0001820721-21-000059 | 10-Q | XBRL Viewer

2,411

Ending units balance (in shares) at Jun. 30, 2020

$ 76,077

^[1],[2]

Ending balance at Jun. 30, 2020

$ 383,639

Beginning units balance (in shares) at Mar. 31, 2020

^[2]

Beginning balance at Mar. 31, 2020

$ 380,594

Increase (Decrease) in Stockholders' Equity [Roll Forward]

653

Ending units balance (in shares) at Jun. 30, 2020

2,392

$ 2,392

^[1],[2]

Ending balance at Jun. 30, 2020

$ 383,639

Beginning shares balance (in shares) at Dec. 31, 2020

126,994

Stockholders' equity beginning balance at Dec. 31, 2020

(80,899)

$ 127

$ 140,473

$ (221,499)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

9,420

Ending shares balance (in shares) at Jun. 30, 2021

2,870

126,994

Stockholders' equity ending balance at Jun. 30, 2021

(68,609)

$ 127

149,893

(218,629)

Stockholders' equity beginning balance at Mar. 31, 2021

(70,115)

$ 127

148,370

(218,612)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,523

Ending shares balance (in shares) at Jun. 30, 2021

(17)

126,994

Stockholders' equity ending balance at Jun. 30, 2021

$ (68,609)

$ 127

$ 149,893

$ (218,629)

[1]	See note 2 - Summary of Significant Accounting Policies - corporate conversion and stock split.
[2]	See note 2 - Summary of Significant Accounting Policies - corporate conversion and stock split

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

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Property, Plant and Equipment [Abstract]

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Cash Flows [Abstract]
Net Income	$ 2,870	$ 76,077
Adjustments to reconcile net income to net cash used in operating activities:
Provision for (recovery of) bad debts	(551)	223
Deferred tax benefit	1,358	(1,376)
Depreciation and amortization	12,964	13,724
Amortization of debt discount and issuance costs	5,118	2,160
Interest paid-in-kind	0	3,073
Equity-based compensation	9,467	2,411
Contingent consideration	135	2,417
Warranty provision	425	597
Provision for inventory obsolescence	1,236	221
Changes in operating assets and liabilities
Accounts receivable	(34,365)	(2,590)
Inventories	(20,443)	42,523
Income tax receivables	7,501	(18,689)
Prepaid expenses and other	826	7,183
Accounts payable	(1,378)	(99,396)
Accounts payable - related party	(1,622)	0
Accrued expenses and other	(10,541)	(4,365)
Income tax payable	(8,814)	35,824
Lease liabilities	68	0
Deferred revenue	(98,363)	(307,917)
Net cash used in operating activities	(134,109)	(247,900)
Cash flows used in investing activities
Purchase of property, plant and equipment	(1,200)	(265)
Investment in equity security	(11,975)	0
Net cash used in investing activities	(13,175)	(265)
Cash flows from financing activities
Proceeds from revolving credit facility	102,000	4,330
Principal payments on term loan facility	(31,075)	(57,702)
Payments on related party loans	0	(21,736)
Contingent consideration	(7,810)	0
Debt issuance costs	(6,590)	0
Net cash provided by (used in) financing activities	56,525	(75,108)
Net decrease in cash, cash equivalents and restricted cash	(90,759)	(323,273)
Cash, cash equivalents and restricted cash, beginning of period	108,441	361,257
Cash, cash equivalents, and restricted cash, end of period	$ 17,682	$ 37,984

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2021
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, the Company converted from a Delaware limited liability company to a Delaware corporation and changed the Company’s 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 subsidiary, 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 (collectively “AT”). The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of results for the interim periods reported. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021 or any other interim periods, or any future year or period. The balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the interim financial statements. These financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s 10-K filed with SEC on March 10, 2021. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements On January 1, 2021, the Company adopted Accounting Standards Update (“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. For companies that are not emerging growth companies (“EGCs”), the ASU was 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 early adopted the new standard using the modified retrospective method by recording a right-of-use asset of $13.2 million, short-term portion of lease liabilities of $6.3 million and long-term portion of lease liabilities of $7.2 million as of the effective date. Prior periods will not be restated and will continue to be reported under Topic 840 guidance in effect during those periods. The Company applied the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The adoption did not have a material impact on its consolidated statements of operations or its consolidated statements of cash flows. See Note 13, Leases, for further information and disclosures related to the adoption of this standard. 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 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 has adopted the pronouncement and it did not have a material impact on its consolidated financial statements and related disclosures. Corporate Conversion and Stock Split On October 14, 2020, prior to the issuance of any of our shares of common stock in our initial public offering (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 condensed consolidated financial statements include the accounts of Array Technologies, Inc. and its Subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of condensed 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. 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. Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. Management has made estimates and assumptions taking into consideration certain possible impacts due to COVID-19. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements; however, management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. 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. Due to economic conditions our industry has seen rapid commodity price increases and strained logistics, causing us to experience temporary decreased margins and thus decreased cash from operations. We have taken, and continue to take, mitigating steps to overcome the economic challenges and, therefore, believe the impact to be temporary, but cannot be certain the timing of when we will achieve better margins. We have sufficient liquidity and financing options available, and we expect to have sufficient liquidity to operate for the next 12 months. 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. Equity-Based Compensation On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. Under the 2020 Plan, the Company may grant (i) restricted stock units (RSU’s) to its employees and non-employee directors in connection with their service on the board of directors, and (ii) performance stock units (“PSUs”) to certain of its executive officers and members of management. The PSUs contain performance and market conditions. The RSUs are valued at the closing stock price on the date of grant and recognized on a straight-line basis over vesting term. The PSU grants were valued using the Monte Carlo simulation method and the assigned fair value on grant date will be recognized on a straight-line basis over the vesting term of the awards. The probability of the awards meeting the performance related vested conditions is not included in the grant date fair value, but rather will be estimated quarterly and the Company will true-up the expense recognition accordingly upon any probability to vest revision. The Company accounts for forfeitures as they occur. In the case of Class B units (the “Class B Units”) and Class C units (the “Class C Units” and, together with the Class B Units, the “Units”) of the Former Parent granted to certain employees and directors of the Company, the determination of the fair value of equity awards issued to employees of the Company was based upon the underlying share price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Class B Units fully vested upon the completion of the Company’s follow-on offering of its common stock in March 2021 (the “2021 Follow-on Offering”) as it was considered a sale of the Former Parent and the Company recognized the remaining unamortized compensation expense of $6.3 million. New Accounting Standards To be adopted 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 EGCs the fiscal year beginning after December 15, 2022, or December 15, 2021 if we were to lose EGC 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.

Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):


	June 30,		December 31,
	2021		2020
Raw materials	$	46,993	$	39,051
Finished goods	98,096		85,833
Reserve for excess or obsolete inventory	(7,423)		(6,425)
Total	$	137,666	$	118,459

Property, Plant, and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment

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


	Estimated Useful Lives (Years)	June 30,		December 31,
		2021		2020
Land	N/A	$	1,340	$	1,340
Buildings and land improvements	15-39	2,486		2,486
Manufacturing equipment	7	13,513		13,261
Furniture, fixtures and equipment	5-7	477		443
Vehicles	5	161		140
Hardware and software	3-5	1,603		887
Machinery in progress		178		—
Total		19,758		18,557
Less: accumulated depreciation		(9,995)		(8,783)
Property, plant and equipment, net		$	9,763	$	9,774

Depreciation expense was $0.6 million and $0.6 million for the three months ended June 30, 2021 and 2020, respectively, of which $0.5 million and $0.5 million, respectively, has been allocated to cost of revenue and $0.1 million and $0.1 million, respectively, is included in depreciation and amortization in the accompanying condensed consolidated statements of operations for the three months ended June 30, 2021 and 2020.

Depreciation expense was $1.2 million and $1.2 million for the six months ended June 30, 2021 and 2020, respectively, of which $1.0 million and $1.0 million, respectively, has been allocated to cost of revenue and $0.2 million and $0.2 million, respectively, is included in depreciation and amortization in the accompanying consolidated statements of operations for the six months ended June 30, 2021 and 2020.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

Goodwill relates to the Former Parent’s acquisition of AT (the “Acquisition”) in 2016. As of July 8, 2016 (the “Acquisition Date”), goodwill was $121.6 million. As of June 30, 2021 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 Lives (Years)	June 30,		December 31,
		2021		2020
Amortizable:
Costs:
Developed technology	14	$	203,800	$	203,800
Customer relationships	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		72,510		65,233
Customer relationships		44,583		40,107
Internal-use software modification costs		4,356		4,356
Total accumulated amortization		121,449		109,696
Total amortizable intangibles, net		176,207		187,960

Non-amortizable costs:
Trade name		10,300		10,300
Total other intangible assets, net		$	186,507	$	198,260

Amortization expense related to intangible assets amounted to $5.9 million for the three months ended June 30, 2021 and 2020, and $11.8 million for the six months ended June 30, 2021 and 2020, respectively.

Investment in Equity Security	6 Months Ended
Investment in Equity Security	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investment in Equity Security	Investment in Equity SecurityThe Company made a $10.0 million and $2.0 million investment in preferred stock of a private company in February 2021 and April 2021, respectively. The investment is accounted for in accordance with ASC 321 at its cost less any impairment. The investment balance as of June 30, 2021 is $12.0 million and is recorded in other assets on the condensed consolidated balance sheet. There is no impairment recorded for the three and six months ended June 30, 2021.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company follows guidance under ASC Topic 740-270, Interim Reporting, which requires that an estimated annual effective tax rate is applied to year-to-date ordinary income. At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The tax effect of discrete items is recorded in the quarter in which the discrete events occur. The Company recorded income tax expense (benefit) of $(1.1) million and $(5.8) million for the three months ended June 30, 2021 and 2020, respectively, and income tax expense of $29 thousand and $16.7 million for the six months ended June 30, 2021 and 2020. The tax benefit in the three months ended June 30, 2021 is unfavorably impacted by non-deductible amounts for equity-based compensation and Follow-on Offering costs. The tax benefit in the three months ended June 30, 2020 was favorably impacted by a tax benefit related to an NOL carryback as a result of the CARES Act. The tax expense in the six months ended June 30, 2021 was unfavorably impacted by non-deductible amounts for equity-based compensation and Follow-on Offering costs. The tax expense in the six months ended June 30, 2020 was favorably impacted by a tax benefit related to an NOL carryback as a result of the CARES Act. For the three and six months ended June 30, 2021 and 2020, no reserves for uncertain tax positions have been recorded. The Company will continue to monitor this position each interim period.

Revenue from Contract with Customer [Abstract]

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

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt


	June 30,		December 31,
	2021		2020
Term loan facility	$	428,925	$	460,000


Revolving credit facility	102,000		—
	530,925		460,000
Less discount and issuance costs	(32,680)		(31,717)
Long term debt, net of debt discount and issuance costs	498,245		428,283
Less current portion of long-term debt	(4,300)		(4,313)
Long-term debt, net of current portion, debt discount and issuance costs	$	493,945	$	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 June 30, 2021, the Term Loan Facility had a balance of $428.9 million. On February 23, 2021 the Company entered into the First Amendment (“First Amendment”) to its Senior Secured Credit Facility. The First Amendment, in the case of the Eurocurrency borrowings, lowers the London interbank offered rate floor to 50 basis points from 100 basis points and lowers the applicable margin to 325 basis points from 400 basis points per annum. This resulted in the current rate on the Term Loan Facility of 3.75%. On February 26, 2021, we entered into the incremental facility amendment No. 2 (the “Second Amendment”) to the Senior Secured Credit Facility. The Second Amendment increases the $150.0 million Revolving Credit Facility from $150.0 million to $200.0 million. The balance of the Term Loan Facility is presented in the accompanying condensed consolidated balance sheets net of debt discount and issuance costs of $32.7 million at June 30, 2021. The debt discount and issuance costs are being amortized using the effective interest method and the rate as of June 30, 2021 is 5.01%. 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.

Revolving Credit Facility

Under the Revolving Credit Facility, the Company had $102.0 million outstanding balance, $11.0 million in standby letters of credit and availability of $87.0 million as of June 30, 2021.

Related Party Loan	6 Months Ended
Related Party Loan	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Loan	Related Party LoanThe Company had a senior secured promissory note, as amended, with a unit holder of Former Parent that had a balance, net of debt discount and issuance costs as of June 30, 2020 of $41.8 million for which the Company paid interest expense for the three and six months ended June 30, 2020 of $1.7 million and $3.5 million, which consisted of cash interest, PIK interest and amortization of the debt discount. The note was no longer outstanding as of June 30, 2021 and had no balance or interest expense for the three months ended June 30, 2021.Related Party Transactions Accounts Payable-Related Party The Company had $0.6 million and $2.2 million as of June 30, 2021 and December 31, 2020, respectively, of accounts payable - related party with the former shareholders of Array. 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. Related Party Loan - see Note 9 Contingent Consideration - see Note 12

Revenue

6 Months Ended

Jun. 30, 2021

Revenue

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Over-time revenue	$	189,622	$	98,637	$	421,475	$	516,598
Point in time revenue	13,174		16,279		27,253		36,036
Total revenue	$	202,796	$	114,916	$	448,728	$	552,634

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. Contract assets consisting of unbilled receivables are recorded within accounts receivable on the consolidated balance sheets on a contract-by-contract basis at the end of the reporting period and consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Unbilled receivables	$	37,567	$	18,073

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. Contract liabilities consisting of deferred revenue recorded on a contract-by-contract basis at the end of each reporting period were as follows (in thousands):


	June 30, 2021		December 31, 2020
Deferred revenue	$	51,458	$	149,821

During the six months ended June 30, 2021, the Company converted $149.8 million deferred revenue to revenue which represented 100.0% of the prior years deferred revenue balance.

Remaining Performance Obligations

As of June 30, 2021, the Company had $197.5 million of remaining performance obligations. The Company expects to recognize revenue on 100% of these performance obligations in the next twelve months.

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.

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
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Earnings (loss) per Share

Earnings (loss) per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Net (loss) income	$	(17)	$	2,392	$	2,870	$	76,077
Basic:
Weighted-average shares	126,994		119,994		126,994		119,994
Earnings (loss) per share	$	—	$	0.02	$	0.02	$	0.63
Diluted:
Weighted-average shares	126,994		119,994		126,994		119,994
Equity compensation dilutive securities	—		—		209		—
Weighted average dilutive shares	126,994		119,994		127,203		119,994
Earnings (loss) per share	$	—	$	0.02	$	0.02	$	0.63

Potentially dilutive common shares issuable pursuant to equity-based awards were not included for the three months ended June 30, 2021 as their potential effect was anti-dilutive as the Company generated a net loss.

Commitment and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

The Company, in the normal course of business, is subject to claims and litigation. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss.

On May 14, 2021, a putative class action was filed in the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Exchange Act of 1933 (“Plymouth Action”). The Plymouth Action alleges misstatements and/or omissions in the Company’s registration statements and prospectuses related to the Company’s October 2020 initial public

offering, the Company’s December 2020 offering, and the Company’s March 2021 offering during the putative class period of October 14, 2020 through May 11, 2021. Lead plaintiff motions were filed on July 13, 2021, and the Court is expected to appoint a lead plaintiff by August 12, 2021. The Court has not yet set a schedule for the filing of an amended complaint or defendants’ anticipated motion to dismiss.

On June 30, 2021, a second putative class action was filed in the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Exchange Act of 1933 alleging misstatements and/or omissions in certain of the Company’s registration statements and prospectuses related to the Company’s October 2020 initial public offering, the Company’s December 2020 offering, and the Company’s March 2021 offering during the putative class period of October 14, 2020 through May 11, 2021. On July 6, 2021, the Court entered an order, based on the record before the Court, that this action was in all material respects substantially similar to the Plymouth Action and both actions arise out of the same or similar operative facts, and that the parties are substantially the same parties. The Court consolidated this action with the Plymouth Action for all pretrial purposes, ordered all filings in connection with this Action to be made in the Plymouth Action, and removed this action from the docket.

On July 16, 2021, a verified derivative complaint was filed against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Securities Exchange Act of 1934 for misleading proxy statements, (2) breach of fiduciary duty, (3) unjust enrichment, (4) abuse of control, (5) gross mismanagement, (6) corporate waste, (7) aiding and abetting breach of fiduciary duty, and (8) contribution under sections 10(b) and 21D of the Securities Exchange Act of 1934. On July 21, 2021, the Court entered an order, based on the record before the Court, that this action was in all material respects substantially similar to the Plymouth Action and both actions arise out of the same or similar operative facts, and that the parties are substantially the same parties. The Court consolidated this action with the Plymouth Action for all pretrial purposes, ordered all filings in connection with this Action to be made in the Plymouth Action, and removed this action from the docket.

On July 30, 2021, a second and related verified derivative complaint was filed against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Securities Exchange Act of 1934 for causing the issuance of a false/misleading proxy statement, (2) breach of fiduciary duty, and (3) aiding and abetting breaches of fiduciary duty. The Court has not yet entered an order consolidating this case with the Plymouth case.

At this time the Company believes that the likelihood of any material loss related to these matters is remote given the preliminary stage of the claims and strength of the Company’s defenses. The Company has not recorded any material loss contingency in the Condensed Consolidated Balance Sheets as of June 30, 2021.

Contingent Consideration

Taxes Receivable Agreement

Concurrent with the Acquisition, Array Tech, Inc. (f/k/a Array Technologies, Inc.) entered into a Taxes Receivable Agreement (“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. 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 recognized in contingent consideration in the accompanying consolidated

statements of operations. As of June 30, 2021 and December 31, 2020, the fair value of the TRA was $12.0 million and $19.7 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.

Earn-Out Liability

The Company had a liability to the selling stockholders of Array for 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 earn-out liability was paid off in the fourth quarter of the fiscal year ended December 31, 2020.

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 was re-measured to fair value with changes in fair value recorded in contingent consideration in the accompanying condensed consolidated statements of operations.

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


	TRA		Earn-Out Liability		Contingent Consideration
Balance, March 31, 2021	$	19,839	$	—	$	19,839
Payments	(7,810)				(7,810)
Fair value adjustment	(13)		—		(13)
Balance, June 30, 2021	$	12,016	$	—	$	12,016

Balance, March 31, 2020	$	17,113	$	124	$	17,237
Fair value adjustment	1,732		1,698		3,430
Balance, June 30, 2020	$	18,845	$	1,822	$	20,667


	TRA		Earn-Out Liability		Contingent Consideration
Balance, December 31, 2020	$	19,691	$	—	$	19,691
Payments	(7,810)		—		(7,810)
Fair value adjustments	135		—		135
Balance, June 30, 2021	$	12,016	$	—	$	12,016

Balance, December 31, 2019	$	17,808	$	442	$	18,250
Fair value adjustment	1,037		1,380		2,417
Balance, June 30, 2020	$	18,845	$	1,822	$	20,667

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

Equity-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

Equity Incentive Plan

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

In the six months ended June 30, 2021, the Company granted an aggregate of 513,463 RSU’s to employees and board of director members and 177,472 Performance Stock Units (PSUs) to certain executives. The PSUs cliff vest after three years and upon meeting certain revenue and adjusted EPS targets. The PSUs also contain a modifier based on the total stock return (TSR) compared to a certain Index which modifies the number of PSUs that vest.

Activity under the 2020 Plan was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
RSU
Unvested, December 31, 2020	500,006	$	22.00
Granted	513,463	25.35
Vested	—	—
Forfeited	(43,045)	28.36
Unvested, June 30, 2021	970,424	$	23.49
PSU	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, December 31, 2020	—	$	—
Granted	177,472	28.25
Vested	—	—
Forfeited	(14,379)	30.74
Unvested, June 30, 2021	163,093	$	28.03

Class B Units

The Company accounted for equity grants to employees of Class B Units of Former Parent (the “Units”) as equity-based compensation under ASC 718, Compensation-Stock Compensation. The Units contained vesting provisions as defined in the agreement. Equity-based compensation cost was measured at the grant date fair value and 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 were 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 March 23, 2021, in connection with the closing of the 2021 Follow-on Offering, all of the outstanding Class B Units of Former Parent were immediately vested per the terms of the equity awards, resulting in the Company accelerating the recognition of the remaining unamortized compensation expense of $6.3 million in the three months ended March 31, 2021.

For the three and six months ended June 30, 2021, the Company recognized $4.1 million and $12.0 million in equity-based compensation, respectively. For the three and six months ended June 30, 2020, the Company recognized $0.7 million and $2.4 million in equity-based compensation, respectively. As of June 30, 2021, the Company had $19.1 million of unrecognized compensation costs which is expected to be recognized over a period of 2.5 years. There were 57,424 forfeitures during both of the three and six months ended June 30, 2021 and no forfeitures during the three and six month ended June 30, 2020.

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Effective January 1, 2021, the Company adopted ASC 842 Leases using the modified retrospective approach. The Company elected the use of the package of practical expedients permitted under the transition guidance which allows the Company not to reassess whether a contract contains a lease, carry forward the historical lease classification and not reassess initial direct lease costs. The Company also elected to apply the short-term measurement and recognition exemption in which the right-of-use (“ROU”) assets and lease liabilities are not recognized for short-term leases. Adoption of this standard resulted in recording of net operating lease ROU assets and corresponding operating lease liabilities of $13.2 million and $13.5 million, respectively. The standard did not materially affect the condensed consolidated statements of income and had no impact on the condensed consolidated statements of cash flows.

The following table summarizes the balances as it relates to leases at the end of the period (in thousands):


	(*)	June 30, 2021
ROU Asset	Other assets	$	10,537

Lease liability, current portion	Other current liabilities	$	6,379
Lease liability, long-term portion	Other long-term liabilities	4,227
Total lease liability		$	10,606

(*) Location on the condensed consolidated balance sheet

The Company determines if an arrangement is a lease at its inception. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As the Company’s leases generally do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments. Lease expense for these leases is recognized on a straight-line basis over the lease term.

Operating lease arrangements are comprised primarily of real estate and equipment agreements for which the right-of-use assets are included in other assets and the corresponding lease liabilities, depending on their maturity, are included in accrued liabilities or other long-term liabilities in the condensed consolidated balance sheets.

The details of the Company’s operating leases are as follows (in thousands):


	Three Months Ended
	June 30, 2021
Operating lease expense	$	1,651
Variable lease expense	91
Short-term lease expense	—
Total lease expense	$	1,742

The following table presents the maturities of lease liabilities as of June 30, 2021 (in thousands):


Fiscal year ending June 30,	Operating Leases
2021	$	3,333
2022	6,071
2023	896
2024	794
2025	19
Thereafter	—
Total lease payments	11,113
Less: Imputed lease interest	(507)
Total lease liabilities	$	10,606

The following table represents future minimum lease obligations under non-cancelable operating leases as of December 31, 2020 (in thousands):


Fiscal year ending December 31,	Operating Leases
2021	$	6,663
2022	6,073
2023	893
2024	791
2025	15
Thereafter	—
Total	$	14,435

The Company’s weighted-average remaining lease-term and weighted-average discount rate are as follows (in thousands):


	Three Months Ended
	June 30, 2021
Weighted average remaining lease-term	2.0 years
Weighted average discount rate	5	%

Supplemental cash flow and other information related to operating leases are as follows:


	Three Months Ended
	June 30, 2021
Operating cash flows from operating leases	$	1,465
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets as of January 1, 2021	$	13,464

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party LoanThe Company had a senior secured promissory note, as amended, with a unit holder of Former Parent that had a balance, net of debt discount and issuance costs as of June 30, 2020 of $41.8 million for which the Company paid interest expense for the three and six months ended June 30, 2020 of $1.7 million and $3.5 million, which consisted of cash interest, PIK interest and amortization of the debt discount. The note was no longer outstanding as of June 30, 2021 and had no balance or interest expense for the three months ended June 30, 2021.Related Party Transactions Accounts Payable-Related Party The Company had $0.6 million and $2.2 million as of June 30, 2021 and December 31, 2020, respectively, of accounts payable - related party with the former shareholders of Array. 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. Related Party Loan - see Note 9 Contingent Consideration - see Note 12

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Securities Purchase Agreement On August 10, 2021, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with BCP Helios Aggregator L.P., a Delaware limited partnership (the “Purchaser”), an investment vehicle of funds affiliated with Blackstone Inc. Pursuant to the Securities Purchase Agreement, on August 11, 2021, the Company issued and sold to the Purchaser 350,000 shares of a newly designated Series A Perpetual Preferred Stock of the Company, par value $0.001 per share (the “Series A Perpetual Preferred Stock”), having the powers, designations, preferences, and other rights set forth in the Certificate of Designations (as defined below), and 7,098,765 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), for an aggregate purchase price of $346.0 million (the “Initial Closing”). Further, pursuant to the Securities Purchase Agreement, and subject to the terms and conditions set forth therein, including the expiry or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the Company has agreed to issue and sell to the Purchaser 776,235 shares of Common Stock for an aggregate purchase price of $776. The Company intends to use the net proceeds from the Initial Closing to repay all of the outstanding amounts under the Company’s existing revolving credit facility and to prepay at least $100 million under the Company’s term loan and for general corporate purposes. Pursuant to the Securities Purchase Agreement, the Purchaser is entitled to designate one representative (the “Series A Director”) to be appointed to the Company’s board of directors (the “Board”), and to appoint three non-voting observers to the Board, in each case until such time as the Purchaser and its Permitted Transferees (as defined in the Securities Purchase Agreement) no longer beneficially own shares of the Series A Perpetual Preferred Stock with at least $100 million aggregate Liquidation Preference (as defined below). Dividends On or prior to the fifth anniversary of the Initial Closing, the Company may pay dividends on the Series A Perpetual Preferred Stock either in cash at the then-applicable Cash Regular Dividend Rate, through accrual to the Liquidation Preference at the Accrued Regular Dividend Rate (the “Permitted Accrued Dividends”), or a combination thereof. Folloing the fifth anniversary of the Initial Closing, dividends shall be payable only in cash. To the extent the Comany does not declare such dividends and pay in cash following the fifth anniversary of the Initial Closing, such dividends shall accrue to the Liquidation Preference (“Default Accrued Dividends”, and together with Permitted Accrued Dividends, “Accrued Dividends”) at the then-applicable Cash Regular Dividend Rate plus 200 basis points. In the event there are Default Accrued Dividends outstanding for six consecutive quarters, the Company, at the option of the holder of the Series A Perpetual Preferred Stock (each a “holder”), will pay 100% of the amount of Default Accrued Dividends by delivering to the Holder a number of shares of Common Stock equal to the quotient of (i) the amount of Default Accrued Dividends) divided by (ii) 95% of the 30-day VWAP of the Common Stock (“Non-Cash Dividend”). As used herein, “Cash Regular Dividend Rate” with respect to the Series A Perpetual Preferred Stock means (i) initially, 5.75% per annum on the Liquidation Preference and (ii) increased by (a) 50 basis points on each of the fifth, sixth and seventh anniversaries of the Initial Closing and (b) 100 basis points on each of the eighth, ninth and tenth anniversaries of the Initial Closing. The “Accrued Regular Dividend Rate” with respect to the Series A Perpetual Preferred Stock means 6.25% per annum on the Liquidation Preference. Additional Closings Pursuant to the Securities Purchase Agreement, until June 30, 2023, the Company, subject to the terms and conditions set forth therein, shall have the option to require the Purchaser to purchase, in the aggregate, in one or more additional closings (the “Additional Closings”), up to 150,000 shares (the “Delayed Draw Commitment”) of the Series A Perpetual Preferred Stock and up to 3,375,000 shares of Common Stock (or up to 6,100,000 shares of Common Stock in the event of certain price-related adjustments) (subject to certain equitable adjustments pursuant to any stock dividend, stock split, stock combination, reclassification or similar transaction) for an aggregate purchase price up to $148 million. Fees Until June 30, 2023, the Company will pay the Purchaser a cash commitment premium on the unpurchased portion of Delayed Draw Commitment as follows: a.0% through the six-month anniversary of the Initial Closing; b.1.5% from the six-month anniversary of the Initial Closing through the 12-month anniversary of the initial closing; and c.3.0% from the 12-month anniversary of the Initial Closing through June 30, 2023. The Company may terminate some or all of the Delayed Draw Commitment, from time to time, at its sole discretion. Customary Covenants The Securities Purchase Agreement, Certificate of Designations and Registration Rights Agreement (as defined below) contain other customary covenants and agreements, including certain standstill provisions and customary preemptive rights. The Delayed Draw Commitment is subject to certain customary anti-dilution adjustments provided under the Securities Purchase Agreement and Certificate of Designations, including for stock splits, reclassifications, combination’s and dividends or distributions made by the Company on the Common Stock. Transfer Restrictions After the Initial Closing, subject to certain customary exceptions including transfers to Permitted Transferees (as defined in the Securities Purchase Agreement), the Purchaser will be restricted from transferring the Series A Perpetual Preferred Stock and Common Stock until the one-year anniversary of the Initial Closing. Ranking and Liquidation Preference The Series A Perpetual Preferred Stock ranks senior to the Common Stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company (a “Liquidation”). Upon a Liquidation, each share of Series A Perpetual Preferred Stock would be entitled to receive an amount per share (the “Liquidation, Redemption or Repurchase Amount”) equal to the greater of (i) the Liquidation Preference of such share, plus all accrued and unpaid dividends (including any Accrued Dividends) thereon and (ii) an amount in cash equal to the sum of (a) 130.0% of the Initial Liquidation Preference of such share, minus (b) the cumulative amount of cash dividends paid in respect of such share prior to such payment. As used herein, “Liquidation Preference” means, with respect to any share of the Series A Perpetual Preferred Stock, the initial liquidation preference of $1,000 per share (the “Initial Liquidation Preference”) plus any Accrued Dividends of such share as of the time of determination. Redemption Rights The Company may redeem all or any portion of the Series A Perpetual Preferred Stock (in increments of not less than $200 million based on the Liquidation Preference of such shares of Series A Perpetual Preferred Stock to be redeemed at such time (or such lesser amount to the extent the Company chooses to redeem all of the outstanding shares of Series A Perpetual Preferred Stock)) for an amount in cash equal to the Liquidation, Redemption or Repurchase Amount. Upon a “Fundamental Change” (involving a change of control, bankruptcy, insolvency or liquidation of the Company as further described in the Certificate of Designations), each Holder shall have the right to require the Company to redeem all or any part of the Holder’s Series A Perpetual Preferred Stock for an amount in cash equal to the Liquidation, Redemption or Repurchase Amount. Voting and Consent Rights Each Holder of Series A Perpetual Preferred Stock will have one vote per share on any matter on which Holders of Series A Perpetual Preferred Stock are entitled to vote separately as a class (as described below), whether at a meeting or by written consent. The Holders of shares of Series A Perpetual Preferred Stock do not otherwise have any voting rights. The consent of the Holders of a majority of the outstanding shares of Series A Perpetual Preferred Stock will be required for so long as the Threshold Amount remains outstanding for (i) amendments to the Company’s organizational documents that have an adverse effect on the holders of Series A Perpetual Preferred Stock, (ii) issuances by the Company of securities that are senior to, or equal in priority with, the Series A Perpetual Preferred Stock, (iii) entrance into, or amendments to, transactions with affiliates of the Company, (iv) incurrence by the Company of indebtedness, unless the Consolidated Total Leverage Ratio (as defined in the Certificate of Designations) would not exceed 8.5-to-1 after giving effect to such incurrence (other than drawdowns by the Company under the Company’s current revolving credit facility) or (v) any payment of dividends or making of distributions on equity securities of the Company ranking junior to the Series A Perpetual Preferred Stock or redemptions, purchases or direct or indirect acquisitions of such equity securities ranking junior to or parity with the Series A Perpetual Preferred Stock by the Company, unless the Consolidated Total Leverage Ratio (as defined in the Certificate of Designations) would not exceed 8.5-to-1 after giving effect to such dividends, distributions, redemptions, purchases or acquisitions. Registration Rights Agreement In connection with the Securities Purchase Agreement, on August 10, 2021, the Company and the Purchaser entered into a Registration Rights Agreement (the “Registration Rights Agreement”) pursuant to which, among other things, the Company granted the Purchaser certain registration rights with respect to Common Stock purchased pursuant to the Securities Purchase Agreement and Non-Cash Dividend pursuant to the Certificate of Designations, including customary shelf registration rights and “piggyback” registration rights.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements and New Accounting Standards	Recently Adopted Accounting Pronouncements On January 1, 2021, the Company adopted Accounting Standards Update (“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. For companies that are not emerging growth companies (“EGCs”), the ASU was 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 early adopted the new standard using the modified retrospective method by recording a right-of-use asset of $13.2 million, short-term portion of lease liabilities of $6.3 million and long-term portion of lease liabilities of $7.2 million as of the effective date. Prior periods will not be restated and will continue to be reported under Topic 840 guidance in effect during those periods. The Company applied the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The adoption did not have a material impact on its consolidated statements of operations or its consolidated statements of cash flows. See Note 13, Leases, for further information and disclosures related to the adoption of this standard. 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 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 has adopted the pronouncement and it did not have a material impact on its consolidated financial statements and related disclosures. New Accounting Standards To be adopted 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 EGCs the fiscal year beginning after December 15, 2022, or December 15, 2021 if we were to lose EGC 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.
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 our initial public offering (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 condensed consolidated financial statements include the accounts of Array Technologies, Inc. and its Subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. 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. Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. Management has made estimates and assumptions taking into consideration certain possible impacts due to COVID-19. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements; however, management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Impact of COVID-19 Pandemic	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. Due to economic conditions our industry has seen rapid commodity price increases and strained logistics, causing us to experience temporary decreased margins and thus decreased cash from operations. We have taken, and continue to take, mitigating steps to overcome the economic challenges and, therefore, believe the impact to be temporary, but cannot be certain the timing of when we will achieve better margins. We have sufficient liquidity and financing options available, and we expect to have sufficient liquidity to operate for the next 12 months. 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.
Equity-Based Compensation	Equity-Based Compensation On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. Under the 2020 Plan, the Company may grant (i) restricted stock units (RSU’s) to its employees and non-employee directors in connection with their service on the board of directors, and (ii) performance stock units (“PSUs”) to certain of its executive officers and members of management. The PSUs contain performance and market conditions. The RSUs are valued at the closing stock price on the date of grant and recognized on a straight-line basis over vesting term. The PSU grants were valued using the Monte Carlo simulation method and the assigned fair value on grant date will be recognized on a straight-line basis over the vesting term of the awards. The probability of the awards meeting the performance related vested conditions is not included in the grant date fair value, but rather will be estimated quarterly and the Company will true-up the expense recognition accordingly upon any probability to vest revision. The Company accounts for forfeitures as they occur. In the case of Class B units (the “Class B Units”) and Class C units (the “Class C Units” and, together with the Class B Units, the “Units”) of the Former Parent granted to certain employees and directors of the Company, the determination of the fair value of equity awards issued to employees of the Company was based upon the underlying share price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Class B Units fully vested upon the completion of the Company’s follow-on offering of its common stock in March 2021 (the “2021 Follow-on Offering”) as it was considered a sale of the Former Parent and the Company recognized the remaining unamortized compensation expense of $6.3 million.

Inventory (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of current inventory

Inventories consist of the following (in thousands):


	June 30,		December 31,
	2021		2020
Raw materials	$	46,993	$	39,051
Finished goods	98,096		85,833
Reserve for excess or obsolete inventory	(7,423)		(6,425)
Total	$	137,666	$	118,459

Property, Plant, and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Summary of property, plant and equipment

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


	Estimated Useful Lives (Years)	June 30,		December 31,
		2021		2020
Land	N/A	$	1,340	$	1,340
Buildings and land improvements	15-39	2,486		2,486
Manufacturing equipment	7	13,513		13,261
Furniture, fixtures and equipment	5-7	477		443
Vehicles	5	161		140
Hardware and software	3-5	1,603		887
Machinery in progress		178		—
Total		19,758		18,557
Less: accumulated depreciation		(9,995)		(8,783)
Property, plant and equipment, net		$	9,763	$	9,774

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets

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


	Estimated Useful Lives (Years)	June 30,		December 31,
		2021		2020
Amortizable:
Costs:
Developed technology	14	$	203,800	$	203,800
Customer relationships	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		72,510		65,233
Customer relationships		44,583		40,107
Internal-use software modification costs		4,356		4,356
Total accumulated amortization		121,449		109,696
Total amortizable intangibles, net		176,207		187,960

Non-amortizable costs:
Trade name		10,300		10,300
Total other intangible assets, net		$	186,507	$	198,260

Schedule of indefinite-lived intangible assets

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


	Estimated Useful Lives (Years)	June 30,		December 31,
		2021		2020
Amortizable:
Costs:
Developed technology	14	$	203,800	$	203,800
Customer relationships	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		72,510		65,233
Customer relationships		44,583		40,107
Internal-use software modification costs		4,356		4,356
Total accumulated amortization		121,449		109,696
Total amortizable intangibles, net		176,207		187,960

Non-amortizable costs:
Trade name		10,300		10,300
Total other intangible assets, net		$	186,507	$	198,260

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments


	June 30,		December 31,
	2021		2020
Term loan facility	$	428,925	$	460,000


Revolving credit facility	102,000		—
	530,925		460,000
Less discount and issuance costs	(32,680)		(31,717)
Long term debt, net of debt discount and issuance costs	498,245		428,283
Less current portion of long-term debt	(4,300)		(4,313)
Long-term debt, net of current portion, debt discount and issuance costs	$	493,945	$	423,970

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.

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Revenue from Contract with Customer [Abstract]

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Over-time revenue	$	189,622	$	98,637	$	421,475	$	516,598
Point in time revenue	13,174		16,279		27,253		36,036
Total revenue	$	202,796	$	114,916	$	448,728	$	552,634

Contract assets consisting of unbilled receivables are recorded within accounts receivable on the consolidated balance sheets on a contract-by-contract basis at the end of the reporting period and consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Unbilled receivables	$	37,567	$	18,073

Contract liabilities consisting of deferred revenue recorded on a contract-by-contract basis at the end of each reporting period were as follows (in thousands):


	June 30, 2021		December 31, 2020
Deferred revenue	$	51,458	$	149,821

Earnings (loss) per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Net (loss) income	$	(17)	$	2,392	$	2,870	$	76,077
Basic:
Weighted-average shares	126,994		119,994		126,994		119,994
Earnings (loss) per share	$	—	$	0.02	$	0.02	$	0.63
Diluted:
Weighted-average shares	126,994		119,994		126,994		119,994
Equity compensation dilutive securities	—		—		209		—
Weighted average dilutive shares	126,994		119,994		127,203		119,994
Earnings (loss) per share	$	—	$	0.02	$	0.02	$	0.63

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

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, March 31, 2021	$	19,839	$	—	$	19,839
Payments	(7,810)				(7,810)
Fair value adjustment	(13)		—		(13)
Balance, June 30, 2021	$	12,016	$	—	$	12,016

Balance, March 31, 2020	$	17,113	$	124	$	17,237
Fair value adjustment	1,732		1,698		3,430
Balance, June 30, 2020	$	18,845	$	1,822	$	20,667


	TRA		Earn-Out Liability		Contingent Consideration
Balance, December 31, 2020	$	19,691	$	—	$	19,691
Payments	(7,810)		—		(7,810)
Fair value adjustments	135		—		135
Balance, June 30, 2021	$	12,016	$	—	$	12,016

Balance, December 31, 2019	$	17,808	$	442	$	18,250
Fair value adjustment	1,037		1,380		2,417
Balance, June 30, 2020	$	18,845	$	1,822	$	20,667

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

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
RSU
Unvested, December 31, 2020	500,006	$	22.00
Granted	513,463	25.35
Vested	—	—
Forfeited	(43,045)	28.36
Unvested, June 30, 2021	970,424	$	23.49
PSU	Number of Shares	Weighted Average Grant Date Fair Value
Unvested, December 31, 2020	—	$	—
Granted	177,472	28.25
Vested	—	—
Forfeited	(14,379)	30.74
Unvested, June 30, 2021	163,093	$	28.03

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Summary of balances as it related to leases

The following table summarizes the balances as it relates to leases at the end of the period (in thousands):


	(*)	June 30, 2021
ROU Asset	Other assets	$	10,537

Lease liability, current portion	Other current liabilities	$	6,379
Lease liability, long-term portion	Other long-term liabilities	4,227
Total lease liability		$	10,606

(*) Location on the condensed consolidated balance sheet

Schedule of operating lease expenses

The details of the Company’s operating leases are as follows (in thousands):


	Three Months Ended
	June 30, 2021
Operating lease expense	$	1,651
Variable lease expense	91
Short-term lease expense	—
Total lease expense	$	1,742

The Company’s weighted-average remaining lease-term and weighted-average discount rate are as follows (in thousands):


	Three Months Ended
	June 30, 2021
Weighted average remaining lease-term	2.0 years
Weighted average discount rate	5	%

Supplemental cash flow and other information related to operating leases are as follows:


	Three Months Ended
	June 30, 2021
Operating cash flows from operating leases	$	1,465
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets as of January 1, 2021	$	13,464

Schedule of operating lease liability maturity

The following table presents the maturities of lease liabilities as of June 30, 2021 (in thousands):


Fiscal year ending June 30,	Operating Leases
2021	$	3,333
2022	6,071
2023	896
2024	794
2025	19
Thereafter	—
Total lease payments	11,113
Less: Imputed lease interest	(507)
Total lease liabilities	$	10,606

The following table represents future minimum lease obligations under non-cancelable operating leases as of December 31, 2020 (in thousands):


Fiscal year ending December 31,	Operating Leases
2021	$	6,663
2022	6,073
2023	893
2024	791
2025	15
Thereafter	—
Total	$	14,435

Summary of Significant Accounting Policies (Details) $ in Thousands		1 Months Ended
	Oct. 14, 2020 shares	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jan. 01, 2021 USD ($)
Class of Stock [Line Items]
ROU Asset			$ 10,537
Lease liability, current portion			6,379
Lease liability, long-term portion			$ 4,227
Stock split conversion ratio	1.19994
Basic and Diluted (in shares) \| shares	119,994,467
Accounting Standards Update 2016-02
Class of Stock [Line Items]
ROU Asset				$ 13,200
Lease liability, current portion				6,300
Lease liability, long-term portion				$ 7,200
Class B units
Class of Stock [Line Items]
Equity based compensation		$ 6,300
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

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 46,993	$ 39,051
Finished goods	98,096	85,833
Reserve for excess or obsolete inventory	(7,423)	(6,425)
Inventories, net	$ 137,666	$ 118,459

Property, Plant, and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 19,758	$ 18,557
Less: accumulated depreciation	(9,995)	(8,783)
Property, plant and equipment, net	9,763	9,774
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	2,486
Buildings and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	15 years
Buildings and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	39 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Property, plant, and equipment, gross	$ 13,513	13,261
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 477	443
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Property, plant, and equipment, gross	$ 161	140
Hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,603	887
Hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Machinery in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 178	$ 0

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.6	$ 0.6	$ 1.2	$ 1.2
Depreciation allocated to cost of revenue	0.5	0.5	1.0	1.0
Depreciation included in depreciation and amortization	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jul. 08, 2016
Goodwill [Line Items]
Goodwill	$ 69,727		$ 69,727		$ 69,727
Accumulated impairment	51,900		51,900		$ 51,900
Amortization expense related to intangible assets	$ 5,900	$ 5,900	$ 11,800	$ 11,800
Array
Goodwill [Line Items]
Goodwill						$ 121,600

Goodwill and Other Intangible Assets - Schedule of other intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total amortizable intangibles	$ 297,656	$ 297,656
Total accumulated amortization	121,449	109,696
Total amortizable intangibles, net	176,207	187,960
Indefinite-lived Intangible Assets [Line Items]
Other intangible assets, net	186,507	198,260
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 Lives (Years)	14 years
Total amortizable intangibles	$ 203,800	203,800
Total accumulated amortization	$ 72,510	65,233
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	10 years
Total amortizable intangibles	$ 89,500	89,500
Total accumulated amortization	$ 44,583	40,107
Internal-use software modification
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	2 years 6 months
Total amortizable intangibles	$ 4,356	4,356
Total accumulated amortization	$ 4,356	$ 4,356

Investment in Equity Security (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
Investment in Equity Security (Details) - USD ($)	Apr. 30, 2021	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investment in equity securities	$ 2,000,000.0	$ 10,000,000.0		$ 11,975,000	$ 0
Balance of investment in equity securities			$ 12,000,000.0	12,000,000.0
Impairment recorded			$ 0	$ 0

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (1,050,000)	$ (5,834,000)	$ 29,000	$ 16,708,000
Reserves for uncertain tax positions	$ 0	$ 0	$ 0	$ 0

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

+ References + Details

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, balance	$ 530,925	$ 460,000
Less discount and issuance costs	(32,680)	(31,717)
Long term debt, net of debt discount and issuance costs	498,245	428,283
Less current portion of long-term debt	(4,300)	(4,313)
Long-term debt, net of current portion, debt discount and issuance costs	493,945	423,970
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, balance	102,000	0
Term loan facility
Debt Instrument [Line Items]
Long-term debt, balance	$ 428,925	$ 460,000

Long-Term Debt (Details) - USD ($)				6 Months Ended
Long-Term Debt (Details) - USD ($)	Feb. 23, 2021	Feb. 22, 2021	Oct. 14, 2020	Jun. 30, 2021	Feb. 26, 2021	Feb. 25, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, balance				$ 530,925,000			$ 460,000,000
Debt discount and issuance costs				32,680,000			31,717,000
Senior Secured Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Monthly basis spread on variable rate	0.50%	1.00%
Senior Secured Credit Facility \| Base Rate
Debt Instrument [Line Items]
Minimum annual variable rate	0.0325	0.0400
Term loan facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 575,000,000
Debt instrument term			7 years
Long-term debt, balance				$ 428,900,000
Interest rate applicable margin				3.75%
Debt discount and issuance costs				$ 32,700,000
Debt issuance costs and discounts, amortization rate				5.01%
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,000,000			$ 150,000,000.0
Debt instrument term			5 years
Long-term debt, balance				$ 102,000,000			$ 0
Revolving credit facility \| Revolving Credit Facility, Second Amendment
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 200,000,000.0

Long-Term Debt - Letters of Credit (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, balance	$ 530,925	$ 460,000
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, balance	102,000	$ 0
Available borrowing capacity	87,000
Standby Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 11,000

Related Party Loan (Details) - Senior Secured Loan - Unit holder of Parent - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2020
Related Party Transaction [Line Items]
Balance of senior secured loan	$ 0	$ 41,800,000	$ 41,800,000
Interest expense	$ 0	$ 1,700,000	$ 3,500,000

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 202,796	$ 114,916	$ 448,728	$ 552,634
Unbilled receivables	37,567		37,567		$ 18,073
Deferred revenue	51,458		51,458		$ 149,821
Deferred revenue recognized			$ 149,800
Percentage of deferred revenue recognized			100.00%
Remaining performance obligation	$ 197,500		$ 197,500
Percentage of performance obligation to be recognized	100.00%		100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, period	12 months		12 months
Over-time revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 189,622	98,637	$ 421,475	516,598
Point in time revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 13,174	$ 16,279	$ 27,253	$ 36,036

Earnings (loss) per Share - Schedule of earnings per share, basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ (17)	$ 2,392	$ 2,870	$ 76,077
Basic:
Weighted average number of shares	126,994	119,994	126,994	119,994
Earnings (loss) per share (in dollars per share)	$ 0	$ 0.02	$ 0.02	$ 0.63
Diluted:
RSU Dilutive shares (in shares)	0	0	209	0
Weighted average number of shares	126,994	119,994	127,203	119,994
Earnings (loss) per share (in dollars per share)	$ 0	$ 0.02	$ 0.02	$ 0.63

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.