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

PR Newswire08-08

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 ...

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The company reports its ...</p>\n\n<a href=\"https://finance.yahoo.com/news/under-armour-reports-first-quarter-105500386.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UNDER ARMOUR REPORTS FIRST QUARTER 2025 RESULTS; UPDATES FISCAL 2025 OUTLOOK</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUNDER ARMOUR REPORTS FIRST QUARTER 2025 RESULTS; UPDATES FISCAL 2025 OUTLOOK\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-08 18:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/under-armour-reports-first-quarter-105500386.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/under-armour-reports-first-quarter-105500386.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UAA","symbol_name":"安德玛公司A类股","start_time":0,"source_url":"https://finance.yahoo.com/news/under-armour-reports-first-quarter-105500386.html","article_id":"2457396028","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/dewBPUkcfV03AbUzn.jWxQ--~B/aD0zMDE7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/prnewswire.com/a4c9dc7fa23efe2ea4972a5ac8030e0d"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/under-armour-reports-first-quarter-105500386.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2457396028","pubTimestamp":1723114500,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"\"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.\". Revenue was down 10 percent to $1.2 billion .North America revenue decreased 14 percent to $709 million, and international revenue decreased 2 percent to $473 million . In the international business, revenue in EMEA was flat , down 10 percent in Asia-Pacif","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UAA":"安德玛公司A类股","NM":"Navios海事控股","BK4202":"服装、服饰与奢侈品","UA":"安德玛公司C类股","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4021":"海运"},"translate_title":"UNDER ARMOUR报告2025年第一季度业绩；更新2025财年展望","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NM":1,"UA":1,"UAA":0.9},"content_text":"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.\n\n  \n\n\"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.\"\nPlank 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.\"\nFirst Quarter Fiscal 2025 Review \n\nRevenue was down 10 percent to $1.2 billion (down 10 percent currency neutral).\n   \nNorth 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).\nWholesale 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.\nApparel 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.\n\nGross 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.\nDue 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.\nRestructuring charges were $25 million.\nOperating loss was $300 million. Excluding transformation expenses and other charges totaling $308 million, adjusted operating income was $8 million.\nNet loss was $305 million. Adjusted net income was $4 million.\nDiluted loss per share was $0.70. Adjusted diluted earnings per share was $0.01.\nInventory was down 15 percent to $1.1 billion.\nAt 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.\n\nShare Buyback Program\nIn 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.\nFiscal 2025 Restructuring Plan \nIn 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.\nUpdated Fiscal 2025 Outlook\nKey points related to Under Armour's fiscal 2025 outlook include:\n\nRevenue 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.\nGross 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.\nSelling, 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.\nOperating 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.\nDiluted 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.\nCapital expenditures are expected to be between $200 to $220 million.\n\nConference Call and Webcast\nUnder 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.\nNon-GAAP Financial Information\nThis 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.\nAbout Under Armour, Inc.\nUnder 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.\nForward-Looking Statements\nSome 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.\n\n\n\n\nAs 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) \n\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATION \n\n\n\nThree Months Ended June 30, \n\n\nin '000s \n2024 \n\n% of NetRevenues \n\n2023 \n\n% of NetRevenues \n\n\nNet revenues \n$      1,183,665 \n\n100.0 % \n\n$      1,316,965 \n\n100.0 % \n\n\nCost of goods sold \n620,990 \n\n52.5 % \n\n705,470 \n\n53.6 % \n\n\nGross profit \n562,675 \n\n47.5 % \n\n611,495 \n\n46.4 % \n\n\nSelling, general and administrative expenses \n837,317 \n\n70.7 % \n\n589,072 \n\n44.7 % \n\n\nRestructuring charges \n25,086 \n\n2.1 % \n\n— \n\n— % \n\n\nIncome (loss) from operations \n(299,728) \n\n(25.3) % \n\n22,423 \n\n1.7 % \n\n\nInterest income (expense), net \n2,344 \n\n0.2 % \n\n(1,626) \n\n(0.1) % \n\n\nOther income (expense), net \n(2,730) \n\n(0.2) % \n\n(6,060) \n\n(0.5) % \n\n\nIncome (loss) before income taxes \n(300,114) \n\n(25.4) % \n\n14,737 \n\n1.1 % \n\n\nIncome tax expense (benefit) \n5,149 \n\n0.4 % \n\n4,328 \n\n0.3 % \n\n\nIncome (loss) from equity method investments \n(163) \n\n— % \n\n(399) \n\n— % \n\n\nNet income (loss) \n$        (305,426) \n\n(25.8) % \n\n$            10,010 \n\n0.8 % \n\n\n\n\n\n\n\n\n\n\n\n\nBasic net income (loss) per share of Class A, B and C common stock \n$              (0.70) \n\n\n\n$                0.02 \n\n\n\n\nDiluted net income (loss) per share of Class A, B and C common stock \n$              (0.70) \n\n\n\n$                0.02 \n\n\n\n\nWeighted average common shares outstanding Class A, B and C common stock \n\n\nBasic \n435,693 \n\n\n\n444,872 \n\n\n\n\nDiluted \n435,693 \n\n\n\n454,506 \n\n\n\n\n\n\n\n\n\n\nUnder Armour, Inc. For the Three Months Ended June 30, 2024, and 2023 (Unaudited; in thousands) NET REVENUES BY SEGMENT \n\n\n\n\n\n\nThree Months Ended June 30, \n\n\nin '000s \n2024 \n\n2023 \n\n% Change \n\n\nNorth America \n$       709,260 \n\n$       826,605 \n\n(14.2) % \n\n\nEMEA \n226,892 \n\n226,641 \n\n0.1 % \n\n\nAsia-Pacific \n181,836 \n\n202,232 \n\n(10.1) % \n\n\nLatin America \n64,409 \n\n55,739 \n\n15.6 % \n\n\nCorporate Other (1) \n1,268 \n\n5,748 \n\n(77.9) % \n\n\nTotal net revenues \n$    1,183,665 \n\n$    1,316,965 \n\n(10.1) % \n\n\n\n\n\nNET REVENUES BY DISTRIBUTION CHANNEL \n\n\n\n\n\n\nThree Months Ended June 30, \n\n\nin '000s \n2024 \n\n2023 \n\n% Change \n\n\nWholesale \n$       680,513 \n\n$       741,958 \n\n(8.3) % \n\n\nDirect-to-consumer \n480,213 \n\n544,187 \n\n(11.8) % \n\n\nNet Sales \n1,160,726 \n\n1,286,145 \n\n(9.8) % \n\n\nLicense revenues \n21,671 \n\n25,072 \n\n(13.6) % \n\n\nCorporate Other (1) \n1,268 \n\n5,748 \n\n(77.9) % \n\n\nTotal net revenues \n$    1,183,665 \n\n$    1,316,965 \n\n(10.1) % \n\n\n\n\n\nNET REVENUES BY PRODUCT CATEGORY \n\n\n\n\n\n\nThree Months Ended June 30, \n\n\nin '000s \n2024 \n\n2023 \n\n% Change \n\n\nApparel \n$       757,792 \n\n$       824,613 \n\n(8.1) % \n\n\nFootwear \n310,389 \n\n363,670 \n\n(14.7) % \n\n\nAccessories \n92,545 \n\n97,862 \n\n(5.4) % \n\n\nNet Sales \n1,160,726 \n\n1,286,145 \n\n(9.8) % \n\n\nLicensing revenues \n21,671 \n\n25,072 \n\n(13.6) % \n\n\nCorporate Other (1) \n1,268 \n\n5,748 \n\n(77.9) % \n\n\nTotal net revenues \n$    1,183,665 \n\n$    1,316,965 \n\n(10.1) % \n\n\n\n\n\n\n\n\n\n\n\n(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. \n\n\n\n\n\n\n\n\nUnder Armour, Inc. For the Three Months Ended June 30, 2024, and 2023 (Unaudited; in thousands) INCOME (LOSS) FROM OPERATIONS BY SEGMENT \n\n\n\n\n\n\nThree Months Ended June 30, \n\n\nin '000s \n2024 \n% of Net Revenues (1) \n\n2023 \n% of Net Revenues (1) \n\n\nNorth America \n$       147,889 \n20.9 % \n\n$       160,714 \n19.4 % \n\n\nEMEA \n20,456 \n9.0 % \n\n29,779 \n13.1 % \n\n\nAsia-Pacific \n9,935 \n5.5 % \n\n15,398 \n7.6 % \n\n\nLatin America \n15,171 \n23.6 % \n\n5,777 \n10.4 % \n\n\nCorporate Other (2) \n(493,179) \nNM \n\n(189,245) \nNM \n\n\nIncome (loss) from operations \n$     (299,728) \n(25.3) % \n\n$         22,423 \n1.7 % \n\n\n\n\n\n\n\n\n\n\n\n(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).  \n\n\n\n\n\n(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. \n\n\n\n\n\n\n\n\nUnder Armour, Inc. As of June 30, 2024, and March 31, 2024 (Unaudited; in thousands) CONDENSED CONSOLIDATED BALANCE SHEETS \n\n\n\n\n\nin '000s \n\nJune 30, 2024 \n\nMarch 31, 2024 \n\n\nAssets \n\n\n\n\n\n\nCurrent assets \n\n\n\n\n\n\nCash and cash equivalents \n\n$                           884,552 \n\n$                           858,691 \n\n\nAccounts receivable, net \n\n684,695 \n\n757,339 \n\n\nInventories \n\n1,119,599 \n\n958,495 \n\n\nPrepaid expenses and other current assets, net \n\n279,140 \n\n289,157 \n\n\nTotal current assets \n\n2,967,986 \n\n2,863,682 \n\n\nProperty and equipment, net \n\n671,144 \n\n664,503 \n\n\nOperating lease right-of-use assets \n\n418,794 \n\n434,699 \n\n\nGoodwill \n\n476,098 \n\n478,302 \n\n\nIntangible assets, net \n\n6,433 \n\n7,000 \n\n\nDeferred income taxes \n\n228,468 \n\n221,033 \n\n\nOther long-term assets \n\n91,588 \n\n91,515 \n\n\nTotal assets \n\n$                        4,860,511 \n\n$                        4,760,734 \n\n\nLiabilities and Stockholders' Equity \n\n\n\n\n\n\nCurrent maturities of long-term debt \n\n$                                      — \n\n$                             80,919 \n\n\nAccounts payable \n\n697,983 \n\n483,731 \n\n\nAccrued expenses \n\n697,722 \n\n287,853 \n\n\nCustomer refund liabilities \n\n130,506 \n\n139,283 \n\n\nOperating lease liabilities \n\n134,976 \n\n139,331 \n\n\nOther current liabilities \n\n57,104 \n\n34,344 \n\n\nTotal current liabilities \n\n1,718,291 \n\n1,165,461 \n\n\nLong-term debt, net of current maturities \n\n595,384 \n\n594,873 \n\n\nOperating lease liabilities, non-current \n\n612,416 \n\n627,665 \n\n\nOther long-term liabilities \n\n117,848 \n\n219,449 \n\n\nTotal liabilities \n\n3,043,939 \n\n2,607,448 \n\n\nTotal stockholders' equity \n\n1,816,572 \n\n2,153,286 \n\n\nTotal liabilities and stockholders' equity \n\n$                        4,860,511 \n\n$                        4,760,734 \n\n\n\n\n\n\n\n\nUnder Armour, Inc. For the Three Months Ended June 30, 2024 and 2023 (Unaudited; in thousands)  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS \n\n\n\n\n\n\nThree Months Ended June 30, \n\n\nin '000s \n2024 \n\n2023 \n\n\nCash flows from operating activities \n\n\n\n\n\nNet income (loss) \n$         (305,426) \n\n$             10,010 \n\n\nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities \n\n\n\n\n\nDepreciation and amortization \n32,830 \n\n34,695 \n\n\nUnrealized foreign currency exchange rate (gain) loss \n1,610 \n\n8,230 \n\n\nLoss on disposal of property and equipment \n379 \n\n405 \n\n\nNon-cash restructuring and impairment charges \n8,038 \n\n— \n\n\nAmortization of bond premium and debt issuance costs \n511 \n\n548 \n\n\nStock-based compensation \n15,924 \n\n11,777 \n\n\nDeferred income taxes \n7,071 \n\n(8,756) \n\n\nChanges in reserves and allowances \n(22) \n\n12,005 \n\n\nChanges in operating assets and liabilities: \n\n\n\n\n\nAccounts receivable \n71,014 \n\n63,725 \n\n\nInventories \n(162,623) \n\n(145,023) \n\n\nPrepaid expenses and other assets \n(34,830) \n\n(10,148) \n\n\nOther non-current assets \n13,837 \n\n28,715 \n\n\nAccounts payable \n200,289 \n\n46,854 \n\n\nAccrued expenses and other liabilities \n320,270 \n\n(46,795) \n\n\nCustomer refund liabilities \n(9,007) \n\n(24,472) \n\n\nIncome taxes payable and receivable \n(6,890) \n\n12,223 \n\n\nNet cash provided by (used in) operating activities \n152,975 \n\n(6,007) \n\n\nCash flows from investing activities \n\n\n\n\n\nPurchases of property and equipment \n(45,681) \n\n(32,553) \n\n\nSale of MyFitnessPal platform \n50,000 \n\n45,000 \n\n\nNet cash provided by (used in) investing activities \n4,319 \n\n12,447 \n\n\nCash flows from financing activities \n\n\n\n\n\nCommon shares repurchased \n(40,000) \n\n— \n\n\nRepayment of long-term debt \n(80,919) \n\n— \n\n\nEmployee taxes paid for shares withheld for income taxes \n(7,944) \n\n(2,104) \n\n\nProceeds from exercise of stock options and other stock issuances \n643 \n\n870 \n\n\nNet cash provided by (used in) financing activities \n(128,220) \n\n(1,234) \n\n\nEffect of exchange rate changes on cash, cash equivalents and restricted cash \n(2,830) \n\n(12,087) \n\n\nNet increase (decrease) in cash, cash equivalents and restricted cash \n26,244 \n\n(6,881) \n\n\nCash, cash equivalents and restricted cash \n\n\n\n\n\nBeginning of period \n876,917 \n\n726,745 \n\n\nEnd of period \n$           903,161 \n\n$           719,864 \n\n\n\n\n\n\n\n\nUnder 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 \n\n\n\n\n\n\nThree Months Ended June 30, 2024 \n\n\nTotal Net Revenue \n\n\n\nNet revenue growth - GAAP \n(10.1) % \n\n\nForeign exchange impact \n0.2 % \n\n\nCurrency neutral net revenue growth - Non-GAAP \n(9.9) % \n\n\n\n\n\n\nNorth America \n\n\n\nNet revenue growth - GAAP \n(14.2) % \n\n\nForeign exchange impact \n— % \n\n\nCurrency neutral net revenue growth - Non-GAAP \n(14.2) % \n\n\n\n\n\n\nEMEA \n\n\n\nNet revenue growth - GAAP \n0.1 % \n\n\nForeign exchange impact \n(0.4) % \n\n\nCurrency neutral net revenue growth - Non-GAAP \n(0.3) % \n\n\n\n\n\n\nAsia-Pacific \n\n\n\nNet revenue growth - GAAP \n(10.1) % \n\n\nForeign exchange impact \n2.8 % \n\n\nCurrency neutral net revenue growth - Non-GAAP \n(7.3) % \n\n\n\n\n\n\nLatin America \n\n\n\nNet revenue growth - GAAP \n15.6 % \n\n\nForeign exchange impact \n(3.9) % \n\n\nCurrency neutral net revenue growth - Non-GAAP \n11.7 % \n\n\n\n\n\n\nTotal International \n\n\n\nNet revenue growth - GAAP \n(2.4) % \n\n\nForeign exchange impact \n0.6 % \n\n\nCurrency neutral net revenue growth - Non-GAAP \n(1.8) % \n\n\n\n\n\nUnder 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 \n\n\n\n\n\nin '000s \nThree months ended June 30, 2024 \n\n\nGAAP selling, general and administrative expenses \n$                         837,317 \n\n\nAdd: Impact of litigation reserve \n(274,000) \n\n\nAdd: Impact of restructuring-related transformational expenses \n(8,657) \n\n\nAdjusted selling, general and administrative expenses \n$                         554,660 \n\n\n\n\n\nADJUSTED OPERATING INCOME (LOSS) RECONCILIATION \n\n\n\n\n\nin '000s \nThree months ended June 30, 2024 \n\n\nGAAP loss from operations \n$                       (299,728) \n\n\nAdd: Impact of litigation reserve \n274,000 \n\n\nAdd: Impact of restructuring charges \n25,086 \n\n\nAdd: Impact of restructuring-related transformational expenses \n8,657 \n\n\nAdjusted income from operations \n$                             8,015 \n\n\n\n\n\nADJUSTED NET INCOME (LOSS) RECONCILIATION \n\n\n\n\n\nin '000s \nThree months ended June 30, 2024 \n\n\nGAAP net loss \n$                       (305,426) \n\n\nAdd: Impact of litigation reserve \n274,000 \n\n\nAdd: Impact of restructuring charges \n25,086 \n\n\nAdd: Impact of restructuring-related transformational expenses \n8,657 \n\n\nAdd: Impact of provision for income taxes  \n1,339 \n\n\nAdjusted net income \n$                             3,656 \n\n\n\n\n\n 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 \n\n\n\n\n\n\nThree months ended June 30, 2024 \n\n\nGAAP diluted net loss per share \n$                              (0.70) \n\n\nAdd: Impact of litigation reserve \n0.63 \n\n\nAdd: Impact of restructuring charges \n0.06 \n\n\nAdd: Impact of restructuring-related transformational expenses \n0.02 \n\n\nAdd: Impact of provision for income taxes  \n— \n\n\nAdjusted diluted net income per share \n$                               0.01 \n\n\n\n\n\n\n\n\nUnder 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 adjustednon-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 \n\n\n\n\n\n(in millions) \n\nYear Ending March 31, 2025 \n\n\n\n\nLow end of estimate \n\nHigh end of estimate \n\n\nGAAP loss from operations \n\n$                              (214) \n\n$                              (194) \n\n\nAdd: Impact of litigation reserve \n\n274 \n\n274 \n\n\nAdd: Impact of charges under 2025 restructuring plan (1) \n\n80 \n\n80 \n\n\nAdjusted income from operations \n\n$                                140 \n\n$                                160 \n\n\n\n\n\nADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION \n\n\n\n\nYear Ending March 31, 2025 \n\n\n\n\nLow end of estimate \n\nHigh end of estimate \n\n\nGAAP diluted net loss per share \n\n$                             (0.56) \n\n$                             (0.53) \n\n\nAdd: Impact of litigation reserve \n\n0.63 \n\n0.63 \n\n\nAdd: Impact of charges under 2025 restructuring plan (1) \n\n0.18 \n\n0.18 \n\n\nAdd: Impact of provision for income taxes \n\n(0.06) \n\n(0.06) \n\n\nAdjusted diluted net income per share \n\n$                               0.19 \n\n$                               0.22 \n\n\n\n\n\n(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 $70-90 million. \n\n\n\n\n\n\n\n\nUnder Armour, Inc. Outlook for the Quarter Ended September 30, 2024 (Unaudited; in millions, except per share amounts) The tables below present the reconciliation of the Company's second quarter fiscal 2025 outlook presented in accordance with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See \"Non-GAAP Financial Information\" above for further information regarding the Company's use of non-GAAP financial measures. ADJUSTED OPERATING INCOME RECONCILIATION \n\n\n\n\n\n(in millions) \n\nQuarter Ending September 30, 2024 \n\n\n\n\nLow end of estimate \n\nHigh end of estimate \n\n\nGAAP income from operations \n\n$                                  85 \n\n$                                  95 \n\n\nAdd: Estimated impact of charges under 2025 restructuring plan \n\n25 \n\n25 \n\n\nAdjusted income from operations \n\n$                                110 \n\n$                                120 \n\n\n\n\n\nADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION \n\n\n\n\n\n\n\nQuarter Ending September 30, 2024 \n\n\n\n\nLow end of estimate \n\nHigh end of estimate \n\n\nGAAP diluted net income per share \n\n$                               0.19 \n\n$                               0.21 \n\n\nAdd: Estimated impact of charges under 2025 restructuring plan \n\n0.06 \n\n0.06 \n\n\nAdd: Impact of provision for income taxes \n\n(0.07) \n\n(0.07) \n\n\nAdjusted diluted net income per share \n\n$                               0.18 \n\n$                               0.20 \n\n\n\n\n\n\n\n\nUnder Armour, Inc. As of June 30, 2024, and 2023 COMPANY-OWNED & OPERATED DOOR COUNT \n\n\n\n\n\n\n\nJune 30, \n\n\n\n\n2024 \n\n2023 \n\n\nFactory House \n\n183 \n\n177 \n\n\nBrand House \n\n17 \n\n19 \n\n\n  North America total doors \n\n200 \n\n196 \n\n\n\n\n\n\n\n\n\nFactory House \n\n173 \n\n168 \n\n\nBrand House \n\n68 \n\n79 \n\n\n   International total doors \n\n241 \n\n247 \n\n\n\n\n\n\n\n\n\nFactory House \n\n356 \n\n345 \n\n\nBrand House \n\n85 \n\n98 \n\n\n   Total doors \n\n441 \n\n443 \n\n\n\n\n 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\nSOURCE Under Armour, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457396028"}