Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 53

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 September 30, 2025. The Income tax expense for the three and nine months ended September 30, 2025 was favorably impacted by tax credits recorded during the periods. Additionally, tax expense of zero and $1.2 million related to equity-based compensation was recorded discretely for the three and nine months ended September 30, 2025, respectively.The Company recorded Income tax expense of $3.9 million and $13.0 million for the three and nine months ended September 30, 2024. The income tax expense for the three and nine months ended September 30, 2024 was favorably impacted by lower profits in non-US jurisdictions and additional tax credits recorded during the period. Additionally, tax expense of zero and $0.5 million related to equity-based compensation was recorded discretely for the three and nine months ended September 30, 2024. No tax benefit was recorded on the goodwill impairment recorded in the nine months ended September 30, 2024, as the goodwill is non-deductible for income tax purposes. The OBBB, as defined in Note 2 - Summary of Significant Accounting Policies, extended key provisions of the 2017 Tax Cuts and Jobs Act, including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is continuing to evaluate the income tax impact of OBBB on the Company’s future consolidated financial statements.As of September 30, 2025 and 2024, the balance of reserves for uncertain tax positions was $0.7 million and zero, respectively.

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8.    Debt 

The following table summarizes the Company’s total debt (in thousands):September 30, 2025December 31, 2024Senior Secured Credit Facility:Term loan facility$— $233,875 Revolving credit facility— — Total secured credit facility— 233,875 2028 Convertible notes325,000 425,000 2031 Convertible notes345,000 — Other debt25,598 34,042 Total principal695,598 692,917 Unamortized discount and issuance costs, total(14,625)(15,633)Current portion of debt(22,595)(30,714)Total long-term debt, net of current portion$658,378 $646,570 Senior Secured Credit FacilityOn October 14, 2020, the Company entered into a