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Under Armour, Inc.

$UA
$7.92
Капитализция: $1.4B
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О компании

Under Armour, Inc (UA) - американская корпорация разрабатывающая, производящая и продающая одежду, обувь и товары для спорта и активного отдыха. Компания занимает второе место в США по доле рынка в показать больше
соответствующем сегменте после Nike. Under Armour, Inc агрессивно продвигает свой бренд по всему миру, заключая спонсорские контракты с самыми известными спортсменами мира. Компания также является спонсором спортивных лиг и спортивных ассоциаций. Продажи одежды, обуви и аксессуаров составляют примерно 74%, 16% и 10% чистой прибыли соответственно. Under Armour, Inc активно участвует в различных социальных программах. Штаб-квартира расположена в Балтиморе, штат Мэриленд. Представительства располагаются в Амстердаме, Остине, Гуанчжоу, Гонконге, Хьюстоне, Джакарте, Лондоне, Мехико, Мюнхене, Нью-Йорке, Панама-Сити, Париже, Питтсбурге, Портленде, Сан-Франциско, Сан-Паулу, Сантьяго, Сеуле, Шанхае и Торонто. Компания основана в 1995 году. Количество сотрудников 6 500.
Under Armour, Inc., together with its subsidiaries, develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth primarily in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. The company offers its apparel in compression, fitted, and loose types to be worn in hot and cold. It also provides various footwear products for running, basketball, cleated sports, slides, training, and outdoor. In addition, the company offers accessories, which include gloves, bags, headwear, and sports masks and digital fitness subscriptions, as well as digital advertising through MapMyFitness platform. It primarily offers its products under the HEATGEAR, COLDGEAR, RUSH or RECOVER, UA HOVR, UA Logo, UNDER ARMOUR, UA, ARMOUR, PROTECT THIS HOUSE, I WILL, ARMOUR BRA, and ARMOUR FLEECE brands. The company sells its products through wholesale channels, including national and regional sporting goods chains, independent and specialty retailers, department store chains, mono-branded Under Armour retail stores, institutional athletic departments, and leagues and teams, as well as independent distributors and directly to consumers through a network of 439 brand and factory house stores, as well as through e-commerce websites. Under Armour, Inc. was founded in 1996 and is headquartered in Baltimore, Maryland.
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Отчетность

03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY

04.08.2021, 23:12 Прибыль на акцию за 2 квартал XX, консенсус-прогноз YY
Квартальная отчетность будет доступна после Регистрации

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Аналитик Аарон Кесслер поддерживает с сильной покупкой и снижает целевую цену со xxx до yyy долларов.

25.10.2021, 16:02 Аналитик Berenberg Сунил Райгопал инициирует освещение на GoDaddy с рейтингом «Покупать» и объявляет целевую цену в xxx долларов.
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UNDER ARMOUR REPORTS RESULTS FOR TRANSITION QUARTER ENDED MARCH 31, 2022; PROVIDES INITIAL FISCAL 2023 OUTLOOK

Under Armour сообщает о результатах переходного квартала, закончившегося 31 марта 2022 г.; предоставляет первоначальный прогноз на 2023 финансовый год

6 мая 2022 г.

Company Also Announced the Completion of its 2020 Restructuring Plan

BALTIMORE, May 6, 2022 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) today announced unaudited financial results for its transition quarter ended March 31, 2022. The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures described below under the "Non-GAAP Financial Information" paragraph.

"Having successfully executed a multi-year transformation and after delivering a record year in 2021 – we are continuing to serve the needs of athletes amid an increasingly more uncertain marketplace," said Under Armour President and CEO Patrik Frisk. "As global supply challenges and emergent COVID-19 impacts in China eventually normalize, we are confident that the strength of the Under Armour brand coupled with our powerful growth strategy positions us well to deliver sustainable, profitable returns to shareholders over the long-term."

Transition Quarter Review

  • Revenue was up 3 percent to $1.3 billion (up 4 percent currency neutral) compared to the prior year.
    • Wholesale revenue increased 4 percent to $829 million and direct-to-consumer revenue increased 1 percent to $441 million, driven by 2 percent growth in eCommerce, which represented 45 percent of the total direct-to-consumer business during the quarter. Owned and operated store revenue growth was flat during the quarter.
    • North America revenue increased 4 percent to $841 million and international revenue increased 1 percent to $456 million (up 3 percent currency neutral). Within the international business, revenue increased 18 percent in EMEA (up 22 percent currency neutral), decreased 14 percent in Asia-Pacific (down 13 percent currency neutral), and decreased 6 percent in Latin America (down 5 percent currency neutral).
    • Apparel revenue increased 8 percent to $877 million. Footwear revenue decreased 4 percent to $297 million. Accessories revenue decreased 18 percent to $97 million.
  • Gross margin decreased 350 basis points to 46.5 percent compared to the prior year, driven primarily by elevated freight expenses.
  • Selling, general & administrative expenses increased 16 percent to $594 million.
  • Restructuring and impairment charges were $57 million.
  • Operating loss was $46 million. Adjusted operating income was $11 million.
  • Net loss was $60 million. Adjusted net loss was $3 million.
  • Diluted loss per share was $0.13. Adjusted diluted loss per share was $0.01.
  • Inventory was down 3 percent to $824 million.
  • Cash and Cash Equivalents were $1.0 billion at the end of the quarter, and no borrowings were outstanding under the company's $1.1 billion revolving credit facility.

Fiscal Year End Change

As announced in February 2021, Under Armour changed its fiscal year from December 31 to March 31. Following a three-month transition period (January 1 – March 31, 2022), Under Armour's fiscal year 2023 will run from April 1, 2022, through March 31, 2023. Consequently, there will be no fiscal year 2022.

Fiscal 2023 Outlook

Due to Under Armour's fiscal year change, the comparable baseline period is April 1, 2021, through March 31, 2022. Based on current visibility, including ongoing supply chain challenges, COVID-19 uncertainty, and inflationary trends, key points related to Under Armour's fiscal year 2023 outlook include:

  • Revenue is expected to increase 5 to 7 percent versus the comparable baseline period of $5.7 billion, reflecting a mid-single-digit growth rate in North America and a low-teens growth rate in the international business. This expectation includes approximately three percentage points of headwinds related to our strategic decision to work with our vendors and customers to cancel orders affected by capacity issues, supply chain delays, and emergent COVID-19 impacts in China.
  • Gross margin is expected to be down 150 to 200 basis points compared to the baseline period's adjusted gross margin of 49.6 percent due to expected inflationary pressures on freight and product costs, unfavorable channel mix, and changes in foreign currency.
  • Operating income is expected to reach $375 to $400 million versus the comparable baseline period adjusted operating income of $424 million.
  • Diluted earnings per share is expected to be between $0.79 and $0.84 versus the comparable baseline period of $0.47. This includes a $0.28 benefit related to a tax valuation allowance release expected to be realized in the fourth quarter. Of this $0.28 benefit, $0.16 of this amount is related to prior restructuring charges; therefore, adjusted diluted earnings per share is expected to be between $0.63 and $0.68. This is comparable to the adjusted baseline period of $0.68.

2020 Restructuring Plan

The company also announced that it had concluded its 2020 restructuring plan with the recognition of $57 million during its transition quarter that ended March 31, 2022. Under the $600 million plan authorization, $571 million of total charges were recognized, including $197 million of cash-related charges and $374 million of non-cash-related charges.

Share Buyback Update

In February 2022, Under Armour announced that its Board of Directors authorized the repurchase of up to $500 million of its outstanding Class C common stock, to be made over the following two years through various methods, including open market, privately negotiated, and accelerated share repurchase transactions. An initial $300 million of repurchases was completed in early May through an accelerated share repurchase plan. The company currently has approximately $200 million remaining under its repurchase authorization.

Conference Call and Webcast

Under Armour will hold its transition quarter conference call and webcast today at approximately 8:30 a.m. Eastern Time. The call will be webcast live at https://about.underarmour.com/investor-relations/financials and will be archived and available for replay about three hours after the live event.

Non-GAAP Financial Information

This press release refers to "currency neutral" and "adjusted" results, as well as "adjusted" forward-looking estimates of the company's results for its 2023 fiscal year ending March 31, 2023. Management believes this information is useful to investors to compare the company's results of operations period-over-period because it enhances visibility into its actual underlying results, excluding these impacts. Currency-neutral financial information is calculated to exclude changes in foreign currency exchange rates. References to adjusted financial measures exclude the impact of the company's 2020 restructuring plan, and related impairment charges, including goodwill and related tax effects. Where applicable, adjusted net income (loss) and adjusted diluted income (loss) per share exclude the non-cash amortization of debt discount on the company's convertible senior notes, any gain or loss on extinguishing the company's convertible senior notes and related tax effects, and any gain or loss from divestitures (including earn-outs) and related tax effects. Management believes these adjustments are not core to the company's operations. The reconciliation of non-GAAP amounts to the most directly comparable financial measure calculated according to GAAP is presented in supplemental financial information furnished with this release. All per share amounts are reported on a diluted basis. In addition, in connection with its change in fiscal year-end from December 31 to March 31, Under Armour is presenting select non-GAAP financial measures for the twelve-month period beginning on April 1, 2021, and ending March 31, 2022, to provide comparable reference periods against the company's new fiscal 2023 year, which began April 1, 2022, and ends on March 31, 2023. These supplemental non-GAAP financial measures should not be considered in isolation and should be contemplated in addition to, and not as an alternative for, the company's reported results prepared per GAAP. Additionally, the company's non-GAAP financial information may not be comparable to similarly titled measures reported by other companies.

About Under Armour, Inc.

Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com.

Forward Looking Statements

Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, our future financial condition or results of operations, our prospects and strategies for future growth, the impact of the COVID-19 pandemic on our business and results of operations and the operations of our suppliers and logistics providers, our plans to reduce our operating expenses, anticipated charges and restructuring costs, the development and introduction of new products, the implementation of our marketing and branding strategies, and the future benefits and opportunities from significant investments. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: the impact of the COVID-19 pandemic on our industry and our business, financial condition and results of operations, including recent impacts on the global supply chain; failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner; labor or other disruptions at ports or our suppliers or manufacturers; changes in general economic or market conditions that could affect overall consumer spending or our industry; increased competition causing us to lose market share or reduce the prices of our products or to increase our marketing efforts significantly; fluctuations in the costs of raw materials and commodities we use in our products and our supply chain; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business and successfully execute any restructuring plans and realize their expected benefits; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer shopping and engagement preferences and consumer demand for our products and manage our inventory in response to changing demands; loss of key customers, suppliers or manufacturers; our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; the impact of global events beyond our control, including military conflict; our ability to successfully manage or realize expected results from significant transactions and investments; our ability to effectively market and maintain a positive brand image; our ability to effectively meet the expectations of our stakeholders with respect to environmental, social and governance practices; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation or application of our global operating and financial reporting information technology system; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations, and the potential impact of new trade, tariff and tax regulations on our profitability; risks related to data security or privacy breaches; and our potential exposure to litigation and other proceedings. The forward-looking statements contained in this press release reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the statement's date or to reflect unanticipated events.

Under Armour, Inc.

For the Three Months Ended March 31, 2022, and 2021

(Unaudited; in thousands, except per share amounts)


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


Three Months Ended March 31,

in '000s

2022


% of Net
Revenues


2021


% of Net
Revenues

Net revenues

$       1,300,945


100.0 %


$       1,257,195


100.0%

Cost of goods sold

695,781


53.5 %


628,554


50.0%

Gross profit

605,164


46.5 %


628,641


50.0%

Selling, general and administrative expenses

594,446


45.7 %


514,638


40.9%

Restructuring and impairment charges

56,674


4.4 %


7,113


0.6%

Income (loss) from operations

(45,956)


(3.5)%


106,890


8.5%

Interest income (expense), net

(6,154)


(0.5)%


(14,137)


(1.1)%

Other income (expense), net

(51)


— %


(7,180)


(0.6)%

Income (loss) before income taxes

(52,161)


(4.0)%


85,573


6.8%

Income tax expense (benefit)

8,181


0.6 %


9,881


0.8%

Income (loss) from equity method investments

732


0.1 %


2,060


0.2%

Net income (loss)

$          (59,610)


(4.6)%


$            77,752


6.2%









Basic net income (loss) per share of Class A, B and C common stock

$              (0.13)




$                0.17



Diluted net income (loss) per share of Class A, B and C common stock

$              (0.13)




$                0.17



Weighted average common shares outstanding Class A, B and C common stock

Basic

471,425




456,014



Diluted

471,425




459,226



Under Armour, Inc.

For the Three Months Ended March 31, 2022, and 2021

(Unaudited; in thousands)


NET REVENUES BY PRODUCT CATEGORY


Three Months Ended March 31,

in '000s

2022


2021


% Change

Apparel

$      876,604


$      810,041


8.2%

Footwear

296,696


309,047


(4.0)%

Accessories

96,803


117,396


(17.5)%

Total net sales

1,270,103


1,236,484


2.7%

Licensing revenues

26,602


21,657


22.8%

Corporate Other (1)

4,240


(946)


NM

Total net revenues

$   1,300,945


$   1,257,195


3.5%


NET REVENUES BY SEGMENT


Three Months Ended March 31,

in '000s

2022


2021


% Change

North America

$      841,101


$      805,727


4.4%

EMEA

228,056


193,883


17.6%

Asia-Pacific

181,908


210,220


(13.5)%

Latin America

45,640


48,311


(5.5)%

Corporate Other (1)

4,240


(946)


NM

Total net revenues                                             

$   1,300,945


$   1,257,195


3.5%

INCOME (LOSS) FROM OPERATIONS


Three Months Ended March 31,

in '000s

2022

% of Net
Revenues (2)


2021

% of Net
Revenues (2)

North America

$   154,084

18.3%


$   210,562

26.1%

EMEA

30,336

13.3%


26,686

13.8%

Asia-Pacific

5,464

3.0%


46,513

22.1%

Latin America

6,343

13.9%


1,457

3.0%

Corporate Other (1)

(242,183)

NM


(178,328)

NM

Income (loss) from operations

$            (45,956)

(3.5)%


$   106,890

8.5%

(1) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the Company's operating segments but managed through the Company's central foreign exchange risk management program and subscription revenues from digital platforms. Corporate Other also includes expenses related to the Company's central supporting functions.


(2) Operating income (loss) percentage is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM).

Under Armour, Inc.

As of March 31, 2022, December 31, 2021, and March 31, 2021

(Unaudited; in thousands)


CONDENSED CONSOLIDATED BALANCE SHEETS

in '000s


March 31, 2022


December 31, 2021


March 31, 2021

Assets







Current assets







Cash and cash equivalents


$             1,009,139


$             1,669,453


$             1,348,737

Accounts receivable, net


702,197


569,014


696,287

Inventories


824,455


811,410


851,829

Prepaid expenses and other current assets, net


297,034


286,422


260,865

Total current assets


2,832,825


3,336,299


3,157,718

Property and equipment, net


601,365


607,226


632,307

Operating lease right-of-use assets


420,397


448,364


511,130

Goodwill


491,508


495,215


497,970

Intangible assets, net


10,580


11,010


12,548

Deferred income taxes


20,141


17,812


23,796

Other long term assets


76,016


75,470


78,827

     Total assets


$             4,452,832


$             4,991,396


$             4,914,296

Liabilities and Stockholders' Equity







Accounts payable


560,331


613,307


490,860

Accrued expenses


317,963


460,165


311,905

Customer refund liabilities


159,628


164,294


191,979

Operating lease liabilities


134,833


138,664


160,918

Other current liabilities


125,840


73,746


78,655

     Total current liabilities


1,298,595


1,450,176


1,234,317

Long term debt, net of current maturities


672,286


662,531


1,009,951

Operating lease liabilities, non-current


668,983


703,111


801,292

Other long term liabilities


84,014


86,584


98,537

     Total liabilities


2,723,878


2,902,402


3,144,097

     Total stockholders' equity


1,728,954


2,088,994


1,770,199

     Total liabilities and stockholders' equity


$             4,452,832


$             4,991,396


$             4,914,296

Under Armour, Inc.

For the Three Months Ended March 31, 2022, and 2021

(Unaudited; in thousands)


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


Three Months Ended March 31,

in '000s

2022


2021

Cash flows from operating activities




Net income (loss)

$               (59,610)


$                77,752

Adjustments to reconcile net income (loss) to net cash used in operating activities




     Depreciation and amortization

34,960


35,512

     Unrealized foreign currency exchange rate gain (loss)

(8,585)


14,702

     Loss on disposal of property and equipment

1,604


575

     Non-cash restructuring and impairment charges

(1,871)


5,601

     Amortization of bond premium and debt issuance costs

549


5,273

     Stock-based compensation

11,764


10,372

     Deferred income taxes

(2,500)


(9)

     Changes in reserves and allowances

(5,250)


(9,262)

     Changes in operating assets and liabilities:




          Accounts receivable

(131,988)


(170,493)

          Inventories

(6,425)


49,246

          Prepaid expenses and other assets

(4,326)


22,295

          Other non-current assets

27,628


19,467

          Accounts payable

(54,970)


(80,092)

          Accrued expenses and other liabilities

(122,589)


(121,841)

          Customer refund liabilities

(4,398)


(10,949)

          Income taxes payable and receivable

4,564


1,263

               Net cash provided by (used in) operating activities

(321,443)


(150,588)

Cash flows from investing activities




Purchases of property and equipment

(39,923)


(8,465)

Sale of property and equipment


561

               Net cash used in investing activities

(39,923)


(7,904)

Cash flows from financing activities




Common Shares Repurchased

(300,000)


Employee taxes paid for shares withheld for income taxes

(11,446)


(4,301)

Proceeds from exercise of stock options and other stock issuances

934


858

               Net cash provided by (used in) financing activities

(310,512)


(3,443)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

11,134


(6,900)

               Net increase in (decrease in) cash, cash equivalents and restricted cash

(660,744)


(168,835)

Cash, cash equivalents and restricted cash




Beginning of period

1,682,870


1,528,515

End of period

$           1,022,126


$          1,359,680

Under Armour, Inc.

For the Three Months March 31, 2022

(Unaudited)


The table below presents the reconciliation of net revenue growth (decline) calculated according to GAAP
to currency neutral net revenue a non-GAAP measure. See "Non-GAAP Financial Information" above for
further information regarding the Company's use of non-GAAP financial measures.


CURRENCY NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION


Three months ended
March 31, 2022

Total Net Revenue


Net revenue growth - GAAP

3.5%

Foreign exchange impact

0.9%

Currency neutral net revenue growth - Non-GAAP

4.4%



North America


Net revenue growth - GAAP

4.4%

Foreign exchange impact

—%

Currency neutral net revenue growth - Non-GAAP

4.4%



EMEA


Net revenue growth - GAAP

17.6%

Foreign exchange impact

4.6%

Currency neutral net revenue growth - Non-GAAP

22.2%



Asia-Pacific


Net revenue growth - GAAP

(13.5)%

Foreign exchange impact

1.0%

Currency neutral net revenue growth - Non-GAAP

(12.5)%



Latin America


Net revenue growth - GAAP

(5.5)%

Foreign exchange impact

0.6%

Currency neutral net revenue growth - Non-GAAP

(4.9)%



Total International


Net revenue growth - GAAP

0.7%

Foreign exchange impact

2.5%

Currency neutral net revenue growth - Non-GAAP

3.2%

Under Armour, Inc.

For the Three Months March 31, 2022

(Unaudited; in thousands, except per share amounts)


The tables below present the reconciliation of the Company's condensed consolidated statement of
operations presented in accordance with GAAP to certain adjusted non-GAAP financial measures
discussed in this press release. See "Non-GAAP Financial Information" above for further information
regarding the Company's use of non-GAAP financial measures.


ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION

in '000s


Three months ended March 31, 2022

GAAP loss from operations


$                                                     (45,956)

Add: Impact of restructuring and impairment charges


56,674

Adjusted income from operations


$                                                      10,718


ADJUSTED NET INCOME (LOSS) RECONCILIATION

in '000s


Three months ended March 31, 2022

GAAP net loss


$                                                    (59,610)

Add: Impact of restructuring and impairment charges


56,674

Add: Impact of provision for income taxes


Adjusted net loss


$                                                      (2,936)


ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION



Three months ended March 31, 2022

GAAP diluted net loss per share


$                                                        (0.13)

Add: Impact of restructuring and impairment charges


0.12

Add: Impact of provision for income taxes


Adjusted diluted net loss per share


$                                                        (0.01)

Under Armour, Inc.

Outlook for the Year Ended March 31, 2023 

(Unaudited; in millions, except per share amounts)


The table below presents the reconciliation of the Company's fiscal 2023 outlook presented in accordance
with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-
GAAP Financial Information" above for further information regarding the Company's use of non-GAAP 
financial measures.
 


ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION

(in millions)


Year Ended March 31, 2023



Low end of estimate

High end of estimate

GAAP diluted net income per share


$                            0.79

$                            0.84

Less: Impact of provision for income taxes


(0.16)

(0.16)

Adjusted diluted net income per share


$                            0.63

$                            0.68


(1) GAAP diluted net income (loss) per share excludes any potential earn-out related to the sale of the MyFitnessPal platform.

Under Armour, Inc.

For the Twelve Months Ended March 31, 2022 

(Unaudited; in thousands, except per share amounts)


As discussed above, Under Armour has changed its fiscal year-end from December 31 to March 31. The
tables below and on the following page present select financial results and select non-GAAP financial
measures for the twelve-month period beginning on April 1, 2021, and ending March 31, 2022.
We believe this recast presentation will be useful to the company's investors because it provides
investors with comparable reference periods against the company's new fiscal 2023 year (which began
April 1, 2022, and ends on March 31, 2023).


SELECT TWELVE MONTHS ENDED MARCH 31, 2022, STATEMENTS OF OPERATIONS DATA

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022


% of Net
Revenues

Net revenues

$     1,351,534


$     1,545,532


$     1,529,205


$     1,300,945


$     5,727,216


100.0%

Cost of goods sold

682,713


757,428


753,272


695,781


2,889,194


50.4%

Gross profit

668,821


788,104


775,933


605,164


2,838,022


49.6%

Restructuring and impairment charges

2,613


16,656


14,136


56,674


90,079


1.6%

Income (loss) from operations

121,205


172,064


86,131


(45,956)


333,444


5.8%

Interest income (expense), net

(13,307)


(9,261)


(7,595)


(6,154)


(36,317)


(0.6)%

Other income (expense), net

(38,494)


(29,476)


24,037


(51)


(43,984)


(0.8)%

Income (loss) before income taxes

69,404


133,327


102,573


(52,161)


253,143


4.4%

Income tax expense (benefit)

10,027


18,962


(6,798)


8,181


30,372


0.5%

Net income (loss)

$          59,207


$        113,444


$        109,657


$         (59,610)


$        222,698


3.9%













Diluted net income (loss) per share of Class A, B and C common stock

$              0.13


$              0.24


$              0.23


$            (0.13)


$              0.47



Weighted average common shares outstanding Class A, B and C common stock



Diluted

462,286


473,116


479,728


471,425


472,457



ADJUSTED GROSS MARGIN RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP gross margin

49.5%


51.0%


50.7%


46.5%


49.6%

Add: Impact of restructuring charges recorded under cost of goods sold

3 bps


7 bps


— bps


— bps


— bps

Adjusted gross margin

49.5%


51.0%


50.7%


46.5%


49.6%

Under Armour, Inc.

For the Twelve Months Ended March 31, 2022 

(Unaudited; in thousands, except per share amounts)


ADJUSTED OPERATING INCOME RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP income (loss) from operations

$        121,205


$        172,064


$          86,131


$         (45,956)


$        333,444

Add: Impact of restructuring and impairment charges

2,613


16,656


14,136


56,674


90,079

Add: Impact of restructuring charges recorded under cost of goods sold

408


107




515

Adjusted income (loss) from operations

$        124,226


$        188,827


$        100,267


$          10,718


$        424,038


ADJUSTED OPERATING MARGIN RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP operating margin

9.0%


11.1%


5.6%


(3.5)%


5.8%

Add: Impact of restructuring and impairment charges

0.2%


1.1%


0.9%


4.4%


1.6%

Adjusted operating margin

9.2%


12.2%


6.5%


0.9%


7.4%


 ADJUSTED NET INCOME RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP net income (loss)

$          59,207


$        113,444


$        109,657


$         (59,610)


$        222,698

Add: Impact of restructuring and impairment charges

2,613


16,656


14,136


56,674


90,079

Add: Impact of restructuring charges recorded under cost of goods sold

408


107




515

Add: Impact of amortization of debt discount

4,568


2,251


898



7,717

Add: Impact of loss on extinguishment of convertible senior notes

34,728


23,798




58,526

Add: Impact of earn-out recorded in connection with the sale of
MyFitnessPal platform



(35,000)



(35,000)

Add: Impact of provision for income taxes

8,498


(11,441)


(22,208)



(25,151)

Adjusted net income (loss)

$        110,022


$        144,815


$          67,483


$           (2,936)


$        319,384


ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP diluted net income (loss) per share

$              0.13


$              0.24


$              0.23


$            (0.13)


$              0.47

Add: Impact of restructuring and impairment charges

0.01


0.04


0.03


0.12


0.19

Add: Impact of restructuring charges recorded under cost of goods sold





Add: Impact of amortization of debt discount

0.01





0.01

Add: Impact of loss on extinguishment of convertible senior notes

0.08


0.05




0.13

Add: Impact of earn-out recorded in connection with the sale of
MyFitnessPal platform



(0.07)



(0.07)

Add: Impact of provision for income taxes

0.01


(0.02)


(0.05)



(0.05)

Adjusted diluted income (loss) per share

$              0.24


$              0.31


$              0.14


$            (0.01)


$              0.68

Under Armour, Inc.

As of March 31, 2022, and 2021


COMPANY-OWNED & OPERATED DOOR COUNT



March 31,



2022


2021

Factory House


179


176

Brand House


18


16

   North America total doors


197


192






Factory House


156


136

Brand House


87


98

   International total doors


243


234






Factory House


335


312

Brand House


105


114

   Total doors


440


426

SOURCE Under Armour, Inc.

Компания также объявила о завершении своего Плана реструктуризации на 2020 год

БАЛТИМОР, 6 мая 2022 г. /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) сегодня объявила неаудированные финансовые результаты за переходный квартал, закончившийся 31 марта 2022 г. Компания отчитывается о своих финансовых результатах в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах Америки ("GAAP"). В этом пресс-релизе упоминаются "нейтральные к валюте" и "скорректированные" суммы, которые являются финансовыми показателями, не относящимися к GAAP, описанными ниже в разделе "Финансовая информация, не относящаяся к GAAP".

"Успешно проведя многолетнюю трансформацию и проведя рекордный год в 2021 году, мы продолжаем удовлетворять потребности спортсменов в условиях все более неопределенного рынка", – сказал президент и генеральный директор Under Armour Патрик Фриск. "По мере того, как глобальные проблемы с поставками и возникающие последствия COVID-19 в Китае в конечном итоге нормализуются, мы уверены, что сила бренда Under Armour в сочетании с нашей мощной стратегией роста позволит нам обеспечить устойчивую и прибыльную прибыль акционерам в долгосрочной перспективе".

Обзор Переходного квартала

  • Выручка выросла на 3 процента до 1,3 миллиарда долларов (рост на 4 процента в нейтральной валюте) по сравнению с предыдущим годом.
    • Выручка от оптовой торговли увеличилась на 4 процента до 829 миллионов долларов, а выручка от прямых продаж потребителям увеличилась на 1 процент до 441 миллиона долларов, чему способствовал 2-процентный рост электронной коммерции, на долю которой пришлось 45 процентов от общего объема прямых продаж потребителям в течение квартала. Рост выручки принадлежащих и управляемых магазинов в течение квартала не изменился.
    • Выручка в Северной Америке увеличилась на 4 процента до 841 миллиона долларов, а международная выручка увеличилась на 1 процент до 456 миллионов долларов (рост на 3 процента в нейтральной валюте). В международном бизнесе выручка увеличилась на 18% в регионе EMEA (на 22% без учета валютных курсов), снизилась на 14% в Азиатско-Тихоокеанском регионе (на 13% без учета валютных курсов) и снизилась на 6% в Латинской Америке (на 5% без учета валютных курсов).
    • Выручка от продажи одежды увеличилась на 8 процентов и составила 877 миллионов долларов. Выручка от продажи обуви снизилась на 4 процента до 297 миллионов долларов. Выручка от продажи аксессуаров снизилась на 18 процентов и составила 97 миллионов долларов.
  • Валовая прибыль снизилась на 350 базисных пунктов до 46,5 процента по сравнению с предыдущим годом, главным образом из-за увеличения расходов на перевозку.
  • Коммерческие, общие и административные расходы увеличились на 16 процентов и составили 594 миллиона долларов.
  • Расходы на реструктуризацию и обесценение составили 57 миллионов долларов.
  • Операционный убыток составил 46 миллионов долларов. Скорректированный операционный доход составил 11 миллионов долларов.
  • Чистый убыток составил 60 миллионов долларов. Скорректированный чистый убыток составил 3 миллиона долларов.
  • Разводненный убыток на акцию составил 0,13 доллара США. Скорректированный разводненный убыток на акцию составил 0,01 доллара.
  • Запасы сократились на 3 процента до 824 миллионов долларов.
  • Денежные средства и их эквиваленты на конец квартала составили 1,0 миллиарда долларов, и в рамках возобновляемой кредитной линии компании на 1,1 миллиарда долларов не было непогашенных займов.

Изменение на Конец Финансового года

Как было объявлено в феврале 2021 года, Under Armour изменил свой финансовый год с 31 декабря на 31 марта. После трехмесячного переходного периода (1 января – 31 марта 2022 года) 2023 финансовый год Under Armour продлится с 1 апреля 2022 года по 31 марта 2023 года. Следовательно, 2022 финансового года не будет.

Прогноз на 2023 финансовый год

В связи с изменением финансового года Under Armour сопоставимый базовый период составляет с 1 апреля 2021 года по 31 марта 2022 года. Основываясь на текущей видимости, включая текущие проблемы в цепочке поставок, неопределенность в отношении COVID-19 и инфляционные тенденции, ключевые моменты, связанные с прогнозом Under Armour на 2023 финансовый год, включают:

  • Ожидается, что выручка увеличится на 5-7 процентов по сравнению с сопоставимым базовым периодом в 5,7 миллиарда долларов, что отражает средние однозначные темпы роста в Северной Америке и низкие темпы роста в международном бизнесе. Это ожидание включает примерно три процентных пункта встречных ветров, связанных с нашим стратегическим решением работать с нашими поставщиками и клиентами над отменой заказов, вызванных проблемами с производительностью, задержками в цепочке поставок и возникающими последствиями COVID-19 в Китае.
  • Ожидается, что валовая прибыль снизится на 150-200 базисных пунктов по сравнению с скорректированной валовой прибылью базового периода в 49,6 процента из-за ожидаемого инфляционного давления на стоимость фрахта и продукции, неблагоприятного сочетания каналов и изменений в иностранной валюте.
  • Ожидается, что операционный доход составит от 375 до 400 миллионов долларов против сопоставимого скорректированного на базовый период операционного дохода в размере 424 миллионов долларов.
  • Ожидается, что разводненная прибыль на акцию составит от 0,79 до 0,84 доллара США против сопоставимого базового периода в 0,47 доллара США. Это включает в себя пособие в размере 0,28 доллара США, связанное с освобождением от налоговой оценки, которое, как ожидается, будет реализовано в четвертом квартале. Из этой выгоды в размере 0,28 доллара США 0,16 доллара США относятся к предыдущим расходам на реструктуризацию; таким образом, ожидается, что скорректированная разводненная прибыль на акцию составит от 0,63 до 0,68 доллара США. Это сопоставимо с скорректированным базовым периодом в размере 0,68 долл.

План реструктуризации на 2020 год

Компания также объявила, что завершила свой план реструктуризации на 2020 год с признанием 57 миллионов долларов в течение переходного квартала, закончившегося 31 марта 2022 года. В соответствии с разрешением на план в размере 600 миллионов долларов США были признаны общие расходы в размере 571 миллиона долларов, включая расходы, связанные с наличностью, в размере 197 миллионов долларов и расходы, связанные с безналичным расчетом, в размере 374 миллионов долларов.

Обновление о выкупе акций

В феврале 2022 года Under Armour объявила, что ее Совет директоров санкционировал выкуп своих обыкновенных акций класса C на сумму до 500 миллионов долларов, находящихся в обращении, который будет осуществлен в течение следующих двух лет различными методами, включая открытый рынок, частные переговоры и ускоренные сделки по выкупу акций. Первоначальный выкуп акций на сумму 300 миллионов долларов был завершен в начале мая в рамках плана ускоренного выкупа акций. В настоящее время у компании осталось около 200 миллионов долларов в соответствии с ее разрешением на выкуп.

Конференц-связь и веб-трансляция

Under Armour проведет свою телефонную конференцию переходного квартала и веб-трансляцию сегодня примерно в 8:30 утра по восточному времени. Звонок будет транслироваться в прямом эфире по адресу https://about.underarmour.com/investor-relations/financials и будут заархивированы и доступны для воспроизведения примерно через три часа после прямого эфира.

Финансовая информация, не относящаяся к ОПБУ

В этом пресс-релизе упоминаются "нейтральные по отношению к валюте" и "скорректированные" результаты, а также "скорректированные" прогнозные оценки результатов компании за 2023 финансовый год, заканчивающийся 31 марта 2023 года. Руководство считает, что эта информация полезна инвесторам для сравнения результатов деятельности компании за период, поскольку она повышает наглядность ее фактических базовых результатов, исключая эти последствия. Финансовая информация, не зависящая от валюты, рассчитывается таким образом, чтобы исключить изменения обменных курсов иностранных валют. Ссылки на скорректированные финансовые показатели исключают влияние плана реструктуризации компании на 2020 год и связанных с ним расходов на обесценение, включая гудвилл и соответствующие налоговые последствия. Где применимо, скорректированная чистая прибыль (убыток) и скорректированный разводненный доход (убыток) на акцию исключают неденежную амортизацию дисконта по долгу по конвертируемым старшим облигациям компании, любую прибыль или убыток от погашения конвертируемых старших облигаций компании и связанные с этим налоговые последствия, а также любую прибыль или убыток от продажи (включая доходы) и связанные с этим налоговые последствия. Руководство считает, что эти корректировки не являются ключевыми для деятельности компании. Сверка сумм, не относящихся к ОПБУ, с наиболее непосредственно сопоставимым финансовым показателем, рассчитанным в соответствии с ОПБУ, представлена в дополнительной финансовой информации, прилагаемой к настоящему выпуску. Все суммы на акцию отражаются на разводненной основе. Кроме того, в связи с изменением на конец финансового года с 31 декабря по 31 марта Under Armour представляет отдельные финансовые показатели, не относящиеся к GAAP, за двенадцатимесячный период, начинающийся 1 апреля 2021 года и заканчивающийся 31 марта 2022 года, чтобы обеспечить сопоставимые базовые периоды с новыми финансовыми показателями компании. 2023 год, который начался 1 апреля 2022 года и заканчивается 31 марта 2023 года. Эти дополнительные финансовые показатели, не относящиеся к GAAP, не должны рассматриваться изолированно и должны рассматриваться в дополнение, а не в качестве альтернативы отчетным результатам компании, подготовленным в соответствии с GAAP. Кроме того, финансовая информация компании, не относящаяся к GAAP, может быть несопоставима с аналогичными показателями, представленными другими компаниями.

О компании Under Armour, Inc.

Under Armour, Inc. со штаб-квартирой в Балтиморе, штат Мэриленд, является ведущим изобретателем, маркетологом и дистрибьютором фирменной спортивной одежды, обуви и аксессуаров. Разработанные для повышения производительности человека, инновационные продукты и опыт Under Armour разработаны для того, чтобы сделать спортсменов лучше. Для получения дополнительной информации, пожалуйста, посетите http://about.underarmour.com .

Прогнозные Заявления

Некоторые заявления, содержащиеся в настоящем пресс-релизе, представляют собой заявления о перспективах. Прогнозные заявления относятся к ожиданиям, убеждениям, прогнозам, будущим планам и стратегиям, ожидаемым событиям или тенденциям и аналогичным выражениям, касающимся вопросов, которые не являются историческими фактами, таких как заявления относительно нашей программы обратного выкупа акций, нашего будущего финансового состояния или результатов деятельности, наших перспектив и стратегий будущего роста, влияния влияние пандемии COVID-19 на наш бизнес и результаты деятельности, а также на деятельность наших поставщиков и поставщиков логистических услуг, наши планы по сокращению операционных расходов, ожидаемые расходы и затраты на реструктуризацию, разработку и внедрение новых продуктов, реализацию наших маркетинговых и брендинговых стратегий, а также будущие выгоды и возможности от значительных инвестиций. Во многих случаях вы можете определить прогнозные заявления с помощью таких терминов, как "может", "будет", "должен", "может", "ожидает", "планирует", "ожидает", "полагает", "оценивает", "прогнозирует", "прогноз", "потенциал" или отрицательное значение этих терминов или другой сопоставимой терминологии. Прогнозные заявления, содержащиеся в этом пресс-релизе, отражают наши текущие взгляды на будущие события и подвержены рискам, неопределенностям, допущениям и изменениям обстоятельств, которые могут привести к тому, что события или наши фактические действия или результаты будут существенно отличаться от тех, которые выражены в любом прогнозном заявлении. Хотя мы считаем, что ожидания, отраженные в прогнозных заявлениях, являются разумными, мы не можем гарантировать будущие события, результаты, действия, уровни активности, производительность или достижения. Читателей предостерегают от чрезмерного доверия к этим прогнозным заявлениям. Важные факторы могут вызвать фактические результаты могут существенно отличаться от тех, которые указаны в прогнозных заявлениях, включая, но не ограничиваясь: влияние COVID-19 пандемией в нашей отрасли, и для нашей деятельности, финансового положения и результатов деятельности, в том числе недавние воздействия на глобальные цепочки поставок; несоблюдение наших поставщиков или производителей производить и поставлять нашу продукцию своевременно и экономически эффективным способом; трудовых или иных сбоев в портах или наших поставщиков или производителей; изменения общеэкономических или рыночных условий, которые могли повлиять на потребительские расходы или наша промышленность, конкуренция усиливалась, заставляя нас терять долю рынка или снижать цены на наши продукты или увеличивать наши маркетинговые усилия значительно; колебания расходов на сырье и товары, которые мы используем в нашей продукции и нашей цепочки поставок; изменения в финансовом состоянии клиентов; нашу способность успешно выполнять наши долгосрочные стратегии; наша способность эффективно повысить эффективность нашей работы и успешно выполнять любые планов реструктуризации и реализовать свои ожидаемые выгоды; нашу способность эффективно разрабатывать и внедрять новые, инновационные и усовершенствованные продукты; наша способность точно прогноз потребительской корзине и взаимодействия предпочтений и потребительского спроса на наши продукты и управления портфелем ценных бумаг в ответ на изменяющиеся потребности; потеря ключевых клиентов, поставщиков или производителей; наши возможности в дальнейшем расширять наш бизнес глобально, так и для езды узнаваемость бренда и потребителя нашей продукции в другие страны; нашу способность управлять все более сложными операциями нашего глобального бизнеса; влияние глобальные события, находящиеся вне нашего контроля, включая военные конфликты; нашу способность успешно управлять или реализовать ожидаемые результаты от крупных сделок и вложений; нашу способность эффективно на рынке и поддерживать позитивный имидж бренда; наши способности эффективно соответствовать ожиданиям заинтересованных сторон с учетом экологических, социальных и управленческих практик; доступность, интеграция и эффективное функционирование информационных систем и других технологий, а также любого возможного прерывания таких систем или технологий; никаких сбоев, задержек и недостатков в проектировании, реализации или применения нашей глобальной операционной и финансовой отчетности, информационных технологий системы; нашу способность привлекать и удерживать ключевых сотрудников услугами нашего старшего звена и других ключевых сотрудников; наша способность оценивать капитальные и финансовые средства, необходимые для управления бизнесом на условиях, приемлемых для нас; наша способность точно предугадывать и реагировать на сезонные или ежеквартальные колебания результатов деятельности; риски, связанные с валютным колебаниям; нам возможность для соблюдения существующих торговых и иных нормативных правовых актов, и потенциальное влияние нового торгового, тарифного и налогового регулирования, на наш доходность; риски, связанные с безопасностью данных и нарушения конфиденциальности; и наш потенциальный риск судебного и иного разбирательства. Прогнозные заявления, содержащиеся в настоящем пресс-релизе, отражают наши взгляды и предположения только на дату настоящего пресс-релиза. Мы не берем на себя никаких обязательств по обновлению любого прогнозного заявления, чтобы отразить события или обстоятельства после даты заявления или отразить непредвиденные события.

Under Armour, Inc.

For the Three Months Ended March 31, 2022, and 2021

(Unaudited; in thousands, except per share amounts)


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


Three Months Ended March 31,

in '000s

2022


% of Net
Revenues


2021


% of Net
Revenues

Net revenues

$       1,300,945


100.0 %


$       1,257,195


100.0%

Cost of goods sold

695,781


53.5 %


628,554


50.0%

Gross profit

605,164


46.5 %


628,641


50.0%

Selling, general and administrative expenses

594,446


45.7 %


514,638


40.9%

Restructuring and impairment charges

56,674


4.4 %


7,113


0.6%

Income (loss) from operations

(45,956)


(3.5)%


106,890


8.5%

Interest income (expense), net

(6,154)


(0.5)%


(14,137)


(1.1)%

Other income (expense), net

(51)


— %


(7,180)


(0.6)%

Income (loss) before income taxes

(52,161)


(4.0)%


85,573


6.8%

Income tax expense (benefit)

8,181


0.6 %


9,881


0.8%

Income (loss) from equity method investments

732


0.1 %


2,060


0.2%

Net income (loss)

$          (59,610)


(4.6)%


$            77,752


6.2%









Basic net income (loss) per share of Class A, B and C common stock

$              (0.13)




$                0.17



Diluted net income (loss) per share of Class A, B and C common stock

$              (0.13)




$                0.17



Weighted average common shares outstanding Class A, B and C common stock

Basic

471,425




456,014



Diluted

471,425




459,226



Under Armour, Inc.

For the Three Months Ended March 31, 2022, and 2021

(Unaudited; in thousands)


NET REVENUES BY PRODUCT CATEGORY


Three Months Ended March 31,

in '000s

2022


2021


% Change

Apparel

$      876,604


$      810,041


8.2%

Footwear

296,696


309,047


(4.0)%

Accessories

96,803


117,396


(17.5)%

Total net sales

1,270,103


1,236,484


2.7%

Licensing revenues

26,602


21,657


22.8%

Corporate Other (1)

4,240


(946)


NM

Total net revenues

$   1,300,945


$   1,257,195


3.5%


NET REVENUES BY SEGMENT


Three Months Ended March 31,

in '000s

2022


2021


% Change

North America

$      841,101


$      805,727


4.4%

EMEA

228,056


193,883


17.6%

Asia-Pacific

181,908


210,220


(13.5)%

Latin America

45,640


48,311


(5.5)%

Corporate Other (1)

4,240


(946)


NM

Total net revenues                                             

$   1,300,945


$   1,257,195


3.5%

INCOME (LOSS) FROM OPERATIONS


Three Months Ended March 31,

in '000s

2022

% of Net
Revenues (2)


2021

% of Net
Revenues (2)

North America

$   154,084

18.3%


$   210,562

26.1%

EMEA

30,336

13.3%


26,686

13.8%

Asia-Pacific

5,464

3.0%


46,513

22.1%

Latin America

6,343

13.9%


1,457

3.0%

Corporate Other (1)

(242,183)

NM


(178,328)

NM

Income (loss) from operations

$            (45,956)

(3.5)%


$   106,890

8.5%

(1) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the Company's operating segments but managed through the Company's central foreign exchange risk management program and subscription revenues from digital platforms. Corporate Other also includes expenses related to the Company's central supporting functions.


(2) Operating income (loss) percentage is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM).

Under Armour, Inc.

As of March 31, 2022, December 31, 2021, and March 31, 2021

(Unaudited; in thousands)


CONDENSED CONSOLIDATED BALANCE SHEETS

in '000s


March 31, 2022


December 31, 2021


March 31, 2021

Assets







Current assets







Cash and cash equivalents


$             1,009,139


$             1,669,453


$             1,348,737

Accounts receivable, net


702,197


569,014


696,287

Inventories


824,455


811,410


851,829

Prepaid expenses and other current assets, net


297,034


286,422


260,865

Total current assets


2,832,825


3,336,299


3,157,718

Property and equipment, net


601,365


607,226


632,307

Operating lease right-of-use assets


420,397


448,364


511,130

Goodwill


491,508


495,215


497,970

Intangible assets, net


10,580


11,010


12,548

Deferred income taxes


20,141


17,812


23,796

Other long term assets


76,016


75,470


78,827

     Total assets


$             4,452,832


$             4,991,396


$             4,914,296

Liabilities and Stockholders' Equity







Accounts payable


560,331


613,307


490,860

Accrued expenses


317,963


460,165


311,905

Customer refund liabilities


159,628


164,294


191,979

Operating lease liabilities


134,833


138,664


160,918

Other current liabilities


125,840


73,746


78,655

     Total current liabilities


1,298,595


1,450,176


1,234,317

Long term debt, net of current maturities


672,286


662,531


1,009,951

Operating lease liabilities, non-current


668,983


703,111


801,292

Other long term liabilities


84,014


86,584


98,537

     Total liabilities


2,723,878


2,902,402


3,144,097

     Total stockholders' equity


1,728,954


2,088,994


1,770,199

     Total liabilities and stockholders' equity


$             4,452,832


$             4,991,396


$             4,914,296

Under Armour, Inc.

For the Three Months Ended March 31, 2022, and 2021

(Unaudited; in thousands)


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


Three Months Ended March 31,

in '000s

2022


2021

Cash flows from operating activities




Net income (loss)

$               (59,610)


$                77,752

Adjustments to reconcile net income (loss) to net cash used in operating activities




     Depreciation and amortization

34,960


35,512

     Unrealized foreign currency exchange rate gain (loss)

(8,585)


14,702

     Loss on disposal of property and equipment

1,604


575

     Non-cash restructuring and impairment charges

(1,871)


5,601

     Amortization of bond premium and debt issuance costs

549


5,273

     Stock-based compensation

11,764


10,372

     Deferred income taxes

(2,500)


(9)

     Changes in reserves and allowances

(5,250)


(9,262)

     Changes in operating assets and liabilities:




          Accounts receivable

(131,988)


(170,493)

          Inventories

(6,425)


49,246

          Prepaid expenses and other assets

(4,326)


22,295

          Other non-current assets

27,628


19,467

          Accounts payable

(54,970)


(80,092)

          Accrued expenses and other liabilities

(122,589)


(121,841)

          Customer refund liabilities

(4,398)


(10,949)

          Income taxes payable and receivable

4,564


1,263

               Net cash provided by (used in) operating activities

(321,443)


(150,588)

Cash flows from investing activities




Purchases of property and equipment

(39,923)


(8,465)

Sale of property and equipment


561

               Net cash used in investing activities

(39,923)


(7,904)

Cash flows from financing activities




Common Shares Repurchased

(300,000)


Employee taxes paid for shares withheld for income taxes

(11,446)


(4,301)

Proceeds from exercise of stock options and other stock issuances

934


858

               Net cash provided by (used in) financing activities

(310,512)


(3,443)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

11,134


(6,900)

               Net increase in (decrease in) cash, cash equivalents and restricted cash

(660,744)


(168,835)

Cash, cash equivalents and restricted cash




Beginning of period

1,682,870


1,528,515

End of period

$           1,022,126


$          1,359,680

Under Armour, Inc.

For the Three Months March 31, 2022

(Unaudited)


The table below presents the reconciliation of net revenue growth (decline) calculated according to GAAP
to currency neutral net revenue a non-GAAP measure. See "Non-GAAP Financial Information" above for
further information regarding the Company's use of non-GAAP financial measures.


CURRENCY NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION


Three months ended
March 31, 2022

Total Net Revenue


Net revenue growth - GAAP

3.5%

Foreign exchange impact

0.9%

Currency neutral net revenue growth - Non-GAAP

4.4%



North America


Net revenue growth - GAAP

4.4%

Foreign exchange impact

—%

Currency neutral net revenue growth - Non-GAAP

4.4%



EMEA


Net revenue growth - GAAP

17.6%

Foreign exchange impact

4.6%

Currency neutral net revenue growth - Non-GAAP

22.2%



Asia-Pacific


Net revenue growth - GAAP

(13.5)%

Foreign exchange impact

1.0%

Currency neutral net revenue growth - Non-GAAP

(12.5)%



Latin America


Net revenue growth - GAAP

(5.5)%

Foreign exchange impact

0.6%

Currency neutral net revenue growth - Non-GAAP

(4.9)%



Total International


Net revenue growth - GAAP

0.7%

Foreign exchange impact

2.5%

Currency neutral net revenue growth - Non-GAAP

3.2%

Under Armour, Inc.

For the Three Months March 31, 2022

(Unaudited; in thousands, except per share amounts)


The tables below present the reconciliation of the Company's condensed consolidated statement of
operations presented in accordance with GAAP to certain adjusted non-GAAP financial measures
discussed in this press release. See "Non-GAAP Financial Information" above for further information
regarding the Company's use of non-GAAP financial measures.


ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION

in '000s


Three months ended March 31, 2022

GAAP loss from operations


$                                                     (45,956)

Add: Impact of restructuring and impairment charges


56,674

Adjusted income from operations


$                                                      10,718


ADJUSTED NET INCOME (LOSS) RECONCILIATION

in '000s


Three months ended March 31, 2022

GAAP net loss


$                                                    (59,610)

Add: Impact of restructuring and impairment charges


56,674

Add: Impact of provision for income taxes


Adjusted net loss


$                                                      (2,936)


ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION



Three months ended March 31, 2022

GAAP diluted net loss per share


$                                                        (0.13)

Add: Impact of restructuring and impairment charges


0.12

Add: Impact of provision for income taxes


Adjusted diluted net loss per share


$                                                        (0.01)

Under Armour, Inc.

Outlook for the Year Ended March 31, 2023 

(Unaudited; in millions, except per share amounts)


The table below presents the reconciliation of the Company's fiscal 2023 outlook presented in accordance
with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-
GAAP Financial Information" above for further information regarding the Company's use of non-GAAP 
financial measures.
 


ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION

(in millions)


Year Ended March 31, 2023



Low end of estimate

High end of estimate

GAAP diluted net income per share


$                            0.79

$                            0.84

Less: Impact of provision for income taxes


(0.16)

(0.16)

Adjusted diluted net income per share


$                            0.63

$                            0.68


(1) GAAP diluted net income (loss) per share excludes any potential earn-out related to the sale of the MyFitnessPal platform.

Under Armour, Inc.

For the Twelve Months Ended March 31, 2022 

(Unaudited; in thousands, except per share amounts)


As discussed above, Under Armour has changed its fiscal year-end from December 31 to March 31. The
tables below and on the following page present select financial results and select non-GAAP financial
measures for the twelve-month period beginning on April 1, 2021, and ending March 31, 2022.
We believe this recast presentation will be useful to the company's investors because it provides
investors with comparable reference periods against the company's new fiscal 2023 year (which began
April 1, 2022, and ends on March 31, 2023).


SELECT TWELVE MONTHS ENDED MARCH 31, 2022, STATEMENTS OF OPERATIONS DATA

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022


% of Net
Revenues

Net revenues

$     1,351,534


$     1,545,532


$     1,529,205


$     1,300,945


$     5,727,216


100.0%

Cost of goods sold

682,713


757,428


753,272


695,781


2,889,194


50.4%

Gross profit

668,821


788,104


775,933


605,164


2,838,022


49.6%

Restructuring and impairment charges

2,613


16,656


14,136


56,674


90,079


1.6%

Income (loss) from operations

121,205


172,064


86,131


(45,956)


333,444


5.8%

Interest income (expense), net

(13,307)


(9,261)


(7,595)


(6,154)


(36,317)


(0.6)%

Other income (expense), net

(38,494)


(29,476)


24,037


(51)


(43,984)


(0.8)%

Income (loss) before income taxes

69,404


133,327


102,573


(52,161)


253,143


4.4%

Income tax expense (benefit)

10,027


18,962


(6,798)


8,181


30,372


0.5%

Net income (loss)

$          59,207


$        113,444


$        109,657


$         (59,610)


$        222,698


3.9%













Diluted net income (loss) per share of Class A, B and C common stock

$              0.13


$              0.24


$              0.23


$            (0.13)


$              0.47



Weighted average common shares outstanding Class A, B and C common stock



Diluted

462,286


473,116


479,728


471,425


472,457



ADJUSTED GROSS MARGIN RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP gross margin

49.5%


51.0%


50.7%


46.5%


49.6%

Add: Impact of restructuring charges recorded under cost of goods sold

3 bps


7 bps


— bps


— bps


— bps

Adjusted gross margin

49.5%


51.0%


50.7%


46.5%


49.6%

Under Armour, Inc.

For the Twelve Months Ended March 31, 2022 

(Unaudited; in thousands, except per share amounts)


ADJUSTED OPERATING INCOME RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP income (loss) from operations

$        121,205


$        172,064


$          86,131


$         (45,956)


$        333,444

Add: Impact of restructuring and impairment charges

2,613


16,656


14,136


56,674


90,079

Add: Impact of restructuring charges recorded under cost of goods sold

408


107




515

Adjusted income (loss) from operations

$        124,226


$        188,827


$        100,267


$          10,718


$        424,038


ADJUSTED OPERATING MARGIN RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP operating margin

9.0%


11.1%


5.6%


(3.5)%


5.8%

Add: Impact of restructuring and impairment charges

0.2%


1.1%


0.9%


4.4%


1.6%

Adjusted operating margin

9.2%


12.2%


6.5%


0.9%


7.4%


 ADJUSTED NET INCOME RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP net income (loss)

$          59,207


$        113,444


$        109,657


$         (59,610)


$        222,698

Add: Impact of restructuring and impairment charges

2,613


16,656


14,136


56,674


90,079

Add: Impact of restructuring charges recorded under cost of goods sold

408


107




515

Add: Impact of amortization of debt discount

4,568


2,251


898



7,717

Add: Impact of loss on extinguishment of convertible senior notes

34,728


23,798




58,526

Add: Impact of earn-out recorded in connection with the sale of
MyFitnessPal platform



(35,000)



(35,000)

Add: Impact of provision for income taxes

8,498


(11,441)


(22,208)



(25,151)

Adjusted net income (loss)

$        110,022


$        144,815


$          67,483


$           (2,936)


$        319,384


ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION

in '000s

Three Months
Ended
June 30,
2021


Three Months
Ended
September 30,
2021


Three Months
Ended
December 31,
2021


Three Months
Ended
March 31,
2022


Twelve Months
Ended
March 31,
2022

GAAP diluted net income (loss) per share

$              0.13


$              0.24


$              0.23


$            (0.13)


$              0.47

Add: Impact of restructuring and impairment charges

0.01


0.04


0.03


0.12


0.19

Add: Impact of restructuring charges recorded under cost of goods sold





Add: Impact of amortization of debt discount

0.01





0.01

Add: Impact of loss on extinguishment of convertible senior notes

0.08


0.05




0.13

Add: Impact of earn-out recorded in connection with the sale of
MyFitnessPal platform



(0.07)



(0.07)

Add: Impact of provision for income taxes

0.01


(0.02)


(0.05)



(0.05)

Adjusted diluted income (loss) per share

$              0.24


$              0.31


$              0.14


$            (0.01)


$              0.68

Under Armour, Inc.

As of March 31, 2022, and 2021


COMPANY-OWNED & OPERATED DOOR COUNT



March 31,



2022


2021

Factory House


179


176

Brand House


18


16

   North America total doors


197


192






Factory House


156


136

Brand House


87


98

   International total doors


243


234






Factory House


335


312

Brand House


105


114

   Total doors


440


426

ИСТОЧНИК Under Armour, Inc.

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