Under Armour Files 8-K on Financials and Operations

TL;DR

UA dropped an 8-K detailing financials, operations, and exit costs. Check it out.

AI Summary

Under Armour, Inc. filed an 8-K on May 15, 2024, reporting on its results of operations and financial condition. The filing also covers costs associated with exit or disposal activities, other events, and financial statements and exhibits. The company is incorporated in Maryland and its fiscal year ends on March 31.

Why It Matters

This 8-K filing provides investors with crucial updates on Under Armour's financial performance and operational activities, including any restructuring or disposal costs.

Risk Assessment

Risk Level: low — This is a routine 8-K filing providing standard corporate disclosures and does not indicate any immediate or unusual risks.

Key Players & Entities

• Under Armour, Inc. (company) — Filer
• May 15, 2024 (date) — Date of earliest event reported
• Maryland (location) — State of incorporation

FAQ

Key Financial Figures

• $70 million — ng and related charges of approximately $70 million to $90 million during fiscal year 2025,
• $90 million — charges of approximately $70 million to $90 million during fiscal year 2025, primarily cons
• $50 million — ily consisting of up to approximately: $50 million in cash-related charges, consisting of
• $15 million — ed charges, consisting of approximately $15 million in employee severance and benefits cost
• $35 million — loyee severance and benefits costs, and $35 million related to various transformational ini
• $40 million — ious transformational initiatives; and $40 million in non-cash charges consisting of appro
• $7 million — ash charges consisting of approximately $7 million in employee severance and benefits cost
• $33 million — ployee severance and benefits costs and $33 million in facility, software and other asset-r
• $500 million — horized the Company to repurchase up to $500 million (exclusive of fees and commissions) of
• $0.0003 — ing shares of its Class C common stock, $0.0003 1/3 par value per share (the "Class C C

Filing Documents

• ua-20240515.htm (8-K) — 34KB
• exhibit991-fiscal2024q4.htm (EX-99.1) — 457KB
• ualogo013117a01.jpg (GRAPHIC) — 12KB
• 0001336917-24-000058.txt ( ) — 699KB
• ua-20240515.xsd (EX-101.SCH) — 2KB
• ua-20240515_def.xml (EX-101.DEF) — 15KB
• ua-20240515_lab.xml (EX-101.LAB) — 26KB
• ua-20240515_pre.xml (EX-101.PRE) — 16KB
• ua-20240515_htm.xml (XML) — 4KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On May 16, 2024, Under Armour, Inc. ("Under Armour", or the "Company") issued a press release announcing its financial results for the fourth quarter and fiscal year ended March 31, 2024. A copy of Under Armour's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Under Armour has scheduled a conference call for 8:30 a.m. ET on May 16, 2024 to discuss its financial results.

05. Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities On May 15, 2024, the Company's Board of Directors approved a restructuring plan designed to rebalance the Company's cost base to further improve profitability and cash flow generation. In connection with the restructuring plan, the Company expects to incur total estimated pre-tax restructuring and related charges of approximately $70 million to $90 million during fiscal year 2025, primarily consisting of up to approximately: $50 million in cash-related charges, consisting of approximately $15 million in employee severance and benefits costs, and $35 million related to various transformational initiatives; and $40 million in non-cash charges consisting of approximately $7 million in employee severance and benefits costs and $33 million in facility, software and other asset-related charges and impairments. This disclosure contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements, and include statements regarding anticipated charges and restructuring costs and the timing of these measures. These forward-looking statements are subject to risks, uncertainties, assumptions and changes in circumstances that may cause the estimated future impact of these restructuring charges and costs to differ materially from the forward-looking statements. These risks include the Company's ability to successfully execute its restructuring plan, higher than anticipated costs in implementing the restructuring plan, management distraction from ongoing business activities, damage to the Company's reputation and brand image and workforce attrition beyond planned restructuring related reductions. Additional information regarding other factors that could cause the Company's results to differ can be found in the Company's press release attached hereto as Exhibit 99.1, the C

01. Other Events

Item 8.01. Other Events. On May 15, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million (exclusive of fees and commissions) of outstanding shares of its Class C common stock, $0.0003 1/3 par value per share (the "Class C Common Stock"), pursuant to a new share repurchase program. Under the share repurchase program, the Company may repurchase shares of Class C Common Stock through open market or privately negotiated transactions, block purchases, or other transactions, including accelerated share repurchase programs. The share repurchase program will expire on May 31, 2027 and may be suspended or discontinued at any time. The share repurchase program does not obligate the Company to repurchase shares of Class C Common Stock and the timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions, corporate and regulatory requirements and other investment opportunities. Information regarding share repurchases will be available in the Company's periodic reports on Forms 10-Q and 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Securities Exchange Act of 1934, as amended.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 99.1 Under Armour, Inc. press release announcing financial results for the fourth quarter and fiscal year ended March 31, 2024. 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)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNDER ARMOUR, INC. Date: May 16, 2024 By: /s/ David E. Bergman David E. Bergman Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR