Under Armour Approves $500M Stock Buyback Program

TL;DR

UA just authorized a $500M stock buyback, good until 2027.

AI Summary

Under Armour, Inc. announced on September 4, 2024, that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to $500 million of the company's Class A common stock. This program is effective immediately and will continue until September 4, 2027, or until the repurchase authorization is fully utilized.

Why It Matters

This significant share repurchase authorization signals management's confidence in the company's valuation and could potentially boost earnings per share by reducing the number of outstanding shares.

Risk Assessment

Risk Level: medium — While a buyback can be positive, the effectiveness depends on Under Armour's future performance and ability to execute its strategy.

Key Numbers

• $500M — Stock Repurchase Authorization (Represents the maximum value of Class A common stock the company is authorized to repurchase.)
• 3 years — Repurchase Program Duration (The program is effective from September 4, 2024, until September 4, 2027.)

Key Players & Entities

• Under Armour, Inc. (company) — The company filing the report and authorizing the repurchase.
• $500 million (dollar_amount) — The total amount authorized for stock repurchases.
• September 4, 2024 (date) — The date the Board of Directors approved the repurchase program.
• September 4, 2027 (date) — The expiration date of the stock repurchase program.

FAQ

Filing Documents

• ua-20240904.htm (8-K) — 50KB
• 0001336917-24-000146.txt ( ) — 209KB
• ua-20240904.xsd (EX-101.SCH) — 2KB
• ua-20240904_def.xml (EX-101.DEF) — 15KB
• ua-20240904_lab.xml (EX-101.LAB) — 26KB
• ua-20240904_pre.xml (EX-101.PRE) — 16KB
• ua-20240904_htm.xml (XML) — 4KB

07. Submission of Matters to a Vote of Security Holders

Item 5.07. Submission of Matters to a Vote of Security Holders. The Annual Meeting of Stockholders (the "Annual Meeting") of the Company was held on September 4, 2024. At the Annual Meeting, the stockholders voted on four proposals and cast their votes as described below. The record date for this meeting was June 7, 2024. Proposal 1 The individuals listed below were elected at the Annual Meeting to serve on the Company's Board of Directors until the next Annual Meeting of Stockholders and until their respective successors are elected and qualified. The voting results were as follows: Nominees For Withhold Authority To Vote Broker Non-Votes Douglas E. Coltharp 450,015,220 3,175,589 27,139,277 Jerri L. DeVard 414,786,972 38,403,837 27,139,277 Mohamed A. El-Erian 450,864,133 2,326,676 27,139,277 Carolyn N. Everson 414,872,432 38,318,377 27,139,277 David W. Gibbs 451,387,660 1,803,149 27,139,277 Karen W. Katz 414,803,583 38,387,226 27,139,277 Eric T. Olson 399,275,073 53,915,736 27,139,277 Kevin A. Plank 413,016,417 40,174,392 27,139,277 Patrick W. Whitesell 451,571,763 1,619,046 27,139,277 Proposal 2 The stockholders approved the Company's executive compensation, in a non-binding advisory vote. The voting results were as follows: For Against Abstain Broker Non-Votes 450,337,928 2,648,094 204,787 27,139,277 Proposal 3 On May 23, 2024, the Board of Directors of the Company adopted an amendment and restatement of the Company's Class C Employee Stock Purchase Plan (as amended and restated, the "ESPP"), subject to stockholder approval at the Annual Meeting, to increase the number of shares of the Company's Class C Common Stock authorized for purchase under the ESPP by 2,000,000, change the offering period from monthly to quarterly so that purchases of shares are made on a quarterly basis, and make certain other administrative and clarifying changes. At the Annual Meeting, the stockholders approved the ESPP. The voting results were as follows:

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 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: September 6, 2024 By: /s/ MEHRI SHADMAN Mehri Shadman Executive Vice President, Chief Legal Officer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR