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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
Form 10-Q
______________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-33202
______________________________________
ua-20220930_g1.jpg
UNDER ARMOUR, INC.
(Exact name of registrant as specified in its charter)
______________________________________
Maryland 52-1990078
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
1020 Hull Street
Baltimore, Maryland 21230
 
(410) 468-2512
(Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Class A Common StockUAANew York Stock Exchange
Class C Common StockUANew York Stock Exchange
(Title of each class)(Trading Symbols)(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☑
As of October 31, 2022 there were 188,688,981 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 229,097,558 shares of Class C Common Stock outstanding.


UNDER ARMOUR, INC.
FORM 10-Q
TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
Under Armour, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited; In thousands, except share data)
September 30,
2022
March 31,
2022
Assets
Current assets
Cash and cash equivalents$853,652 $1,009,139 
       Accounts receivable, net (Note 3)
789,087 702,197 
Inventories1,080,420 824,455 
Prepaid expenses and other current assets, net356,244 297,034 
Total current assets3,079,403 2,832,825 
Property and equipment, net (Note 4)
636,746 601,365 
Operating lease right-of-use assets (Note 5)471,894 420,397 
Goodwill (Note 6)
468,332 491,508 
Intangible assets, net (Note 7)
9,291 10,580 
Deferred income taxes (Note 17)
18,528 20,141 
Other long-term assets85,877 76,016 
Total assets$4,770,071 $4,452,832 
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable$747,330 $560,331 
Accrued expenses353,435 317,963 
Customer refund liabilities (Note 11)
155,021 159,628 
Operating lease liabilities (Note 5)
132,184 134,833 
Other current liabilities85,294 125,840 
Total current liabilities1,473,264 1,298,595 
Long term debt, net of current maturities (Note 8)
673,382 672,286 
Operating lease liabilities, non-current (Note 5)
705,027 668,983 
Other long-term liabilities102,065 84,014 
Total liabilities2,953,738 2,723,878 
Stockholders' equity (Note 10)
Class A Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of September 30, 2022 and March 31, 2022; 188,688,514 shares issued and outstanding as of September 30, 2022 (March 31, 2022: 188,668,560)
63 63 
Class B Convertible Common Stock, $0.0003 1/3 par value; 34,450,000 shares authorized, issued and outstanding as of September 30, 2022 and March 31, 2022
11 11 
Class C Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of September 30, 2022 and March 31, 2022; 229,011,850 shares issued and outstanding as of September 30, 2022 (March 31, 2022: 238,472,217)
76 79 
Additional paid-in capital1,118,093 1,046,961 
Retained earnings716,325 721,926 
Accumulated other comprehensive income (loss)(18,235)(40,086)
Total stockholders' equity1,816,333 1,728,954 
Total liabilities and stockholders' equity$4,770,071 $4,452,832 
Commitments and Contingencies (Note 9)

See accompanying notes.
1

Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited; In thousands, except per share amounts)
 Three Months Ended September 30,Six Months Ended September 30,
 2022202120222021
Net revenues$1,573,885 $1,545,532 $2,922,942 $2,897,066 
Cost of goods sold860,051 757,428 1,578,911 1,440,141 
Gross profit713,834 788,104 1,344,031 1,456,925 
Selling, general and administrative expenses594,424 599,384 1,190,138 1,144,387 
Restructuring and impairment charges 16,656  19,269 
Income (loss) from operations119,410 172,064 153,893 293,269 
Interest income (expense), net(3,555)(9,261)(9,560)(22,568)
Other income (expense), net(5,771)(29,476)(20,012)(67,970)
Income (loss) before income taxes110,084 133,327 124,321 202,731 
Income tax expense (benefit) 22,251 18,962 27,908 28,989 
Income (loss) from equity method investments(908)(921)(1,806)(1,091)
Net income (loss)$86,925 $113,444 $94,607 $172,651 
Basic net income (loss) per share of Class A, B and C common stock (Note 18)$0.19 $0.24 $0.21 $0.37 
Diluted net income (loss) per share of Class A, B and C common stock (Note 18)$0.19 $0.24 $0.20 $0.37 
Weighted average common shares outstanding Class A, B and C common stock
Basic454,322 470,002 456,357 464,831 
Diluted464,141 473,116 466,143 467,730 
See accompanying notes.
2

Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited; In thousands)
 Three Months Ended September 30,Six Months Ended September 30,
 2022202120222021
Net income (loss)$86,925 $113,444 $94,607 $172,651 
Other comprehensive income (loss):
Foreign currency translation adjustment(16,974)(7,499)(40,499)(421)
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $(10,907) and $(4,900) for the three months ended September 30, 2022 and 2021, respectively, and $(20,086) and $(4,194) for the six months ended September 30, 2022 and 2021, respectively.
49,412 15,468 91,894 11,723 
Gain (loss) on intra-entity foreign currency transactions(16,010)(2,295)(29,544)353 
Total other comprehensive income (loss)16,428 5,674 21,851 11,655 
Comprehensive income (loss)$103,353 $119,118 $116,458 $184,306 
See accompanying notes.
3

Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited; In thousands)
Class A
Common Stock
Class B
Convertible
Common Stock
Class C
Common Stock
Additional Paid-in-CapitalRetained
Earnings
Accumulated Other Comprehensive Income (Loss)Total
Equity
SharesAmountSharesAmountSharesAmount
Balance as of June 30, 2021188,625 $63 34,450 $11 245,144 $81 $1,084,018 $806,140 $(43,603)$1,846,710 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — (52)— — (920)— (920)
Issuance of Class A Common Stock, net of forfeitures20 — — — — — — — —  
Issuance of Class C Common Stock, net of forfeitures— — — — 7,900 3 1,790 — — 1,793 
Stock-based compensation expense— — — — — — 11,048 — — 11,048 
Comprehensive income (loss)— — — — — — — 113,444 5,674 119,118 
Balance as of September 30, 2021188,645 $63 34,450 $11 252,992 $84 $1,096,856 $918,664 $(37,929)$1,977,749 
Balance as of March 31, 2021188,622 $62 34,450 $11 233,935 $78 $1,072,401 $747,231 $(49,584)$1,770,199 
Exercise of stock options3 — — — 4 — 17 — — 17 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — (63)— — (1,218)— (1,218)
Issuance of Class A Common Stock, net of forfeitures20 1 — — — — — — — 1 
Issuance of Class C Common Stock, net of forfeitures— — — — 19,116 6 1,858 — — 1,864 
Stock-based compensation expense— — — — — — 22,580 — — 22,580 
Comprehensive income (loss)— — — — — — — 172,651 11,655 184,306 
Balance as of September 30, 2021188,645 $63 34,450 $11 252,992 $84 $1,096,856 $918,664 $(37,929)$1,977,749 
See accompanying notes.



















4

Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited; In thousands)
Class A
Common Stock
Class B
Convertible
Common Stock
Class C
Common Stock
Additional Paid-in-CapitalRetained
Earnings
Accumulated Other Comprehensive Income (Loss)Total
Equity
SharesAmountSharesAmountSharesAmount
Balance as of June 30, 2022188,669 $63 34,450 $11 232,026 $77 $1,108,988 $654,599 $(34,663)$1,729,075 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — — — — (450)— (450)
Issuance of Class A Common Stock, net of forfeitures20 — — — — — — — — — 
Class C Common Stock repurchased— — — — (3,244)(1)(250)(24,749)— (25,000)
Issuance of Class C Common Stock, net of forfeitures— — — — 230 — 1,022 — — 1,022 
Stock-based compensation expense— — — — — — 8,333 — — 8,333 
Comprehensive income (loss)— — — — — — — 86,925 16,428 103,353 
Balance as of September 30, 2022188,689 $63 34,450 $11 229,012 $76 $1,118,093 $716,325 $(18,235)$1,816,333 
Balance as of March 31, 2022188,669 $63 34,450 $11 238,472 $79 $1,046,961 $721,926 $(40,086)$1,728,954 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — — — — (802)— (802)
Class C Common Stock repurchased— — — — (9,913)(3)49,409 (99,406)— (50,000)
Issuance of Class A Common Stock, net of forfeitures20 — — — — — — — —  
Issuance of Class C Common Stock, net of forfeitures— — — — 453 — 2,015 — — 2,015 
Stock-based compensation expense— — — — — — 19,708 — — 19,708 
Comprehensive income (loss)— — — — — — — 94,607 21,851 116,458 
Balance as of September 30, 2022188,689 $63 34,450 $11 229,012 $76 $1,118,093 $716,325 $(18,235)$1,816,333 
See accompanying notes.

5

Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited; In thousands)
 Six Months Ended September 30,
 20222021
Cash flows from operating activities
Net income (loss)$94,607 $172,651 
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization68,007 72,335 
Unrealized foreign currency exchange rate (gain) loss16,338 (2,349)
Loss on extinguishment of senior convertible notes 58,526 
Loss on disposal of property and equipment1,074 2,049 
Non-cash restructuring and impairment charges 6,302 
Amortization of bond premium and debt issuance costs1,096 14,629 
Stock-based compensation19,708 22,581 
Deferred income taxes(2,021)(23,405)
Changes in reserves and allowances4,452 (9,953)
Changes in operating assets and liabilities:
Accounts receivable(90,331)(29,586)
Inventories(266,824)14,956 
Prepaid expenses and other assets(15,486)(26,033)
Other non-current assets(36,932)32,712 
Accounts payable167,149 43,179 
Accrued expenses and other liabilities19,034 (1,432)
Customer refund liability(5,475)(18,123)
Income taxes payable and receivable23,105 31,417 
Net cash provided by (used in) operating activities(2,499)360,456 
Cash flows from investing activities
Purchases of property and equipment(93,864)(49,195)
Sale of property and equipment 852 
Earn-out from the sale of MyFitnessPal platform35,000  
Net cash provided by (used in) investing activities(58,864)(48,343)
Cash flows from financing activities
Payments on long-term debt and revolving credit facility (506,280)
Proceeds from capped call 91,722 
Common Shares repurchased(50,000) 
Employee taxes paid for shares withheld for income taxes(803)(1,322)
Proceeds from exercise of stock options and other stock issuances2,015 1,881 
Net cash provided by (used in) financing activities(48,788)(413,999)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(43,962)8,608 
Net increase (decrease) in cash, cash equivalents and restricted cash(154,113)(93,278)
Cash, cash equivalents and restricted cash
Beginning of period1,022,126 1,359,680 
End of period$868,013 $1,266,402 
Non-cash investing and financing activities
Change in accrual for property and equipment$866 $(3,278)

Reconciliation of cash, cash equivalents and restricted cashSeptember 30, 2022September 30, 2021
Cash and cash equivalents$853,652 $1,253,706 
Restricted cash14,361 12,696 
Total cash, cash equivalents and restricted cash$868,013 $1,266,402 
See accompanying notes.
6

Under Armour, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
(Unaudited; Tabular amounts in thousands, except share and per share data)

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Business
Under Armour, Inc. (together with its wholly owned subsidiaries, the "Company") is a developer, marketer and distributor of branded athletic performance apparel, footwear and accessories. The Company creates products engineered to make athletes better with a vision to inspire performance solutions you never knew you needed and can't imagine living without. The Company's products are made, sold and worn worldwide.
Fiscal Year End Change
As previously disclosed, the Company changed its fiscal year end from December 31 to March 31, effective for the fiscal year beginning April 1, 2022. The Company's current fiscal year will run from April 1, 2022 through March 31, 2023 (Fiscal 2023). Consequently, there was no Fiscal 2022.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements are presented in U.S. Dollars and include the accounts of Under Armour, Inc. and its wholly owned subsidiaries. Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair presentation of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation.
The unaudited Condensed Consolidated Balance Sheet as of September 30, 2022 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("Fiscal 2021"), filed with the SEC on February 23, 2022 ("Annual Report on Form 10-K for Fiscal 2021"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements and the Company's Transition Report on Form 10-QT for the three months ended March 31, 2022, filed with the SEC on May 9, 2022. The unaudited results for the three and six months ended September 30, 2022, are not necessarily indicative of the results to be expected for Fiscal 2023, or any other portions thereof.
Management Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates, judgments and assumptions are evaluated on an on-going basis. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable at that time; however, actual results could differ from these estimates.
As the impacts of major global events, including the COVID-19 pandemic, continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. The extent to which the evolving events impact the Company's financial statements will depend on a number of factors including, but not limited to, any new information that may emerge concerning the severity of these major events and the actions that governments around the world may take in response. While the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of this reporting date, the Company may experience further impacts based on long-term effects on the Company's customers and the countries in which the Company operates. Please see the risk factors discussed in Part I, Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for Fiscal 2021.


7

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Account Pronouncements
The Company assesses the applicability and impact of all Accounting Standard Updates ("ASUs"). There were no ASUs adopted during the first half of Fiscal 2023.
Recently Issued Accounting Pronouncements
In September 2022, the Financial Accounting Standards Board ("FASB") issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. ASU 2022-04, with the exception of the rollforward requirement, is effective for fiscal years beginning after December 15, 2022 and should be applied retrospectively to all periods for which a balance sheet is presented. The rollforward requirement is effective for fiscal years beginning after December 15, 2023 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements.

NOTE 3. ALLOWANCE FOR DOUBTFUL ACCOUNTS
The Company's allowance for doubtful accounts was established with information available as of September 30, 2022, including reasonable and supportable estimates of future risk.
The following table illustrates the activity in the Company's allowance for doubtful accounts:
Allowance for doubtful accounts - within accounts receivable, net
Allowance for doubtful accounts - within prepaid expenses and other current assets (1)
Balance at March 31, 2022$7,113 $7,029 
Increases (decreases) to costs and expenses139  
Write-offs, net of recoveries(851) 
Balance at September 30, 2022$6,401 $7,029 
(1) Includes an allowance pertaining to a royalty receivable.

NOTE 4. PROPERTY AND EQUIPMENT, NET
Property and equipment consisted of the following: 
As of September 30, 2022As of March 31, 2022
Leasehold and tenant improvements$456,260 $461,394 
Furniture, fixtures and displays265,161 263,749 
Buildings48,599 48,382 
Software360,640 339,722 
Office equipment130,024 132,452 
Plant equipment178,188 178,188 
Land83,626 83,626 
Construction in progress (1)
110,782 64,869 
Other13,079 5,751 
Subtotal property and equipment1,646,359 1,578,133 
Accumulated depreciation(1,009,613)(976,768)
Property and equipment, net$636,746 $601,365 
(1) Construction in progress primarily includes costs incurred for construction of corporate offices, software systems, leasehold improvements and in-store fixtures and displays not yet placed in use.

Depreciation expense related to property and equipment for the three and six months ended September 30, 2022 was $33.2 million and $67.1 million, respectively (three and six months ended September 30, 2021: $36.7 million and $72.5 million, respectively).
8

NOTE 5. LEASES
The Company enters into operating leases domestically and internationally to lease certain warehouse space, office facilities, space for its Brand and Factory House stores, and certain equipment under non-cancelable operating leases. The leases expire at various dates through 2035, excluding extensions at the Company's option, and include provisions for rental adjustments. Short-term lease payments were not material for the three and six months ended September 30, 2022 and 2021.
Lease Costs and Other Information
The Company recognizes lease expense on a straight-line basis over the lease term.
The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses within the Company's Condensed Consolidated Statements of Operations, for the periods indicated:
Three months ended September 30,Six months ended September 30,
2022202120222021
Operating lease costs$36,010 $35,630 $71,565 $72,038 
Variable lease costs$4,360 $4,650 $7,983 $9,105 
There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases. The Company rents or subleases excess office facilities and warehouse space to third parties. Sublease income is not material.
The weighted average remaining lease term and discount rate for the periods indicated below were as follows:
As of September 30, 2022As of March 31, 2022
Weighted average remaining lease term (in years)8.248.69
Weighted average discount rate4.26 %3.72 %
Supplemental Cash Flow Information
The following table presents supplemental information relating to cash flow arising from lease transactions:
Three months ended September 30,Six months ended September 30,
2022202120222021
Operating cash outflows from operating leases$42,254 $44,161 $84,119 $89,126 
Leased assets obtained in exchange for new operating lease liabilities$87,971 $5,348 $107,560 $14,322 
Maturity of Lease Liabilities
The following table presents the future minimum lease payments under the Company's operating lease liabilities as of September 30, 2022:
Fiscal year ending March 31,
2023 (six months ending)$79,425 
2024165,195 
2025145,072 
2026113,355 
202795,046 
2028 and thereafter397,650 
Total lease payments$995,743 
Less: Interest158,532 
Total present value of lease liabilities$837,211 
As of September 30, 2022, the Company has additional operating lease obligations that have not yet commenced of approximately $3.3 million, which are not reflected in the table above.
9

NOTE 6. GOODWILL
The following table summarizes changes in the carrying amount of the Company's goodwill by reportable segment as of the periods indicated:
 North America EMEAAsia-PacificLatin AmericaTotal
Balance as of March 31, 2022$301,371 $105,053 $85,084 $ $491,508 
Effect of currency translation adjustment (14,195)(8,981) (23,176)
Balance as of September 30, 2022$301,371 $90,858 $76,103 $ $468,332 

NOTE 7. INTANGIBLE ASSETS, NET
The following tables summarize the Company's intangible assets as of the periods indicated:
 As of September 30, 2022
Useful Lives from Date of Acquisitions (in years)Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Intangible assets subject to amortization:
Technology
5-7
$2,536 $(2,303)$233 
Customer relationships
2-6
8,070 (3,395)4,675 
Lease-related intangible assets
1-15
9,022 (8,860)162 
Other
5-10
475 (451)24 
Total$20,103 $(15,009)$5,094 
Indefinite-lived intangible assets4,197 
Intangible assets, net$9,291 
 As of March 31, 2022
Useful Lives from Date of Acquisitions
(in years)
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Intangible assets subject to amortization:
Technology
5-7
$2,536 $(2,103)$433 
Customer relationships
2-6
8,552 (2,893)5,659 
Lease-related intangible assets
1-15
9,112 (8,892)220 
Other
5-10
475 (427)48 
Total$20,675 $(14,315)$6,360 
Indefinite-lived intangible assets4,220 
Intangible assets, net$10,580 

    
Amortization expense, which is included in selling, general and administrative expenses, for the three and six months ended September 30, 2022 was $0.5 million and $0.9 million, respectively (three and six months ended September 30, 2021: $0.5 million and $1.0 million, respectively).
The following is the estimated amortization expense for the Company's intangible assets as of September 30, 2022:
Fiscal year ending March 31,
2023 (six months ending)$949 
20241,443 
20251,404 
20261,289 
20279 
2028 and thereafter 
Total amortization expense of intangible assets$5,094 

10

NOTE 8. CREDIT FACILITY AND OTHER LONG TERM DEBT
The Company's outstanding debt consisted of the following:
As of
September 30, 2022
As of
March 31, 2022
1.50% Convertible Senior Notes due 2024
$80,919 $80,919 
3.25% Senior Notes due 2026
600,000 600,000 
Total principal payments due680,919 680,919 
Unamortized debt discount on Senior Notes(941)(1,067)
Unamortized debt issuance costs - Convertible Senior Notes(472)(677)
Unamortized debt issuance costs - Senior Notes(1,997)(2,266)
Unamortized debt issuance costs - Credit facility(4,127)(4,623)
Total amount outstanding673,382 672,286 
Less:
Current portion of long-term debt:
Credit Facility borrowings  
Non-current portion of long-term debt$673,382 $672,286