Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 120

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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 related to the Company’s reporting units. The Company experienced a sustained decline in its stock price, which hit a 52-week low during the quarter, resulting in a decrease in market capitalization. In addition, the Company updated its long-term projections for the Company’s reporting units and further evaluated the execution risk associated with the Company’s projections. The fair value of the Array Legacy Operations and STI Operations reporting units were determined using the income approach and then compared to the Guideline publicly traded companies (“GPC”) marketplace EBITDA multiples to corroborate the fair value of the reporting unit. As the fair value of the STI Operations reporting unit was less than its carrying value, the Company recorded a goodwill impairment charge of $162.0 million related to the STI Operations reporting unit during the third quarter of 2024.Long Lived AssetsThe Company assesses long-lived assets classified as “held and used,” including property, plant and equipment, lease assets and intangible assets for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable.As of September 30, 2025, no events or circumstances were noted that would indicate the carrying amount of any of Array Legacy’s Operations or STI Operations assets may not be recoverable. 

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Other Intangible Assets, NetOther intangible assets, net consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years)September 30, 2025December 31, 2024Amortizable:Developed technology5-14$225,600 $203,800 Computer software and other3-529,040 15,826 Customer relationships5-10225,177 179,166 Backlog121,138 16,877 Trade name10-2027,142 15,117 Total amortizable intangibles528,097 430,786 Accumulated amortization:Developed technology134,925 123,462 Computer software and other15,251 14,552 Customer relationships121,065 102,541 Backlog19,388 16,877 Trade name3,284 2,245 Total accumulated amortization293,913 259,677 Total amortizable intangibles, net234,184 171,109 Non-amortizable:Trade name10,300 10,300 Total other intangible assets, net$244,484