.39M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock of 0.001 par value - 5,000,000 shares authorized; none issued as of March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock of 0.001 par value - 5,000,000 shares authorized; none issued as of March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 126,994,467 shares issued as of March 31, 2021 and December 31, 2020	`CommonStockValue`	$127.00K	USD	Point-in-time
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 126,994,467 shares issued as of March 31, 2021 and December 31, 2020	`CommonStockValue`	$127.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$140.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$148.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-218.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-221.50M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-70.11M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-80.90M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$656.02M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$583.28M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$437.72M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$245.93M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$319.30M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$202.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$43.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$118.42M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$24.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$11.71M	USD	1 Quarter
Contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$148.00K	USD	1 Quarter
Contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-1.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.37M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$30.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.07M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.05M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$101.35M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$108.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-78.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$9.01M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.23M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-5.12M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-9.09M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$96.23M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.97M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$22.54M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.08M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.89M	USD	1 Quarter
Net income	`NetIncomeLoss`	$73.69M	USD	1 Quarter
Earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.61	USD	1 Quarter
Earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.61	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	119.99M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	126.99M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.99M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	127.30M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.89M	USD	1 Quarter
Net income	`NetIncomeLoss`	$73.69M	USD	1 Quarter
Provision for (recovery of) bad debts	`ProvisionForDoubtfulAccounts`	$-535.00K	USD	1 Quarter
Provision for (recovery of) bad debts	`ProvisionForDoubtfulAccounts`	$89.00K	USD	1 Quarter
Deferred tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-71.00K	USD	1 Quarter
Deferred tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-2.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.86M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$3.59M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.16M	USD	1 Quarter
Interest paid-in-kind	`PaidInKindInterest`	-	USD	1 Quarter
Interest paid-in-kind	`PaidInKindInterest`	$1.32M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$1.76M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$7.91M	USD	1 Quarter
Contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$148.00K	USD	1 Quarter
Contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-1.01M	USD	1 Quarter
Warranty provision	`ProductWarrantyExpense`	$302.00K	USD	1 Quarter
Warranty provision	`ProductWarrantyExpense`	$597.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.69M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$19.52M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-27.43M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.25M	USD	1 Quarter
Income tax receivables	`IncreaseDecreaseInIncomeTaxesReceivable`	$-628.00K	USD	1 Quarter
Income tax receivables	`IncreaseDecreaseInIncomeTaxesReceivable`	$-13.00M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.22M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.49M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	$-35.55M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	$-10.56M	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$698.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$5.13M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$12.98M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.41M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$23.24M	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$247.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-301.15M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-59.94M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-200.58M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-42.15M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$570.00K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$168.00K	USD	1 Quarter
Investment in equity security	`PaymentsToAcquireEquitySecuritiesFVNI`	$10.00M	USD	1 Quarter
Investment in equity security	`PaymentsToAcquireEquitySecuritiesFVNI`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.57M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-168.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$10.00K	USD	1 Quarter
Principal payments on term loan facility	`RepaymentsOfSecuredDebt`	$30.00M	USD	1 Quarter
Principal payments on term loan facility	`RepaymentsOfSecuredDebt`	$57.70M	USD	1 Quarter
Debt issuance costs	`PaymentsOfFinancingCosts`	$6.59M	USD	1 Quarter
Debt issuance costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-57.69M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-36.59M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-258.44M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-89.31M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$102.82M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$361.26M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$102.82M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.44M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.13M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$361.26M	USD	Point-in-time

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Stockholders' equity beginning balance	`StockholdersEquity`	$-70.11M	USD	Point-in-time
Stockholders' equity beginning balance	`StockholdersEquity`	$-80.90M	USD	Point-in-time
Equity based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.90M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.89M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$73.69M	USD	1 Quarter
Stockholders' equity ending balance	`StockholdersEquity`	$-70.11M	USD	Point-in-time
Stockholders' equity ending balance	`StockholdersEquity`	$-80.90M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.