Slide 1: Array Technologies 1Q 2023 Earnings Call
May 9, 2023 Array Technologies 1Q 2023 Earnings Call 0
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and Other Information This presentation contains forward-looking statements, as the term is used within federal securities laws. All statements other than those of historical fact which appear in this presentation, including (without limitation) statements regar
Slide 3: Business Update
Business Update Kevin Hostetler, CEO 2
Slide 4: Executive Summary
Executive Summary Highlights Selected Financials ($M) Total revenue growth of 25% to $376.8 million Revenue Adjusted EBITDA(1) Adjusted EBITDA % $376.8 $67.0 Gross Margin of 26.9%, an expansion of 1810 $300.6 17.8% bps from Q1 2022 Adjusted EBITDA (1) increased to $67.0 million, from $0.7 mill
Slide 5: Market & Industry Update
Market & Industry Update Current 2023 Environment Anticipated 2024 Dynamics Setting foundation for future IRA implementation IRA provisions on domestic content and the resulting supply chain dynamics will be clarified Overall demand health and pipeline remains strong in the U.S. Top-of-funne
Slide 6: Business Update
Business Update Key Business Accomplishments Current Focus Areas Improved Contracting Framework provided Deliver on Organizational Efficiency resulting more consistent, profitable results from digital transformation and process- improvement initiatives Six consecutive quarters of gross margin
Slide 7: Financial Update
Financial Update Nipul Patel, CFO 6
Slide 8: 1Q 2023 Financial Results
1Q 2023 Financial Results 1Q Snapshot Y/Y Comparison Three Months Ended March 31, 2023 Revenue up 25% from volume and ASP growth ($ in millions, except EPS Data) 2023 2022 Y/Y Revenue $376.8 $300.6 +$76.2 Gross margin increased to 26.9% from 8.8% driven by Gross margin 26.9% 8.8% + 1810 bps proj
Slide 9: Updated FY 2023 Guidance
Updated FY 2023 Guidance Full Year Ending December 31, 2023 Segment Specifics $1.80 billion to $1.90 billion Revenue Legacy Array STI Norland Prior: $1.80 billion to $1.95 billion $240 million to $265 million $1.375 billion to $1.425 billion $425 million to $475 million Adjusted EBITDA(1) Revenue Pr
Slide 10: Appendix
Appendix ARRAY
Slide 11: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended March 31, 2023 2022 Net income (loss) $ 26,132 $ (25,937) Preferred dividends and accretion 12,484 11,606 Net income (loss) to common shareholders $ 13,648 $ (37,543) Other expense, net (194) (743) Foreign currency (gain) loss 194 (3,863) Preferred d
Slide 12: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended March 31, 2023 2022 Net income (loss) $ 26,132 $ (25,937) Preferred dividends and accretion 12,484 11,606 Net income (loss) to common shareholders $ 13,648 $ (37,543) Amortization of intangibles 13,788 23,138 Amortization of debt discount and iss
Slide 13: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation Three Months Ended March 31, 2023 2022 Income (loss) per common share Basic $ 0.09 $ (0.25) Diluted $ 0.09 $ (0.25) Weighted average number of common shares outstanding Basic 150,607 148,288 Diluted 151,795 148,288 Adjusted net income (loss) per common share Basic $ 0.25