Array Technologies, Inc. (NASDAQ:ARRY) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET Company Participants Cody Mueller - IR Kevin Hostetler - CEO Nipul Patel - CFO Conference Call Participants Mark Strouse - JPMorgan Julien Dumoulin-Smith - Bank of America Donovan Schafer - Northland Capital Market Tristan Richardson - Scotiabank Jordan Levy - Trust Securities Brian Lee - Goldman Sachs Colin Rusch - Oppenheimer Joe Osha - Guggenheim Partners Jon Windham - UBS Tom Curran - Seaport Global Secur ...

November 7, 2023 Array Technologies 3Q 2023 Earnings Call Disclaimer Forward-Looking Statements and Other Information This pres ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-39613 ARRAY TECHNOLOGIES, INC. (Exact Name of Registrant as Specified in its Charter) | --- | --- | --- | --- | |- ...

Array Technologies, Inc. (NASDAQ:ARRY) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants Cody Mueller - IR Kevin Hostetler - CEO Nipul Patel - CFO Conference Call Participants Brian Lee - Goldman Sachs Mark Strouse - JPMorgan Julien Dumoulin-Smith - Bank of America Kashy Harrison - Piper Sandler Andre Adams - Oppenheimer Donovan Schafer - Northland Capital Market Andrew Crocco - Morgan Stanley Jordan Levy - Truist Philip Shen - ROTH Capital Partners Sean Milligan - Janney Derek ...

August 8, 2023 Array Technologies 2Q 2023 Earnings Call Disclaimer Forward-Looking Statements and Other Information This pres ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.001 par value ARRY Nasdaq Global Market FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ...

Array Technologies, Inc. (NASDAQ:ARRY) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET Company Participants Cody Mueller - Investor Relations Kevin Hostetler - Chief Executive Officer Nipul Patel - Chief Financial Officer Conference Call Participants Brian Lee - Goldman Sachs Mark Strouse - JPMorgan Julien Dumoulin-Smith - Bank of America Christine Cho - Barclays Philip Shen - ROTH Capital Kashy Harrison - Piper Sandler Maheep Mandloi - Credit Suisse Colin Rusch - Oppenheimer Joseph Osha - Guggenhei ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.001 par value ARRY Nasdaq Global Market FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ...

Financial Data and Key Metrics Changes - Revenue for Q4 2022 was $402 million, an increase of 83% from $219.9 million in Q4 2021, with organic growth of 22% in the legacy Array segment [6][22] - Full year revenue reached $1.638 billion, exceeding guidance and representing a total growth of 92% and organic growth of nearly 50% from 2021 [6][25] - Adjusted EBITDA for Q4 2022 was $52 million, up from $0.5 million in the prior year, while full year adjusted EBITDA grew to $129 million from $43 million in 2021 [9][26] - Gross margin for Q4 2022 was 20%, a significant increase from 4.7% in Q4 2021, with full year gross margin at 13.9%, up from 9.7% [8][25] - Free cash flow for 2022 was $131 million, with $86 million generated in Q4 alone, indicating improved profitability and working capital efficiency [9][27] Business Line Data and Key Metrics Changes - Revenue from the legacy Array segment was $269 million in Q4 2022, while the FTI segment contributed $133 million [22] - Gross margin for the legacy Array business was 18.2%, while the FTI business had a gross margin of 23.8% in Q4 2022 [22] - Operating expenses increased to $64.2 million in Q4 2022, primarily due to a $24.7 million increase in amortization expense related to the STI acquisition [23] Market Data and Key Metrics Changes - The company reported approximately $500 million in orders received in Q4 2022, indicating steady order activity despite uncertainties [12] - The UFLPA has shown positive signs, but module availability remains a concern for customers [10][11] - The company expects strong growth in Brazil and Australia, with significant utility-scale projects moving forward [15][16] Company Strategy and Development Direction - The company aims to maintain its largest market share in the US and expects significant volume gains in the coming years [10] - Future growth will focus on offering a diverse set of products to maximize energy output from solar sites [14] - The company is committed to building long-term partnerships across the supply chain to maximize benefits from the IRA [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term demand for solar energy, expecting it to become a 50-state solution [14] - The company is cautious about including potential benefits from the IRA in its 2023 guidance due to uncertainties [30] - Management noted that while lead times for US shipments remain around 14 weeks, clarity on domestic content definitions is needed for future pricing power [38][60] Other Important Information - The company introduced new products, OmniTrack and H250, to address diverse customer needs and improve market competitiveness [18][19] - The SmarTrack software suite will be enhanced to provide weather response capabilities, further strengthening the company's value proposition [20][21] Q&A Session All Questions and Answers Question: Can you provide color on volume versus price trends in your 2023 outlook? - Management indicated that overall pricing is expected to be flat, with some potential upside on the FTI side [36] Question: What are the lead times for US shipments? - Lead times remain around 14 weeks for US projects, with ongoing discussions with customers [38] Question: How are bookings year-to-date? - Management reported solid bookings for the quarter, with strong momentum heading into 2023 [41] Question: Can you clarify the backlog margins and their impact on future guidance? - Margins in the backlog are project-specific, with expectations of low 20s margins for the full year [42][44] Question: What is the outlook for free cash flow in 2023? - The company expects to deliver over $100 million in free cash flow for 2023 [30] Question: Can you comment on the new products and market receptivity? - The new products are well-received, with customers expressing high demand for the OmniTrack and H250 [50][52] Question: What is the status of the domestic content definition and its implications? - Management is awaiting clarity on domestic content definitions, which will impact pricing power and market share [60][62]

Financial Performance - Q4 2022 - Total revenue increased by 83% to $402.1 million, with organic revenue growth of 22%[10, 23, 24] - Gross margin significantly improved to 20.0%, a 1530 basis points increase from 4.7% in Q4 2021[10, 23, 24] - Adjusted EBITDA rose sharply to $51.7 million, compared to $0.5 million in Q4 2021[10, 23, 24] - Free cash flow reached $85.7 million, a substantial improvement of $184.2 million year-over-year[10, 23, 24] Financial Performance - Full Year 2022 - Total revenue grew by 92% to $1,637.5 million, with organic revenue growth of 49%[13, 25] - Gross margin increased to 13.9%, a 420 basis points increase from 9.7% in 2021[13, 25] - Adjusted EBITDA increased to $128.7 million, up from $43.2 million in FY 2021[13, 15, 25] - Free cash flow was $130.9 million, a $397.4 million improvement from the previous year[13, 25] FY2023 Guidance - The company anticipates revenue between $1.80 billion and $1.95 billion[28] - Adjusted EBITDA is projected to be in the range of $240 million to $265 million[28] - Adjusted net income per common share is expected to be $0.75 to $0.85[28] - The company expects free cash flow to be greater than $100 million[26]