Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 46

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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%— %Risk-free interest rate4.04 %— %Dividend yield— %— %(1) No PSUs were issued during the three months ended March 31, 2024.PSU activity under the 2020 Plan during the three months ended March 31, 2025, was as follows:Number of SharesWeighted Average Grant Date Fair ValueOutstanding non-vested, December 31, 2024924,241 $12.76 Shares granted638,222 6.60 Shares vested— — Shares forfeited(17,859)14.19 Outstanding non-vested, March 31, 20251,544,604 $9.53 

24

For three months ended March 31, 2025 and 2024, the Company recognized $2.8 million and $4.0 million, respectively, in equity-based compensation costs. At March 31, 2025, the Company had $32.9 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over 2.4 years and 2.7 years, respectively.

14    Supplemental Cash Flow Information

Supplemental cash flow information consists of the following (in thousands):Three Months Ended March 31,20252024Cash paid for interest$6,821 $11,300 Cash (refunded) paid for income taxes (1,791)402 Non-cash investing and financing activitiesProperty, plant and equipment acquisitions funded by liabilities2,122 1,627 Preferred Series A dividends and accretion14,443 13,502 

15    Segment Reporting

ASC 280 Segment Reporting establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM is the Chief Executive Officer of the Company.The Company works with engineering, procurement, and construction firms, to design a solar array to achieve the project’s desired power output. The Company provides the solar tracking system components, which include standard and nonstandard parts. The Company delivers the fully functioning tracker systems for the project sites and provides commissioning services. Although the solar array may use different components and technology depending on the geography and type of system, the Company conducts its operations in the United States