Array Technologies Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
ARRY$4.73-8.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net (loss) income | $(113,491) | $117,898 |
| Adjustments to net income: | ||
| Goodwill impairment | 162,000 | — |
| Provision for bad debts | 3,415 | (117) |
| Deferred tax benefit | (7,279) | (2,328) |
| Depreciation and amortization | 29,015 | 30,318 |
| Amortization of developed technology | 10,918 | 10,918 |
| Amortization of debt discount and issuance costs | 4,652 | 9,123 |
| Equity-based compensation | 6,851 | 11,695 |
| Change in fair value of contingent consideration | (271) | 2,232 |
| Warranty provision | 36 | 451 |
| Write-down of inventories | 2,481 | 4,587 |
| Changes in operating assets and liabilities, net of business acquisition: | ||
| Accounts receivable | 41,865 | (6,364) |
| Inventories | (29,964) | 12,554 |
| Income tax receivables | (4,145) | 3,165 |
| Prepaid expenses and other | (45,203) | (2,140) |
| Accounts payable | 33,705 | 14,443 |
| Accrued expenses and other | (34,928) | 18,484 |
| Income tax payable | (4,653) | (730) |
| Lease liabilities | (5,730) | (8,050) |
| Deferred revenue | 47,120 | (78,165) |
| Net cash provided by operating activities | 96,394 | 137,974 |
| Investing activities | ||
| Purchase of property, plant and equipment | (5,604) | (11,615) |
| Retirement/disposal of property, plant and equipment | 38 | — |
| Sale of equity investment | 11,975 | — |
| Net cash provided by (used in) investing activities | 6,409 | (11,615) |
| Financing activities | ||
| Series A equity issuance costs | — | (1,509) |
| Tax withholding related to vesting of equity-based compensation | (1,734) | — |
| Proceeds from issuance of other debt | 19,024 | 60,516 |
| Principal payments on other debt | (24,879) | (69,024) |
| Principal payments on term loan facility | (3,225) | (73,225) |
| Contingent consideration payments | (1,427) | (1,200) |
| Net cash used in financing activities | (12,241) | (84,442) |
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Effect of exchange rate changes on cash and cash equivalent balances | (7,270) | (1,808) |
| Net change in cash and cash equivalents | 83,292 | 40,109 |
| Cash and cash equivalents, beginning of period | 249,080 | 133,901 |
| Cash and cash equivalents, end of period | $332,372 | $174,010 |
| Supplemental cash flow information | ||
| Cash paid for interest | $29,666 | $36,136 |
| Cash paid for income taxes (net of refunds) | $25,220 | $36,797 |
| Non-cash investing and financing activities | ||
| Dividends accrued on Series A Preferred | $20,914 | $19,567 |
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