Workflow
Under Armour(UAA) - 2024 Q4 - Annual Report
UAAUnder Armour(UAA)2024-05-29 20:38
Transcript

Regional Revenue Performance - Net revenues in North America decreased by 315.4million(8.3315.4 million (8.3%) to 3,505.2 million, driven by declines in both wholesale and direct-to-consumer channels[219] - Net revenues in EMEA increased by 89.3million(9.089.3 million (9.0%) to 1,081.9 million, primarily due to growth in direct-to-consumer and wholesale channels, with positive foreign exchange impacts[219] - Net revenues in Asia-Pacific increased by 47.7million(5.847.7 million (5.8%) to 873.0 million, driven by growth in both direct-to-consumer and wholesale channels[219] Operating Income and Expenses - Operating income in EMEA increased by 64.0million(57.164.0 million (57.1%) to 176.2 million, while North America saw a decrease of 36.8million(5.136.8 million (5.1%) to 677.9 million[221] - Total operating income decreased by 33.8million(12.833.8 million (12.8%) to 229.8 million, primarily due to declines in North America and increased corporate expenses[221] Cash Flow and Liquidity - Cash flows from operating activities increased by 393.9million,drivenbya393.9 million, driven by a 29.9 million increase in net income and a 364.0millionincreasefromchangesinworkingcapital[238]−NetcashprovidedbyoperatingactivitiesfortheyearendedMarch31,2024was364.0 million increase from changes in working capital[238] - Net cash provided by operating activities for the year ended March 31, 2024 was 353.97 million, compared to a net cash used of 39.89millioninthepreviousyear[308]−Totalcash,cashequivalents,andrestrictedcashattheendofMarch31,2024was39.89 million in the previous year[308] - Total cash, cash equivalents, and restricted cash at the end of March 31, 2024 was 876.92 million, an increase from 726.75millionattheendofthepreviousyear[310]DebtandObligations−Long−termdebtobligationstotaled726.75 million at the end of the previous year[310] Debt and Obligations - Long-term debt obligations totaled 730.3 million, with 101.0millionduewithinoneyearand101.0 million due within one year and 629.3 million due in 1-3 years[233] - Operating lease obligations totaled 1,005.6million,with1,005.6 million, with 178.7 million due within one year and 286.6millionduein1−3years[233]−Productpurchaseobligationstotaled286.6 million due in 1-3 years[233] - Product purchase obligations totaled 1,144.1 million, all due within one year[233] - The company may enter into long-term debt arrangements with various lenders to maintain liquidity and fund business operations, which may include interest rate swap contracts to reduce the impact of interest rate fluctuations[273] Financial Position and Assets - Total assets as of March 31, 2024, were 4.76billion,comparedto4.76 billion, compared to 4.82 billion in the previous year[298] - Cash and cash equivalents increased significantly to 858.69millionfrom858.69 million from 71 million year-over-year[298] - Accounts receivable, net, stood at 757.34million,upfrom757.34 million, up from 75 million in the previous year[298] - Inventories increased to 958.50millionfrom958.50 million from 1.18 million year-over-year[298] - Total current liabilities were 1.17billion,comparedto1.17 billion, compared to 1.35 billion in the previous year[298] - Long-term debt, net of current maturities, was 594.87million,downfrom594.87 million, down from 67 million year-over-year[298] - Retained earnings increased to 1.05billionfrom1.05 billion from 89 million in the previous year[298] - Accumulated other comprehensive income (loss) was (77.12)million,comparedto(77.12) million, compared to (6) million year-over-year[298] - Stockholders' equity increased to 2.15billionfrom2.15 billion from 1.96 billion in the previous year[298] Taxes and Interest Payments - The company accrued 0.7millioninexcisetaxrelatedtosharerepurchasesundertheInflationReductionAct[231]−Cashpaidforincometaxes,netofrefunds,fortheyearendedMarch31,2024was0.7 million in excise tax related to share repurchases under the Inflation Reduction Act[231] - Cash paid for income taxes, net of refunds, for the year ended March 31, 2024 was 83.13 million, compared to 28.54millioninthepreviousyear[310]−Cashpaidforinterest,netofcapitalizedinterest,fortheyearendedMarch31,2024was28.54 million in the previous year[310] - Cash paid for interest, net of capitalized interest, for the year ended March 31, 2024 was 4.43 million, compared to 19.22millioninthepreviousyear[310]InternalControlsandFinancialReporting−ThecompanyidentifiedmaterialweaknessesininternalcontroloverfinancialreportingasofMarch31,2024[283]NetIncomeandProfitability−NetincomefortheyearendedMarch31,2024was19.22 million in the previous year[310] Internal Controls and Financial Reporting - The company identified material weaknesses in internal control over financial reporting as of March 31, 2024[283] Net Income and Profitability - Net income for the year ended March 31, 2024 was 232.04 million, a decrease from 374.46millioninthepreviousyear[308]RevisionsandAdjustments−TotalcurrentassetsasofMarch31,2023wererevisedto374.46 million in the previous year[308] Revisions and Adjustments - Total current assets as of March 31, 2023 were revised to 2.95 billion, a decrease of 11.10millionfromthepreviouslyreportedamount[324]−TotalliabilitiesasofMarch31,2023wererevisedto11.10 million from the previously reported amount[324] - Total liabilities as of March 31, 2023 were revised to 2.86 billion, an increase of 2.73millionfromthepreviouslyreportedamount[324]−Totalstockholders′equityasofMarch31,2023wasrevisedto2.73 million from the previously reported amount[324] - Total stockholders' equity as of March 31, 2023 was revised to 1.97 billion, a decrease of $32.26 million from the previously reported amount[324] Inflationary Pressures - Inflationary pressures may continue to adversely affect the company's operating results, including product input costs, freight costs, and consumer discretionary spending[278]