Under Armour Reports Exit and Disposal Activities

TL;DR

UA's filing shows they're cleaning house with exit/disposal costs.

AI Summary

Under Armour, Inc. filed an 8-K on September 9, 2024, reporting on cost-associated exit or disposal activities as of September 5, 2024. The filing also includes Regulation FD disclosures and financial statements/exhibits. Specific financial details regarding the exit or disposal costs were not provided in this excerpt.

Why It Matters

This filing indicates potential restructuring or divestitures by Under Armour, which could impact future financial performance and operational focus.

Risk Assessment

Risk Level: medium — Disposal activities can signal financial distress or strategic shifts that carry inherent business risks.

Key Players & Entities

• Under Armour, Inc. (company) — Filer of the 8-K report
• September 5, 2024 (date) — Earliest event reported date
• September 9, 2024 (date) — Date of report filing

FAQ

Key Financial Figures

• $70 million — Company expected to incur approximately $70 million to $90 million of estimated pre-tax res
• $90 million — d to incur approximately $70 million to $90 million of estimated pre-tax restructuring and
• $140 million — n a restructuring plan of approximately $140 million to $160 million of pre-tax restructurin
• $160 million — g plan of approximately $140 million to $160 million of pre-tax restructuring and related ch
• $75 million — years 2025 and 2026, including: Up to $75 million in cash-related charges, consisting of
• $30 million — ed charges, consisting of approximately $30 million in employee severance and benefits cost
• $45 million — ployee severance and benefits costs and $45 million related to various transformational ini
• $85 million — transformational initiatives and Up to $85 million in non-cash charges, including approxim
• $7 million — n-cash charges, including approximately $7 million in employee severance and benefits cost
• $78 million — ployee severance and benefits costs and $78 million in facility, software, and other asset-
• $34 million — the Company had incurred approximately $34 million of restructuring and related charges ($
• $19 million — n of restructuring and related charges ($19 million in cash and $15 million in non-cash). T
• $15 million — elated charges ($19 million in cash and $15 million in non-cash). The Company anticipates a

Filing Documents

• ua-20240905.htm (8-K) — 32KB
• exhibit991-20240909.htm (EX-99.1) — 39KB
• ualogo013117a01a.jpg (GRAPHIC) — 12KB
• 0001336917-24-000149.txt ( ) — 255KB
• ua-20240905.xsd (EX-101.SCH) — 2KB
• ua-20240905_def.xml (EX-101.DEF) — 15KB
• ua-20240905_lab.xml (EX-101.LAB) — 26KB
• ua-20240905_pre.xml (EX-101.PRE) — 16KB
• ua-20240905_htm.xml (XML) — 4KB

05. Costs Associated With Exit or Disposal Activities

Item 2.05. Costs Associated With Exit or Disposal Activities. On September 9, 2024, Under Armour, Inc. (the "Company") announced an update to its previously disclosed fiscal year 2025 restructuring plan designed to strengthen and support its financial and operational efficiencies . Previously, the Company expected to incur approximately $70 million to $90 million of estimated pre-tax restructuring and related charges in connection with its fiscal year 2025 restructuring plan. After further review, the Company has identified additional opportunities. On September 5, 2024, the Company's Board of Directors approved a $70 million increase to the restructuring plan, resulting in a restructuring plan of approximately $140 million to $160 million of pre-tax restructuring and related charges to be incurred during fiscal years 2025 and 2026, including: Up to $75 million in cash-related charges, consisting of approximately $30 million in employee severance and benefits costs and $45 million related to various transformational initiatives and Up to $85 million in non-cash charges, including approximately $7 million in employee severance and benefits costs and $78 million in facility, software, and other asset-related charges and impairments. Through the three months ended June 30, 2024, the Company had incurred approximately $34 million of restructuring and related charges ($19 million in cash and $15 million in non-cash). The Company anticipates approximately two-thirds of the remaining charges under the revised plan total will occur by the end of fiscal year 2025. 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, uncertain

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On September 9, 2024, the Company issued a press release announcing an update to its fiscal year 2025 restructuring plan and its fiscal year 2025 outlook concerning specific financial measures. A copy of the press release is attached hereto as Exhibit 99.1.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 99.1 Under Armour, Inc. press release dated September 9, 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: September 9, 2024 By: /s/ David E. Bergman David E. Bergman Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR