Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 74

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 74
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Risk Factors” sections of reports and statements filed by the Company with the SEC. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

| ARRAY TECHNOLOGIES |     | 62 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS

| APPENDIX A |

Non-GAAP Financial Measures Adjusted EBITDA We define Adjusted EBITDA as net income (loss) plus (i) other expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax (benefit) expense, (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) impairment of long-lived assets, (xii) goodwill impairment, (xiii) certain legal expenses, and (xiv) other costs. For purposes of our 2024 LIP and Six-Month LIP results, Adjusted EBITDA excludes certain realized benefits not in the original 2024 LIP design. The following table reconciles Net income to Adjusted EBITDA:

|                                                  |     | Year Ended December 31, 
                    2024 |
|:-------------------------------------------------|:----|------------------------:|
| Net (loss) income                                |     |              $(240,394) |
| Preferred dividends and accretion                |     |                  55,670 |
| Net (loss) income to common shareholders         |     |              $(296,064) |
| Other expense, net                               |     |                 -15,769 |
| Foreign currency loss (gain), net                |     |                   4,515 |
| Preferred dividends and accretion                |     |                  55,670 |
| Interest expense                                 |     |                  34,825 |
| Income tax (benefit) expense                     |     |                 -10,182 |
| Depreciation expense                             |     |                   4,410 |
| Amortization of intangibles                      |     |                  33,811 |
| Amortization of developed technology             |     |                  14,558 |
| Equity-based compensation                        |