Array Technologies, Inc. — Form 8-K Summary
Business context and reporting period
Filed April 6, 2022, under Item 8.01 and Item 9.01. The filing provides supplemental financial information related to Array Technologies’ completed acquisition of Soluciones Técnicas Integrales Norland, S.L. and its subsidiaries (“STI”), consummated January 11, 2022.
The filing covers historical STI financial information for the year ended December 31, 2021 and unaudited pro forma combined Array Technologies financial information as of and for the year ended December 31, 2021.
Financial metrics and transaction information
- Exhibit 99.1 contains an unaudited pro forma condensed combined balance sheet as of December 31, 2021 and a pro forma condensed combined statement of operations for the year ended December 31, 2021.
- Exhibit 99.2 contains STI’s audited consolidated balance sheet, income statement, statement of changes in consolidated net equity, statement of consolidated cash flows, and related notes for the year ended December 31, 2021.
- The filing text provided does not include the underlying revenue, profit, cash flow, margin, debt, liquidity, or other financial amounts from these exhibits.
Material changes versus the prior comparable period
The filing does not present period-over-period operating comparisons. Its purpose is to provide additional historical and pro forma information following the STI Acquisition.
Guidance, outlook, risks, contingencies, and unusual items
- No updated guidance, outlook, management commentary, risk discussion, or contingencies are provided in the filing text.
- The principal unusual item is the acquisition of STI and the resulting requirement to provide pro forma combined financial information.
- KPMG Auditores, S.L. provided auditor consent for the filing exhibits.
Investor verification items
- Review Exhibit 99.1 for the acquisition’s pro forma effect on revenue, earnings, assets, liabilities, and equity.
- Review Exhibit 99.2 for STI’s historical revenue, profitability, cash flows, debt, liquidity, accounting policies, and related-party or other material disclosures.
- Confirm the acquisition accounting assumptions, purchase price allocation, transaction adjustments, and any differences between historical STI results and the pro forma presentation.