0001820721-21-000009 | 10-K | XBRL Viewer

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Mar. 05, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39613
Entity Registrant Name	ARRAY TECHNOLOGIES, INC.
Entity Central Index Key	0001820721
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2747826
Entity Address, Address Line One	3901 Midway Place NE
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87109
City Area Code	(505)
Local Phone Number	881-7567
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	ARRY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock Shares Outstanding		126,994,467
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission, or SEC, subsequent to the date hereof pursuant to Regulation 14A in connection with the registrant’s 2021 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K. We intend to file such proxy statement with the SEC not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2020.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 108,441	$ 310,262
Restricted cash	0	50,995
Accounts receivable, net	118,694	96,251
Inventories, net	118,459	148,024
Income tax receivables	17,158	628
Prepaid expenses and other	12,423	13,524
Total Current Assets	375,175	619,684
Property, plant and equipment, net	9,774	10,660
Goodwill	69,727	69,727
Other intangible assets, net	198,260	223,510
Other assets	3,088	0
Total Assets	656,024	923,581
Current Liabilities
Accounts payable	82,755	129,584
Accounts payable - related party	2,232	5,922
Accrued expenses and other	29,164	17,755
Accrued warranty reserve	3,049	2,592
Income tax payable	8,814	1,944
Deferred revenue	149,821	328,781
Current portion of contingent consideration	8,955	6,293
Current portion of long-term debt	4,313	55,949
Current portion of related party loans	0	41,800
Total Current Liabilities	289,103	590,620
Long-Term Liabilities
Deferred tax liability	13,114	15,853
Contingent consideration, net of current portion	10,736	11,957
Long-term debt, net of current portion, debt discount and issuance costs	423,970	0
Total Long-Term Liabilities	447,820	27,810
Total Liabilities	736,923	618,430
Commitments and Contingencies (Note 13)
Member’s equity		305,151
Preferred stock of $0.001 par value - authorized 5,000,000 shares as of December 31, 2020; none issued as of December 31, 2020	0
Common stock of $0.001 par value - authorized 1,000,000,000 shares as of December 31, 2020; issued: 126,994,467 as of December 31, 2020	127
Additional paid-in capital	140,473
Accumulated deficit	(221,499)
Total member’s equity/stockholders’ deficit	(80,899)
Total Liabilities and Member’s Equity/Stockholders’ Deficit	$ 656,024	$ 923,581

Consolidated Balance Sheets - (Parenthetical)	Dec. 31, 2020 $ / shares shares
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share) \| $ / shares	$ 0.001
Authorized preferred stock (in shares )	5,000,000
Preferred stock, shares issued	0
Common stock, par value (usd per share) \| $ / shares	$ 0.001
Authorized common stock (in shares)	1,000,000,000
Common stock, shares issued	126,994,467

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 872,662	$ 647,899	$ 290,783
Cost of Revenues	669,861	497,138	279,228
Gross profit	202,801	150,761	11,555
Operating Expenses
General and administrative	55,634	41,212	46,878
Contingent consideration	26,441	640	(825)
Depreciation and amortization	25,514	25,500	26,708
Total Operating Expenses	107,589	67,352	72,761
Income (loss) from Operations	95,212	83,409	(61,206)
Other Expense
Other expense, net	(2,305)	(33)	(447)
Interest expense	(15,129)	(18,797)	(19,043)
Total Other Expense	(17,434)	(18,830)	(19,490)
Income (Loss) Before Income Tax Expense (Benefit)	77,778	64,579	(80,696)
Income Tax Expense (Benefit)	18,705	24,834	(19,932)
Net Income (loss)	$ 59,073	$ 39,745	$ (60,764)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.49	$ 0.33	$ (0.51)
Diluted (in dollars per share)	$ 0.49	$ 0.33	$ (0.51)
Weighted average number of shares
Basic (in shares)	121,467	119,994	119,994
Diluted (in shares)	121,514	119,994	119,994

Consolidated Statements of Changes in Member’s Equity/Stockholders’ Deficit - USD ($) shares in Thousands, $ in Thousands	Total	Member units	Common Stock	Additional paid-in capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2017		1
Beginning balance at Dec. 31, 2017	$ 275,238	$ 275,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution	50,000	50,000
Net income (loss)	(60,764)	$ (60,764)
Ending balance (in shares) at Dec. 31, 2018		1
Ending balance at Dec. 31, 2018	264,474	$ 264,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution	133	133
Equity/Stock based compensation	799	799
Net income (loss)	39,745	$ 39,745
Ending balance (in shares) at Dec. 31, 2019		1
Ending balance at Dec. 31, 2019	305,151	$ 305,151
Ending balance (in shares) at Dec. 31, 2019			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total member’s equity/stockholders’ deficit			$ 0	$ 0	$ 0
Equity/Stock based compensation	4,809	3,397		1,412
Special distribution	(589,000)	(589,000)
Initial public offering of common stock, net of underwriting discounts and commissions (in shares)			7,000
Initial public offering of common stock, net of underwriting discounts and commissions	145,532		$ 7	145,525
Deferred offering costs	(6,464)			(6,464)
Net income (loss)	59,073	$ 71,394			(12,321)
Corporate conversion and stock split (in shares)		(1)	119,994
Corporate conversion and stock split	0	$ 209,058	$ 120		(209,178)
Ending balance (in shares) at Dec. 31, 2020		0
Ending balance at Dec. 31, 2020		$ 0
Ending balance (in shares) at Dec. 31, 2020			126,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total member’s equity/stockholders’ deficit	$ (80,899)		$ 127	$ 140,473	$ (221,499)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Net Income (loss)	$ 59,073	$ 39,745	$ (60,764)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for (recovery of) bad debts	595	(3,986)	3,720
Deferred tax (benefit) expense	(2,739)	22,322	(20,062)
Depreciation and amortization	27,474	27,316	28,450
Amortization of debt discount and issuance costs	3,366	3,968	2,991
Interest paid-in-kind	3,421	2,832	705
Equity-based compensation	4,809	799	0
Contingent consideration	26,441	640	(825)
Warranty provision	953	1,387	(95)
Provision for inventory obsolescence	1,225	1,742	3,098
Changes in operating assets and liabilities:
Accounts receivable	(23,038)	(40,708)	19,399
Inventories	28,340	(94,594)	(10,261)
Income tax receivables	(16,530)	9,941	(11)
Prepaid expenses and other	1,101	2,228	(3,010)
Accounts payable	(50,519)	105,481	6,497
Accrued expenses and other	10,913	(1,978)	11,058
Income tax payable	6,870	1,944	0
Deferred revenue	(178,960)	306,994	7,383
Contingent consideration	(25,000)	0	0
Net Cash (Used in) Provided by Operating Activities	(122,205)	386,073	(11,727)
Cash Flows from Investing Activities
Purchase of property, plant and equipment	(1,338)	(1,697)	(2,073)
Internal-use software modification costs	0	0	(4,357)
Net Cash Used in Investing Activities	(1,338)	(1,697)	(6,430)
Cash Flows from Financing Activities
Principal payments on term loan	(57,702)	(25,000)	(64,587)
Proceeds from term loan facility	575,000	0	0
Principal payments on term loan facility	(115,000)	0	0
Proceeds from (Payments on) revolving loan	(70)	(39,078)	30,465
Proceeds from related party loan	0	0	50,600
Payments on related party loans	(45,558)	0	(12,000)
Debt discount and financing costs	(36,011)	0	(3,615)
Payment of special distribution	(589,000)	0	0
Proceeds from issuance of Class A Common Stock, net of underwriting discount and commissions	145,532	0	0
Deferred offering costs	(6,464)	0	0
Capital contribution	0	133	50,000
Net Cash (Used in) provided by Financing Activities	(129,273)	(63,945)	50,863
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(252,816)	320,431	32,706
Cash, Cash Equivalents and Restricted Cash, beginning of year	361,257	40,826	8,120
Cash, Cash Equivalents and Restricted Cash, end of year	108,441	361,257	40,826
Supplemental Cash Flow Information
Cash paid for interest	6,935	11,343	14,257
Cash paid for income taxes	$ 31,103	$ 443	$ 176

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Array Technologies, Inc., (the “Company”) formerly ATI Intermediate Holdings, LLC, is a Delaware corporation formed in December 2018 as a wholly owned subsidiary of ATI Investment Parent, LLC (“Former Parent”). On October 14, 2020, we converted from a Delaware limited liability company to a Delaware corporation and changed our name to Array Technologies, Inc. The Company is headquartered in Albuquerque, New Mexico, and manufactures and supplies solar tracking systems and related products for customers across the United States and internationally. The Company, through its wholly-owned subsidiaries, High Desert Finance, LLC (“HDF”) and ATI Investment Holdings, Inc. (“ATI Investment”) owns two other subsidiaries through which it conducts substantially all operations; Array Tech, Inc. and Array Technologies Patent Holdings Co., LLC (“Array”). Former Parent acquired Array on July 8, 2016. On October 19, 2020, the Company completed the initial public offering of its common stock (the “IPO”). In the IPO, the Company sold 7,000,000 shares of its common stock at a public offering price of $22.00 per share. The Company received net proceeds of $139.1 million, net of underwriting discounts and commissions of $8.5 million and other offering costs of $6.5 million.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Accounting and Presentation

The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Corporate Conversion and Stock Split

On October 14, 2020, prior to the issuance of any of our shares of common stock in the IPO, we converted from a Delaware limited liability company to a Delaware corporation. In connection with the corporate conversion we converted all 1,000 of our outstanding member units into 100,000,000 shares of common stock and then completed a stock split of 1.19994-for-1. The corporate conversion and stock split representing 119,994,467 shares of common stock have been adjusted retroactively for the purposes of calculating basic and diluted earnings per share.

Principles of Consolidation

The consolidated financial statements include the accounts of Array Technologies, Inc. and its Subsidiaries, which include HDF, ATI Investment and Array. All intercompany accounts and transactions have been eliminated upon consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates include impairment of goodwill, impairment of long-lived assets, fair value of contingent consideration, allowance for doubtful accounts, reserve for excess or obsolete inventories, valuation of deferred tax assets and warranty reserve. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements.

Impact of COVID-19 Pandemic

In December 2019, a novel strain of coronavirus, SARS-CoV-2, which causes coronavirus disease 2019, or COVID-19, surfaced in Wuhan, China. Since then, COVID-19 has spread to multiple countries, including the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. To date, the Company has maintained uninterrupted business operations with normal turnaround times for its delivery of solar tracking systems. The Company has implemented adjustments to its operations designed to keep employees safe and comply with federal, state and local guidelines, including those regarding social distancing. The extent to which COVID19 may further impact the Company’s business, results of operations, financial condition and cash flows will depend on future developments, which are highly uncertain and cannot be predicted with confidence. In response to COVID-19, the United States government has passed legislation and taken other actions to provide financial relief to companies and other organizations affected by the pandemic.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

At December 31, 2019, the Company had $51.0 million in restricted cash. The restricted cash secured its standby letter of credit facility which expired August 31, 2020 (see Note 8). As such, the restricted cash is considered a current asset in the accompanying balance sheets.

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the consolidated balance sheets to the same such amounts shown in the consolidated statements of cash flows (in thousands):


	December 31,
	2020		2019
Cash and cash equivalents	$	108,441	$	310,262
Restricted cash	—		50,995
Cash and cash equivalents and restricted cash	$	108,441	$	361,257

Accounts Receivable

The Company’s accounts receivable are due primarily from solar contractors across the United States and internationally. Credit is extended in the normal course of business based on evaluation of a customer’s financial condition and, generally, collateral is not required. Trade receivables consist of uncollateralized customer obligations due under normal trade terms requiring payment within 30-60 days of the invoice date. Management regularly reviews outstanding accounts receivable and provides for estimated losses through an allowance for doubtful accounts or direct write-off. In evaluating the level of established reserves, management

makes judgments regarding the customers’ ability to make required payments, economic events, and other factors. As the financial conditions of these customers change, circumstances develop, or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. When deemed uncollectible, the receivable is charged against the allowance or directly written off. At December 31, 2020 and 2019, the allowance for doubtful accounts was $0.7 million and $0.2 million, respectively.

Amounts retained by project owners under contracts and included in accounts receivable at December 31, 2020 and 2019 were $4.1 million and $6.1 million, respectively. Such retention amounts represent funds withheld by our customers until the products are installed by a third party, arranged by the customer, and the project is declared operational. Retention amounts and length of retention periods may vary. All retention amounts outstanding as of December 31, 2020 are collectible within the next 12 months.

Inventories

Inventories consist of raw materials and finished goods. Inventories are stated at the lower of cost or estimated net realizable value using the weighted average method. Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. See Note 3 for a detail of the components that comprise the inventory balance presented on the accompanying consolidated balance sheets.

Property, Plant and Equipment

Property, plant and equipment acquired in the acquisition of Array are recorded at fair value at the date of acquisition net of accumulated depreciation and amortization; all other property, plant and equipment are recorded at cost, net of accumulated depreciation and amortization. Improvements, betterments and replacements which significantly extend the life of an asset are capitalized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred.

A gain or loss on the sale of property, plant and equipment is calculated as the difference between the cost of the asset disposed of, net of depreciation, and the sales proceeds received. A gain or loss on an asset disposal is recognized in the period that the sale occurs.

Impairment of Long-Lived Assets

When events, circumstances or operating results indicate that the carrying values of long-lived assets might not be recoverable through future operations, the Company prepares projections of the undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the projections indicate that the recorded amounts are not expected to be recoverable, such amounts are reduced to estimated fair value. Fair value is estimated based upon internal evaluation of each asset that includes quantitative analyses of net revenue and cash flows, review of recent sales of similar assets and market responses based upon discussions in connection with offers received from potential buyers. Management determined there was no impairment for the years ended December 31, 2020, 2019 and 2018.

Goodwill

Goodwill reflects the excess of the consideration transferred, including the fair value of any contingent consideration over the assigned fair values of the identifiable net assets acquired. Goodwill is not amortized, and is assigned to the reporting unit and tested for impairment at least on an annual basis. Goodwill is assessed using either a qualitative assessment or quantitative approach to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The qualitative assessment evaluates factors including macroeconomic conditions, industry-specific and company-specific considerations,

legal and regulatory environments, and historical performance. If the Company determines that is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. Otherwise, no further assessment is required. The quantitative approach compares the estimated fair value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value or the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential.

The Company completes its annual goodwill impairment test as of year-end. At December 31, 2020, the Company performed a qualitative assessment of its goodwill. At December 31, 2019 and 2018, the Company performed a quantitative assessment of its goodwill. For the years ended December 31, 2020, 2019 and 2018 no goodwill impairment was recorded by the Company.

Amortizable and Other Intangible Assets

The Company amortizes identifiable intangible assets consisting of developed technology, customer relationships, contractual backlog and internal-use software modifications because these assets have finite lives. The Company’s intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives. The basis of amortization approximates the pattern in which the assets are utilized, over their estimated useful lives.

The Array Technologies trade name has been determined to have an indefinite life and, therefore, is not amortized but is subject to an annual impairment test or at any other time when impairment indicators exist. The Company completed its annual impairment test for its non-amortizable asset (Trade Name) by comparing the estimated fair value to the carrying value of such asset. Based on the results of the tests, the Company did not recognize any impairment charges for the years ended December 31, 2020, 2019 and 2018.

Deferred Offering Costs

Deferred offering costs consist primarily of registration fees, filing fees, listing fees, specific legal and accounting costs, and transfer agent fees, which are direct and incremental fees related to the IPO. Deferred offering costs were offset against the IPO proceeds.

Debt Discount and Financing Costs

Debt discount and financing costs incurred to issue debt are deferred and amortized using the effective interest method as a component of interest expense over the life of the related debt agreement. Amortization expense of debt discount and deferred financing costs was $3.4 million, $4.0 million and $3.0 million, respectively, for the years ended December 31, 2020, 2019 and 2018.

Revenue Recognition 2020 and 2019

The Company recognized revenues from the sale of solar tracking systems and parts and determines its revenue recognition through the following steps (i) identification of the contract or contracts with a customer, (ii) identification of the performance obligations within the contract, (iii) determination of the transaction price, (iv) allocation of the transaction price to the performance obligations within the contract, and (v) recognition of revenue when, or as the performance obligation has been satisfied.

Performance Obligations

The Company’s contracts with customers are predominately accounted for as one performance obligation, as the majority of tasks and services is part of a single project or capability. As these contracts are typically a customized assembly for a customer-specific solution, the Company uses the expected cost-plus margin approach to estimate the standalone selling price of each performance obligation. For contracts with multiple

performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. In assessing the recognition of revenue, the Company also evaluates whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Change orders may include changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. The Company analyzes its change orders to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract. The Company’s change orders are generally modifications to existing contracts and are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized. The majority of the Company’s contracts do not contain variable consideration provisions as a continuation of the original contract.

The Company’s performance obligations are satisfied predominately over-time as work progresses for its custom assembled solar systems, utilizing an output measure of completed products and based on the timing of the product’s shipments considering the shipping terms described in the contract. In certain situations, when product is still in our custody, and title and risk of loss has passed to the customer (known as bill-and-hold arrangement), revenue will be recognized when all the specific requirements for transfer of control under a bill-and-hold arrangement have been met.

Revenue recognized for the Company’s part sales are recorded at a point in time and recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms.

Contract Estimates

Accounting for contracts utilizing the over-time method and their expected cost-plus margins is based on various assumptions to project the outcome of future events that can exceed a year. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; and the availability and timing of funding from the customer. The Company reviews and updates its contract-related estimates each reporting period. The Company recognizes adjustments in estimated expected cost-plus on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period it is identified.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets (i.e. unbilled receivables) and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings for the Company’s revenue recognized over-time. As of December 31, 2020 and December 31, 2019, contract assets consisting of unbilled receivables totaling $18.1 million and $16.1 million, respectively, are included within accounts receivable on the consolidated balance sheets on a contract-by-contract basis at the end of the reporting period. The Company also receives

advances or deposits from its customers, before revenue is recognized, resulting in contract liabilities. The changes in contract liabilities (i.e. deferred revenue) relate to advanced orders and payments received by the Company and are the result of customers looking to take advantage of certain U.S. federal tax incentives set to decrease at the end of 2019. Based on the terms of the tax incentives the customer must pay for the goods prior to December 31, 2019 which accounts for the increase in the advanced orders and payments and the resulting deferred revenue at December 31, 2019 and subsequent reduction for deliveries which occurred during the year ended December 31, 2020. As of December 31, 2020 and December 31, 2019, contract liabilities consisting of deferred revenue were $149.8 million and $328.8 million, respectively and were recorded on a contract-by-contract basis at the end of each reporting period. During the years ended December 31, 2020 and 2019, the Company converted $328.8 million and $21.8 million deferred revenue to revenue, respectively, which represented 100% of the prior years deferred revenue balance.

Remaining Performance Obligations

As of December 31, 2020, the Company had $455.3 million of remaining performance obligations. The Company expects to recognize revenue on 100% of these performance obligations in the next twelve months.

Revenue Recognition - 2018

Products are sold by the Company for cash-in-advance and on credit. Revenue is recognized when persuasive evidence of an agreement exists and upon delivery and acceptance, or earlier if required by shipping terms, provided title is transferred, prices are fixed or determinable, and collection is deemed probable. Revenues are presented net of sales, use, value-added and other excise taxes collected by the Company that are remitted to various governmental authorities.

Warranty Obligations

The Company offers an assurance type warranty for its products against defects in design, materials and workmanship for a period ranging from two to twenty years from customer acceptance. For these assurance type warranties, a provision for estimated future costs related to warranty expense is recorded when they are probable and reasonably estimable, which is typically when products are delivered. This provision is based on historical information on the nature, frequency and average cost of claims for each product line. When little or no experience exists for an immature product line, the estimate is based on comparable product lines. These estimates are re-evaluated on an ongoing basis using best-available information and revisions to estimates are made as necessary.

Income Taxes

The Company provides for income taxes based on the provisions of FASB ASC Topic 740, Income Taxes, which, among other things, requires that recognition of deferred income taxes be measured by the provisions of enacted tax rates in effect at the date of the consolidated financial statements. A valuation allowance is provided to reduce deferred income tax assets if it is more likely than not that all, or some portion, of such deferred tax assets will not be recognized. Provision for estimated income taxes is based upon elements of income and expense reported in the consolidated statements of operations. The Company also files certain corporate state income tax returns. Generally, the Company is subject to examination by U.S. federal (or state or local) income tax authorities for three years from the filing of a tax return. The current provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, and for

operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. Adjustments for penalties and interest, if any, are also reflected in the current year tax provision or benefit.

The Company determines whether uncertain tax positions are more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

The Company recognizes interest and penalties related to unrecognized tax benefits within the interest expense line and other expense line, respectively, in the consolidated statements of operations. Accrued interest and penalties are included within the related liability lines in the consolidated balance sheets.

Equity-Based Compensation

The Company recognizes equity-based compensation expense based on the equity award’s grant date fair value. The determination of the fair value of equity awards issued to employees of the Company is based upon the underlying share price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Company accounts for forfeitures as they occur. The grant date fair value of each unit is amortized on a straight-line basis over the requisite service period.

Earnings per Share (“EPS”)

Basic earnings per share, or EPS, is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options and unvested restricted stock, were exercised and converted into shares. Diluted EPS is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive.

CARES Act Payroll Tax Deferral

The CARES Act permits employers to defer the payment of the employer share of social security taxes due for the period beginning March 27, 2020 and ending December 31, 2020. Of the amounts deferred, 50% are required to be paid by December 31, 2021 and the remaining 50% are required to be paid by December 31, 2022. The Company began deferring payment of the employer share of social security taxes in April 2020. As of December 31, 2020, the Company had deferred payment of $1.0 million of such taxes.

Credit Concentration

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, restricted cash and accounts receivable. The Company has no significant off balance sheet concentrations of credit risk. The Company maintains its cash and restricted cash with financial institutions that are believed to be of high credit quality and has not experienced any material losses relating to any cash and restricted cash. As of December 31, 2020 and December 31, 2019, $108.2 million and $360.9 million, respectively, of the Company’s bank balances were uninsured and uncollateralized and exposed to custodial credit risk.

The Company’s customer base consists primarily of solar contractors and utilities. The Company does not require collateral on its trade receivables. For the year ended December 31, 2020, the Company’s largest

customer and five largest customers constituted 11.2% and 40.9% of total revenues, respectively. Two customers made up 21.5% of revenue and are the only customers greater than 10% of total revenue for the year ended December 31, 2020. For the year ended December 31, 2019, the Company’s largest customer and five largest customers constituted 17.2% and 50.1% of total revenues, respectively. Two customers made up 28.7% of revenue and are the only customers constituting greater than 10% of total revenue for the year ended December 31, 2019. For the year ended December 31, 2018, the Company’s largest customer and five largest customers constituted 17.5% and 50.9% of total revenues, respectively. Two customers make up 28.3% of revenue and are the only customers constituting greater than 10% of total revenue. The loss of any one of the Company’s top five customers could have a materially adverse effect on the revenues and profits of the Company. Further, the Company’s trade accounts receivable are from companies within the solar industry and, as such, the Company is exposed to normal industry credit risks. As of December 31, 2020, the Company’s largest customer and five largest customers constituted 0.1% and 20.9% of trade accounts receivable, respectively. As of December 31, 2019, the Company’s largest customer and five largest customers constituted 29.5% and 69.0% of trade accounts receivable, respectively. The Company continually evaluates its reserves for potential credit losses and establishes reserves for such losses.

Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Three levels of inputs may be used to measure fair value, as follows:

•Level 1 - Quoted prices in active markets for identical assets or liabilities.

•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 - Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities.

Assets valued using Level 1 inputs are determined by quoted market prices derived from an active market and Level 2 inputs are based primarily on quoted prices for similar assets in active or inactive markets. Level 3 inputs are valued by management’s assumptions about the assumptions the market participants would utilize in pricing the asset.

The fair values of the Company’s cash, restricted cash, accounts receivable, and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s notes payable and related party loans approximates their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms.

The Company follows the provisions of FASB ASC Topic 820-10 for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company, this applies to certain nonfinancial assets and liabilities acquired in business combinations and measurement of goodwill impairment and non-amortizable intangibles and is thereby measured at fair value. The Company has determined such fair value primarily by third-party valuations.

New Accounting Standards

To be adopted

In February 2016, the FASB issued ASU No. 2016-02 (Topic 842) “Leases” which supersedes the lease recognition requirements in ASC Topic 840, “Leases”. Under ASU No. 2016-02, lessees are required to recognize assets and liabilities on the consolidated balance sheets for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance or operating. For companies that are not emerging growth companies (“EGCs”), the ASU is effective for fiscal years beginning after December 15, 2018. For EGCs, the ASU is effective for fiscal years beginning after December 15, 2021. The Company plans to adopt the new standard using the modified retrospective method, under which the Company will apply Topic 842 to existing and new leases as of the effective date of January 1, 2021, but prior periods will not be restated and will continue to be reported under Topic 840 guidance in effect during those periods. The Company anticipates that the adoption will not have a material impact on its consolidated statements of operations or its consolidated statements of cash flows but expects to recognize right-of-use assets and liabilities for lease obligations associated with its operating leases.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which was subsequently amended by ASU No. 2018-19 and ASU No. 2019-10, requires the measurement of expected credit losses for financial instruments carried at amortized cost held at the reporting date based on historical experience, current conditions and reasonable forecasts. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The standard is effective for the fiscal year beginning after December 15, 2022, or December 15, 2021 if we were to lose EGC’s status in 2021. The Company will continue to assess the possible impact of this standard, but currently does not expect the adoption of this standard will have a significant impact on its consolidated financial statements and its limited history of bad debt expense relating to trade accounts receivable.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”), which is intended to simplify various aspects of the accounting for income taxes. ASU No. 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Adopted

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement against or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The Company adopted ASU 2018-13 as of January 1, 2020. The Company’s disclosures related to its Level 3 financial statements did not materially change for the periods presented.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in thousands):


	December 31,
	2020		2019
Raw materials	$	39,051	$	62,923
Finished goods	85,833		90,301
Reserve for excess or obsolete inventory	(6,425)		(5,200)
Total	$	118,459	$	148,024

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	Estimated Useful Life (Years)	December 31,
		2020		2019
Land	N/A	$	1,340	$	1,340
Buildings and land improvements	15-39	2,486		2,464
Manufacturing equipment	7	13,261		12,631
Furniture, fixtures and equipment	5-7	443		277
Vehicles	5	140		140
Hardware and software	3-5	887		398
Total		18,557		17,250
Less: accumulated depreciation		(8,783)		(6,590)
Property, plant and equipment, net		$	9,774	$	10,660

Depreciation expense was $2.2 million, $2.1 million and $1.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, of which $2.0 million, $1.8 million and $1.7 million, respectively, has been allocated to cost of revenues and $0.2 million, $0.3 million and $0.2 million, respectively, is included in depreciation and amortization in the accompanying consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

Goodwill relates to Former Parent’s acquisition of Array. At the acquisition date, July 8, 2016, goodwill was $121.6 million. At December 31, 2019 and December 31, 2020 goodwill totaled $69.7 million, net of accumulated impairment of $51.9 million and is not deductible for tax purposes.

Other Intangible Assets

Other intangible assets consisted of the following (in thousands):


	Estimated Useful Life (Years)	December 31,
		2020		2019
Amortizable:
Costs:
Developed technology	14	$	203,800	$	203,800
Customer relationship	10	89,500		89,500
Internal-use software modification	2.5	4,356		4,356
Total Amortizable Intangibles		297,656		297,656
Accumulated amortization:
Developed technology		65,233		50,676
Customer relationship		40,107		31,157
Internal-use software modification costs		4,356		2,613
Total Accumulated Amortization		109,696		84,446
Total Amortizable Intangibles, Net		187,960		213,210

Non-amortizable costs:
Trade name		10,300		10,300
Total Other Intangible Assets, Net		$	198,260	$	223,510

Amortization expense related to intangible assets was $25.3 million, $25.2 million and $26.5 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Estimated future annual amortization expense for the above amortizable intangible assets for the remaining periods through December 31, as follows (in thousands):


	Amount
2021	$	23,507
2022	23,507
2023	23,507
2024	23,507
2025	23,507
Thereafter	70,425
	$	187,960

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes The provision for income taxes charged to operations consists of the following for the years ended December 31, (in thousands):



	2020		2019		2018
Current Expense:
Federal	$	17,248	$	1,709	$	31
State	4,196		803		99
	21,444		2,512		130
Deferred Expense (Benefit):
Federal	(2,799)		20,576		(15,955)
State	60		1,746		(4,107)
	(2,739)		22,322		(20,062)
Total Income Tax Expense (Benefit)	$	18,705	$	24,834	$	(19,932)

Significant components of the Company’s deferred tax assets and liabilities were as follows as of December 31, (in thousands):



	2020		2019
Deferred Tax Assets:
Bad debts	$	156	$	37
Inventories	2,050		1,632
Accrued warranties	841		599
Accrued compensation	271		843
Accrued settlement	524		—

Net operating loss	506		795
Equity-based compensation	154		—
Other	239		124
Deferred Tax Assets	4,741		4,030
Valuation allowance	(208)		(208)
Deferred Tax Assets, net	4,533		3,822
Deferred Tax Liabilities:
Property, plant, and equipment	(1,043)		(1,093)
Intangible assets	(16,604)		(18,582)
Deferred Tax Liabilities	(17,647)		(19,675)
Deferred Tax Asset (Liability), net	$	(13,114)	$	(15,853)

A reconciliation of income tax expense computed at the federal statutory rate of 21% for the years ended December 31, to actual income tax expense at the Company’s effective rate is as follows (in thousands):



	2020		2019		2018
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate	$	16,333	$	13,562	$	(16,947)
State income taxes	3,375		2,049		(3,365)
Permanent differences:
Derecognition of tax assets from IRS examination	—		9,284		—
Equity-based compensation	852		168		—
Contingent consideration	5,553		134		49
Credits	(79)		(284)		—
Other nondeductible expenses	437		40		48
Effect of CARES Act	(6,608)		—		—
Foreign income benefit	(1,201)		(155)		—
Change in valuation allowance	—		(45)		253
Other	43		81		30
Total Income Tax Expense (Benefit)	$	18,705	$	24,834	$	(19,932)

The Company files income tax returns in the U.S. federal jurisdiction and in multiple states. The Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2014.

As of December 31, 2020, the Company had no federal income tax net operating loss (“NOL”) carryforwards. The Company has state income tax NOL carryforwards of approximately $7.6 million that will expire in future years beginning in 2036.

Realization of deferred tax assets associated with net operating loss carryforwards is dependent upon generating sufficient taxable income in the appropriate jurisdictions prior to their expirations, if any expiration. The existence of reversing temporary differences supports the recognition by the Company of certain deferred tax assets. It is not more likely than not that those deferred tax assets from certain state net operating loss carryforwards would be realized due to the Company’s lack of earnings history and as such the Company established a valuation allowance of $208 thousand for the years ended years ended December 31, 2020 and 2019.

ASC 740, Income Taxes, addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. In accordance with ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company’s assessments of its tax positions in accordance with ASC 740 did not result in changes that had a material impact on results of operations, financial condition or liquidity. The Company had no unrecognized income tax benefits at either December 31, 2020 or 2019.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. Among other things, the CARES Act provided the ability for taxpayers to carryback a net operating loss (“NOL”) arising in a taxable year beginning after December 31, 2017 and before January 1, 2021 to each of the five years preceding the year of the loss. The Company generated a significant

NOL during its tax year ended March 31, 2019 and filed a carryback claim in June 2020 for this NOL. As a result of the carryback claim, the Company recorded an income tax benefit of $6.6 million on its consolidated statement of operations for the year ended December 31, 2020, resulting from the difference in the current U.S. federal tax rate of 21% and the tax rate of 35% applicable in the carryback year.

The Company’s 2017 federal income tax return was selected for examination by the IRS in 2018. As a result of the examination, an adjustment related to the value allocated to the developed technology for tax purposes was potentially required. During 2019, the Company settled the 2017 examination and agreed to a reduction in the developed technology value from $210 million to $188 million for federal income tax purposes. As a result of this change in the value of the acquired developed technology, the Company reduced its NOL carryforwards by approximately $2.8 million for previously taken amortization and increased the deferred tax liability related to the revised developed technology tax basis by approximately $4.6 million. In addition, the Company will no longer receive tax basis upon payment of the Tax Receivable Agreement (“TRA”) liability, as such the related deferred tax asset of $4.7 million for the TRA was also written off during 2019. The adjustments resulting from the change in developed technology value have been recorded as an income tax expense for the year ended December 31, 2019. Refer to Note 13 - Commitments and Contingencies, for detail on the TRA, which was contingent consideration at the time of the Array acquisition.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Accrued Warranty Reserve

12 Months Ended

Dec. 31, 2020

Guarantees and Product Warranties [Abstract]

Accrued Warranty Reserve

The following table summarizes the activity related to the estimated accrued warranty reserve (in thousands):


	Year Ended December 31,
	2020		2019
Beginning balance	$	2,592	$	1,935
Provision for warranties issued	1,054		2,473
Payments	(496)		(730)
Warranty expirations	(101)		(1,086)
Ending balance	$	3,049	$	2,592

Long-Term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt Long term debt consisted of the following (in thousands):


	December 31,
	2020		2019
Term loan facility	$	460,000	$	—
Revolving credit facility	—		—
Term loan	—		57,702
Revolving loan	—		70
	460,000		57,772
Less discount and issuance costs	(31,717)		(1,823)
Long term debt, net of debt discount and financing costs	428,283		55,949
Less current portion of long-term debt	(4,313)		(55,949)
Long-term debt, net of current portion, debt discount and financing costs	$	423,970	$	—

Senior Secured Credit Facility

On October 14, 2020, the Company entered into a senior secured credit facility consisting of (i) a $575 million senior secured seven-year term loan facility (the “Term Loan Facility”) and (ii) a $150 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). As of December 31, 2020, the Term Loan Facility had a balance of $460.0 million. The Term Loan Facility accrued interest equal to applicable margin of 1% plus base rate (4% at December 31, 2020). The balance of the Term Loan Facility is presented in the accompanying consolidated balance sheets net of debt discount and issuance costs of $31.7 million at December 31, 2020. The debt discount and issuance costs are being amortized using the effective interest method and the rate as of December 31, 2020 is 6.08%. The Term Loan Facility has an annual excess cash flow calculation beginning with the year ended December 31, 2021 which could require the Company to make advance principal payments.

Letters of Credit

Under the Revolving Credit Facility, the Company had no outstanding balance, $46.6 million in standby letters of credit and availability of $103.4 million under the Revolving Credit Facility.

Interest Rate

The interest rates applicable to the loans under the Term Loan Facility equals, at our option, either, (i) in the case of ABR borrowings, the highest of (a) the Federal Funds Rate as of such day plus 50 basis points, (b) the prime rate and (c) the adjusted LIBOR rate as of such day for a deposit in U.S. dollars with a maturity of one month plus 100 basis points, provided that in no event shall the ABR be less than 150 basis points, plus, in each case, the applicable margin of 300 basis points per annum; or (ii) in the case of Eurocurrency borrowings, the greater of (a) the London interbank offered rate for the relevant currency, adjusted for statutory reserve requirements, and (b) 100 basis points, plus, in each case, the applicable margin of 400 basis points per annum.

The interest rates applicable to the loans under the Revolving Facility equals, at our option, either, (i) in the case of ABR borrowings, the highest of (a) the Federal Funds Rate as of such day plus 50 basis points, (b) the prime rate and (c) the adjusted LIBOR rate as of such day for a deposit in U.S. dollars with a maturity of one month plus 100 basis points, provided that in no event shall the ABR be less than 150 basis points, plus, in each case, the applicable margin of 225 basis points per annum; or (ii) in the case of Eurocurrency borrowings,

the greater of (a) the London interbank offered rate for the relevant currency, adjusted for statutory reserve requirements, and (b) 50 basis points, plus, in each case, the applicable margin of 325 basis points per annum.

Guarantees and Security

The obligations under the Senior Secured Credit Facility are guaranteed by ATI Investment Sub, Inc. and its wholly owned domestic subsidiaries other than certain immaterial subsidiaries and other excluded subsidiaries. The obligations under the Senior Secured Credit Facility are secured by a first priority security interest in substantially all of Array Tech, Inc.’s and the guarantors’ existing and future property and assets, including accounts receivable, inventory, equipment, general intangibles, intellectual property, investment property, other personal property, material owned real property, cash and proceeds of the foregoing.

Prepayments and Amortization

Loans under the Revolving Credit Facility may be voluntarily prepaid in whole, or in part, in each case without premium or penalty. Loans under the Term Loan Facility may be voluntarily prepaid in whole, or in part, in each case without premium or penalty (other than a 1% premium with respect to prepayments on account of certain “repricing events,” subject to exceptions, occurring within 12 months of the closing date of the Senior Secured Credit Facility).

The Senior Secured Credit Facility requires mandatory prepayments, but not permanent reductions of commitments thereunder, for excess cash flow, asset sales, subject to a right of reinvestment, and refinancing facilities.

The Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00% per annum of the original principal amount of the loans funded thereunder. There is no scheduled amortization under the Revolving Credit Facility.

Restrictive Covenants and Other Matters

The Senior Secured Credit Facility contains affirmative and negative covenants including covenants that restrict our incurrence of indebtedness, incurrence of liens, dispositions, investments, acquisitions, restricted payments, transactions with affiliates, as well as other negative covenants customary for financings of this type.

The Revolving Credit Facility also includes a springing financial maintenance covenant that is tested on the last day of each fiscal quarter if the outstanding loans and certain other credit extensions under the Revolving Credit Facility exceed 35% of the aggregate amount of commitments thereunder, subject to customary exclusions and conditions. If the financial maintenance covenant is triggered, the first lien net leverage ratio will be tested for compliance not to exceed 7.10 to 1.00.

The Senior Secured Credit Facility also includes customary events of default, including the

occurrence of a change of control. As of December 31, 2020, the Company was in compliance with all the required covenants.

Term Loan Credit and Guarantee Agreement

The Company had a Term Loan Credit and Guarantee Agreement (the “Term Loan”) as amended. The Term Loan was secured by assets of ATI Investment. The Term Loan was payable in quarterly installments of $5 million. As of December 31, 2019, the Term Loan had a balance of $57.7 million. The Term Loan accrued interest equal to applicable margin of 6.25% plus base rate (8.96% at December 31, 2019). The balance of the

Term loan is presented in the accompanying consolidated balance sheets net of debt discount and financing costs of $1.8 million at December 31, 2019. The Term Loan had an annual excess cash flow calculation which could require the Company to make advance principal payments. At December 31, 2019, the excess cash flow calculation resulted in the Term Loan be classified as current on the accompanying consolidated balance sheet. The Company paid the outstanding amount due on the Term Loan on February 2, 2020 and settled all obligations with respect to the Term Loan.

Revolving Loan

The Company had a credit facility (the “Revolving Loan”) as amended, which had a commitment of $100.0 million as of December 31, 2019. As of December 31, 2019, the Revolving Loan had an outstanding balance of $70 thousand. The Company paid the outstanding amount due on the Revolving Loan on October 14, 2020 and settled all obligations with respect to the Revolving Loan.

Letter of Credit Facility

On December 16, 2019, the Company entered into a letter of credit facility (“LC Facility”) to provide customers with additional credit support in the form of a standby letter of credit to secure the Company’s performance obligations under contracts for which certain customers elected to prepay for the design and manufacture of solar projects. The LC Facility had a commitment of $100.0 million in standby letters of credit and expired August 31, 2020. At December 31, 2019, the Company had $51.0 million in outstanding standby letters of credit outstanding, secured by cash collateral.

Future maturities of long-term debt (in thousands):


	Amount
2021	$	4,313
2022	5,750
2023	5,750
2024	5,750
2025	5,750
Thereafter	432,687
	$	460,000

For the years ended December 31, 2020, 2019 and 2018, interest expense related to the long-term debt totaled $11.3 million, $11.5 million and $17.4 million, respectively, which consisted of cash interest, and amortization of the debt discount and financing costs.

Related Party Loan	12 Months Ended
Related Party Loan	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Loan	Related Party Loan On August 22, 2018, the Company entered into a $38.6 million senior secured promissory note, as amended (the “Related Party Loan”) with a unit holder of Former Parent that bore interest at a stated rate of 12% per year. Interest payments on the Related Party Loan were due quarterly and were based on the division of the Related Party Loan into two tranches: a $22.5 million tranche (“Tranche A”) that required cash interest payments and; a $16.1 million tranche (“Tranche B”) that provided for payments in kind (“PIK”) through the addition of accrued interest to the principal balance. The balance of the Related Party Loan, presented in the accompanying consolidated balance sheets net of debt discount and issuance costs, is $41.8 million at December 31, 2019. The Company paid the remaining outstanding balance and accrued interest on July 31, 2020 to settle the obligation with respect to the Related Party Loan. For the years ended December 31, 2020, 2019 and 2018, interest expense related to the Related Party Loan totaled $3.8 million, $7.3 million and $2.6 million, respectively, which consisted of cash interest, PIK interest and amortization of the debt discount. Related Party Transactions Accounts Payable-Related Party The Company had $2.2 million and $5.9 million at December 31, 2020 and 2019, respectively, of accounts payable - related party with the former shareholders of Array and current unit holder of Former Parent. The payables relate to a Federal tax refund related to the pre-acquisition periods, restricted cash at acquisition date which were due to the sellers of Array upon release of the restriction offset by a receivable related to a sales/use tax audit from the pre-acquisition period for which the seller provided the Company with indemnification. Special Distribution to Former Parent On October 14, 2020, the Company issued a special distribution of $589 million to Former Parent (the “Special Distribution”). Consent Fees-Related Party The Company incurred $2.2 million in consent fees with the former majority shareholder of Array to allow a carryback of post-acquisition net operating losses to pre-acquisition periods under the CARES Act. The consent fee is included in accounts payable – related party and other expense, net in the accompanying consolidated financial statements at December 31, 2020. Related Party Loans - see Note 9 Contingent Consideration - see Note 13

Common and Preferred Stock	12 Months Ended
Common and Preferred Stock	Dec. 31, 2020
Equity [Abstract]
Common and Preferred Stock	Common and Preferred Stock Authorized Shares On October 14, 2020, in connection with the IPO, a new Certificate of Incorporation became effective for the Company, which authorized capital stock of 1,000,000,000 shares of common stock, $0.001 par value, and 5,000,000 shares of preferred stock, $0.001 par value. Common Stock Voting Rights Each holder of Common Stock shall be entitled to one vote for each share of Common Stock held as of the applicable record date on any matter that is submitted to a vote or for the consent of the stockholders of the Company. Dividends The holders of Common Stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Company as may be declared by the Board of Directors of the Company (the “Board”), subject to the preferences applicable to holders of Preferred Stock. Liquidation In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Company, all assets of the Corporation of whatever kind available for distribution to the holders of Common Stock shall be divided among and paid ratably to the holders of Common Stock, subject to the preferences applicable to holders of Preferred Stock. Preferred Stock Preferred Stock may be issued from time to time by the Company for such consideration as may be fixed by the Board. The Board is authorized to provide for one or more series of Preferred Stock and to fix the designation of such series, the voting rights, preferences and relative, participating, optional and other special rights, and the qualifications, limitations or restrictions thereof, of such series of Preferred Stock and the number of shares of such series, as may be permitted under the General Corporation Law of the State of Delaware. The powers, preferences and relative, participating, optional and other special rights of, and the qualifications, limitations or restrictions thereof, of each series of Preferred Stock, if any, may differ from those of any and all other series at any time outstanding.

Revenues

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

Based on Topic 606 provisions, the Company disaggregates its revenue from contracts with customers by those sales recorded over-time and sales recorded at a point in time. The following table presents the Company’s revenue disaggregated by sales recorded over-time and sales recorded at a point in time (in thousands):


	Year Ended December 31,
	2020		2019
Over-time Revenues	$	863,345	$	599,863
Point in time Revenues	9,317		48,036
Total Revenues	$	872,662	$	647,899

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Earnings (loss) per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings (loss) per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Year Ended December 31,
	2020		2019		2018
Net income (loss)	$	59,073	$	39,745	$	(60,764)
Basic:
Weighted average number of shares	121,467		119,994		119,994
Earnings per share	$	0.49	$	0.33	$	(0.51)
Diluted:
RSU dilutive shares	47		—
Weighted average number of shares	121,514		119,994		119,994
Earnings (loss) per share	$	0.49	$	0.33	$	(0.51)

There were 26,671,594 Class B units and 1,000 Class C units of Former Parent issued to certain employees or directors of the Company which were not included in the calculation of basic or diluted EPS for the years ended December 31, 2020 and 2019, as the Class B and Class C units do not represent potential units of the Company.

Commitment and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

Future minimum lease payments under non-cancellable operating leases as of December 31, 2020 are as follows (in thousands):


For the Year Ending December 31,
2021	$	6,663
2022	6,073
2023	893
2024	791
2025	15
Thereafter	—
	$	14,435

For the year ended December 31, 2020, the Company recorded lease expenses associated with its operating leases in cost of revenues and general and administrative within its consolidated statements of operations totaling $7.0 million and $0.4 million, respectively. For the year ended December 31, 2019, the Company recorded lease expenses associated with its operating leases in cost of revenues and general and administrative within its consolidated statements of operations totaling $1.5 million and $0.3 million, respectively.

Litigation

The Company, in the normal course of business, is subject to claims and litigation. Management believes that there are no outstanding claims or assessments against the Company that would result in a material unfavorable outcome.

Contingent Consideration

TRA

Concurrent with Former Parent’s acquisition of Array Technologies Patent Holdings Co., LLC (the “Patent LLC”), Array Tech, Inc. (f/k/a Array Technologies, Inc.) entered into a TRA with the former majority shareholder of Array. The TRA is valued based on the future expected payments under the agreement. The TRA provides for the payment by Array Tech, Inc. (f/k/a Array Technologies, Inc.) to the former owners for certain federal, state, local and non-U.S. tax benefits deemed realized in post-closing taxable periods by Array, from the use of certain deductions generated by the increase in the tax value of the developed technology. The TRA is accounted for as contingent consideration and subsequent changes in fair value of the contingent liability are included in general and administrative in the accompanying consolidated statements of operations. At December 31, 2020 and December 31, 2019, the fair value of the TRA was $19.7 million and $17.8 million, respectively.

Estimating the amount of payments that may be made under the TRA is by nature imprecise. The significant fair value inputs used to estimate the future expected TRA payments to the former owners include the timing of tax payments, a discount rate, book income projections, timing of expected adjustments to calculate taxable income and the projected rate of use for attributes defined in the TRA.

Payments made under the TRA consider tax positions taken by the Company and are due within 125 days following the filing of the Company’s U.S. federal and state income tax returns under procedures described in the agreement. The current portion of the TRA liability is based on tax returns. The TRA will continue until all tax benefit payments have been made or the Company elects early termination under the terms described in the TRA.

As of December 31, 2020, the undiscounted future expected payments through December 31, under the TRA are as follows (in thousands):


	Amount
2021	$	9,113
2022	1,748
2023	1,748
2024	1,748
2025	1,749
Thereafter	9,186
	$	25,292

Earn-Out Liability

The Company is required to pay the selling stockholders of Array future contingent consideration consisting of earn-out payments in the form of cash upon the occurrence of certain events, including the sale, transfer, assignment, pledge, encumbrance, distribution or disposition of shares held by the acquirer to a third party; initial public offering of the equity securities of Former Parent, acquirer or the Company; the sale of equity securities or assets of Former Parent, acquirer or the Company to a third-party; or a merger, consolidation, recapitalization or reorganization of Former Parent, acquirer or the Company. The maximum aggregate earn-out consideration was $25.0 million.

The fair value of the earn-out liability was initially determined as of the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of future cash flows, the probability of a qualifying event occurring, and a risk-free rate used to adjust the probability-weighted cash flows to their present value. Subsequent to the acquisition date, at each reporting period, the earn-out liability is re-measured to fair value with changes in fair value included in general and administrative in the accompanying consolidated statements of operations.

On October 14, 2020 and December 7, 2020, as a result of certain qualifying events, the Special Distribution (see Note 15 - Related Party Transactions) shares sold in the IPO and follow on offering by the Former Parent, a payment of $9.1 million and $15.9 million was made to holders of the earn-out. As a result of the payments there are no further obligations related to the Earn-out.

The following table summarizes the liability related to the estimated contingent consideration (in thousands):


	TRA		Earn-Out Liability		Contingent Consideration
Balance, December 31, 2017	$	17,993	$	442	$	18,435
Fair value adjustment	(825)		—		(825)
Balance, December 31, 2018	17,168		442		17,610
IRS Settlement	(2,727)		—		(2,727)
Fair value adjustment	3,367		—		3,367


Balance, December 31, 2019	17,808		442		18,250
Fair value adjustment	1,883		24,558		26,441
Payments	—		(25,000)		(25,000)
Balance, December 31, 2020	$	19,691	$	—	$	19,691

The TRA and earn-out liabilities require significant judgment and are classified as Level 3 in the fair value hierarchy.

Surety Bond

The Company provides surety bonds to various parties as required for certain transactions initiated during the ordinary course of business to guarantee the Company’s performance in accordance with contractual or legal obligations. As of December 31, 2020, the maximum potential payment obligation with regard to surety bonds was $121.2 million.

Equity Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Equity Based Compensation

Equity-Based Compensation

Class B Units and Class C Units of Former Parent

The Company accounts for equity grants to employees (Class B units and Class C units, “the Units”, of Former Parent) as equity-based compensation under ASC 718, Compensation-Stock Compensation. The Units contain vesting provisions as defined in the agreement. Vested units do not forfeit upon termination and represent a residual interest in Former Parent. Equity-based compensation cost is measured at the grant date fair value and is recognized on a straight-line basis over the requisite service period, including those units with graded vesting with a corresponding credit to additional paid-in capital as a capital contribution from Former Parent. However, the amount of equity-based compensation at any date is equal to the portion of the grant date value of the award that is vested.

The Units issued to employees are measured at fair value on the grant date using an option pricing model. The Company utilizes the estimated weighted average of the Company’s expected fund life dependent on various exit scenarios to estimate the expected term of the awards. Expected volatility is based on the average of historical and implied volatility of a set of comparable companies, adjusted for size and leverage. The risk-free rates are based on the yields of U.S. Treasury instruments with comparable terms. Actual results may vary depending on the assumptions applied within the model.

On November 19, 2019 and May 19, 2020, Former Parent issued 22,326,653 and 4,344,941, respectively, Class B units to certain employees of the Company. On March 28, 2020, Former Parent issued 1,000 Class C units to a member of the board of directors of Array Technologies, Inc.

2020 Plan

On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. The 2020 Plan authorized 6,683,919 new shares, subject to adjustments pursuant to the 2020 Plan.

Effective October 14, 2020, the Company granted an aggregate of 29,398 restricted stock units (RSU’s) to its non-employee directors in connection with their service on the board of directors and 470,608 RSU’s to certain executives and members of management. The RSU’s were granted under the 2020 Plan at the IPO price of $22.00 per share. Each share has a vesting commencement date of and is subject to a two to three-year vesting schedule, vesting annually on the anniversary date of the vesting commencement date.

Activity under the 2020 Plan was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, December 31, 2019	—	$	—
Granted	500,006	22.00
Vested	—	—
Forfeited	—	—
Unvested, December 31, 2020	500,006	$	22.00

For the year ended December 31, 2020 and 2019, the Company recognized $4.8 million and $0.8 million, respectively, in equity-based compensation. At December 31, 2020, the Company had $17.0 million of unrecognized compensation costs related to Class B units and RSU’s which is expected to be recognized over approximately 3 years. There were no forfeitures during 2020 or 2019.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Loan On August 22, 2018, the Company entered into a $38.6 million senior secured promissory note, as amended (the “Related Party Loan”) with a unit holder of Former Parent that bore interest at a stated rate of 12% per year. Interest payments on the Related Party Loan were due quarterly and were based on the division of the Related Party Loan into two tranches: a $22.5 million tranche (“Tranche A”) that required cash interest payments and; a $16.1 million tranche (“Tranche B”) that provided for payments in kind (“PIK”) through the addition of accrued interest to the principal balance. The balance of the Related Party Loan, presented in the accompanying consolidated balance sheets net of debt discount and issuance costs, is $41.8 million at December 31, 2019. The Company paid the remaining outstanding balance and accrued interest on July 31, 2020 to settle the obligation with respect to the Related Party Loan. For the years ended December 31, 2020, 2019 and 2018, interest expense related to the Related Party Loan totaled $3.8 million, $7.3 million and $2.6 million, respectively, which consisted of cash interest, PIK interest and amortization of the debt discount. Related Party Transactions Accounts Payable-Related Party The Company had $2.2 million and $5.9 million at December 31, 2020 and 2019, respectively, of accounts payable - related party with the former shareholders of Array and current unit holder of Former Parent. The payables relate to a Federal tax refund related to the pre-acquisition periods, restricted cash at acquisition date which were due to the sellers of Array upon release of the restriction offset by a receivable related to a sales/use tax audit from the pre-acquisition period for which the seller provided the Company with indemnification. Special Distribution to Former Parent On October 14, 2020, the Company issued a special distribution of $589 million to Former Parent (the “Special Distribution”). Consent Fees-Related Party The Company incurred $2.2 million in consent fees with the former majority shareholder of Array to allow a carryback of post-acquisition net operating losses to pre-acquisition periods under the CARES Act. The consent fee is included in accounts payable – related party and other expense, net in the accompanying consolidated financial statements at December 31, 2020. Related Party Loans - see Note 9 Contingent Consideration - see Note 13

Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Geographic Information

Summary information about geographic areas:

ASC 280 (“Segment Reporting”) establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one operating and reportable segment and derives revenues from selling its product. The Company’s long-lived assets are located in the United States.

Revenues within geographic areas based upon Customers’ project location (in thousands):


	Year Ended December 31,
	2020		2019		2018
United States	$	805,070	$	563,157	$	218,380
Australia	45,216		51,531		51,450
Rest of the world	22,376		33,211		20,953
Total Revenues	$	872,662	$	647,899	$	290,783

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 26, 2021, the Company executed that certain incremental facility amendment No. 2 (the “Second Amendment”) to its Senior Secured Credit Facility entered into on October 14, 2020. The Second Amendment increases the revolving credit commitments under the original Senior Credit Facility by $50.0 million from $150.0 million to $200.0 million.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
Corporate Conversion and Stock Split	Corporate Conversion and Stock Split On October 14, 2020, prior to the issuance of any of our shares of common stock in the IPO, we converted from a Delaware limited liability company to a Delaware corporation. In connection with the corporate conversion we converted all 1,000 of our outstanding member units into 100,000,000 shares of common stock and then completed a stock split of 1.19994-for-1. The corporate conversion and stock split representing 119,994,467 shares of common stock have been adjusted retroactively for the purposes of calculating basic and diluted earnings per share.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Array Technologies, Inc. and its Subsidiaries, which include HDF, ATI Investment and Array. All intercompany accounts and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates include impairment of goodwill, impairment of long-lived assets, fair value of contingent consideration, allowance for doubtful accounts, reserve for excess or obsolete inventories, valuation of deferred tax assets and warranty reserve. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements.
Impact of COVID-19 Pandemic and CARES Act Payroll Tax Deferral	Impact of COVID-19 Pandemic In December 2019, a novel strain of coronavirus, SARS-CoV-2, which causes coronavirus disease 2019, or COVID-19, surfaced in Wuhan, China. Since then, COVID-19 has spread to multiple countries, including the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. To date, the Company has maintained uninterrupted business operations with normal turnaround times for its delivery of solar tracking systems. The Company has implemented adjustments to its operations designed to keep employees safe and comply with federal, state and local guidelines, including those regarding social distancing. The extent to which COVID19 may further impact the Company’s business, results of operations, financial condition and cash flows will depend on future developments, which are highly uncertain and cannot be predicted with confidence. In response to COVID-19, the United States government has passed legislation and taken other actions to provide financial relief to companies and other organizations affected by the pandemic.CARES Act Payroll Tax Deferral The CARES Act permits employers to defer the payment of the employer share of social security taxes due for the period beginning March 27, 2020 and ending December 31, 2020. Of the amounts deferred, 50% are required to be paid by December 31, 2021 and the remaining 50% are required to be paid by December 31, 2022.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At December 31, 2019, the Company had $51.0 million in restricted cash. The restricted cash secured its standby letter of credit facility which expired August 31, 2020 (see Note 8). As such, the restricted cash is considered a current asset in the accompanying balance sheets.
Accounts Receivable	Accounts Receivable The Company’s accounts receivable are due primarily from solar contractors across the United States and internationally. Credit is extended in the normal course of business based on evaluation of a customer’s financial condition and, generally, collateral is not required. Trade receivables consist of uncollateralized customer obligations due under normal trade terms requiring payment within 30-60 days of the invoice date. Management regularly reviews outstanding accounts receivable and provides for estimated losses through an allowance for doubtful accounts or direct write-off. In evaluating the level of established reserves, management makes judgments regarding the customers’ ability to make required payments, economic events, and other factors. As the financial conditions of these customers change, circumstances develop, or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. When deemed uncollectible, the receivable is charged against the allowance or directly written off.Such retention amounts represent funds withheld by our customers until the products are installed by a third party, arranged by the customer, and the project is declared operational. Retention amounts and length of retention periods may vary. All retention amounts outstanding as of December 31, 2020 are collectible within the next 12 months.
Inventories	InventoriesInventories consist of raw materials and finished goods. Inventories are stated at the lower of cost or estimated net realizable value using the weighted average method. Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment acquired in the acquisition of Array are recorded at fair value at the date of acquisition net of accumulated depreciation and amortization; all other property, plant and equipment are recorded at cost, net of accumulated depreciation and amortization. Improvements, betterments and replacements which significantly extend the life of an asset are capitalized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred. A gain or loss on the sale of property, plant and equipment is calculated as the difference between the cost of the asset disposed of, net of depreciation, and the sales proceeds received. A gain or loss on an asset disposal is recognized in the period that the sale occurs.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets When events, circumstances or operating results indicate that the carrying values of long-lived assets might not be recoverable through future operations, the Company prepares projections of the undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the projections indicate that the recorded amounts are not expected to be recoverable, such amounts are reduced to estimated fair value. Fair value is estimated based upon internal evaluation of each asset that includes quantitative analyses of net revenue and cash flows, review of recent sales of similar assets and market responses based upon discussions in connection with offers received from potential buyers.
Indefinite-Lived Intangible Assets	The Array Technologies trade name has been determined to have an indefinite life and, therefore, is not amortized but is subject to an annual impairment test or at any other time when impairment indicators exist. The Company completed its annual impairment test for its non-amortizable asset (Trade Name) by comparing the estimated fair value to the carrying value of such asset.
Goodwill	Goodwill Goodwill reflects the excess of the consideration transferred, including the fair value of any contingent consideration over the assigned fair values of the identifiable net assets acquired. Goodwill is not amortized, and is assigned to the reporting unit and tested for impairment at least on an annual basis. Goodwill is assessed using either a qualitative assessment or quantitative approach to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The qualitative assessment evaluates factors including macroeconomic conditions, industry-specific and company-specific considerations, legal and regulatory environments, and historical performance. If the Company determines that is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. Otherwise, no further assessment is required. The quantitative approach compares the estimated fair value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value or the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential.
Amortizable and Other Intangible Assets	Amortizable and Other Intangible Assets The Company amortizes identifiable intangible assets consisting of developed technology, customer relationships, contractual backlog and internal-use software modifications because these assets have finite lives. The Company’s intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives. The basis of amortization approximates the pattern in which the assets are utilized, over their estimated useful lives.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consist primarily of registration fees, filing fees, listing fees, specific legal and accounting costs, and transfer agent fees, which are direct and incremental fees related to the IPO. Deferred offering costs were offset against the IPO proceeds.
Debt Discount and Financing Costs	Debt Discount and Financing CostsDebt discount and financing costs incurred to issue debt are deferred and amortized using the effective interest method as a component of interest expense over the life of the related debt agreement.
Revenue Recognition 2020, 2019, and 2018	Revenue Recognition 2020 and 2019 The Company recognized revenues from the sale of solar tracking systems and parts and determines its revenue recognition through the following steps (i) identification of the contract or contracts with a customer, (ii) identification of the performance obligations within the contract, (iii) determination of the transaction price, (iv) allocation of the transaction price to the performance obligations within the contract, and (v) recognition of revenue when, or as the performance obligation has been satisfied. Performance Obligations The Company’s contracts with customers are predominately accounted for as one performance obligation, as the majority of tasks and services is part of a single project or capability. As these contracts are typically a customized assembly for a customer-specific solution, the Company uses the expected cost-plus margin approach to estimate the standalone selling price of each performance obligation. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. In assessing the recognition of revenue, the Company also evaluates whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Change orders may include changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. The Company analyzes its change orders to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract. The Company’s change orders are generally modifications to existing contracts and are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized. The majority of the Company’s contracts do not contain variable consideration provisions as a continuation of the original contract. The Company’s performance obligations are satisfied predominately over-time as work progresses for its custom assembled solar systems, utilizing an output measure of completed products and based on the timing of the product’s shipments considering the shipping terms described in the contract. In certain situations, when product is still in our custody, and title and risk of loss has passed to the customer (known as bill-and-hold arrangement), revenue will be recognized when all the specific requirements for transfer of control under a bill-and-hold arrangement have been met. Revenue recognized for the Company’s part sales are recorded at a point in time and recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Contract Estimates Accounting for contracts utilizing the over-time method and their expected cost-plus margins is based on various assumptions to project the outcome of future events that can exceed a year. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; and the availability and timing of funding from the customer. The Company reviews and updates its contract-related estimates each reporting period. The Company recognizes adjustments in estimated expected cost-plus on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period it is identified. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets (i.e. unbilled receivables) and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings for the Company’s revenue recognized over-time. As of December 31, 2020 and December 31, 2019, contract assets consisting of unbilled receivables totaling $18.1 million and $16.1 million, respectively, are included within accounts receivable on the consolidated balance sheets on a contract-by-contract basis at the end of the reporting period. The Company also receives advances or deposits from its customers, before revenue is recognized, resulting in contract liabilities. The changes in contract liabilities (i.e. deferred revenue) relate to advanced orders and payments received by the Company and are the result of customers looking to take advantage of certain U.S. federal tax incentives set to decrease at the end of 2019. Based on the terms of the tax incentives the customer must pay for the goods prior to December 31, 2019 which accounts for the increase in the advanced orders and payments and the resulting deferred revenue at December 31, 2019 and subsequent reduction for deliveries which occurred during the year ended December 31, 2020. As of December 31, 2020 and December 31, 2019, contract liabilities consisting of deferred revenue were $149.8 million and $328.8 million, respectively and were recorded on a contract-by-contract basis at the end of each reporting period. During the years ended December 31, 2020 and 2019, the Company converted $328.8 million and $21.8 million deferred revenue to revenue, respectively, which represented 100% of the prior years deferred revenue balance. Remaining Performance Obligations As of December 31, 2020, the Company had $455.3 million of remaining performance obligations. The Company expects to recognize revenue on 100% of these performance obligations in the next twelve months. Revenue Recognition - 2018 Products are sold by the Company for cash-in-advance and on credit. Revenue is recognized when persuasive evidence of an agreement exists and upon delivery and acceptance, or earlier if required by shipping terms, provided title is transferred, prices are fixed or determinable, and collection is deemed probable. Revenues are presented net of sales, use, value-added and other excise taxes collected by the Company that are remitted to various governmental authorities.
Warranty Obligation	Warranty Obligations The Company offers an assurance type warranty for its products against defects in design, materials and workmanship for a period ranging from two to twenty years from customer acceptance. For these assurance type warranties, a provision for estimated future costs related to warranty expense is recorded when they are probable and reasonably estimable, which is typically when products are delivered. This provision is based on historical information on the nature, frequency and average cost of claims for each product line. When little or no experience exists for an immature product line, the estimate is based on comparable product lines. These estimates are re-evaluated on an ongoing basis using best-available information and revisions to estimates are made as necessary.
Income Taxes	Income Taxes The Company provides for income taxes based on the provisions of FASB ASC Topic 740, Income Taxes, which, among other things, requires that recognition of deferred income taxes be measured by the provisions of enacted tax rates in effect at the date of the consolidated financial statements. A valuation allowance is provided to reduce deferred income tax assets if it is more likely than not that all, or some portion, of such deferred tax assets will not be recognized. Provision for estimated income taxes is based upon elements of income and expense reported in the consolidated statements of operations. The Company also files certain corporate state income tax returns. Generally, the Company is subject to examination by U.S. federal (or state or local) income tax authorities for three years from the filing of a tax return. The current provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. Adjustments for penalties and interest, if any, are also reflected in the current year tax provision or benefit. The Company determines whether uncertain tax positions are more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to unrecognized tax benefits within the interest expense line and other expense line, respectively, in the consolidated statements of operations. Accrued interest and penalties are included within the related liability lines in the consolidated balance sheets.
Equity-Based Compensation	Equity-Based Compensation The Company recognizes equity-based compensation expense based on the equity award’s grant date fair value. The determination of the fair value of equity awards issued to employees of the Company is based upon the underlying share price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Company accounts for forfeitures as they occur. The grant date fair value of each unit is amortized on a straight-line basis over the requisite service period.
Earnings per Share ("EPS")	Earnings per Share (“EPS”) Basic earnings per share, or EPS, is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options and unvested restricted stock, were exercised and converted into shares. Diluted EPS is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive.
Credit Concentration	Credit Concentration Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, restricted cash and accounts receivable. The Company has no significant off balance sheet concentrations of credit risk. The Company maintains its cash and restricted cash with financial institutions that are believed to be of high credit quality and has not experienced any material losses relating to any cash and restricted cash.
Fair Value	Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 - Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities. Assets valued using Level 1 inputs are determined by quoted market prices derived from an active market and Level 2 inputs are based primarily on quoted prices for similar assets in active or inactive markets. Level 3 inputs are valued by management’s assumptions about the assumptions the market participants would utilize in pricing the asset. The fair values of the Company’s cash, restricted cash, accounts receivable, and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s notes payable and related party loans approximates their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. The Company follows the provisions of FASB ASC Topic 820-10 for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company, this applies to certain nonfinancial assets and liabilities acquired in business combinations and measurement of goodwill impairment and non-amortizable intangibles and is thereby measured at fair value. The Company has determined such fair value primarily by third-party valuations.
New Accounting Standards	New Accounting Standards To be adopted In February 2016, the FASB issued ASU No. 2016-02 (Topic 842) “Leases” which supersedes the lease recognition requirements in ASC Topic 840, “Leases”. Under ASU No. 2016-02, lessees are required to recognize assets and liabilities on the consolidated balance sheets for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance or operating. For companies that are not emerging growth companies (“EGCs”), the ASU is effective for fiscal years beginning after December 15, 2018. For EGCs, the ASU is effective for fiscal years beginning after December 15, 2021. The Company plans to adopt the new standard using the modified retrospective method, under which the Company will apply Topic 842 to existing and new leases as of the effective date of January 1, 2021, but prior periods will not be restated and will continue to be reported under Topic 840 guidance in effect during those periods. The Company anticipates that the adoption will not have a material impact on its consolidated statements of operations or its consolidated statements of cash flows but expects to recognize right-of-use assets and liabilities for lease obligations associated with its operating leases. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which was subsequently amended by ASU No. 2018-19 and ASU No. 2019-10, requires the measurement of expected credit losses for financial instruments carried at amortized cost held at the reporting date based on historical experience, current conditions and reasonable forecasts. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The standard is effective for the fiscal year beginning after December 15, 2022, or December 15, 2021 if we were to lose EGC’s status in 2021. The Company will continue to assess the possible impact of this standard, but currently does not expect the adoption of this standard will have a significant impact on its consolidated financial statements and its limited history of bad debt expense relating to trade accounts receivable. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”), which is intended to simplify various aspects of the accounting for income taxes. ASU No. 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. Adopted In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement against or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The Company adopted ASU 2018-13 as of January 1, 2020. The Company’s disclosures related to its Level 3 financial statements did not materially change for the periods presented.

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of cash and cash equivalents


	December 31,
	2020		2019
Cash and cash equivalents	$	108,441	$	310,262
Restricted cash	—		50,995
Cash and cash equivalents and restricted cash	$	108,441	$	361,257

Restrictions on cash and cash equivalents


	December 31,
	2020		2019
Cash and cash equivalents	$	108,441	$	310,262
Restricted cash	—		50,995
Cash and cash equivalents and restricted cash	$	108,441	$	361,257

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of current inventory

Inventories consisted of the following (in thousands):


	December 31,
	2020		2019
Raw materials	$	39,051	$	62,923
Finished goods	85,833		90,301
Reserve for excess or obsolete inventory	(6,425)		(5,200)
Total	$	118,459	$	148,024

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of property, plant and equipment

Property, plant and equipment consisted of the following (in thousands):


	Estimated Useful Life (Years)	December 31,
		2020		2019
Land	N/A	$	1,340	$	1,340
Buildings and land improvements	15-39	2,486		2,464
Manufacturing equipment	7	13,261		12,631
Furniture, fixtures and equipment	5-7	443		277
Vehicles	5	140		140
Hardware and software	3-5	887		398
Total		18,557		17,250
Less: accumulated depreciation		(8,783)		(6,590)
Property, plant and equipment, net		$	9,774	$	10,660

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets

Other intangible assets consisted of the following (in thousands):


	Estimated Useful Life (Years)	December 31,
		2020		2019
Amortizable:
Costs:
Developed technology	14	$	203,800	$	203,800
Customer relationship	10	89,500		89,500
Internal-use software modification	2.5	4,356		4,356
Total Amortizable Intangibles		297,656		297,656
Accumulated amortization:
Developed technology		65,233		50,676
Customer relationship		40,107		31,157
Internal-use software modification costs		4,356		2,613
Total Accumulated Amortization		109,696		84,446
Total Amortizable Intangibles, Net		187,960		213,210

Non-amortizable costs:
Trade name		10,300		10,300
Total Other Intangible Assets, Net		$	198,260	$	223,510

Schedule of indefinite-lived intangible assets

Other intangible assets consisted of the following (in thousands):


	Estimated Useful Life (Years)	December 31,
		2020		2019
Amortizable:
Costs:
Developed technology	14	$	203,800	$	203,800
Customer relationship	10	89,500		89,500
Internal-use software modification	2.5	4,356		4,356
Total Amortizable Intangibles		297,656		297,656
Accumulated amortization:
Developed technology		65,233		50,676
Customer relationship		40,107		31,157
Internal-use software modification costs		4,356		2,613
Total Accumulated Amortization		109,696		84,446
Total Amortizable Intangibles, Net		187,960		213,210

Non-amortizable costs:
Trade name		10,300		10,300
Total Other Intangible Assets, Net		$	198,260	$	223,510

Schedule of future annual amortization expense of amortizable intangible assets

Estimated future annual amortization expense for the above amortizable intangible assets for the remaining periods through December 31, as follows (in thousands):


	Amount
2021	$	23,507
2022	23,507
2023	23,507
2024	23,507
2025	23,507
Thereafter	70,425
	$	187,960

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The provision for income taxes charged to operations consists of the following for the years ended December 31, (in thousands):



	2020		2019		2018
Current Expense:
Federal	$	17,248	$	1,709	$	31
State	4,196		803		99
	21,444		2,512		130
Deferred Expense (Benefit):
Federal	(2,799)		20,576		(15,955)
State	60		1,746		(4,107)
	(2,739)		22,322		(20,062)
Total Income Tax Expense (Benefit)	$	18,705	$	24,834	$	(19,932)

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows as of December 31, (in thousands):



	2020		2019
Deferred Tax Assets:
Bad debts	$	156	$	37
Inventories	2,050		1,632
Accrued warranties	841		599
Accrued compensation	271		843
Accrued settlement	524		—

Net operating loss	506		795
Equity-based compensation	154		—
Other	239		124
Deferred Tax Assets	4,741		4,030
Valuation allowance	(208)		(208)
Deferred Tax Assets, net	4,533		3,822
Deferred Tax Liabilities:
Property, plant, and equipment	(1,043)		(1,093)
Intangible assets	(16,604)		(18,582)
Deferred Tax Liabilities	(17,647)		(19,675)
Deferred Tax Asset (Liability), net	$	(13,114)	$	(15,853)

Schedule of effective income tax rate reconciliation



	2020		2019		2018
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate	$	16,333	$	13,562	$	(16,947)
State income taxes	3,375		2,049		(3,365)
Permanent differences:
Derecognition of tax assets from IRS examination	—		9,284		—
Equity-based compensation	852		168		—
Contingent consideration	5,553		134		49
Credits	(79)		(284)		—
Other nondeductible expenses	437		40		48
Effect of CARES Act	(6,608)		—		—
Foreign income benefit	(1,201)		(155)		—
Change in valuation allowance	—		(45)		253
Other	43		81		30
Total Income Tax Expense (Benefit)	$	18,705	$	24,834	$	(19,932)

Accrued Warranty Reserve (Tables)

12 Months Ended

Dec. 31, 2020

Guarantees and Product Warranties [Abstract]

Schedule of estimated accrued warranty reserve

The following table summarizes the activity related to the estimated accrued warranty reserve (in thousands):


	Year Ended December 31,
	2020		2019
Beginning balance	$	2,592	$	1,935
Provision for warranties issued	1,054		2,473
Payments	(496)		(730)
Warranty expirations	(101)		(1,086)
Ending balance	$	3,049	$	2,592

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Long term debt consisted of the following (in thousands):


	December 31,
	2020		2019
Term loan facility	$	460,000	$	—
Revolving credit facility	—		—
Term loan	—		57,702
Revolving loan	—		70
	460,000		57,772
Less discount and issuance costs	(31,717)		(1,823)
Long term debt, net of debt discount and financing costs	428,283		55,949
Less current portion of long-term debt	(4,313)		(55,949)
Long-term debt, net of current portion, debt discount and financing costs	$	423,970	$	—

Schedule of maturities of long-term debt

Future maturities of long-term debt (in thousands):


	Amount
2021	$	4,313
2022	5,750
2023	5,750
2024	5,750
2025	5,750
Thereafter	432,687
	$	460,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Revenues (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following table presents the Company’s revenue disaggregated by sales recorded over-time and sales recorded at a point in time (in thousands):


	Year Ended December 31,
	2020		2019
Over-time Revenues	$	863,345	$	599,863
Point in time Revenues	9,317		48,036
Total Revenues	$	872,662	$	647,899

Earnings (loss) per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Year Ended December 31,
	2020		2019		2018
Net income (loss)	$	59,073	$	39,745	$	(60,764)
Basic:
Weighted average number of shares	121,467		119,994		119,994
Earnings per share	$	0.49	$	0.33	$	(0.51)
Diluted:
RSU dilutive shares	47		—
Weighted average number of shares	121,514		119,994		119,994
Earnings (loss) per share	$	0.49	$	0.33	$	(0.51)

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments

Future minimum lease payments under non-cancellable operating leases as of December 31, 2020 are as follows (in thousands):


For the Year Ending December 31,
2021	$	6,663
2022	6,073
2023	893
2024	791
2025	15
Thereafter	—
	$	14,435

Undiscounted future expected payments under the TRA

As of December 31, 2020, the undiscounted future expected payments through December 31, under the TRA are as follows (in thousands):


	Amount
2021	$	9,113
2022	1,748
2023	1,748
2024	1,748
2025	1,749
Thereafter	9,186
	$	25,292

Summary of liability related to estimated contingent consideration

The following table summarizes the liability related to the estimated contingent consideration (in thousands):


	TRA		Earn-Out Liability		Contingent Consideration
Balance, December 31, 2017	$	17,993	$	442	$	18,435
Fair value adjustment	(825)		—		(825)
Balance, December 31, 2018	17,168		442		17,610
IRS Settlement	(2,727)		—		(2,727)
Fair value adjustment	3,367		—		3,367


Balance, December 31, 2019	17,808		442		18,250
Fair value adjustment	1,883		24,558		26,441
Payments	—		(25,000)		(25,000)
Balance, December 31, 2020	$	19,691	$	—	$	19,691

Compensation Related Costs, Share Based Payments (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Disclosure of share-based compensation arrangements by share-based payment award

Activity under the 2020 Plan was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, December 31, 2019	—	$	—
Granted	500,006	22.00
Vested	—	—
Forfeited	—	—
Unvested, December 31, 2020	500,006	$	22.00

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Revenue from external customers by geographic areas

Revenues within geographic areas based upon Customers’ project location (in thousands):


	Year Ended December 31,
	2020		2019		2018
United States	$	805,070	$	563,157	$	218,380
Australia	45,216		51,531		51,450
Rest of the world	22,376		33,211		20,953
Total Revenues	$	872,662	$	647,899	$	290,783

Organization and Business (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 19, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Other offering costs		$ 6,464	$ 0	$ 0
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares of common stock issued	7,000,000
Public offering price (usd per share)	$ 22.00
Net proceeds	$ 139,100
Underwriting discounts and commissions	8,500
Other offering costs	$ 6,500

Summary of Significant Accounting Policies (Details)		12 Months Ended
Summary of Significant Accounting Policies (Details)	Oct. 14, 2020 shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Class of Stock [Line Items]
Stock split conversion ratio	1.19994
Weighted-average units (in shares) \| shares	119,994,467
Restricted cash		$ 0	$ 50,995,000
Allowance for doubtful accounts		700,000	200,000
Amounts retained by project owners under contracts		4,100,000	6,100,000
Impairment of long lived assets		0	0	$ 0
Goodwill impairment		0	0	0
Impairment charge recognized		0	0	0
Amortization of debt discount and issuance costs		3,366,000	3,968,000	$ 2,991,000
Contract assets		18,100,000	16,100,000
Contract liabilities		149,800,000	328,800,000
Deferred revenue recognized		328,800,000	$ 21,800,000
Percentage of deferred revenue recognized			100.00%
Remaining performance obligation		$ 455,300,000
Percentage of performance obligation to be recognized		100.00%
Cash that is uninsured and uncollateralized		$ 108,200,000	$ 360,900,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Class of Stock [Line Items]
Remaining performance obligation, period		12 months
Minimum
Class of Stock [Line Items]
Warranty service period		2 years
Maximum
Class of Stock [Line Items]
Warranty service period		20 years
Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		11.20%	17.20%	17.50%
Largest Customer \| Trade Accounts Receivable \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		0.10%	29.50%
Five Largest Customers \| Revenue Benchmark \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		40.90%	50.10%	50.90%
Five Largest Customers \| Trade Accounts Receivable \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		20.90%	69.00%
Two Customers \| Revenue Benchmark \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		21.50%	28.70%	28.30%
CARES Act Payroll Tax Deferral
Class of Stock [Line Items]
Deferred payment of employer share of social security taxes		$ 1,000,000.0
Member units
Class of Stock [Line Items]
Number of shares converted \| shares	1,000
Common Stock
Class of Stock [Line Items]
Number of shares issued upon conversion \| shares	100,000,000

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 108,441	$ 310,262
Restricted cash	0	50,995
Cash and cash equivalents and restricted cash	$ 108,441	$ 361,257	$ 40,826	$ 8,120

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 39,051	$ 62,923
Finished goods	85,833	90,301
Reserve for excess or obsolete inventory	(6,425)	(5,200)
Inventories, net	$ 118,459	$ 148,024

Property, Plant, and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 18,557	$ 17,250
Less: accumulated depreciation	(8,783)	(6,590)
Property, plant and equipment, net	9,774	10,660
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,340	1,340
Buildings and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 2,486	2,464
Buildings and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Buildings and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Property, plant, and equipment, gross	$ 13,261	12,631
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 443	277
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Property, plant, and equipment, gross	$ 140	140
Hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 887	$ 398
Hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.2	$ 2.1	$ 1.9
Depreciation allocated to cost of revenue	2.0	1.8	1.7
Depreciation included in depreciation and amortization	$ 0.2	$ 0.3	$ 0.2

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 08, 2016
Goodwill [Line Items]
Goodwill	$ 69,727	$ 69,727
Accumulated impairment	51,900	51,900
Amortization expense related to intangible assets	$ 25,300	$ 25,200	$ 26,500
Array
Goodwill [Line Items]
Goodwill				$ 121,600

Goodwill and Other Intangible Assets - Schedule of other intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Jan. 01, 2017
Finite-Lived Intangible Assets [Line Items]
Total Amortizable Intangibles	$ 297,656	$ 297,656
Total Accumulated Amortization	109,696	84,446
Total Amortizable Intangibles, Net	187,960	213,210
Indefinite-lived Intangible Assets [Line Items]
Other intangible assets, net	198,260	223,510
Trade name
Indefinite-lived Intangible Assets [Line Items]
Non-amortizable costs	$ 10,300	10,300
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	14 years
Total Amortizable Intangibles	$ 203,800	203,800
Total Accumulated Amortization	$ 65,233	50,676
Total Amortizable Intangibles, Net			$ 188,000	$ 210,000
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years
Total Amortizable Intangibles	$ 89,500	89,500
Total Accumulated Amortization	$ 40,107	31,157
Internal-use software modification
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	2 years 6 months
Total Amortizable Intangibles	$ 4,356	4,356
Total Accumulated Amortization	$ 4,356	$ 2,613

Goodwill and Other Intangible Assets - Schedule of future annual amortization expense of amortizable intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 23,507
2022	23,507
2023	23,507
2024	23,507
2025	23,507
Thereafter	70,425
Total Amortizable Intangibles, Net	$ 187,960	$ 213,210

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current Expense:
Federal	$ 17,248	$ 1,709	$ 31
State	4,196	803	99
Current income tax provision	21,444	2,512	130
Deferred Expense (Benefit):
Federal	(2,799)	20,576	(15,955)
State	60	1,746	(4,107)
Deferred income tax provision (benefit)	(2,739)	22,322	(20,062)
Total Income Tax Expense (Benefit)	$ 18,705	$ 24,834	$ (19,932)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets (Liabilities)
Bad debts	$ 156	$ 37
Inventories	2,050	1,632
Accrued warranties	841	599
Accrued compensation	271	843
Accrued settlement	524	0
Net operating loss	506	795
Equity-based compensation	154	0
Other	239	124
Deferred Tax Assets	4,741	4,030
Valuation allowance	(208)	(208)
Deferred Tax Assets, net	4,533	3,822
Property, plant, and equipment	(1,043)	(1,093)
Intangible assets	(16,604)	(18,582)
Deferred Tax Liabilities	(17,647)	(19,675)
Deferred Tax Asset (Liability), net	$ (13,114)	$ (15,853)

Income Taxes - Effective Income Tax Rate Reconciliation Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at U.S. statutory rate	$ 16,333	$ 13,562	$ (16,947)
State income taxes	3,375	2,049	(3,365)
Derecognition of tax assets from IRS examination	0	9,284	0
Equity-based compensation	852	168	0
Contingent consideration	5,553	134	49
Credits	(79)	(284)	0
Other nondeductible expenses	437	40	48
Effect of CARES Act	(6,608)	0	0
Foreign income benefit	(1,201)	(155)	0
Change in valuation allowance	0	(45)	253
Other	43	81	30
Total Income Tax Expense (Benefit)	$ 18,705	$ 24,834	$ (19,932)

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Jan. 01, 2017
Income Tax Examination [Line Items]
Valuation allowance	$ 208,000	$ 208,000
Unrecognized tax benefits	0	0
Income tax benefit	6,600,000
Reduction in developed technology value for federal income tax purposes	187,960,000	213,210,000
Reduction of NOL carryforward		2,800,000
Increase in deferred tax liability from income tax examination		4,600,000
Write off of deferred tax asset related to TRA		$ 4,700,000
Domestic Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	0
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 7,600,000
Developed technology
Income Tax Examination [Line Items]
Reduction in developed technology value for federal income tax purposes			$ 188,000,000	$ 210,000,000

Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 2,592	$ 1,935
Provision for warranties issued	1,054	2,473
Payments	(496)	(730)
Warranty expirations	(101)	(1,086)
Ending balance	$ 3,049	$ 2,592

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, balance	$ 460,000	$ 57,772
Less discount and issuance costs	(31,717)	(1,823)
Total carrying value of debt	428,283	55,949
Less current portion of long-term debt	(4,313)	(55,949)
Long-term debt, net of current portion, debt discount and financing costs	423,970	0
Revolving Loan
Debt Instrument [Line Items]
Long-term debt, balance	0	70
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, balance	460,000	0
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, balance	0	0
Term Loan Credit and Guarantee Agreement
Debt Instrument [Line Items]
Long-term debt, balance	$ 0	$ 57,702

Long-Term Debt (Details) - USD ($)		12 Months Ended
Long-Term Debt (Details) - USD ($)	Oct. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 16, 2019
Debt Instrument [Line Items]
Long-term debt, balance		$ 460,000,000	$ 57,772,000
Debt discount and issuance costs		31,717,000	1,823,000
Interest expense related to long term debt		11,300,000	11,500,000	$ 17,400,000
Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 575,000,000
Debt instrument term	7 years
Long-term debt, balance		$ 460,000,000.0
Effective interest rate		4.00%
Debt discount and issuance costs		$ 31,700,000
Debt issuance costs and discounts, amortization rate		6.08%
Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Interest rate applicable margin		1.00%
Minimum allowable variable rate	0.0150
Minimum annual variable rate	0.0300
Term Loan Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate applicable margin	0.50%
Term Loan Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Monthly basis spread on variable rate	1.00%
Term Loan Facility \| Eurodollar
Debt Instrument [Line Items]
Minimum allowable variable rate	0.0100
Minimum annual variable rate	0.0400
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Debt instrument term	5 years
Long-term debt, balance		$ 0
Available borrowing capacity		103,400,000
Prepayment premium	1.00%
Annual amortization rate	1.00%
Springing financial maintenance covenant	35.00%
Net leverage ratio	7.10
Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Minimum allowable variable rate	0.0150
Minimum annual variable rate	0.0225
Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate applicable margin	0.50%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Monthly basis spread on variable rate	1.00%
Revolving Credit Facility \| Eurodollar
Debt Instrument [Line Items]
Minimum allowable variable rate	0.0050
Minimum annual variable rate	0.0325
Standby Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 100,000,000.0
Letters of credit outstanding		46,600,000	51,000,000.0
Revolving Loan
Debt Instrument [Line Items]
Long-term debt, balance		0	$ 70,000
Revolving Loan \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000,000.0
Term Loan Credit and Guarantee Agreement \| Secured Debt
Debt Instrument [Line Items]
Effective interest rate			8.96%
Debt discount and issuance costs			$ 1,800,000
Quarterly installment payments		$ 5,000,000
Term Loan balance			$ 57,700,000
Term Loan Credit and Guarantee Agreement \| Base Rate \| Secured Debt
Debt Instrument [Line Items]
Interest rate applicable margin			6.25%

Long-Term Debt - Schedule of Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 4,313
2022	5,750
2023	5,750
2024	5,750
2025	5,750
Thereafter	432,687
Total carrying value of debt	$ 460,000	$ 57,772

Related Party Loan (Details) - USD ($)		12 Months Ended
Related Party Loan (Details) - USD ($)	Aug. 22, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Current portion of related party loans		$ 0	$ 41,800,000
Senior Secured Loan \| Unit holder of Parent
Related Party Transaction [Line Items]
Current portion of related party loans			41,800,000
Interest expense		$ 3,800,000	$ 7,300,000	$ 2,600,000
Senior Secured Loan \| Unit holder of Parent \| Secured Debt
Related Party Transaction [Line Items]
Senior secured promissory note	$ 38,600,000
Stated rate	12.00%
Tranche A \| Unit holder of Parent \| Secured Debt
Related Party Transaction [Line Items]
Senior secured promissory note	$ 22,500,000
Tranche B \| Unit holder of Parent \| Secured Debt
Related Party Transaction [Line Items]
Senior secured promissory note	$ 16,100,000

Common and Preferred Stock (Details) - $ / shares	Dec. 31, 2020	Oct. 14, 2020
Equity [Abstract]
Authorized capital stock (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Authorized preferred stock (in shares )	5,000,000	5,000,000
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001

Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 872,662	$ 647,899	$ 290,783
Over-time
Disaggregation of Revenue [Line Items]
Revenues	863,345	599,863
Point in time
Disaggregation of Revenue [Line Items]
Revenues	$ 9,317	$ 48,036

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Earnings (loss) per Share - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ 59,073	$ 39,745	$ (60,764)
Basic:
Weighted average number of shares	121,467	119,994	119,994
Earnings per share (basic)	$ 0.49	$ 0.33	$ (0.51)
Diluted:
RSU Dilutive shares (in shares)	47	0
Weighted average number of shares	121,514	119,994	119,994
Earnings (loss) per share (in dollars per share)	$ 0.49	$ 0.33	$ (0.51)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings (loss) per Share - Narrative (Details) - Equity grants - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares not included in the calculation of basic or diluted EPS	26,671,594	26,671,594
Class C Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares not included in the calculation of basic or diluted EPS	1,000	1,000

Commitment and Contingencies - Future minimum operating lease payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 6,663
2022	6,073
2023	893
2024	791
2025	15
2025	0
Total future obligations	$ 14,435

Commitment and Contingencies - Narrative (Details) - USD ($)			12 Months Ended
	Dec. 07, 2020	Oct. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration			$ 19,691,000	$ 18,250,000	$ 17,610,000	$ 18,435,000
Payment of Earn-out	$ 15,900,000	$ 9,100,000
Surety Bond
Business Acquisition, Contingent Consideration [Line Items]
Maximum potential payment obligation			121,200,000
Cost of Revenue
Business Acquisition, Contingent Consideration [Line Items]
Operating lease expense			7,000,000.0	1,500,000
General and Administrative Expense
Business Acquisition, Contingent Consideration [Line Items]
Operating lease expense			400,000	300,000
Array \| TRA
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration			$ 19,691,000	17,808,000	17,168,000	17,993,000
Tax Receivable Agreement, payment term			125 days
Array \| Earn-Out Liability
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration			$ 0	$ 442,000	$ 442,000	$ 442,000
Maximum aggregate earn-out consideration			$ 25,000,000.0

Commitment and Contingencies - Undiscounted future expected payments under the TRA (Details) - Array - TRA $ in Thousands	Dec. 31, 2020 USD ($)
Other Commitments [Line Items]
2021	$ 9,113
2022	1,748
2023	1,748
2024	1,748
2025	1,749
Thereafter	9,186
Total	$ 25,292

Commitment and Contingencies - Summary of liability related to estimated contingent consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	$ 18,250	$ 17,610	$ 18,435
Fair value adjustment	26,441	640	(825)
IRS Settlement		(2,727)
Fair value adjustment		3,367
Payments	(25,000)	0	0
Ending balance	19,691	18,250	17,610
Array \| TRA
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	17,808	17,168	17,993
Fair value adjustment	1,883		(825)
IRS Settlement		(2,727)
Fair value adjustment		3,367
Payments	0
Ending balance	19,691	17,808	17,168
Array \| Earn-Out Liability
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	442	442	442
Fair value adjustment	24,558		0
IRS Settlement		0
Fair value adjustment		0
Payments	(25,000)
Ending balance	$ 0	$ 442	$ 442

Equity Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Oct. 14, 2020	May 19, 2020	Mar. 28, 2020	Nov. 19, 2019	Dec. 31, 2020	Dec. 31, 2019
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	6,683,919
Equity grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation					$ 4.8	$ 0.8
Equity grants \| Class B units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)		4,344,941		22,326,653
Unrecognized compensation costs					$ 17.0
Unrecognized compensation costs, period of recognition					3 years
Forfeitures in period (in shares)					0	0
Equity grants \| Class C Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			1,000
RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)					500,006
Share price (usd per share)	$ 22.00				$ 22.00
RSU's \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	29,398
RSU's \| Executives and members of management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	470,608
RSU's \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
RSU's \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Equity Based Compensation - Schedule of RSU Activity (Details) - RSU's - $ / shares		12 Months Ended
	Oct. 14, 2020	Dec. 31, 2020
Number of Shares
Unvested, beginning balance (in shares)		0
Granted (in shares)		500,006
Vested (in shares)		0
Forfeited (in shares)		0
Unvested, ending balance (in shares)		500,006
Weighted Average Grant Date Fair Value
Unvested, weighted average grant date fair value, beginning balance (in dollars per share)		$ 0
Granted, weighted average grand date fair value (in dollars per share)	$ 22.00	22.00
Vested, weighted average grand date fair value (in dollars per share)		0
Forfeited, weighted average grand date fair value (in dollars per share)		0
Unvested, weighted average grant date fair value, ending balance (in dollars per share)		$ 22.00

Related Party Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Accounts payable - related party		$ 2,232	$ 5,922
Related Party Transaction [Line Items]
Special distribution	$ 589,000	589,000	$ 0	$ 0
Unit holder of Parent \| Consent Fees
Related Party Transaction [Line Items]
Consent fees incurred		$ 2,200

Geographic Information (Details)	12 Months Ended
Geographic Information (Details)	Dec. 31, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Geographic Information - Schedule of Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 872,662	$ 647,899	$ 290,783
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	805,070	563,157	218,380
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	45,216	51,531	51,450
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 22,376	$ 33,211	$ 20,953

- Definition

+ References

+ Details

Subsequent Events (Details) - USD ($)	Feb. 26, 2021	Feb. 25, 2021	Oct. 14, 2020
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 150,000,000
Subsequent event \| Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 150,000,000.0
Subsequent event \| Revolving Credit Facility, Second Amendment
Subsequent Event [Line Items]
Increase in maximum borrowing capacity	$ 50,000,000.0
Maximum borrowing capacity	$ 200,000,000.0