Array Technologies, Inc. (NASDAQ:ARRY) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET

Company Participants

Cody Mueller - IR

Kevin Hostetler - CEO

Nipul Patel - CFO

Conference Call Participants

Brian Lee - Goldman Sachs

Mark Strouse - JPMorgan

Julien Dumoulin-Smith - Bank of America

Kashy Harrison - Piper Sandler

Andre Adams - Oppenheimer

Donovan Schafer - Northland Capital Market

Andrew Crocco - Morgan Stanley

Jordan Levy - Truist

Philip Shen - ROTH Capital Partners

Sean Milligan - Janney

Derek Soderberg - Cantor Fitzgerald

Operator

Greetings and welcome to Array Technologies Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce you host, Cody Mueller, Investor Relations at Array. Please go ahead.

Cody Mueller

Good evening and thank you for joining us on today's conference call to discuss Array Technologies' second quarter 2023 results. Slides for today's presentation are available on the Investor Relations section of our website, arraytecinc.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.

We identify the principal risks and uncertainties that may affect our performance in our reports and filings with the Securities and Exchange Commission, which can also be found on our Investor Relations website. 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 first quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

With that, let me turn the call over to Kevin Hostetler, Array Technologies' Chief Executive Officer.

Kevin Hostetler

Thanks Cody and welcome everyone. In addition to Cody, I'm also joined by Nipul Patel, our Chief Financial Officer.

Let's begin with slide three, where I'll provide some highlights of our second quarter results. I'm proud to say that Array has delivered yet another strong performance across the Board.

For the quarter, we delivered $508 million in revenue, representing 21% year-over-year growth. In the second quarter, we also expanded gross margin year-over-year by over 2,000 basis points to an impressive 29.6%. It's important to point out this result does not include any benefits from the IRA's 45X manufacturing credits. Rather, we continue to drive internal cost savings initiatives while delivering on our efforts to develop higher-margin non-tracker revenue.