Under Armour, Inc. (NYSE:UAA) Q1 2021 Earnings Conference Call May 4, 2021 8:30 AM ET Company Participants Lance Allega - SVP, IR & Corporate Development Patrik Frisk - CEO, President & Executive Director David Bergman - CFO Conference Call Participants Erinn Murphy - Piper James Duffy - Stifel Randal Konik - Jefferies Paul Trussell - Deutsche Bank Brian Nagel - Oppenheimer John Kernan - Cowen Matthew Boss - JP Morgan Sam Poser - Williams Trading Jay Sole - UBS Operator Ladies and gentlemen, thank you for s ...

Under Armour, Inc. (NYSE:UAA) Q4 2020 Earnings Conference Call February 10, 2021 8:30 AM ET Company Participants Lance Allega - SVP, IR & Corporate Development Patrik Frisk - CEO, President & Executive Director David Bergman - CFO Conference Call Participants James Duffy - Stifel, Nicolaus & Company Paul Trussell - Deutsche Bank John Kernan - Cowen and Company Randal Konik - Jefferies Tom Nikic - Wells Fargo Securities Simeon Siegel - BMO Capital Markets Omar Saad - Evercore ISI Robert Drbul - Guggenheim Se ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-Q ______________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 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 _________________________ ...

Financial Data and Key Metrics Changes - Third quarter revenue was flat at $1.4 billion compared to the prior year, which was better than expected due to higher demand across wholesale and direct-to-consumer (DTC) channels [21][27] - Gross margin decreased by 40 basis points to 47.9%, impacted by COVID-19 related pricing and discounting [24] - Operating income for the third quarter was $59 million, with adjusted operating income at $133 million [26] Business Line Data and Key Metrics Changes - Direct-to-consumer business increased by 17%, driven by strong e-commerce performance [21] - Apparel revenue was down 6%, while footwear revenue was up 19%, and accessories revenue increased by 23% [22] - Women's business showed strength with key innovations like the Infinity bra and Meridian pants [11] Market Data and Key Metrics Changes - North America revenue was down 5%, while EMEA revenue increased by 31%, and Asia Pacific revenue was up 15% [23] - E-commerce saw over 50% growth globally during the quarter [17][18] Company Strategy and Development Direction - The company is transitioning from a product-driven to a purpose-led organization, focusing on empowering athletes [7][8] - Plans to reduce wholesale footprint by 2,000 to 3,000 doors primarily in North America, while still maintaining wholesale as a crucial part of the business [16][30] - Emphasis on a direct consumer-focused approach to enhance brand experience and profitability [9][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing uncertainty due to COVID-19 but expressed confidence in the company's ability to return to profitability [6][4] - The fourth quarter outlook has improved, with expectations of revenue decline in the low teens percentage rate, better than previous estimates [27][29] - Management anticipates challenges in 2021 due to the sale of MyFitnessPal and the exit from certain wholesale distribution [30][31] Other Important Information - The company announced the decision to sell the MyFitnessPal platform, which does not align with its core consumer needs [19][20] - Inventory grew by 17%, ending the quarter at $1.1 billion [26] Q&A Session Summary Question: What categories are expected to drive growth? - Management sees significant opportunities in core team sports and women's business, with strong product performance across various categories [36][42] Question: What is the expected revenue mix between wholesale and DTC? - The company is focusing on a DTC approach, but the mix may not change significantly in the short term due to partner-owned mono-branded stores [39][40] Question: What is the profitability of the e-commerce channel? - E-commerce has shown strong growth, and the company is investing in CRM and loyalty programs to enhance profitability [55][58] Question: What are the expectations for gross margin in the fourth quarter? - Management expects promotional activity levels to be higher than last year, which may pressure gross margins [29][82] Question: How will the exit from undifferentiated wholesale doors impact revenue? - The exit will be gradual and will involve various customer sizes, aiming to ensure the brand is represented appropriately [53][54]

Revenue Performance - Net revenues decreased by 40.6% in Q2 2020 compared to the prior year period[103] - Wholesale revenue decreased by 57.7%, while direct-to-consumer revenue decreased by 13.0%[103] - Revenue from apparel, footwear, and accessories decreased by 42.4%, 34.8%, and 47.2% respectively[104] - Revenue in North America, Asia-Pacific, Latin America, and EMEA segments decreased by 44.9%, 20.0%, 71.9%, and 38.7% respectively[104] - Net revenues decreased by $484.1 million, or 40.6%, to $707.6 million for the three months ended June 30, 2020, compared to $1,191.7 million for the same period in 2019[115] - Net revenues for the six months ended June 30, 2020 decreased by $758.6 million, or 31.7%, to $1,637.9 million from $2,396.5 million during the same period in 2019[118] - Net revenues in the EMEA segment decreased by $56.2 million, or 38.7%, to $89.1 million for the three months ended June 30, 2020, from $145.3 million for the same period in 2019[125] - North America segment's net revenues decreased by $600.8 million to $1.1 billion for the six months ended June 30, 2020, a decline of 36.2% from $1.7 billion in 2019[129] - Asia-Pacific segment reported a decrease in net revenues of $79.4 million, totaling $219.0 million for the six months ended June 30, 2020, down 26.6% from $298.4 million in 2019[129] - Latin America segment's net revenues decreased by $24.7 million to $64.2 million for the six months ended June 30, 2020, reflecting a decline of 27.8%[129] Financial Losses and Charges - Restructuring and impairment charges totaled $38.9 million for Q2 2020[104] - The company recorded $340.0 million of restructuring and related impairment charges for the six months ended June 30, 2020[106] - Total costs recorded in restructuring and related impairment charges amounted to $38.9 million for the three months ended June 30, 2020, and $340.0 million for the six months ended June 30, 2020[107] - The company recognized $83.8 million of long-lived asset impairment charges for the six months ended June 30, 2020, with $43.4 million recorded in North America and $25.5 million in Asia-Pacific[109] - Goodwill impairment charges of $51.6 million were recognized for the six months ended June 30, 2020, with $15.4 million in North America and $36.2 million in Latin America[110] - Loss from operations increased by $158.2 million to $169.7 million for the three months ended June 30, 2020, compared to a loss of $11.5 million for the same period in 2019[118] - Net income loss was $182.9 million for the three months ended June 30, 2020, compared to a loss of $17.3 million for the same period in 2019[116] - Total operating loss for the six months ended June 30, 2020, was $727.9 million, a significant increase of $751.6 million compared to an operating income of $23.8 million in the same period in 2019, reflecting a change of 3,161.2%[131] - Corporate Other non-operating segment's operating loss increased by $328.7 million to $663.4 million for the six months ended June 30, 2020, compared to $334.7 million for the same period in 2019[132] Cost Management - Gross margin increased by 280 basis points[104] - Selling, general and administrative expenses decreased by 15.2%[104] - Selling, general and administrative expenses decreased by $85.9 million, or 15.2%, to $479.9 million for the three months ended June 30, 2020[117] - Selling, general and administrative expenses decreased by $42.6 million, or 4.0%, to $1,032.6 million for the six months ended June 30, 2020, from $1,075.3 million for the same period in 2019[121] - The company expects to achieve approximately $40 million to $60 million in pre-tax savings from the restructuring plan in 2020[105] Cash Flow and Financing - Cash used in operating activities increased by $422.1 million to $(309.4) million for the six months ended June 30, 2020, compared to $112.7 million for the same period in 2019[136] - Cash used in investing activities increased by $11.0 million to $89.1 million for the six months ended June 30, 2020, primarily due to the acquisition of Triple, a distributor in Southeast Asia[137] - Cash provided by financing activities increased by $825.4 million to $686.2 million for the six months ended June 30, 2020, primarily due to the issuance of Convertible Senior Notes[138] - The company borrowed $700 million under its revolving credit facility as a precautionary measure to increase cash position and preserve liquidity due to COVID-19[134] - The amended credit agreement provides revolving credit commitments of up to $1.1 billion, with $250 million outstanding as of June 30, 2020[139] - The company issued $500.0 million aggregate principal amount of 1.50% convertible senior notes due 2024, with net proceeds of $488.8 million[143] - The initial conversion rate for the Convertible Senior Notes is 101.8589 shares per $1,000 principal amount, equivalent to an initial conversion price of approximately $9.82 per share[143] Interest and Taxation - Interest expense, net increased by $5.3 million to $11.3 million for the three months ended June 30, 2020[118] - Interest expense for Q2 2020 was $11.3 million, up from $6.0 million in Q2 2019, representing an increase of 88.3%[146] - For the first half of 2020, interest expense totaled $17.3 million, compared to $10.2 million in the same period of 2019, indicating a 69.6% increase[146] - The effective tax rate for the six months ended June 30, 2020, was (2.5)%, compared to 20.3% for the same period in 2019[122] Acquisitions and Impairments - The company acquired 100% of Triple Pte. Ltd. for $32.9 million in cash on March 2, 2020, consolidating its results from that date[111] - The company recorded a ROU asset impairment of $290.8 million related to its New York City flagship store for the six months ended June 30, 2020[109] - The lease term for the New York City flagship store commenced on March 1, 2020, with an operating lease ROU asset and liability of $344.8 million recorded[107] Market and Risk Management - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring estimates that could significantly differ from actual results[148] - No significant changes to critical accounting policies were reported during the first half of 2020[149] - There have been no significant changes to market risk exposure since December 31, 2019[151]

Under Armour, Inc. (NYSE:UAA) Q2 2020 Earnings Conference Call July 31, 2020 8:30 AM ET Company Participants Lance Allega - Senior Vice President, Investor Relations and Corporate Development Patrik Frisk - President and Chief Executive Officer Dave Bergman - Chief Financial Officer Conference Call Participants Edward Yruma - KeyBanc Randy Konik - Jefferies Matt McClintock - Raymond James Paul Lejuez - Citi Simeon Siegel - BMO Capital Markets John Kernan - Cowen Jay Sole - UBS Paul Trussell - Deutsche Bank ...

Table of Contents 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 March 31, 2020 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 _____________________________ ...

Under Armour Inc. (NYSE:UAA) Q1 2020 Earnings Conference Call May 11, 2020 8:30 AM ET Company Participants Patrik Frisk - President, Chief Executive Officer Dave Bergman - Chief Financial Officer Lance Allega - Senior Vice President, Investor Relations and Corporate Development Conference Call Participants Matt McClintock - Raymond James Edward Yruma - Keybanc Capital Markets Alexandra Wavis - Goldman Sachs Paul Lejuez - Citigroup Bob Drbul - Guggenheim Michael Binetti - Credit Suisse Matthew Boss - JP Morg ...