Company: ARRY
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001820721-25-000085
Chunk: 114

Company: Array Technologies, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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 was recorded discretely for the three and six months ended June 30, 2025, respectively.The income tax expense for the three and six months ended June 30, 2024 was impacted by higher profits in non-US jurisdictions. Additionally, tax expense of $0.1 million and $0.5 million related to equity-based compensation was recorded discretely for the three and six months ended June 30, 2024.The OBBB, as defined in Note 2, 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 currently evaluating the income tax impact of OBBB on the Company’s future consolidated financial statements.As of June 30, 2025 and 2024, the balance of reserves for uncertain tax positions was $0.7 million and zero, respectively.

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7.    Debt 

The following table summarizes the Company’s total debt (in thousands):June 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 debt39,325 34,042 Total principal709,325 692,917 Unamortized discount and issuance costs, total(15,477)(15,633)Current portion of debt(36,257)(30,714)Total long-term debt, net of current portion$657,591 $646,570 Senior Secured Credit FacilityOn 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, on February 26, 2021 and again on March 2, 2023 (the “Third Amendment”).On May 1, 2025, Array Tech, Inc