0001820721-24-000011 | 10-K | XBRL Viewer

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Goodwill and Other Intangible Assets - Schedule of Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 49,107
2025	49,107
2026	44,801
2027	40,157
2028	40,157
Thereafter	116,767
Total amortizable intangibles, net	$ 340,096	$ 376,064

Segment and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Geographic Information

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 (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM is the Chief Executive Officer of the Company. Based on the way the CODM allocates resources and assess performance, the Company has concluded that it has two operating and reporting segments; Array Legacy Operations and STI Operations.

Segment revenue and gross profit were as follows during the periods presented (in thousands):


	Year Ended December 31,
	2023		2022		2021
Revenue:
Array Legacy Operations	$	1,172,827	$	1,267,883	$	853,318
STI Operations	403,724		369,663		—
Total	$	1,576,551	$	1,637,546	$	853,318

Gross Profit:
Array Legacy Operations	$	317,605	$	153,612	$	68,301
STI Operations	97,946		59,106		—
Total	$	415,551	$	212,718	$	68,301

The total assets of the Array Legacy Operations segment are $1,437.6 million or approximately 84% of total consolidated assets. The total assets of the STI Operations segment are $269.1 million or approximately 16% of total consolidated assets.

The following table presents revenues by geographic region, based on the customers project location (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	1,166,160	$	1,286,064	$	826,639
Spain	99,160		129,292		7,281
Brazil	257,872		144,464		—
Australia	20,842		9,429		5,509
Remainder	32,517		68,297		13,889
Total revenue	$	1,576,551	$	1,637,546	$	853,318

The following table presents property, plant and equipment, net by geographic region at the end of the period (in thousands):


	December 31,
	2023		2022
U.S.	$	22,731	$	17,789
Spain	3,457		2,676
Brazil	3,549		1,676
Australia	554		1
Remainder	1,595		1,032
Total property, plant and equipment, net	$	31,886	$	23,174

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisition of STI

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisition of STI

On January 11, 2022, the Company completed the STI Acquisition pursuant to the purchase agreement, dated November 10, 2021, by and among Amixa Capital, S.L. and Aurica Trackers, S.L., each a company duly organized under the laws of the Kingdom of Spain (together, the “Sellers”) and Mr. Javier Reclusa Etayo (the “STI Purchase Agreement”). The STI Acquisition was funded primarily with borrowings from the Convertible Notes (as defined below) and the issuance of the Series A Shares. The STI Acquisition provided the Company with an immediate presence in Spain, Western Europe, Brazil and South Africa. Transaction expenses incurred in connection with the acquisition are $5.6 million recorded in the general and administrative line item on the consolidated statement of operations for the year ended December 31, 2022. In accordance with the Purchase Agreement, the Company paid closing consideration to the Sellers consisting of $410.5 million in cash and (13,894,800 shares) of the Company’s common stock with an estimated fair value of $200.2 million based on the closing share price on the date of acquisition. The fair value of the purchase consideration was $610.8 million and resulted in the Company owning 100% of the interests in STI. The Company has performed a valuation of the acquisition assets and liabilities and determined the related accounting impact.

The consideration paid to acquire STI consisted of the following (in thousands):


Cash consideration for STI	$	409,647
Cash consideration for transaction expenses of STI	896
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	610,767
Total purchase price consideration	$	610,767

The STI Acquisition was accounted for as a business combination in accordance with ASC 805 Business Combinations. The equity consideration transferred consisted of the Company’s common stock and was measured at fair value based on the closing stock price on the Acquisition Date. The purchase price was allocated to the assets acquired and liabilities assumed based on management’s estimate of the respective fair values at the Acquisition Date. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were the expected synergies of the combined entities that are expected to be realized from the STI Acquisition. None of the goodwill is expected to be deductible for income tax purposes.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands):


Fair Value of Net Assets Acquired and Liabilities Assumed:	Acquisition Date		Measurement Adjustment		Remeasured Acquisition Date
Cash and cash equivalents	$	36,725	$	—	$	36,725
Accounts receivable	110,789		—		110,789
Inventories	47,517		—		47,517
Prepaid expenses and other	23,399		—		23,399
Property, plant and equipment	4,434		—		4,434
Other intangible assets	304,431		—		304,431
Other assets	325		2,655		2,980
Total assets acquired	$	527,620	$	2,655	$	530,275

Accounts payable	65,761		—		65,761
Deferred revenue	20,345		—		20,345
Short-term debt	44,338		—		44,338
Other liabilities	10,115		2,655		12,770
Income tax payable	7,576		—		7,576
Deferred tax liability	95,510		—		95,510
Other long-term liabilities	4,524		—		4,524
Long-term debt	12,053		—		12,053
Total liabilities assumed	$	260,222	$	2,655	$	262,877

Fair value of net assets acquired	267,398				267,398
Allocation to goodwill	$	343,369			$	343,369

The purchase price allocation was based upon Management’s estimates with the assistance of a third party valuation specialist. The estimates of the fair values of the assets acquired and liabilities assumed were estimated to approximate carrying values since they are short term in nature, and they are receivable or payable on demand. These assets and liabilities were cash and cash equivalents, accounts receivable, inventories, prepaid expenses and other, accounts payable, other liabilities, and deferred revenue. The deferred tax liability was determined utilizing statutory rates in effect at the time of the acquisition, as applied to the respective intangible assets by jurisdiction. For assets and liabilities excluded from the scope of the intangible assets and property, plant and equipment valuation, the Company considered net book value to be a reasonable proxy as of the Acquisition Date.

The purchase price allocation includes $304.4 million of acquired identifiable intangible assets.


(in thousands, except useful lives)	Estimated Fair Value		Estimated Weighted Average Useful Life in Years
Backlog	$	50,000	1
Customer relationships	228,408		10
Trade name	26,023		20
Total	$	304,431

The fair value of the identifiable intangible assets has been estimated using the Excess Earnings Method (customer relationships and backlog) and Relief from Royalty Method (trade name). Significant inputs using the Excess Earnings Method and Level 3 inputs in the fair value hierarchy include economic life, estimated revenue, expenses based on historical results and forecasts, and a discount rate based on a weighted average cost of capital for customer relationships of 15% for Spain, 16.5% for Brazil and 14.0% for Spain foreign sourced projects and for order backlog of 8.5% for Spain, 9.5% for Brazil and 7.5% for Spain foreign sourced projects. Significant inputs to the Relief from Royalty method model include estimates of future revenue, economic life, estimated royalty rate of 1.25%, and a discount rate based on a weighted average cost of capital 15.2%. The weighted average cost of capital was determined based on the Company’s capital structure, cost of capital, inherent business risk profile and long-term growth expectations. The intangible assets are being amortized over their estimated useful lives on a straight-line basis that reflects the economic benefit of the asset. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the STI Acquisition.

The amounts of revenue and net income of STI included in the Company’s consolidated statement of operations from the Acquisition Date through December 31, 2023 are $773.4 million and $9.9 million, respectively.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information presents the combined results of operations of the Company and STI as if the acquisition had occurred on January 1, 2021, after giving effect to certain unaudited pro forma adjustments. The unaudited pro forma adjustments reflected herein include only those adjustments that are directly attributable to the STI Acquisition including amortization of intangibles, debt financing expenses and tax benefits. The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the STI Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the STI Acquisition been consummated on January 1, 2021, (in thousands):


	Year Ended December 31,
	2022		2021
Revenue	$	1,645,962	$	1,118,903
Net income (loss)	$	36,285	$	(74,215)

Property, Plant, and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 53,978	$ 40,993
Less: accumulated depreciation	(22,092)	(17,819)
Property, plant and equipment, net	31,886	23,174
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,634	1,583
Buildings and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 9,344	7,411
Buildings and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	15 years
Buildings and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	39 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	7 years
Property, plant, and equipment, gross	$ 22,962	18,983
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 4,770	3,583
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	5 years
Property, plant, and equipment, gross	$ 688	585
Hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 8,055	3,706
Hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	3 years
Hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 6,525	$ 5,142

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39613
Entity Registrant Name	ARRAY TECHNOLOGIES, INC.
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,898,371,623
Entity Common Stock Shares Outstanding		151,288,159
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission (“SEC”) subsequent to the date hereof pursuant to Regulation 14A in connection with the registrant’s 2024 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, 2023.
Entity Central Index Key	0001820721
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Equity-Based Compensation - Schedule of Assumptions (Details) - PSUs	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	90.00%	60.00%
Risk-free interest rate	3.74%	2.83%
Dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Year Ended December 31,
	2023		2022		2021
Net income (loss)	$	137,240	$	4,432	$	(50,403)
Preferred dividends and accretion	51,691		48,054		15,715
Net income (loss) to common shareholders	85,549		(43,622)		(66,118)

Basic:
Weighted average common shares outstanding	150,942		149,819		129,984
Earnings (loss) per share	$	0.57	$	(0.29)	$	(0.51)

Diluted:
Weighted average common shares outstanding	150,942		149,819		129,984
Effect of Restricted Stock and Performance Awards	1,080		—		—
Weighted average dilutive shares	152,022		149,819		129,984
Income (loss) per share	$	0.56	$	(0.29)	$	(0.51)

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Average cost inventory amount	$ 129.5	$ 209.3
FIFO inventory amount	$ 32.5	$ 23.8

Commitments and Contingencies - Schedule of Undiscounted Future Expected Payments Under the TRA (Details) - Array - Tax Receivable Agreement $ in Thousands	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
2024	$ 1,427
2025	2,017
2026	1,662
2027	1,654
2028	1,654
Thereafter	5,795
Total	$ 14,209

Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 136,498	$ 34,344	$ (61,332)
Foreign	40,659	(39,296)	211
Income (loss) before income tax expense (benefit)	$ 177,157	$ (4,952)	$ (61,121)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company’s disaggregated revenues (in thousands):


	Year Ended December 31,
	2023		2022		2021
Over-time revenue	$	1,417,217	$	1,155,848	$	519,003
Point in time revenue	159,334		481,698		334,315
Total revenue	$	1,576,551	$	1,637,546	$	853,318

Contract assets consisting of unbilled receivables are recorded within accounts receivable, net 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):


	December 31,
	2023		2022		2021
Unbilled receivables	$	102,603	$	101,513	$	111,224

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):


	December 31,
	2023		2022		2021
Deferred revenue	$	66,488	$	178,922	$	99,575

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Bad debts	$ 164	$ 234
Inventories	3,528	2,780
Accrued warranties	4,336	3,575
Accrued compensation	569	637
Net operating loss	2,181	1,014
Equity-based compensation	3,222	2,240
Lease liabilities	5,794	4,588
Premium on capped call	9,376	10,792
Interest expense carryforward	3,411	6,750
Capitalized research and development expenses	2,000	1,752
Other	4,580	2,435
Deferred tax assets	39,161	36,797
Valuation allowance	(2,360)	(1,449)
Deferred tax assets, net	36,801	35,348
Deferred tax liabilities:
Property, plant, and equipment	(2,825)	(1,592)
Intangible assets	(79,913)	(85,927)
ROU assets	(5,051)	(3,969)
Deferred tax liabilities	(87,789)	(91,488)
Deferred tax asset (liability), net	$ (50,988)	$ (56,140)

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):


	December 31,
	2023		2022
Raw materials	$	86,614	$	66,574
Finished goods	75,350		166,585
Total	$	161,964	$	233,159

The Company values a portion of its inventory using the moving average cost method that approximates the First In, First Out method (“FIFO”). As of December 31, 2023, inventory valued using moving average cost and FIFO was $129.5 million and $32.5 million, respectively. As of December 31, 2022, inventory valued using moving average cost and FIFO, was $209.3 million and $23.8 million, respectively.

Debt - Senior Secured Credit Facility Narrative (Details) - USD ($)			12 Months Ended
	Feb. 23, 2021	Oct. 14, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 07, 2022	Feb. 26, 2021
Short-term Debt [Line Items]
Long-term debt, balance			$ 703,064,000	$ 789,426,000
Unamortized discount and issuance costs, total			(20,644,000)	(30,383,000)		$ (1,300,000)
Interest expense			44,229,000	36,694,000	$ 35,684,000
Amortization of debt discount and issuance costs			10,570,000	6,857,000	$ 15,036,000
Senior secured credit facility
Short-term Debt [Line Items]
Long-term debt, balance			238,175,000	312,475,000
Senior secured credit facility \| Term loan facility
Short-term Debt [Line Items]
Long-term debt, balance			238,175,000	312,475,000
Interest expense			32,400,000	21,200,000
Contractual interest			24,500,000	17,000,000
Amortization of debt discount and issuance costs			7,900,000	4,200,000
Senior secured credit facility \| London Interbank Offered Rate
Short-term Debt [Line Items]
Revolving loan applicable margin	0.50%	1.00%
Senior secured credit facility \| Base Rate
Short-term Debt [Line Items]
Revolving loan applicable margin	3.25%	4.00%
Term loan facility \| Senior secured credit facility
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 575,000,000
Debt instrument term		7 years
Long-term debt, balance			238,200,000	312,500,000
Unamortized discount and issuance costs, total			$ (11,300,000)	$ (19,100,000)
Effective interest rate			10.15%	7.94%
Annual amortization rate		1.00%
Term loan facility \| Senior secured credit facility \| Secured Overnight Financing Rate (SOFR)
Short-term Debt [Line Items]
Revolving loan applicable margin			3.25%
Revolving loan applicable margin, floor			0.50%
Term loan facility \| Senior secured credit facility \| Secured Overnight Financing Rate (SOFR) Plus 1%
Short-term Debt [Line Items]
Revolving loan applicable margin			2.25%
Revolving loan applicable margin, floor			1.00%
Revolving credit facility \| Senior secured credit facility
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 150,000,000	$ 200,000,000					$ 200,000,000
Debt instrument term		5 years
Long-term debt, balance			$ 0	$ 0
Available borrowing capacity			175,200,000	161,200,000
Prepayment premium		1.00%
Prepayment premium, period		12 months
Springing financial maintenance covenant		35.00%
Net leverage ratio		7.10
Standby letters of credit \| Senior secured credit facility
Short-term Debt [Line Items]
Letters of credit outstanding			$ 24,800,000	$ 38,800,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	136,498	$	34,344	$	(61,332)
Foreign	40,659		(39,296)		211
Income (loss) before provision for income taxes	$	177,157	$	(4,952)	$	(61,121)

The provision for income taxes charged to operations consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current expense (benefit):
Federal	$	26,592	$	12,826	$	(8)
State	5,678		1,630		(668)
Foreign	16,509		7,725		60
	48,779		22,181		(616)
Deferred expense (benefit):
Federal	942		(6,160)		(9,085)
State	(327)		(960)		(1,017)
Foreign	(9,477)		(24,445)		—
	(8,862)		(31,565)		(10,102)
Total income tax expense (benefit)	$	39,917	$	(9,384)	$	(10,718)

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


	December 31,
	2023		2022
Deferred tax assets:
Bad debts	$	164	$	234
Inventories	3,528		2,780
Accrued warranties	4,336		3,575
Accrued compensation	569		637
Net operating loss	2,181		1,014
Equity-based compensation	3,222		2,240
Lease liabilities	5,794		4,588
Premium on capped call	9,376		10,792
Interest expense carryforward	3,411		6,750
Capitalized research and development expenses	2,000		1,752
Other	4,580		2,435
Deferred tax assets	39,161		36,797
Valuation allowance	(2,360)		(1,449)
Deferred tax assets, net	36,801		35,348
Deferred tax liabilities:
Property, plant, and equipment	(2,825)		(1,592)
Intangible assets	(79,913)		(85,927)
ROU assets	(5,051)		(3,969)
Deferred tax liabilities	(87,789)		(91,488)
Deferred tax asset (liability), net	$	(50,988)	$	(56,140)

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


	Year Ended December 31,
	2023		2022		2021
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate	$	37,204	$	(1,040)	$	(12,835)
State income taxes	4,150		530		(1,545)
Officer’s compensation	518		740		435
Equity-based compensation	(932)		712		1,542
Contingent consideration	622		(947)		567
Tax credits	(407)		(421)		(620)
Non-U.S. income taxed at different rate than U.S. statutory rate	2,658		(4,274)		—
Non-U.S. indirect tax incentives	(5,035)		(4,183)		—
Foreign derived intangible income benefit	(403)		(1,668)		—
Transaction costs	—		1,628		950
Change in valuation allowance	911		(534)		14
Nondeductible expenses	299		10		69
Other	332		63		705
Total income tax expense (benefit)	$	39,917	$	(9,384)	$	(10,718)

The Company receives a non-U.S. indirect tax incentive which is excluded from the local income tax base, resulting in a reduction of the overall effective tax rate of the Company. The income tax benefits from the non-U.S. indirect tax incentive is $5.0 million and 4.2 million for 2023 and 2022, respectively. Due to recent legislation, effective in 2024 these non-U.S. indirect tax incentives will no longer be excluded from the local income tax base.

As of December 31, 2023, the Company has federal income tax net operating loss (“NOL”) carryforwards of approximately $6.8 million that do not expire, state income tax NOL carryforwards of approximately $2.3 million that will expire in future years beginning in 2029, state tax credits of approximately $0.3 million that will expire in future years beginning in 2033, and certain foreign NOLs that are immaterial. As of December 31, 2022, the Company has federal income tax NOL carryforwards of approximately $4.8 million that do not expire, state income tax NOL carryforwards of approximately $4.5 million that will expire in future years beginning in 2029, and certain foreign NOLs that are immaterial.

Realization of deferred tax assets is dependent upon generating sufficient taxable income of the appropriate type and in the appropriate jurisdictions. In assessing the ability to realize a portion of the deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. It is not more likely than not that deferred tax assets from certain U.S. Federal, state and foreign net operating loss would be realized due to type and location of future earnings. As a result, the Company has a valuation allowance of $2.4 million and $1.4 million for the years ended December 31, 2023 and 2022. A valuation allowance of $1.8 million was established against certain of STI’s acquired deferred income tax assets.

ASC 740 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, 2023 or 2022.

The Company files income tax returns in the U.S. federal jurisdiction, in multiple U.S. states, as well as in non-U.S. jurisdictions. Through global expansion and the acquisition of STI, the Company has a significant presence in Spain and Brazil. The Company and its subsidiaries are routinely examined by various U.S. and non-U.S. taxing authorities. The Company is not subject to U.S. federal, state and non-U.S. income tax examinations by tax authorities for years before 2017. There are currently no income tax audits in any material jurisdictions.

The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and future foreign investments. Repatriation of funds could result in an adjustment to the tax liability for foreign withholding taxes, foreign and/or state income taxes and the impact of foreign currency movements. At December 31, 2023, management believed that sufficient liquidity was available in the U.S. The Company may consider repatriating certain funds from its non-U.S. subsidiaries that are not needed to finance local operations; however, any repatriation activities are not expected to result in a significant incremental tax liability to the Company.

The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two), with certain aspects of Pillar Two effective January 1, 2024 and other aspects effective January 1, 2025. While it is uncertain whether the U.S. will enact legislation to adopt Pillar Two, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. We currently do not expect Pillar Two to have a material impact on our effective tax rate or our consolidated results of operation, financial position, and cash flows.

Additionally, the IRA created a 15% corporate alternative minimum tax on certain large corporations and a 1% excise tax on certain corporate stock repurchases. These provisions, which became effective for Company beginning on January 1, 2023, did not have a material impact on the Company during the year ended December 31, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 U.S. generally accepted accounting principles (“U.S. GAAP”). Reclassifications Beginning in the third quarter of 2023, the Company reclassified amounts recorded for amortization of certain acquired intangible assets in prior presentations from Total operating expenses under the caption "Depreciation and amortization" to Total cost of revenue under the caption "Amortization of developed technology" in the consolidated statements of operations. The Company believes this presentation enhances the comparability of the Company’s financial statements to industry peers. This reclassification resulted in $14.6 million recorded to Amortization of developed technology within Total cost of revenue and a $14.6 million decrease to Depreciation and amortization within Total operating expenses during the year ended December 31, 2022. This reclassification did not impact the Company’s operating income (loss), net income (loss) or earnings (loss) per share for any current or historical periods. These reclassifications also did not impact the consolidated balance sheets or consolidated statements of cash flows for the dates and annual periods presented. Revenue in 2023, excludes a Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), that has been reclassified and included in cost of revenues in the current year. For the year ended December 31, 2023, the Brazil ICMS value-added tax benefit was $23.2 million. For the year ended December 31, 2022, an ICMS benefit of $12.3 million was included in revenues. This reclassification in the current year had no impact on the Company’s gross profit, income (loss) from operations, net income or income (loss) per common share in the current period. These reclassifications also did not impact the consolidated balance sheets or consolidated statements of cash flows. Principles of Consolidation The 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 financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Impact of the Ongoing Russian-Ukraine Conflict The ongoing Russian-Ukraine conflict has reduced the availability of material that can be sourced in Europe and, as a result, increased logistics costs for the procurement of certain inputs and materials used in our products. We do not know the ultimate severity or duration of the conflict, but we continue to monitor the situation and evaluate our procurement strategy and supply chain as to reduce any negative impact on our business, financial condition and results of operations. Impact of Attacks on Shipping in the Red Sea Houthi rebels in Yemen have significantly stepped-up attacks against commercial vessels in the Bab-el-Mandeb strait between the Arabian peninsula and the Horn of Africa since late November of 2023, which has led to many shipping companies pausing shipments through the Suez Canal and the Red Sea. Many of these shipments are being redirected around the Cape of Good Hope in South Africa, adding between 3,000 – 3,500 nautical miles to routes connecting Europe with Asia. As an additional result of the reroute, certain ports could see crowding and delays in unloading shipments. We do not yet know the duration of these disruptions or the severity of their impact on our operations, but we continue to monitor the situation and evaluate our procurement strategy and supply chain to reduce any negative impact on our business, financial condition and results of operations. Inflation Inflationary pressures are expected to persist, at least in the near-term, and may negatively impact our results of operations. To mitigate the inflationary pressures on our business, we have implemented selective price increases in certain markets, accelerated productivity initiatives and expanded our supplier base, while continuing to execute on overhead cost containment practices. Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X Advanced Manufacturing Production Tax Credit (“45X Credit”) was established as part of the IRA. The 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to, enter into arrangements with torque tube manufacturing vendors that produce 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates”. The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of revenues on the consolidated statements of operations. Rebates related to purchases that were made prior to the execution of the agreements are deferred and recognized as a reduction of the prices of future purchases. During the three months ended December 31, 2023, the Company had accumulated a total of $49.9 million in Vendor Rebates from current year activity, of which $48.4 million was outstanding and included in Prepaid expenses and other, and $40.6 million of deferred consideration was included in Other current liabilities, on the consolidated balance sheet as of December 31, 2023. Foreign Currency Translation Our foreign subsidiaries have functional currencies that are different than our reporting currency. When translating balances from the functional currency to the reporting currency, assets and liabilities are translated into U.S. dollars at period end exchange rates, retained earnings is translated at historical rates, and income, expenses, and cash flow items are translated at average exchange rates prevailing during the period. Translation adjustments for these subsidiaries are accumulated within accumulated other comprehensive income. In situations when a foreign subsidiary has a local currency that is different than the functional currency, monetary assets and liabilities are translated into the functional currency at the period end exchange rates, and non-monetary assets and the related income statement effects are translated into the functional currency using historical rates. Gains and losses that result from remeasurement from a local currency to the functional currency are included in earnings. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We regularly maintain cash balances that exceed insured amounts, but we have experienced no losses associated with these amounts to date. Accounts Receivable The Company’s accounts receivable are due primarily from solar contractors across the U.S. 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 to 60 days of the invoice date. Management regularly reviews outstanding accounts receivable and provides for estimated credit losses through an estimate of expected credit losses valuation account. The Company adopted Accounting Standards Updated (“ASU”) No. 2016-13, Financial Instruments - Credit Losses, on January 1, 2021, which revised the methodology for measuring credit losses on financial instruments including trade accounts receivable and the timing of when such losses are recorded. The Company adopted ASU 2016-13 using a modified retrospective approach with a cumulative effect adjustment to the opening balance of retained earnings, which had no impact on the consolidated financial statements. The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from the asset. We estimate allowances for credit losses using relevant available information from both internal and external sources. We monitor the estimated credit losses associated with our trade accounts receivable and unbilled accounts receivable based primarily on our collection history and the delinquency status of amounts owed to us, which we determine based on the aging of such receivables. 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 valuation account may be required. When deemed uncollectible, the receivable is charged against the valuation account for credit losses or directly written off. Unbilled receivables represent temporary timing differences between shipments made and billing milestones achieved and are recorded in the accounts receivable balances. Such amounts have not been billed due to pending commercial criteria such as billing on a specified date of the month or upon completion of mega-watt deliveries. Unbilled receivables are invoiced once the underlying commercial criteria have been met and we expect payment within 30 to 60 days. Inventories Inventories consist of raw materials and finished goods and are stated at the lower of cost or estimated net realizable value using primarily the moving average cost method that approximates the FIFO method. Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation and amortization. Improvements, betterments and replacements which 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. Leases Operating lease arrangements are comprised primarily of real estate and equipment agreements. The Company determines if an arrangement contains a lease at inception based on whether it conveys the right to control the use of an identified asset in exchange for consideration. Lease right-of-use assets (“ROU assets”) and associated lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options. ROU assets also include any initial direct costs and prepayments less lease incentives. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease expense is recognized on a straight-line basis over the lease term. ROU assets and the corresponding operating lease liabilities are included in other assets and other liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. 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. Management determined there was no impairment for the years ended December 31, 2023, 2022 and 2021. Goodwill and Indefinite-Lived Intangible Asset 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 at the reporting unit level and tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. 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 cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its carrying value, a quantitative assessment is performed. 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. When determining the fair value of a reporting unit using the quantitative approach, we determine the fair value of the reporting unit using both a discounted cash flow (“DCF”) analysis and guideline publicly-traded companies (“GPC”) analysis to determine the fair value of the reporting unit. The Company has one indefinite-lived intangible asset for a Trade name it acquired as part of a past acquisition. The Company performs an annual impairment test on its Trade name indefinite-lived intangible asset, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year. Investment in Equity Securities In 2021, the Company invested $12.0 million in the preferred stock of a private company. The investment is accounted for, in accordance with ASC 321 Investments — Equity Securities. Because the securities do not have a readily determined fair value, they are valued at cost, less any impairment. If the Company identifies an observable price change in an orderly transaction, the Company will measure the investment at fair value as of the date the observable transaction occurred. The equity investment is recorded in other assets on the consolidated balance sheets. No impairment has been recognized since the date of investment. Amortizable and Other Intangible Assets The Company amortizes identifiable finite lived intangible assets consisting of developed technology, customer relationships, contractual backlog and the STI trade name on a straight-line basis over the assets’ 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 did not recognize any impairment charges for the years ended December 31, 2023, 2022 and 2021. 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 offerings. Deferred offering costs were offset against the proceeds. Debt Discount and Issuance Costs Debt discount and issuance 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 issuance costs was $10.6 million, $6.9 million and $15.0 million (including $9.6 million in write-offs in connection with unscheduled principal payoffs that occurred in February and August of 2021), for the years ended December 31, 2023, 2022 and 2021, respectively. Revenue Recognition In accordance with ASC 606, the Company recognizes revenues from the sale of solar tracking systems, parts, installation services, extended warranties on solar tracker system components and software licenses along with associated maintenance and support. The Company 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. 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. Further, the Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time or over time. Performance Obligations The Company’s contracts for specific solar tracker system projects with customers are predominantly accounted for as a single performance obligation, because the Company is integrating the solar tracking system components and related services as part of a single project. The Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract, which is principally as tracker system components are delivered to the designated project site. The Company sources the component parts from third party manufacturers, it obtains control and receives title of such parts before transferring them to the customer because the Company is responsible for fulfillment to its customer. The Company’s engineering services and professional services are interdependent with the component parts whereby the parts form an input into a combined output for which it is the principal, and the Company could redirect the parts before they are transferred to the customer if needed. The customer owns the work-in-process over the course of the project and the Company’s performance enhances a customer-controlled asset, resulting in the recognition of the performance obligation over time. In contracts with a single performance obligation, the Company’s obligation is satisfied over-time as control is transferred to the customer by measuring the progress toward complete satisfaction of the performance obligation using an input (i.e., the “cost-to-cost”) method. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The costs of materials and hardware components are recognized as incurred, which is typically upon delivery to the customer site or upon transfer of control while in transit. For contracts with customers that result in 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. These contracts include contracts for the sale of components, contracts with installation services, solar tracker systems sold with an extended warranty, and contracts that include the sale of software and maintenance. For all years presented, the transaction price associated with extended warranties and the sale of software and maintenance was not material. The Company uses the expected cost-plus margin approach to estimate the standalone selling price of each performance obligation. For contracts related to the sale of components as opposed to contracts to provide an integrated solar tracker project, the Company’s obligation to the customer is to deliver components that are used by the customer to create a tracker system and does not include engineering or other professional services or the obligation to provide such services in the future. Under these arrangements, each component is a distinct performance obligation, and often the components are delivered in batches at different points in time. The Company estimates the standalone selling price (“SSP”) of each performance obligation based on a cost-plus margin approach. Revenue allocated to a component is recognized at the point in time that control of the component transfers to the customer, which is usually upon delivery to the customer’s site. Contracts are often modified through change orders to account for changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of change orders are for goods or services that are not distinct within the context of the original contract and, therefore, not treated as separate performance obligations but rather as a modification of the existing contract and performance obligation. Bill and Hold Arrangements In certain situations, the Company recognizes revenue under bill-and-hold arrangements with its customers. In all bill-and-hold arrangements, because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in our custody. The material is bundled or palletized in the Company’s warehouses, identified separately as belonging to the respective customer and is ready for immediate transport to the customer project upon customer request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer. Contract Estimates Accounting for contracts utilizing the cost-to-cost measure of progress is based on various assumptions to project the outcome of future events that can exceed a year. These assumptions include the cost and availability of materials. The Company reviews and updates its contract-related estimates on an ongoing basis and recognizes adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress, such as the total costs to complete the 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. At contract inception, any variable consideration such as liquidated damages are estimated based on probability of occurrence and then re-evaluated for probability at the end of the quarterly period. 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 accounts receivable for goods or services delivered but not invoiced, 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 unbilled accounts receivable. The changes in unbilled accounts receivable 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. Practical Expedients and Exemptions The Company has elected to adopt certain practical expedients and exemptions as allowed under ASC 606, such as (i) recording sales commissions as incurred because the amortization period is less than one year, (ii) not adjusting for the effects of significant financing components when the contract term is less than one year, (iii) excluding collected sales tax amounts from the calculation of revenue and (iv) accounting for the costs of shipping and handling activities that are incurred after the customer obtains control of the product as fulfillment costs rather than a separate service provided to the customer for which consideration would need to be allocated. Warranty Obligations The Company offers a multi-year assurance type warranty for its products against manufacturer defects and does not contain service elements. 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. Claims estimated to be payable in the following year are classified as current liabilities and those payable beyond one year are classified as long-term liabilities. Income Taxes The Company provides for income taxes based on the provisions of ASC Topic 740 Income Taxes (“ASC 740”), 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, state and non-U.S. income tax authorities. 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. 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 interest expense and other expenses, respectively, in the consolidated statements of operations. The Company does not have any uncertain tax positions. 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 values equity awards with a market condition using a Monte Carlo simulation model. 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. Temporary Equity Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable, or probable of becoming redeemable. The Series A Redeemable Perpetual Preferred Stock of the Company, par value $0.001 per share (the “Series A Shares”) issued in connection with the SPA as described in Note 12 – Redeemable Perpetual Preferred Stock are classified as temporary equity in the accompanying consolidated financial statements. The Company elected the accreted redemption value method under which it accretes changes in redemption value over the period from the date of issuance of the Series A Shares to the earliest costless redemption date (the fifth anniversary) using the effective interest method. Such adjustments are included in preferred undeclared dividends and accretion on Series A Shares on the Company’s consolidated statements of changes in redeemable perpetual preferred stock and stockholders’ equity (deficit) and treated similarly to a dividend on preferred stock in accordance with U.S. GAAP. Earnings per Share Basic earnings per share (“EPS”), is computed by dividing net income available to common 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, unvested restricted stock, or convertible debt, were exercised and converted into shares. The convertible debt is not currently convertible. Diluted EPS is computed by dividing net income available to common 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 Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. The Company has no significant off balance sheet concentrations of credit risk. The Company maintains its cash with financial institutions that are believed to be of high credit quality and has not experienced any material losses relating to cash balances. Our customer base consists primarily of large solar developers, independent power producers, utilities and EPCs. We do not require collateral on our accounts receivable. At December 31, 2023, the Company’s largest customer and five largest customers accounted for 2.7% and 29.6%, respectively, of total accounts receivable. At December 31, 2022, the Company’s largest and five largest customers constituted 7.9% and 23.4% of trade accounts receivable, respectively. During the year ended December 31, 2023, one customer accounted for 13.4% of total revenue. During the year ended December 31, 2022, two customers accounted for 11.8% and 10.6%, respectively, of total revenue. During the year ended December 31, 2021, two customers accounted for 12.6% and 10.2%, respectively, of total revenue. Further, our accounts receivable are from companies within the solar industry and, as such, we are exposed to normal industry credit risk. We continually evaluate our reserves for potential credit losses and establish 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. The fair values of the Company’s cash, accounts receivable, and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s notes payable approximate 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 ASC 820 Fair Value Measurement 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, which was determined by the Company with the assistance of third-party valuation specialists. Recent Accounting Pronouncements In March 2023, the Company amended an existing debt agreement to replace the London Interbank Offered Rate (“LIBOR”) interest rate provisions with interest rate provisions based on a forward-looking term rate based on the secured overnight funding rate (“SOFR”) (see Note 11 – Debt). There were no other changes to the agreement. There was no significant impact to the Company’s consolidated financial statements. In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable. The Company is currently assessing the impact of the guidance on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company is currently assessing the impact of the new guidance on the its consolidated financial statements.

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

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


	Year Ended December 31,
	2023		2022		2021
Net income (loss)	$	137,240	$	4,432	$	(50,403)
Preferred dividends and accretion	51,691		48,054		15,715
Net income (loss) to common shareholders	85,549		(43,622)		(66,118)

Basic:
Weighted average common shares outstanding	150,942		149,819		129,984
Earnings (loss) per share	$	0.57	$	(0.29)	$	(0.51)

Diluted:
Weighted average common shares outstanding	150,942		149,819		129,984
Effect of Restricted Stock and Performance Awards	1,080		—		—
Weighted average dilutive shares	152,022		149,819		129,984
Income (loss) per share	$	0.56	$	(0.29)	$	(0.51)

Potentially dilutive common shares issuable pursuant to equity-based awards of 2,362,982 were not included as their effect was anti-dilutive for the year ended December 31, 2023. Potentially dilutive common shares issuable pursuant to equity-based awards of 2,165,217 and 1,078,096 were not included for the years ended December 31, 2022 and 2021, respectively, as their potential effect was anti-dilutive since the Company generated a net loss to common shareholders.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for the years ended December 31, 2023, 2022 and 2021, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Other debt	$ 39.9
Variable Interest
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Other debt	$ 39.9

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 335,976	$ 423,071	$ 236,149
Less: allowance for credit losses	(3,824)	(1,888)	(140)
Accounts receivable, net	$ 332,152	$ 421,183	$ 236,009

Accrued Warranty Reserve (Tables)

12 Months Ended

Dec. 31, 2023

Guarantees and Product Warranties [Abstract]

Schedule of Accrued Warranty Reserve

The following table presents changes in the accrued warranty reserve balances (in thousands):


	December 31,
	2023		2022		2021
Beginning balance	$	5,476	$	3,192	$	3,049
Provision for warranties issued	6,328		5,289		1,064
Payments	(3,980)		(1,868)		(373)
Warranty expirations	(1,662)		(1,137)		(548)
Ending balance	$	6,162	$	5,476	$	3,192

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 621,433	$ 602,432
Finite-lived intangible assets, accumulated amortization	281,337	226,368
Total amortizable intangibles, net	340,096	376,064
Total other intangible assets, net	350,396	386,364
Trade name
Finite-Lived Intangible Assets [Line Items]
Trade name	$ 10,300	10,300
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	14 years
Finite-lived intangible assets, gross	$ 203,800	203,800
Finite-lived intangible assets, accumulated amortization	$ 108,905	94,347
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	10 years
Finite-lived intangible assets, gross	$ 336,134	321,935
Finite-lived intangible assets, accumulated amortization	$ 115,444	81,268
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	1 year
Finite-lived intangible assets, gross	$ 54,438	51,015
Finite-lived intangible assets, accumulated amortization	$ 54,322	49,507
Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	20 years
Finite-lived intangible assets, gross	$ 27,061	25,682
Finite-lived intangible assets, accumulated amortization	$ 2,666	$ 1,246

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 1,576,551	$ 1,637,546	$ 853,318
Cost of revenue:
Cost of product and service revenue	1,146,442	1,410,270	770,459
Amortization of developed technology	14,558	14,558	14,558
Total cost of revenue	1,161,000	1,424,828	785,017
Gross profit	415,551	212,718	68,301
Operating expenses:
General and administrative	159,535	150,777	80,974
Change in fair value of contingent consideration	2,964	(4,507)	2,696
Depreciation and amortization	38,928	84,581	9,372
Total operating expenses	201,427	230,851	93,042
Income (loss) from operations	214,124	(18,133)	(24,741)
Other (expense) income, net	(1,015)	2,789	(905)
Interest income	8,330	3,181	209
Legal settlement	0	42,750	0
Foreign currency transaction (loss) gain, net	(53)	1,155	0
Interest expense	(44,229)	(36,694)	(35,684)
Total other (expense) income	(36,967)	13,181	(36,380)
Income (loss) before income tax expense (benefit)	177,157	(4,952)	(61,121)
Income tax expense (benefit)	39,917	(9,384)	(10,718)
Net income (loss)	137,240	4,432	(50,403)
Preferred dividends and accretion	51,691	48,054	15,715
Net income (loss) to common shareholders, basic	85,549	(43,622)	(66,118)
Net income (loss) to common shareholders, diluted	$ 85,549	$ (43,622)	$ (66,118)
Income (loss) per common share
Basic (in dollars per share)	$ 0.57	$ (0.29)	$ (0.51)
Diluted (in dollars per share)	$ 0.56	$ (0.29)	$ (0.51)
Weighted average common shares outstanding
Basic (in shares)	150,942	149,819	129,984
Diluted (in shares)	152,022	149,819	129,984

Leases - Schedule of Weighted-Average Remaining Lease-Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease-term	5 years 8 months 12 days	4 years 2 months 12 days	3 years 9 months 18 days
Weighted average discount rate	7.90%	5.40%	5.00%

Acquisition of STI (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Consideration Paid To Acquire

The consideration paid to acquire STI consisted of the following (in thousands):


Cash consideration for STI	$	409,647
Cash consideration for transaction expenses of STI	896
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	610,767
Total purchase price consideration	$	610,767

Schedule of Business Acquisitions, By Acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands):


Fair Value of Net Assets Acquired and Liabilities Assumed:	Acquisition Date		Measurement Adjustment		Remeasured Acquisition Date
Cash and cash equivalents	$	36,725	$	—	$	36,725
Accounts receivable	110,789		—		110,789
Inventories	47,517		—		47,517
Prepaid expenses and other	23,399		—		23,399
Property, plant and equipment	4,434		—		4,434
Other intangible assets	304,431		—		304,431
Other assets	325		2,655		2,980
Total assets acquired	$	527,620	$	2,655	$	530,275

Accounts payable	65,761		—		65,761
Deferred revenue	20,345		—		20,345
Short-term debt	44,338		—		44,338
Other liabilities	10,115		2,655		12,770
Income tax payable	7,576		—		7,576
Deferred tax liability	95,510		—		95,510
Other long-term liabilities	4,524		—		4,524
Long-term debt	12,053		—		12,053
Total liabilities assumed	$	260,222	$	2,655	$	262,877

Fair value of net assets acquired	267,398				267,398
Allocation to goodwill	$	343,369			$	343,369

Schedule of Purchase Price Allocation

The purchase price allocation includes $304.4 million of acquired identifiable intangible assets.


(in thousands, except useful lives)	Estimated Fair Value		Estimated Weighted Average Useful Life in Years
Backlog	$	50,000	1
Customer relationships	228,408		10
Trade name	26,023		20
Total	$	304,431

Schedule of Business Acquisition, Pro Forma Information

The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the STI Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the STI Acquisition been consummated on January 1, 2021, (in thousands):


	Year Ended December 31,
	2022		2021
Revenue	$	1,645,962	$	1,118,903
Net income (loss)	$	36,285	$	(74,215)

Segment and Geographic Information - Schedule of Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,576,551	$ 1,637,546	$ 853,318
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,166,160	1,286,064	826,639
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	99,160	129,292	7,281
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	257,872	144,464	0
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	20,842	9,429	5,509
Remainder
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 32,517	$ 68,297	$ 13,889

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s total debt (in thousands):


	December 31,
	2023		2022
Senior Secured Credit Facility:
Term loan facility	$	238,175	$	312,475
Revolving credit facility	—		—
Total secured credit facility	238,175		312,475

Convertible notes	425,000		425,000
Other debt	39,889		51,951
Total principal	703,064		789,426
Unamortized discount and issuance costs, total	(20,644)		(30,383)
Current portion of debt	(21,472)		(38,691)
Total long-term debt, net of current portion	$	660,948	$	720,352

Schedule of Maturities of Debt

Aggregate future debt maturities are as follows (in thousands):


	Amount
2024	$	21,472
2025	19,140
2026	9,828
2027	227,624
2028	425,000
	$	703,064

Leases - Schedule of Right of Use Assets Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Leases [Abstract]
ROU Assets	$ 22,085	$ 17,770		$ 13,200
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets	Other assets	Other assets
Lease liabilities, current portion	$ 5,744	$ 6,509
Operating lease, liability, current, statement of financial position	Other current liabilities	Other current liabilities
Lease liabilities, long-term portion	$ 19,475	$ 13,897
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 25,219	$ 20,406		$ 13,500

Redeemable Perpetual Preferred Stock (Details)				6 Months Ended	12 Months Ended
Redeemable Perpetual Preferred Stock (Details)	Jan. 07, 2022 USD ($) $ / shares shares	Sep. 27, 2021 USD ($) shares	Aug. 11, 2021 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Class of Stock [Line Items]
Temporary equity, shares issued (in shares) \| shares					432,759	406,389
Stock issued (in shares) \| shares	1,125,000
Net proceeds from sale of series A perpetual preferred stock	$ 49,400,000
Repayment of long term line of credit					$ 74,300,000	$ 14,300,000	$ 0
Initial public offering of common stock, net of underwriting discounts and commissions (in shares) \| shares	50,000
Temporary equity, carrying amount, attributable to parent					351,260,000	299,570,000	237,462,000	$ 0
Common stock, value, issued					151,000	150,000
Total stockholders’ equity					259,248,000	124,281,000	(69,205,000)	$ (80,899,000)
Debt discount and issuance costs	$ 1,300,000				20,644,000	30,383,000
Percentage of variable weighted average price of temporary equity	95.00%
Payments of dividends					0	18,670,000	$ 8,051,000
Put option, commitment fee paid				$ 1,500,000
Percentage of initial liquidation preference			130.00%
Temporary equity, redemption amount			$ 200,000,000
Securities Purchase Agreement
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock			346,000,000
Repayment of long term line of credit		$ 100,000,000
Temporary equity, carrying amount, attributable to parent	$ 229,800,000
Common stock, value, issued	105,400,000
Total stockholders’ equity	12,400,000
Derivative instrument, prepaid forward contract	11,700,000
Securities Purchase Agreement, Additional Closings
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock			$ 148,000,000
Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Other offering costs	11,100,000
Preferred stock discount	4,400,000
Fees paid on issuance of convertible notes	$ 33,100,000
Temporary equity, accretion of interest					25,300,000	$ 23,200,000
Initial liquidation preference (in dollars per share) \| $ / shares	$ 1,000		$ 1,000
Payments of dividends					26,400,000
Accrued and unpaid dividends					$ 32,800,000
Temporary equity, amortization of discount, period	5 years
Number of votes per temporary equity share \| vote			1
Series A Redeemable Perpetual Preferred Shares \| Accrued Regular Dividend Rate
Class of Stock [Line Items]
Dividend rate, percentage	6.25%
Series A Redeemable Perpetual Preferred Shares \| Cash Regular Dividend Rate
Class of Stock [Line Items]
Dividend rate, percentage	5.75%
Temporary equity dividend rate spread	2.00%
Percent of the amount of default accrued dividends to be paid	100.00%
Series A Redeemable Perpetual Preferred Shares \| Cash Regular Dividend Rate \| Fifth, Sixth, and Seventh Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread	0.50%
Series A Redeemable Perpetual Preferred Shares \| Cash Regular Dividend Rate \| Eighth, Ninth, and Tenth Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread	1.00%
Series A Redeemable Perpetual Preferred Shares \| Securities Purchase Agreement
Class of Stock [Line Items]
Temporary equity, shares issued (in shares) \| shares			350,000
Repayment of long term line of credit		$ 102,000,000
Proceeds from Series A issuance	$ 334,600,000
Series A Redeemable Perpetual Preferred Shares \| Securities Purchase Agreement, Additional Closings
Class of Stock [Line Items]
Stock issued (in shares) \| shares			150,000
Common Stock
Class of Stock [Line Items]
Fees paid on issuance of convertible notes	$ 15,900,000
Common Stock \| Securities Purchase Agreement
Class of Stock [Line Items]
Stock issued (in shares) \| shares			7,098,765
Common Stock \| Securities Purchase Agreement, Expiry or Termination \| BCP Helios Aggregator L.P.
Class of Stock [Line Items]
Stock issued (in shares) \| shares		776,235
Net proceeds from sale of series A perpetual preferred stock		$ 776
Common Stock \| Securities Purchase Agreement, Additional Closings
Class of Stock [Line Items]
Stock issued (in shares) \| shares			3,375,000
Common Stock \| Securities Purchase Agreement, Additional Closings, Certain Pricing Adjustments
Class of Stock [Line Items]
Stock issued (in shares) \| shares			6,100,000

Organization, Business and Out-of-Period Adjustments (Details) - segment	12 Months Ended	24 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Jan. 11, 2022
Business Acquisition, Contingent Consideration [Line Items]
Number of reportable segments	2	2
Number of operating segments	2	2
STI
Business Acquisition, Contingent Consideration [Line Items]
Percentage of share capital acquired			100.00%

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 07, 2022
Debt Instrument [Line Items]
Long-term debt, balance	$ 703,064	$ 789,426
Unamortized discount and issuance costs, total	(20,644)	(30,383)	$ (1,300)
Current portion of debt	(21,472)	(38,691)
Total long-term debt, net of current portion	660,948	720,352
Senior secured credit facility
Debt Instrument [Line Items]
Long-term debt, balance	238,175	312,475
Term loan facility \| Senior secured credit facility
Debt Instrument [Line Items]
Long-term debt, balance	238,175	312,475
Revolving credit facility \| Senior secured credit facility
Debt Instrument [Line Items]
Long-term debt, balance	0	0
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, balance	425,000	425,000
Other debt
Debt Instrument [Line Items]
Long-term debt, balance	$ 39,889	$ 51,951

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income (loss)	$ 137,240	$ 4,432	$ (50,403)
Adjustments to net income (loss):
Provision for (recovery of) bad debts	2,527	2,599	(467)
Deferred tax benefit	(8,862)	(31,565)	(10,102)
Depreciation and amortization	40,268	86,501	11,388
Amortization of developed technology	14,558	14,558	14,558
Amortization of debt discount and issuance costs	10,570	6,857	15,036
Gain on debt refinancing	(457)	0	0
Equity-based compensation	14,540	14,982	13,757
Contingent consideration	2,964	(4,507)	2,696
Warranty provision	4,666	4,152	516
Write-down of inventories	6,431	(859)	990
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	92,800	(76,984)	(116,848)
Inventories	66,743	20,870	(88,184)
Income tax receivables	9	5,611	8,106
Prepaid expenses and other	(10,840)	19,124	(21,226)
Accounts payable	(37,654)	12,667	7,015
Accrued expenses and other	5,325	1,024	9,133
Income tax payable	1,936	(755)	(8,754)
Lease liabilities	1,177	3,784	221
Deferred revenue	(111,986)	59,002	(50,619)
Net cash provided by (used in) operating activities	231,955	141,493	(263,187)
Investing activities:
Purchase of property, plant and equipment	(16,989)	(10,619)	(3,357)
Retirement/disposal of PP&E	168	0	0
Acquisition of STI, net of cash acquired	0	(373,818)	0
Investment in equity securities	0	0	(11,975)
Net cash used in investing activities	(16,821)	(384,437)	(15,332)
Financing activities:
Proceeds from Series A issuance	0	33,098	224,987
Proceeds from common stock issuance	0	15,885	120,645
Series A equity issuance costs and commitment fees	(1,509)	(1,893)	(7,195)
Common stock issuance costs	0	(450)	(3,873)
Dividends paid on Series A Preferred	0	(18,670)	(8,051)
Payments on revolving credit facility	0	(116,000)	(126,033)
Proceeds from revolving credit facility	0	116,000	126,033
Proceeds from issuance of other debt	63,311	20,188	0
Proceeds from issuance of convertible notes	0	0	413,321
Premium paid on capped call	0	0	(52,870)
Fees paid on issuance of convertible notes	0	0	(1,591)
Principal payments on term loan facility	(74,300)	(14,300)	0
Principal payments on other debt	(88,063)	(23,935)	(133,225)
Contingent consideration payments	(1,200)	(1,483)	(7,810)
Debt issuance costs	0	0	(6,590)
Net cash (used in) provided by financing activities	(101,761)	8,440	537,748
Effect of exchange rate changes on cash and cash equivalent balances	1,806	735	0
Net change in cash and cash equivalents	115,179	(233,769)	259,229
Cash and cash equivalents, beginning of period	133,901	367,670	108,441
Cash and cash equivalents, end of period	249,080	133,901	367,670
Supplemental Cash Flow Information
Cash paid for interest	43,949	23,118	24,306
Cash paid for income taxes	45,942	10,739	13,318
Non-cash Investing and Financing Activities
Dividends accrued on Series A Preferred	26,370	6,389	0
Stock consideration paid for acquisition of STI	$ 0	$ 200,224	$ 0

Acquisition of STI - Business Acquisition, Pro Forma Information (Details) - STI - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenue	$ 1,645,962	$ 1,118,903
Net income (loss)	$ 36,285	$ (74,215)

Accrued Warranty Reserve

12 Months Ended

Dec. 31, 2023

Guarantees and Product Warranties [Abstract]

Accrued Warranty Reserve

The following table presents changes in the accrued warranty reserve balances (in thousands):


	December 31,
	2023		2022		2021
Beginning balance	$	5,476	$	3,192	$	3,049
Provision for warranties issued	6,328		5,289		1,064
Payments	(3,980)		(1,868)		(373)
Warranty expirations	(1,662)		(1,137)		(548)
Ending balance	$	6,162	$	5,476	$	3,192

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	500,000	500,000
Temporary equity, shares issued (in shares)	432,759	406,389
Temporary equity, liquidation preference	$ 493.1	$ 493.1
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	4,500,000	4,500,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	151,242,120	150,513,104

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands, except for useful lives):


		December 31,
	Estimated Useful Life (Years)	2023		2022
Land	N/A	$	1,634	$	1,583
Buildings and land improvements	15-39	9,344		7,411
Manufacturing equipment	7	22,962		18,983
Furniture, fixtures and equipment	5-7	4,770		3,583
Vehicles	5	688		585
Hardware and software	3-5	8,055		3,706
Construction in progress	N/A	6,525		5,142
Total		53,978		40,993
Less: accumulated depreciation		(22,092)		(17,819)
Property, plant and equipment, net		$	31,886	$	23,174

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands, except for useful lives):


		December 31,
	Estimated Useful Life (Years)	2023		2022
Land	N/A	$	1,634	$	1,583
Buildings and land improvements	15-39	9,344		7,411
Manufacturing equipment	7	22,962		18,983
Furniture, fixtures and equipment	5-7	4,770		3,583
Vehicles	5	688		585
Hardware and software	3-5	8,055		3,706
Construction in progress	N/A	6,525		5,142
Total		53,978		40,993
Less: accumulated depreciation		(22,092)		(17,819)
Property, plant and equipment, net		$	31,886	$	23,174

Depreciation expense was $3.5 million, $2.6 million and $2.4 million for the years ended December 31, 2023, 2022 and 2021, respectively, of which $1.3 million, $1.6 million and $2.0 million, respectively, was included in cost of revenues and $2.2 million, $1.0 million and $0.4 million, respectively, was included in depreciation and amortization in the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021.

Accrued Expenses and Other

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other

Accrued expenses and other consisted of the following (in thousands):


	December 31,
	2023		2022
Unvouchered payables	$	21,548	$	11,562
Accrued payroll expenses	15,778		11,488
Accrued interest	4,723		3,054
Non-income taxes payable	5,560		950
Other	22,602		27,840
Accrued expenses and other	$	70,211	$	54,895

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the fiscal quarter ended December 31, 2023, certain of our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) entered into contracts, instructions or written plans for the purchase or sale of our securities that are intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. We refer to these contracts, instructions, and written plans as “Trading Plans” and each one as a “Trading Plan.”

Director/Officer

Action & Date of Action

Commencement of Trading Period

Scheduled Termination of Trading Period (1)

Security Covered

Maximum Number of Securities to be Purchased or Sold Pursuant to the Rule 10b5-1 Trading Plan (2)

Covers Purchase or Sale?

Travis Rose, Chief Revenue Officer

Adoption November 16, 2023

February 20, 2024

December 31, 2024

Common Stock

11,500

Sale

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Travis Rose [Member]

Trading Arrangements, by Individual

Name

Travis Rose

Title

Chief Revenue Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 16, 2023

Arrangement Duration

315 days

Aggregate Available

11,500

Revenue (Details)	12 Months Ended
Revenue (Details)	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer
Disaggregation of Revenue [Line Items]
Revenue	$ 1,576,551,000	$ 1,637,546,000	$ 853,318,000
Unbilled receivables	102,603,000	101,513,000	111,224,000
Deferred revenue	66,488,000	178,922,000	99,575,000
Deferred revenue recognized	$ 161,200,000	$ 84,700,000
Percentage of deferred revenue recognized	90.00%	85.00%
Revenue, bill and hold performance obligation, amount	$ 38,800,000	$ 13,700,000	$ 168,900,000
Revenue, bill and hold performance obligation, number of customers \| customer	3	1	1
Remaining performance obligation	$ 376,900,000
Percentage of performance obligation to be recognized	100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, period	12 months
Over-time revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 1,417,217,000	$ 1,155,848,000	$ 519,003,000
Point in time revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 159,334,000	$ 481,698,000	$ 334,315,000

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying values and the estimated fair values of debt financial instruments were as follows (in thousands):


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Notes	$	415,632	$	416,500	$	413,752	$	430,236

The fair value of the Convertible Notes is estimated using Level 2 inputs, as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.

The fair value of the Term Loans and Other Debt is estimated using Level 2 inputs. The carrying values of the Term Loans outstanding under the Senior Secured Credit facility recorded in consolidated balance sheets approximate fair value due to the variable interest rate.

Other Debt totaling $39.9 million, consists of variable rate obligations only. The carrying value of the $39.9 million variable rate obligations approximate fair value due to the variable nature of the interest rates.

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions				9 Months Ended	12 Months Ended
	May 19, 2020	Mar. 28, 2020	Nov. 19, 2019	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent					75.00%
Defined contribution plan, employer matching contribution, percent of match					100.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay					3.00%
Defined contribution plan, employer matching contribution, percent of match, secondary					50.00%
Defined contribution plan, contributions					$ 1.9	$ 1.5	$ 1.1
Common Class B and Common Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation				$ 8.9
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Unrecognized compensation costs, period of recognition					2 years 1 month 6 days
Shares granted in period (in shares)					263,594	466,916	177,472
Equity grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation					$ 14.6	$ 14.8	$ 16.3
Unrecognized compensation costs					$ 19.8
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
Equity grants \| Class C Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)		1,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period of recognition					1 year 10 months 24 days
Shares granted in period (in shares)					904,075	1,484,782	661,924
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation					$ 0.2	$ 0.1
Employee stock purchase plan, discount rate					15.00%
Purchase period					6 months
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)								6,683,919

Acquisition of STI - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 11, 2022
Business Acquisition [Line Items]
Allocation to goodwill	$ 435,591	$ 416,184
STI
Business Acquisition [Line Items]
Cash and cash equivalents	36,725		$ 36,725
Accounts receivable	110,789		110,789
Inventories	47,517		47,517
Prepaid expenses and other	23,399		23,399
Property, plant and equipment	4,434		4,434
Other intangible assets	304,431		304,431
Other assets	2,980		325
Other assets, measurement adjustment	2,655
Total assets acquired	530,275		527,620
Total assets acquired, measurement adjustment	2,655
Accounts payable	65,761		65,761
Deferred revenue	20,345		20,345
Short-term debt	44,338		44,338
Other liabilities	12,770		10,115
Other liabilities, measurement adjustment	2,655
Income tax payable	7,576		7,576
Deferred tax liability	95,510		95,510
Other long-term liabilities	4,524		4,524
Long-term debt	12,053		12,053
Total liabilities assumed	262,877		260,222
Total liabilities assumed, measurement adjustment	2,655
Fair value of net assets acquired	267,398		267,398
Allocation to goodwill	$ 343,369		$ 343,369

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Liability Related to Estimated Contingent Consideration

The following table summarizes the activity related to our estimated TRA obligation (in thousands):


	TRA Liability
Balance, December 31, 2021	$	14,577
IRS Settlement	(4,507)
Fair value adjustment	(1,483)
Balance, December 31, 2022	8,587
Payments	(1,200)
Fair value adjustment	2,976
Balance, December 31, 2023	$	10,363

Schedule of Undiscounted Future Expected Payments Under the TRA

The undiscounted future expected payments under the TRA are as follows (in thousands):


	Amount
2024	$	1,427
2025	2,017
2026	1,662
2027	1,654
2028	1,654
Thereafter	5,795
	$	14,209

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	136,498	$	34,344	$	(61,332)
Foreign	40,659		(39,296)		211
Income (loss) before provision for income taxes	$	177,157	$	(4,952)	$	(61,121)

Schedule of Components of Income Tax Expense (benefit)

The provision for income taxes charged to operations consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current expense (benefit):
Federal	$	26,592	$	12,826	$	(8)
State	5,678		1,630		(668)
Foreign	16,509		7,725		60
	48,779		22,181		(616)
Deferred expense (benefit):
Federal	942		(6,160)		(9,085)
State	(327)		(960)		(1,017)
Foreign	(9,477)		(24,445)		—
	(8,862)		(31,565)		(10,102)
Total income tax expense (benefit)	$	39,917	$	(9,384)	$	(10,718)

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
	2023		2022
Deferred tax assets:
Bad debts	$	164	$	234
Inventories	3,528		2,780
Accrued warranties	4,336		3,575
Accrued compensation	569		637
Net operating loss	2,181		1,014
Equity-based compensation	3,222		2,240
Lease liabilities	5,794		4,588
Premium on capped call	9,376		10,792
Interest expense carryforward	3,411		6,750
Capitalized research and development expenses	2,000		1,752
Other	4,580		2,435
Deferred tax assets	39,161		36,797
Valuation allowance	(2,360)		(1,449)
Deferred tax assets, net	36,801		35,348
Deferred tax liabilities:
Property, plant, and equipment	(2,825)		(1,592)
Intangible assets	(79,913)		(85,927)
ROU assets	(5,051)		(3,969)
Deferred tax liabilities	(87,789)		(91,488)
Deferred tax asset (liability), net	$	(50,988)	$	(56,140)

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
	2023		2022		2021
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate	$	37,204	$	(1,040)	$	(12,835)
State income taxes	4,150		530		(1,545)
Officer’s compensation	518		740		435
Equity-based compensation	(932)		712		1,542
Contingent consideration	622		(947)		567
Tax credits	(407)		(421)		(620)
Non-U.S. income taxed at different rate than U.S. statutory rate	2,658		(4,274)		—
Non-U.S. indirect tax incentives	(5,035)		(4,183)		—
Foreign derived intangible income benefit	(403)		(1,668)		—
Transaction costs	—		1,628		950
Change in valuation allowance	911		(534)		14
Nondeductible expenses	299		10		69
Other	332		63		705
Total income tax expense (benefit)	$	39,917	$	(9,384)	$	(10,718)

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 7,911	$ 5,380	$ 6,644
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$ 10,562	$ 12,558	$ 17,363

Acquisition of STI - Schedule of Business Consideration Paid to Acquire (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 11, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Non-cash equity consideration		$ 0	$ 200,224	$ 0
STI
Business Acquisition [Line Items]
Cash consideration for STI	$ 409,647
Cash consideration for transaction expenses of STI	896		$ (5,600)
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	$ 610,767

Equity Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Based Compensation

Equity-Based Compensation

2020 Equity Incentive 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.

Restricted Stock Units

Pursuant to the 2020 Plan, the Company grants restricted stock units (“RSUs”) to employees and board of director members. The fair value of the RSUs is determined using the market value of common stock on the grant date.

RSU activity under the 2020 Plan was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2020	500,006	$	22.00
Shares granted	661,924	$	23.17
Shares vested	(157,473)	$	22.00
Shares forfeited	(74,048)	$	27.51
Outstanding non-vested, December 31, 2021	930,409	$	22.39
Shares granted	1,484,782	$	10.93
Shares vested	(458,849)	$	20.00
Shares forfeited	(255,518)	$	15.42
Outstanding non-vested, December 31, 2022	1,700,824	$	13.81
Shares granted	904,075	$	17.89
Shares vested	(736,774)	$	14.43
Shares forfeited	(197,616)	$	16.43
Outstanding non-vested, December 31, 2023	1,670,509	$	15.44

Performance Stock Units

The Company has granted 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. The PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the years ended December 31, 2023 and 2022:


	2023		2022
Volatility	90	%	60	%
Risk-free interest rate	3.74	%	2.83	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the years ended December 31, 2023, 2022 and 2021, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
PSUs
Outstanding non-vested, December 31, 2020	—	$	—
Shares granted (1)	177,472	$	28.25
Shares vested	—	$	—
Shares forfeited	(29,785)	$	30.74
Outstanding non-vested, December 31, 2021	147,687	$	27.75
Shares granted (1)	466,916	$	10.88
Shares vested	—	$	—
Shares forfeited	(150,210)	$	20.81
Outstanding non-vested, December 31, 2022	464,393	$	11.96
Shares granted (1)	263,594	$	19.22
Shares vested	—	$	—
Shares forfeited	(35,514)	$	15.47
Outstanding non-vested, December 31, 2023	692,473	$	14.54

(1) Number of PSUs granted is based on the attainment level of performance metric(s), by key executive officers and employees of the Company, estimated to be probable at the grant date. The actual number of shares to be issued will depend on the relative attainment of the performance metrics.

For the years ended December 31, 2023, 2022 and 2021, the Company recognized $14.6 million, $14.8 million and $16.3 million, respectively, in equity-based compensation, which is included in General and administrative expense on the consolidated statements of operations. At December 31, 2023, the Company had $19.8 million of unrecognized compensation costs related to RSUs and PSU, which are expected to be recognized over a weighted average of 1.9 years and 2.1 years, respectively.

Class B Units and Class C Units of Former Parent

The Company accounted for equity grants to employees of Class B units and Class C units (collectively, the “Units”) of Former Parent as equity-based compensation under ASC 718 Compensation-Stock Compensation. The Units contain vesting provisions and do not forfeit upon termination. 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. 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 the Company.

On March 23, 2021, in connection with the closing of the 2021 Follow-On Offering, all of the outstanding Class B and Class C Units of Former Parent were immediately vested per the terms of the equity awards, resulting in the Company accelerating the recognition of equity-based compensation expense of $8.9 million for the year ended December 31, 2021.

Employee Stock Purchase Plan

The Company’s Compensation Committee approved the Employee Stock Purchase Plan in December 2021. The Plan allows employees to purchase shares at a 15% discount off the lower of the stock price at the beginning or ending of the six months window through payroll deductions. The plan is considered compensatory in nature and the Company recorded equity-based compensation expense on the plan beginning in 2022. During the years ended December 31, 2023 and 2022, the Company recorded $0.2 million and $0.1 million, respectively, in equity-based compensation related to the Employee Stock Purchase Plan.

401(k) Plan

We have a defined contribution plan (“401(k) Plan”) which allows eligible employees to contribute up to 75% of their compensation up to the Internal Revenue Service maximum. We match each employee’s deferrals (contributions) at 100% for the first 3% and 50% of the fourth and fifth percentages of compensation and may make additional contributions at our discretion. Employees are immediately vested in the contributions made by us. Our contributions to the 401(k) Plan were $1.9 million, $1.5 million, and $1.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are recorded in cost of revenue and general and administrative expense. We have made no discretionary contributions to the 401(k) Plan to date.

Earnings 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 137,240	$ 4,432	$ (50,403)
Preferred dividends and accretion	51,691	48,054	15,715
Net income (loss) to common shareholders, basic	85,549	(43,622)	(66,118)
Net income (loss) to common shareholders, diluted	$ 85,549	$ (43,622)	$ (66,118)
Basic:
Weighted average common shares outstanding (in shares)	150,942	149,819	129,984
Earnings (loss) per share (in dollars per share)	$ 0.57	$ (0.29)	$ (0.51)
Diluted:
Effect of Restricted Stock and Performance Awards (in shares)	1,080	0	0
Weighted average dilutive shares (in shares)	152,022	149,819	129,984
Income (loss) per share (in dollars per share)	$ 0.56	$ (0.29)	$ (0.51)

Summary of Significant Accounting Policies (Details)	7 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Aug. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) option asset $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Jan. 01, 2021
Class of Stock [Line Items]
Amortization of developed technology		$ 14,558,000	$ 14,558,000	$ 14,558,000
Depreciation and amortization		38,928,000	84,581,000	9,372,000
Cost of product and service revenue		(1,161,000,000)	(1,424,828,000)	(785,017,000)
Tax credits		(407,000)	$ (421,000)	$ (620,000)
Vendor rebates		49,900,000
Vendor rebates, outstanding, current		48,400,000
Vendor rebates, deferred consideration, current		$ 40,600,000
Lessee, operating lease, number of options to extend or terminate (or more) \| option		1
Operating lease, right-of-use asset, statement of financial position		Other assets	Other assets	Other assets	Other assets
Operating lease, liability, current, statement of financial position		Other current liabilities, Other long-term liabilities		Other current liabilities, Other long-term liabilities	Other current liabilities, Other long-term liabilities
Impairment of long lived assets		$ 0	$ 0	$ 0
Balance of investment in equity securities				12,000,000
Impairment charge recognized		0	0	0
Amortization of debt discount and issuance costs		$ 10,570,000	$ 6,857,000	$ 15,036,000
Write off of deferred debt issuance cost	$ 9,600,000
Temporary equity, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001
Trade name
Class of Stock [Line Items]
Indefinite-lived intangible assets acquired, number \| asset		1
Largest Customer \| Trade Accounts Receivable \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		2.70%	7.90%
Five Largest Customers \| Trade Accounts Receivable \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		29.60%	23.40%
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage		13.40%	11.80%	12.60%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Class of Stock [Line Items]
Concentration risk percentage			10.60%	10.20%
Series A Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share) \| $ / shares		$ 0.001
Revision of Prior Period, Reclassification, Adjustment
Class of Stock [Line Items]
Amortization of developed technology			$ 14,600,000
Depreciation and amortization			(14,600,000)
Cost of product and service revenue		$ 23,200,000	12,300,000
Revision of Prior Period, Reclassification, Adjustment \| Brazilian Imposto sobre Circulação de Mercadorias e Serviços
Class of Stock [Line Items]
Tax credits		$ 23,200,000	$ 12,300,000

Common and Preferred Stock (Details)	Dec. 31, 2023 vote
Equity [Abstract]
Number of votes per common share	1

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ 137,240	$ 4,432	$ (50,403)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 28
-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 416,184
Foreign currency translation	21,407
Goodwill, ending balance	435,591
Revision of Prior Period, Error Correction, Adjustment
Goodwill [Roll Forward]
Goodwill, beginning balance	2,000
Goodwill, ending balance	(2,000)
Array U.S. Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	69,727
Foreign currency translation	0
Goodwill, ending balance	69,727
Goodwill impairment	51,900
Array U.S. Operations \| Revision of Prior Period, Error Correction, Adjustment
Goodwill [Roll Forward]
Goodwill, ending balance	0
STI Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	346,457
Foreign currency translation	21,407
Goodwill, ending balance	365,864
STI Operations \| Revision of Prior Period, Error Correction, Adjustment
Goodwill [Roll Forward]
Goodwill, ending balance	$ (2,000)

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - Convertible Notes - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Convertible senior notes, carrying value	$ 415,632	$ 413,752
Convertible senior notes, fair value	$ 416,500	$ 430,236

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies - Schedule of Liability Related to Estimated Contingent Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Fair value adjustment	$ 2,964	$ (4,507)	$ 2,696
Payments	(1,200)	(1,483)	(7,810)
Array \| Tax Receivable Agreement
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	8,587	14,577
IRS Settlement		(4,507)
Fair value adjustment	2,976	(1,483)
Payments	(1,200)
Ending balance	$ 10,363	$ 8,587	$ 14,577

Equity-Based Compensation - Schedule of RSUs and PSUs Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares)	1,700,824	930,409	500,006
Shares granted (in shares)	904,075	1,484,782	661,924
Shares vested (in shares)	(736,774)	(458,849)	(157,473)
Shares forfeited (in shares)	(197,616)	(255,518)	(74,048)
Outstanding non-vested, ending balance (in shares)	1,670,509	1,700,824	930,409
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share)	$ 13.81	$ 22.39	$ 22.00
Shares granted, weighted average grand date fair value (in dollars per share)	17.89	10.93	23.17
Shares vested, weighted average grand date fair value (in dollars per share)	14.43	20.00	22.00
Shares forfeited, weighted average grand date fair value (in dollars per share)	16.43	15.42	27.51
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share)	$ 15.44	$ 13.81	$ 22.39
PSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares)	464,393	147,687	0
Shares granted (in shares)	263,594	466,916	177,472
Shares vested (in shares)	0	0	0
Shares forfeited (in shares)	(35,514)	(150,210)	(29,785)
Outstanding non-vested, ending balance (in shares)	692,473	464,393	147,687
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share)	$ 11.96	$ 27.75	$ 0
Shares granted, weighted average grand date fair value (in dollars per share)	19.22	10.88	28.25
Shares vested, weighted average grand date fair value (in dollars per share)	0	0	0
Shares forfeited, weighted average grand date fair value (in dollars per share)	15.47	20.81	30.74
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share)	$ 14.54	$ 11.96	$ 27.75

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consists of the following (in thousands):


	December 31,
	2023		2022		2021
Accounts receivable	$	335,976	$	423,071	$	236,149
Less: allowance for credit losses	(3,824)		(1,888)		(140)
Accounts receivable, net	$	332,152	$	421,183	$	236,009

Schedule of Allowance for Credit Loss

The following is the activity of the allowance for credit losses on accounts receivable which includes trade accounts receivable and unbilled accounts receivable (in thousands):


	December 31,
	2023		2022		2021
Beginning balance	$	(1,888)	$	(140)	$	(663)
Provision for credit losses	(2,871)		(2,599)		303
Collected	916		731		130
Written-off	19		120		90
Ending balance	$	(3,824)	$	(1,888)	$	(140)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Effective January 1, 2021, the Company adopted ASC 842 Leases (“ASC 842”) 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 consolidated statements of income and had no impact on the consolidated statements of cash flows.

The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):


		December 31,
	Location on the Consolidated Balance Sheets	2023		2022
ROU Assets	Other assets	$	22,085	$	17,770

Lease liabilities, current portion	Other current liabilities	5,744		6,509
Lease liabilities, long-term portion	Other long-term liabilities	19,475		13,897
Total lease liabilities		$	25,219	$	20,406

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease expense	$	8,188	$	7,701	$	6,635
Variable lease expense	1,501		1,089		106
Short-term lease expense	86		327		—
Total lease expense	$	9,775	$	9,117	$	6,741

Future minimum operating lease payments as of December 31, 2023, are as follows (in thousands):


	Operating Leases
2024	$	4,855
2025	6,654
2026	3,042
2027	2,969
2028	2,983
Thereafter	14,316
Total lease payments	34,819
Less: Imputed lease interest	(9,600)
Total lease liabilities	$	25,219

Other information pertaining to operating leases consists of the following:


	Year Ended December 31,
	2023		2022		2021
Weighted average remaining lease-term	5.7 years		4.2 years		3.8 years
Weighted average discount rate	7.9	%	5.4	%	5.0	%

Supplemental cash flow and other information related to operating leases are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating cash flows from operating leases	$	7,911	$	5,380	$	6,644
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$	10,562	$	12,558	$	17,363

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The Company disaggregates its revenue from contracts with customers by sales recorded over time and sales recorded at a point in time. The following table presents the Company’s disaggregated revenues (in thousands):


	Year Ended December 31,
	2023		2022		2021
Over-time revenue	$	1,417,217	$	1,155,848	$	519,003
Point in time revenue	159,334		481,698		334,315
Total revenue	$	1,576,551	$	1,637,546	$	853,318


	December 31,
	2023		2022		2021
Unbilled receivables	$	102,603	$	101,513	$	111,224

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):


	December 31,
	2023		2022		2021
Deferred revenue	$	66,488	$	178,922	$	99,575

During the years ended December 31, 2023 and 2022, the Company converted $161.2 million and $84.7 million deferred revenue to revenue, respectively, which represented 90% and 85% of the prior years’ deferred revenue balance, respectively.

Bill-and-Hold Arrangements

Revenue recognized for the Company’s federal investment tax credit (“ITC”) contracts and standalone system component sales is recorded at a point in time and recognized when obligations under the terms of the contract with the Company’s customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is typically upon delivery to the customer in line with shipping terms.

In certain situations, the Company recognizes revenue under a bill-and-hold arrangement with its customers. An example of such a situation is when customers purchase material prior to the start of construction of a solar project in order to meet the Five Percent Safe Harbor test to qualify for the ITC. Because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in its custody. All bill-and-hold inventory is bundled or palletized in the Company’s warehouses, separately identified as not belonging to the Company and ready for immediate transport to the customer project upon request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer.

During the year ended December 31, 2023, the Company recognized $38.8 million in revenue from three customers for the sale of goods and services that contained bill-and-hold obligations such as storage, handling and other custodial duties. During the year ended December 31, 2022 and 2021, the Company recognized $13.7 million, and $168.9 million, respectively, from one customer that also contained bill-and-hold obligations.

Remaining Performance Obligations

As of December 31, 2023, the Company had $376.9 million of remaining performance obligations. The Company expects to recognize revenue on 100% of these performance obligations in the next twelve months.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Segment and Geographic Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,576,551	$ 1,637,546	$ 853,318
Gross Profit	415,551	212,718	68,301
Array Legacy Operations
Segment Reporting Information [Line Items]
Revenue	1,172,827	1,267,883	853,318
Gross Profit	317,605	153,612	68,301
STI Operations
Segment Reporting Information [Line Items]
Revenue	403,724	369,663	0
Gross Profit	$ 97,946	$ 59,106	$ 0

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	2,362,982	2,165,217	1,078,096
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	0	0	0

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 8,188	$ 7,701	$ 6,635
Variable lease expense	1,501	1,089	106
Short-term lease expense	86	327	0
Total lease expense	$ 9,775	$ 9,117	$ 6,741

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Surety Bond
Business Acquisition, Contingent Consideration [Line Items]
Contractual obligation	$ 172,900
Array \| Tax Receivable Agreement
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration	$ 10,363	$ 8,587	$ 14,577
Tax receivable agreement, payment term	125 days

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

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 U.S. District Court for the Southern District of New York (the “Southern District of New York” or the “Court”) 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 (“IPO”), the Company’s December 2020 offering (the “2020 Follow-On Offering”), and the Company’s March 2021 offering

(the “2021 Follow-On Offering”) during the putative class period of October 14, 2020 through May 11, 2021. An amended class action complaint was filed on December 7, 2021 containing allegations similar to those in the original complaint, and additional allegations regarding misstatements and/or omissions in: (1) in the Company’s Annual Report on Form 10-K and associated press release announcing results for the fourth quarter and full fiscal year 2020; and (2) in the Company’s November 5, 2020 and March 9, 2021 earnings calls (“Consolidated Amended Complaint”).

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 (“Keippel Action”). The Keippel Action similarly alleged misstatements and/or omissions in certain of the Company’s registration statements and prospectuses related to the Company’s IPO, the Company’s 2020 Follow-On Offering, and the Company’s 2021 Follow-On Offering during the putative class period of October 14, 2020 through May 11, 2021. On July 6, 2021, the Court entered an order that the Keippel Action was in all material respects substantially similar to the Plymouth Action that both actions arise out of the same or similar operative facts, and that the parties are substantially the same parties. The Court accordingly consolidated the Keippel Action with the Plymouth Action for all pretrial purposes and, ordered all filings to be made in the Plymouth Action.

On July 16, 2021, a verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company (“First SDNY Derivative Action”). 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 30, 2021, a second and related verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company (“Second SDNY Derivative Action”). 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. On August 24, 2021, the Second SDNY Derivative Action was consolidated with the First SDNY Derivative Action, the Court appointed co-lead counsel, and the case was temporarily stayed pending the entry of an order on all motions to dismiss directed at the pleadings filed in the Plymouth Action. The stay shall remain in effect until the later of (a) the entry of an order on any motions to dismiss the Plymouth Action or, (b) to the extent the complaint in the Plymouth Action is amended, the entry of an order on any motions to dismiss any such amended complaints in the Plymouth Action.

On August 3, 2022, a verified derivative complaint was filed in the Court of Chancery of the State of Delaware (the “Court of Chancery”) against certain officers and directors of the Company, asserting claims for: (1) breach of fiduciary duty and (2) unjust enrichment (“First Delaware Derivative Action”).

On August 11, 2022, a second verified derivative complaint was filed against certain officers and directors of the Company Court of Chancery, asserting claims for: (1) breach of fiduciary duty; (2) aiding and abetting breaches of fiduciary duty; (3) waste of corporate assets; (4) unjust enrichment; (5) insider selling; and (6) aiding and abetting insider selling (“Second Delaware Derivative Action”).

On September 2, 2022, the Second Delaware Derivative Action was consolidated with the First Delaware Derivative Action, the Court of Chancery appointed co-lead counsel, and the case was temporarily stayed pending the entry of an order on all motions to dismiss directed at the pleadings filed in the Plymouth Action. The stay shall remain in effect until the later of (a) the entry of an order on the pending motion to dismiss the Consolidated Amended Complaint in the Plymouth Action, (b) to the extent the Consolidated Amended Complaint in the Plymouth Action is further amended, the entry of an order on any motions to dismiss any such amended complaints in the Plymouth Action, or (c) the public announcement of a settlement of the Plymouth Action.

On July 5, 2023, the Court granted the Company’s motion to dismiss and dismissed the Plymouth Action with prejudice.

On August 4, 2023, the lead plaintiffs filed a notice of appeal of the Court’s dismissal of the Consolidated Amended Complaint (the “Second Circuit Appeal”). Opening briefs have been filed in the Second Circuit Appeal and appellant may file a reply brief on or before March 8, 2024.

The stays in both the Consolidated SDNY Derivative Action and the Consolidated Delaware Derivative Action remain in place following the dismissal of the Plymouth Action during the pendency of the Second Circuit Appeal.

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 consolidated balance sheets as of December 31, 2023.

Contingent Consideration

Tax Receivable Agreement

Concurrent with the Former Parent’s acquisition of Array Technologies Patent Holdings Co., LLC on July 8, 2016, Array Tech, Inc. entered into a TRA with the former majority shareholder of the Company. 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 the Company, 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 changes in the fair value of the TRA are recognized in earnings. As of December 31, 2023 and 2022, the fair value of the TRA was $10.4 million and $8.6 million, respectively.

The Company considers certain factors 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. These factors are classified as Level 3 inputs within the fair value hierarchy as discussed in Note 2 – Summary of Significant Accounting Policies.

The following table summarizes the activity related to our estimated TRA obligation (in thousands):


	TRA Liability
Balance, December 31, 2021	$	14,577
IRS Settlement	(4,507)
Fair value adjustment	(1,483)
Balance, December 31, 2022	8,587
Payments	(1,200)
Fair value adjustment	2,976
Balance, December 31, 2023	$	10,363

Payments made under the TRA incorporate 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 TRA. The current portion of the TRA liability is based on expected tax returns. The TRA will continue until 2030, or the Company elects early termination under the terms described in the TRA. The current and noncurrent amounts of the TRA Liability are presented as Current portion of contingent consideration and Contingent consideration, net of current portion, respectively, on the consolidated balance sheets.

The undiscounted future expected payments under the TRA are as follows (in thousands):


	Amount
2024	$	1,427
2025	2,017
2026	1,662
2027	1,654
2028	1,654
Thereafter	5,795
	$	14,209

Surety Bond

The Company is required to provide 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. These off-balance sheet arrangements do not adversely impact the Company’s liquidity or capital resources. As of December 31, 2023, the Company had surety bonds outstanding in the amount of $172.9 million.

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 137,240

$ 4,432

$ (50,403)

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]

Foreign currency

^[1]

36,385

8,425

Comprehensive income (loss)

$ 173,625

$ 12,857

$ (50,403)

[1]	There are no tax effects on foreign currency adjustments.

- Definition

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

+ References

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at U.S. statutory rate	$ 37,204	$ (1,040)	$ (12,835)
State income taxes	4,150	530	(1,545)
Officer’s compensation	518	740	435
Equity-based compensation	(932)	712	1,542
Contingent consideration	622	(947)	567
Tax credits	(407)	(421)	(620)
Non-U.S. income taxed at different rate than U.S. statutory rate	2,658	(4,274)	0
Non-U.S. indirect tax incentives	(5,035)	(4,183)	0
Foreign derived intangible income benefit	(403)	(1,668)	0
Transaction costs	0	1,628	950
Change in valuation allowance	911	(534)	14
Nondeductible expenses	299	10	69
Other	332	63	705
Total income tax expense (benefit)	$ 39,917	$ (9,384)	$ (10,718)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 249,080	$ 133,901
Accounts receivable, net	332,152	421,183
Inventories	161,964	233,159
Income tax receivables	0	3,532
Prepaid expenses and other	89,085	39,434
Total current assets	832,281	831,209
Property, plant and equipment, net	31,886	23,174
Goodwill	435,591	416,184
Other intangible assets, net	350,396	386,364
Deferred income tax assets	15,870	16,466
Other assets	40,717	32,655
Total assets	1,706,741	1,706,052
Current liabilities
Accounts payable	119,498	170,430
Accrued expenses and other	70,211	54,895
Accrued warranty reserve	2,790	3,690
Income tax payable	5,754	6,881
Deferred revenue	66,488	178,922
Current portion of contingent consideration	1,427	1,200
Current portion of debt	21,472	38,691
Other current liabilities	48,051	10,553
Total current liabilities	335,691	465,262
Deferred income tax liabilities	66,858	72,606
Contingent consideration, net of current portion	8,936	7,387
Other long-term liabilities	20,428	14,808
Long-term warranty	3,372	1,786
Long-term debt, net of current portion	660,948	720,352
Total liabilities	1,096,233	1,282,201
Commitments and contingencies (Note 16)
Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 shares authorized; 432,759 and 406,389 issued, respectively; liquidation preference of $493.1 million and $493.1 million, respectively	351,260	299,570
Stockholders’ equity
Preferred stock $0.001 par value - 4,500,000 shares authorized; none issued at respective dates	0	0
Common stock $0.001 par value - 1,000,000,000 shares authorized; 151,242,120 and 150,513,104 shares issued at respective dates	151	150
Additional paid-in capital	344,517	383,176
Accumulated deficit	(130,230)	(267,470)
Accumulated other comprehensive income	44,810	8,425
Total stockholders’ equity	259,248	124,281
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity	$ 1,706,741	$ 1,706,052

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The following table summarizes the Company’s total debt (in thousands):


	December 31,
	2023		2022
Senior Secured Credit Facility:
Term loan facility	$	238,175	$	312,475
Revolving credit facility	—		—
Total secured credit facility	238,175		312,475

Convertible notes	425,000		425,000
Other debt	39,889		51,951
Total principal	703,064		789,426
Unamortized discount and issuance costs, total	(20,644)		(30,383)
Current portion of debt	(21,472)		(38,691)
Total long-term debt, net of current portion	$	660,948	$	720,352

Senior Secured Credit Facility

On October 14, 2020, the Company entered into a credit agreement (as amended, the “Credit Agreement”) governing the Company’s senior secured credit facility, consisting of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $200 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). The Credit Agreement was amended on February 23, 2021 (the “First Amendment”), on February 26, 2021 (the “Second Amendment”) and again on March 2, 2023 (the “Third Amendment”). The First Amendment, in the case of Eurocurrency borrowings, lowered the London interbank offered rate floor to 50 basis points from 100 basis points and lowered the applicable margin to 325 basis points from 400 basis points per annum. The Second Amendment increased the borrowing capacity of the Revolving Credit Facility from $150 million to $200 million. The Third Amendment replaced the former discontinued Senior Secured Credit Facility reference rate of LIBOR, with the comparable active reference rate, SOFR.

The outstanding balance on the Term Loan Facility was $238.2 million and $312.5 million as of December 31, 2023 and 2022, respectively. The Term Loan Facility is presented in the accompanying consolidated balance sheets, net of debt discount and issuance costs of $11.3 million and $19.1 million at December 31, 2023 and 2022, respectively.

The Company had no outstanding balance under the revolving credit facility as of both December 31, 2023 and 2022, $24.8 million and $38.8 million in standby letters of credit as of December 31, 2023 and 2022, respectively, and availability of $175.2 million and $161.2 million as of December 31, 2023 and 2022, respectively.

Terms and Conditions of the Senior Secured Credit Facility

Interest Rates

The interest rates applicable to the loans under the Term Loan Facility equal, at the Company’s election, to either, (x) for SOFR Loans at Adjusted Term SOFR (subject to a floor of 0.50%) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate, one half of 1.00% above the Federal Funds Rate or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%. Applicable interest rate at December 31, 2023 and 2022, were 10.15% and 7.94%, respectively.

For the years ended December 31, 2023 and 2022, interest expense related to the Term Loan Facility was $32.4 million and $21.2 million, respectively, of which, $24.5 million and $17.0 million, respectively, was contractual interest and $7.9 million and $4.2 million, respectively, was amortization of debt discount and issuance costs. The discount and issuance costs are amortized over the life of the debt using the effective interest rate method.

Prepayments and Amortization

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.

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).

Additionally, the Term Loan Facility requires an annual excess cash flow calculation, for which the prescribed formula did not result in requiring the Company to make an advance principal payment for the year ended December 31, 2023.

Restrictive Covenants and Other Matters

The Revolving Credit Facility 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. As of December 31, 2023, the Company was in compliance with all the required covenants.

The Senior Secured Credit Facility also contains affirmative and negative covenants customary for financings of this type, including covenants that restrict our incurrence of indebtedness and liens, dispositions, investments, acquisitions, restricted payments, and transactions with affiliates. The Senior Secured Credit Facility also includes customary events of default, including the occurrence of a change of control.

Guarantees and Security

The obligations under the Senior Secured Credit Facility are guaranteed by ATI Investment Sub, Inc., a wholly owned subsidiary of the Company, 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 the future property and assets of the guarantor and the borrower, Array Tech, Inc. (f/k/a Array Technologies, Inc.), including accounts receivable, inventory, equipment, general intangibles, intellectual property, investment property, other personal property, material owned real property, cash and proceeds of the foregoing.

Convertible Debt

On December 3, 2021 and December 9, 2021, the Company completed a $425 million private offering ($375 million and $50 million, respectively), of its 1.00% Convertible Senior Notes due 2028 (the “Convertible Notes”), resulting in proceeds of $413.3 million ($364.7 million and $48.6 million, respectively), after deducting the original issue discount of 2.75%. The Convertible Notes were issued pursuant to an indenture, dated December 3, 2021, between the Company and U.S. Bank National Association, as trustee (the “Indenture”).

For each of the years ended December 31, 2023 and 2022, interest expense related to the Convertible Notes was $6.1 million, of which, $4.2 million was contractual interest and $1.9 million was amortization of debt discount and issuance costs. The discount and issuance costs will be amortized over the life of the debt using the effective interest rate of 1.5%.

The Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted, redeemed, or repurchased. The Convertible Notes bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. As of December 31, 2023 and 2022, the principal balance of the Convertible Notes was $425.0 million with unamortized discount and issuance costs of $9.4 million and $11.2 million, respectively, for a net carrying amount of $415.6 million and $413.8 million, respectively.

The Convertible Notes were not convertible during the year ended December 31, 2023, and none have been converted to date. As the average market price of the Company’s common stock has not exceeded the exercise price since inception, there was no dilutive impact to earnings per share for the year ended December 31, 2023.

Redemption

At any time prior to the close of business on the business day immediately preceding June 1, 2028, the Convertible Notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2022 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price then in effect on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the Convertible Notes on each such trading day; (3) if the Company calls such Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the Convertible Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events as described in the Indenture. On or after June 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert

all or any portion of their Convertible Notes at any time regardless of the foregoing circumstances. Upon conversion of the Convertible Notes, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.

The Company may redeem (an “Optional Redemption”) for cash all or any portion of the Convertible Notes, at its option, on or after December 6, 2025, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeems less than all the outstanding Convertible Notes, at least $100 million aggregate principal amount of Convertible Notes must be outstanding and not subject to redemption as of the date of the relevant notice of redemption. No sinking fund is provided for the Convertible Notes.

The conversion rate for the Convertible Notes was initially, and remains currently, 41.9054 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to a conversion price of approximately $23.86 per share of common stock or 10.1 million shares. The conversion price of the Convertible Notes represents a premium of approximately 32.5% to the last reported sale price of the Company’s common stock on the Nasdaq Global Market on November 30, 2021. The conversion rate for the Convertible Notes is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date of the Convertible Notes or if the Company delivers a notice of redemption in respect of the Convertible Notes, the Company will, under certain circumstances, increase the conversion rate of the Convertible Notes for a holder who elects to convert its Convertible Notes (or any portion thereof) in connection with such a corporate event or convert its Convertible Notes called (or deemed called) for redemption during the related Redemption Period (as defined in the Indenture), as the case may be.

If the Company undergoes a Fundamental Change (as defined in the Indenture), holders may require, subject to certain conditions and exceptions, the Company to repurchase for cash all or any portion of their Convertible Notes at a Fundamental Change Repurchase Price (as defined in the Indenture) equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the Fundamental Change Repurchase Date (as defined in the Indenture).

The Indenture includes customary covenants and sets forth certain events of default after which the Convertible Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company or certain of its subsidiaries after which the Convertible Notes become automatically due and payable.

Capped Calls

In connection with the issuances of the Convertible Notes, the Company paid $52.9 million, in aggregate, to enter into capped call option agreements to reduce the potential dilution to holders of the Company’s common stock after a conversion of the Convertible Notes. Specifically, upon the exercise of the capped call instruments

issued pursuant to the agreements (the “Capped Calls”), the Company would receive shares of its common stock equal to approximately 17.8 million shares (a) multiplied by (i) the lower of $36.0200 or the then-current market price of its common stock, less (ii) the applicable exercise price, $23.86, and (b) divided by the then-current market price of its common stock. The results of this formula are that the Company would receive more shares as the market price of its common stock exceeds the exercise price and approaches the cap, which was initially, and remains currently, $36.02 per share.

Consequently, if the Convertible Notes are converted, then the number of shares to be issued by the Company would be effectively partially offset by the shares of common stock received by the Company under the Capped Calls as they are exercised. The formula above would be adjusted in the event of certain specified extraordinary events affecting the Company, including a merger; a tender offer; nationalization, insolvency or delisting of the Company’s common stock; changes in law; failure to deliver; insolvency filing; stock splits, combinations, dividends, repurchases or similar events; or an announcement of certain of the preceding actions.

The Company can also elect to receive the equivalent value of cash in lieu of shares of common stock upon settlement, except in certain circumstances. The Capped Calls expire on December 1, 2028 and terminate upon the occurrence of certain extraordinary events such as a merger, tender offer, nationalization, insolvency, delisting, event of default, a change in law, failure to deliver, an announcement of certain of these events, or an early conversion of the Convertible Notes. Although intended to reduce the net number of shares of common stock issued after a conversion of the Convertible Notes, the Capped Calls were separately negotiated transactions, are not a part of the terms of the Convertible Notes, and do not affect the rights of the holders of the Convertible Notes.

The Company made a tax election to integrate the Convertible Notes and the Capped Calls. The accounting impact of this tax election makes the Capped Calls deductible as original issue discount interest for tax purposes over the term of the note, and as a result, established as deferred income tax asset of $10.8 million at inception, with an offsetting adjustment to additional paid-in capital on the consolidated balance sheets as of December 31, 2022.

At issuance the Company concluded that the Capped Calls met the criteria for equity classification because they are indexed to the Company’s common stock and the Company has discretion to settle the Capped Calls in shares or cash. As a result, the amount paid for the Capped Calls was recorded as a reduction to additional paid-in capital. When the Company entered into the Capped Calls, the Company executed certain side letters (the “Side Letters”) with the counterparties that replaced some of the terms described in the primary contract including the volatility inputs used to value the Capped Calls under certain circumstances. Upon further evaluation of the accounting during the three months ended March 31, 2023, the Company concluded that the modification to the volatility inputs in the side letters precluded the Capped Calls from being accounted for as an equity instrument indexed to its own stock and should be accounted for as a freestanding derivative instrument asset recognized at fair value, with subsequent changes in fair value recognized in earnings. During the three months ended March 31, 2023, the Company began to account for the Capped Calls as derivative assets, with subsequent changes in fair value being recorded through earnings. During the three months ended December 31, 2023, after consultation with the staff of the Office of the Chief Accountant of the SEC, the Company concluded that the original equity classification accounting treatment was acceptable. As a result, the Company reclassified the derivative asset recognized during the interim periods of 2023 as a reduction to equity and reversed the related mark to market adjustments recognized during the interim periods of 2023. The impact of reversing the mark to market adjustments in the interim periods for the Capped Calls and the Put

Option referenced in Note 12 – Redeemable Perpetual Preferred Stock, was not material to the condensed consolidated statements of operations for each of the interim periods for 2023.

Other Debt

Other debt consists of the debt obligations of STI (“Other Debt”). Interest rates on other debt range from 0.55% to 4.50% annually. Of the $39.9 million Other debt balance as of December 31, 2023, $29.5 million is denominated in Euros and $10.4 million is denominated in Brazilian Real.

Aggregate Debt Maturities

Aggregate future debt maturities are as follows (in thousands):


	Amount
2024	$	21,472
2025	19,140
2026	9,828
2027	227,624
2028	425,000
	$	703,064

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2021
Leases [Abstract]
ROU assets	$ 22,085	$ 17,770	$ 13,200
Lease liabilities	$ 25,219	$ 20,406	$ 13,500

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

At December 31, 2022, goodwill related to the Former Parent’s acquisition of the Company was $69.7 million, net of accumulated impairment of $51.9 million.

As a result of the STI Acquisition, the Company recorded $343.4 million of goodwill and began reporting two segments, Array Legacy Operations and STI Operations (the newly acquired STI Operations). These reportable segments are separate operating segments and reporting units.

Changes in the carrying amount of goodwill by reporting unit during the year ended December 31, 2023, consisted of the following (in thousands):


	Array Legacy Operations(1)		STI Operations		Total
Beginning balance	$	69,727	$	346,457	$	416,184
Adjustment to goodwill	—		(2,000)		(2,000)
Foreign currency translation	—		21,407		21,407
Ending balance	$	69,727	$	365,864	$	435,591

(1) Goodwill attributable to Array Legacy Operations is net of impairment of $51.9 million.

In connection with the acquisition of STI, the Company had understated goodwill by $2.0 million and overstated inventory by the same amount that was sold during 2022. The Company corrected the goodwill balance during the first quarter 2023, resulting in an increase in goodwill and a decrease in cost of revenue.

The Company performs an annual goodwill impairment test, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year. The results of this analysis indicated that goodwill was not impaired as of December 31, 2023 and 2022.

Other Intangible Assets

Other intangible assets consisted of the following (in thousands, except for useful lives):


		December 31,
	Estimated Useful Life (Years)	2023		2022
Amortizable:
Developed technology	14	$	203,800	$	203,800
Customer relationships	10	336,134		321,935
Backlog	1	54,438		51,015
Trade name	20	27,061		25,682
Total amortizable intangibles		621,433		602,432
Accumulated amortization:
Developed technology		108,905		94,347
Customer relationships		115,444		81,268
Backlog		54,322		49,507
Trade name		2,666		1,246
Total accumulated amortization		281,337		226,368
Total amortizable intangibles, net		340,096		376,064

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	350,396	$	386,364

Amortization expense related to intangible assets was $51.3 million, $98.2 million and $23.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, of which $14.6 million was included in amortization of developed technology, a component of cost of revenue, in all three periods. The remaining amortization expense of $36.7 million, $83.6 million and $8.9 million, respectively, was included in depreciation and amortization, on the accompanying consolidated statements of operations.

The following table presents estimated future annual amortization expense (in thousands):


	Amount
2024	$	49,107
2025	49,107
2026	44,801
2027	40,157
2028	40,157
Thereafter	116,767
	$	340,096

The Company performs an annual impairment test on its Trade name indefinite-lived intangible asset, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year. The results of this analysis indicated that its Trade name was not impaired as of December 31, 2023 and 2022.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor firm ID	34
Auditor name	Deloitte & Touche LLP
Auditor location	Tempe, AZ, United States

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Unvouchered payables	$ 21,548	$ 11,562
Accrued payroll expenses	15,778	11,488
Accrued interest	4,723	3,054
Non-income taxes payable	5,560	950
Other	22,602	27,840
Accrued expenses and other	$ 70,211	$ 54,895

Acquisition of STI - Narrative (Details) - USD ($)		12 Months Ended	24 Months Ended
Acquisition of STI - Narrative (Details) - USD ($)	Jan. 11, 2022	Dec. 31, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Percentage, estimated royalty rate	1.25%
Percentage, weighted average cost of capital, discount rate	15.20%
Spain \| Customer relationships
Business Acquisition [Line Items]
Percentage of weighted average cost of capital	15.00%
Spain \| Customer relationship for foreign sourced projects
Business Acquisition [Line Items]
Percentage of weighted average cost of capital	14.00%
Spain \| Backlog
Business Acquisition [Line Items]
Percentage of weighted average cost of capital	8.50%
Spain \| Backlog
Business Acquisition [Line Items]
Percentage of weighted average cost of capital	7.50%
Brazil \| Customer relationships
Business Acquisition [Line Items]
Percentage of weighted average cost of capital	16.50%
Brazil \| Backlog
Business Acquisition [Line Items]
Percentage of weighted average cost of capital	9.50%
STI
Business Acquisition [Line Items]
Cash consideration for transaction expenses of STI	$ (896,000)	$ 5,600,000
Total cash consideration	$ 410,543,000
Business acquisition, equity interest issued or issuable, number of shares (in shares)	13,894,800
Stock consideration paid for acquisition of STI	$ 200,200,000
Total consideration transferred	$ 610,767,000
Percentage of share capital acquired	100.00%
Goodwill, expected tax deductible amount	$ 0
Acquired identifiable intangible assets	$ 304,431,000		$ 304,431,000
Pro forma information, revenue of acquiree since acquisition date, actual			773,400,000
Pro forma information, net income of acquiree or loss since acquisition date, actual			$ 9,900,000

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Amounts retained by project owners under contracts	$ 24.0	$ 47.4	$ 13.5

Debt - Schedule of Aggregate Future Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 21,472
2025	19,140
2026	9,828
2027	227,624
2028	425,000
Total carrying value of debt	$ 703,064	$ 789,426

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Right of Use Assets Lease Liabilities

The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):


		December 31,
	Location on the Consolidated Balance Sheets	2023		2022
ROU Assets	Other assets	$	22,085	$	17,770

Lease liabilities, current portion	Other current liabilities	5,744		6,509
Lease liabilities, long-term portion	Other long-term liabilities	19,475		13,897
Total lease liabilities		$	25,219	$	20,406

Schedule of Operating Lease Expenses

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease expense	$	8,188	$	7,701	$	6,635
Variable lease expense	1,501		1,089		106
Short-term lease expense	86		327		—
Total lease expense	$	9,775	$	9,117	$	6,741

Other information pertaining to operating leases consists of the following:


	Year Ended December 31,
	2023		2022		2021
Weighted average remaining lease-term	5.7 years		4.2 years		3.8 years
Weighted average discount rate	7.9	%	5.4	%	5.0	%

Supplemental cash flow and other information related to operating leases are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating cash flows from operating leases	$	7,911	$	5,380	$	6,644
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$	10,562	$	12,558	$	17,363

Schedule of Future Minimum Operating Lease Payments Maturity

Future minimum operating lease payments as of December 31, 2023, are as follows (in thousands):


	Operating Leases
2024	$	4,855
2025	6,654
2026	3,042
2027	2,969
2028	2,983
Thereafter	14,316
Total lease payments	34,819
Less: Imputed lease interest	(9,600)
Total lease liabilities	$	25,219

Accounts Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in thousands):


	December 31,
	2023		2022		2021
Accounts receivable	$	335,976	$	423,071	$	236,149
Less: allowance for credit losses	(3,824)		(1,888)		(140)
Accounts receivable, net	$	332,152	$	421,183	$	236,009

Included in accounts receivable are amounts retained by project owners that 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. Such retention amounts were $24.0 million, $47.4 million, and $13.5 million as of December 31, 2023, 2022, and 2021, respectively. All retention amounts outstanding as of December 31, 2023, are collectible within the next 12 months.

The following is the activity of the allowance for credit losses on accounts receivable which includes trade accounts receivable and unbilled accounts receivable (in thousands):


	December 31,
	2023		2022		2021
Beginning balance	$	(1,888)	$	(140)	$	(663)
Provision for credit losses	(2,871)		(2,599)		303
Collected	916		731		130
Written-off	19		120		90
Ending balance	$	(3,824)	$	(1,888)	$	(140)

Organization, Business and Out-of-Period Adjustments	12 Months Ended
Organization, Business and Out-of-Period Adjustments	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business and Out-of-Period Adjustments	Organization, Business and Out-of-Period Adjustments 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. On January 11, 2022, the Company acquired 100% of the share capital of Soluciones Técnicas Integrales Norland, S.L.U., a Spanish private limited liability Company, and its subsidiaries (collectively, “STI”) with cash and common stock of the Company (the “STI Acquisition”). The STI Acquisition was accounted for as a business combination. Upon completion of the STI Acquisition, the Company began operating as two reportable operating segments: the Array Legacy operating segment (“Array Legacy Operations”) and the newly acquired operations (the “STI Legacy Operations”) operating segment pertaining to STI. Headquartered in Albuquerque, New Mexico, the Company is a leading global manufacturer and supplier of utility-scale solar tracking systems and technologies.

Debt - Other Debt Narrative (Details) - STI $ in Millions	Dec. 31, 2023 USD ($)
Short-term Debt [Line Items]
Other Long-Term Debt	$ 39.9
Euros
Short-term Debt [Line Items]
Other Long-Term Debt	29.5
Brazilian Real
Short-term Debt [Line Items]
Other Long-Term Debt	$ 10.4
Minimum \| Other debt
Short-term Debt [Line Items]
Stated interest rate (as a percent)	0.55%
Maximum \| Other debt
Short-term Debt [Line Items]
Stated interest rate (as a percent)	4.50%

Common and Preferred Stock	12 Months Ended
Common and Preferred Stock	Dec. 31, 2023
Equity [Abstract]
Common and Preferred Stock	Common and Preferred Stock Common Stock 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. 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. In the event of a 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 Company’s Board of Directors (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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying values and the estimated fair values of debt financial instruments were as follows (in thousands):


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Notes	$	415,632	$	416,500	$	413,752	$	430,236

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Revenue and Gross Profit

Segment revenue and gross profit were as follows during the periods presented (in thousands):


	Year Ended December 31,
	2023		2022		2021
Revenue:
Array Legacy Operations	$	1,172,827	$	1,267,883	$	853,318
STI Operations	403,724		369,663		—
Total	$	1,576,551	$	1,637,546	$	853,318

Gross Profit:
Array Legacy Operations	$	317,605	$	153,612	$	68,301
STI Operations	97,946		59,106		—
Total	$	415,551	$	212,718	$	68,301

Schedule of Revenue from External Customers by Geographic Areas

The following table presents revenues by geographic region, based on the customers project location (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	1,166,160	$	1,286,064	$	826,639
Spain	99,160		129,292		7,281
Brazil	257,872		144,464		—
Australia	20,842		9,429		5,509
Remainder	32,517		68,297		13,889
Total revenue	$	1,576,551	$	1,637,546	$	853,318

The following table presents property, plant and equipment, net by geographic region at the end of the period (in thousands):


	December 31,
	2023		2022
U.S.	$	22,731	$	17,789
Spain	3,457		2,676
Brazil	3,549		1,676
Australia	554		1
Remainder	1,595		1,032
Total property, plant and equipment, net	$	31,886	$	23,174

Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 5,476	$ 3,192	$ 3,049
Provision for warranties issued	6,328	5,289	1,064
Payments	(3,980)	(1,868)	(373)
Warranty expirations	(1,662)	(1,137)	(548)
Ending balance	$ 6,162	$ 5,476	$ 3,192

Leases - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2021
Leases [Abstract]
2024	$ 4,855
2025	6,654
2026	3,042
2027	2,969
2028	2,983
Thereafter	14,316
Total lease payments	34,819
Less: Imputed lease interest	(9,600)
Total lease liabilities	$ 25,219	$ 20,406	$ 13,500

Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) - USD ($)
shares in Thousands, $ in Thousands

Total

Series A Preferred Stock

Common Stock

Additional Paid-In Capital

Series A Preferred Stock

Accumulated Deficit

Accumulated Other Comprehensive Loss

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

Beginning balance at Dec. 31, 2020

$ 0

Increase (Decrease) in Temporary Equity [Roll Forward]

Issuance of Series A Preferred, net of fees (in shares)

350

Issuance of Series A Preferred, net of fees

$ 229,799

Preferred cumulative dividends plus accretion and commitment fees

8,226

Payment of dividends

(8,052)

Preferred accretion

$ 7,489

Ending balance (in shares) at Dec. 31, 2021

350

Ending balance at Dec. 31, 2021

$ 237,462

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

126,994

Beginning balance at Dec. 31, 2020

(80,899)

$ 127

$ 140,473

$ (221,499)

Increase (Decrease) in Permanent Equity [Roll Forward]

Equity-based compensation (in shares)

158

Equity-based compensation

13,562

Issuance of stock, net (in shares)

7,875

Issuance of stock

104,764

$ 8

104,756

Deferred tax impact of capped call

(40,514)

Preferred cumulative dividends plus accretion and commitment fees

(8,226)

Preferred accretion

(7,489)

Net income (loss)

(50,403)

Foreign currency translation

^[1]

Ending balance (in shares) at Dec. 31, 2021

135,027

Ending balance at Dec. 31, 2021

$ (69,205)

$ 135

202,562

(271,902)

$ 0

Increase (Decrease) in Temporary Equity [Roll Forward]

Issuance of Series A Preferred, net of fees (in shares)

Issuance of Series A Preferred, net of fees

$ 32,724

Preferred cumulative dividends plus accretion and commitment fees (in shares)

Preferred cumulative dividends plus accretion and commitment fees

$ 48,054

Dividends paid (in shares)

(13)

Dividends paid

$ (18,670)

Ending balance (in shares) at Dec. 31, 2022

406

Ending balance at Dec. 31, 2022

$ 299,570

Increase (Decrease) in Permanent Equity [Roll Forward]

Equity-based compensation (in shares)

339

Equity-based compensation

14,543

Issuance of stock, net (in shares)

15,147

Issuance of stock

216,078

$ (1,938)

$ 15

216,063

$ (1,938)

Preferred cumulative dividends plus accretion and commitment fees

(48,054)

Net income (loss)

4,432

Foreign currency translation

8,425

^[1]

8,425

Ending balance (in shares) at Dec. 31, 2022

150,513

Ending balance at Dec. 31, 2022

$ 124,281

$ 150

383,176

(267,470)

8,425

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion and commitment fees (in shares)

Preferred cumulative dividends plus accretion and commitment fees

$ 51,690

Ending balance (in shares) at Dec. 31, 2023

432

Ending balance at Dec. 31, 2023

$ 351,260

Increase (Decrease) in Permanent Equity [Roll Forward]

Equity-based compensation (in shares)

729

Equity-based compensation

14,541

$ 1

14,540

Preferred cumulative dividends plus accretion and commitment fees

(53,199)

Net income (loss)

137,240

Foreign currency translation

36,385

^[1]

36,385

Ending balance (in shares) at Dec. 31, 2023

151,242

Ending balance at Dec. 31, 2023

$ 259,248

$ 151

$ 344,517

$ (130,230)

$ 44,810

[1]	There are no tax effects on foreign currency adjustments.

Segment and Geographic Information - Schedule of Property, Plant and Equipment, Net by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 31,886	$ 23,174
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	22,731	17,789
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	3,457	2,676
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	3,549	1,676
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	554	1
Remainder
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 1,595	$ 1,032

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
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 U.S. generally accepted accounting principles (“U.S. GAAP”).
Reclassifications	Reclassifications Beginning in the third quarter of 2023, the Company reclassified amounts recorded for amortization of certain acquired intangible assets in prior presentations from Total operating expenses under the caption "Depreciation and amortization" to Total cost of revenue under the caption "Amortization of developed technology" in the consolidated statements of operations. The Company believes this presentation enhances the comparability of the Company’s financial statements to industry peers.
Principles of Consolidation	Principles of Consolidation The 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 financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Impact of the Ongoing Russian-Ukraine Conflict, Impact of Attacks on Shipping in the Red Sea and Inflation	Impact of the Ongoing Russian-Ukraine Conflict The ongoing Russian-Ukraine conflict has reduced the availability of material that can be sourced in Europe and, as a result, increased logistics costs for the procurement of certain inputs and materials used in our products. We do not know the ultimate severity or duration of the conflict, but we continue to monitor the situation and evaluate our procurement strategy and supply chain as to reduce any negative impact on our business, financial condition and results of operations. Impact of Attacks on Shipping in the Red Sea Houthi rebels in Yemen have significantly stepped-up attacks against commercial vessels in the Bab-el-Mandeb strait between the Arabian peninsula and the Horn of Africa since late November of 2023, which has led to many shipping companies pausing shipments through the Suez Canal and the Red Sea. Many of these shipments are being redirected around the Cape of Good Hope in South Africa, adding between 3,000 – 3,500 nautical miles to routes connecting Europe with Asia. As an additional result of the reroute, certain ports could see crowding and delays in unloading shipments. We do not yet know the duration of these disruptions or the severity of their impact on our operations, but we continue to monitor the situation and evaluate our procurement strategy and supply chain to reduce any negative impact on our business, financial condition and results of operations. Inflation Inflationary pressures are expected to persist, at least in the near-term, and may negatively impact our results of operations. To mitigate the inflationary pressures on our business, we have implemented selective price increases in certain markets, accelerated productivity initiatives and expanded our supplier base, while continuing to execute on overhead cost containment practices.
Vendor Rebates	Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X Advanced Manufacturing Production Tax Credit (“45X Credit”) was established as part of the IRA. The 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to, enter into arrangements with torque tube manufacturing vendors that produce 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates”. The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of revenues on the consolidated statements of operations. Rebates related to purchases that were made prior to the execution of the agreements are deferred and recognized as a reduction of the prices of future purchases.
Foreign Currency Translation	Foreign Currency Translation Our foreign subsidiaries have functional currencies that are different than our reporting currency. When translating balances from the functional currency to the reporting currency, assets and liabilities are translated into U.S. dollars at period end exchange rates, retained earnings is translated at historical rates, and income, expenses, and cash flow items are translated at average exchange rates prevailing during the period. Translation adjustments for these subsidiaries are accumulated within accumulated other comprehensive income. In situations when a foreign subsidiary has a local currency that is different than the functional currency, monetary assets and liabilities are translated into the functional currency at the period end exchange rates, and non-monetary assets and the related income statement effects are translated into the functional currency using historical rates. Gains and losses that result from remeasurement from a local currency to the functional currency are included in earnings.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We regularly maintain cash balances that exceed insured amounts, but we have experienced no losses associated with these amounts to date.
Accounts Receivable	Accounts Receivable The Company’s accounts receivable are due primarily from solar contractors across the U.S. 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 to 60 days of the invoice date. Management regularly reviews outstanding accounts receivable and provides for estimated credit losses through an estimate of expected credit losses valuation account. The Company adopted Accounting Standards Updated (“ASU”) No. 2016-13, Financial Instruments - Credit Losses, on January 1, 2021, which revised the methodology for measuring credit losses on financial instruments including trade accounts receivable and the timing of when such losses are recorded. The Company adopted ASU 2016-13 using a modified retrospective approach with a cumulative effect adjustment to the opening balance of retained earnings, which had no impact on the consolidated financial statements. The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from the asset. We estimate allowances for credit losses using relevant available information from both internal and external sources. We monitor the estimated credit losses associated with our trade accounts receivable and unbilled accounts receivable based primarily on our collection history and the delinquency status of amounts owed to us, which we determine based on the aging of such receivables. 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 valuation account may be required. When deemed uncollectible, the receivable is charged against the valuation account for credit losses or directly written off. Unbilled receivables represent temporary timing differences between shipments made and billing milestones achieved and are recorded in the accounts receivable balances. Such amounts have not been billed due to pending commercial criteria such as billing on a specified date of the month or upon completion of mega-watt deliveries. Unbilled receivables are invoiced once the underlying commercial criteria have been met and we expect payment within 30 to 60 days.
Inventories	Inventories Inventories consist of raw materials and finished goods and are stated at the lower of cost or estimated net realizable value using primarily the moving average cost method that approximates the FIFO 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 are recorded at cost, net of accumulated depreciation and amortization. Improvements, betterments and replacements which 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.
Leases	Leases Operating lease arrangements are comprised primarily of real estate and equipment agreements. The Company determines if an arrangement contains a lease at inception based on whether it conveys the right to control the use of an identified asset in exchange for consideration. Lease right-of-use assets (“ROU assets”) and associated lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options. ROU assets also include any initial direct costs and prepayments less lease incentives. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease expense is recognized on a straight-line basis over the lease term. ROU assets and the corresponding operating lease liabilities are included in other assets and other liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets.
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.
Goodwill and Indefinite-Lived Intangible Asset	Goodwill and Indefinite-Lived Intangible Asset 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 at the reporting unit level and tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. 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 cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its carrying value, a quantitative assessment is performed. 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. When determining the fair value of a reporting unit using the quantitative approach, we determine the fair value of the reporting unit using both a discounted cash flow (“DCF”) analysis and guideline publicly-traded companies (“GPC”) analysis to determine the fair value of the reporting unit. The Company has one indefinite-lived intangible asset for a Trade name it acquired as part of a past acquisition. The Company performs an annual impairment test on its Trade name indefinite-lived intangible asset, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year.
Investment in Equity Securities	Investment in Equity Securities In 2021, the Company invested $12.0 million in the preferred stock of a private company. The investment is accounted for, in accordance with ASC 321 Investments — Equity Securities. Because the securities do not have a readily determined fair value, they are valued at cost, less any impairment. If the Company identifies an observable price change in an orderly transaction, the Company will measure the investment at fair value as of the date the observable transaction occurred. The equity investment is recorded in other assets on the consolidated balance sheets. No impairment has been recognized since the date of investment.
Amortizable and Other Intangible Assets	Amortizable and Other Intangible Assets The Company amortizes identifiable finite lived intangible assets consisting of developed technology, customer relationships, contractual backlog and the STI trade name on a straight-line basis over the assets’ estimated useful lives. The basis of amortization approximates the pattern in which the assets are utilized, over their estimated useful lives.
Other 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.
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 offerings. Deferred offering costs were offset against the proceeds.
Debt Discount and Financing Costs	Debt Discount and Issuance Costs Debt discount and issuance 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	Revenue Recognition In accordance with ASC 606, the Company recognizes revenues from the sale of solar tracking systems, parts, installation services, extended warranties on solar tracker system components and software licenses along with associated maintenance and support. The Company 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. 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. Further, the Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time or over time. Performance Obligations The Company’s contracts for specific solar tracker system projects with customers are predominantly accounted for as a single performance obligation, because the Company is integrating the solar tracking system components and related services as part of a single project. The Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract, which is principally as tracker system components are delivered to the designated project site. The Company sources the component parts from third party manufacturers, it obtains control and receives title of such parts before transferring them to the customer because the Company is responsible for fulfillment to its customer. The Company’s engineering services and professional services are interdependent with the component parts whereby the parts form an input into a combined output for which it is the principal, and the Company could redirect the parts before they are transferred to the customer if needed. The customer owns the work-in-process over the course of the project and the Company’s performance enhances a customer-controlled asset, resulting in the recognition of the performance obligation over time. In contracts with a single performance obligation, the Company’s obligation is satisfied over-time as control is transferred to the customer by measuring the progress toward complete satisfaction of the performance obligation using an input (i.e., the “cost-to-cost”) method. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The costs of materials and hardware components are recognized as incurred, which is typically upon delivery to the customer site or upon transfer of control while in transit. For contracts with customers that result in 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. These contracts include contracts for the sale of components, contracts with installation services, solar tracker systems sold with an extended warranty, and contracts that include the sale of software and maintenance. For all years presented, the transaction price associated with extended warranties and the sale of software and maintenance was not material. The Company uses the expected cost-plus margin approach to estimate the standalone selling price of each performance obligation. For contracts related to the sale of components as opposed to contracts to provide an integrated solar tracker project, the Company’s obligation to the customer is to deliver components that are used by the customer to create a tracker system and does not include engineering or other professional services or the obligation to provide such services in the future. Under these arrangements, each component is a distinct performance obligation, and often the components are delivered in batches at different points in time. The Company estimates the standalone selling price (“SSP”) of each performance obligation based on a cost-plus margin approach. Revenue allocated to a component is recognized at the point in time that control of the component transfers to the customer, which is usually upon delivery to the customer’s site. Contracts are often modified through change orders to account for changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of change orders are for goods or services that are not distinct within the context of the original contract and, therefore, not treated as separate performance obligations but rather as a modification of the existing contract and performance obligation. Bill and Hold Arrangements In certain situations, the Company recognizes revenue under bill-and-hold arrangements with its customers. In all bill-and-hold arrangements, because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in our custody. The material is bundled or palletized in the Company’s warehouses, identified separately as belonging to the respective customer and is ready for immediate transport to the customer project upon customer request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer. Contract Estimates Accounting for contracts utilizing the cost-to-cost measure of progress is based on various assumptions to project the outcome of future events that can exceed a year. These assumptions include the cost and availability of materials. The Company reviews and updates its contract-related estimates on an ongoing basis and recognizes adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress, such as the total costs to complete the 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. At contract inception, any variable consideration such as liquidated damages are estimated based on probability of occurrence and then re-evaluated for probability at the end of the quarterly period. 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 accounts receivable for goods or services delivered but not invoiced, 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 unbilled accounts receivable. The changes in unbilled accounts receivable 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. Practical Expedients and Exemptions The Company has elected to adopt certain practical expedients and exemptions as allowed under ASC 606, such as (i) recording sales commissions as incurred because the amortization period is less than one year, (ii) not adjusting for the effects of significant financing components when the contract term is less than one year, (iii) excluding collected sales tax amounts from the calculation of revenue and (iv) accounting for the costs of shipping and handling activities that are incurred after the customer obtains control of the product as fulfillment costs rather than a separate service provided to the customer for which consideration would need to be allocated.
Warranty Obligations	Warranty Obligations The Company offers a multi-year assurance type warranty for its products against manufacturer defects and does not contain service elements. 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. Claims estimated to be payable in the following year are classified as current liabilities and those payable beyond one year are classified as long-term liabilities.
Income Taxes	Income Taxes The Company provides for income taxes based on the provisions of ASC Topic 740 Income Taxes (“ASC 740”), 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, state and non-U.S. income tax authorities. 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. 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 interest expense and other expenses, respectively, in the consolidated statements of operations. The Company does not have any uncertain tax positions.
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 values equity awards with a market condition using a Monte Carlo simulation model. 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.
Temporary Equity	Temporary Equity Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable, or probable of becoming redeemable. The Series A Redeemable Perpetual Preferred Stock of the Company, par value $0.001 per share (the “Series A Shares”) issued in connection with the SPA as described in Note 12 – Redeemable Perpetual Preferred Stock are classified as temporary equity in the accompanying consolidated financial statements. The Company elected the accreted redemption value method under which it accretes changes in redemption value over the period from the date of issuance of the Series A Shares to the earliest costless redemption date (the fifth anniversary) using the effective interest method. Such adjustments are included in preferred undeclared dividends and accretion on Series A Shares on the Company’s consolidated statements of changes in redeemable perpetual preferred stock and stockholders’ equity (deficit) and treated similarly to a dividend on preferred stock in accordance with U.S. GAAP.
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”), is computed by dividing net income available to common 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, unvested restricted stock, or convertible debt, were exercised and converted into shares. The convertible debt is not currently convertible. Diluted EPS is computed by dividing net income available to common 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 and accounts receivable. The Company has no significant off balance sheet concentrations of credit risk. The Company maintains its cash with financial institutions that are believed to be of high credit quality and has not experienced any material losses relating to cash balances.
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. The fair values of the Company’s cash, accounts receivable, and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s notes payable approximate 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 ASC 820 Fair Value Measurement 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, which was determined by the Company with the assistance of third-party valuation specialists.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2023, the Company amended an existing debt agreement to replace the London Interbank Offered Rate (“LIBOR”) interest rate provisions with interest rate provisions based on a forward-looking term rate based on the secured overnight funding rate (“SOFR”) (see Note 11 – Debt). There were no other changes to the agreement. There was no significant impact to the Company’s consolidated financial statements. In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable. The Company is currently assessing the impact of the guidance on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company is currently assessing the impact of the new guidance on the its consolidated financial statements.

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3.5	$ 2.6	$ 2.4
Depreciation allocated to cost of revenue	1.3	1.6	2.0
Depreciation included in depreciation and amortization	$ 2.2	$ 1.0	$ 0.4

Inventories - Schedule of Current Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 86,614	$ 66,574
Finished goods	75,350	166,585
Inventories	$ 161,964	$ 233,159

Redeemable Perpetual Preferred Stock	12 Months Ended
Redeemable Perpetual Preferred Stock	Dec. 31, 2023
Temporary Equity Disclosure [Abstract]
Redeemable Perpetual Preferred Stock	Redeemable Perpetual Preferred Stock Series A Redeemable Perpetual Preferred Stock The Company entered into a Securities Purchase Agreement (the “SPA”) with certain investors (the “Purchasers”) pursuant to which, on August 11, 2021, the Company issued 350,000 shares of its newly designated Series A Shares and 7,098,765 shares of the Company’s common stock for an aggregate purchase price of $346.0 million (the “Initial Closing”). Further, pursuant to the SPA, on September 27, 2021, the Company issued and sold to the Purchasers 776,235 shares of common stock for an aggregate purchase price of $776 (the “Prepaid Forward Contract”). The Company used the net proceeds from the initial Closing to repay the $102.0 million outstanding balance under its existing Revolving Credit Facility and prepay $100.0 million of the Company’s Term Loan Facility. The Series A Shares have no maturity date. The Put Option included in the SPA required the Purchasers to purchase up to an additional 150,000 shares of Series A Shares 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) until June 30, 2023, 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 $148.0 million (the “Delayed Draw Commitment” or the “Put Option”). The Put Option expired effective June 30, 2023. On January 7, 2022, pursuant to the Put Option, the Company issued and sold to the Purchasers 50,000 shares of Series A Shares and 1,125,000 shares of the Company’s common stock in an additional closing for an aggregate purchase price of $49.4 million (the “Additional Closing”). The Company evaluated the accounting for the instruments issued pursuant to the SPA and determined the Series A Shares and common stock issued in the Initial Closing, as well as the Prepaid Forward Contract, and Delayed Draw Commitment are freestanding instruments accounted for in equity. The Series A Shares are recorded in temporary equity on the consolidated balance sheets as they have redemption features upon certain triggering events that are outside the Company’s control, such as a fundamental change. The proceeds of the Series A Shares, net of transaction costs and discount of $334.6 million have been allocated to each instrument based on its relative fair value. At the Initial Closing date, $229.8 million was allocated to the Series A Shares, $105.4 million to common stock, $12.4 million to the Delayed Draw Commitment, which was recorded as a debit to additional paid-in-capital, and $11.7 million to the Prepaid Forward Contract. Direct costs associated with the issuance of the Securities were $11.1 million, which along with the $4.4 million discount, have been accounted for as a reduction in the proceeds of the Securities. The net proceeds of $334.6 million have been allocated to Series A Shares of $229.8 million, common stock of $105.4 million and additional paid-in capital of $12.4 million for the committed financing put right. The Additional Closing proceeds, net of transaction costs and discount of $1.3 million, were allocated among the Series A Shares and common stock based on the proceeds of $33.1 million and $15.9 million, respectively. The Company has classified the Series A Shares as temporary equity and is accreting the carrying amount to its full redemption amount from the date of issuance to the earliest redemption date using the effective interest method. Such accretion totaled $25.3 million and $23.2 million for the years ended December 31, 2023 and 2022, respectively. At issuance, the Company evaluated the accounting for the instruments issued pursuant to the SPA and determined the Series A Shares and common stock issued in the Initial Closing, as well as the Prepaid Forward Contract, and Put Option are freestanding instruments that are classified in equity. During the first quarter of 2023, the Company reconsidered the provisions of the Put Option and concluded that it should be accounted for as a freestanding derivative instrument asset accounted for at fair value with subsequent fair value adjustments recognized in earnings. During the fourth quarter of 2023, after consultation with the staff of the Office of the Chief Accountant of the SEC, the Company concluded that the original equity accounting classification was correct. As a result, the Company reclassified the derivative asset recognized during the interim periods of 2023 as a reduction of equity and also reversed the related fair value adjustments. The impact of reversing the mark to market adjustments in the interim periods for the Put Option and Capped Calls referenced in Note 11 – Debt, was not material to the condensed consolidated statements of operations for each of the interim periods for 2023. Dividends On or prior to the fifth anniversary of the Initial Closing, the Company may pay dividends on the Series A Shares either in (i) cash at the then-applicable Cash Regular Dividend Rate (as defined below), (ii) through accrual to the Liquidation Preference at the Accrued Regular Dividend Rate of 6.25% (the “Permitted Accrued Dividends,”) or (iii) a combination thereof. Following the fifth anniversary of the Initial Closing, dividends are payable only in cash. To the extent the Company does not declare such dividends and pay in cash following the fifth anniversary of the Initial Closing, the dividends accrue to the Liquidation Preference (“Default 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 holders of the Series A Shares, will pay 100% of the amount of Default Accrued Dividends by delivering to such holder a number of shares of the Company’s 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 Company’s common stock (“Non-Cash Dividend”). The “Cash Regular Dividend Rate” of the Series A Shares 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” on the Series A Shares means 6.25% per annum on the Liquidation Preference. As used herein, “Liquidation Preference” means, with respect to the Series A Shares, the initial liquidation preference of $1,000 per share plus any accrued dividends of such share as the time of the determination. During the year ended December 31, 2023, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25% totaling $26.4 million. As of December 31, 2023 total accrued and unpaid dividends were $32.8 million. The Series A Shares have similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, the discount on Series A Shares is considered an unstated dividend cost that is amortized over the period preceding commencement of the perpetual dividend using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the Series A Shares by a corresponding amount. Accordingly, the discount is amortized over five years using the effective yield method. Fees During the six months ended June 30, 2023, the Company paid the Purchasers a per annum cash commitment fee totaling $1.5 million on the unpurchased portion of the Put Option. The Put Option expired effective June 30, 2023. Ranking and Liquidation Preference The Series A Shares rank 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 of Series A Redeemable Share 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 (as defined below) 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 of the Series A Shares, 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 Shares (in increments of not less than $200 million, based on the Liquidation Preference of the Series A Shares 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 Shares) 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 Shares for an amount in cash equal to the Liquidation, Redemption or Repurchase Amount. Voting Rights Each Holder of Series A Shares will have one vote per share on any matter on which Holders of Series A Shares are entitled to vote separately as a class (as described below), whether at a meeting or by written consent. The Holders of Series A Shares do not otherwise have any voting rights.

Accounts Receivable - Schedule of Activity of Credit Losses On Accounts Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (1,888)	$ (140)	$ (663)
Provision for credit losses	(2,871)	(2,599)	303
Collected	916	731	130
Written-off	19	120	90
Ending balance	$ (3,824)	$ (1,888)	$ (140)

Accrued Expenses and Other (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other

Accrued expenses and other consisted of the following (in thousands):


	December 31,
	2023		2022
Unvouchered payables	$	21,548	$	11,562
Accrued payroll expenses	15,778		11,488
Accrued interest	4,723		3,054
Non-income taxes payable	5,560		950
Other	22,602		27,840
Accrued expenses and other	$	70,211	$	54,895

Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands		12 Months Ended			24 Months Ended
	Jan. 11, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) segment
Goodwill [Line Items]
Goodwill		$ 435,591	$ 416,184		$ 435,591
Number of operating segments \| segment		2			2
Inventories		$ 161,964	233,159		$ 161,964
Amortization expense related to intangible assets		51,300	98,200	$ 23,500
Amortization of developed technology		14,558	14,558	14,558
Depreciation and amortization		38,928	84,581	9,372
Revision of Prior Period, Error Correction, Adjustment
Goodwill [Line Items]
Goodwill		(2,000)	2,000		(2,000)
Inventories			2,000
Developed technology
Goodwill [Line Items]
Amortization of developed technology		14,600	14,600	14,600
Depreciation and amortization		36,700	83,600	$ 8,900
Array
Goodwill [Line Items]
Goodwill			69,700
Accumulated impairment			$ 51,900
STI
Goodwill [Line Items]
Goodwill	$ 343,369	$ 343,369			$ 343,369
Goodwill, acquired during period	$ 343,400

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current expense (benefit):
Federal	$ 26,592	$ 12,826	$ (8)
State	5,678	1,630	(668)
Foreign	16,509	7,725	60
Current income tax provision	48,779	22,181	(616)
Deferred expense (benefit):
Federal	942	(6,160)	(9,085)
State	(327)	(960)	(1,017)
Foreign	(9,477)	(24,445)	0
Deferred expense (benefit):	(8,862)	(31,565)	(10,102)
Total income tax expense (benefit)	$ 39,917	$ (9,384)	$ (10,718)

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Goodwill

Changes in the carrying amount of goodwill by reporting unit during the year ended December 31, 2023, consisted of the following (in thousands):


	Array Legacy Operations(1)		STI Operations		Total
Beginning balance	$	69,727	$	346,457	$	416,184
Adjustment to goodwill	—		(2,000)		(2,000)
Foreign currency translation	—		21,407		21,407
Ending balance	$	69,727	$	365,864	$	435,591

(1) Goodwill attributable to Array Legacy Operations is net of impairment of $51.9 million.

Schedule of Finite-lived Intangible Assets

Other intangible assets consisted of the following (in thousands, except for useful lives):


		December 31,
	Estimated Useful Life (Years)	2023		2022
Amortizable:
Developed technology	14	$	203,800	$	203,800
Customer relationships	10	336,134		321,935
Backlog	1	54,438		51,015
Trade name	20	27,061		25,682
Total amortizable intangibles		621,433		602,432
Accumulated amortization:
Developed technology		108,905		94,347
Customer relationships		115,444		81,268
Backlog		54,322		49,507
Trade name		2,666		1,246
Total accumulated amortization		281,337		226,368
Total amortizable intangibles, net		340,096		376,064

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	350,396	$	386,364

Schedule of Indefinite-lived Intangible Assets

Other intangible assets consisted of the following (in thousands, except for useful lives):


		December 31,
	Estimated Useful Life (Years)	2023		2022
Amortizable:
Developed technology	14	$	203,800	$	203,800
Customer relationships	10	336,134		321,935
Backlog	1	54,438		51,015
Trade name	20	27,061		25,682
Total amortizable intangibles		621,433		602,432
Accumulated amortization:
Developed technology		108,905		94,347
Customer relationships		115,444		81,268
Backlog		54,322		49,507
Trade name		2,666		1,246
Total accumulated amortization		281,337		226,368
Total amortizable intangibles, net		340,096		376,064

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	350,396	$	386,364

Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets

The following table presents estimated future annual amortization expense (in thousands):


	Amount
2024	$	49,107
2025	49,107
2026	44,801
2027	40,157
2028	40,157
Thereafter	116,767
	$	340,096

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Segment and Geographic Information - Narrative (Details) $ in Thousands	12 Months Ended	24 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2	2
Number of reportable segments \| segment	2	2
Assets	$ 1,706,741	$ 1,706,741	$ 1,706,052
Array Legacy Operations
Segment Reporting Information [Line Items]
Assets	$ 1,437,600	$ 1,437,600
Assets, consolidated	84.00%	84.00%
STI Operations
Segment Reporting Information [Line Items]
Assets	$ 269,100	$ 269,100
Assets, consolidated	16.00%	16.00%

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 11, 2022
Income Tax Examination [Line Items]
Non-U.S. indirect tax incentives	$ 5,035,000	$ 4,183,000	$ 0
Valuation allowance	2,360,000	1,449,000
Unrecognized tax benefits	0	0
STI
Income Tax Examination [Line Items]
Valuation allowance				$ 1,800,000
Domestic Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	6,800,000	4,800,000
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	2,300,000	$ 4,500,000
Tax credits	$ 300,000

Debt - Convertible Debt Narrative (Details)					12 Months Ended
Debt - Convertible Debt Narrative (Details)	Jan. 07, 2022 USD ($)	Dec. 09, 2021 USD ($)	Dec. 09, 2021 USD ($)	Dec. 03, 2021 USD ($)	Dec. 31, 2023 USD ($) d $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Short-term Debt [Line Items]
Interest expense					$ 44,229,000	$ 36,694,000	$ 35,684,000
Amortization of debt discount and issuance costs					10,570,000	6,857,000	$ 15,036,000
Unamortized discount and issuance costs, total	$ (1,300,000)				$ (20,644,000)	$ (30,383,000)
Equity compensation anti-dilutive securities (in shares) \| shares					2,362,982	2,165,217	1,078,096
Series A Redeemable Perpetual Preferred Shares
Short-term Debt [Line Items]
Fees paid on issuance of convertible notes	33,100,000
Common Stock
Short-term Debt [Line Items]
Fees paid on issuance of convertible notes	$ 15,900,000
Convertible Notes
Short-term Debt [Line Items]
Carrying value					$ 415,632,000	$ 413,752,000
Equity compensation anti-dilutive securities (in shares) \| shares					0	0	0
Convertible Senior Notes due 2028 \| Convertible Notes
Short-term Debt [Line Items]
Debt instrument, face amount		$ 425,000,000	$ 425,000,000		$ 100,000,000
Effective interest rate		1.00%	1.00%	1.00%	1.50%
Proceeds from convertible debt		$ 48,600,000	$ 413,300,000	$ 364,700,000
Convertible note, interest rate, effective percentage discount		2.75%	2.75%	2.75%
Interest expense					$ 6,100,000	$ 6,100,000
Contractual interest expense					4,200,000	4,200,000
Amortization of debt discount and issuance costs					1,900,000	1,900,000
Convertible debt					425,000,000
Unamortized discount and issuance costs, total					(9,400,000)	(11,200,000)
Carrying value					$ 415,600,000	$ 413,800,000
Equity compensation anti-dilutive securities (in shares) \| shares					0
Convertible note, trading days (in days) \| d					20
Convertible note, consecutive trading days (in days) \| d					30
Threshold percentage of stock price trigger					130.00%
Convertible, measurement period percentage					98.00%
Conversion price percentage					100.00%
Convertible notes payable					$ 1,000
Conversion price percentage, fundamental change repurchase					100.00%
Convertible Senior Notes due 2028 \| Convertible Notes \| Common Stock
Short-term Debt [Line Items]
Conversion price percentage					32.50%
Conversion of stock, shares converted per dollar (in shares) \| shares					41.9054
Convertible notes payable					$ 1,000
Convertible note, conversion price (in dollar per share) \| $ / shares					$ 23.86
Debt conversion, converted Instrument, shares issued (in shares) \| shares					10,100,000
Convertible Senior Notes due 2028, $375 Million \| Convertible Notes
Short-term Debt [Line Items]
Debt instrument, face amount				$ 375,000,000
Convertible Senior Notes due 2028, $50 Million \| Convertible Notes
Short-term Debt [Line Items]
Debt instrument, face amount		$ 50,000,000	$ 50,000,000
Convertible Note Capped Call Transactions
Short-term Debt [Line Items]
Deferred tax assets					$ 10,800,000
Convertible Note Capped Call Transactions \| Convertible Notes
Short-term Debt [Line Items]
Fees paid on issuance of convertible notes					$ 52,900,000
Derivative, cap price (in dollars per share) \| $ / shares					$ 36.0200
Derivatives, exercise price (in dollars per share) \| $ / shares					$ 23.86
Convertible Note Capped Call Transactions \| Convertible Notes \| Common Stock
Short-term Debt [Line Items]
Debt conversion, converted Instrument, shares issued (in shares) \| shares					17,800,000

Acquisition of STI - Schedule of Purchase Price Allocation (Details) - STI - USD ($) $ in Thousands	Jan. 11, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Acquired identifiable intangible assets	$ 304,431	$ 304,431
Trade name
Business Acquisition [Line Items]
Indefinite-lived intangible, estimated fair value	$ 26,023
Intangible assets, estimated weighted average useful life	20 years
Backlog
Business Acquisition [Line Items]
Finite-lived intangibles, estimated fair value	$ 50,000
Intangible assets, estimated weighted average useful life	1 year
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles, estimated fair value	$ 228,408
Intangible assets, estimated weighted average useful life	10 years

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Current Inventory

Inventories consist of the following (in thousands):


	December 31,
	2023		2022
Raw materials	$	86,614	$	66,574
Finished goods	75,350		166,585
Total	$	161,964	$	233,159

Equity Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

RSU activity under the 2020 Plan was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2020	500,006	$	22.00
Shares granted	661,924	$	23.17
Shares vested	(157,473)	$	22.00
Shares forfeited	(74,048)	$	27.51
Outstanding non-vested, December 31, 2021	930,409	$	22.39
Shares granted	1,484,782	$	10.93
Shares vested	(458,849)	$	20.00
Shares forfeited	(255,518)	$	15.42
Outstanding non-vested, December 31, 2022	1,700,824	$	13.81
Shares granted	904,075	$	17.89
Shares vested	(736,774)	$	14.43
Shares forfeited	(197,616)	$	16.43
Outstanding non-vested, December 31, 2023	1,670,509	$	15.44

The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the years ended December 31, 2023 and 2022:


	2023		2022
Volatility	90	%	60	%
Risk-free interest rate	3.74	%	2.83	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the years ended December 31, 2023, 2022 and 2021, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
PSUs
Outstanding non-vested, December 31, 2020	—	$	—
Shares granted (1)	177,472	$	28.25
Shares vested	—	$	—
Shares forfeited	(29,785)	$	30.74
Outstanding non-vested, December 31, 2021	147,687	$	27.75
Shares granted (1)	466,916	$	10.88
Shares vested	—	$	—
Shares forfeited	(150,210)	$	20.81
Outstanding non-vested, December 31, 2022	464,393	$	11.96
Shares granted (1)	263,594	$	19.22
Shares vested	—	$	—
Shares forfeited	(35,514)	$	15.47
Outstanding non-vested, December 31, 2023	692,473	$	14.54