Under Armour Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Under Armour, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

Under Armour, Inc. (UA) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Under Armour, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal third quarter of 2024. The company's fiscal year ends on March 31st. The filing was made on February 8, 2024. The company's principal executive offices are located at 1020 Hull Street, Baltimore, MD.

Why It Matters

For investors and stakeholders tracking Under Armour, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Under Armour for the third quarter of fiscal year 2024. The detailed financial information within this report is crucial for stakeholders to assess the company's current financial health, profitability, and strategic direction.

Risk Assessment

Risk Level: low — Under Armour, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain unexpected or negative information.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Under Armour's performance trends and outlook.

Key Numbers

• 2023-12-31 — Period End Date (Fiscal period end date)
• 2024-02-08 — Filing Date (Date the report was filed)
• 2023-03-31 — Fiscal Year End (Company's fiscal year end)
• 2024 — Fiscal Quarter (Fiscal third quarter)

Key Players & Entities

• Under Armour, Inc. (company) — Filer name
• 20231231 (date) — Period of report
• 20240208 (date) — Filed as of date
• 1020 HULL STREET (address) — Business address
• BALTIMORE (location) — Business address city
• MD (location) — Business address state
• 21230 (postal_code) — Business address zip
• 410-454-6758 (phone_number) — Business phone

Forward-Looking Statements

• Under Armour will continue to report on its Class A, Class C, and Convertible Common Stock in future filings. (Under Armour, Inc.) — high confidence, target: 2024-06-30

FAQ

Industry Context

Under Armour operates in the athletic apparel and footwear industry, a highly competitive market driven by brand reputation, product innovation, and consumer trends.

Regulatory Implications

Companies in the apparel sector are subject to various regulations concerning manufacturing, labor practices, and product safety, though this filing is a standard financial disclosure.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis for insights into business performance and outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-02-08: 10-Q Filing — Filing of the quarterly report for the period ending December 31, 2023.
• 2023-12-31: Reporting Period End — End date of the fiscal third quarter for which the report is filed.
• 2023-03-31: Fiscal Year End — The company's annual fiscal year end date.

Year-Over-Year Comparison

This is the initial filing of the 10-Q for the period ending December 31, 2023. Previous filings would be for earlier periods.

Filing Documents

• ua-20231231.htm (10-Q) — 1591KB
• ua-12312023xex1001.htm (EX-10.01) — 13KB
• ua-12312023xex3101.htm (EX-31.01) — 8KB
• ua-12312023xex3102.htm (EX-31.02) — 8KB
• ua-12312023xex3201.htm (EX-32.01) — 4KB
• ua-12312023xex3202.htm (EX-32.02) — 4KB
• ua-20231231_g1.jpg (GRAPHIC) — 25KB
• 0001336917-24-000024.txt (&nbsp;) — 8396KB
• ua-20231231.xsd (EX-101.SCH) — 55KB
• ua-20231231_cal.xml (EX-101.CAL) — 72KB
• ua-20231231_def.xml (EX-101.DEF) — 289KB
• ua-20231231_lab.xml (EX-101.LAB) — 731KB
• ua-20231231_pre.xml (EX-101.PRE) — 492KB
• ua-20231231_htm.xml (XML) — 1318KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: 1 Condensed Consolidated Balance Sheets as of December 3 1 , 2023 (unaudited) and March 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 3 1 , 2023 and 2022 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended December 3 1 , 2023 and 2022 (unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended December 3 1 , 2023 and 2022 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 3 1 , 2023 and 2022 (unaudited) 6 Notes to the Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 5. Other Information 43 Item 6. Exhibits 43

SIGNATURES

SIGNATURES 45 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Under Armour, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited; In thousands, except share data) December 31, 2023 March 31, 2023 Assets Current assets Cash and cash equivalents $ 1,040,090 $ 711,910 Accounts receivable, net (Note 3) 691,546 759,860 Inventories 1,104,027 1,190,253 Prepaid expenses and other current assets, net 287,153 297,563 Total current assets 3,122,816 2,959,586 Property and equipment, net (Note 4) 714,183 672,736 Operating lease right-of-use assets (Note 5) 456,201 489,306 Goodwill (Note 6) 481,573 481,992 Intangible assets, net (Note 7) 8,002 8,940 Deferred income taxes (Note 17) 210,600 186,167 Other long-term assets 51,131 58,356 Total assets $ 5,044,506 $ 4,857,083 Liabilities and Stockholders' Equity Current liabilities Current maturities of long-term debt (Note 9) $ 80,919 $ — Accounts payable 699,431 649,116 Accrued expenses 322,780 354,643 Customer refund liabilities (Note 12) 160,786 160,533 Operating lease liabilities (Note 5) 143,425 140,990 Other current liabilities 58,841 51,609 Total current liabilities 1,466,182 1,356,891 Long-term debt, net of current maturities (Note 9) 595,124 674,478 Operating lease liabilities, non-current (Note 5) 654,216 705,713 Other long-term liabilities 155,964 121,598 Total liabilities 2,871,486 2,858,680 Stockholders' equity (Note 11) Class A Common Stock, $ 0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2023 and March 31, 2023; 188,786,536 shares issued and outstanding as of December 31, 2023 (March 31, 2023: 188,704,689 ) 63 63 Class B Convertible Common Stock, $ 0.0003 1/3 par value; 34,450,000 shares authorized, issued and outstanding as of December 31, 2023 and March 31, 2023 11 11 Class C Common Stock, $ 0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2023 and March 31, 2023; 211,986,367 shares issued and outstanding as of December 31, 2023 (March 31

Business

Business Under Armour, Inc. (together with its wholly owned subsidiaries, the "Company") is a developer, marketer and distributor of branded athletic performance apparel, footwear and accessories. The Company creates products engineered to make athletes better with a vision to inspire performance solutions you never knew you needed and can't imagine living without. The Company's products are made, sold and worn worldwide. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements are presented in U.S. Dollars and include the accounts of Under Armour, Inc. and its wholly owned subsidiaries. Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation. Additionally, certain prior period comparative amounts in the Condensed Consolidated Statement of Stockholders' Equity have been reclassified to conform to the current period presentation. Such reclassifications were not material and did not affect the Condensed Consolidated Financial Statements. The unaudited Condensed Consolidated Balance Sheet as of December 31, 2023 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023 ("Fiscal 2023"), filed with the SEC on May 24, 2023 ("Annual Report on Form 10-K for Fiscal 2023"), which should be read in conjunction with these unaudited Condensed Consolidated Finan

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