Array Technologies, Inc (ARRY) Q3 2021 Earnings Call Transcript

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Array Technologies, Inc (NASDAQ:ARRY)
Q3 2021 Earnings Call
Nov 11, 2021, 5:00 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Greetings, ladies and gentlemen, and welcome to Array Technologies Third Quarter 2021 Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce your host, Cody Mueller. Thank you. You may begin.

Cody Mueller — Investor Relations

Good evening, and thank you for joining us on today’s conference call to discuss Array Technologies’ third quarter 2021 results. Slides for today’s presentation are available on the Investor Relations section of our website, arraytechinc.com.

During this conference call, management will make forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect, because of other factors discussed in today’s earnings press release, the comments made during this conference call or in our latest reports and filings with the Securities and Exchange Commission, which can be found on our website, arraytechinc.com. We do not undertake any duty to update any forward-looking statements.

Today’s presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the Company’s third quarter press release for definitional information and reconciliations of historical non-GAAP measures to comparable GAAP financial measures.

With that, let me turn the call over to Jim Fusaro, Array Technologies’ CEO.

Jim Fusaro — Chief Executive Officer

Thanks, Cody, and good evening, everyone. Thank you for joining our third quarter earnings call.

In addition to Cody, I’m joined by Nipul Patel, our Chief Financial Officer; and Brad Forth, our Board Chairman.

I’ll start off today by providing an update on our business; then I’ll turn it over to Nipul to cover our third quarter financials; and then Brad will discuss our acquisition of STI.

Turning to Page 5 of the slides. Today, there are a couple of major themes that work in our business.

The first, the supply chain issues that have been impacting everyone in the solar business are continuing. Panels are still hard to get, and both ocean and overland freight is incredibly constrained. The result is project delays and higher shipping costs for suppliers like us. The good news is that we are seeing both suppliers and customers adapt to this new environment. Prices are starting to stabilize, albeit at higher levels. Our suppliers are charging us more and we are charging our customers more.

Everyone is recognizing that longer lead times are required for everything. We are not sure how long it will take for our business to return to what it was like, but we do feel the situation is stabilizing and we are optimistic that we…