Revenue Performance - Revenue for Q4 fiscal 2024 decreased by 5% to $1.3 billion, with North America revenue down 10% to $772 million and international revenue up 7% to $561 million[4] - Full-year fiscal 2024 revenue decreased by 3% to $5.7 billion, with North America revenue down 8% to $3.5 billion and international revenue up 8% to $2.2 billion[5] - Net revenues for Q1 2024 decreased by 4.7% to $1,332.2 million compared to $1,398.6 million in Q1 2023[18][20] - North America net revenues declined by 10.4% to $771.9 million in Q1 2024[20] - EMEA net revenues increased by 9.5% to $284.1 million in Q1 2024[20] - Latin America net revenues increased by 20.2% to $50.2 million in Q1 2024[20] - Total net revenue declined by 3.4% on a GAAP basis and 3.6% on a currency-neutral basis for the year ended March 31, 2024[31] - North America net revenue declined by 8.3% on a GAAP basis and 8.0% on a currency-neutral basis for the year ended March 31, 2024[31] - EMEA net revenue grew by 9.0% on a GAAP basis and 5.7% on a currency-neutral basis for the year ended March 31, 2024[31] - Asia-Pacific net revenue grew by 5.8% on a GAAP basis and 9.3% on a currency-neutral basis for the year ended March 31, 2024[31] - Net revenues for Fiscal 2024 were $5,701.879 million, a decrease of 3.4% compared to Fiscal 2023's $5,903.165 million[41][42] Gross Margin and Profitability - Gross margin for Q4 fiscal 2024 increased by 170 basis points to 45.0%, driven by lower product and freight costs[4] - Full-year fiscal 2024 gross margin increased by 130 basis points to 46.1%, primarily due to lower freight and product costs[5] - Gross profit margin improved to 45.0% in Q1 2024 from 43.3% in Q1 2023[18] - Gross profit for Fiscal 2024 was $2,630.253 million, representing 46.1% of net revenues, compared to 44.8% in Fiscal 2023[41][42] - Fiscal 2025 gross margin is expected to increase by 75-100 basis points, driven by reduced promotional activities and product costing benefits[8] Operating Income and Expenses - Fiscal 2025 operating income is expected to be $50-70 million, with adjusted operating income expected to be $130-150 million[8] - Operating income (loss) was $(3.6) million in Q1 2024 compared to $29.6 million in Q1 2023[24] - Asia-Pacific operating income margin improved to 14.8% in Q1 2024 from 10.4% in Q1 2023[24] - Income from operations for Fiscal 2024 was $229.751 million, a decrease of 12.8% from Fiscal 2023's $263.586 million[41][42] - The company expects GAAP income from operations to be between $50 million and $70 million for the year ending March 31, 2025[38] - Selling, general and administrative expenses for Fiscal 2024 were $2,400.502 million, representing 42.1% of net revenues, compared to 40.3% in Fiscal 2023[41][42] Earnings and Share Repurchase - Fiscal 2025 diluted earnings per share is expected to be between $0.02 and $0.05, with adjusted diluted earnings per share expected to be between $0.18 and $0.21[8] - Adjusted diluted net income per share is expected to be between $0.18 and $0.21 for the year ending March 31, 2025[39] - The company announced a new $500 million share repurchase program[9] Restructuring and Charges - Fiscal 2025 restructuring plan includes estimated pre-tax charges of $70-90 million, with up to $50 million in cash-related charges and up to $40 million in non-cash charges[6] Regional Performance - North America total doors increased by 6 to 200 in March 2024, with Factory House doors increasing by 7 to 183 and Brand House doors decreasing by 1 to 17[43] - International total doors decreased by 5 to 240 in March 2024, with Factory House doors increasing by 8 to 173 and Brand House doors decreasing by 13 to 67[43] - Total doors increased by 1 to 440 in March 2024, with Factory House doors increasing by 15 to 356 and Brand House doors decreasing by 14 to 84[43] Cash Flow and Assets - Cash and cash equivalents increased by 20.8% from $710,929 thousand in 2023 to $858,691 thousand in 2024[26] - Net cash provided by operating activities improved significantly from a negative $39,886 thousand in 2023 to a positive $353,970 thousand in 2024[29] - Total assets decreased by 1.4% from $4,827,553 thousand in 2023 to $4,760,734 thousand in 2024[26] Net Income and Cost of Goods Sold - Net income decreased by 38.0% from $374,459 thousand in 2023 to $232,042 thousand in 2024[29] - Cost of goods sold for Fiscal 2024 was $3,071.626 million, representing 53.9% of net revenues, compared to 55.2% in Fiscal 2023[41][42] Product Sales Performance - Direct-to-consumer net revenues grew by 0.2% to $454.7 million in Q1 2024[21] - Apparel net sales decreased by 1.3% to $877.3 million in Q1 2024[22] - Footwear net sales declined by 10.6% to $337.7 million in Q1 2024[22]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-Q ______________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 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 ...

Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content [1] Business Line Data and Key Metrics - No specific business line data or key metrics changes mentioned in the provided content [1] Market Data and Key Metrics - No specific market data or key metrics changes mentioned in the provided content [1] Company Strategy and Industry Competition - No specific company strategy or industry competition details mentioned in the provided content [1] Management Commentary on Operating Environment and Future Outlook - No specific management commentary on operating environment or future outlook mentioned in the provided content [1] Other Important Information - The event is a Q2 2024 earnings conference call for Under Armour [1] - Participants are in listen-only mode, with an opportunity to ask questions after the presentation [1] - The event is being recorded [1] Q&A Session Summary - No Q&A session details provided in the content [1]

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, 2023 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 ______________________________________ UNDE ...

Under Armour, Inc. (NYSE:UAA) Q1 2024 Earnings Conference Call August 8, 2023 8:30 AM ET Company Participants Lance Allega - Senior Vice President of Investor Relations & Corporate Development Stephanie Linnartz - President & Chief Executive Officer David Bergman - Chief Financial Officer Conference Call Participants Simeon Siegel - BMO Capital Markets Jay Sole - UBS Robert Drbul - Guggenheim Securities Sharon Zackfia - William Blair Geoff Lowery - Redburn Brian Nagel - Oppenheimer Samuel Poser - Williams T ...

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 June 30, 2023 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 ARM ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ Form 10-K ______________________________________ (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 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, IN ...

Financial Data and Key Metrics Changes - Fiscal '23 results were in line with expectations, closing the year with a solid fourth quarter revenue of $1.4 billion, an 8% increase, and a 10% increase on a currency-neutral basis [44] - Gross margin for the fourth quarter declined by 310 basis points to 43.4%, driven by higher promotional activity and unfavorable pricing [46][47] - SG&A expenses decreased by 4% to $572 million, primarily due to lower marketing spending [48] Business Line Data and Key Metrics Changes - Apparel revenue increased by 1%, with strength in golf and run businesses, while footwear revenue surged by 27%, driven by team sports, run, and golf [46] - Direct-to-consumer (DTC) business was flat during the quarter, with e-commerce growth of 6% offset by softness in retail stores [45] - Wholesale revenue increased by 10%, driven by solid performance in the full-price business [46] Market Data and Key Metrics Changes - EMEA region saw a 23% increase in currency-neutral revenue, marking it as the highest growth region in fiscal '23 [22] - APAC revenue increased by 31% in the fourth quarter on a currency-neutral basis, benefiting from China's reopening [45] - North America revenue grew by 3%, driven by full-price and off-price wholesale businesses [45] Company Strategy and Development Direction - The company is focusing on three strategic priorities over the next three years, termed Protect This House 3 (PTH 3), which include driving global brand heat, elevating product design, and driving growth in the U.S. [20][42] - There is a strong emphasis on improving brand consistency and engagement in the U.S. market, with plans to reposition existing products and enhance marketing efforts [58][60] - The company aims to expand its total addressable market to over $300 billion by focusing on Sportstyle, footwear, and women's products [33][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's potential, citing strong athlete engagement and a solid base in performance [69] - The focus will be on executing a narrowed list of strategic initiatives to drive results, emphasizing accountability and execution across teams [70][71] - Fiscal '24 is expected to be a year of building, with revenue anticipated to be flat to slightly up, while gross margin is expected to improve [51][50] Other Important Information - The company has made leadership changes and is in the process of hiring a Chief Consumer Officer to enhance brand and marketing strategies [27] - The partnership with Stephen Curry is seen as a significant catalyst for growth, with plans to amplify the Curry brand across various categories [9][31] Q&A Session Summary Question: How to fix inconsistencies in the U.S. market? - Management acknowledged that fixing inconsistencies is a gradual process, focusing on repositioning existing products and enhancing storytelling and merchandising [58][60] Question: Are there KPI targets for new product penetration? - KPIs are being developed to track the growth trajectory of products in the better and best categories, with ongoing customer feedback being prioritized [61][62] Question: What gives confidence in growth opportunities now? - Confidence stems from a strong performance base, athlete engagement, and a focused strategy on product, marketing, and distribution [69][70]

Financial Data and Key Metrics Changes - Revenue for Q3 2023 increased by 3% to $1.6 billion, or up 7% on a currency-neutral basis [22][27] - Gross margin decreased by 650 basis points due to higher promotions and discounting, among other factors [29][33] - Operating income was $95 million, exceeding the outlook of $75 million to $85 million [30] - Net income was $122 million, or $0.27 diluted earnings per share, with adjusted net income at $76 million [30][35] Business Line Data and Key Metrics Changes - Apparel revenue decreased by 2%, with strengths in golf and team sports offset by softness in training [28] - Footwear revenue increased by 25%, driven by strong performance in running and team sports categories [28] - Accessories revenue declined by 2% due to weaker sales of cold weather accessories [28] Market Data and Key Metrics Changes - North America revenue declined by 2% to just over $1 billion, with wholesale down 6% and DTC up 1% [22][23] - EMEA revenue increased by 32% to $265 million, or 46% on a currency-neutral basis [23] - APAC revenue decreased by 9% to $198 million, or up 1% on a currency-neutral basis, with challenges in China impacting retail traffic [24] Company Strategy and Development Direction - The company is focusing on broadening its product offerings to address non-active moments of an athlete's day and enhancing its segmentation strategy [10][14] - A new President and CEO, Stephanie Linnartz, is expected to bring significant experience in brand strategy and digital transformation [7][8] - The company aims to strengthen its brand through innovative products and improved consumer experiences [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic retail environment with increased promotional activities due to elevated inventories across the sector [40][70] - There is cautious optimism regarding consumer behavior, with expectations that promotional pressures will continue into the next fiscal year [40][71] - The company is confident in its strategic evolution and believes it is well-positioned to navigate near-term uncertainties [36][37] Other Important Information - Inventory levels increased by 50% to $1.2 billion, reflecting a normalization to support a $6 billion brand [25][26] - The company repurchased an additional $75 million of Class C common stock, totaling $425 million under its two-year buyback program [32] Q&A Session All Questions and Answers Question: Change in the environment for the next fiscal year - Management indicated that both consumer willingness to spend and industry dynamics with heavy inventory are contributing to the changing environment [39][40] Question: Hiring of Stephanie Linnartz - Management highlighted her extensive experience and successful track record as key reasons for her appointment [41][42] Question: Expectations for stores, e-commerce, and wholesale - Management discussed strong performance in Europe and challenges in China, emphasizing the importance of DTC investments [44][45][46] Question: Marketing focus on 16-20-year-old athletes - Management noted early improvements in metrics for this demographic and plans to maintain marketing spend at 10-11% of revenue [62][65] Question: Overall consumer demand and inventory clearance - Management clarified that the current situation is more about inventory management rather than a significant decline in consumer demand [69][70]

Revenue Performance - Total net revenues increased by 3.4% for the three months ended December 31, 2022, compared to the same period in 2021[125]. - Wholesale revenue increased by 6.8%, while direct-to-consumer revenue decreased by 0.7%[125]. - Net sales increased by $46.8 million, or 3.1%, to $1,535.0 million for the three months ended December 31, 2022, compared to $1,488.2 million for the same period in 2021[136]. - Total net revenues increased by $52.6 million to $1,581.8 million during the three months ended December 31, 2022, a growth of 3.4% year-over-year[155]. - Total net revenues for the nine months ended December 31, 2022, increased by $78.5 million, or 1.8%, to $4,504.7 million compared to the same period in 2021[135]. Regional Performance - The company experienced a 2.4% decrease in net revenue in North America, while EMEA saw an increase of 32.5%[125]. - North America net revenues decreased by $25.7 million, or 2.4%, to $1,037.6 million, primarily due to a decline in the wholesale channel[155]. - EMEA region net revenues increased by $65.0 million, or 32.5%, to $265.3 million, driven by higher wholesale channel performance[155]. - Asia-Pacific region net revenues decreased by $19.2 million, or 8.8%, to $198.0 million, impacted by COVID-19 related restrictions[157]. - Latin America region net revenues increased by $19.8 million, or 44.9%, to $63.8 million, attributed to a shift to a distributor operating model[157]. Product Performance - Apparel revenue decreased by 2.1%, footwear revenue increased by 25.3%, and accessories revenue decreased by 1.7%[125]. - Footwear sales increased by 25.3% to $354.4 million for the three months ended December 31, 2022, while apparel sales decreased by 2.1% to $1,075.7 million[134]. Financial Metrics - Gross margin decreased by 650 basis points to 44.2%[125]. - Gross profit decreased by $77.5 million to $698.4 million for the three months ended December 31, 2022, with gross margin dropping to 44.2% from 50.7%[140]. - Total operating income increased by $8.5 million to $94.7 million during the three months ended December 31, 2022, a 9.9% increase year-over-year[158]. - Total operating income decreased by $130.8 million, or 34.5%, to $248.6 million for the nine months ended December 31, 2022[164]. Expenses and Income - Selling, general and administrative expenses decreased by 10.6%[125]. - Selling, general and administrative expenses decreased by $71.9 million, or 10.6%, to $603.7 million for the three months ended December 31, 2022[144]. - Net income for the three months ended December 31, 2022, was $121.6 million, compared to $109.7 million in the same period in 2021, representing an increase of 10.5%[131]. - Interest expense, net decreased by $6.0 million to $1.6 million during the three months ended December 31, 2022, a reduction of 78.7% compared to the same period in 2021[147]. - Other income (expense), net increased by $23.3 million to income of $47.3 million during the three months ended December 31, 2022, representing a 96.8% increase year-over-year[151]. - Income tax expense increased by $25.6 million to $18.8 million during the three months ended December 31, 2022, with an effective tax rate of 13.4% compared to a benefit of (6.6)% in the same period in 2021[152]. Cash Flow and Capital Expenditures - Cash provided by operating activities decreased by $741.0 million to $74.4 million for the nine months ended December 31, 2022[171]. - Cash flows used in investing activities increased by $52.2 million compared to the nine months ended December 31, 2021, primarily due to an increase in capital expenditures of $86.3 million, totaling $147.6 million or approximately 3% of net revenues[173]. - Capital expenditures included $48.8 million for the construction of a new global headquarters, aligning with the company's long-term sustainability strategy[173]. - Cash flows used in financing activities decreased by $292.2 million compared to the nine months ended December 31, 2021, with $125.0 million paid for share repurchases[174]. Share Repurchase and Debt - The company repurchased a total of $425 million or 34.9 million shares of Class C Common Stock under its share repurchase program[169]. - The amended credit agreement provides for revolving credit commitments of $1.1 billion, with no amounts outstanding as of December 31, 2022[176]. - The company issued $500.0 million in 1.50% convertible senior notes due 2024, with approximately $80.9 million remaining outstanding after exchanges[178]. - The company issued $600.0 million in 3.250% senior unsecured notes due June 15, 2026, with proceeds used to pay down amounts under the revolving credit facility[180]. Market Conditions and Challenges - The ongoing impacts of COVID-19 in China caused labor disruptions and temporary closures, affecting financial results[126]. - The company anticipates continued challenges from inflationary pressures and fluctuations in foreign currency exchange rates[127]. - The company expects continued pressure on gross margins due to higher discounting, elevated product input costs, and foreign exchange impacts[141]. - The company has not experienced significant changes to its market risk since December 31, 2021[182].