Gross profit increased 35% to $202.8 million, compared to $150.8 million in the prior year period driven primarily by higher revenues. and (iii) costs associated with our initial Board of Directors search for $0.1 million. Recently Viewed. In depth view into ARRY (Array Technologies) stock including the latest price, news, dividend history, earnings information and financials. Free real-time prices, trades, and chat. Your list is empty. Array Technologies, Inc.Consolidated Balance Sheets (Unaudited)(In thousands) December 31, 2020 2019Assets Current Assets Cash and cash equivalents$108,441 $310,262 Restricted cash— 50,995 Accounts receivable, net118,694 96,251 Inventories, net118,459 148,024 Income tax receivables17,158 628 Prepaid expenses and other12,423 13,524 Total Current Assets375,175 619,684 Property, plant and equipment, net9,774 10,660 Goodwill69,727 69,727 Other intangible assets, net198,260 223,510 Other assets3,088 — Total Assets$656,024 $923,581 Liabilities and Member’s Equity/Stockholders’ Deficit Current Liabilities Accounts payable$82,755 $129,584 Accounts payable - related party2,232 5,922 Accrued expenses and other29,164 17,755 Accrued warranty reserve3,049 2,592 Income tax payable8,814 1,944 Deferred revenue149,821 328,781 Current portion of contingent consideration8,955 6,293 Current portion of long-term debt4,313 55,949 Current portion of related party loans— 41,800 Total Current Liabilities289,103 590,620 Long-Term Liabilities Deferred tax liability13,114 15,853 Contingent consideration, net of current portion10,736 11,957 Long-term debt, net of current portion, debt discount and issuance costs423,970 — Total Long-Term Liabilities447,820 27,810 Total Liabilities736,923 618,430 Commitments and Contingencies Member’s equity— 305,151 Stockholders’ Deficit Preferred stock of $0.001 par value - authorized 5,000,000 shares as of December 31, 2020; none issued as of December 31, 2020— — Common stock of $0.001 par value - authorized 1,000,000,000 shares as of December 31, 2020; issued: 126,994,467 as of December 31, 2020127 — Additional paid-in capital140,473 — Accumulated deficit(221,499) — Total member’s equity/stockholders’ deficit(80,899) 305,151 Total Liabilities and Member’s Equity/Stockholders’ Deficit$656,024 $923,581 Array Technologies, Inc.Consolidated Statements of Operations (Unaudited)(In thousands, except per share amounts) Three Months EndedDecember 31, Year EndedDecember 31, 2020 2019 2020 2019Revenues$180,566 $224,710 $872,662 $647,899 Cost of Revenue 145,114 164,114 669,861 497,138 Gross profit 35,452 60,596 202,801 150,761 Operating Expenses General and administrative 20,862 13,273 55,634 41,212 Contingent consideration 10,433 462 26,441 640 Depreciation and amortization 6,397 6,367 25,514 25,500 Total Operating Expenses 37,692 20,102 107,589 67,352 Income (Loss) from Operations (2,240) 40,494 95,212 83,409 Other Expense Other expense, net (142) (139) (2,305) (33) Interest expense (6,816) (4,918) (15,129) (18,797) Total Other Expense (6,958) (5,057) (17,434) (18,830) Income (Loss) Before Income Tax Expense (9,198) 35,437 77,778 64,579 Income Tax Expense 574 8,657 18,705 24,834 Net Income (Loss)$(9,772) $26,780 $59,073 $39,745 Earnings (Loss) per Share Basic$(0.08) $0.22 $0.49 $0.33 Diluted$(0.08) $0.22 $0.49 $0.33 Weighted Average Number of Shares Basic 125,918 119,994 121,467 119,994 Diluted 125,918 119,994 121,514 119,994 Array Technologies, Inc.Consolidated Statements of Cash Flows (Unaudited)(In thousands) Three Months EndedDecember 31, Year EndedDecember 31, 2020 2019 2020 2019Cash Flows from Operating Activities Net income (loss) $(9,772) $26,780 $59,073 $39,745 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Provision for (recovery of) bad debts 102 1 595 (3,986) Deferred tax (benefit) expense 927 7,783 (2,739) 22,322 Depreciation and amortization 6,887 6,829 27,474 27,316 Amortization of debt discount and issuance costs 1,206 964 3,366 3,968 Interest paid-in-kind — 576 3,421 2,832 Equity-based compensation 1,545 799 4,809 799 Contingent consideration 10,433 462 26,441 640 Warranty provision 320 1,143 953 1,387 Provision for inventory obsolescence (1,292) (459) 1,225 1,742 Changes in operating assets and liabilities: — — Accounts receivable (698) 22,533 (23,038) (40,708) Inventories (20,652) (54,544) 28,340 (94,594) Income tax receivables (640) 1,496 (16,530) 9,941 Prepaid expenses and other (6,121) (7,620) 1,101 2,228 Accounts payable 35,455 71,979 (50,519) 105,481 Accrued expenses and other 6,269 11,243 10,913 (1,978) Income tax payable 286 (514) 6,870 1,944 Deferred revenue 105,040 308,142 (178,960) 306,994 Contingent consideration (25,000) — (25,000) — Net Cash Provided by (Used in) Operating Activities 104,295 397,593 (122,205) 386,073 Cash Flows from Investing Activities Purchase of property, plant and equipment (728) (913) (1,338) (1,697) Net Cash Used in Investing Activities (728) (913) (1,338) (1,697) Cash Flows from Financing Activities Principal payments on term loan — (5,000) (57,702) (25,000) Proceeds from term loan facility 575,000 — 575,000 — Principal payments on term loan facility (115,000) — (115,000) — Proceeds from (Payments on) revolving loan (102) (33,271) (70) (39,078) Payments on related party loans — — (45,558) — Debt discount and financing costs (36,011) — (36,011) — Payment of special distribution (589,000) — (589,000) — Proceeds from issuance of Class A Common Stock, net of underwriting discount and commissions 145,532 — 145,532 — Deferred offering costs (2,689) — (6,464) — Capital contribution — — — 133 Net Cash Used in Financing Activities (22,270) (38,271) (129,273) (63,945) Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 81,297 358,409 (252,816) 320,431 Cash, Cash Equivalents and Restricted Cash, beginning of period 27,144 2,848 361,257 40,826 Cash, Cash Equivalents and Restricted Cash, end of period $108,441 $361,257 $108,441 $361,257 Array Technologies, Inc.Adjusted EBITDA and Adjusted Net Income Reconciliation (Unaudited)(In thousands) The following table reconciles net income (loss) to Adjusted EBITDA: Three Months EndedDecember 31, Year EndedDecember 31, 2020 2019 2020 2019Net income (loss)$(9,772) $26,780 $59,073 $39,745 Interest expense6,816 4,918 15,129 18,797 Other expense, net142 139 2,305 33 Income tax expense574 8,657 18,705 24,834 Depreciation expense574 516 2,224 2,066 Amortization of intangibles6,313 6,313 25,250 25,250 Equity-based compensation1,545 799 4,809 799 Contingent consideration10,433 462 26,441 640 ERP implementation costs(a)— 649 1,946 2,874 Legal expense(b)169 675 1,068 3,915 Other costs(c)3,255 38 3,589 2,836 Adjusted EBITDA$20,049 $49,946 $160,539 $121,789 (a) Represents consulting costs associated with our enterprise resource planning system implementation. Operating expenses increased to $37.7 million compared to $20.1 million during the same period in the prior year primarily as a result of a $10.4 million expense related to the revaluation of contingent consideration mainly related to an earn-out obligation we have with our founder as well as higher costs associated with being a public company and an increase in headcount. For the three months ended December 31, 2019, other costs represent consulting fees for certain accounting, finance and IT services. Deliveries under the arrangement are expected to commence in 2021 and continue through 2022. ALBUQUERQUE, N.M., March 09, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (Nasdaq: ARRY), one of the world’s largest manufacturers of ground-mounted systems used in solar energy projects, today announced financial results for its fourth quarter and full year ended December 31, 2020. All rights reserved. Investing.com has all the historical stock data including the closing price, open, high, low, change and % change. NASDAQ:ARRY There Is Possibility For Cup -- Target First 47.04 -- Second Target 54.68 0. Currency in USD. Importantly, since our customers had no incentive to place orders in Q4, the size of our executed contracts and awarded orders at year end 2020 underscores the strength of the demand that we are seeing.” “Commodity prices and freight costs have increased significantly over the past several months as business activity levels are increasing in response to the availability of a COVID-19 vaccine and capacity that was idled during the pandemic comes back online.