Array Technologies Inc

For the period ended Dec 31, 2024. Filed Mar 3, 2025.

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FY2024 · Filed Mar 3, 2025

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,
	2024	2023	2022
Operating activities:
Net (loss) income	$(240,394)	$137,240	$4,432
Adjustments to net income (loss):
Goodwill impairment	236,000	—	—
Impairment of long-lived assets	91,904	—	—
Allowance for credit losses	2,058	2,527	2,599
Deferred tax benefit	(37,650)	(8,862)	(31,565)
Depreciation and amortization	38,221	40,268	86,501
Amortization of developed technology	14,558	14,558	14,558
Amortization of debt discount and issuance costs	6,087	10,570	6,857
Gain on debt refinancing	—	(457)	—
Equity-based compensation	10,349	14,540	14,982
Change in fair value of contingent consideration	125	2,964	(4,507)
Warranty provision	3,163	4,666	4,152
Write-down of inventories	2,923	6,431	(859)
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	41,423	92,800	(76,984)
Inventories	(44,787)	66,743	20,870
Income tax receivables	(4,112)	9	5,611
Prepaid expenses and other	(69,708)	(10,840)	19,124
Accounts payable	58,180	(37,654)	12,667
Accrued expenses and other	(436)	5,325	1,024
Income tax payable	(863)	1,936	(755)
Lease liabilities	(8,624)	1,177	3,784
Deferred revenue	55,563	(111,986)	59,002
Net cash provided by operating activities	153,980	231,955	141,493
Investing activities:
Purchase of property, plant and equipment	(7,305)	(16,989)	(10,619)
Retirement/disposal of property, plant and equipment	34	168	—
Cash payments for the acquisition of right-of-use assets	(11,276)	—	—
Acquisition of STI, net of cash acquired	—	—	(373,818)
SAFE Investment	(3,000)	—	—
Sale of equity investment	11,975	—	—
Net cash used in investing activities	(9,572)	(16,821)	(384,437)
Financing activities:

Consolidated Statements of Cash Flows(continued)

	Year Ended December 31,
	2024	2023	2022
Proceeds from Series A issuance	—	—	33,098
Proceeds from common stock issuance	—	—	15,885
Series A equity issuance costs	—	(1,509)	(1,893)
Tax withholding related to vesting of equity-based compensation	(1,752)	—	—
Common stock issuance costs	—	—	(450)
Dividends paid on Series A Preferred	—	—	(18,670)
Payments on revolving credit facility	—	—	(116,000)
Proceeds from revolving credit facility	—	—	116,000
Proceeds from issuance of other debt	93,059	63,311	20,188
Principal payments on term loan facility	(4,300)	(74,300)	(14,300)
Principal payments on other debt	(97,424)	(88,063)	(23,935)
Contingent consideration payments	(1,427)	(1,200)	(1,483)
Net cash (used in) provided by financing activities	(11,844)	(101,761)	8,440
Effect of exchange rate changes on cash and cash equivalent balances	(17,503)	1,806	735
Net change in cash and cash equivalents	115,061	115,179	(233,769)
Cash and cash equivalents and restricted cash, beginning of period	249,080	133,901	367,670
Cash and cash equivalents and restricted cash, end of period	$364,141	$249,080	$133,901
Supplemental Cash Flow Information
Cash paid for interest	$38,655	$43,949	$23,118
Cash paid for income taxes	$27,966	$45,942	$10,739
Non-cash Investing and Financing Activities
Dividends accrued on Series A Preferred	$28,160	$26,370	$6,389
Stock consideration paid for acquisition of STI	$—	$—	$200,224

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