Company: ARRY
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001820721-25-000085
Chunk: 45

Company: Array Technologies, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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ited) (in thousands) 

Six Months Ended June 30,20252024Operating activitiesNet income$60,008 $27,863 Adjustments to reconcile net income to cash provided by operating activities:Provision for bad debts1,910 1,696 Deferred tax benefit(246)(3,501)Depreciation and amortization12,188 19,456 Amortization of developed technology7,279 7,279 Amortization of debt discount and issuance costs3,457 3,101 Gain on extinguishment of debts, net(14,207)— Equity-based compensation6,696 4,836 Change in fair value of contingent consideration— (232)Warranty provision5,336 (61)Inventory reserve2,682 1,227 Loss on disposal of fixed assets10 — Changes in working capital, net(54,331)(10,205)Net cash provided by operating activities30,782 51,459 Investing activitiesPurchase of property, plant and equipment(8,983)(4,527)Retirement/disposal of property, plant and equipment— 39 Net cash used in investing activities(8,983)(4,488)Financing activitiesProceeds from issuance of other debt57,064 12,684 Proceeds from issuance of convertible notes345,000 — Premium paid on capped call(35,087)— Fees paid on issuance of convertible notes(10,434)— Repayments of other debt(54,754)(12,671)Repayments of term loan facility(233,875)(2,150)Repayments of convertible notes(78,363)— Contingent consideration payments(1,204)(1,427)Other financing(1,123)(580)Net cash used in financing activities(12,776)(4,144)Effect of exchange rate changes on cash and cash equivalent balances5,606 (9,587)Net change in cash and cash equivalents and restricted cash14,629 33,240 Cash and cash equivalents, and restricted cash beginning of period364,141 249,080 Cash and cash equivalents and restricted cash, end of period$378,770 $282,320 

See accompanying Notes to Condensed Consolidated Financial Statements.

9

Array Technologies, Inc.Notes to Condensed Consolidated Financial Statements (Unaudited)

1.    Organization and Business 

Array Technologies,