Slide 1: Array Technologies 2Q 2023 Earnings Call
August 8, 2023 Array Technologies 2Q 2023 Earnings Call 0
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and Other Information This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our project
Slide 3: Business Update
Business Update Kevin Hostetler, CEO 2
Slide 4: Executive Summary
Executive Summary Highlights Selected Financials ($M) Total revenue growth of 21% to $507.7 million Revenue Adjusted EBITDA(1) Adjusted EBITDA % $115.6 22.8% $507.7 Gross Margin of 29.6%, an expansion of 2010 $419.9 bps from Q2 2022 Adjusted EBITDA(1) increased 453% to $115.6 million, from $20
Slide 5: Market & Industry Update
Market & Industry Update Market Dynamics Array’s Market Approach Utility-Scale growth is not linear and can have Focus on long-term strategic initiatives while large short-term swings delivering on current year commitments Increased project delays and pushouts have Maintain pricing and produ
Slide 6: Focus Areas: Creating Sustainable Margin Performance
Focus Areas: Creating Sustainable Margin Performance 1 3 Expanding our Target Market Increase Higher Margin Offerings OmniTrack | STI H250 Software | Services | Aftermarket sales o Accelerates revenue growth while o Expands our offerings beyond the tracker expanding margins 2 4 Reducing Installe
Slide 7: Financial Update
Financial Update Nipul Patel, CFO 6
Slide 8: 2Q 2023 Financial Results
2Q 2023 Financial Results 2Q Snapshot Y/Y Comparison Three Months Ended June 30, 2023 Revenue up 21% from volume and ASP growth ($ in millions, except EPS Data) 2023 2022 Y/Y Revenue $507.7 $419.9 +$87.8 Gross margin increased to 29.6% from 9.5% driven by Gross margin 29.6% 9.5% + 2010 bps proje
Slide 9: Updated FY 2023 Guidance
Updated FY 2023 Guidance Full Year Ending December 31, 2023 Segment Specifics $1.65 billion to $1.725 billion Revenue Prior: $1.80 billion to $1.90 billion Legacy Array STI Norland $280 million to $295 million Adjusted EBITDA(1) Prior: $240 million to $265 million $1.20 billion to $1.25 billion $450
Slide 10: Appendix
Appendix ARRAY
Slide 11: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income (loss) $ 64,808 $ (5,024) $ 90,940 $ (30,961) Preferred dividends and accretion 12,784 12,182 25,268 23,788 Net income (loss) to common shareholders $ 52,024 $ (17,206) $ 65,672 $ (54,
Slide 12: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income (loss) $ 64,808 $ (5,024) $ 90,940 $ (30,961) Preferred dividends and accretion 12,784 12,182 25,268 23,788 Net income (loss) to common shareholders $ 52,024 $ (17,206) $ 65,672 $
Slide 13: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Income (loss) per common share Basic $ 0.34 $ (0.11) $ 0.44 $ (0.37) Diluted $ 0.34 $ (0.11) $ 0.43 $ (0.37) Weighted average number of common shares outstanding Basic 150,919 150,203 150,763 149,24