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    UNDER ARMOUR REPORTS FIRST QUARTER 2025 RESULTS; UPDATES FISCAL 2025 OUTLOOK

    8/8/24 6:55:00 AM ET
    $UA
    $UAA
    Apparel
    Consumer Discretionary
    Apparel
    Consumer Discretionary
    Get the next $UA alert in real time by email

    BALTIMORE, Aug. 8, 2024 /PRNewswire/ -- Under Armour, Inc. (NYSE:UA, UAA))) announced unaudited financial results for its first quarter fiscal 2025, which ended June 30, 2024. The company reports its financial performance following accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures described below under the "Non-GAAP Financial Information" paragraph.

    Under Armour, Inc. Logo. (PRNewsFoto/Under Armour, Inc.)

    "We are encouraged by early progress in our efforts to reconstitute a premium positioning for the Under Armour brand and pleased with our first quarter fiscal 2025 results that were ahead of expectations," said Under Armour President and CEO Kevin Plank. "Our renewed energy and alignment are proving to be critical enablers as we work to deliver superior products and storytelling while driving efficiencies, reducing promotional activity, and complexity."

    Plank continued, "With the strongest product organization we've had in many years and strengthened brand leadership, we're confident in our ability to elevate our design and innovation over the coming seasons and amplify our unique connection with athletes as their brand of choice."

    First Quarter Fiscal 2025 Review

    • Revenue was down 10 percent to $1.2 billion (down 10 percent currency neutral).
      • North America revenue decreased 14 percent to $709 million, and international revenue decreased 2 percent to $473 million (down 2 percent currency neutral). In the international business, revenue in EMEA was flat (flat currency neutral), down 10 percent in Asia-Pacific (down 7 percent currency neutral), and up 16 percent in Latin America (up 12 percent currency neutral).
      • Wholesale revenue decreased 8 percent to $681 million, and direct-to-consumer revenue was down 12 percent to $480 million. Owned and operated store revenue declined 3 percent. Because of planned decreases in promotional activities, eCommerce revenue decreased 25 percent, representing 34 percent of the total direct-to-consumer business for the quarter.
      • Apparel revenue decreased 8 percent to $758 million, footwear revenue was down 15 percent to $310 million, and accessories revenue was down 5 percent to $93 million.
    • Gross margin increased 110 basis points to 47.5 percent, driven primarily by lower levels of discounting in the direct-to-consumer business and lower product costs. This was partially offset by unfavorable foreign currency impacts, channel and regional mix, and headwinds due to the timing of prior year supply chain benefits.
    • Due to a litigation reserve, selling, general, and administrative expenses were up 42 percent to $837 million. Adjusted selling, general, and administrative expenses were down 6 percent to $555 million, which excludes $274 million of litigation reserve expense, net of a related $60 million insurance receivable, and approximately $9 million of transformation expenses related to our Fiscal 25 restructuring program.
    • Restructuring charges were $25 million.
    • Operating loss was $300 million. Excluding transformation expenses and other charges totaling $308 million, adjusted operating income was $8 million.
    • Net loss was $305 million. Adjusted net income was $4 million.
    • Diluted loss per share was $0.70. Adjusted diluted earnings per share was $0.01.
    • Inventory was down 15 percent to $1.1 billion.
    • At the end of the quarter, cash and cash equivalents were $885 million, and no borrowings were outstanding under the company's $1.1 billion revolving credit facility.

    Share Buyback Program

    In May 2024, Under Armour announced that its Board of Directors authorized a $500 million stock repurchase plan. In the first quarter, the company repurchased $40 million of its Class C common stock, reflecting 5.9 million shares retired, leaving approximately $460 million under the authorization.

    Fiscal 2025 Restructuring Plan

    In May 2024, Under Armour announced a restructuring plan designed to strengthen and support the company's financial and operational efficiencies. Of the estimated $70 million to $90 million restructuring plan range, the company recognized $25 million of restructuring and impairment charges and $9 million of other related transformational expenses. Of the total $34 million incurred to date, $19 million has been cash, and $15 million has been non-cash charges. The company anticipates the remainder of the charges under the existing restructuring plan to occur during fiscal 2025.

    Updated Fiscal 2025 Outlook

    Key points related to Under Armour's fiscal 2025 outlook include:

    • Revenue is expected to be down at a low double-digit percentage rate. This includes an expected 14 to 16 percent decline (previously a 15 to 17 percent decline) in North America as the company works to reset this business meaningfully and a low-single-digit percent decline in its international business, including flat results in EMEA offset by a high-single-digit decline in its Asia-Pacific business due to developing macroeconomic pressures.
    • Gross margin is expected to be up 75 to 100 basis points compared to the prior year, driven by a material reduction in promotional and discounting activities in the company's direct-to-consumer business and product costing benefits. This is expected to be partially offset by emerging headwinds from higher ocean freight costs, unfavorable impacts from changes in foreign currency, and unfavorable channel mix.
    • Selling, general, and administrative expenses are expected to be up at a mid-to-high-single digit percent rate due to litigation expenses. Adjusted selling, general, and administrative expenses are expected to be down at a low-to-mid-single digit rate.
    • Operating loss is expected to be $194 to $214 million. Excluding the mid-point of anticipated restructuring charges and the litigation reserve expense, adjusted operating income is expected to be $140 to $160 million versus the previous expectation of $130 to $150 million.
    • Diluted loss per share is expected to be between $0.53 and $0.56, and adjusted diluted earnings per share are expected to be between $0.19 and $0.22.
    • Capital expenditures are expected to be between $200 to $220 million.

    Conference Call and Webcast

    Under Armour will hold its first quarter fiscal 2025 conference call today at approximately 8:30 a.m. Eastern Time. The call will be webcast live at https://about.underarmour.com/investor-relations/financials and will be archived and available for replay about three hours after the live event.

    Non-GAAP Financial Information

    This press release refers to "currency-neutral" and "adjusted" results, as well as "adjusted" forward-looking estimates of the company's results for its 2025 fiscal year ending March 31, 2025. Management believes this information is helpful to investors in comparing the company's results of operations period-over-period because it enhances visibility into its actual underlying results, excluding these impacts. Currency-neutral financial information is calculated to exclude changes in foreign currency exchange rates. References to adjusted financial measures exclude the company's litigation reserve expense, any gain or loss in connection with the sale of the MyFitnessPal platform, and the impact of the company's fiscal year 2025 restructuring plan and related charges and related tax effects. Management believes these adjustments are not core to the company's operations. The reconciliation of non-GAAP amounts to the most directly comparable financial measure calculated according to GAAP is presented in supplemental financial information furnished with this release. All per-share amounts are reported on a diluted basis. These supplemental non-GAAP financial measures should not be considered in isolation. They should be contemplated in addition to, and not as an alternative to, the company's reported results prepared per GAAP. Additionally, the company's non-GAAP financial information may not be comparable to similarly titled measures reported by other companies.

    About Under Armour, Inc.

    Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com.

    Forward-Looking Statements

    Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, our future financial condition or results of operations, our prospects and strategies for future growth, potential restructuring efforts, including the scope of these restructuring efforts and the amount of potential charges and costs, the timing of these measures and the anticipated benefits of our restructuring plans, expectations regarding promotional activities, freight, product cost pressures, and foreign currency impacts, the impact of global economic conditions and inflation on our results of operations, our liquidity and use of capital resources, the development and introduction of new products, the implementation of our marketing and branding strategies, the future benefits and opportunities from significant investments, and the impact of litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as "may," "will," "could," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology. The forward-looking statements in this press release reflect our current views about future events. They are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: changes in general economic or market conditions, including increasing inflation, that could affect overall consumer spending or our industry; increased competition causing us to lose market share or reduce the prices of our products or to increase our marketing efforts significantly; fluctuations in the costs of raw materials and commodities we use in our products and our supply chain (including labor); our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; changes to the financial health of our customers; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer shopping and engagement preferences and consumer demand for our products and manage our inventory in response to changing demands; our ability to successfully execute any potential restructuring plans and realize their expected benefits; loss of key customers, suppliers or manufacturers; our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; the impact of global events beyond our control, including military conflicts; the impact of global or regional public health emergencies on our industry and our business, financial condition and results of operations, including impacts on the global supply chain; our ability to successfully manage or realize expected results from significant transactions and investments; our ability to effectively market and maintain a positive brand image; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to effectively meet regulatory requirements and stakeholder expectations with respect to sustainability and social matters; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation or application of our global operating and financial reporting information technology system; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations, and the potential impact of new trade, tariff and tax regulations on our profitability; risks related to data security or privacy breaches; and our potential exposure to and the financial impact of litigation and other proceedings. The forward-looking statements here reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect unanticipated events.

     

    As previously disclosed, during Fiscal 2024, we identified and corrected certain accounting errors, primarily related to cost of goods sold and selling, general and administrative expenses on the Consolidated Statement of Operations, as well as corresponding impacts to our other Consolidated Financial Statements. The impacts of these revisions were not material to our previously filed financial statements. Information presented in the tables below for the three months ended June 30, 2023, has been revised to reflect these corrections. See Note 1 to the Company's Condensed Consolidated Financial Statements included in Part I, Item 1 of the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2024, to be filed with the Securities and Exchange Commission.

     

    Under Armour, Inc.

    For the Three Months Ended June 30, 2024, and 2023

    (Unaudited; in thousands, except per share amounts)

     

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATION

     



    Three Months Ended June 30,

    in '000s

    2024



    % of Net

    Revenues



    2023



    % of Net

    Revenues

    Net revenues

    $      1,183,665



    100.0 %



    $      1,316,965



    100.0 %

    Cost of goods sold

    620,990



    52.5 %



    705,470



    53.6 %

    Gross profit

    562,675



    47.5 %



    611,495



    46.4 %

    Selling, general and administrative expenses

    837,317



    70.7 %



    589,072



    44.7 %

    Restructuring charges

    25,086



    2.1 %



    —



    — %

    Income (loss) from operations

    (299,728)



    (25.3) %



    22,423



    1.7 %

    Interest income (expense), net

    2,344



    0.2 %



    (1,626)



    (0.1) %

    Other income (expense), net

    (2,730)



    (0.2) %



    (6,060)



    (0.5) %

    Income (loss) before income taxes

    (300,114)



    (25.4) %



    14,737



    1.1 %

    Income tax expense (benefit)

    5,149



    0.4 %



    4,328



    0.3 %

    Income (loss) from equity method investments

    (163)



    — %



    (399)



    — %

    Net income (loss)

    $        (305,426)



    (25.8) %



    $            10,010



    0.8 %

















    Basic net income (loss) per share of Class A, B and C common stock

    $              (0.70)







    $                0.02





    Diluted net income (loss) per share of Class A, B and C common stock

    $              (0.70)







    $                0.02





    Weighted average common shares outstanding Class A, B and C common stock

    Basic

    435,693







    444,872





    Diluted

    435,693







    454,506





     

    Under Armour, Inc.

    For the Three Months Ended June 30, 2024, and 2023

    (Unaudited; in thousands)

     

    NET REVENUES BY SEGMENT





    Three Months Ended June 30,

    in '000s

    2024



    2023



    % Change

    North America

    $       709,260



    $       826,605



    (14.2) %

    EMEA

    226,892



    226,641



    0.1 %

    Asia-Pacific

    181,836



    202,232



    (10.1) %

    Latin America

    64,409



    55,739



    15.6 %

    Corporate Other (1)

    1,268



    5,748



    (77.9) %

    Total net revenues

    $    1,183,665



    $    1,316,965



    (10.1) %



    NET REVENUES BY DISTRIBUTION CHANNEL





    Three Months Ended June 30,

    in '000s

    2024



    2023



    % Change

    Wholesale

    $       680,513



    $       741,958



    (8.3) %

    Direct-to-consumer

    480,213



    544,187



    (11.8) %

    Net Sales

    1,160,726



    1,286,145



    (9.8) %

    License revenues

    21,671



    25,072



    (13.6) %

    Corporate Other (1)

    1,268



    5,748



    (77.9) %

    Total net revenues

    $    1,183,665



    $    1,316,965



    (10.1) %



    NET REVENUES BY PRODUCT CATEGORY





    Three Months Ended June 30,

    in '000s

    2024



    2023



    % Change

    Apparel

    $       757,792



    $       824,613



    (8.1) %

    Footwear

    310,389



    363,670



    (14.7) %

    Accessories

    92,545



    97,862



    (5.4) %

    Net Sales

    1,160,726



    1,286,145



    (9.8) %

    Licensing revenues

    21,671



    25,072



    (13.6) %

    Corporate Other (1)

    1,268



    5,748



    (77.9) %

    Total net revenues

    $    1,183,665



    $    1,316,965



    (10.1) %



    (1) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the Company's operating segments but managed through the Company's central foreign exchange risk management program, subscription revenues from the Company's MapMyRun and MapMyRide platforms (collectively "MMR", and revenue from other digital business opportunities.

     

    Under Armour, Inc.

    For the Three Months Ended June 30, 2024, and 2023

    (Unaudited; in thousands)

     

    INCOME (LOSS) FROM OPERATIONS BY SEGMENT





    Three Months Ended June 30,

    in '000s

    2024

    % of Net

    Revenues (1)



    2023

    % of Net

    Revenues (1)

    North America

    $       147,889

    20.9 %



    $       160,714

    19.4 %

    EMEA

    20,456

    9.0 %



    29,779

    13.1 %

    Asia-Pacific

    9,935

    5.5 %



    15,398

    7.6 %

    Latin America

    15,171

    23.6 %



    5,777

    10.4 %

    Corporate Other (2)

    (493,179)

    NM



    (189,245)

    NM

    Income (loss) from operations

    $     (299,728)

    (25.3) %



    $         22,423

    1.7 %



    (1) The percentage of operating income (loss) is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM).



    (2) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the Company's operating segments but managed through the Company's central foreign exchange risk management program, subscription revenues from the Company's MapMyRun and MapMyRide platforms (collectively "MMR"), and revenue from other digital business opportunities. Corporate Other also includes expenses related to the Company's central supporting functions.

     

    Under Armour, Inc.

    As of June 30, 2024, and March 31, 2024

    (Unaudited; in thousands)

     

    CONDENSED CONSOLIDATED BALANCE SHEETS

     



    in '000s



    June 30, 2024



    March 31, 2024

    Assets









    Current assets









    Cash and cash equivalents



    $                           884,552



    $                           858,691

    Accounts receivable, net



    684,695



    757,339

    Inventories



    1,119,599



    958,495

    Prepaid expenses and other current assets, net



    279,140



    289,157

    Total current assets



    2,967,986



    2,863,682

    Property and equipment, net



    671,144



    664,503

    Operating lease right-of-use assets



    418,794



    434,699

    Goodwill



    476,098



    478,302

    Intangible assets, net



    6,433



    7,000

    Deferred income taxes



    228,468



    221,033

    Other long-term assets



    91,588



    91,515

    Total assets



    $                        4,860,511



    $                        4,760,734

    Liabilities and Stockholders' Equity









    Current maturities of long-term debt



    $                                      —



    $                             80,919

    Accounts payable



    697,983



    483,731

    Accrued expenses



    697,722



    287,853

    Customer refund liabilities



    130,506



    139,283

    Operating lease liabilities



    134,976



    139,331

    Other current liabilities



    57,104



    34,344

    Total current liabilities



    1,718,291



    1,165,461

    Long-term debt, net of current maturities



    595,384



    594,873

    Operating lease liabilities, non-current



    612,416



    627,665

    Other long-term liabilities



    117,848



    219,449

    Total liabilities



    3,043,939



    2,607,448

    Total stockholders' equity



    1,816,572



    2,153,286

    Total liabilities and stockholders' equity



    $                        4,860,511



    $                        4,760,734

     

    Under Armour, Inc.

    For the Three Months Ended June 30, 2024 and 2023

    (Unaudited; in thousands)

     

     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS





    Three Months Ended June 30,

    in '000s

    2024



    2023

    Cash flows from operating activities







    Net income (loss)

    $         (305,426)



    $             10,010

    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities







    Depreciation and amortization

    32,830



    34,695

    Unrealized foreign currency exchange rate (gain) loss

    1,610



    8,230

    Loss on disposal of property and equipment

    379



    405

    Non-cash restructuring and impairment charges

    8,038



    —

    Amortization of bond premium and debt issuance costs

    511



    548

    Stock-based compensation

    15,924



    11,777

    Deferred income taxes

    7,071



    (8,756)

    Changes in reserves and allowances

    (22)



    12,005

    Changes in operating assets and liabilities:







    Accounts receivable

    71,014



    63,725

    Inventories

    (162,623)



    (145,023)

    Prepaid expenses and other assets

    (34,830)



    (10,148)

    Other non-current assets

    13,837



    28,715

    Accounts payable

    200,289



    46,854

    Accrued expenses and other liabilities

    320,270



    (46,795)

    Customer refund liabilities

    (9,007)



    (24,472)

    Income taxes payable and receivable

    (6,890)



    12,223

    Net cash provided by (used in) operating activities

    152,975



    (6,007)

    Cash flows from investing activities







    Purchases of property and equipment

    (45,681)



    (32,553)

    Sale of MyFitnessPal platform

    50,000



    45,000

    Net cash provided by (used in) investing activities

    4,319



    12,447

    Cash flows from financing activities







    Common shares repurchased

    (40,000)



    —

    Repayment of long-term debt

    (80,919)



    —

    Employee taxes paid for shares withheld for income taxes

    (7,944)



    (2,104)

    Proceeds from exercise of stock options and other stock issuances

    643



    870

    Net cash provided by (used in) financing activities

    (128,220)



    (1,234)

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

    (2,830)



    (12,087)

    Net increase (decrease) in cash, cash equivalents and restricted cash

    26,244



    (6,881)

    Cash, cash equivalents and restricted cash







    Beginning of period

    876,917



    726,745

    End of period

    $           903,161



    $           719,864

     

    Under Armour, Inc.

    For the Three Months Ended June 30, 2024

    (Unaudited)

     

    The table below presents the reconciliation of net revenue growth (decline) calculated according to GAAP to currency-neutral net revenue,

    a non-GAAP measure. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.

     

    CURRENCY-NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION





    Three Months Ended

    June 30, 2024

    Total Net Revenue



    Net revenue growth - GAAP

    (10.1) %

    Foreign exchange impact

    0.2 %

    Currency neutral net revenue growth - Non-GAAP

    (9.9) %





    North America



    Net revenue growth - GAAP

    (14.2) %

    Foreign exchange impact

    — %

    Currency neutral net revenue growth - Non-GAAP

    (14.2) %





    EMEA



    Net revenue growth - GAAP

    0.1 %

    Foreign exchange impact

    (0.4) %

    Currency neutral net revenue growth - Non-GAAP

    (0.3) %





    Asia-Pacific



    Net revenue growth - GAAP

    (10.1) %

    Foreign exchange impact

    2.8 %

    Currency neutral net revenue growth - Non-GAAP

    (7.3) %





    Latin America



    Net revenue growth - GAAP

    15.6 %

    Foreign exchange impact

    (3.9) %

    Currency neutral net revenue growth - Non-GAAP

    11.7 %





    Total International



    Net revenue growth - GAAP

    (2.4) %

    Foreign exchange impact

    0.6 %

    Currency neutral net revenue growth - Non-GAAP

    (1.8) %



    Under Armour, Inc.

    For the Three Months Ended June 30, 2024

    (Unaudited; in thousands, except per share amounts)

     

    The tables below present the reconciliation of the Company's condensed consolidated statement of operations presented in

    accordance with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information"

    above for further information regarding the Company's use of non-GAAP financial measures.

     

    ADJUSTED SELLING GENERAL AND ADMINISTRATIVE EXPENSES

     



    in '000s

    Three months ended

    June 30, 2024

    GAAP selling, general and administrative expenses

    $                         837,317

    Add: Impact of litigation reserve

    (274,000)

    Add: Impact of restructuring-related transformational expenses

    (8,657)

    Adjusted selling, general and administrative expenses

    $                         554,660



    ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION



    in '000s

    Three months ended

    June 30, 2024

    GAAP loss from operations

    $                       (299,728)

    Add: Impact of litigation reserve

    274,000

    Add: Impact of restructuring charges

    25,086

    Add: Impact of restructuring-related transformational expenses

    8,657

    Adjusted income from operations

    $                             8,015



    ADJUSTED NET INCOME (LOSS) RECONCILIATION



    in '000s

    Three months ended

    June 30, 2024

    GAAP net loss

    $                       (305,426)

    Add: Impact of litigation reserve

    274,000

    Add: Impact of restructuring charges

    25,086

    Add: Impact of restructuring-related transformational expenses

    8,657

    Add: Impact of provision for income taxes

    1,339

    Adjusted net income

    $                             3,656



     Under Armour, Inc.

    For the Three Months Ended June 30, 2024

    (Unaudited; in thousands, except per share amounts)

     

    The tables below present the reconciliation of the Company's condensed consolidated statement of operations presented in

    accordance with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information"

    above for further information regarding the Company's use of non-GAAP financial measures.

     

    ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION





    Three months ended

    June 30, 2024

    GAAP diluted net loss per share

    $                              (0.70)

    Add: Impact of litigation reserve

    0.63

    Add: Impact of restructuring charges

    0.06

    Add: Impact of restructuring-related transformational expenses

    0.02

    Add: Impact of provision for income taxes

    —

    Adjusted diluted net income per share

    $                               0.01

     

    Under Armour, Inc.

    Outlook for the Year Ended March 31, 2025

    (Unaudited; in millions, except per share amounts)

     

    The tables below present the reconciliation of the Company's fiscal 2025 outlook presented in accordance with GAAP to certain adjusted

    non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information" above for further information regarding the Company's use

    of non-GAAP financial measures.

     

    ADJUSTED OPERATING INCOME RECONCILIATION

     



    (in millions)



    Year Ending March 31, 2025





    Low end of estimate



    High end of estimate

    GAAP loss from operations



    $                              (214)



    $                              (194)

    Add: Impact of litigation reserve



    274



    274

    Add: Impact of charges under 2025 restructuring plan (1)



    80



    80

    Adjusted income from operations



    $                                140



    $                                160



    ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION

     





    Year Ending March 31, 2025





    Low end of estimate



    High end of estimate

    GAAP diluted net loss per share



    $                             (0.56)



    $                             (0.53)

    Add: Impact of litigation reserve



    0.63



    0.63

    Add: Impact of charges under 2025 restructuring plan (1)



    0.18



    0.18

    Add: Impact of provision for income taxes



    (0.06)



    (0.06)

    Adjusted diluted net income per share



    $                               0.19



    $                               0.22



    (1) The estimated impact of the restructuring plan presented above assumes the mid-point of the Company's estimated range of restructuring and related charges, which is $70-90 million.





    Under Armour, Inc.

    Outlook for the Quarter Ended September 30, 2024

    (Unaudited; in millions, except per share amounts)

     

    The tables below present the reconciliation of the Company's second quarter fiscal 2025 outlook presented in accordance with GAAP to certain adjusted

    non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information" above for further information regarding the Company's use

    of non-GAAP financial measures.

     

    ADJUSTED OPERATING INCOME RECONCILIATION

     



    (in millions)



    Quarter Ending September 30, 2024





    Low end of estimate



    High end of estimate

    GAAP income from operations



    $                                  85



    $                                  95

    Add: Estimated impact of charges under 2025 restructuring plan



    25



    25

    Adjusted income from operations



    $                                110



    $                                120



    ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION







    Quarter Ending September 30, 2024





    Low end of estimate



    High end of estimate

    GAAP diluted net income per share



    $                               0.19



    $                               0.21

    Add: Estimated impact of charges under 2025 restructuring plan



    0.06



    0.06

    Add: Impact of provision for income taxes



    (0.07)



    (0.07)

    Adjusted diluted net income per share



    $                               0.18



    $                               0.20

       

    Under Armour, Inc.

    As of June 30, 2024, and 2023

     

    COMPANY-OWNED & OPERATED DOOR COUNT







    June 30,





    2024



    2023

    Factory House



    183



    177

    Brand House



    17



    19

      North America total doors



    200



    196











    Factory House



    173



    168

    Brand House



    68



    79

       International total doors



    241



    247











    Factory House



    356



    345

    Brand House



    85



    98

       Total doors



    441



    443

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/under-armour-reports-first-quarter-2025-results-updates-fiscal-2025-outlook-302217317.html

    SOURCE Under Armour, Inc.

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