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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 December 31, 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-20221231_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 January 31, 2023 there were 188,704,488 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 220,434,032 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)
December 31,
2022
March 31,
2022
Assets
Current assets
Cash and cash equivalents$849,546 $1,009,139 
       Accounts receivable, net (Note 3)
700,544 702,197 
Inventories1,217,780 824,455 
Prepaid expenses and other current assets, net348,734 297,034 
Total current assets3,116,604 2,832,825 
Property and equipment, net (Note 4)
655,612 601,365 
Operating lease right-of-use assets (Note 5)482,947 420,397 
Goodwill (Note 6)
479,975 491,508 
Intangible assets, net (Note 7)
9,198 10,580 
Deferred income taxes (Note 17)
20,237 20,141 
Other long-term assets62,982 76,016 
Total assets$4,827,555 $4,452,832 
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable$738,740 $560,331 
Accrued expenses388,159 317,963 
Customer refund liabilities (Note 11)
172,190 159,628 
Operating lease liabilities (Note 5)
137,310 134,833 
Other current liabilities65,730 125,840 
Total current liabilities1,502,129 1,298,595 
Long term debt, net of current maturities (Note 8)
673,930 672,286 
Operating lease liabilities, non-current (Note 5)
707,905 668,983 
Other long-term liabilities111,589 84,014 
Total liabilities2,995,553 2,723,878 
Stockholders' equity (Note 10)
Class A Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2022 and March 31, 2022; 188,688,981 shares issued and outstanding as of December 31, 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 December 31, 2022 and March 31, 2022
11 11 
Class C Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2022 and March 31, 2022; 221,435,846 shares issued and outstanding as of December 31, 2022 (March 31, 2022: 238,472,217)
73 79 
Additional paid-in capital1,118,529 1,046,961 
Retained earnings772,891 721,926 
Accumulated other comprehensive income (loss)(59,565)(40,086)
Total stockholders' equity1,832,002 1,728,954 
Total liabilities and stockholders' equity$4,827,555 $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 December 31,Nine Months Ended December 31,
 2022202120222021
Net revenues$1,581,781 $1,529,205 $4,504,723 $4,426,271 
Cost of goods sold883,376 753,272 2,462,287 2,193,413 
Gross profit698,405 775,933 2,042,436 2,232,858 
Selling, general and administrative expenses603,746 675,666 1,793,884 1,820,053 
Restructuring and impairment charges 14,136  33,405 
Income (loss) from operations94,659 86,131 248,552 379,400 
Interest income (expense), net(1,615)(7,595)(11,175)(30,163)
Other income (expense), net47,312 24,037 27,300 (43,933)
Income (loss) before income taxes140,356 102,573 264,677 305,304 
Income tax expense (benefit) 18,811 (6,798)46,719 22,191 
Income (loss) from equity method investments72 286 (1,734)(805)
Net income (loss)$121,617 $109,657 $216,224 $282,308 
Basic net income (loss) per share of Class A, B and C common stock (Note 18)$0.27 $0.23 $0.48 $0.60 
Diluted net income (loss) per share of Class A, B and C common stock (Note 18)$0.27 $0.23 $0.47 $0.60 
Weighted average common shares outstanding Class A, B and C common stock
Basic448,833 476,178 453,840 468,627 
Diluted458,990 479,728 463,750 471,743 
See accompanying notes.
2

Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited; In thousands)
 Three Months Ended December 31,Nine Months Ended December 31,
 2022202120222021
Net income (loss)$121,617 $109,657 $216,224 $282,308 
Other comprehensive income (loss):
Foreign currency translation adjustment16,433 (9,449)(24,066)(9,870)
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $18,689 and $(298) for the three months ended December 31, 2022 and 2021, respectively, and $(1,397) and $(4,492) for the nine months ended December 31, 2022 and 2021, respectively.
(66,541)(1,918)25,353 9,805 
Gain (loss) on intra-entity foreign currency transactions8,778 1,686 (20,766)2,039 
Total other comprehensive income (loss)(41,330)(9,681)(19,479)1,974 
Comprehensive income (loss)$80,287 $99,976 $196,745 $284,282 
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 September 30, 2021188,645 $63 34,450 $11 252,992 $84 $1,096,856 $918,664 $(37,929)$1,977,749 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — — — — (488)— (488)
Issuance of Class A Common Stock, net of forfeitures6 — — — — — — — —  
Issuance of Class C Common Stock, net of forfeitures— — — — 169 — 915 — — 915 
Stock-based compensation expense— — — — — — 10,842 — — 10,842 
Comprehensive income (loss)— — — — — — — 109,657 (9,681)99,976 
Balance as of December 31, 2021188,651 $63 34,450 $11 253,161 $84 $1,108,613 $1,027,833 $(47,610)$2,088,994 
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)— — (1,706)— (1,706)
Issuance of Class A Common Stock, net of forfeitures26 1 — — — — — — — 1 
Issuance of Class C Common Stock, net of forfeitures— — — — 19,285 6 2,773 — — 2,779 
Stock-based compensation expense— — — — — — 33,422 — — 33,422 
Comprehensive income (loss)— — — — — — — 282,308 1,974 284,282 
Balance as of December 31, 2021188,651 $63 34,450 $11 253,161 $84 $1,108,613 $1,027,833 $(47,610)$2,088,994 
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 September 30, 2022188,689 $63 34,450 $11 229,012 $76 $1,118,093 $716,325 $(18,235)$1,816,333 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — — — — (66)— (66)
Class C Common Stock repurchased— — — — (7,762)(3)(10,012)(64,985)— (75,000)
Issuance of Class C Common Stock, net of forfeitures— — — — 186 — 794 — — 794 
Stock-based compensation expense— — — — — — 9,654 — — 9,654 
Comprehensive income (loss)— — — — — — — 121,617 (41,330)80,287 
Balance as of December 31, 2022188,689 $63 34,450 $11 221,436 $73 $1,118,529 $772,891 $(59,565)$1,832,002 
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— — — — — — — (868)— (868)
Class C Common Stock repurchased— — — — (17,675)(6)39,397 (164,391)— (125,000)
Issuance of Class A Common Stock, net of forfeitures20 — — — — — — — —  
Issuance of Class C Common Stock, net of forfeitures— — — — 639 — 2,809 — — 2,809 
Stock-based compensation expense— — — — — — 29,362 — — 29,362 
Comprehensive income (loss)— — — — — — — 216,224 (19,479)196,745 
Balance as of December 31, 2022188,689 $63 34,450 $11 221,436 $73 $1,118,529 $772,891 $(59,565)$1,832,002 
See accompanying notes.

5

Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited; In thousands)
 Nine Months Ended December 31,
 20222021
Cash flows from operating activities
Net income (loss)$216,224 $282,308 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization102,656 105,632 
Unrealized foreign currency exchange rate (gain) loss(19,424)4,175 
Loss on extinguishment of senior convertible notes 58,526 
Loss on disposal of property and equipment1,411 3,893 
Non-cash restructuring and impairment charges 21,337 
Amortization of bond premium and debt issuance costs1,644 11,618 
Stock-based compensation29,362 33,422 
Deferred income taxes(132)(2,633)
Changes in reserves and allowances7,316 (16,504)
Changes in operating assets and liabilities:
Accounts receivable1,026 139,340 
Inventories(401,551)44,041 
Prepaid expenses and other assets(68,931)(12,071)
Other non-current assets(46,272)60,315 
Accounts payable168,681 106,119 
Accrued expenses and other liabilities50,892 7,047 
Customer refund liability12,440 (27,912)
Income taxes payable and receivable19,057 (3,236)
Net cash provided by (used in) operating activities74,399 815,417 
Cash flows from investing activities
Purchases of property and equipment(147,620)(61,294)
Sale of property and equipment 852 
Earn-out from the sale of MyFitnessPal platform35,000  
Net cash provided by (used in) investing activities(112,620)(60,442)
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(125,000) 
Employee taxes paid for shares withheld for income taxes(868)(1,682)
Proceeds from exercise of stock options and other stock issuances2,809 2,830 
Payments of debt financing costs (1,884)
Net cash provided by (used in) financing activities(123,059)(415,294)
Effect of exchange rate changes on cash, cash equivalents and restricted cash3,205 (16,491)
Net increase (decrease) in cash, cash equivalents and restricted cash(158,075)323,190 
Cash, cash equivalents and restricted cash
Beginning of period1,022,126 1,359,680 
End of period$864,051 $1,682,870 
Non-cash investing and financing activities
Change in accrual for property and equipment$(706)$20,640 

Reconciliation of cash, cash equivalents and restricted cashDecember 31, 2022December 31, 2021
Cash and cash equivalents$849,546 $1,669,453 
Restricted cash14,505 13,417 
Total cash, cash equivalents and restricted cash$864,051 $1,682,870 
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 December 31, 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 nine months ended December 31, 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 nine months 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 December 31, 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 expenses790  
Write-offs, net of recoveries(1,281)(6,508)
Balance at December 31, 2022$6,622 $521 
(1) Includes an allowance pertaining to a royalty receivable.

NOTE 4. PROPERTY AND EQUIPMENT, NET
Property and equipment consisted of the following: 
As of December 31, 2022As of March 31, 2022
Leasehold and tenant improvements$452,824 $461,394 
Furniture, fixtures and displays282,147 263,749 
Buildings48,632 48,382 
Software374,845 339,722 
Office equipment130,776 132,452 
Plant equipment178,189 178,188 
Land83,626 83,626 
Construction in progress (1)
115,954 64,869 
Other19,770 5,751 
Subtotal property and equipment1,686,763 1,578,133 
Accumulated depreciation(1,031,151)(976,768)
Property and equipment, net$655,612 $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 nine months ended December 31, 2022 was $34.2 million and $101.3 million, respectively (three and nine months ended December 31, 2021: $32.8 million and $105.3 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 nine months ended December 31, 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 December 31,Nine months ended December 31,
2022202120222021
Operating lease costs$39,477 $35,992 $111,042 $108,030 
Variable lease costs$3,560 $4,090 $11,543 $13,195 
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 December 31, 2022As of March 31, 2022
Weighted average remaining lease term (in years)8.128.69
Weighted average discount rate4.51 %3.72 %
Supplemental Cash Flow Information
The following table presents supplemental information relating to cash flow arising from lease transactions:
Three months ended December 31,Nine months ended December 31,
2022202120222021
Operating cash outflows from operating leases$42,545 $42,356 $126,664 $131,482 
Leased assets obtained in exchange for new operating lease liabilities$32,804 $9,848 $140,364 $24,170 
Maturity of Lease Liabilities
The following table presents the future minimum lease payments under the Company's operating lease liabilities as of December 31, 2022:
Fiscal year ending March 31,
2023 (three months ending)$38,262 
2024173,175 
2025153,843 
2026121,400 
2027101,632 
2028 and thereafter422,433 
Total lease payments$1,010,745 
Less: Interest165,530 
Total present value of lease liabilities$845,215 
9

As of December 31, 2022, the Company has additional operating lease obligations that have not yet commenced of approximately $13.4 million, which are not reflected in the table above.

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 (6,043)(5,490) (11,533)
Balance as of December 31, 2022$301,371 $99,010 $79,594 $ $479,975 

NOTE 7. INTANGIBLE ASSETS, NET
The following tables summarize the Company's intangible assets as of the periods indicated:
 As of December 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 $(2,403)$133 
Customer relationships
2-6
8,642 (3,998)4,644 
Lease-related intangible assets
1-15
1,581 (1,439)142 
Other
5-10
475 (463)12 
Total$13,234 $(8,303)$4,931 
Indefinite-lived intangible assets4,267 
Intangible assets, net$9,198 

 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 nine months ended December 31, 2022 was $0.5 million and $1.4 million, respectively (three and nine months ended December 31, 2021: $0.5 million and $1.4 million, respectively).
During the three months ended December 31, 2022, the Company reduced the gross carrying amount and related accumulated amortization of certain of its lease-related intangible assets by $7.8 million as a result of such assets being fully amortized and no longer in use.
10

The following is the estimated amortization expense for the Company's intangible assets as of December 31, 2022:
Fiscal year ending March 31,
2023 (three months ending)$499 
20241,541 
20251,502 
20261,380 
20279 
2028 and thereafter 
Total amortization expense of intangible assets$4,931 

NOTE 8. CREDIT FACILITY AND OTHER LONG TERM DEBT
The Company's outstanding debt consisted of the following:
As of
December 31, 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(877)(1,067)
Unamortized debt issuance costs - Convertible Senior Notes(370)(677)
Unamortized debt issuance costs - Senior Notes(1,862)(2,266)
Unamortized debt issuance costs - Credit facility(3,880)(4,623)
Total amount outstanding673,930 672,286 
Less:
Current portion of long-term debt:
Credit Facility borrowings  
Non-current portion of long-term debt$673,930 $672,286 
Credit Facility
On March 8, 2019, the Company entered into an amended and restated credit agreement by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In May 2020, May 2021 and December 2021, the Company entered into the first, second and third amendments to the credit agreement, respectively (the credit agreement as amended, the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for revolving credit commitments of $