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Under Armour, Inc. (UAA) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Under Armour, Inc.

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CIK: 860131 Ticker: UAA
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UNDER ARMOUR REPORTS FIRST QUARTER 2020 RESULTS AND HIGHLIGHTS EFFORTS TO MANAGE THROUGH IMPACTS OF COVID-19
BALTIMORE, May 11, 2020 –
Under Armour, Inc. (NYSE: UA, UAA) today announced financial results for the first quarter ended March 31, 2020. 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. References to adjusted financial measures exclude the impact of the company’s 2020 restructuring plan and related impairment charges, impairments associated with certain long-lived assets and goodwill and related tax effects. Reconciliations of non-GAAP amounts to the most directly comparable financial measure calculated in accordance with GAAP are presented in supplemental financial information furnished with this release. All per share amounts are reported on a diluted basis.

“As extraordinary human and economic disruptions related to COVID-19 continue to unfold globally, we are prioritizing the health and welfare of our teammates and consumers,” said Under Armour President and CEO Patrik Frisk. “By instituting disciplined workplace continuity protocols and adhering to the recommendations of local health authorities, we remain vigilant in monitoring this evolving situation and responsibly playing our part.”

“During the first quarter, our results in January and February were tracking well to our plan. Since mid-March, as the pandemic accelerated dramatically in North America and EMEA and retail store closures ensued, we’ve experienced a significant decline in revenue across all markets.” Frisk continued, “As a result, like so many businesses, we’ve had to make very difficult decisions, including temporarily laying off teammates in our U.S. retail stores and distribution centers along with other actions to ensure we protect Under Armour’s financial stability.”

Frisk concluded, “As we continue to navigate this crisis, our balance sheet remains well managed, and our leadership team is taking decisive actions to execute against our continued transformation. We remain focused on driving greater efficiencies across the core elements of our business by working to identify additional opportunities to emerge with stronger and greater capabilities over the long-term.”

First Quarter 2020 Review

On March 31, our Board of Directors approved the previously announced 2020 restructuring plan, whereby we expect to incur total estimated pre-tax restructuring and related charges in the range of $475 million to $525 million during 2020 including up to approximately $350 million of non-cash charges and $175 million of cash-related restructuring charges.

•Revenue was down 23 percent to $930 million (down 22 percent currency neutral) with approximately 15 percentage points of the decline related to COVID-19 pandemic impacts in the quarter.
–Wholesale revenue decreased 28 percent to $592 million and direct-to-consumer revenue was down 14 percent to $284 million, representing 31 percent of total revenue.
–North America revenue decreased 28 percent to $609 million and revenue from our international business decreased 12 percent to $287 million (down 11 percent currency neutral), representing 31 percent of total revenue. Within the international business, revenue increased 3 percent in EMEA (up 4 percent currency neutral), decreased 34 percent in Asia-Pacific (down 32 percent currency neutral), and increased 8 percent in Latin America (up 11 percent currency neutral).

The following information was filed by Under Armour, Inc. (UAA) on Monday, May 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Under Armour, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Unaudited Consolidated Balance Sheets
Unaudited Consolidated Balance Sheets (Parenthetical)
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Comprehensive Income (Loss)
Unaudited Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Unaudited Consolidated Statements Of Operations
Unaudited Consolidated Statements Of Stockholders' Equity
Acquisition
Acquisition (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of The Business
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Reconciliation Of Basic Earnings Per Share To Diluted Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Assets And (Liabilities) Measured At Fair Value (Details)
Fair Value Measurements - Narrative (Details)
Leases
Leases (Tables)
Leases - Leases Costs (Details)
Leases - Maturities Of Lease Liabilities (Details)
Long - Lived Asset And Goodwill Impairment (Tables)
Long - Lived Asset And Goodwill Impairment - (Details)
Long Term Debt
Long Term Debt (Tables)
Long Term Debt - Components Of Convertible Senior Notes (Details)
Long Term Debt - Credit Facility (Details)
Long Term Debt - Interest Expense Related To Convertible Senior Notes (Details)
Long Term Debt - Senior Notes, Capped Call Transaction And Interest Expense (Details)
Long- Lived Asset And Goodwill Impairment - Changes In Carrying Amount Of Goodwill (Details)
Property, Plant, And Equipment
Provision For Income Taxes
Provision For Income Taxes (Details)
Restructuring And Related Impairment Charges
Restructuring And Related Impairment Charges (Tables)
Restructuring And Related Impairment Charges - 2020 Restructuring Plan (Details)
Restructuring And Related Impairment Charges - Restructuring Reserve (Details)
Restructuring And Related Impairment Charges - Summary Of Costs (Details)
Risk Management And Derivatives
Risk Management And Derivatives (Tables)
Risk Management And Derivatives - Balance Sheet Location (Details)
Risk Management And Derivatives - Derivative Other Comprehensive Income Rollforward (Details)
Risk Management And Derivatives - Effects Of Undesignated Derivatives And Fair Value Hedge Activities (Details)
Risk Management And Derivatives - Hedging Activity (Details)
Risk Management And Derivatives - Narrative (Details)
Segment Data And Disaggregated Revenue
Segment Data And Disaggregated Revenue (Tables)
Segment Data And Disaggregated Revenue - Geographic Distribution Of The Company's Net Revenues And Operating Income (Details)
Segment Data And Disaggregated Revenue - Net Revenues By Product Category And Distribution Channel (Details)
Stock Based Compensation
Stock Based Compensation (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounts Receivable And Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Summary Of Significant Accounting Policies - Revenue Recognition/Advertising Costs/Equity Method Investments (Details)
Ticker: UAA
CIK: 1336917
Form Type: 10-Q Quarterly Report
Accession Number: 0001336917-20-000056
Submitted to the SEC: Thu Aug 06 2020 4:26:09 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Apparel And Other Finishd Prods Of Fabrics And Similar Matl

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