← Array Technologies, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation and amortization | $28.4m | $27.3m | $27.5m | $25.9m | $101.1m | $40.3m | $38.2m | $29.8m | |
| Amortization of developed technology and backlog | — | — | — | $14.6m | $14.6m | $14.6m | $14.6m | $17.5m | |
| Amortization of debt discount and issuance costs | $3.0m | $4.0m | $3.4m | $15.0m | $6.9m | $10.6m | $6.1m | $5.2m | |
| Deferred tax expense (benefit) | ($20.1m) | $22.3m | ($2.7m) | ($10.1m) | ($31.6m) | ($8.9m) | ($37.6m) | $3.2m | |
| Goodwill impairment | — | — | — | — | $0 | $0 | $236.0m | $102.6m | |
| Impairment of long-lived assets | — | — | — | — | $0 | $0 | $91.9m | $0 | |
| Gain on extinguishment of debt, net | — | — | — | $0 | $0 | ($457k) | $0 | ($14.2m) | |
| Sale of equity investment | — | — | — | — | $0 | $0 | $12.0m | $0 | |
| Net (loss) income | ($60.8m) | $39.7m | $59.1m | ($50.4m) | $4.4m | $137.2m | ($240.4m) | ($52.2m) | |
| Provision for credit losses | $3.7m | ($4.0m) | $595k | ($467k) | $2.6m | $2.5m | $2.1m | $912k | |
| Gain on debt refinancing | — | — | — | — | — | ($457k) | $0 | $0 | |
| Equity-based compensation | $0 | $799k | $4.8m | $13.8m | $15.0m | $14.5m | $10.3m | $15.6m | |
| Change in fair value of contingent consideration | ($825k) | $640k | $26.4m | $2.7m | ($4.5m) | $3.0m | $125k | $177k | |
| Warranty provision | ($95k) | $1.4m | $953k | $516k | $4.2m | $4.7m | $3.2m | $17.3m | |
| Inventory Valuation Reserves | — | — | — | — | — | $6.4m | $2.9m | $3.5m | |
| Inventory reserve | $3.1m | $1.7m | $1.2m | $990k | ($859k) | $6.4m | $2.9m | $29.5m | |
| Other non-cash | — | — | — | — | — | $0 | $0 | ($2.0m) | |
| Accounts receivable | $19.4m | ($40.7m) | ($23.0m) | ($116.8m) | ($77.0m) | $92.8m | $41.4m | $31.0m | |
| Inventories | ($10.3m) | ($94.6m) | $28.3m | ($88.2m) | $20.9m | $66.7m | ($44.8m) | $52.9m | |
| Income tax receivables | ($11k) | $9.9m | ($16.5m) | $8.1m | $5.6m | $9k | ($4.1m) | ($6.8m) | |
| Prepaid expenses and other | ($3.0m) | $2.2m | $1.1m | ($21.2m) | $19.1m | ($10.8m) | ($69.7m) | ($25.8m) | |
| Accounts payable | $6.5m | $105.5m | ($50.5m) | $8.6m | $12.7m | ($37.7m) | $58.2m | ($35.9m) | |
| Accrued expenses and other | $11.1m | ($2.0m) | $10.9m | $9.1m | $1.0m | $5.3m | ($436k) | ($54.1m) | |
| Income tax payable | $0 | $1.9m | $6.9m | ($8.8m) | ($755k) | $1.9m | ($863k) | ($540k) | |
| Lease liabilities | — | $0 | $0 | $221k | $3.8m | $1.2m | ($8.6m) | $2.2m | |
| Deferred revenue | $7.4m | $307.0m | ($179.0m) | ($50.6m) | $59.0m | ($112.0m) | $55.6m | $489k | |
| Other operating assets and liabilities | — | — | — | — | — | $0 | $0 | ($18.3m) | |
| Acquisition, net of cash acquired | — | — | $0 | $0 | ($373.8m) | $0 | $0 | ($164.9m) | |
| Cash payments for the acquisition of right-of-use assets | — | — | — | — | $0 | $0 | ($11.3m) | $0 | |
| Investment in securities | — | — | — | — | $0 | $0 | ($3.0m) | ($1.0m) | |
| Proceeds from issuance of convertible notes | — | $0 | $0 | $413.3m | $0 | $0 | $0 | $345.0m | |
| Premium paid on capped call | — | $0 | $0 | ($52.9m) | $0 | $0 | $0 | ($35.1m) | |
| Fees paid on issuance of convertible notes | — | $0 | $0 | ($1.6m) | $0 | $0 | $0 | ($10.4m) | |
| Repayments of term loan facility | ($64.6m) | ($25.0m) | ($57.7m) | $0 | ($14.3m) | ($74.3m) | ($4.3m) | ($233.9m) | |
| Repayments of convertible notes | — | — | — | — | — | $0 | $0 | ($78.4m) | |
| Contingent consideration payments | — | $0 | $0 | ($7.8m) | ($1.5m) | ($1.2m) | ($1.4m) | ($1.2m) | |
| Net cash provided by operating activities | ($11.7m) | $386.1m | ($122.2m) | ($263.2m) | $141.5m | $232.0m | $154.0m | $101.8m | |
| Purchase of property, plant and equipment | ($2.1m) | ($1.7m) | ($1.3m) | ($3.4m) | ($10.6m) | ($17.0m) | ($7.3m) | ($22.0m) | |
| Retirement/disposal of property, plant and equipment | — | — | — | $0 | $0 | $168k | $34k | $0 | |
| Net cash used in investing activities | ($6.4m) | ($1.7m) | ($1.3m) | ($15.3m) | ($384.4m) | ($16.8m) | ($9.6m) | ($187.9m) | |
| Proceeds from issuance of other debt | — | — | $0 | $0 | $20.2m | $63.3m | $93.1m | $151.2m | |
| Repayments of other debt | — | — | ($115.0m) | ($133.2m) | ($23.9m) | ($88.1m) | ($97.4m) | ($174.4m) | |
| Other financing | — | — | — | — | — | ($1.5m) | ($1.8m) | ($849k) | |
| Net cash used in financing activities | $50.9m | ($63.9m) | ($129.3m) | $537.7m | $8.4m | ($101.8m) | ($11.8m) | ($38.1m) | |
| Effect of exchange rate changes on cash and cash equivalent balances | — | — | $0 | $0 | $735k | $1.8m | ($17.5m) | $6.0m | |
| Net change in cash and cash equivalents | $32.7m | $320.4m | ($252.8m) | $259.2m | ($233.8m) | $115.2m | $115.1m | ($118.2m) | |
| Cash and cash equivalents and restricted cash, beginning of period | $40.8m | $361.3m | $108.4m | $367.7m | $133.9m | $249.1m | $364.1m | $246.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.