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    UNDER ARMOUR REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2024 RESULTS; PROVIDES INITIAL FISCAL 2025 OUTLOOK

    5/16/24 7:30:00 AM ET
    $UA
    $UAA
    Apparel
    Consumer Discretionary
    Apparel
    Consumer Discretionary
    Get the next $UA alert in real time by email

    Company Also Announced a New $500 Million Share Repurchase Program

    BALTIMORE, May 16, 2024 /PRNewswire/ -- Under Armour, Inc. (NYSE:UA, UAA))) announced unaudited financial results for its fourth quarter and full-year fiscal 2024, which ended March 31, 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.)

    "Amid a challenging retail environment in fiscal 2024 that included high inventories and a consistent drumbeat of promotions – we demonstrated disciplined expense control and delivered results that were aligned with our previous outlook," said Under Armour President and CEO Kevin Plank. "We also maintained a strong balance sheet, closing the year with a solid cash position and healthy inventory levels."

    Fourth Quarter Fiscal 2024 Review

    • Revenue was down 5 percent to $1.3 billion (down 5 percent currency neutral).
      • North America revenue decreased 10 percent to $772 million, and international revenue increased 7 percent to $561 million (up 6 percent currency neutral). In the international business, revenue increased 10 percent in EMEA (up 7 percent currency neutral), 1 percent in Asia-Pacific (up 5 percent currency neutral), and 20 percent in Latin America (up 12 percent currency neutral).
      • Wholesale revenue decreased 7 percent to $850 million, and direct-to-consumer revenue was flat at $455 million. Owned and operated store revenue increased 7 percent, and eCommerce revenue decreased 8 percent, representing 43 percent of the total direct-to-consumer business for the quarter.
      • Apparel revenue decreased 1 percent to $877 million. Footwear revenue was down 11 percent to $338 million. Accessories revenue was down 7 percent to $89 million.
    • Gross margin increased 170 basis points to 45.0 percent, driven primarily by supply chain benefits related to lower product and freight costs. This was partially offset by unfavorable foreign currency impacts and proactive inventory management actions, including increased promotional activities in our direct-to-consumer business.
    • Selling, general & administrative expenses were up 5 percent to $603 million. Excluding a $58 million litigation reserve expense, adjusted selling, general & administrative expenses were down 5 percent to $546 million.
    • Operating loss was $4 million. Adjusted operating income was $54 million.
    • Net Income was $7 million. Adjusted net income was $49 million.
    • Diluted earnings per share was $0.02. Adjusted diluted earnings per share was $0.11.
    • Inventory was down 19 percent to $958 million.
    • At the end of the quarter, Cash and Cash Equivalents were $859 million, and no borrowings were outstanding under the company's $1.1 billion revolving credit facility.

    Full Year Fiscal 2024 Review

    • Revenue was down 3 percent to $5.7 billion (down 4 percent currency neutral).
      • North America revenue decreased 8 percent to $3.5 billion, and international revenue increased 8 percent to $2.2 billion (up 7 percent currency neutral). Within the international business, revenue increased 9 percent in EMEA (up 6 percent currency neutral), 6 percent in Asia-Pacific (up 9 percent currency neutral), and 8 percent in Latin America (down 1 percent currency neutral).
      • Wholesale revenue decreased 7 percent to $3.2 billion, and direct-to-consumer revenue increased 3 percent to $2.3 billion due to a 5 percent increase in owned and operated store revenue and a 1 percent increase in eCommerce revenue, which represented 41 percent of the total direct-to-consumer business for the year.
      • Apparel revenue decreased 2 percent to $3.8 billion, footwear revenue decreased 5 percent to $1.4 billion, and accessories revenue declined 1 percent to $406 million.
    • Gross margin increased 130 basis points to 46.1 percent, driven primarily by supply chain benefits related to lower freight and product costs. This was partially offset by proactive inventory management actions, including increased promotional activities in our direct-to-consumer business.
    • Selling, general & administrative expenses were up 1 percent to $2.4 billion. Excluding an $80 million litigation reserve expense, adjusted selling, general & administrative expenses were down 2 percent to $2.3 billion.
    • Operating income was $230 million. Excluding the company's litigation reserve expense, adjusted operating income was $310 million.
    • Net Income was $232 million. Excluding a $50 million earn-out benefit in connection with the sale of the MyFitnessPal platform, the litigation reserve expense, and related tax impacts, adjusted net income was $245 million.
    • Diluted earnings per share was $0.52. Adjusted diluted earnings per share was $0.54.

    Fiscal 2025 Restructuring Plan

    To strengthen and support the company's financial and operational efficiencies, Under Armour's Board of Directors has approved a restructuring plan. In conjunction with this plan, the company expects to incur total estimated pre-tax restructuring and related charges of approximately $70 to $90 million, including: 

    • Up to $50 million in cash-related charges, consisting of approximately $15 million in employee severance and benefits costs, and $35 million related to various transformational initiatives, and
    • Up to $40 million in non-cash charges comprised of approximately $7 million in employee severance and benefits costs and $33 million in facility, software and other asset-related charges and impairments.

    Fiscal 2025 Outlook

    "Due to a confluence of factors, including lower wholesale channel demand and inconsistent execution across our business, we are seizing this critical moment to make proactive decisions to build a premium positioning for our brand, which will pressure our top and bottom line in the near term," Plank continued. "Over the next 18 months, there is a significant opportunity to reconstitute Under Armour's brand strength through achieving more, by doing less and focusing on our core fundamentals: driving demand through better products and storytelling, running smarter plays like simplifying our operating model and elevating our consumer experience. In parallel, we're focused on cost management and implementing the strategies necessary to grow our brand and improve shareholder value as we move forward."

    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 15 to 17 percent decline in North America as the company works to meaningfully reset this business following years of heightened promotional activities, particularly in its DTC business and a low-single-digit percent decline in its international business due to more conservative macro consumer trends and actions to protect the brand strength it has built.
    • 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.
    • Selling, general, and administrative expenses are expected to be down 2 to 4 percent.
    • Operating income is expected to be $50 to $70 million. Excluding the mid-point of anticipated restructuring charges, adjusted operating income is expected to be $130 to $150 million.
    • Diluted earnings per share is expected to be between $0.02 and $0.05. Adjusted diluted earnings per share is expected to be between $0.18 and $0.21.
    • Capital expenditures are expected to be between $200 to $220 million.

    Share Buyback Program

    The company also announced that its Board of Directors has authorized the repurchase of up to $500 million of Under Armour's outstanding Class C common stock. Repurchases under this program may be made over the next three years through various methods, including accelerated share repurchase, open market, or privately negotiated transactions.

    Conference Call and Webcast

    Under Armour will hold its fourth quarter fiscal 2024 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 effect of 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.

     

    The Company revised its prior period financial statements for accounting corrections to the Company's Consolidated Statements of Operations primarily related to cost of goods sold and selling, general and administrative expenses, as well as corresponding impacts to the Company's other Consolidated Financial Statements. The impacts of these revisions were not material to the Company's previously filed financial statements. These revisions relate to a number of immaterial corrections that were identified by management and when accumulated, required a correction to the Company's previously filed financial statements. Information presented in the tables below as of March 31, 2023, for the three months ended March 31, 2023 and for the year ended March 31, 2023 has been revised to reflect these corrections. See Note 1 to the Company's Consolidated Financial Statements included in Part II, Item 8 of the Company's Annual Report on Form 10-K for the year ended March 31, 2024, to be filed with the Securities and Exchange Commission. As a result of these corrections, the Company is currently assessing the nature of deficiencies in its internal control over financial reporting.

     

    Under Armour, Inc.

    For the Three Months and Year Ended March 31, 2024, and 2023

    (Unaudited; in thousands, except per share amounts)

     

    CONSOLIDATED STATEMENTS OF OPERATION





    Three Months Ended March 31,



    Year Ended March 31,

    in '000s

    2024



    % of Net

    Revenues



    2023



    % of Net

    Revenues



    2024



    % of Net

    Revenues



    2023



    % of Net

    Revenues

    Net revenues

    $  1,332,197



    100.0 %



    $  1,398,605



    100.0 %



    $  5,701,879



    100.0 %



    $  5,903,165



    100.0 %

    Cost of goods sold

    732,601



    55.0 %



    793,112



    56.7 %



    3,071,626



    53.9 %



    3,259,334



    55.2 %

    Gross profit

    599,596



    45.0 %



    605,493



    43.3 %



    2,630,253



    46.1 %



    2,643,831



    44.8 %

    Selling, general and administrative expenses

    603,150



    45.3 %



    575,931



    41.2 %



    2,400,502



    42.1 %



    2,380,245



    40.3 %

    Income (loss) from operations

    (3,554)



    (0.3) %



    29,562



    2.1 %



    229,751



    4.0 %



    263,586



    4.5 %

    Interest income (expense), net

    2,478



    0.2 %



    (1,651)



    (0.1) %



    268



    — %



    (12,826)



    (0.2) %

    Other income (expense), net

    (3,708)



    (0.3) %



    (10,204)



    (0.7) %



    32,055



    0.6 %



    17,096



    0.3 %

    Income (loss) before income taxes

    (4,784)



    (0.4) %



    17,707



    1.3 %



    262,074



    4.6 %



    267,856



    4.5 %

    Income tax expense (benefit)

    (11,327)



    (0.9) %



    (153,171)



    (11.0) %



    30,006



    0.5 %



    (108,645)



    (1.8) %

    Income (loss) from equity method investments

    25



    — %



    (308)



    — %



    (26)



    — %



    (2,042)



    — %

    Net income (loss)

    $        6,568



    0.5 %



    $     170,570



    12.2 %



    $     232,042



    4.1 %



    $     374,459



    6.3 %

































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

    common stock

    $          0.02







    $          0.38







    $          0.53







    $          0.83





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

    common stock

    $          0.02







    $          0.38







    $          0.52







    $          0.81





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

















    Basic

    435,582







    444,052







    440,324







    451,426





    Diluted

    447,385







    454,652







    451,011







    461,509





     

    Under Armour, Inc.

    For the Three Months and Year Ended March 31, 2024, and 2023

    (Unaudited; in thousands)

     

    NET REVENUES BY SEGMENT





    Three Months Ended March 31,



    Year Ended March 31,

    in '000s

    2024



    2023



    % Change



    2024



    2023



    % Change

    North America

    $       771,870



    $       861,869



    (10.4) %



    $    3,505,167



    $    3,820,522



    (8.3) %

    EMEA

    284,134



    259,514



    9.5 %



    1,081,915



    992,624



    9.0 %

    Asia-Pacific

    226,704



    224,923



    0.8 %



    873,019



    825,338



    5.8 %

    Latin America

    50,241



    41,806



    20.2 %



    229,481



    213,215



    7.6 %

    Corporate Other (1)

    (752)



    10,493



    (107.2) %



    12,297



    51,466



    (76.1) %

    Total net revenues

    $    1,332,197



    $    1,398,605



    (4.7) %



    $    5,701,879



    $    5,903,165



    (3.4) %



    NET REVENUES BY DISTRIBUTION CHANNEL





    Three Months Ended March 31,



    Year Ended March 31,

    in '000s

    2024



    2023



    % Change



    2024



    2023



    % Change

    Wholesale

    $       849,805



    $       908,505



    (6.5) %



    $    3,243,187



    $    3,468,126



    (6.5) %

    Direct-to-consumer

    454,690



    453,853



    0.2 %



    2,335,154



    2,266,827



    3.0 %

    Net Sales

    1,304,495



    1,362,358



    (4.2) %



    5,578,341



    5,734,953



    (2.7) %

    License revenues

    28,454



    25,754



    10.5 %



    111,241



    116,746



    (4.7) %

    Corporate Other (1)

    (752)



    10,493



    (107.2) %



    12,297



    51,466



    (76.1) %

    Total net revenues

    $    1,332,197



    $    1,398,605



    (4.7) %



    $    5,701,879



    $    5,903,165



    (3.4) %



    NET REVENUES BY PRODUCT CATEGORY





    Three Months Ended March 31,



    Year Ended March 31,

    in '000s

    2024



    2023



    % Change



    2024



    2023



    % Change

    Apparel

    $       877,347



    $       888,920



    (1.3) %



    $    3,789,016



    $    3,871,167



    (2.1) %

    Footwear

    337,738



    377,740



    (10.6) %



    1,383,610



    1,455,265



    (4.9) %

    Accessories

    89,410



    95,698



    (6.6) %



    405,715



    408,521



    (0.7) %

    Net Sales

    1,304,495



    1,362,358



    (4.2) %



    5,578,341



    5,734,953



    (2.7) %

    Licensing revenues

    28,454



    25,754



    10.5 %



    111,241



    116,746



    (4.7) %

    Corporate Other (1)

    (752)



    10,493



    (107.2) %



    12,297



    51,466



    (76.1) %

    Total net revenues

    $    1,332,197



    $    1,398,605



    (4.7) %



    $    5,701,879



    $    5,903,165



    (3.4) %



     (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, as well as 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 and Year Ended March 31, 2024, and 2023

    (Unaudited; in thousands)

     

    INCOME (LOSS) FROM OPERATIONS BY SEGMENT





    Three Months Ended March 31,



    Year Ended March 31,

    in '000s

    2024

    % of Net

    Revenues (1)



    2023

    % of Net

    Revenues (1)



    2024

    % of Net

    Revenues (1)



    2023

    % of Net

    Revenues (1)

    North America

    $   139,841

    18.1 %



    $   131,135

    15.2 %



    $   677,882

    19.3 %



    $   714,656

    18.7 %

    EMEA

    58,467

    20.6 %



    27,138

    10.5 %



    176,205

    16.3 %



    112,161

    11.3 %

    Asia-Pacific

    33,630

    14.8 %



    23,386

    10.4 %



    119,650

    13.7 %



    100,276

    12.1 %

    Latin America

    5,642

    11.2 %



    4,271

    10.2 %



    38,401

    16.7 %



    23,487

    11.0 %

    Corporate Other (2)

    (241,134)

    NM



    (156,368)

    NM



    (782,387)

    NM



    (686,994)

    NM

    Income (loss) from operations

    $     (3,554)

    (0.3) %



    $     29,562

    2.1 %



    $   229,751

    4.0 %



    $   263,586

    4.5 %



    (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, as well as 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 March 31, 2024, and March 31, 2023

    (Unaudited; in thousands)

     

     CONSOLIDATED BALANCE SHEETS



    in '000s



    March 31, 2024



    March 31, 2023

    Assets









    Current assets









    Cash and cash equivalents



    $                           858,691



    $                           710,929

    Accounts receivable, net



    757,339



    758,564

    Inventories



    958,495



    1,185,657

    Prepaid expenses and other current assets, net



    289,157



    293,334

    Total current assets



    2,863,682



    2,948,484

    Property and equipment, net



    664,503



    644,834

    Operating lease right-of-use assets



    434,699



    489,306

    Goodwill



    478,302



    481,992

    Intangible assets, net



    7,000



    8,940

    Deferred income taxes



    221,033



    186,908

    Other long-term assets



    91,515



    67,089

    Total assets



    $                        4,760,734



    $                        4,827,553

    Liabilities and Stockholders' Equity









    Current maturities of long-term debt



    $                             80,919



    $                                      —

    Accounts payable



    483,731



    648,486

    Accrued expenses



    287,853



    366,530

    Customer refund liabilities



    139,283



    160,533

    Operating lease liabilities



    139,331



    140,990

    Other current liabilities



    34,344



    42,744

    Total current liabilities



    1,165,461



    1,359,283

    Long-term debt, net of current maturities



    594,873



    674,478

    Operating lease liabilities, non-current



    627,665



    705,713

    Other long-term liabilities



    219,449



    121,932

    Total liabilities



    2,607,448



    2,861,406

    Total stockholders' equity



    2,153,286



    1,966,147

    Total liabilities and stockholders' equity



    $                        4,760,734



    $                        4,827,553

     

    Under Armour, Inc.

    For the Years Ended March 31, 2024 and 2023

    (Unaudited; in thousands)

     

     CONSOLIDATED STATEMENTS OF CASH FLOWS



    in '000s

    2024



    2023

    Cash flows from operating activities







    Net income (loss)

    $           232,042



    $           374,459

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







    Depreciation and amortization

    142,590



    135,456

    Unrealized foreign currency exchange rate (gain) loss

    16,080



    (8,463)

    Loss on disposal of property and equipment

    1,623



    2,616

    Non-cash restructuring and impairment charges

    6,179



    1,959

    Amortization of bond premium and debt issuance costs

    2,034



    2,192

    Stock-based compensation

    42,998



    36,811

    Deferred income taxes

    (23,693)



    (153,143)

    Changes in reserves and allowances

    13,612



    11,696

    Changes in operating assets and liabilities:







    Accounts receivable

    (3,906)



    (60,910)

    Inventories

    216,484



    (368,992)

    Prepaid expenses and other assets

    (29,060)



    (37,907)

    Other non-current assets

    34,920



    (60,944)

    Accounts payable

    (197,887)



    76,280

    Accrued expenses and other liabilities

    (18,267)



    (9,388)

    Customer refund liability

    (21,427)



    851

    Income taxes payable and receivable

    (60,352)



    17,541

    Net cash provided by (used in) operating activities

    353,970



    (39,886)

    Cash flows from investing activities







    Purchases of property and equipment

    (150,333)



    (158,066)

    Sale of MyFitnessPal platform

    45,000



    35,000

    Net cash provided by (used in) investing activities

    (105,333)



    (123,066)

    Cash flows from financing activities







    Common shares repurchased

    (75,000)



    (125,000)

    Employee taxes paid for shares withheld for income taxes

    (6,163)



    (5,151)

    Proceeds from exercise of stock options and other stock issuances

    3,193



    3,776

    Payments of debt financing costs

    (720)



    —

    Net cash provided by (used in) financing activities

    (78,690)



    (126,375)

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

    (19,775)



    (5,315)

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

    150,172



    (294,642)

    Cash, cash equivalents and restricted cash







    Beginning of period

    726,745



    1,021,387

    End of period

    $           876,917



    $           726,745

     

    Under Armour, Inc.

    For the Three Months and Year Ended March 31, 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

    March 31, 2024



    Year Ended

    March 31, 2024

    Total Net Revenue







    Net revenue growth - GAAP

    (4.7) %



    (3.4) %

    Foreign exchange impact

    (0.2) %



    (0.2) %

    Currency neutral net revenue growth - Non-GAAP

    (4.9) %



    (3.6) %









    North America







    Net revenue growth - GAAP

    (10.4) %



    (8.3) %

    Foreign exchange impact

    (0.1) %



    0.3 %

    Currency neutral net revenue growth - Non-GAAP

    (10.5) %



    (8.0) %









    EMEA







    Net revenue growth - GAAP

    9.5 %



    9.0 %

    Foreign exchange impact

    (2.4) %



    (3.3) %

    Currency neutral net revenue growth - Non-GAAP

    7.1 %



    5.7 %









    Asia-Pacific







    Net revenue growth - GAAP

    0.8 %



    5.8 %

    Foreign exchange impact

    3.7 %



    3.5 %

    Currency neutral net revenue growth - Non-GAAP

    4.5 %



    9.3 %









    Latin America







    Net revenue growth - GAAP

    20.2 %



    7.6 %

    Foreign exchange impact

    (8.7) %



    (8.6) %

    Currency neutral net revenue growth - Non-GAAP

    11.5 %



    (1.0) %









    Total International







    Net revenue growth - GAAP

    6.6 %



    7.5 %

    Foreign exchange impact

    (0.3) %



    (1.0) %

    Currency neutral net revenue growth - Non-GAAP

    6.3 %



    6.5 %

     

    Under Armour, Inc.

    For the Three Months and Year Ended March 31, 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

    March 31, 2024



    Year ended

    March 31, 2024

    GAAP selling, general and administrative expenses

    $                         603,150



    $                     2,400,502

    Add: Impact of litigation reserve

    (57,500)



    (80,000)

    Adjusted selling, general and administrative expenses

    $                         545,650



    $                     2,320,502



    ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION



    in '000s

    Three months ended

    March 31, 2024



    Year ended

    March 31, 2024

    GAAP income from operations

    $                           (3,554)



    $                         229,751

    Add: Impact of litigation reserve

    57,500



    80,000

    Adjusted income from operations

    $                           53,946



    $                         309,751



    ADJUSTED NET INCOME (LOSS) RECONCILIATION



    in '000s

    Three months ended

    March 31, 2024



    Year ended

    March 31, 2024

    GAAP net income

    $                             6,568



    $                         232,042

    Add: Impact of litigation reserve

    57,500



    80,000

    Add: Impact of earn-out recorded in connection with the sale of the MyFitnessPal platform

    —



    (50,000)

    Add: Impact of commission expense in connection with the sale of the MyFitnessPal platform

    —



    700

    Add: Impact of provision for income taxes

    (14,910)



    (17,913)

    Adjusted net income

    $                           49,158



    $                         244,829



    ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION





    Three months ended

    March 31, 2024



    Year ended

    March 31, 2024

    GAAP diluted net income per share

    $                               0.02



    $                               0.52

    Add: Impact of litigation reserve

    0.13



    0.18

    Add: Impact of earn-out recorded in connection with the sale of the MyFitnessPal platform

    —



    (0.11)

    Add: Impact of commission expense in connection with the sale of the MyFitnessPal platform

    —



    —

    Add: Impact of provision for income taxes

    (0.04)



    (0.05)

    Adjusted diluted net income per share

    $                               0.11



    $                               0.54

     

     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 income from operations



    $                                  50



    $                                  70

    Add: Impact of restructuring and related impairment (1)



    80



    80

    Adjusted income from operations



    $                                130



    $                                150



    ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION







    Year Ending March 31, 2025





    Low end of estimate



    High end of estimate

    GAAP diluted net income per share



    $                               0.02



    $                               0.05

    Add: Impact of restructuring and related impairment, net of tax (1)



    0.16



    0.16

    Adjusted diluted net income per share



    $                               0.18



    $                               0.21



    (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.

    (Unaudited; in thousands)

     

    The Company revised its prior period financial statements for accounting corrections to the Company's Consolidated Statements of Operations primarily related to cost of goods sold and selling, general and administrative expenses, as well as corresponding impacts to the Company's other Consolidated Financial Statements. The impact of these revisions was not material to the Company's previously filed financial statements. See Note 1 to the Company's Consolidated Financial Statements included in Part II, Item 8 of the Company's Annual Report on Form 10-K for the year ended March 31, 2024, to be filed with the Securities and Exchange Commission. The Company has elected to present certain revised quarterly financial information for fiscal 2024 and fiscal 2023 to reflect these corrections in the tables below.

     

    SELECTED FISCAL 2024 and 2023 STATEMENTS OF OPERATIONS DATA





    Three Months Ended

    June 30, 2023



    Three Months Ended

    September 30, 2023



    Three Months Ended

    December 31, 2023



    Three Months Ended

    March 31, 2024



    Fiscal 2024



    % of Net

    Revenues

    Net revenues

    $        1,316,965



    $        1,566,674



    $        1,486,043



    $        1,332,197



    $        5,701,879



    100.0 %

    Cost of goods sold

    704,792



    816,615



    817,618



    732,601



    3,071,626



    53.9 %

    Gross profit

    612,173



    750,059



    668,425



    599,596



    2,630,253



    46.1 %

    Selling, general and administrative expenses

    589,072



    607,023



    601,257



    603,150



    2,400,502



    42.1 %

    Income (loss) from operations

    23,101



    143,036



    67,168



    (3,554)



    229,751



    4.0 %

    Interest income (expense), net

    (1,626)



    (373)



    (211)



    2,478



    268



    — %

    Other income (expense), net

    (6,060)



    (6,104)



    47,927



    (3,708)



    32,055



    0.6 %

    Income (loss) before income taxes

    $             15,415



    $           136,559



    $           114,884



    $             (4,784)



    $           262,074



    4.6 %





























    Three Months Ended

    June 30, 2022



    Three Months Ended

    September 30, 2022



    Three Months Ended

    December 31, 2022



    Three Months Ended

    March 31, 2023



    Fiscal 2023



    % of Net

    Revenues

    Net revenues

    $         1,348,777



    $         1,574,296



    $         1,581,487



    $         1,398,605



    $         5,903,165



    100.0 %

    Cost of goods sold

    720,860



    860,799



    884,563



    793,112



    3,259,334



    55.2 %

    Gross profit

    627,917



    713,497



    696,924



    605,493



    2,643,831



    44.8 %

    Selling, general and administrative expenses

    599,286



    597,595



    607,433



    575,931



    2,380,245



    40.3 %

    Income (loss) from operations

    28,631



    115,902



    89,491



    29,562



    263,586



    4.5 %

    Interest income (expense), net

    (6,005)



    (3,555)



    (1,615)



    (1,651)



    (12,826)



    (0.2) %

    Other income (expense), net

    (14,241)



    (5,771)



    47,312



    (10,204)



    17,096



    0.3 %

    Income (loss) before income taxes

    $               8,385



    $           106,576



    $           135,188



    $             17,707



    $           267,856



    4.5 %

     

    Under Armour, Inc.

    As of March 31, 2024, and 2023

     

    COMPANY-OWNED & OPERATED DOOR COUNT







    March 31,





    2024



    2023

    Factory House



    183



    176

    Brand House



    17



    18

       North America total doors



    200



    194











    Factory House



    173



    165

    Brand House



    67



    80

       International total doors



    240



    245











    Factory House



    356



    341

    Brand House



    84



    98

       Total doors



    440



    439

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/under-armour-reports-fourth-quarter-and-full-year-fiscal-2024-results-provides-initial-fiscal-2025-outlook-302147079.html

    SOURCE Under Armour, Inc.

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