(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
(Title of each class) | (Trading Symbols) | (Name of each exchange on which registered) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit No. | Exhibit | ||||||||||
Under Armour, Inc. press release announcing financial results for the quarter ended September 30, 2023. | |||||||||||
101 | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
UNDER ARMOUR, INC. | ||||||||||||||
Date: November 8, 2023 | By: | /s/ David E. Bergman | ||||||||||||
David E. Bergman | ||||||||||||||
Chief Financial Officer |
Under Armour Contacts: | ||||||||
Lance Allega | Amanda Miller | |||||||
SVP, Investor Relations & Corporate Development | SVP, Chief Communications Officer | |||||||
(410) 246-6810 | (408) 219-0563 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
in '000s | 2023 | % of Net Revenues | 2022 | % of Net Revenues | 2023 | % of Net Revenues | 2022 | % of Net Revenues | |||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,566,710 | 100.0 | % | $ | 1,573,885 | 100.0 | % | $ | 2,883,722 | 100.0 | % | $ | 2,922,942 | 100.0 | % | |||||||||||||||||||||||||||||||
Cost of goods sold | 814,715 | 52.0 | % | 860,051 | 54.6 | % | 1,523,991 | 52.8 | % | 1,578,911 | 54.0 | % | |||||||||||||||||||||||||||||||||||
Gross profit | 751,995 | 48.0 | % | 713,834 | 45.4 | % | 1,359,731 | 47.2 | % | 1,344,031 | 46.0 | % | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 606,236 | 38.7 | % | 594,424 | 37.8 | % | 1,193,042 | 41.4 | % | 1,190,138 | 40.7 | % | |||||||||||||||||||||||||||||||||||
Income (loss) from operations | 145,759 | 9.3 | % | 119,410 | 7.6 | % | 166,689 | 5.8 | % | 153,893 | 5.3 | % | |||||||||||||||||||||||||||||||||||
Interest income (expense), net | (373) | — | % | (3,555) | (0.2) | % | (1,999) | (0.1) | % | (9,560) | (0.3) | % | |||||||||||||||||||||||||||||||||||
Other income (expense), net | (6,429) | (0.4) | % | (5,771) | (0.4) | % | (12,814) | (0.4) | % | (20,012) | (0.7) | % | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 138,957 | 8.9 | % | 110,084 | 7.0 | % | 151,876 | 5.3 | % | 124,321 | 4.3 | % | |||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 29,494 | 1.9 | % | 22,251 | 1.4 | % | 33,465 | 1.2 | % | 27,908 | 1.0 | % | |||||||||||||||||||||||||||||||||||
Income (loss) from equity method investments | 151 | — | % | (908) | (0.1) | % | (248) | — | % | (1,806) | (0.1) | % | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 109,614 | 7.0 | % | $ | 86,925 | 5.5 | % | $ | 118,163 | 4.1 | % | $ | 94,607 | 3.2 | % | |||||||||||||||||||||||||||||||
Basic net income (loss) per share of Class A, B and C common stock | $ | 0.25 | $ | 0.19 | $ | 0.27 | $ | 0.21 | |||||||||||||||||||||||||||||||||||||||
Diluted net income (loss) per share of Class A, B and C common stock | $ | 0.24 | $ | 0.19 | $ | 0.26 | $ | 0.20 | |||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding Class A, B and C common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | 443,525 | 454,322 | 444,195 | 456,357 | |||||||||||||||||||||||||||||||||||||||||||
Diluted | 453,715 | 464,141 | 454,107 | 466,143 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
in '000s | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Apparel | $ | 1,070,437 | $ | 1,038,268 | 3.1 | % | $ | 1,895,097 | $ | 1,906,696 | (0.6) | % | |||||||||||||||||||||||
Footwear | 351,202 | 375,885 | (6.6) | % | 714,872 | 723,136 | (1.1) | % | |||||||||||||||||||||||||||
Accessories | 113,933 | 111,117 | 2.5 | % | 211,795 | 207,948 | 1.8 | % | |||||||||||||||||||||||||||
Net Sales | 1,535,572 | 1,525,270 | 0.7 | % | 2,821,764 | 2,837,780 | (0.6) | % | |||||||||||||||||||||||||||
Licensing revenues | 28,646 | 33,123 | (13.5) | % | 53,718 | 61,258 | (12.3) | % | |||||||||||||||||||||||||||
Corporate Other (1) | 2,492 | 15,492 | (83.9) | % | 8,240 | 23,904 | (65.5) | % | |||||||||||||||||||||||||||
Total net revenues | $ | 1,566,710 | $ | 1,573,885 | (0.5) | % | $ | 2,883,722 | $ | 2,922,942 | (1.3) | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
in '000s | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Wholesale | $ | 939,725 | $ | 948,154 | (0.9) | % | $ | 1,681,683 | $ | 1,739,840 | (3.3) | % | |||||||||||||||||||||||
Direct-to-consumer | 595,847 | 577,116 | 3.2 | % | 1,140,081 | 1,097,940 | 3.8 | % | |||||||||||||||||||||||||||
Net Sales | 1,535,572 | 1,525,270 | 0.7 | % | 2,821,764 | 2,837,780 | (0.6) | % | |||||||||||||||||||||||||||
License revenues | 28,646 | 33,123 | (13.5) | % | 53,718 | 61,258 | (12.3) | % | |||||||||||||||||||||||||||
Corporate Other (1) | 2,492 | 15,492 | (83.9) | % | 8,240 | 23,904 | (65.5) | % | |||||||||||||||||||||||||||
Total net revenues | $ | 1,566,710 | $ | 1,573,885 | (0.5) | % | $ | 2,883,722 | $ | 2,922,942 | (1.3) | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
in '000s | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
North America | $ | 991,393 | $ | 1,011,823 | (2.0) | % | $ | 1,818,045 | $ | 1,921,179 | (5.4) | % | |||||||||||||||||||||||
EMEA | 287,091 | 262,679 | 9.3 | % | 513,732 | 467,860 | 9.8 | % | |||||||||||||||||||||||||||
Asia-Pacific | 232,065 | 225,729 | 2.8 | % | 434,297 | 402,394 | 7.9 | % | |||||||||||||||||||||||||||
Latin America | 53,669 | 58,162 | (7.7) | % | 109,408 | 107,605 | 1.7 | % | |||||||||||||||||||||||||||
Corporate Other (1) | 2,492 | 15,492 | (83.9) | % | 8,240 | 23,904 | (65.5) | % | |||||||||||||||||||||||||||
Total net revenues | $ | 1,566,710 | $ | 1,573,885 | (0.5) | % | $ | 2,883,722 | $ | 2,922,942 | (1.3) | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
in '000s | 2023 | % of Net Revenues (2) | 2022 | % of Net Revenues (2) | 2023 | % of Net Revenues (2) | 2022 | % of Net Revenues (2) | |||||||||||||||||||||||||||
North America | $ | 215,457 | 21.7 | % | $ | 209,206 | 20.7 | % | $ | 373,508 | 20.5 | % | $ | 399,130 | 20.8 | % | |||||||||||||||||||
EMEA | 40,697 | 14.2 | % | 35,895 | 13.7 | % | 71,646 | 13.9 | % | 54,076 | 11.6 | % | |||||||||||||||||||||||
Asia-Pacific | 54,608 | 23.5 | % | 46,134 | 20.4 | % | 70,006 | 16.1 | % | 66,079 | 16.4 | % | |||||||||||||||||||||||
Latin America | 13,644 | 25.4 | % | 7,177 | 12.3 | % | 19,421 | 17.8 | % | 13,411 | 12.5 | % | |||||||||||||||||||||||
Corporate Other (1) | (178,647) | NM | (179,002) | NM | (367,892) | NM | (378,803) | NM | |||||||||||||||||||||||||||
Income (loss) from operations | $ | 145,759 | 9.3 | % | $ | 119,410 | 7.6 | % | $ | 166,689 | 5.8 | % | $ | 153,893 | 5.3 | % |
in '000s | September 30, 2023 | March 31, 2023 | ||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 655,866 | $ | 711,910 | ||||||||||
Accounts receivable, net | 805,197 | 759,860 | ||||||||||||
Inventories | 1,143,872 | 1,190,253 | ||||||||||||
Prepaid expenses and other current assets, net | 266,825 | 297,563 | ||||||||||||
Total current assets | 2,871,760 | 2,959,586 | ||||||||||||
Property and equipment, net | 687,804 | 672,736 | ||||||||||||
Operating lease right-of-use assets | 449,210 | 489,306 | ||||||||||||
Goodwill | 474,443 | 481,992 | ||||||||||||
Intangible assets, net | 8,129 | 8,940 | ||||||||||||
Deferred income taxes | 196,932 | 186,167 | ||||||||||||
Other long-term assets | 58,275 | 58,356 | ||||||||||||
Total assets | $ | 4,746,553 | $ | 4,857,083 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current maturities of long-term debt | $ | 80,919 | $ | — | ||||||||||
Accounts payable | 542,309 | 649,116 | ||||||||||||
Accrued expenses | 312,494 | 354,643 | ||||||||||||
Customer refund liabilities | 149,451 | 160,533 | ||||||||||||
Operating lease liabilities | 138,610 | 140,990 | ||||||||||||
Other current liabilities | 59,321 | 51,609 | ||||||||||||
Total current liabilities | 1,283,104 | 1,356,891 | ||||||||||||
Long-term debt, net of current maturities | 594,655 | 674,478 | ||||||||||||
Operating lease liabilities, non-current | 657,551 | 705,713 | ||||||||||||
Other long-term liabilities | 121,501 | 121,598 | ||||||||||||
Total liabilities | 2,656,811 | 2,858,680 | ||||||||||||
Total stockholders’ equity | 2,089,742 | 1,998,403 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 4,746,553 | $ | 4,857,083 |
Six Months Ended September 30, | |||||||||||
in '000s | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | $ | 118,163 | $ | 94,607 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||
Depreciation and amortization | 71,177 | 68,007 | |||||||||
Unrealized foreign currency exchange rate (gain) loss | 21,145 | 16,338 | |||||||||
Loss on disposal of property and equipment | 696 | 1,074 | |||||||||
Amortization of bond premium and debt issuance costs | 1,096 | 1,096 | |||||||||
Stock-based compensation | 23,357 | 19,708 | |||||||||
Deferred income taxes | (10,788) | (2,021) | |||||||||
Changes in reserves and allowances | 18,471 | 4,452 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (52,721) | (90,331) | |||||||||
Inventories | 33,270 | (266,824) | |||||||||
Prepaid expenses and other assets | (10,934) | (15,486) | |||||||||
Other non-current assets | 49,659 | (36,932) | |||||||||
Accounts payable | (120,353) | 167,149 | |||||||||
Accrued expenses and other liabilities | (75,751) | 19,034 | |||||||||
Customer refund liabilities | (11,244) | (5,475) | |||||||||
Income taxes payable and receivable | 9,000 | 23,105 | |||||||||
Net cash provided by (used in) operating activities | 64,243 | (2,499) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | (84,144) | (93,864) | |||||||||
Earn-out from the sale of the MyFitnessPal platform | 45,000 | 35,000 | |||||||||
Net cash provided by (used in) investing activities | (39,144) | (58,864) | |||||||||
Cash flows from financing activities | |||||||||||
Common shares repurchased | (50,000) | (50,000) | |||||||||
Employee taxes paid for shares withheld for income taxes | (2,318) | (803) | |||||||||
Proceeds from exercise of stock options and other stock issuances | 1,781 | 2,015 | |||||||||
Net cash provided by (used in) financing activities | (50,537) | (48,788) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (28,671) | (43,962) | |||||||||
Net increase in (decrease in) cash, cash equivalents and restricted cash | (54,109) | (154,113) | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Beginning of period | 727,726 | 1,022,126 | |||||||||
End of period | $ | 673,617 | $ | 868,013 |
Three Months Ended September 30, 2023 | Six Months Ended September 30, 2023 | ||||||||||
Total Net Revenue | |||||||||||
Net revenue growth - GAAP | (0.5) | % | (1.3) | % | |||||||
Foreign exchange impact | (0.6) | % | 0.1 | % | |||||||
Currency neutral net revenue growth - Non-GAAP | (1.1) | % | (1.2) | % | |||||||
North America | |||||||||||
Net revenue growth - GAAP | (2.0) | % | (5.4) | % | |||||||
Foreign exchange impact | 0.2 | % | 0.5 | % | |||||||
Currency neutral net revenue growth - Non-GAAP | (1.8) | % | (4.9) | % | |||||||
EMEA | |||||||||||
Net revenue growth - GAAP | 9.3 | % | 9.8 | % | |||||||
Foreign exchange impact | (5.3) | % | (2.7) | % | |||||||
Currency neutral net revenue growth - Non-GAAP | 4.0 | % | 7.1 | % | |||||||
Asia-Pacific | |||||||||||
Net revenue growth - GAAP | 2.8 | % | 7.9 | % | |||||||
Foreign exchange impact | 3.8 | % | 5.0 | % | |||||||
Currency neutral net revenue growth - Non-GAAP | 6.6 | % | 12.9 | % | |||||||
Latin America | |||||||||||
Net revenue growth - GAAP | (7.7) | % | 1.7 | % | |||||||
Foreign exchange impact | (11.6) | % | (9.7) | % | |||||||
Currency neutral net revenue growth - Non-GAAP | (19.3) | % | (8.0) | % | |||||||
Total International | |||||||||||
Net revenue growth - GAAP | 4.8 | % | 8.1 | % | |||||||
Foreign exchange impact | (2.2) | % | (0.3) | % | |||||||
Currency neutral net revenue growth - Non-GAAP | 2.6 | % | 7.8 | % |
September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Factory House | 178 | 178 | ||||||||||||
Brand House | 19 | 18 | ||||||||||||
North America total doors | 197 | 196 | ||||||||||||
Factory House | 172 | 162 | ||||||||||||
Brand House | 81 | 79 | ||||||||||||
International total doors | 253 | 241 | ||||||||||||
Factory House | 350 | 340 | ||||||||||||
Brand House | 100 | 97 | ||||||||||||
Total doors | 450 | 437 |
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Cover |
Nov. 08, 2023 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Nov. 08, 2023 |
Entity Registrant Name | UNDER ARMOUR, INC. |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-33202 |
Entity Tax Identification Number | 52-1990078 |
Entity Address, Address Line One | 1020 Hull Street |
Entity Address, City or Town | Baltimore |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 21230 |
City Area Code | 410 |
Local Phone Number | 468-2512 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001336917 |
Class A Common Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Class A Common Stock |
Trading Symbol | UAA |
Security Exchange Name | NYSE |
Class C Common Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Class C Common Stock |
Trading Symbol | UA |
Security Exchange Name | NYSE |
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