Array Technologies, Inc. Financial Statements — ARRY Stock

Income Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	291	648	873	853	1,638	1,577
+ Sales & Services Revenue	291	648	873	853	1,638	1,577
- Cost of Revenue	279	497	670	785	1,425	1,161
+ Cost of Goods & Services	279	497	670	785	1,425	1,161
Gross Profit	12	151	203	68	213	416
+ Other Operating Income	- -	- -	- -	- -	- -	- -
- Operating Expenses	74	67	81	90	235	198
+ Selling, General & Admin	47	41	56	81	151	160
+ Research & Development	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	27	26	26	9	85	39
Operating Income (Loss)	-62	84	122	-22	-23	217
- Non-Operating (Income) Loss	19	19	44	39	-18	40
+ Interest Expense, Net	19	19	15	35	34	36
+ Interest Expense	19	19	15	36	37	44
- Interest Income	- -	- -	- -	- -	3	8
+ Other Non-Op (Income) Loss	- -	1	29	4	-51	4
Pretax Income	-81	65	78	-61	-5	177
- Income Tax Expense (Benefit)	-20	25	19	-11	-9	40
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-61	40	59	-50	4	137
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-61	40	59	-50	4	137
- Minority Interest	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-61	40	59	-50	4	137
- Preferred Dividends	- -	- -	- -	16	48	52
- Other Adjustments	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-61	40	59	-66	-44	86
Basic Weighted Avg Shares	127	120	121	130	150	151
Basic EPS, GAAP	-0.48	0.33	0.49	-0.51	-0.29	0.57
Basic EPS from Cont Ops	-0.48	0.33	0.49	-0.39	0.03	0.91
Diluted Weighted Avg Shares	127	120	122	130	150	152
Diluted EPS, GAAP	-0.48	0.33	0.49	-0.51	-0.29	0.56
Diluted EPS from Cont Ops	-0.48	0.33	0.49	-0.39	0.03	0.9
EBITDA	-34	111	149	4	78	272
EBITDA Margin (%)	-11.55	17.19	17.09	0.46	4.79	17.25
EBITA	-62	84	122	-22	-23	217
EBIT	-62	84	122	-22	-23	217
Gross Margin (%)	3.97	23.27	23.24	8	12.99	26.36
Operating Margin (%)	-21.33	12.97	13.94	-2.58	-1.38	13.77
Profit Margin (%)	-20.9	6.13	6.77	-5.91	0.27	8.71
Sales per Employee	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	0.06	0.12	- -
Depreciation Expense	28	27	27	26	101	55

Balance Sheet	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	174	620	375	852	831	832
+ Cash, Cash Equivalents & STI	41	310	108	368	134	249
+ Cash & Cash Equivalents	41	310	108	368	134	249
+ ST Investments	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	62	97	136	245	425	332
+ Accounts Receivable, Net	52	96	119	236	421	332
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	11	1	17	9	4	- -
+ Inventories	55	148	118	206	233	162
+ Raw Materials	7	63	39	85	67	87
+ Work In Process	- -	- -	- -	- -	- -	- -
+ Finished Goods	52	90	86	128	167	75
+ Inventory Adjustments	-3	-5	-6	-7	-8	- -
+ Other Inventory	- -	- -	- -	- -	8	- -
+ Other ST Assets	16	65	12	34	39	89
+ Misc ST Assets	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	336	304	281	291	875	874
+ Property, Plant & Equip, Net	11	11	10	11	23	32
+ Property, Plant & Equip	16	17	19	22	41	54
- Accumulated Depreciation	5	7	9	11	18	22
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -
+ Other LT Assets	325	293	271	280	852	843
+ Total Intangible Assets	318	293	268	244	803	786
+ Goodwill	70	70	70	70	416	436
+ Other Intangible Assets	249	224	198	175	386	350
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	6	- -	3	36	49	57
Total Assets	510	924	656	1,143	1,706	1,707
+ Payables & Accruals	51	158	126	134	236	198
+ Accounts Payable	30	136	85	92	170	119
+ Accrued Taxes	- -	2	9	- -	8	11
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	21	20	32	42	58	67
+ ST Debt	59	98	4	10	49	70
+ ST Borrowings	59	98	4	4	39	21
+ ST Finance Leases	- -	- -	- -	6	11	48
+ Other ST Liabilities	24	335	159	101	180	68
+ Deferred Revenue	22	329	150	100	179	66
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	3	6	9	2	1	1
Total Current Liabilities	135	591	289	245	465	336
+ LT Debt	96	- -	424	711	720	661
+ LT Borrowings	96	- -	424	711	720	661
+ LT Finance Leases	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	15	28	24	18	97	100
+ Accrued Liabilities	- -	16	13	- -	73	67
+ Pension Liabilities	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	15	12	11	18	24	33
Total Noncurrent Liabilities	111	28	448	729	817	761
Total Liabilities	245	618	737	975	1,282	1,096
+ Preferred Equity and Hybrid Capital	- -	- -	- -	237	300	351
+ Share Capital & APIC	- -	- -	141	203	383	345
+ Common Stock	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	140	203	383	345
- Treasury Stock	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	- -	-221	-272	-267	-130
+ Other Equity	- -	- -	- -	- -	8	45
Equity Before Minority Interest	264	305	-81	168	424	611
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -
Total Equity	264	305	-81	168	424	611
Total Liabilities & Equity	510	924	656	1,143	1,706	1,707
Shares Outstanding	127	127	127	135	151	151
Capital Leases - Total	- -	- -	- -	6	11	48
Net Debt	114	-213	320	348	625	433
Net Debt to Equity	43.18	-69.64	-395.36	206.64	147.49	70.98
Tangible Common Equity Ratio	-28.22	1.89	-89.91	-34.91	-75.07	-57.21
Current Ratio	1.29	1.05	1.3	3.47	1.79	2.48
Cash Conversion Cycle	- -	65.02	54.71	114.18	96.47	100.76
Number of Employees	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-61	40	59	-50	4	137
+ Depreciation & Amortization	28	27	27	26	101	55
+ Non-Cash Items	-10	30	38	22	-8	32
+ Stock-Based Compensation	- -	1	5	14	15	15
+ Deferred Income Taxes	-20	22	-3	-10	-32	-9
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	10	7	36	19	8	27
+ Chg in Non-Cash Work Cap	31	289	-247	-261	44	8
+ (Inc) Dec in Accts Receiv	19	-31	-40	-109	-71	93
+ (Inc) Dec in Inventories	-10	-95	28	-88	21	67
+ (Inc) Dec in Prepaid Assets	-3	2	1	-21	19	-11
+ Inc (Dec) in Accts Payable	18	105	-33	7	13	-30
+ Inc (Dec) in Other	7	307	-204	-50	63	-111
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-12	386	-122	-263	141	232
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-6	-2	-1	-3	-11	-17
+ Acq of Fixed Prod Assets	-2	-2	-1	-3	-11	-17
+ Acq of Intangible Assets	-4	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	-12	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	-12	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	-374	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	-374	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-6	-2	-1	-15	-384	-17
+ Dividends Paid	- -	- -	- -	-8	-19	- -
+ Net Cash From Debt	-26	-64	357	280	-18	-99
+ Cash From Debt	51	- -	575	539	136	63
+ Repayments of Debt	-77	-64	-218	-259	-154	-162
+ Cash (Repurchase) of Equity	- -	- -	146	121	16	- -
+ Increase in Capital Stock	- -	- -	146	121	16	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	77	- -	-631	145	29	-3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	51	-64	-129	538	8	-102
Effect of Foreign Exchange Rates	- -	- -	- -	- -	1	2
Net Changes in Cash	33	320	-253	259	-235	113
Capital Expenditures	-6	-2	-1	-3	-11	-17
EBITDA	-34	111	149	4	78	272
EBITDA Margin (%)	-11.55	17.19	17.09	0.46	4.79	17.25
Net Cash Paid for Acquisitions	- -	- -	- -	- -	374	- -
Free Cash Flow	-18	384	-124	-267	131	215
Free Cash Flow to Firm	- -	396	-112	- -	- -	249
Free Cash Flow to Equity	- -	320	233	235	127	116
Free Cash Flow per Basic Share	-0.14	3.2	-1.02	-2.05	0.87	1.42
Price/Free Cash Flow	- -	- -	-43.37	-7.85	19.04	10.26
Cash Flow to Net Income	0.19	9.71	-2.07	5.22	31.93	1.69

Array Technologies, Inc.

Income Statement

Balance Sheet

Cash Flow Statement