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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
Form 10-Q
______________________________________
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-33202
______________________________________
ualogo013117a01.jpg
UNDER ARMOUR, INC.
(Exact name of registrant as specified in its charter)
______________________________________
Maryland 52-1990078
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
101 Performance Drive
Baltimore, Maryland 21230
 
(410) 468-2512
(Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code)
1020 Hull Street Baltimore, Maryland 21230
(Former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Class A Common StockUAANew York Stock Exchange
Class C Common StockUANew York Stock Exchange
(Title of each class)(Trading Symbols)(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑
As of January 31, 2025 there were 188,822,726 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 206,585,018 shares of Class C Common Stock outstanding.

UNDER ARMOUR, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Under Armour, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited; In thousands, except share data)
December 31, 2024March 31, 2024
Assets
Current assets
Cash and cash equivalents$726,877 $858,691 
       Accounts receivable, net (Note 3)
615,467 757,339 
Inventories1,100,530 958,495 
Prepaid expenses and other current assets, net248,119 289,157 
Total current assets2,690,993 2,863,682 
Property and equipment, net (Note 4)
650,644 664,503 
Operating lease right-of-use assets (Note 5)
391,767 434,699 
Goodwill (Note 6)
484,546 478,302 
Intangible assets, net (Note 7)
5,532 7,000 
Deferred income taxes (Note 18)
244,081 221,033 
Other long-term assets163,402 91,515 
Total assets$4,630,965 $4,760,734 
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt (Note 9)
$— $80,919 
Accounts payable657,152 483,731 
Accrued expenses322,555 287,853 
Customer refund liabilities (Note 12)
170,344 139,283 
Operating lease liabilities (Note 5)
127,930 139,331 
Other current liabilities63,035 34,344 
Total current liabilities1,341,016 1,165,461 
Long-term debt, net of current maturities (Note 9)
595,188 594,873 
Operating lease liabilities, non-current (Note 5)
582,020 627,665 
Other long-term liabilities128,018 219,449 
Total liabilities2,646,242 2,607,448 
Stockholders' equity (Note 11)
Class A Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2024 and March 31, 2024; 188,822,726 shares issued and outstanding as of December 31, 2024 (March 31, 2024: 188,802,043)
63 63 
Class B Convertible Common Stock, $0.0003 1/3 par value; 34,450,000 shares authorized, issued and outstanding as of December 31, 2024 and March 31, 2024
11 11 
Class C Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2024 and March 31, 2024; 206,495,528 shares issued and outstanding as of December 31, 2024 (March 31, 2024: 212,711,353)
68 70 
Additional paid-in capital1,224,337 1,181,854 
Retained earnings840,288 1,048,411 
Accumulated other comprehensive income (loss)(80,044)(77,123)
Total stockholders' equity1,984,723 2,153,286 
Total liabilities and stockholders' equity$4,630,965 $4,760,734 
Commitments and Contingencies (Note 10)

See accompanying notes.
1
Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited; In thousands, except per share amounts)
 Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Net revenues (Note 12)
$1,401,039 $1,486,043 $3,983,727 $4,369,682 
Cost of goods sold735,884 815,404 2,059,765 2,339,025 
Gross profit665,155 670,639 1,923,962 2,030,657 
Selling, general and administrative expenses637,701 599,230 1,994,858 1,797,352 
Restructuring charges (Note 13)
13,945 — 42,243 — 
Income (loss) from operations13,509 71,409 (113,139)233,305 
Interest income (expense), net(3,391)(211)(2,794)(2,210)
Other income (expense), net(2,563)47,927 (8,713)35,763 
Income (loss) before income taxes7,555 119,125 (124,646)266,858 
Income tax expense (benefit) (Note 18)
6,295 8,569 9,308 41,333 
Income (loss) from equity method investments(26)197 144 (51)
Net income (loss)$1,234 $110,753 $(133,810)$225,474 
Basic net income (loss) per share of Class A, B and C common stock (Note 19)
$0.00 $0.25 $(0.31)$0.51 
Diluted net income (loss) per share of Class A, B and C common stock (Note 19)
$0.00 $0.25 $(0.31)$0.50 
Weighted average common shares outstanding Class A, B and C common stock
Basic431,744 437,314 433,212 441,893 
Diluted437,297 448,435 433,212 452,208 
See accompanying notes.
2
Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited; In thousands)
 Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Net income (loss)$1,234 $110,753 $(133,810)$225,474 
Other comprehensive income (loss):
Foreign currency translation adjustment(30,087)17,257 (37,344)9,179 
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $(13,907) and $8,837, for the three months ended December 31, 2024 and 2023, respectively; $(13,447) and $6,629 for the nine months ended December 31, 2024 and 2023, respectively.
46,832 (36,070)35,651 (17,840)
Gain (loss) on intra-entity foreign currency transactions(5,442)2,815 (1,228)(6,556)
Total other comprehensive income (loss)11,303 (15,998)(2,921)(15,217)
Comprehensive income (loss)$12,537 $94,755 $(136,731)$210,257 
See accompanying notes.
3
Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited; In thousands)
Class A
Common Stock		Class B
Convertible
Common Stock		Class C
Common Stock		Additional Paid-in-CapitalRetained
Earnings		Accumulated Other Comprehensive Income (Loss)Total
Equity
SharesAmountSharesAmountSharesAmount
Balance as of September 30, 2023188,725 $63 34,450 $11 214,689 $71 $1,162,548 $958,412 $(67,061)$2,054,044 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — (15)— — (110)— (110)
Excise tax on repurchases of common stock— — — — — — (225)— — (225)
Class C Common Stock repurchased — — — — (3,069)(1)(1,522)(23,477)— (25,000)
Issuance of Class A Common Stock, net of forfeitures62 — — — — — — — — — 
Issuance of Class C Common Stock, net of forfeitures— — — — 381 — 662 — — 662 
Stock-based compensation expense— — — — — — 9,806 — — 9,806 
Comprehensive income (loss)— — — — — — — 110,753 (15,998)94,755 
Balance as of December 31, 2023188,787 $63 34,450 $11 211,986 $70 $1,171,269 $1,045,578 $(83,059)$2,133,932 
Balance as of March 31, 2023188,705 $63 34,450 $11 221,347 $73 $1,136,536 $897,306 $(67,842)$1,966,147 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — (348)— — (2,428)— (2,428)
Excise tax on repurchases of common stock— — — — — — (650)— — (650)
Class C Common Stock repurchased— — — — (10,685)(3)(223)(74,774)— (75,000)
Issuance of Class A Common Stock, net of forfeitures82 — — — — — — — — — 
Issuance of Class C Common Stock, net of forfeitures— — — — 1,672 — 2,443 — — 2,443 
Stock-based compensation expense— — — — — — 33,163 — — 33,163 
Comprehensive income (loss)— — — — — — — 225,474 (15,217)210,257 
Balance as of December 31, 2023188,787 $63 34,450 $11 211,986 $70 $1,171,269 $1,045,578 $(83,059)$2,133,932 

















4
Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited; In thousands)
Class A
Common Stock		Class B
Convertible
Common Stock		Class C
Common Stock		Additional Paid-in-CapitalRetained
Earnings		Accumulated Other Comprehensive Income (Loss)Total
Equity
SharesAmountSharesAmountSharesAmount
Balance as of September 30, 2024188,822 $63 34,450 $11 209,058 $69 $1,212,378 $864,027 $(91,347)$1,985,201 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — (65)— — (601)— (601)
Excise tax on repurchases of common stock— — — — — — (278)— — (278)
Class C Common Stock repurchased— — — — (2,781)(1)(627)(24,372)— (25,000)
Issuance of Class A Common Stock, net of forfeitures1 — — — — — — — — — 
Issuance of Class C Common Stock, net of forfeitures— — — — 284 — 538 — — 538 
Stock-based compensation expense— — — — — — 12,326 — — 12,326 
Comprehensive income (loss)— — — — — — — 1,234 11,303 12,537 
Balance as of December 31, 2024188,823 $63 34,450 $11 206,496 $68 $1,224,337 $840,288 $(80,044)$1,984,723 
Balance as of March 31, 2024188,802 $63 34,450 $11 212,711 $70 $1,181,854 $1,048,411 $(77,123)$2,153,286 
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements— — — — (1,320)— — (9,000)— (9,000)
Excise tax on repurchases of common stock— — — — — — (478)— — (478)
Class C Common Stock repurchased— — — — (8,721)(3)316 (65,313)— (65,000)
Issuance of Class A Common Stock, net of forfeitures21 — — — — — — — — — 
Issuance of Class C Common Stock, net of forfeitures— — — — 3,826 1 1,851 — — 1,852 
Stock-based compensation expense— — — — — — 40,794 — — 40,794 
Comprehensive income (loss)— — — — — — — (133,810)(2,921)(136,731)
Balance as of December 31, 2024188,823 $63 34,450 $11 206,496 $68 $1,224,337 $840,288 $(80,044)$1,984,723 
See accompanying notes.
5
Under Armour, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited; In thousands)
 Nine Months Ended December 31,
20242023
Cash flows from operating activities
Net income (loss)$(133,810)$225,474 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization96,786 102,113 
Unrealized foreign currency exchange rate (gain) loss8,072 (904)
Loss on disposal of property and equipment4,039 746 
Non-cash restructuring and impairment charges38,575 — 
Amortization of bond premium and debt issuance costs1,703 1,565 
Stock-based compensation40,794 33,163 
Deferred income taxes(8,784)(24,430)
Changes in reserves and allowances10,480 25,085 
Changes in operating assets and liabilities:
Accounts receivable136,658 58,044 
Inventories(149,362)72,578 
Prepaid expenses and other assets2,988 (56,261)
Other non-current assets(39,662)37,494 
Accounts payable172,504 32,100 
Accrued expenses and other liabilities(65,207)(38,737)
Customer refund liabilities30,838 80 
Income taxes payable and receivable(3,732)8,753 
Net cash provided by (used in) operating activities142,880 476,863 
Cash flows from investing activities
Purchases of property and equipment(139,860)(116,541)
Sale of MyFitnessPal platform50,000 45,000 
Sale of MapMyFitness platform8,000 — 
Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired(9,788)— 
Purchase of equity method investment in ISC Sport(7,546)— 
Net cash provided by (used in) investing activities(99,194)(71,541)
Cash flows from financing activities
Common shares repurchased(65,000)(75,000)
Repayment of long-term debt(80,919)— 
Employee taxes paid for shares withheld for income taxes(9,000)(2,428)
Proceeds from exercise of stock options and other stock issuances1,852 2,443 
Payments of debt financing costs(1,388)— 
Net cash provided by (used in) financing activities(154,455)(74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(20,982)136 
Net increase (decrease) in cash, cash equivalents and restricted cash(131,751)330,473 
Cash, cash equivalents and restricted cash
Beginning of period876,917 726,745 
End of period$745,166 $1,057,218 
Non-cash investing and financing activities
Change in accrual for property and equipment$(8,587)$(3,928)

Reconciliation of cash, cash equivalents and restricted cashDecember 31, 2024December 31, 2023
Cash and cash equivalents$726,877 $1,039,109 
Restricted cash18,289 18,109 
Total cash, cash equivalents and restricted cash$745,166 $1,057,218 
See accompanying notes.
6
Under Armour, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
(Unaudited; Tabular amounts in thousands, except share and per share data)

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Business
Under Armour, Inc. (together with its wholly owned subsidiaries, the "Company") is a developer, marketer and distributor of branded athletic performance apparel, footwear and accessories. The Company creates products engineered to make athletes better with a vision to inspire performance solutions you never knew you needed and can't imagine living without. The Company's products are made, sold and worn worldwide.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements are presented in U.S. Dollars and include the accounts of Under Armour, Inc. and its wholly owned subsidiaries. Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation.
The unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 ("Fiscal 2024"), filed with the SEC on May 29, 2024 ("Annual Report on Form 10-K for Fiscal 2024"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements. The unaudited results for the three and nine months ended December 31, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2025 ("Fiscal 2025"), or any other portions thereof.
Reclassifications
Certain prior period comparative amounts have been reclassified to conform to the current period presentation. Such reclassifications were not material and did not affect the unaudited Condensed Consolidated Financial Statements.
Equity Method Investment
In November 2024, the Company invested $7.5 million in exchange for 29.5% common stock ownership in ISC Sport (ISC), an Australian custom teamwear company. This investment is accounted for under the equity method, given the Company has the ability to exercise significant influence, but not control, and is included in other long-term assets on the Condensed Consolidated Balance Sheets.
Revisions to previously issued financial statements
As previously disclosed in the Company's Annual Report on Form 10-K for Fiscal 2024, the Company identified and corrected certain accounting errors. Using the guidance in Accounting Standards Codification ("ASC") Topic 250, Accounting Changes and Error Corrections, ASC Topic 250-S99-1, Assessing Materiality, and ASC Topic 250-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated whether its previously issued consolidated financial statements were materially misstated due to these errors. Based upon the evaluation of both quantitative and qualitative factors, the Company concluded that the effects of these errors were not material individually or in the aggregate to any previously reported quarterly or annual period. However, the Company revised its previously issued annual consolidated financial statements to correct these errors. See Note 1 to the Company’s Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for Fiscal 2024, filed with the SEC on May 29, 2024 for additional details.
The following tables set forth the Company’s revisions to the unaudited Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023. The unaudited Condensed Consolidated Financial Statements and accompanying notes included within this Quarterly Report on Form 10-Q have been revised to reflect these corrections.
7

Condensed Consolidated Statements of Operations
Three Months Ended December 31, 2023Nine Months Ended December 31, 2023
(in thousands)As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Net revenues$1,486,095 $(52)$1,486,043 $4,369,817 $(135)$4,369,682 
Cost of goods sold814,914 490 815,404 2,338,905 120 2,339,025 
Gross profit671,181 (542)670,639 2,030,912 (255)2,030,657 
Selling, general and administrative expenses601,661 (2,431)599,230 1,794,703 2,649 1,797,352 
Income (loss) from operations69,520 1,889 71,409 236,209 (2,904)233,305 
Interest income (expense), net(211)— (211)(2,210)— (2,210)
Other income (expense), net49,636 (1,709)47,927 36,822 (1,059)35,763 
Income (loss) before income taxes118,945 180 119,125 270,821 (3,963)266,858 
Income tax expense (benefit) 4,999 3,570 8,569 38,464 2,869 41,333 
Income (loss) from equity method investments197 — 197 (51)— (51)
Net income (loss)$114,143 $(3,390)$110,753 $232,306 $(6,832)$225,474 
Basic net income (loss) per share$0.26 $(0.01)$0.25 $0.53 $(0.02)$0.51 
Diluted net income (loss) per share$0.26 $(0.01)$0.25 $0.52 $(0.02)$0.50 
Condensed Consolidated Statements of Cash Flows
Nine Months Ended December 31, 2023
(in thousands)As Previously ReportedAdjustmentAs Revised
Cash flows from operating activities
Net income (loss)$232,306 $(6,832)$225,474 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization106,685 (4,572)102,113 
Unrealized foreign currency exchange rate (gain) loss(904)— (904)
Loss on disposal of property and equipment746 — 746 
Amortization of bond premium and debt issuance costs1,565 — 1,565 
Stock-based compensation33,163 — 33,163 
Deferred income taxes(24,430)— (24,430)
Changes in reserves and allowances25,085 — 25,085 
Changes in operating assets and liabilities:
Accounts receivable55,912 2,132 58,044 
Inventories71,400 1,178 72,578 
Prepaid expenses and other assets(45,363)(10,898)(56,261)
Other non-current assets42,149 (4,655)37,494 
Accounts payable31,470 630 32,100 
Accrued expenses and other liabilities(42,630)3,893 (38,737)
Customer refund liability80 — 80 
Income taxes payable and receivable5,884 2,869 8,753 
Net cash provided by (used in) operating activities493,118 (16,255)476,863 
Cash flows from investing activities
Purchases of property and equipment(132,796)16,255 (116,541)
Sale of MyFitnessPal platform45,000 — 45,000 
Net cash provided by (used in) investing activities(87,796)16,255 (71,541)
Cash flows from financing activities
Net cash provided by (used in) financing activities(74,985)— (74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash136 — 136 
Net increase (decrease) in cash, cash equivalents and restricted cash330,473 — 330,473 
Cash, cash equivalents and restricted cash
Beginning of period727,726 (981)726,745 
End of period$1,058,199 $(981)$1,057,218 
8
Management Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates, judgments and assumptions are evaluated on an on-going basis. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable at that time; however, actual results could differ from these estimates.
As the impacts of major global events continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. The extent to which the evolving events impact the Company's financial statements will depend on a number of factors including, but not limited to, any new information that may emerge concerning the severity of these major events and the actions that governments around the world may take in response. While the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of this reporting date, the Company may experience further impacts based on long-term effects on the Company's customers and the countries in which the Company operates. Refer to the risk factors discussed in Part I, Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for Fiscal 2024.

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Pronouncements
The Company assesses the applicability and impact of all Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). There were no ASUs adopted during the first nine months of Fiscal 2025.
Supplier Finance Programs
In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. The Company adopted ASU 2022-04 on April 1, 2023 on a retrospective basis, except for the amendments relating to the rollforward requirement, which will be effective for the Company's Annual Report on Form 10-K for Fiscal 2025. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Refer to Note 8 of these Condensed Consolidated Financial Statements for a discussion of the Company's supply chain finance program.
Recently Issued Accounting Pronouncements
The Company assessed all recently issued ASUs and, other than those described below, determined them to be either not applicable or expected to have no material impact on its Condensed Consolidated Financial Statements and related disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures" ("ASU 2024-03"), which will require disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for the Company's Fiscal 2028 annual period and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.
Income Tax
In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded income tax disclosures primarily related to an entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and should be adopted on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.
Reportable Segments
In November 2023, the FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires expanded disclosures about an entity’s reportable segments,
9
including more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how an entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for the Company's Fiscal 2025 annual period and interim periods thereafter. The Company is finalizing its evaluation of ASU 2023-07 and expects the adoption to expand its disclosures, but does not expect it to have a material impact on its consolidated financial statements.

NOTE 3. ALLOWANCE FOR DOUBTFUL ACCOUNTS
The Company's allowance for doubtful accounts was established with information available as of December 31, 2024, including reasonable and supportable estimates of future risk. The following table illustrates the activity in the Company's allowance for doubtful accounts:
Allowance for doubtful accounts - within accounts receivable, net
Balance as of March 31, 2024$14,994 
Increases to costs and expenses5,582 
Write-offs, net of recoveries(1,217)
Balance as of December 31, 2024$19,359 

NOTE 4. PROPERTY AND EQUIPMENT, NET
Property and equipment consisted of the following:
As of December 31, 2024As of March 31, 2024
Leasehold and tenant improvements$440,319 $495,181 
Furniture, fixtures and displays305,918 301,897 
Buildings213,832 68,230 
Software280,314 350,811 
Office equipment138,483 139,223 
Plant equipment190,103 178,316 
Land73,244 82,410 
Construction in progress (1)
20,800 175,960 
Other25,846 28,910 
Subtotal property and equipment1,688,859 1,820,938 
Accumulated depreciation(1,038,215)(1,156,435)
Property and equipment, net$650,644 $664,503 
(1) Construction in progress primarily includes costs incurred for construction of corporate offices, leasehold improvements and in-store fixtures and displays not yet placed in use.

During the three months ended December 31, 2024, the Company relocated to its new global headquarters. As a result of vacating its former global headquarters, the Company performed an impairment analysis and recognized an impairment charge of $28.4 million within selling, general and administrative expenses on the Condensed Consolidated Statements of Operations to reduce the carrying value to its estimated fair value. Additionally, during the three months ended December 31, 2024, the property and equipment associated with the new global headquarters, which had been previously classified as construction in progress, were placed into service.
Depreciation expense related to property and equipment for the three and nine months ended December 31, 2024 was $30.9 million and $95.6 million, respectively (three and nine months ended December 31, 2023: $33.5 million and $101.0 million, respectively).



10
NOTE 5. LEASES
The Company enters into operating leases domestically and internationally to lease certain warehouse space, office facilities, space for its Brand and Factory House stores, and certain equipment under non-cancelable operating leases. The leases expire at various dates through 2038. Short-term lease payments were not material for the periods presented.
Lease Costs and Other Information
The Company recognizes lease expense on a straight-line basis over the lease term. There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases. The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses and certain costs relating to lease assets held solely for sublet purposes, included in other income (expense), net within the Company's Condensed Consolidated Statements of Operations, for the periods indicated:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating lease costs$37,580 $37,535 $113,040 $112,845 
Variable lease costs$27,400 $22,290 $76,940 $64,452 
As previously disclosed, historically, variable lease costs primarily consisted of lease payments dependent on sales in Brand and Factory House stores. Prior period amounts, included in the table above, have been revised to also include other non-lease components payable to the lessor. Additionally, certain amounts previously disclosed as operating lease costs in error have been corrected to be classified as variable lease costs. This presentation change did not affect total lease related costs recorded within the Company's Condensed Consolidated Statements of Operations.
The Company subleases certain excess office facilities, retail space and warehouse space to third parties. Sublease income for the three and nine months ended December 31, 2024 was $3.3 million and $6.1 million, respectively. Sublease income for the three and nine months ended December 31, 2023 was not material.
The weighted average remaining lease term and discount rate for the periods indicated below were as follows:
As of December 31, 2024As of March 31, 2024
Weighted average remaining lease term (in years)7.337.62
Weighted average discount rate4.92 %4.95 %
Supplemental Cash Flow Information
The following table presents supplemental information relating to cash flow arising from lease transactions:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating cash outflows from operating leases$46,243 $44,941 $139,089 $133,259 
Leased assets obtained in exchange for new operating lease liabilities$13,840 $29,239 $50,156 $50,698 
11
Maturity of Lease Liabilities
The following table presents the future minimum lease payments under the Company's operating lease liabilities as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$40,712 
2026155,201 
2027133,576 
2028113,941 
202976,380 
2030 and thereafter321,524 
Total lease payments$841,334 
Less: Interest131,384 
Total present value of lease liabilities$709,950 
As of December 31, 2024, the Company has additional operating lease obligations that have not yet commenced of approximately $70.2 million, which are not reflected in the table above. This amount includes approximately $56.6 million relating to an agreement with a third-party logistics provider to operate a distribution center in the Netherlands. This agreement has been assessed as containing a lease and is scheduled to commence in February 2026.

NOTE 6. GOODWILL
The following table summarizes changes in the carrying amount of the Company's goodwill by reportable segment as of the periods indicated:
 North America EMEAAsia-PacificTotal
Balance as of March 31, 2024$301,371 $101,958 $74,973 $478,302 
Purchase of UNLESS COLLECTIVE, Inc (1)
9,784 — — 9,784 
Effect of currency translation adjustment— (2,489)(1,051)(3,540)
Balance as of December 31, 2024$311,155 $99,469 $73,922 $484,546 
(1) The goodwill is not expected to be deductible for tax purposes.

NOTE 7. INTANGIBLE ASSETS, NET
The following tables summarize the Company's intangible assets as of the periods indicated:
 Useful Lives from Date of Acquisitions (in years)As of December 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Intangible assets subject to amortization:
Customer relationships
2-6
$8,517 $(6,666)$1,851 
Lease-related intangible assets
1-15
1,522 (1,469)53 
Total$10,039 $(8,135)$1,904 
Indefinite-lived intangible assets 3,628 
Intangible assets, net$5,532 

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 Useful Lives from Date of Acquisitions (in years)As of March 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Intangible assets subject to amortization:
Customer relationships
2-6
$8,609 $(5,708)$2,901 
Lease-related intangible assets
1-15
1,756 (1,677)79 
Total$10,365 $(7,385)$2,980 
Indefinite-lived intangible assets4,020 
Intangible assets, net$7,000 
Amortization expense, which is included in selling, general and administrative expenses, for the three and nine months ended December 31, 2024 was $0.4 million and $1.1 million, respectively (three and nine months ended December 31, 2023: $0.4 million and $1.1 million, respectively).
The following is the estimated future amortization expense for the Company's intangible assets as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$406 
20261,489 
20279 
2028 and thereafter— 
Total amortization expense of intangible assets$1,904 

NOTE 8. SUPPLY CHAIN FINANCE PROGRAM
The Company facilitates a supply chain finance program, administered through third-party platforms, which provides participating suppliers with the opportunity to finance payments due from the Company with certain third-party financial institutions. Participating suppliers may, at their sole discretion, elect to finance one or more invoices of the Company prior to their scheduled due dates at a discounted price with the participating financial institution.
The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. As such, the outstanding payment obligations under the Company’s supply chain financing program are included within Accounts Payable in the Condensed Consolidated Balance Sheets and within operating activities in the Condensed Consolidated Statement of Cash Flows.
The Company’s outstanding payment obligations under this program were $206.9 million as of December 31, 2024 (March 31, 2024: $159.4 million).

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NOTE 9. CREDIT FACILITY AND OTHER LONG-TERM DEBT
The Company's outstanding debt consisted of the following:
As of
December 31, 2024		As of
March 31, 2024
1.50% Convertible Senior Notes due 2024
$— $80,919 
3.25% Senior Notes due 2026
600,000 600,000 
Total principal payments due600,000 680,919 
Unamortized debt discount on Senior Notes(370)(560)
Unamortized debt issuance costs - Convertible Senior Notes— (16)
Unamortized debt issuance costs - Senior Notes(785)(1,189)
Unamortized debt issuance costs - Credit facility(3,657)(3,362)
Total amount outstanding595,188 675,792 
Less:
Current portion of long-term debt:
1.50% Convertible Senior Notes due 2024
— 80,919 
Non-current portion of long-term debt$595,188 $594,873 
Credit Facility
On March 8, 2019, the Company entered into an amended and restated credit agreement by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In July 2024, the Company entered into the fifth amendment to the credit agreement (the credit agreement as amended, the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for an aggregate $1.1 billion of revolving credit commitments comprised of two tranches: (i) one tranche of $50 million that has a term that ends on December 3, 2026, and (ii) a second tranche of $1.05 billion that has a term that ends on December 3, 2027, in each case with permitted extensions under certain circumstances. As of December 31, 2024 and March 31, 2024, there were no amounts outstanding under the revolving credit facility.
At the Company's request and a lender's consent, commitments under the amended credit agreement may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the amended credit agreement. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time the Company seeks to incur such borrowings.
Borrowings, if any, under the revolving credit facility have maturities of less than one year. Up to $50.0 million of the facility may be used for the issuance of letters of credit. As of December 31, 2024, $45.9 million of letters of credit were outstanding (March 31, 2024: $4.2 million).
The obligations of the Company under the amended credit agreement are guaranteed by certain domestic significant subsidiaries of Under Armour, Inc., subject to customary exceptions (the "subsidiary guarantors") and primarily secured by a first-priority security interest in substantially all of the assets of Under Armour, Inc. and the subsidiary guarantors, excluding real property, capital stock in and debt of subsidiaries of Under Armour, Inc. holding certain real property and other customary exceptions. The amended credit agreement provides for the permanent fall away of guarantees and collateral upon the Company's achievement of investment grade rating from two rating agencies.
The amended credit agreement contains negative covenants that, subject to significant exceptions, limit the Company's ability to, among other things: incur additional secured and unsecured indebtedness; pledge the assets as security; make investments, loans, advances, guarantees and acquisitions (including investments in and loans to non-guarantor subsidiaries); undergo fundamental changes; sell assets outside the ordinary course of business; enter into transactions with affiliates; and make restricted payments.
The Company is also required to maintain a ratio of consolidated EBITDA, to consolidated interest expense of not less than 3.50 to 1.0 (the "interest coverage covenant") and the Company is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.0 (the "leverage covenant"), as described in more detail in the amended credit agreement. In July 2024, the Company entered into an amendment to the credit agreement to exclude from the definition of consolidated EBITDA certain charges related to the
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settlement of the Company's Class Action Securities litigation described in Note 10 of these Condensed Consolidated Financial Statements. The Company was in compliance with the applicable covenants for the quarter ended December 31, 2024.
In addition, the amended credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the amended credit agreement, will be considered an event of default under the amended credit agreement.
The amended credit agreement implemented SOFR as the replacement for LIBOR as a benchmark interest rate for U.S. dollar borrowings (and analogous benchmark rate replacements for borrowings in Yen, Pound Sterling and Euro). Borrowings under the amended credit agreement bear interest at a rate per annum equal to, at the Company's option, either (a) an alternate base rate (for borrowings in U.S. dollars), (b) a term rate (for borrowings in U.S. dollars, Euro or Japanese Yen) or (c) a "risk free" rate (for borrowings in U.S. dollars or Pounds Sterling), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the "pricing grid") based on the leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00% to 1.75% (or, in the case of alternate base loans, 0.00% to 0.75%). The Company will also pay a commitment fee determined in accordance with the pricing grid on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of December 31, 2024, the commitment fee was 17.5 basis points.
1.50% Convertible Senior Notes
On June 1, 2024, the Company's previously outstanding $80.9 million aggregate principal amount of 1.50% convertible senior notes due 2024 (the "Convertible Senior Notes") matured. The Convertible Senior Notes bore interest at the fixed rate of 1.50% per annum, payable semiannually in arrears on June 1 and December 1 of each year, beginning December 1, 2020. Upon maturity, the Company repaid the $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding, plus $0.6 million of accrued interest, using cash on hand. No holders exercised their rights to convert prior to maturity.
3.25% Senior Notes
In June 2016, the Company issued $600.0 million aggregate principal amount of 3.25% senior unsecured notes due June 15, 2026 (the "Senior Notes"). The Senior Notes bear interest at the fixed rate of 3.25% per annum, payable semi-annually on June 15 and December 15 beginning December 15, 2016. The Company may redeem some or all of the Senior Notes at any time, or from time to time, at redemption prices described in the indenture governing the Senior Notes. The indenture governing the Senior Notes contains negative covenants that limit the Company's ability to engage in certain transactions and are subject to material exceptions described in the indenture. The Company incurred and deferred $5.4 million in financing costs in connection with the Senior Notes.
Interest Expense
Interest expense, which includes amortization of deferred financing costs, bank fees, capital and built-to-suit lease interest and interest expense under the credit and other long-term debt facilities, was $6.4 million and $18.1 million for the three and nine months ended December 31, 2024, respectively (three and nine months ended December 31, 2023: $5.7 million and $17.0 million, respectively).
Maturity of Long-Term Debt
The following are the scheduled maturities of long-term debt as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$— 
2026— 
2027600,000 
2028 and thereafter— 
Total scheduled maturities of long-term debt$600,000 
Current maturities of long-term debt$— 
The Company monitors the financial health and stability of its lenders under the credit and other long-term debt facilities, however during any period of significant instability in the credit markets, lenders could be negatively impacted in their ability to perform under these facilities.
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NOTE 10. COMMITMENTS AND CONTINGENCIES
In connection with various contracts and agreements, the Company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items. Generally, such indemnification obligations do not apply in situations in which the counterparties are grossly negligent, engage in willful misconduct, or act in bad faith. Based on the Company’s historical experience and the estimated probability of future loss, the Company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations.
From time to time, the Company is involved in litigation and other proceedings, including matters related to commercial and intellectual property disputes, as well as trade, regulatory and other claims related to its business. Other than as described below, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business. However, the matters described below, if decided adversely to or settled by the Company, could result, individually or in the aggregate, in a liability material to the Company's consolidated financial position, results of operations or cash flows.
In re Under Armour Securities Litigation
On March 23, 2017, three separate securities cases previously filed against the Company in the United States District Court for the District of Maryland (the "District Court") were consolidated under the caption In re Under Armour Securities Litigation, Case No. 17-cv-00388-RDB (the "Consolidated Securities Action"). On September 14, 2020, the District Court issued an order that, among other things, consolidated two additional securities cases into the Consolidated Securities Action.
The operative complaint (the "TAC") in the Consolidated Securities Action was filed on October 14, 2020. The class period identified in the TAC was September 16, 2015 through November 1, 2019.
On June 20, 2024, the defendants reached an agreement with the plaintiffs to enter into a settlement resolving the Consolidated Securities Action (the “Securities Action Settlement”). Under the terms of the Securities Action Settlement, the Company paid $434 million to the members of the class, which was funded using balance sheet cash together with $63 million of insurance proceeds. In addition, the Company agreed to two additional, non-monetary provisions, specifically to continue to separate the roles of Chair and Chief Executive Officer for a period of at least three years beginning on the date that the court order approving the Securities Action Settlement and dismissing the Consolidated Securities Action becomes final and non-appealable (the “Three-Year Period”), and that all restricted stock or restricted stock units granted by the Company to its Chief Executive Officer, Chief Financial Officer and Chief Legal Officer during the Three-Year Period include a performance-based vesting condition to be set by the Human Capital and Compensation Committee of the Company’s Board of Directors. In exchange, the plaintiffs and the Class granted customary releases in favor of Defendants of all of their claims that were or could have been asserted in the Consolidated Securities Action.
On November 7, 2024, the District Court granted the plaintiffs’ motion for final approval of the Securities Action Settlement and dismissed the Consolidated Securities Action with prejudice.
By entering into the Securities Action Settlement, the defendants in no way conceded or admitted liability for any of the claims that were or could have been asserted in the Consolidated Securities Action. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Consolidated Securities Action, and entered into the Securities Action Settlement to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Consolidated Securities Action.
Consolidated Kenney Derivative Litigation
In June and July 2018, two purported stockholder derivative complaints were filed in Maryland state court (the "State Court"), in cases captioned Kenney v. Plank, et al. (filed June 29, 2018) and Luger v. Plank, et al. (filed July 26, 2018), respectively). The cases were consolidated on October 19, 2018 under the caption Kenney v. Plank, et. al. The consolidated complaint in the Kenney action names Mr. Plank, certain other current and former members of the Company's Board of Directors, certain former Company executives, and Sagamore Development Company, LLC ("Sagamore") as defendants, and names the Company as a nominal defendant. The consolidated complaint asserts breach of fiduciary duty, unjust enrichment, and corporate waste claims against the individual defendants and asserts a claim against Sagamore for aiding and abetting certain of the alleged breaches of fiduciary duty. The consolidated complaint seeks damages on behalf of the Company and certain corporate governance related actions.
The consolidated complaint includes allegations challenging, among other things, the Company's disclosures related to growth and consumer demand for certain of the Company's products, as well as stock sales by certain individual defendants. The consolidated complaint also makes allegations related to the Company's 2016
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purchase from entities controlled by Mr. Plank (through Sagamore) of certain parcels of land to accommodate the Company's growth needs, which was approved by the Audit Committee of the Company's Board of Directors in accordance with the Company's policy on transactions with related persons.
On March 29, 2019, the State Court granted the Company's and the defendants' motion to stay that case pending the outcome of both the Consolidated Securities Action and an earlier-filed derivative action asserting similar claims to those asserted in the Kenney action relating to the Company's purchase of parcels in the Baltimore Peninsula, an area of Baltimore previously referred to as Port Covington (which derivative action has since been dismissed in its entirety).
Prior to the filing of the derivative complaints in Kenney v. Plank, et al. and Luger v. Plank, et al., both of the purported stockholders had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company and both of these purported stockholders were informed of that determination.
In 2020, two additional purported shareholder derivative complaints were filed in the State Court, in cases captioned Cordell v. Plank, et al. (filed August 11, 2020), and Salo v. Plank, et al. (filed October 21, 2020), respectively.
Prior to the filing of the derivative complaints in these two actions, neither of the purported stockholders made a demand that the Company's Board of Directors pursue the claims asserted in the complaints. In October 2021, the State Court issued an order (i) consolidating the Cordell and Salo actions with the consolidated Kenney action into a single consolidated derivative action (the "Consolidated Kenney Derivative Action"); (ii) designating the Kenney action as the lead case; and (iii) specifying that the scheduling order in the Kenney action shall control the Consolidated Kenney Derivative Action.
On October 27, 2023, an additional purported stockholder derivative complaint was filed in the State Court by four purported stockholders, in a case captioned Viskovich, et al. v. Plank, et al. (the “Viskovich Action”). Prior to the filing of this complaint, each of the four purported stockholders had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaint. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company and these purported stockholders were informed of that determination. On March 20, 2024, the State Court issued an order (i) consolidating the Viskovich Action into the Consolidated Kenney Derivative Action; (ii) designating the Kenney action as the lead case; and (iii) specifying that the scheduling order in the Kenney action shall control the Consolidated Kenney Derivative Action.
As previously disclosed, the parties in the Consolidated Kenney Derivative Action and the Consolidated Paul Derivative Action described below (together, the “Derivative Actions”) agreed to engage in private mediation in an effort to potentially resolve the claims in the Derivative Actions. On January 18, 2025, the Company and all of the defendants in the Derivative Actions entered into a binding term sheet (the “Term Sheet”) with plaintiffs containing the material terms of a settlement resolving the Derivative Actions. The parties intend to prepare a formal stipulation of settlement describing the terms of the proposed settlement, which will be presented to the State Court for approval following a notice and review period for the Company’s stockholders.
The Term Sheet provides that (a) the Company will implement various corporate governance measures for a period of three years from the time that the settlement becomes final and non-appealable; and (b) a payment of $8.9 million, less any award of attorneys’ fees and costs to counsel for the plaintiffs, will be made to the Company on behalf of the defendants and will be funded using insurance proceeds. In exchange, the plaintiffs, the Company, and Under Armour stockholders derivatively on behalf of the Company, will grant customary releases in favor of the defendants of all of claims that were or could have been asserted in the Derivative Actions.
By agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions.
Consolidated Paul Derivative Litigation
On January 27, 2021, the District Court entered an order consolidating for all purposes four separate stockholder derivative cases that previously had been filed in the court. On February 2, 2023, the District Court issued an order appointing Balraj Paul and Anthony Viskovich as lead plaintiffs (“Derivative Lead Plaintiffs”), appointing counsel for the Derivative Lead Plaintiffs as lead counsel, and recaptioning the consolidated case as
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Paul et al. v. Plank et al. (the “Consolidated Paul Derivative Action”). Prior to filing their derivative complaints, both of the Derivative Lead Plaintiffs had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company, and the Derivative Lead Plaintiffs were informed of that determination.
On March 16, 2023, the District Court issued an order granting a motion for voluntary dismissal without prejudice that had been filed by the plaintiff in one of the four derivative cases who had not been appointed as a lead plaintiff.
On April 24, 2023, the Derivative Lead Plaintiffs designated an operative complaint in the Consolidated Paul Derivative Action. The operative complaint named Mr. Plank, certain other current and former members of the Company's Board of Directors, and certain other current and former Company executives as defendants, and named the Company as a nominal defendant. It asserted allegations challenging (i) the Company's disclosures related to growth and consumer demand for certain of the Company's products; (ii) the Company's practice of shifting sales between quarterly periods supposedly to appear healthier and its purported failure to disclose that practice; (iii) the Company's internal controls with respect to revenue recognition and inventory management; and (iv) the Company's supposed failure to timely disclose investigations by the U.S. Securities and Exchange Commission and the U.S. Department of Justice. The operative complaint asserted breach of fiduciary duty and unjust enrichment claims against the defendants and asserted a contribution claim against certain defendants. The operative complaint sought damages on behalf of the Company and also sought certain corporate governance related actions.
The Company and the defendants filed a motion to dismiss the operative complaint on June 23, 2023. The District Court granted that motion on September 27, 2023, dismissing the Consolidated Paul Derivative Action without prejudice, due to lack of subject matter jurisdiction. Following that decision, Viskovich, one of the Derivative Lead Plaintiffs, filed the above-referenced Viskovich Action in State Court.
The other Derivative Lead Plaintiff, Paul, filed a motion in the District Court seeking reconsideration of the dismissal decision or leave to amend the operative complaint. On January 9, 2024, the District Court entered an order denying Paul's motion and ordering that the Consolidated Paul Derivative Action remained dismissed without prejudice.
In February 2024, Paul filed a notice of appeal to the U.S. Court of Appeals for the Fourth Circuit (the "Fourth Circuit") from the decisions by the District Court on September 27, 2023 and January 9, 2024. Briefing on the appeal began on April 24, 2024 and was completed as of July 22, 2024. No decision has been issued in the appeal, which remains pending before the Fourth Circuit.
As described above, on January 18, 2025, the parties in the Derivative Actions entered into the binding Term Sheet, which contains the material terms of a settlement resolving those cases. A summary of the Term Sheet and the next steps with respect to the proposed settlement is set forth above.
As noted above, by agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions.
Contingencies
In accordance with ASC Topic 450 “Contingencies” (“Topic 450”), the Company establishes accruals for contingencies when (i) the Company believes it is probable that a loss will be incurred and (ii) the amount of the loss can be reasonably estimated. If the reasonable estimate is a range, the Company will accrue the best estimate in that range; where no best estimate can be determined, the Company will accrue the minimum. Legal proceedings and other contingencies for which no accrual has been established are disclosed to the extent required by ASC Topic 450.
In connection with the matters described above and previously disclosed government investigations, the Company provided notice of claims under multiple director and officer liability insurance policy periods. While the Company’s director and officer insurance carriers from each policy period have funded a portion of the payment in connection with the Securities Action Settlement, as previously disclosed, the Company remains in litigation with certain of its insurance carriers regarding coverage with respect to one of these policy periods. On March 26, 2024, the District Court issued a decision and order that obligated these insurance carriers to provide coverage. On April 25, 2024, the insurance carriers filed a motion for entry of judgment or leave to appeal the March 26, 2024 decision.
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The Company opposed the insurance carriers’ motion, and briefing on the motion was completed on May 23, 2024. On December 19, 2024, the District Court granted the insurance carriers’ motion for entry of final judgment with respect to the District Court’s March 26, 2024 decision and stayed further proceedings in the District Court pending the Fourth Circuit’s resolution of the insurance carriers’ appeal with respect to the District Court’s March 26, 2024 decision. On January 16, 2025, the insurance carriers filed a notice of appeal. If the Fourth Circuit reverses the District Court’s decision, the Company may be required to repay the settlement amount funded by the insurance carriers, as well as any defense costs from the Consolidated Securities Action paid by these insurance carriers. $90 million of the insurance proceeds recognized as of December 31, 2024 remains subject to appeal by the insurance carriers.
From time to time, the Company’s view regarding probability of loss with respect to outstanding legal proceedings will change, proceedings for which the Company is able to estimate a loss or range of loss will change, and the estimates themselves will change. In addition, while many matters presented in financial disclosures involve significant judgment and may be subject to significant uncertainties, estimates with respect to legal proceedings are subject to particular uncertainties. Other than as described above, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business.
NOTE 11. STOCKHOLDERS' EQUITY
The Company's Class A Common Stock and Class B Convertible Common Stock have an authorized number of 400.0 million shares and 34.45 million shares, respectively, and each have a par value of $0.0003 1/3 per share as of December 31, 2024. Holders of Class A Common Stock and Class B Convertible Common Stock have identical rights, including liquidation preferences, except that the holders of Class A Common Stock are entitled to one vote per share and holders of Class B Convertible Common Stock are entitled to 10 votes per share on all matters submitted to a stockholder vote. Class B Convertible Common Stock may only be held by Kevin Plank, the Company's founder, President and Chief Executive Officer, or a related party of Mr. Plank, as defined in the Company's charter. As a result, Mr. Plank has a majority voting control over the Company. Upon the transfer of shares of Class B Convertible Stock to a person other than Mr. Plank or a related party of Mr. Plank, the shares automatically convert into shares of Class A Common Stock on a one-for-one basis. In addition, all of the outstanding shares of Class B Convertible Common Stock will automatically convert into shares of Class A Common Stock on a one-for-one basis upon the death or disability of Mr. Plank or on the record date for any stockholders' meeting upon which the shares of Class A Common Stock and Class B Convertible Common Stock beneficially owned by Mr. Plank is less than 15% of the total shares of Class A Common Stock and Class B Convertible Common Stock outstanding or upon the other events specified in the Class C Articles Supplementary to the Company's charter as documented below. Holders of the Company's common stock are entitled to receive dividends when and if authorized and declared out of assets legally available for the payment of dividends.
The Company's Class C Common Stock has an authorized number of 400.0 million shares and has a par value of $0.0003 1/3 per share as of December 31, 2024. The terms of the Class C Common Stock are substantially identical to those of the Company's Class A Common Stock, except that the Class C Common Stock has no voting rights (except in limited circumstances), will automatically convert into Class A Common Stock under certain circumstances and includes provisions intended to ensure equal treatment of Class C Common Stock and Class B Common Stock in certain corporate transactions, such as mergers, consolidations, statutory share exchanges, conversions or negotiated tender offers, and including consideration incidental to these transactions.
Share Repurchase Program
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 the Company's Class C Common Stock through May 31, 2027. The Class C Common Stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing and amount of any repurchases will depend on market conditions, the Company's financial condition, results of operations, liquidity and other factors.
During the three months ended December 31, 2024, the Company entered into a supplemental confirmation (the "December 2024 ASR Agreement") of an accelerated share repurchase transaction with Truist Bank ("Truist") to repurchase $25.0 million of the Company's Class C Common Stock, and received a total of 2.8 million shares of Class C Common Stock from Truist, which were immediately retired. As a result, $24.4 million was recorded to
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retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.
During the nine months ended December 31, 2024, pursuant to the December 2024 ASR Agreement and the previously disclosed accelerated share repurchase transaction that the Company entered into in May 2024, the Company repurchased 8.7 million shares of Class C Common Stock, which were immediately retired. As a result, $65.3 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.
As of the date of this Quarterly Report on Form 10-Q, the Company has repurchased a total of $65 million or 8.7 million outstanding shares of its Class C Common Stock, leaving approximately $435 million remaining under its current share repurchase program.
During the three and nine months ended December 31, 2023, the Company repurchased and immediately retired 3.1 million and 10.7 million Class C Common Stock, respectively, under the Company's previously approved $500 million share repurchase program which was completed in December 2023.

NOTE 12. REVENUES
The following tables summarize the Company's net revenues by product category and distribution channels:
 Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Apparel$966,068 $1,016,655 $2,671,048 $2,911,669 
Footwear301,208 331,000 924,357 1,045,872 
Accessories110,432 104,510 319,358 316,305 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 


Wholesale$704,760 $711,699 $2,211,266 $2,393,382 
Direct-to-consumer672,948 740,466 1,703,497 1,880,464 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 
The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:
As of
December 31, 2024		As of
March 31, 2024
Customer refund liability$170,344 $139,283 
Inventory associated with reserves for sales returns$39,796 $29,514 
Contract Liabilities
Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments
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received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the change in the contract liabilities balance during the nine months ended December 31, 2024, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Total Contract Liabilities
Balance as of March 31, 2024$26,322 
Revenues deferred53,460 
Revenues recognized (1)
(41,072)
Foreign exchange and other(729)
Balance as of December 31, 2024$37,981 
(1) Includes approximately $7.1 million of revenue from gift cards and subscriptions that was previously included in contract liabilities as of March 31, 2024. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.

NOTE 13. RESTRUCTURING AND RELATED CHARGES
On May 15, 2024, the Company's Board of Directors approved a restructuring plan (the "2025 restructuring plan") designed to strengthen and support the Company's financial and operational efficiencies. On September 5, 2024, the Company’s Board of Directors approved a $70 million increase to the 2025 restructuring plan, resulting in an updated restructuring plan of approximately $140 million to $160 million of pre-tax restructuring and related charges to be incurred during Fiscal 2025 and the fiscal year ending March 31, 2026 ("Fiscal 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.
Restructuring and related charges are included in the Company's Corporate Other segment. The costs recorded during the three and nine months ended December 31, 2024 were primarily North America related. The summary of these costs, as well as the Company's current estimates of the remaining amount expected to be incurred in connection with the 2025 restructuring plan is as follows:
Estimated Restructuring and Related Charges (1)
Three Months Ended
December 31, 2024		Nine Months Ended
December 31, 2024		Remaining to be incurredTotal to be incurred under plan
Costs recorded in restructuring charges:
Employee-related costs $1,584 $13,322 
Facility-related costs5,706 18,201 
Other restructuring costs6,655 10,720 
Total costs recorded in restructuring charges$13,945 $42,243 $67,757 $110,000 
Costs recorded in selling, general and administrative expenses:
Employee related costs— 9,460 
Other transformation initiatives3,819 5,740 
Total costs recorded in selling, general and administrative expenses$3,819 $15,200 $34,800 $50,000 
Total restructuring and related charges$17,764 $57,443 $102,557 $160,000 
(1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred by the Company in connection with the 2025 restructuring plan.


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Restructuring and related charges and recoveries require the Company to make certain judgments and estimates regarding the amount and timing as to when these charges or recoveries occur. The estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. The restructuring reserve is recorded within current and long-term liabilities on the Condensed Consolidated Balance Sheets. On a quarterly basis, the Company conducts an evaluation of the related liabilities and expenses and revises its assumptions and estimates as appropriate, as new or updated information becomes available.
A summary of the activity in the restructuring reserve related to the Company's 2025 restructuring plan for the nine months ended December 31, 2024 is as follows:
Employee Related CostsFacility Related CostsOther Restructuring Related Costs
Balance as of March 31, 2024$— $— $— 
Net additions (recoveries) charged to expense (1)
13,311 5,800 12,908 
Cash payments (10,827)(5,800)(7,725)
Foreign exchange and other45 — — 
Balance as of December 31, 2024$2,529 $— $5,183 
(1) Amount excludes approximately $15.5 million of non-cash facility-related and other charges and a $5.3 million non-cash gain from the sale of the MapMyFitness platform.

NOTE 14. OTHER EMPLOYEE BENEFITS
The Company offers a 401(k) Deferred Compensation Plan for the benefit of eligible employees. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company matches a portion of the participant's contribution and recorded expense for the three and nine months ended December 31, 2024 of $2.2 million and $8.2 million, respectively (three and nine months ended December 31, 2023: $2.2 million and $8.9 million, respectively).
In addition, the Company offers the Under Armour, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") which allows a select group of management or highly compensated employees, as approved by the Human Capital and Compensation Committee of the Board of Directors, to make an annual base salary and/or bonus deferral for each year. As of December 31, 2024, the Deferred Compensation Plan obligations, which are included in other long-term liabilities on the Condensed Consolidated Balance Sheets, were $18.0 million (March 31, 2024: $16.2 million).
The Company established a Rabbi Trust to fund obligations to participants in the Deferred Compensation Plan. As of December 31, 2024, the assets held in the Rabbi Trust were trust owned life insurance ("TOLI") policies with cash-surrender values of $9.0 million (March 31, 2024: $9.1 million). These assets are consolidated and are included in other long-term assets on the Condensed Consolidated Balance Sheets.
Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements of the assets held in the Rabbi Trust and the Deferred Compensation Plan obligations.

NOTE 15. STOCK BASED COMPENSATION
The Under Armour, Inc. Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan as amended (the "2005 Plan") provides for the issuance of stock options, restricted stock, restricted stock units and other equity awards to officers, directors, key employees and other persons. The 2005 Plan terminates in 2033. As of December 31, 2024, 8.3 million Class A shares and 28.3 million Class C shares are available for future grants of awards under the 2005 Plan.
Awards Granted to Employees and Non-Employee Directors
Total stock-based compensation expense associated with awards granted to employees and non-employee directors for the three and nine months ended December 31, 2024 was $10.7 million and $36.2 million, respectively (three and nine months ended December 31, 2023: $8.3 million and $28.6 million, respectively). As of December 31, 2024, the Company had $62.4 million of unrecognized compensation expense related to these awards expected to be recognized over a weighted average period of 2.09 years. The unrecognized expense does
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not include any expense related to performance-based restricted stock unit awards for which the performance targets have been deemed improbable as of December 31, 2024. Refer to "Stock Options" and "Restricted Stock and Restricted Stock Unit Awards" below for further information on these awards. A summary of each of these plans is as follows:
Employee Stock Compensation Plan
Stock options, restricted stock and restricted stock unit awards under the 2005 Plan generally vest ratably over a period of two to five years. The contractual term for stock options is generally 10 years from the date of grant. The Company generally receives a tax deduction for any ordinary income recognized by a participant in respect to an award under the 2005 Plan.
Non-Employee Director Compensation Plan
The Company's Non-Employee Director Compensation Plan (the "Director Compensation Plan") provides for cash compensation and equity awards to non-employee directors of the Company under the 2005 Plan. Non-employee directors have the option to defer the value of their annual cash retainers as deferred stock units in accordance with the Under Armour, Inc. Non-Employee Deferred Stock Unit Plan (the "DSU Plan"). Each new non-employee director receives an award of restricted stock units upon the initial election to the Board of Directors, with the units covering stock valued at $100 thousand on the grant date and vesting in three equal annual installments. In addition, each non-employee director receives, following each annual stockholders' meeting, a grant under the 2005 Plan of restricted stock units covering stock valued at $150 thousand on the grant date. Each award vests 100% on the date of the next annual stockholders' meeting following the grant date.
The receipt of the shares otherwise deliverable upon vesting of the restricted stock units automatically defers into deferred stock units under the DSU Plan. Under the DSU Plan each deferred stock unit represents the Company’s obligation to issue one share of the Company's Class A or Class C Common Stock with the shares delivered six months following the termination of the director's service. The Company had 1.0 million deferred stock units outstanding as of December 31, 2024.
Employee Stock Purchase Plan
The Company's Employee Stock Purchase Plans (the "ESPPs") allow for the purchase of Class A Common Stock and Class C Common Stock by all eligible employees at a 15% discount from fair market value subject to certain limits as defined in the ESPPs. As of December 31, 2024, 2.7 million Class A shares and 2.3 million Class C shares are available for future purchases under the ESPPs. During the three and nine months ended December 31, 2024, 0.1 million and 0.3 million Class C shares, respectively, were purchased under the ESPPs (three and nine months ended December 31, 2023: 0.1 million and 0.4 million, respectively).
Awards granted to Certain Marketing and Other Partners
In addition to the plans discussed above, the Company may also, from time to time, issue deferred stock units or restricted stock units to certain of our marketing and other partners in connection with their entering into endorsement or other service agreements with the Company. The terms of each agreement set forth the number of units to be granted and the delivery dates for the shares, which range over a multi-year period, depending on the contract.
Total stock-based compensation expense related to these awards for the three and nine months ended December 31, 2024 was $1.9 million and $5.6 million, respectively (three and nine months ended December 31, 2023: $2.2 million and $7.0 million, respectively). As of December 31, 2024, the Company had $65.8 million of unrecognized compensation expense associated with these awards expected to be recognized over a weighted average period of 9.63 years.
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Summary by Award Classification:
Stock Options
A summary of the Company's stock options activity for the nine months ended December 31, 2024 is presented below:
Number
of Stock
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Total
Intrinsic
Value
Outstanding at March 31, 2024
1,578 $19.44 3.82$— 
Granted, at fair market value— — — — 
Exercised— — — — 
Forfeited— — — — 
Outstanding at December 31, 2024
1,578 $19.44 3.07$— 
Exercisable at December 31, 2024
1,578 $19.44 3.07$— 

Restricted Stock and Restricted Stock Unit Awards
A summary of the Company's restricted stock and restricted stock unit awards activity for the nine months ended December 31, 2024 is presented below: 
Number of
Restricted Shares
Weighted Average
Grant Date Fair Value
Outstanding at March 31, 2024
20,776 $8.58 
Granted9,185 6.33 
Forfeited(3,186)7.54 
Vested(3,805)9.32 
Outstanding at December 31, 2024
22,970 $7.72 
The awards outstanding at December 31, 2024 in the table above includes 2.3 million of performance-based restricted stock units with financial performance conditions that were awarded to certain executives and key employees under the 2005 Plan. The performance-based restricted stock units with financial performance conditions awarded during Fiscal 2025, Fiscal 2024 and Fiscal 2023 have a weighted average fair value of $6.85, $6.93 and $9.13, respectively, and have vesting that is tied to the achievement of certain annual revenue and operating income targets.
As of December 31, 2024, the Company deemed the achievement of the targets for the performance-based restricted stock units granted during Fiscal 2024 and Fiscal 2023 to be improbable and as such no stock-based compensation expense was recorded during the three and nine months ended December 31, 2024.
As of December 31, 2024, the Company deemed the achievement of the targets for the performance-based restricted stock units awarded during the Fiscal 2025 to be probable and recorded stock-based compensation expense of $1.0 million and $2.3 million, for the three and nine months ended December 31, 2024, respectively.
The Company assesses the probability of the achievement of the revenue and operating income targets at the end of each reporting period and based on that assessment cumulative adjustments may be recorded in future periods.
The awards outstanding at December 31, 2024 in the table above also include 2.0 million of performance-based restricted stock unit awards with market performance conditions that were awarded to the Company's President and CEO under the 2005 plan during Fiscal 2025. The performance-based restricted stock units with market conditions have a weighted average fair value of $4.13 and have vesting that is tied to the achievement of certain stock price targets for the Company's Class C Common Stock. The fair value of these awards was determined on the grant date using a Monte Carlo simulation model. The Company recorded $0.5 million and $1.2 million of compensation expense related to these awards during the three and nine months ended December 31, 2024, respectively.

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NOTE 16. FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows:
Level 1:Observable inputs such as quoted prices in active markets;
Level 2:Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
Financial assets and liabilities measured at fair value on a recurring basis
The Company's financial assets (liabilities) measured at fair value on a recurring basis consisted of the following types of instruments as of the following periods:
December 31, 2024March 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Derivative foreign currency contracts (see Note 17)
$— $34,582 $— $— $(4,643)$— 
TOLI policies held by the Rabbi Trust (see Note 14)
$— $8,983 $— $— $9,105 $— 
Deferred Compensation Plan obligations (see Note 14)
$— $(17,986)$— $— $(16,151)$— 
Fair values of the financial assets and liabilities listed above are determined using inputs that use as their basis readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. The foreign currency contracts represent unrealized gains and losses on derivative contracts, which is the net difference between the U.S. dollar value to be received or paid at the contracts' settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current market exchange rate. The fair value of the TOLI policies held by the Rabbi Trust are based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income fund. These investments are initially made in the same funds and purchased in substantially the same amounts as the selected investments of participants in the Deferred Compensation Plan, which represent the underlying liabilities to participants. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants' selected investments.
Fair value of Long-Term Debt
The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). As of December 31, 2024, the fair value of the Senior Notes was $579.7 million (March 31, 2024: $569.1 million).
Assets and liabilities measured at fair value on a non-recurring basis
Certain assets are not remeasured to fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets and goodwill that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

NOTE 17. RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effects of changes in foreign currency and interest rates. The Company uses derivative instruments to manage financial exposures that occur in the normal course of business and does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking
25
all derivatives designated as hedges to forecasted cash flows and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.
The Company's foreign exchange risk management program consists of designated cash flow hedges and undesignated hedges. As of December 31, 2024, the Company has hedge instruments primarily for:
•British Pound/U.S. Dollar;
•Euro/U.S. Dollar;
•U.S. Dollar/Chinese Renminbi;
•U.S. Dollar/Canadian Dollar;
•U.S. Dollar/Mexican Peso; and
•U.S. Dollar/Korean Won.
All derivatives are recognized on the Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following table presents the fair values of derivative instruments within the Condensed Consolidated Balance Sheets. Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements.
Balance Sheet ClassificationDecember 31, 2024March 31, 2024
Derivatives designated as hedging instruments under ASC 815
Foreign currency contractsOther current assets$33,679 $10,477 
Foreign currency contractsOther long-term assets1,985 2,760 
Total derivative assets designated as hedging instruments$35,664 $13,237 
Foreign currency contractsOther current liabilities$729 $17,761 
Foreign currency contractsOther long-term liabilities— 1,171 
Total derivative liabilities designated as hedging instruments$729 $18,932 
Derivatives not designated as hedging instruments under ASC 815
Foreign currency contractsOther current assets$203 $559 
Total derivative assets not designated as hedging instruments$203 $559 
Foreign currency contractsOther current liabilities$556 $600 
Total derivative liabilities not designated as hedging instruments$556 $600 

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues$1,401,039 $(737)$1,486,043 $3,415 $3,983,727 $(3,891)$4,369,682 $8,961 
Cost of goods sold$735,884 $329 $815,404 $(1,550)$2,059,765 $(3,242)$2,339,025 $(1,779)
Interest income (expense), net$(3,391)$(9)$(211)$(9)$(2,794)$(27)$(2,210)$(27)
Other income (expense), net$(2,563)$— $47,927 $— $(8,713)$— $35,763 $— 

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The following tables present the amounts affecting the Condensed Consolidated Statements of Comprehensive Income (Loss) from derivatives designated as cash flow hedges:
Balance as of
September 30, 2024		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2024
Foreign currency contracts$(22,304)$60,322 $(408)$38,426 
Interest rate swaps(404)— (9)(395)
Total designated as cash flow hedges$(22,708)$60,322 $(417)$38,031 
Balance as of
March 31, 2024		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2024
Foreign currency contracts$(10,645)$41,938 $(7,133)$38,426 
Interest rate swaps(422)— (27)(395)
Total designated as cash flow hedges$(11,067)$41,938 $(7,160)$38,031 
Balance as of
September 30, 2023		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2023
Foreign currency contracts$15,656 $(43,051)$1,865 $(29,260)
Interest rate swaps(440)— (9)(431)
Total designated as cash flow hedges$15,216 $(43,051)$1,856 $(29,691)
Balance as of
March 31, 2023		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2023
Foreign currency contracts$(4,764)$(17,314)$7,182 $(29,260)
Interest rate swaps(458)— (27)(431)
Total designated as cash flow hedges$(5,222)$(17,314)$7,155 $(29,691)

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
TotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge Activity
Other income (expense), net$(2,563)$(1,123)$47,927 $4,610 $(8,713)$3,469 $35,763 $39 
Cash Flow Hedges
The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by its international subsidiaries in currencies other than their local currencies. These gains and losses are driven by non-functional currency generated revenue, non-functional currency inventory purchases and certain other intercompany transactions. The Company enters into foreign currency contracts to reduce the risk associated with the foreign currency exchange rate fluctuations on these transactions. Certain contracts are designated as cash flow hedges. As of December 31, 2024, the aggregate notional value of the
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Company's outstanding cash flow hedges was $850.5 million (March 31, 2024: $1,199.1 million), with contract maturities ranging from one to twenty-four months.
The Company may enter into long-term debt arrangements with various lenders which bear a range of fixed and variable rates of interest. The nature and amount of the Company's long-term debt can be expected to vary as a result of future business requirements, market conditions and other factors. The Company may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations. The interest rate swap contracts are accounted for as cash flow hedges. Refer to Note 9 of these Condensed Consolidated Financial Statements for a discussion of long-term debt.
For contracts designated as cash flow hedges, the changes in fair value are reported as other comprehensive income (loss) and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. Effective hedge results are classified in the Condensed Consolidated Statements of Operations in the same manner as the underlying exposure.
Undesignated Derivative Instruments
The Company has entered into foreign exchange forward contracts to mitigate the change in fair value of specific assets and liabilities on the Condensed Consolidated Balance Sheets. Undesignated instruments are recorded at fair value as a derivative asset or liability on the Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in other expense, net, together with the re-measurement gain or loss from the hedged balance sheet position. As of December 31, 2024, the total notional value of the Company's outstanding undesignated derivative instruments was $483.0 million (March 31, 2024: $449.0 million).
Credit Risk
The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions and considers the risk of counterparty default to be minimal.
NOTE 18. PROVISION FOR INCOME TAXES
The Company computes its quarterly income tax provision under the effective tax rate method by applying an estimated anticipated annual effective rate to the Company's year-to-date earnings, except for significant and unusual or extraordinary transactions. Losses from jurisdictions for which no benefit can be recognized are excluded from the overall computations of the estimated annual effective tax rate and a separate estimated annual effective tax rate is computed and applied to earnings in the loss jurisdiction. Income tax provision for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs.
The effective rates for income taxes were 83.3% and 7.2% for the three months ended December 31, 2024 and 2023, respectively. The increase in the Company's effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States.
The effective rates for income taxes were (7.5)% and 15.5% for the nine months ended December 31, 2024 and 2023, respectively. The decrease in the Company's effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States.
Valuation Allowance
The Company evaluates on a quarterly basis whether the deferred tax assets are realizable which requires significant judgment. The Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance. To the extent the Company believes it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company's deferred tax assets, which increase income tax expense in the period when such a determination is made.
As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of December 31, 2024, for U.S. states and certain foreign taxing jurisdictions, the Company believe the weight of the negative evidence continues to outweigh the positive evidence regarding the realization of these deferred tax assets and have maintained a valuation allowance
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against these assets. The Company will continue to evaluate its ability to realize its net deferred tax assets on a quarterly basis.

NOTE 19. EARNINGS PER SHARE
The following represents a reconciliation from basic net income (loss) per share to diluted net income (loss) per share:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Numerator
Net income (loss) - Basic$1,234 $110,753 $(133,810)$225,474 
Interest on Convertible Senior Notes due 2024, net of tax (1)(2)
— 225 — 675 
Net income (loss) - Diluted$1,234 $110,978 $(133,810)$226,149 
Denominator
Weighted average common shares outstanding Class A, B and C - Basic431,744 437,314 433,212 441,893 
Dilutive effect of Class A, B, and C securities (1)
5,553 2,879 — 2,073 
Dilutive effect of Convertible Senior Notes due 2024 (1)(2)
— 8,242 — 8,242 
Weighted average common shares and dilutive securities outstanding Class A, B, and C437,297 448,435 433,212 452,208 
Class A and Class C securities excluded as anti-dilutive (3)
1,721 12,953 10,588 16,446 
Basic net income (loss) per share of Class A, B and C common stock$0.00 $0.25 $(0.31)$0.51 
Diluted net income (loss) per share of Class A, B and C common stock$0.00 $0.25 $(0.31)$0.50 
(1) Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No stock options, restricted stock units, or effects from the Convertible Senior Notes due 2024 are included in the computation of diluted earnings per share during periods when the Company is in the net loss position, as their effect would be anti-dilutive.
(2) The Company's Convertible Senior Notes matured on June 1, 2024. Upon maturity, the Company repaid the approximately $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding using cash on hand. Refer to Note 9 of these Condensed Consolidated Financial Statements for additional details.
(3) Represents stock options and restricted stock units of Class A and Class C Common Stock outstanding that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.

NOTE 20. SEGMENT DATA
The Company's operating segments are based on how the Chief Operating Decision Maker ("CODM") makes decisions about allocating resources and assessing performance. As such, the CODM receives discrete financial information for the Company's principal business by geographic region based on the Company's strategy of being a global brand. These geographic regions include North America, EMEA, Asia-Pacific and Latin America. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM.
The Company excludes certain corporate items from its segment profitability measures. The Company reports these items within Corporate Other, which is designed to provide increased transparency and comparability of the Company's operating segments' performance. Corporate Other consists primarily of (i) general and administrative expenses not allocated to an operating segment, including expenses associated with centrally managed departments such as global marketing, global IT, global supply chain and innovation, and other corporate support functions; (ii) restructuring and restructuring related charges, if any; (iii) certain foreign currency hedge
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gains and losses; and (iv) operating results from the MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025.
The following tables summarize the Company's net revenues and operating income (loss) by its geographic segments. Intercompany balances were eliminated in consolidation and are not reviewed when evaluating segment performance.
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Net revenues
North America$843,620 $915,335 $2,416,225 $2,733,297 
EMEA297,890 284,049 807,960 797,781 
Asia-Pacific201,112 212,018 590,609 646,315 
Latin America58,990 69,832 170,340 179,240 
Corporate Other(573)4,809 (1,407)13,049 
Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 


Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating income (loss)
North America$164,068 $166,256 $529,216 $538,041 
EMEA42,110 49,133 114,161 117,738 
Asia-Pacific14,009 16,014 58,158 86,020 
Latin America14,186 13,367 41,528 32,759 
Corporate Other (1)
(220,864)(173,361)(856,202)(541,253)
    Total operating income (loss)13,509 71,409 (113,139)233,305 
Interest income (expense), net(3,391)(211)(2,794)(2,210)
Other income (expense), net(2,563)47,927 (8,713)35,763 
    Income (loss) before income taxes$7,555 $119,125 $(124,646)$266,858 
(1) Results for the nine months ended December 31, 2024, include $261 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation. Refer to Note 10 of these Condensed Consolidated Financial Statements for additional details.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help readers understand our results of operations and financial condition, and is provided as a supplement to, and should be read in conjunction with, our Condensed Consolidated Financial Statements and the accompanying Notes to our Condensed Consolidated Financial Statements under Part I, Item 1 of this Quarterly Report on Form 10-Q, which include the revisions for the previously disclosed accounting corrections, and in our Annual Report on Form 10-K for Fiscal 2024, filed with the Securities Exchange Commission ("SEC") on May 29, 2024, under the captions "Business" and "Risk Factors".
This Quarterly Report on Form 10-Q, including this MD&A, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the U.S. Securities Act of 1933, as amended ("the Securities Act"), and is subject to the safe harbors created by those sections. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. See "Forward Looking Statements."
All dollar and percentage comparisons made herein refer to the three and nine months ended December 31, 2024 with the three and nine months ended December 31, 2023, unless otherwise noted.
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FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Quarterly Report on Form 10-Q, including this MD&A, 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, future financial condition or results of operations, growth prospects and strategies, potential restructuring efforts (including the scope, anticipated charges and costs, the timing of these measures and the anticipated benefits of our restructuring initiatives), expectations related to promotional activities, freight, product cost pressures, foreign currency effects, the impact of global economic conditions and inflation on our results of operations, liquidity and use of capital resources, the development and introduction of new products, the execution of marketing strategies, benefits from significant investments, and impacts from litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as "may," "will," "could," "should," "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 Quarterly Report on Form 10-Q 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, levels of activity, 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, those factors described in "Risk Factors" and MD&A herein and in our Annual Report on Form 10-K for Fiscal 2024. These factors include without limitation:
•changes in general economic or market conditions (such as rising inflation) that could influence overall consumer spending or our industry;
•our ability to comply with existing trade and other regulations, and the potential impact of new trade, tariff and tax regulations on our profitability;
•increased competition that may cause us to lose market share, lower product prices or significantly increase marketing efforts;
•fluctuations in the costs of raw materials and commodities we use in products and our supply chain (including labor);
•our ability to successfully execute our long-term strategies;
•our ability to effectively drive operational efficiency in our business;
•changes to the financial health of our customers;
•our ability to successfully develop and launch new, innovative and updated products;
•our ability to accurately forecast consumer preferences and demand for our products and to effectively manage our inventory;
•our ability to successfully execute potential restructuring plans and achieve expected benefits;
•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 conflicts;
•the impact of global or regional public health emergencies on our industry and our business, financial condition and results of operations, including impacts on the global supply chain;
•our ability to successfully manage or achieve expected outcomes from significant transactions and investments;
•our ability to effectively market and maintain a positive brand image;
•our ability to attract key talent and retain the services of our senior management and other key employees;
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•our ability to effectively meet regulatory requirements and stakeholder expectations with sustainability and social matters;
•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 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;
•risks related to data security or privacy breaches;
•our ability to remediate the material weaknesses discussed elsewhere in this Quarterly Report on Form 10-Q; and
•our potential exposure to and the financial impact of litigation and other proceedings, including those legal proceedings discussed elsewhere in this Quarterly Report on Form 10-Q.
The forward-looking statements contained in this Quarterly Report on Form 10-Q reflect our views and assumptions only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
OVERVIEW
We are a leading developer, marketer, and distributor of branded performance apparel, footwear, and accessories. Our brand's moisture-wicking fabrications are engineered in various designs and styles for wear in nearly every climate to provide a performance alternative to traditional products. Our products are sold worldwide and worn by athletes at all levels, from youth to professional, on playing fields around the globe and by consumers with active lifestyles.
Strategically and operationally, we remain focused on driving premium brand-right growth and improved profitability. We plan to continue to grow our business over the long term through increased sales of our apparel, footwear and accessories; growth in our direct-to-consumer sales channel; and expansion of our wholesale distribution. We believe that achievement of our long-term growth objectives depends, in part, on our ability to execute strategic initiatives in key areas including our wholesale, footwear, women’s and direct-to-consumer businesses. Additionally, our digital strategy is focused on supporting these long-term objectives, emphasizing connection and engagement with our consumers through multiple digital touchpoints.
Quarterly Results
During the three months ended December 31, 2024, we continued to face a challenging environment, particularly in North America, that included lower demand in our wholesale channel, in addition to the impacts of proactive strategies to reduce discounting and promotional activity in our direct-to-consumer channel, particularly in e-commerce. We also faced a challenging environment in Asia-Pacific region.
Financial highlights for the three months ended December 31, 2024 as compared to the three months ended December 31, 2023 include:
•Total net revenues decreased 5.7%.
•Within our channels, wholesale revenue decreased 1.0% and direct-to-consumer revenue decreased 9.1%.
•Within our product categories, apparel revenue decreased 5.0%, footwear revenue decreased 9.0%, and accessories revenue increased 5.7%.
•Net revenue decreased 7.8% in North America, increased 4.9% in EMEA, decreased 5.1% in Asia-Pacific and decreased 15.5% in Latin America.
•Gross margin increased 240 basis points to 47.5%.
•Selling, general and administrative expenses increased 6.4%.
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2025 Restructuring Plan
On May 15, 2024, our Board of Directors approved a restructuring plan (the "2025 restructuring plan") designed to strengthen and support our financial and operational efficiencies. On September 5, 2024, our Board of Directors approved a $70 million increase to the 2025 restructuring plan, resulting in an updated restructuring plan of approximately $140 million to $160 million of pre-tax restructuring and related charges to be incurred during Fiscal 2025 and the fiscal year ending March 31, 2026 ("Fiscal 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.
Restructuring and related charges are included in our Corporate Other segment. The costs recorded during the three and nine months ended December 31, 2024 were primarily North America related. The summary of these costs, as well as our current estimate of the remaining amounts expected to be incurred in connection with the 2025 restructuring plan is as follows:
Estimated Restructuring and Related Charges (1)
Three Months Ended
December 31, 2024		Nine Months Ended
December 31, 2024		Remaining to be incurredTotal to be incurred under plan
Costs recorded in restructuring charges:
Employee-related costs $1,584 $13,322 
Facility-related costs5,706 18,201 
Other restructuring costs6,655 10,720 
Total costs recorded in restructuring charges$13,945 $42,243 $67,757 $110,000 
Costs recorded in selling, general and administrative expenses:
Employee related costs— 9,460 
Other transformation initiatives3,819 5,740 
Total costs recorded in selling, general and administrative expenses$3,819 $15,200 $34,800 $50,000 
Total restructuring and related charges$17,764 $57,443 $102,557 $160,000 
(1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred in connection with the 2025 restructuring plan.

Restructuring charges and recoveries require us to make certain judgments and estimates regarding the amount and timing as to when these charges or recoveries occur. The estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate, as new or updated information becomes available.
Effects of Inflation and Other Global Events
Macroeconomic factors, such as inflationary pressures and fluctuations in foreign currency exchange rates, have and may continue to impact our business. We continue to monitor these factors and the potential impacts they may have on our financial results, including product input costs, freight costs and consumer discretionary spending and therefore consumer demand for our products. We also continue to monitor the broader impacts of conflicts around the world on the economy, including their effect on inflationary pressures and the price of oil globally.
In addition, we are actively monitoring potential tariffs proposed or signaled by the U.S. government, as well as potential related impacts, including countermeasures thereto and indirect effects on capital markets or consumer discretionary spending. The tariff program, as currently proposed, is not expected to have a material impact on our business. However, any changes to the proposed program, including the potential expansion to other countries, could have a material impact on our financial results.
See "Risk Factors—Economic and Industry Risks—Our business depends on consumer purchases of discretionary items, which can be negatively impacted during an economic downturn or periods of inflation. This could materially impact our sales, profitability, results of operations and financial condition"; "—Fluctuations in the
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cost of raw materials and commodities we use in our products and costs related to our supply chain could negatively affect our operating results"; "—Our financial results and ability to grow our business may be negatively impacted by global events beyond our control"; and "—Financial Risks—Our financial results could be adversely impacted by currency exchange rate fluctuations" included in Item 1A of our Annual Report on Form 10-K for Fiscal 2024.

RESULTS OF OPERATIONS
During Fiscal 2024, we identified and corrected certain accounting errors, primarily related to cost of goods sold and selling, general and administrative expenses on the Consolidated Statement of Operations, as well as corresponding impacts to our other Consolidated Financial Statements. The impacts of these revisions were not material to our previously filed financial statements. Information presented in the tables below for the three and nine months ended December 31, 2023 have been revised to reflect these corrections. See Note 1 of these Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
The following tables set forth key components of our results of operations for the periods indicated, both in dollars and as a percentage of net revenues:
(In thousands)Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 
Cost of goods sold735,884 815,404 2,059,765 2,339,025 
Gross profit665,155 670,639 1,923,962 2,030,657 
Selling, general and administrative expenses637,701 599,230 1,994,858 1,797,352 
Restructuring charges13,945 — 42,243 — 
Income (loss) from operations13,509 71,409 (113,139)233,305 
Interest income (expense), net(3,391)(211)(2,794)(2,210)
Other income (expense), net(2,563)47,927 (8,713)35,763 
Income (loss) before income taxes7,555 119,125 (124,646)266,858 
Income tax expense (benefit)6,295 8,569 9,308 41,333 
Income (loss) from equity method investments(26)197 144 (51)
Net income (loss)$1,234 $110,753 $(133,810)$225,474 
Three Months Ended December 31,Nine Months Ended December 31,
(As a percentage of net revenues)2024202320242023
Net revenues100.0 %100.0 %100.0 %100.0 %
Cost of goods sold52.5 %54.9 %51.7 %53.5 %
Gross profit47.5 %45.1 %48.3 %46.5 %
Selling, general and administrative expenses45.5 %40.3 %50.1 %41.1 %
Restructuring charges1.0 %— %1.1 %— %
Income (loss) from operations1.0 %4.8 %(2.8)%5.3 %
Interest income (expense), net(0.2)%— %(0.1)%(0.1)%
Other income (expense), net(0.2)%3.2 %(0.2)%0.8 %
Income (loss) before income taxes0.5 %8.0 %(3.1)%6.1 %
Income tax expense (benefit)0.4 %0.6 %0.2 %0.9 %
Income (loss) from equity method investments— %— %— %— %
Net income (loss)0.1 %7.5 %(3.4)%5.2 %
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Revenues
Net revenues consist of net sales and license revenues. Net sales consist of sales from apparel, footwear and accessories products. Our license revenues primarily consist of fees paid to us by licensees in exchange for the use of our trademarks on their products. The following tables summarize net revenues by product category and distribution channel for the periods indicated:
Three Months Ended December 31,Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)20242023Change ($)Change (%)
Net Revenues by Product Category
Apparel$966,068 $1,016,655 $(50,587)(5.0)%$2,671,048 $2,911,669 $(240,621)(8.3)%
Footwear301,208 331,000 (29,792)(9.0)%924,357 1,045,872 (121,515)(11.6)%
Accessories110,432 104,510 5,922 5.7 %319,358 316,305 3,053 1.0 %
Net Sales1,377,708 1,452,165 (74,457)(5.1)%3,914,763 4,273,846 (359,083)(8.4)%
License revenues23,904 29,069 (5,165)(17.8)%70,371 82,787 (12,416)(15.0)%
Corporate Other (1)
(573)4,809 (5,382)(111.9)%(1,407)13,049 (14,456)(110.8)%
    Total net revenues$1,401,039 $1,486,043 $(85,004)(5.7)%$3,983,727 $4,369,682 $(385,955)(8.8)%
Net Revenues by Distribution Channel
Wholesale$704,760 $711,699 $(6,939)(1.0)%$2,211,266 $2,393,382 $(182,116)(7.6)%
Direct-to-consumer672,948 740,466 (67,518)(9.1)%1,703,497 1,880,464 (176,967)(9.4)%
Net Sales1,377,708 1,452,165 (74,457)(5.1)%3,914,763 4,273,846 (359,083)(8.4)%
License revenues23,904 29,069 (5,165)(17.8)%70,371 82,787 (12,416)(15.0)%
Corporate Other (1)
(573)4,809 (5,382)(111.9)%(1,407)13,049 (14,456)(110.8)%
    Total net revenues$1,401,039 $1,486,043 $(85,004)(5.7)%$3,983,727 $4,369,682 $(385,955)(8.8)%
(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program.

Net Sales
Net sales decreased by $74.5 million, or 5.1%, to $1,377.7 million during the three months ended December 31, 2024, from $1,452.2 million during the three months ended December 31, 2023. Apparel decreased primarily due to lower unit sales and unfavorable channel mix, partially offset by higher average selling prices. Footwear decreased primarily due to lower unit sales and lower average selling prices. Accessories increased primarily due to higher average selling prices and higher unit sales, partially offset by unfavorable channel mix. From a channel perspective, the decrease in net sales was due to a decrease in both wholesale and direct-to-consumer.
Net sales decreased by $359.1 million, or 8.4%, to $3,914.8 million during the nine months ended December 31, 2024, from $4,273.8 million during the nine months ended December 31, 2023. Apparel decreased primarily due to lower unit sales, partially offset by higher average selling prices. Footwear decreased primarily due to lower unit sales and lower average selling prices. Accessories increased primarily due to higher average selling prices, partially offset by unfavorable channel mix. From a channel perspective, the decrease in net sales was due to a decrease in both wholesale and direct-to-consumer.
License Revenues
License revenues decreased by $5.2 million or 17.8%, to $23.9 million during the three months ended December 31, 2024, from $29.1 million during the three months ended December 31, 2023. This was primarily due to lower revenues from our licensing partners in North America.
License revenues decreased by $12.4 million or 15.0%, to $70.4 million during the nine months ended December 31, 2024, from $82.8 million during the nine months ended December 31, 2023. This was primarily due to lower revenues from our licensing partners in North America.
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Gross Profit
Cost of goods sold consists primarily of product costs, inbound freight and duty costs, outbound freight costs, handling costs to make products floor-ready to customer specifications, royalty payments to endorsers based on a predetermined percentage of sales of selected products and write downs for inventory obsolescence. In general, as a percentage of net revenues, we expect cost of goods sold associated with our apparel and accessories to be lower than that of our footwear. No cost of goods sold is associated with our license revenues.
We include outbound freight costs associated with shipping goods to customers as cost of goods sold; however, we include the majority of outbound handling costs as a component of selling, general and administrative expenses. As a result, our gross profit may not be comparable to that of other companies that include outbound handling costs in their cost of goods sold. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate our distribution facilities. These costs were $20.4 million and $58.7 million for the three and nine months ended December 31, 2024, respectively (three and nine months ended December 31, 2023: $19.6 million and $58.7 million, respectively).
Gross profit decreased by $5.5 million to $665.2 million during the three months ended December 31, 2024, as compared to $670.6 million during the three months ended December 31, 2023. Gross profit as a percentage of net revenues, or gross margin, increased to 47.5% from 45.1%. This increase in gross margin of 240 basis points was primarily driven by favorable impacts of approximately 100 basis points of pricing benefits, primarily from lower levels of discounting and promotions within our direct-to-consumer channel; approximately 100 basis points from supply chain benefits related to lower freight and product costs; and approximately 35 basis points from changes in foreign currency.
Gross profit decreased by $106.7 million to $1,924.0 million during the nine months ended December 31, 2024, as compared to $2,030.7 million during the nine months ended December 31, 2023. Gross profit as a percentage of net revenues, or gross margin, increased to 48.3% from 46.5%. This increase in gross margin of 180 basis points was primarily driven by favorable impacts of 120 basis points from supply chain benefits related to lower freight and product costs and approximately 60 basis points of pricing benefits largely due to lower levels of discounting and promotions within our direct-to-consumer channel.
We expect the trends listed above to continue through the remainder of Fiscal 2025, but to a lesser extent.
Selling, General and Administrative Expenses
Our selling, general and administrative expenses consist of costs related to marketing, selling, product innovation and supply chain, and corporate services. We consolidate our selling, general and administrative expenses into two primary categories: marketing and other. The other category is the sum of our selling, product innovation and supply chain, and corporate services categories. The marketing category consists primarily of sports and brand marketing, media, and retail presentation. Sports and brand marketing includes professional, club and collegiate sponsorship agreements, individual athlete and influencer agreements, and providing and selling products directly to teams and individual athletes. Media includes digital, broadcast, and print media outlets, including social and mobile media. Retail presentation includes sales displays and concept shops and depreciation expense specific to our in-store fixture programs. Our marketing costs are an important driver of our growth.
Three Months Ended December 31,Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)20242023Change ($)Change (%)
Selling, General and Administrative Expenses$637,701 $599,230 $38,471 6.4 %$1,994,858 $1,797,352 $197,506 11.0 %
Selling, general and administrative expenses increased by $38.5 million, or 6.4%, during the three months ended December 31, 2024 as compared to the three months ended December 31, 2023. Within selling, general and administrative expense:
•Marketing costs increased $15.9 million or 11.0%, due to an increase in marketing activities during the period. As a percentage of net revenues, marketing costs increased to 11.4% from 9.7%.
•Other costs increased $22.6 million or 5.0%, primarily due to an impairment charge of $28.4 million related to vacating our previous global headquarters, higher incentive compensation expense, information technology related expenses and transformational charges recorded in connection with the 2025 restructuring plan. See Note 13 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details. These were partially offset by lower salaries expense and selling and distribution expenses. Additionally, legal expenses were lower due to a
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$22.5 million accrual in the prior year related to the settlement of the Consolidated Securities Action as discussed in Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. As a percentage of net revenues, other costs increased to 34.1% from 30.6%.
As a percentage of net revenues, selling, general and administrative expenses increased to 45.5% during the three months ended December 31, 2024 as compared to 40.3% during the three months ended December 31, 2023.
Selling, general and administrative expenses increased by $197.5 million, or 11.0%, during the nine months ended December 31, 2024 as compared to the nine months ended December 31, 2023. Within selling, general and administrative expense:
•Marketing costs decreased $31.1 million or 7.1%, due to a reduction in marketing activities during the period. As a percentage of net revenues, marketing costs increased to 10.2% from 10.0%.
•Other costs increased $228.6 million or 16.8%, primarily driven by higher litigation expense, which includes a recovery of insurance proceeds related to the settlement of the Consolidated Securities Action as discussed in Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Additionally, other costs increased due to an impairment charge of $28.4 million related to vacating our previous global headquarters, higher incentive compensation expense, information technology related expenses and transformational charges recorded in connection with the 2025 restructuring plan. See Note 13 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details. These were partially offset by lower salaries expense and lower selling and distribution expenses. As a percentage of net revenues, other costs increased to 39.9% from 31.1%.
As a percentage of net revenues, selling, general and administrative expenses increased to 50.1% during the nine months ended December 31, 2024 as compared to 41.1% during the nine months ended December 31, 2023.
Restructuring Charges
Restructuring charges within our operating expenses primarily consist of employee severance and benefit costs, various transformational initiatives and facility, software and other asset-related charges and impairments.
Three Months Ended December 31,Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)20242023Change ($)Change (%)
Restructuring charges$13,945 $— $13,945 100.0 %$42,243 $— $42,243 100.0 %
Restructuring charges increased by $13.9 million during the three months ended December 31, 2024 compared to the three months ended December 31, 2023 primarily due to $1.6 million of employee-related charges, $5.7 million of facility-related charges, and $6.7 million of other restructuring charges.
Restructuring charges increased by $42.2 million during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023 primarily due to $13.3 million of employee-related charges, $18.2 million of facility-related charges, and $10.7 million of other restructuring charges.
See Note 13 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.
Interest Income (Expense), net
Interest income (expense), net is primarily comprised of interest income earned on our cash and cash equivalents, offset by interest incurred on our debt facilities. See Note 9 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.
Three Months Ended December 31,Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)20242023Change ($)Change (%)
Interest income (expense), net$(3,391)$(211)$(3,180)(1507.1)%$(2,794)$(2,210)$(584)(26.4)%
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Interest expense, net increased by $3.2 million to $3.4 million during the three months ended December 31, 2024, primarily due to a decrease in interest income resulting from lower interest rates.
Interest expense, net increased by $0.6 million to $2.8 million during the nine months ended December 31, 2024, primarily due to a reduction in capitalized interest, partially offset by a decrease in interest expense as our Convertible Senior Notes matured during the current year and an increase in interest income. See Note 9 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.
Other Income (Expense), net
Other income (expense), net generally consists of unrealized and realized gains and losses on our foreign currency derivative financial instruments, and unrealized and realized gains and losses on adjustments that arise from fluctuations in foreign currency exchange rates relating to transactions generated by our international subsidiaries. Other income (expense), net also includes earn-out income recorded in connection with the sale of the MyFitnessPal platform and rent expense and associated sublease income relating to lease assets held solely for sublet purposes, primarily the lease related to our New York City, 5th Avenue location.
Three Months Ended December 31,Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)20242023Change ($)Change (%)
Other income (expense), net$(2,563)$47,927 $(50,490)(105.3)%$(8,713)$35,763 $(44,476)(124.4)%
Other expense, net increased by $50.5 million to $2.6 million during the three months ended December 31, 2024, primarily related to an earn-out recorded during the prior year in connection with the sale of MyFitnessPal platform and a net loss from foreign currency hedges.
Other expense, net increased by $44.5 million to $8.7 million during the nine months ended December 31, 2024, primarily related to an earn-out recorded during the prior year in connection with the sale of MyFitnessPal platform, partially offset by a net gain from foreign currency hedges.
Income Tax Expense (Benefit)
Three Months Ended December 31,Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)20242023Change ($)Change (%)
Income tax expense (benefit)$6,295 $8,569 $(2,274)(26.5)%$9,308 $41,333 $(32,025)(77.5)%
Income tax expense decreased $2.3 million to an expense of $6.3 million during the three months ended December 31, 2024 from income tax expense of $8.6 million during the three months ended December 31, 2023. For the three months ended December 31, 2024, our effective tax rate was 83.3% compared to 7.2% for the three months ended December 31, 2023. The increase in our effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States.
Income tax expense decreased $32.0 million to $9.3 million during the nine months ended December 31, 2024 from income tax expense of $41.3 million during the nine months ended December 31, 2023. For the nine months ended December 31, 2024, our effective tax rate was (7.5)% compared to 15.5% for the nine months ended December 31, 2023. The decrease in our effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States.

SEGMENT RESULTS OF OPERATIONS
Our operating segments are based on how our Chief Operating Decision Maker ("CODM") makes decisions about allocating resources and assessing performance. Our segments are defined by geographic regions, including North America, EMEA, Asia-Pacific and Latin America.
We exclude certain corporate items from our segment profitability measures. We report these items within Corporate Other, which is designed to provide increased transparency and comparability of our operating segments' performance. Corporate Other consists primarily of (i) general and administrative expenses not allocated to an
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operating segment, including expenses associated with centrally managed departments such as global marketing, global IT, global supply chain and innovation, and other corporate support functions; (ii) restructuring and restructuring related charges, if any; (iii) certain foreign currency hedge gains and losses; and (iv) operating results from the MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025.
The net revenues and operating income (loss) associated with our segments are summarized in the following tables.
Three Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023
Net Revenues
Three Months Ended December 31,
(In thousands)20242023Change ($)Change (%)
North America$843,620 $915,335 $(71,715)(7.8)%
EMEA297,890 284,049 13,841 4.9 %
Asia-Pacific201,112 212,018 (10,906)(5.1)%
Latin America58,990 69,832 (10,842)(15.5)%
Corporate Other (1)
(573)4,809 (5,382)(111.9)%
Total net revenues$1,401,039 $1,486,043 $(85,004)(5.7)%
(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program.

The decrease in total net revenues for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, was driven by the following:
•Net revenues in our North America region decreased by $71.7 million, or 7.8%, to $843.6 million from $915.3 million. This was driven by a decrease in both our direct-to-consumer channel and licensing revenues, partially offset by an increase in our wholesale channel. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores.
•Net revenues in our EMEA region increased by $13.8 million, or 4.9%, to $297.9 million from $284.0 million. This was driven by an increase in both our wholesale channel and our direct-to-consumer channel. Within our direct-to-consumer channel, net revenues increased in both owned and operated retail stores and e-commerce. Net revenues in our EMEA region were also positively impacted by changes in foreign exchange rates.
•Net revenues in our Asia-Pacific region decreased by $10.9 million, or 5.1%, to $201.1 million from $212.0 million. This was driven by a decrease in both our wholesale channel and our direct-to-consumer channel, partially offset by an increase in licensing revenues. Within our direct-to-consumer channel, net revenues decreased in e-commerce and were relatively flat in owned and operated retail stores.
•Net revenues in our Latin America region decreased by $10.8 million, or 15.5%, to $59.0 million from $69.8 million. This was driven by a decrease in both our wholesale channel and our direct-to-consumer channel. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores. Net revenues in our Latin America region were also negatively impacted by changes in foreign exchange rates.
•Net revenues in our Corporate Other non-operating segment decreased by $5.4 million to $(0.6) million from $4.8 million. This was primarily driven by lower foreign currency hedge gains related to revenues generated by entities within our operating segments.
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Operating Income (Loss)
Three Months Ended December 31,
(In thousands)20242023Change ($)Change (%)
North America$164,068 $166,256 $(2,188)(1.3)%
EMEA42,110 49,133 (7,023)(14.3)%
Asia-Pacific14,009 16,014 (2,005)(12.5)%
Latin America14,186 13,367 819 6.1 %
Corporate Other (1)
(220,864)(173,361)(47,503)(27.4)%
Total operating income (loss)$13,509 $71,409 $(57,900)(81.1)%
(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program. Corporate Other also includes expenses related to our central supporting functions.
The decrease in total operating income for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, was primarily driven by the following:
•Operating income in our North America region decreased by $2.2 million to $164.1 million from $166.3 million. This was primarily due to a decrease in gross profit, partially offset by lower selling and distribution expenses. The decrease in gross profit was primarily driven by lower net revenues as discussed above, partially offset by lower product input and freight costs.
•Operating income in our EMEA region decreased by $7.0 million to $42.1 million from $49.1 million. This was primarily due to higher marketing-related expenses, partially offset by an increase in gross profit, which was driven by higher revenues as discussed above.
•Operating income in our Asia-Pacific region decreased by $2.0 million to $14.0 million from $16.0 million. This was primarily due to a decrease in gross profit driven by lower net revenues, as discussed above, and higher inventory returns.
•Operating income in our Latin America region increased by $0.8 million to $14.2 million from $13.4 million. This was primarily due to a decrease in selling and distribution expenses. Gross profit was relatively flat.
•Operating loss in our Corporate Other non-operating segment increased by $47.5 million to $220.9 million from $173.4 million. This was primarily due to an impairment charge related to vacating our previous global headquarters, higher incentive compensation, information technology related expenses and higher restructuring and related charges as a result of the 2025 restructuring plan as discussed above. Additionally, legal expenses were lower due to a $22.5 million accrual in the prior year related to the settlement of the Consolidated Securities Action as discussed in Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Nine Months Ended December 31, 2024 Compared to Nine Months Ended December 31, 2023
Net Revenues
Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)
North America$2,416,225 $2,733,297 $(317,072)(11.6)%
EMEA807,960 797,781 10,179 1.3 %
Asia-Pacific590,609 646,315 (55,706)(8.6)%
Latin America170,340 179,240 (8,900)(5.0)%
Corporate Other (1)
(1,407)13,049 (14,456)(110.8)%
Total net revenues$3,983,727 $4,369,682 $(385,955)(8.8)%
(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program.

The decrease in total net revenues for the nine months ended December 31, 2024, compared to the nine months ended December 31, 2023, was driven by the following:
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•Net revenues in our North America region decreased by $317.1 million, or 11.6%, to $2,416.2 million from $2,733.3 million. This was driven by a decrease in both our direct-to-consumer channel and our wholesale channel, as well as a decrease in licensing revenues. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores.
•Net revenues in our EMEA region increased by $10.2 million, or 1.3%, to $808.0 million from $797.8 million. This was driven by an increase in our direct-to-consumer channel, partially offset by a decrease in our wholesale channel. Within our direct-to-consumer channel, net revenues increased in both owned and operated retail stores and e-commerce. Net revenues in our EMEA region were also positively impacted by changes in foreign exchange rates.
•Net revenues in our Asia-Pacific region decreased by $55.7 million, or 8.6%, to $590.6 million from $646.3 million. This was driven by a decrease in both our wholesale channel and our direct-to-consumer channel, partially offset by an increase in licensing revenues. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores.
•Net revenues in our Latin America region decreased by $8.9 million, or 5.0%, to $170.3 million from $179.2 million. This was driven by a decrease in both our wholesale channel and our direct-to-consumer channel, partially offset by an increase in licensing revenues. Within our direct-to-consumer channel, net revenues decreased in e-commerce and were relatively flat in owned and operated retail stores. Net revenues in our Latin America region were also negatively impacted by changes in foreign exchange rates.
•Net revenues in our Corporate Other non-operating segment decreased by $14.5 million to $(1.4) million from $13.0 million. This was primarily driven by lower foreign currency hedge gains related to revenues generated by entities within our operating segments.
Operating Income (Loss)
Nine Months Ended December 31,
(In thousands)20242023Change ($)Change (%)
North America$529,216 $538,041 $(8,825)(1.6)%
EMEA114,161 117,738 (3,577)(3.0)%
Asia-Pacific58,158 86,020 (27,862)(32.4)%
Latin America41,528 32,759 8,769 26.8 %
Corporate Other (1)
(856,202)(541,253)(314,949)(58.2)%
Total operating income (loss)$(113,139)$233,305 $(346,444)(148.5)%
(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program. Corporate Other also includes expenses related to our central supporting functions.

The decrease in total operating income for the nine months ended December 31, 2024, compared to the nine months ended December 31, 2023, was primarily driven by the following:
•Operating income in our North America region decreased by $8.8 million to $529.2 million from $538.0 million. This was primarily due to a decrease in gross profit, partially offset by lower marketing-related and selling and distribution expenses. The decline in gross profit was primarily driven by lower net revenues as discussed above, partially offset by lower product input and freight costs.
•Operating income in our EMEA region decreased by $3.6 million to $114.2 million from $117.7 million. This was primarily due to an increase in gross profit, partially offset by higher marketing-related expenses. The increase in gross profit was driven by higher net revenues as discusses above and lower product input costs.
•Operating income in our Asia-Pacific region decreased by $27.9 million to $58.2 million from $86.0 million. This was primarily due to a decrease in gross profit, which was driven by lower net revenues, as discussed above and higher inventory returns.
•Operating income in our Latin America region increased by $8.8 million to $41.5 million from $32.8 million. This was primarily due to an increase in gross profit and lower marketing-related expenses and selling and distribution expenses. The increase in gross profit was primarily driven by lower product input costs.
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•Operating loss in our Corporate Other non-operating segment increased by $314.9 million to $856.2 million from $541.3 million. This was primarily due to higher litigation expense, which includes a recovery of insurance proceeds, related to the settlement of the Consolidated Securities Action as discussed in Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. The increase was also driven by restructuring and related charges of $57.4 million as a result of charges incurred under the 2025 restructuring plan as discussed above, an impairment charge of $28.4 million related to vacating the previous global headquarters, higher information technology related expenses and higher incentive compensation expenses. These were partially offset by lower salaries expense.

LIQUIDITY AND CAPITAL RESOURCES
Our cash requirements have principally been for working capital and capital expenditures. We fund our working capital, primarily inventory, and capital investments from cash flows from operating activities, cash and cash equivalents on hand, and borrowings available under our credit and long-term debt facilities. Our working capital requirements generally reflect the seasonality in our business as we historically recognize the majority of our net revenues in the last two quarters of the calendar year. Our capital investments have generally included expanding our in-store fixture and branded concept shop program, improvements and expansion of our distribution and corporate facilities, including construction of our new global headquarters, leasehold improvements to our Brand and Factory House stores, and investment and improvements in information technology systems. Our inventory strategy is focused on continuing to meet consumer demand while improving our inventory efficiency over the long term by putting systems and processes in place to improve our inventory management. These systems and processes are designed to improve our forecasting and supply planning capabilities. In addition, we strive to enhance our inventory performance by focusing on adding discipline around product purchasing, reducing production lead time and improving planning and execution for selling excess inventory through our Factory House stores and other liquidation channels.
As of December 31, 2024, we had approximately $726.9 million of cash and cash equivalents. In August 2024, we utilized a combination of our cash on hand and insurance proceeds to fund the settlement of the Class Action litigation in accordance with the terms of the settlement agreement. See Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details. We believe our cash and cash equivalents on hand, cash from operations, our ability to reduce our expenditures as needed, borrowings available to us under our amended credit agreement, our ability to access the capital markets, and other financing alternatives are adequate to meet our liquidity needs and capital expenditure requirements for at least the next twelve months. In addition, from time to time, based on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors and subject to compliance with applicable laws and regulations, we may seek to utilize cash on hand, borrowings or raise capital to retire, repurchase or redeem our debt securities, repay debt, repurchase shares of our common stock or otherwise enter into similar transactions to support our capital structure and business or utilize excess cash flow on a strategic basis. For example, as further described below, in May 2024, our Board of Directors authorized a new share repurchase program pursuant to which we are authorized to repurchase a total of $500 million of our Class C Common Stock through May 2027. As of December 31, 2024, we have repurchased a total of $65 million Class C Common Stock through accelerated share repurchase transactions under this program.
If there are unexpected material impacts to our business in future periods from global or regional public health emergencies or other global macroeconomic factors, we may consider additional alternatives, including further reducing our expenditures, changing our investment strategies, reducing compensation costs, including through temporary reductions in pay and layoffs, limiting certain marketing and capital expenditures, and negotiating, extending or delaying payment terms with our customers and vendors. In addition, we may seek alternative sources of liquidity, including but not limited to, accessing the capital markets, sale-leaseback transactions or other sales of assets, or other alternative financing measures. However, instability in, or tightening of the capital markets, could adversely affect our ability to access the capital markets on terms acceptable to us or at all. Although we believe we have adequate sources of liquidity over the long term, a prolonged or more severe economic recession, inflationary pressure, or a slow recovery could adversely affect our business and liquidity and could require us to take certain of the liquidity preserving actions described above.
Our Annual Report on Form 10-K for Fiscal 2024 noted that we will continue to permanently reinvest our non-U.S. subsidiaries’ cumulative undistributed earnings of $1.5 billion, as well as future earnings from our foreign subsidiaries, to fund international growth and operations. During the first quarter of Fiscal 2025, we evaluated the undistributed earnings of our foreign subsidiaries and determined to repatriate a portion of these earnings. In
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connection with this evaluation, we recognized approximately $500 million of prior and current year earnings that are no longer considered to be indefinitely reinvested. We expect to incur approximately $0.4 million of income tax expense, net of valuation allowances, related to the repatriation of these earnings. The remainder of our prior and current year undistributed foreign earnings will continue to be indefinitely reinvested to fund international growth and operations. As the majority of such earnings have been previously subject to U.S. federal tax, additional taxes due including currency gains or losses, capital gains, foreign withholding taxes, and U.S. federal and state taxes are not expected to be material.
Refer to our "Risk Factors" section included in Part I, Item 1A of our Annual Report on Form 10-K for Fiscal 2024.
Share Repurchase Program
On May 15, 2024, our Board of Directors authorized us to repurchase up to $500 million (exclusive of fees and commissions) of outstanding shares of our Class C Common Stock through May 31, 2027. The Class C Common Stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing and amount of any repurchases will depend on market conditions, our financial condition, results of operations, liquidity and other factors.
During the three months ended December 31, 2024, we entered into a supplemental confirmation (the "December 2024 ASR Agreement") of an accelerated share repurchase transaction with Truist Bank ("Truist") to repurchase $25.0 million of our Class C Common Stock, and received a total of 2.8 million of Class C Common Stock from Truist, which were immediately retired. As a result, $24.4 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.
During the nine months ended December 31, 2024, pursuant to the December 2024 ASR Agreement and the previously disclosed accelerated share repurchase transaction that we entered into in May 2024, we repurchased 8.7 million shares of Class C Common Stock, which were immediately retired. As a result, $65.3 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.
As of the date of this Quarterly Report on Form 10-Q, we repurchased a total of $65 million or 8.7 million outstanding shares of Class C Common Stock, leaving approximately $435 million remaining under our current share repurchase program.
During the three and nine months ended December 31, 2023, we repurchased and immediately retired 3.1 million and 10.7 million, Class C Common Stock, respectively, under our previously approved $500 million share repurchase program which was completed in December 2023.
Cash Flows
The following table presents the major components of our cash flows provided by and used in operating, investing and financing activities for the periods presented:
Nine Months Ended December 31,
(In thousands)20242023Change ($)
Net cash provided by (used in):
Operating activities$142,880 $476,863 $(333,983)
Investing activities(99,194)(71,541)(27,653)
Financing activities(154,455)(74,985)(79,470)
Effect of exchange rate changes on cash and cash equivalents(20,982)136 (21,118)
Net increase (decrease) in cash and cash equivalents$(131,751)$330,473 $(462,224)
Operating Activities
Cash flows from operating activities decreased by $334.0 million, as compared to the nine months ended December 31, 2023, primarily driven by decrease in net income before the impact of non-cash items of $305.0 million and a decrease from changes in working capital of $29.0 million.
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The changes in working capital were due to the following outflows:
•$221.9 million from changes in inventories;
•$77.2 million from changes in other non-current assets;
•$26.5 million from changes in accrued expenses and other liabilities; and
•$12.5 million from changes in income taxes payable and receivable, net.
These outflows were partially offset by the following working capital inflows:
•$140.4 million from changes in accounts payable;
•$78.6 million from changes in accounts receivable;
•$59.2 million from changes in prepaid expenses and other current assets; and
•$30.8 million from changes in customer refund liabilities.

Investing Activities
Cash flows used in investing activities increased by $27.7 million, as compared to the nine months ended December 31, 2023. This was primarily due to an increase in capital expenditures, the acquisition of UNLESS COLLECTIVE, Inc and the equity method investment in ISC Sport. These outflows were partially offset by a higher earn-out collected in connection with the sale of the MyFitnessPal platform and the proceeds from the sale of the MapMyFitness platform.
Total capital expenditures during the nine months ended December 31, 2024 were $139.9 million, or approximately 4% of net revenues, representing a $23.3 million increase from $116.5 million during the nine months ended December 31, 2023. Our long-term operating principle for capital expenditures is to spend between 3% and 5% of annual net revenues as we invest in our global direct-to-consumer, e-commerce and digital businesses, information technology systems, distribution centers and our global offices, including our new global headquarters in the Baltimore Peninsula, an area of Baltimore, Maryland, which we moved into in December 2024. During the nine months ended December 31, 2024, we incurred capital expenditures of $88.5 million relating to the construction of our new global headquarters. As previously disclosed, our new global headquarters was designed in line with our long-term sustainability strategy which included a commitment to reduce greenhouse gas emissions and increase sourcing of renewable electricity in our owned and operated facilities. A portion of our capital expenditures included investments incorporating sustainable and intelligent building design features into this facility.
Financing Activities
Cash flows used in financing activities increased by $79.5 million, as compared to the nine months ended December 31, 2023. During the nine months ended December 31, 2024, we repaid the $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding using cash on hand. Additionally, we paid $65.0 million to repurchase shares of our Class C Common Stock through accelerated share repurchase transactions during the nine months ended December 31, 2024. During the nine months ended December 31, 2023, we paid $75.0 million to repurchase shares of our Class C Common Stock through accelerated share repurchase transactions. For more details, see discussion above under "Share Repurchase Program".
Capital Resources
Credit Facility
On March 8, 2019, we entered into an amended and restated credit agreement by and among us, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In July 2024, we entered into the fifth amendment to the credit agreement (the credit agreement as amended, the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for an aggregate $1.1 billion of revolving credit commitments comprised of two tranches: (i) one tranche of $50 million that has a term that ends on December 3, 2026, and (ii) a second tranche of $1.05 billion that has a term that ends on December 3, 2027, in each case with permitted extensions under certain circumstances. As of December 31, 2024 and March 31, 2024, there were no amounts outstanding under the revolving credit facility.
At our request and a lender's consent, commitments under the amended credit agreement may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the amended credit agreement. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time we seek to incur such borrowings.
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Borrowings, if any, under the revolving credit facility have maturities of less than one year. Up to $50.0 million of the facility may be used for the issuance of letters of credit. As of December 31, 2024, $45.9 million of letters of credit were outstanding (March 31, 2024: $4.2 million).
Our obligations under the amended credit agreement are guaranteed by certain domestic significant subsidiaries of Under Armour, Inc., subject to customary exceptions (the "subsidiary guarantors") and primarily secured by a first-priority security interest in substantially all of the assets of Under Armour, Inc. and the subsidiary guarantors, excluding real property, capital stock in and debt of subsidiaries of Under Armour, Inc. holding certain real property and other customary exceptions. The amended credit agreement provides for the permanent fall away of guarantees and collateral upon our achievement of investment grade rating from two rating agencies.
The amended credit agreement contains negative covenants that, subject to significant exceptions, limit our ability to, among other things: incur additional secured and unsecured indebtedness; pledge the assets as security; make investments, loans, advances, guarantees and acquisitions (including investments in and loans to non-guarantor subsidiaries); undergo fundamental changes; sell assets outside the ordinary course of business; enter into transactions with affiliates; and make restricted payments.
We are also required to maintain a ratio of consolidated EBITDA, to consolidated interest expense of not less than 3.50 to 1.0 (the "interest coverage covenant") and we are not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.0 (the "leverage covenant"), as described in more detail in the amended credit agreement. In July 2024, we entered into an amendment to the credit agreement to exclude from the definition of consolidated EBITDA certain charges related to the settlement of the Class Action Securities litigation described in Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. As of December 31, 2024, we were in compliance with the applicable covenants.
In addition, the amended credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the amended credit agreement, will be considered an event of default under the amended credit agreement.
The amended credit agreement implemented SOFR as the replacement for LIBOR as a benchmark interest rate for U.S. dollar borrowings (and analogous benchmark rate replacements for borrowings in Yen, Pound Sterling and Euro). Borrowings under the amended credit agreement bear interest at a rate per annum equal to, at our option, either (a) an alternate base rate (for borrowings in U.S. dollars), (b) a term rate (for borrowings in U.S. dollars, Euro or Japanese Yen) or (c) a "risk free" rate (for borrowings in U.S. dollars or Pounds Sterling), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the "pricing grid") based on the leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00% to 1.75% (or, in the case of alternate base loans 0.00% to 0.75%). We will also pay a commitment fee determined in accordance with the pricing grid on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of December 31, 2024, the commitment fee was 17.5 basis points.
1.50% Convertible Senior Notes
On June 1, 2024, our previously outstanding $80.9 million aggregate principal amount of 1.50% convertible senior notes due 2024 (the "Convertible Senior Notes") matured. The Convertible Senior Notes bore interest at the fixed rate of 1.50% per annum, payable semiannually in arrears on June 1 and December 1 of each year, beginning December 1, 2020. Upon maturity, we repaid the $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding, plus $0.6 million of accrued interest, using cash on hand. No holders exercised their rights to convert prior to maturity.
3.25% Senior Notes
In June 2016, we issued $600.0 million aggregate principal amount of 3.25% senior unsecured notes due June 15, 2026 (the "Senior Notes"). The Senior Notes bear interest at the fixed rate of 3.25% per annum, payable semi-annually on June 15 and December 15 beginning December 15, 2016. Prior to March 15, 2026 (three months prior to the maturity date of the Notes), we may redeem some or all of the Senior Notes at any time or from time to time at a redemption price equal to the greater of 100% of the principal amount of the Senior Notes to be redeemed or a "make-whole" amount applicable to such Senior Notes as described in the indenture governing the Senior Notes, plus accrued and unpaid interest to, but excluding, the redemption date.
The indenture governing the Senior Notes contains covenants, including limitations that restrict our ability and the ability of certain of our subsidiaries to create or incur secured indebtedness and enter into sale and
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leaseback transactions and our ability to consolidate, merge or transfer all or substantially all of our properties or assets to another person, in each case subject to material exceptions described in the indenture.

CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
Our Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. To prepare these financial statements, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosures of contingent assets and liabilities. Our estimates are often based on complex judgments, probabilities and assumptions that management believes to be reasonable, but that are inherently uncertain and unpredictable. It is also possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. Actual results could be significantly different from these estimates.
Refer to Note 2 of our Consolidated Financial Statements, included in our Annual Report on Form 10-K for Fiscal 2024, for a summary of our significant accounting policies and our assessment of recently issued accounting standards.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no significant changes to our market risk since March 31, 2024. For a discussion of our exposure to market risk, refer to Part II, Item 7A. of our Annual report on Form 10-K for Fiscal 2024.

ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended (the “Exchange Act”)) are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective due to the material weaknesses in our internal control over financial reporting described below.
Material Weaknesses in Internal Control Over Financial Reporting
As previously reported in the Company's Annual Report on Form 10-K for Fiscal 2024, we identified material weaknesses in our internal control over financial reporting. We did not design and maintain effective controls over certain aspects of the period-end financial reporting process, including the review and execution of certain balance sheet account reconciliations. Additionally, we did not design and maintain effective controls over the classification and presentation of general ledger accounts in the appropriate financial statement line items within the consolidated financial statements.
Although these material weaknesses did not result in a material misstatement of our consolidated financial statements, these material weaknesses resulted in immaterial errors in our consolidated interim and annual financial statements for Fiscal 2024, Fiscal 2023, the Transition Period and Fiscal 2021. Additionally, until we remediate these material weaknesses, they could result in material misstatements to our interim or annual consolidated financial statements that would not be prevented or detected on a timely basis.
Remediation Progress for the Material Weaknesses
With respect to the material weaknesses, management, under the oversight of the Audit Committee, is in the process of designing appropriate internal controls specific to the impacted areas. While we have taken steps to implement our remediation plan, these material weaknesses will not be considered fully remediated until we complete the design and implementation of the applicable controls, and they operate for a sufficient period of time and management has concluded through testing that the controls are operating effectively. We are committed to
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continuing to improve our internal control over financial reporting, and as we continue to evaluate and work to improve our internal control over financial reporting.
Changes in Internal Control Over Financial Reporting
As described above, we are taking steps to remediate the material weakness in our internal control over financial reporting. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we have been involved in litigation and other proceedings, including matters related to commercial disputes and intellectual property, as well as trade, regulatory and other claims related to our business. See Note 10 to our Condensed Consolidated Financial Statements for information on certain legal proceedings, which is incorporated by reference herein.

ITEM 1A. RISK FACTORS
Our results of operations and financial condition could be adversely affected by numerous risks. In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for Fiscal 2024. These are not the only risks and uncertainties facing us. Additional risks not currently known to us or that we currently believe are immaterial may also negatively impact our business, financial condition, results of operations and future prospects.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(c) Issuer purchases of equity securities:
The following table sets forth the Company's repurchases of Class C Common Stock during the three months ended December 31, 2024 under the three-year $500 million share repurchase program authorized by the Company's Board of Directors in May 2024.
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of a Publicly Announced ProgramApproximately Dollar Value of Shares that May Yet be Purchased Under the Program
(in millions)
10/01/2024 to 10/31/2024— $— — $460.0 
11/01/2024 to 11/30/2024— $— — $460.0 
12/01/2024 to 12/31/2024(1)
2,781,424 $8.76 2,781,424 $435.0 
(1) Represents Class C Common Stock repurchased through accelerated share repurchase agreements. See Note 11 to our Condensed Consolidated Financial Statements for details.

ITEM 5. OTHER INFORMATION
(c)
During the three months ended December 31, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.


47


ITEM 6. EXHIBITS
Exhibit
No.
 
Section 302 Chief Executive Officer Certification.
Section 302 Chief Financial Officer Certification.
Section 906 Chief Executive Officer Certification.
Section 906 Chief Financial Officer Certification.
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

48
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
UNDER ARMOUR, INC.
By:/s/ DAVID E. BERGMAN
David E. Bergman
Chief Financial Officer
Date: February 6, 2025

49

Exhibit 31.01
Certification of Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Kevin A. Plank, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Under Armour, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 
Date: February 06, 2025
/s/ KEVIN A. PLANK
Kevin A. Plank
President and Chief Executive Officer Principal Executive Officer



Exhibit 31.02
Certification of Chief Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, David E. Bergman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Under Armour, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: February 06, 2025
/s/ DAVID E. BERGMAN
David E. Bergman
Chief Financial Officer Principal Financial Officer



Exhibit 32.01
Certification of Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Under Armour, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:
(i) the quarterly report on Form 10-Q of the Company for the period ended December 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Date: February 06, 2025
/s/ KEVIN A. PLANK
Kevin A. Plank
President and Chief Executive Officer Principal Executive Officer
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Under Armour, Inc. and will be retained by Under Armour, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.


Exhibit 32.02
Certification of Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Under Armour, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:
(i) the quarterly report on Form 10-Q of the Company for the period ended December 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Date: February 06, 2025
/s/ DAVID E. BERGMAN
David E. Bergman
Chief Financial Officer Principal Financial Officer
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Under Armour, Inc. and will be retained by Under Armour, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

v3.25.0.1
Cover Page - shares
 9 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Entity File Number 001-33202  
Entity Registrant Name UNDER ARMOUR, INC.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 52-1990078  
Entity Address, Address Line One 101 Performance Drive  
Entity Address, City or Town Baltimore  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 21230  
City Area Code 410  
Local Phone Number 468-2512  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001336917  
Current Fiscal Year End Date --03-31  
Former Address    
Document Information [Line Items]    
Entity Address, Address Line One 1020 Hull Street  
Entity Address, City or Town Baltimore  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 21230  
Class A Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Class A Common Stock  
Trading Symbol UAA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   188,822,726
Class C Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Class C Common Stock  
Trading Symbol UA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   206,585,018
Class B Convertible Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   34,450,000
v3.25.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Current assets    
Cash and cash equivalents $ 726,877 $ 858,691
Accounts receivable, net (Note 3) 615,467 757,339
Inventories 1,100,530 958,495
Prepaid expenses and other current assets, net 248,119 289,157
Total current assets 2,690,993 2,863,682
Property and equipment, net (Note 4) 650,644 664,503
Operating lease right-of-use assets (Note 5) 391,767 434,699
Goodwill (Note 6) 484,546 478,302
Intangible assets, net (Note 7) 5,532 7,000
Deferred income taxes (Note 18) 244,081 221,033
Other long-term assets 163,402 91,515
Total assets 4,630,965 4,760,734
Current liabilities    
Current maturities of long-term debt (Note 9) 0 80,919
Accounts payable 657,152 483,731
Accrued expenses 322,555 287,853
Customer refund liabilities (Note 12) 170,344 139,283
Operating lease liabilities (Note 5) 127,930 139,331
Other current liabilities 63,035 34,344
Total current liabilities 1,341,016 1,165,461
Long-term debt, net of current maturities (Note 9) 595,188 594,873
Operating lease liabilities, non-current (Note 5) 582,020 627,665
Other long-term liabilities 128,018 219,449
Total liabilities 2,646,242 2,607,448
Stockholders' equity (Note 11)    
Additional paid-in capital 1,224,337 1,181,854
Retained earnings 840,288 1,048,411
Accumulated other comprehensive income (loss) (80,044) (77,123)
Total stockholders' equity 1,984,723 2,153,286
Total liabilities and stockholders' equity 4,630,965 4,760,734
Class A Common Stock    
Stockholders' equity (Note 11)    
Common stock 63 63
Class B Convertible Common Stock    
Stockholders' equity (Note 11)    
Common stock 11 11
Class C Common Stock    
Stockholders' equity (Note 11)    
Common stock $ 68 $ 70
v3.25.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Mar. 31, 2024
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.0003 $ 0.0003
Common stock, authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 188,822,726 188,802,043
Common stock, shares outstanding (in shares) 188,822,726 188,802,043
Class B Convertible Common Stock    
Common stock, par value (in dollars per share) $ 0.0003 $ 0.0003
Common stock, authorized (in shares) 34,450,000 34,450,000
Common stock, shares issued (in shares) 34,450,000 34,450,000
Common stock, shares outstanding (in shares) 34,450,000 34,450,000
Class C Common Stock    
Common stock, par value (in dollars per share) $ 0.0003 $ 0.0003
Common stock, authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 206,495,528 212,711,353
Common stock, shares outstanding (in shares) 206,495,528 212,711,353
v3.25.0.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]        
Net revenues (Note 12) $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682
Cost of goods sold 735,884 815,404 2,059,765 2,339,025
Gross profit 665,155 670,639 1,923,962 2,030,657
Selling, general and administrative expenses 637,701 599,230 1,994,858 1,797,352
Restructuring charges (Note 13) 13,945 0 42,243 0
Income (loss) from operations 13,509 71,409 (113,139) 233,305
Interest income (expense), net (3,391) (211) (2,794) (2,210)
Other income (expense), net (2,563) 47,927 (8,713) 35,763
Income (loss) before income taxes 7,555 119,125 (124,646) 266,858
Income tax expense (benefit) (Note 18) 6,295 8,569 9,308 41,333
Income (loss) from equity method investments (26) 197 144 (51)
Net income (loss) $ 1,234 $ 110,753 $ (133,810) $ 225,474
Basic net income (loss) per share of Class A, B and C common stock (in dollars per share) $ 0.00 $ 0.25 $ (0.31) $ 0.51
Diluted net income (loss) per share of Class A, B and C common stock (in dollars per share) $ 0.00 $ 0.25 $ (0.31) $ 0.50
Weighted average common shares outstanding Class A, B and C common stock        
Basic (in shares) 431,744 437,314 433,212 441,893
Diluted (in shares) 437,297 448,435 433,212 452,208
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 1,234 $ 110,753 $ (133,810) $ 225,474
Other comprehensive income (loss):        
Foreign currency translation adjustment (30,087) 17,257 (37,344) 9,179
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $(13,907) and $8,837, for the three months ended December 31, 2024 and 2023, respectively; $(13,447) and $6,629 for the nine months ended December 31, 2024 and 2023, respectively. 46,832 (36,070) 35,651 (17,840)
Gain (loss) on intra-entity foreign currency transactions (5,442) 2,815 (1,228) (6,556)
Total other comprehensive income (loss) 11,303 (15,998) (2,921) (15,217)
Comprehensive income (loss) $ 12,537 $ 94,755 $ (136,731) $ 210,257
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]        
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) $ (13,907) $ 8,837 $ (13,447) $ 6,629
v3.25.0.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B Convertible Common Stock
Class C Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Convertible Common Stock
Common Stock
Class C Common Stock
Additional Paid-in-Capital
Additional Paid-in-Capital
Class C Common Stock
Retained Earnings
Retained Earnings
Class C Common Stock
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Mar. 31, 2023         188,705,000 34,450,000 221,347,000          
Beginning balance at Mar. 31, 2023 $ 1,966,147       $ 63 $ 11 $ 73 $ 1,136,536   $ 897,306   $ (67,842)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)             (348,000)          
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (2,428)                 (2,428)    
Excise tax on repurchases of common stock (650)             (650)        
Class C Common Stock repurchased (in shares)             (10,685,000)          
Class C Common Stock repurchased       $ (75,000)     $ (3)   $ (223)   $ (74,774)  
Issuance of common stock, net of forfeitures (in shares)         82,000   1,672,000          
Issuance of common stock, net of forfeitures       2,443         2,443      
Stock-based compensation expense 33,163             33,163        
Comprehensive income (loss) 210,257                 225,474   (15,217)
Ending balance (in shares) at Dec. 31, 2023         188,787,000 34,450,000 211,986,000          
Ending balance at Dec. 31, 2023 2,133,932       $ 63 $ 11 $ 70 1,171,269   1,045,578   (83,059)
Beginning balance (in shares) at Sep. 30, 2023         188,725,000 34,450,000 214,689,000          
Beginning balance at Sep. 30, 2023 2,054,044       $ 63 $ 11 $ 71 1,162,548   958,412   (67,061)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)             (15,000)          
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (110)                 (110)    
Excise tax on repurchases of common stock (225)             (225)        
Class C Common Stock repurchased (in shares)             (3,069,000)          
Class C Common Stock repurchased       (25,000)     $ (1)   (1,522)   (23,477)  
Issuance of common stock, net of forfeitures (in shares)         62,000   381,000          
Issuance of common stock, net of forfeitures       $ 662         662      
Stock-based compensation expense 9,806             9,806        
Comprehensive income (loss) 94,755                 110,753   (15,998)
Ending balance (in shares) at Dec. 31, 2023         188,787,000 34,450,000 211,986,000          
Ending balance at Dec. 31, 2023 2,133,932       $ 63 $ 11 $ 70 1,171,269   1,045,578   (83,059)
Beginning balance (in shares) at Mar. 31, 2024   188,802,043 34,450,000 212,711,353 188,802,000 34,450,000 212,711,000          
Beginning balance at Mar. 31, 2024 2,153,286       $ 63 $ 11 $ 70 1,181,854   1,048,411   (77,123)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)             (1,320,000)          
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (9,000)                 (9,000)    
Excise tax on repurchases of common stock (478)             (478)        
Class C Common Stock repurchased (in shares)             (8,721,000)          
Class C Common Stock repurchased       $ (65,000)     $ (3)   316   (65,313)  
Issuance of common stock, net of forfeitures (in shares)         21,000   3,826,000          
Issuance of common stock, net of forfeitures       $ 1,852     $ 1   1,851      
Stock-based compensation expense 40,794             40,794        
Comprehensive income (loss) (136,731)                 (133,810)   (2,921)
Ending balance (in shares) at Dec. 31, 2024   188,822,726 34,450,000 206,495,528 188,823,000 34,450,000 206,496,000          
Ending balance at Dec. 31, 2024 1,984,723       $ 63 $ 11 $ 68 1,224,337   840,288   (80,044)
Beginning balance (in shares) at Sep. 30, 2024         188,822,000 34,450,000 209,058,000          
Beginning balance at Sep. 30, 2024 1,985,201       $ 63 $ 11 $ 69 1,212,378   864,027   (91,347)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)             (65,000)          
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (601)                 (601)    
Excise tax on repurchases of common stock (278)             (278)        
Class C Common Stock repurchased (in shares)             (2,781,000)          
Class C Common Stock repurchased       $ (25,000)     $ (1)   (627)   $ (24,372)  
Issuance of common stock, net of forfeitures (in shares)         1,000   284,000          
Issuance of common stock, net of forfeitures       $ 538         $ 538      
Stock-based compensation expense 12,326             12,326        
Comprehensive income (loss) 12,537                 1,234   11,303
Ending balance (in shares) at Dec. 31, 2024   188,822,726 34,450,000 206,495,528 188,823,000 34,450,000 206,496,000          
Ending balance at Dec. 31, 2024 $ 1,984,723       $ 63 $ 11 $ 68 $ 1,224,337   $ 840,288   $ (80,044)
v3.25.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net income (loss) $ (133,810) $ 225,474
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 96,786 102,113
Unrealized foreign currency exchange rate (gain) loss 8,072 (904)
Loss on disposal of property and equipment 4,039 746
Non-cash restructuring and impairment charges 38,575 0
Amortization of bond premium and debt issuance costs 1,703 1,565
Stock-based compensation 40,794 33,163
Deferred income taxes (8,784) (24,430)
Changes in reserves and allowances 10,480 25,085
Changes in operating assets and liabilities:    
Accounts receivable 136,658 58,044
Inventories (149,362) 72,578
Prepaid expenses and other assets 2,988 (56,261)
Other non-current assets (39,662) 37,494
Accounts payable 172,504 32,100
Accrued expenses and other liabilities (65,207) (38,737)
Customer refund liabilities 30,838 80
Income taxes payable and receivable (3,732) 8,753
Net cash provided by (used in) operating activities 142,880 476,863
Cash flows from investing activities    
Purchases of property and equipment (139,860) (116,541)
Sale of MyFitnessPal platform 50,000 45,000
Sale of MapMyFitness platform 8,000 0
Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired (9,788) 0
Purchase of equity method investment in ISC Sport (7,546) 0
Net cash provided by (used in) investing activities (99,194) (71,541)
Cash flows from financing activities    
Common shares repurchased (65,000) (75,000)
Repayment of long-term debt (80,919) 0
Employee taxes paid for shares withheld for income taxes (9,000) (2,428)
Proceeds from exercise of stock options and other stock issuances 1,852 2,443
Payments of debt financing costs (1,388) 0
Net cash provided by (used in) financing activities (154,455) (74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (20,982) 136
Net increase (decrease) in cash, cash equivalents and restricted cash (131,751) 330,473
Cash, cash equivalents and restricted cash    
Beginning of period 876,917 726,745
End of period 745,166 1,057,218
Non-cash investing and financing activities    
Change in accrual for property and equipment $ (8,587) $ (3,928)
v3.25.0.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents $ 726,877 $ 1,039,109
Restricted cash 18,289 18,109
Total cash, cash equivalents and restricted cash $ 745,166 $ 1,057,218
v3.25.0.1
Description of Business and Basis of Presentation
 9 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Business
Under Armour, Inc. (together with its wholly owned subsidiaries, the "Company") is a developer, marketer and distributor of branded athletic performance apparel, footwear and accessories. The Company creates products engineered to make athletes better with a vision to inspire performance solutions you never knew you needed and can't imagine living without. The Company's products are made, sold and worn worldwide.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements are presented in U.S. Dollars and include the accounts of Under Armour, Inc. and its wholly owned subsidiaries. Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation.
The unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 ("Fiscal 2024"), filed with the SEC on May 29, 2024 ("Annual Report on Form 10-K for Fiscal 2024"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements. The unaudited results for the three and nine months ended December 31, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2025 ("Fiscal 2025"), or any other portions thereof.
Reclassifications
Certain prior period comparative amounts have been reclassified to conform to the current period presentation. Such reclassifications were not material and did not affect the unaudited Condensed Consolidated Financial Statements.
Equity Method Investment
In November 2024, the Company invested $7.5 million in exchange for 29.5% common stock ownership in ISC Sport (ISC), an Australian custom teamwear company. This investment is accounted for under the equity method, given the Company has the ability to exercise significant influence, but not control, and is included in other long-term assets on the Condensed Consolidated Balance Sheets.
Revisions to previously issued financial statements
As previously disclosed in the Company's Annual Report on Form 10-K for Fiscal 2024, the Company identified and corrected certain accounting errors. Using the guidance in Accounting Standards Codification ("ASC") Topic 250, Accounting Changes and Error Corrections, ASC Topic 250-S99-1, Assessing Materiality, and ASC Topic 250-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated whether its previously issued consolidated financial statements were materially misstated due to these errors. Based upon the evaluation of both quantitative and qualitative factors, the Company concluded that the effects of these errors were not material individually or in the aggregate to any previously reported quarterly or annual period. However, the Company revised its previously issued annual consolidated financial statements to correct these errors. See Note 1 to the Company’s Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for Fiscal 2024, filed with the SEC on May 29, 2024 for additional details.
The following tables set forth the Company’s revisions to the unaudited Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023. The unaudited Condensed Consolidated Financial Statements and accompanying notes included within this Quarterly Report on Form 10-Q have been revised to reflect these corrections.
Condensed Consolidated Statements of Operations
Three Months Ended December 31, 2023Nine Months Ended December 31, 2023
(in thousands)As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Net revenues$1,486,095 $(52)$1,486,043 $4,369,817 $(135)$4,369,682 
Cost of goods sold814,914 490 815,404 2,338,905 120 2,339,025 
Gross profit671,181 (542)670,639 2,030,912 (255)2,030,657 
Selling, general and administrative expenses601,661 (2,431)599,230 1,794,703 2,649 1,797,352 
Income (loss) from operations69,520 1,889 71,409 236,209 (2,904)233,305 
Interest income (expense), net(211)— (211)(2,210)— (2,210)
Other income (expense), net49,636 (1,709)47,927 36,822 (1,059)35,763 
Income (loss) before income taxes118,945 180 119,125 270,821 (3,963)266,858 
Income tax expense (benefit) 4,999 3,570 8,569 38,464 2,869 41,333 
Income (loss) from equity method investments197 — 197 (51)— (51)
Net income (loss)$114,143 $(3,390)$110,753 $232,306 $(6,832)$225,474 
Basic net income (loss) per share$0.26 $(0.01)$0.25 $0.53 $(0.02)$0.51 
Diluted net income (loss) per share$0.26 $(0.01)$0.25 $0.52 $(0.02)$0.50 
Condensed Consolidated Statements of Cash Flows
Nine Months Ended December 31, 2023
(in thousands)As Previously ReportedAdjustmentAs Revised
Cash flows from operating activities
Net income (loss)$232,306 $(6,832)$225,474 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization106,685 (4,572)102,113 
Unrealized foreign currency exchange rate (gain) loss(904)— (904)
Loss on disposal of property and equipment746 — 746 
Amortization of bond premium and debt issuance costs1,565 — 1,565 
Stock-based compensation33,163 — 33,163 
Deferred income taxes(24,430)— (24,430)
Changes in reserves and allowances25,085 — 25,085 
Changes in operating assets and liabilities:
Accounts receivable55,912 2,132 58,044 
Inventories71,400 1,178 72,578 
Prepaid expenses and other assets(45,363)(10,898)(56,261)
Other non-current assets42,149 (4,655)37,494 
Accounts payable31,470 630 32,100 
Accrued expenses and other liabilities(42,630)3,893 (38,737)
Customer refund liability80 — 80 
Income taxes payable and receivable5,884 2,869 8,753 
Net cash provided by (used in) operating activities493,118 (16,255)476,863 
Cash flows from investing activities
Purchases of property and equipment(132,796)16,255 (116,541)
Sale of MyFitnessPal platform45,000 — 45,000 
Net cash provided by (used in) investing activities(87,796)16,255 (71,541)
Cash flows from financing activities
Net cash provided by (used in) financing activities(74,985)— (74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash136 — 136 
Net increase (decrease) in cash, cash equivalents and restricted cash330,473 — 330,473 
Cash, cash equivalents and restricted cash
Beginning of period727,726 (981)726,745 
End of period$1,058,199 $(981)$1,057,218 
Management Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates, judgments and assumptions are evaluated on an on-going basis. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable at that time; however, actual results could differ from these estimates.
As the impacts of major global events continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. The extent to which the evolving events impact the Company's financial statements will depend on a number of factors including, but not limited to, any new information that may emerge concerning the severity of these major events and the actions that governments around the world may take in response. While the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of this reporting date, the Company may experience further impacts based on long-term effects on the Company's customers and the countries in which the Company operates. Refer to the risk factors discussed in Part I, Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for Fiscal 2024.
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Recent Accounting Pronouncements
 9 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Pronouncements
The Company assesses the applicability and impact of all Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). There were no ASUs adopted during the first nine months of Fiscal 2025.
Supplier Finance Programs
In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. The Company adopted ASU 2022-04 on April 1, 2023 on a retrospective basis, except for the amendments relating to the rollforward requirement, which will be effective for the Company's Annual Report on Form 10-K for Fiscal 2025. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Refer to Note 8 of these Condensed Consolidated Financial Statements for a discussion of the Company's supply chain finance program.
Recently Issued Accounting Pronouncements
The Company assessed all recently issued ASUs and, other than those described below, determined them to be either not applicable or expected to have no material impact on its Condensed Consolidated Financial Statements and related disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures" ("ASU 2024-03"), which will require disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for the Company's Fiscal 2028 annual period and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.
Income Tax
In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded income tax disclosures primarily related to an entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and should be adopted on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.
Reportable Segments
In November 2023, the FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires expanded disclosures about an entity’s reportable segments,
including more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how an entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for the Company's Fiscal 2025 annual period and interim periods thereafter. The Company is finalizing its evaluation of ASU 2023-07 and expects the adoption to expand its disclosures, but does not expect it to have a material impact on its consolidated financial statements.
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Allowance For Doubtful Accounts
 9 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
ALLOWANCE FOR DOUBTFUL ACCOUNTS ALLOWANCE FOR DOUBTFUL ACCOUNTS
The Company's allowance for doubtful accounts was established with information available as of December 31, 2024, including reasonable and supportable estimates of future risk. The following table illustrates the activity in the Company's allowance for doubtful accounts:
Allowance for doubtful accounts - within accounts receivable, net
Balance as of March 31, 2024$14,994 
Increases to costs and expenses5,582 
Write-offs, net of recoveries(1,217)
Balance as of December 31, 2024$19,359 
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Property and Equipment, Net
 9 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
Property and equipment consisted of the following:
As of December 31, 2024As of March 31, 2024
Leasehold and tenant improvements$440,319 $495,181 
Furniture, fixtures and displays305,918 301,897 
Buildings213,832 68,230 
Software280,314 350,811 
Office equipment138,483 139,223 
Plant equipment190,103 178,316 
Land73,244 82,410 
Construction in progress (1)
20,800 175,960 
Other25,846 28,910 
Subtotal property and equipment1,688,859 1,820,938 
Accumulated depreciation(1,038,215)(1,156,435)
Property and equipment, net$650,644 $664,503 
(1) Construction in progress primarily includes costs incurred for construction of corporate offices, leasehold improvements and in-store fixtures and displays not yet placed in use.

During the three months ended December 31, 2024, the Company relocated to its new global headquarters. As a result of vacating its former global headquarters, the Company performed an impairment analysis and recognized an impairment charge of $28.4 million within selling, general and administrative expenses on the Condensed Consolidated Statements of Operations to reduce the carrying value to its estimated fair value. Additionally, during the three months ended December 31, 2024, the property and equipment associated with the new global headquarters, which had been previously classified as construction in progress, were placed into service.
Depreciation expense related to property and equipment for the three and nine months ended December 31, 2024 was $30.9 million and $95.6 million, respectively (three and nine months ended December 31, 2023: $33.5 million and $101.0 million, respectively).
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Leases
 9 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
The Company enters into operating leases domestically and internationally to lease certain warehouse space, office facilities, space for its Brand and Factory House stores, and certain equipment under non-cancelable operating leases. The leases expire at various dates through 2038. Short-term lease payments were not material for the periods presented.
Lease Costs and Other Information
The Company recognizes lease expense on a straight-line basis over the lease term. There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases. The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses and certain costs relating to lease assets held solely for sublet purposes, included in other income (expense), net within the Company's Condensed Consolidated Statements of Operations, for the periods indicated:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating lease costs$37,580 $37,535 $113,040 $112,845 
Variable lease costs$27,400 $22,290 $76,940 $64,452 
As previously disclosed, historically, variable lease costs primarily consisted of lease payments dependent on sales in Brand and Factory House stores. Prior period amounts, included in the table above, have been revised to also include other non-lease components payable to the lessor. Additionally, certain amounts previously disclosed as operating lease costs in error have been corrected to be classified as variable lease costs. This presentation change did not affect total lease related costs recorded within the Company's Condensed Consolidated Statements of Operations.
The Company subleases certain excess office facilities, retail space and warehouse space to third parties. Sublease income for the three and nine months ended December 31, 2024 was $3.3 million and $6.1 million, respectively. Sublease income for the three and nine months ended December 31, 2023 was not material.
The weighted average remaining lease term and discount rate for the periods indicated below were as follows:
As of December 31, 2024As of March 31, 2024
Weighted average remaining lease term (in years)7.337.62
Weighted average discount rate4.92 %4.95 %
Supplemental Cash Flow Information
The following table presents supplemental information relating to cash flow arising from lease transactions:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating cash outflows from operating leases$46,243 $44,941 $139,089 $133,259 
Leased assets obtained in exchange for new operating lease liabilities$13,840 $29,239 $50,156 $50,698 
Maturity of Lease Liabilities
The following table presents the future minimum lease payments under the Company's operating lease liabilities as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$40,712 
2026155,201 
2027133,576 
2028113,941 
202976,380 
2030 and thereafter321,524 
Total lease payments$841,334 
Less: Interest131,384 
Total present value of lease liabilities$709,950 
As of December 31, 2024, the Company has additional operating lease obligations that have not yet commenced of approximately $70.2 million, which are not reflected in the table above. This amount includes approximately $56.6 million relating to an agreement with a third-party logistics provider to operate a distribution center in the Netherlands. This agreement has been assessed as containing a lease and is scheduled to commence in February 2026.
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Goodwill
 9 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
The following table summarizes changes in the carrying amount of the Company's goodwill by reportable segment as of the periods indicated:
 North America EMEAAsia-PacificTotal
Balance as of March 31, 2024$301,371 $101,958 $74,973 $478,302 
Purchase of UNLESS COLLECTIVE, Inc (1)
9,784 — — 9,784 
Effect of currency translation adjustment— (2,489)(1,051)(3,540)
Balance as of December 31, 2024$311,155 $99,469 $73,922 $484,546 
(1) The goodwill is not expected to be deductible for tax purposes.
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Intangible Assets, Net
 9 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
The following tables summarize the Company's intangible assets as of the periods indicated:
 Useful Lives from Date of Acquisitions (in years)As of December 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Intangible assets subject to amortization:
Customer relationships
2-6
$8,517 $(6,666)$1,851 
Lease-related intangible assets
1-15
1,522 (1,469)53 
Total$10,039 $(8,135)$1,904 
Indefinite-lived intangible assets 3,628 
Intangible assets, net$5,532 
 Useful Lives from Date of Acquisitions (in years)As of March 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Intangible assets subject to amortization:
Customer relationships
2-6
$8,609 $(5,708)$2,901 
Lease-related intangible assets
1-15
1,756 (1,677)79 
Total$10,365 $(7,385)$2,980 
Indefinite-lived intangible assets4,020 
Intangible assets, net$7,000 
Amortization expense, which is included in selling, general and administrative expenses, for the three and nine months ended December 31, 2024 was $0.4 million and $1.1 million, respectively (three and nine months ended December 31, 2023: $0.4 million and $1.1 million, respectively).
The following is the estimated future amortization expense for the Company's intangible assets as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$406 
20261,489 
20279 
2028 and thereafter— 
Total amortization expense of intangible assets$1,904 
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Supply Chain Finance Program
 9 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
SUPPLY CHAIN FINANCE PROGRAM SUPPLY CHAIN FINANCE PROGRAM
The Company facilitates a supply chain finance program, administered through third-party platforms, which provides participating suppliers with the opportunity to finance payments due from the Company with certain third-party financial institutions. Participating suppliers may, at their sole discretion, elect to finance one or more invoices of the Company prior to their scheduled due dates at a discounted price with the participating financial institution.
The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. As such, the outstanding payment obligations under the Company’s supply chain financing program are included within Accounts Payable in the Condensed Consolidated Balance Sheets and within operating activities in the Condensed Consolidated Statement of Cash Flows.
The Company’s outstanding payment obligations under this program were $206.9 million as of December 31, 2024 (March 31, 2024: $159.4 million).
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Credit Facility and Other Long-Term Debt
 9 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
CREDIT FACILITY AND OTHER LONG-TERM DEBT CREDIT FACILITY AND OTHER LONG-TERM DEBT
The Company's outstanding debt consisted of the following:
As of
December 31, 2024		As of
March 31, 2024
1.50% Convertible Senior Notes due 2024
$— $80,919 
3.25% Senior Notes due 2026
600,000 600,000 
Total principal payments due600,000 680,919 
Unamortized debt discount on Senior Notes(370)(560)
Unamortized debt issuance costs - Convertible Senior Notes— (16)
Unamortized debt issuance costs - Senior Notes(785)(1,189)
Unamortized debt issuance costs - Credit facility(3,657)(3,362)
Total amount outstanding595,188 675,792 
Less:
Current portion of long-term debt:
1.50% Convertible Senior Notes due 2024
— 80,919 
Non-current portion of long-term debt$595,188 $594,873 
Credit Facility
On March 8, 2019, the Company entered into an amended and restated credit agreement by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In July 2024, the Company entered into the fifth amendment to the credit agreement (the credit agreement as amended, the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for an aggregate $1.1 billion of revolving credit commitments comprised of two tranches: (i) one tranche of $50 million that has a term that ends on December 3, 2026, and (ii) a second tranche of $1.05 billion that has a term that ends on December 3, 2027, in each case with permitted extensions under certain circumstances. As of December 31, 2024 and March 31, 2024, there were no amounts outstanding under the revolving credit facility.
At the Company's request and a lender's consent, commitments under the amended credit agreement may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the amended credit agreement. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time the Company seeks to incur such borrowings.
Borrowings, if any, under the revolving credit facility have maturities of less than one year. Up to $50.0 million of the facility may be used for the issuance of letters of credit. As of December 31, 2024, $45.9 million of letters of credit were outstanding (March 31, 2024: $4.2 million).
The obligations of the Company under the amended credit agreement are guaranteed by certain domestic significant subsidiaries of Under Armour, Inc., subject to customary exceptions (the "subsidiary guarantors") and primarily secured by a first-priority security interest in substantially all of the assets of Under Armour, Inc. and the subsidiary guarantors, excluding real property, capital stock in and debt of subsidiaries of Under Armour, Inc. holding certain real property and other customary exceptions. The amended credit agreement provides for the permanent fall away of guarantees and collateral upon the Company's achievement of investment grade rating from two rating agencies.
The amended credit agreement contains negative covenants that, subject to significant exceptions, limit the Company's ability to, among other things: incur additional secured and unsecured indebtedness; pledge the assets as security; make investments, loans, advances, guarantees and acquisitions (including investments in and loans to non-guarantor subsidiaries); undergo fundamental changes; sell assets outside the ordinary course of business; enter into transactions with affiliates; and make restricted payments.
The Company is also required to maintain a ratio of consolidated EBITDA, to consolidated interest expense of not less than 3.50 to 1.0 (the "interest coverage covenant") and the Company is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.0 (the "leverage covenant"), as described in more detail in the amended credit agreement. In July 2024, the Company entered into an amendment to the credit agreement to exclude from the definition of consolidated EBITDA certain charges related to the
settlement of the Company's Class Action Securities litigation described in Note 10 of these Condensed Consolidated Financial Statements. The Company was in compliance with the applicable covenants for the quarter ended December 31, 2024.
In addition, the amended credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the amended credit agreement, will be considered an event of default under the amended credit agreement.
The amended credit agreement implemented SOFR as the replacement for LIBOR as a benchmark interest rate for U.S. dollar borrowings (and analogous benchmark rate replacements for borrowings in Yen, Pound Sterling and Euro). Borrowings under the amended credit agreement bear interest at a rate per annum equal to, at the Company's option, either (a) an alternate base rate (for borrowings in U.S. dollars), (b) a term rate (for borrowings in U.S. dollars, Euro or Japanese Yen) or (c) a "risk free" rate (for borrowings in U.S. dollars or Pounds Sterling), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the "pricing grid") based on the leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00% to 1.75% (or, in the case of alternate base loans, 0.00% to 0.75%). The Company will also pay a commitment fee determined in accordance with the pricing grid on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of December 31, 2024, the commitment fee was 17.5 basis points.
1.50% Convertible Senior Notes
On June 1, 2024, the Company's previously outstanding $80.9 million aggregate principal amount of 1.50% convertible senior notes due 2024 (the "Convertible Senior Notes") matured. The Convertible Senior Notes bore interest at the fixed rate of 1.50% per annum, payable semiannually in arrears on June 1 and December 1 of each year, beginning December 1, 2020. Upon maturity, the Company repaid the $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding, plus $0.6 million of accrued interest, using cash on hand. No holders exercised their rights to convert prior to maturity.
3.25% Senior Notes
In June 2016, the Company issued $600.0 million aggregate principal amount of 3.25% senior unsecured notes due June 15, 2026 (the "Senior Notes"). The Senior Notes bear interest at the fixed rate of 3.25% per annum, payable semi-annually on June 15 and December 15 beginning December 15, 2016. The Company may redeem some or all of the Senior Notes at any time, or from time to time, at redemption prices described in the indenture governing the Senior Notes. The indenture governing the Senior Notes contains negative covenants that limit the Company's ability to engage in certain transactions and are subject to material exceptions described in the indenture. The Company incurred and deferred $5.4 million in financing costs in connection with the Senior Notes.
Interest Expense
Interest expense, which includes amortization of deferred financing costs, bank fees, capital and built-to-suit lease interest and interest expense under the credit and other long-term debt facilities, was $6.4 million and $18.1 million for the three and nine months ended December 31, 2024, respectively (three and nine months ended December 31, 2023: $5.7 million and $17.0 million, respectively).
Maturity of Long-Term Debt
The following are the scheduled maturities of long-term debt as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$— 
2026— 
2027600,000 
2028 and thereafter— 
Total scheduled maturities of long-term debt$600,000 
Current maturities of long-term debt$— 
The Company monitors the financial health and stability of its lenders under the credit and other long-term debt facilities, however during any period of significant instability in the credit markets, lenders could be negatively impacted in their ability to perform under these facilities.
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Commitments and Contingencies
 9 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
In connection with various contracts and agreements, the Company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items. Generally, such indemnification obligations do not apply in situations in which the counterparties are grossly negligent, engage in willful misconduct, or act in bad faith. Based on the Company’s historical experience and the estimated probability of future loss, the Company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations.
From time to time, the Company is involved in litigation and other proceedings, including matters related to commercial and intellectual property disputes, as well as trade, regulatory and other claims related to its business. Other than as described below, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business. However, the matters described below, if decided adversely to or settled by the Company, could result, individually or in the aggregate, in a liability material to the Company's consolidated financial position, results of operations or cash flows.
In re Under Armour Securities Litigation
On March 23, 2017, three separate securities cases previously filed against the Company in the United States District Court for the District of Maryland (the "District Court") were consolidated under the caption In re Under Armour Securities Litigation, Case No. 17-cv-00388-RDB (the "Consolidated Securities Action"). On September 14, 2020, the District Court issued an order that, among other things, consolidated two additional securities cases into the Consolidated Securities Action.
The operative complaint (the "TAC") in the Consolidated Securities Action was filed on October 14, 2020. The class period identified in the TAC was September 16, 2015 through November 1, 2019.
On June 20, 2024, the defendants reached an agreement with the plaintiffs to enter into a settlement resolving the Consolidated Securities Action (the “Securities Action Settlement”). Under the terms of the Securities Action Settlement, the Company paid $434 million to the members of the class, which was funded using balance sheet cash together with $63 million of insurance proceeds. In addition, the Company agreed to two additional, non-monetary provisions, specifically to continue to separate the roles of Chair and Chief Executive Officer for a period of at least three years beginning on the date that the court order approving the Securities Action Settlement and dismissing the Consolidated Securities Action becomes final and non-appealable (the “Three-Year Period”), and that all restricted stock or restricted stock units granted by the Company to its Chief Executive Officer, Chief Financial Officer and Chief Legal Officer during the Three-Year Period include a performance-based vesting condition to be set by the Human Capital and Compensation Committee of the Company’s Board of Directors. In exchange, the plaintiffs and the Class granted customary releases in favor of Defendants of all of their claims that were or could have been asserted in the Consolidated Securities Action.
On November 7, 2024, the District Court granted the plaintiffs’ motion for final approval of the Securities Action Settlement and dismissed the Consolidated Securities Action with prejudice.
By entering into the Securities Action Settlement, the defendants in no way conceded or admitted liability for any of the claims that were or could have been asserted in the Consolidated Securities Action. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Consolidated Securities Action, and entered into the Securities Action Settlement to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Consolidated Securities Action.
Consolidated Kenney Derivative Litigation
In June and July 2018, two purported stockholder derivative complaints were filed in Maryland state court (the "State Court"), in cases captioned Kenney v. Plank, et al. (filed June 29, 2018) and Luger v. Plank, et al. (filed July 26, 2018), respectively). The cases were consolidated on October 19, 2018 under the caption Kenney v. Plank, et. al. The consolidated complaint in the Kenney action names Mr. Plank, certain other current and former members of the Company's Board of Directors, certain former Company executives, and Sagamore Development Company, LLC ("Sagamore") as defendants, and names the Company as a nominal defendant. The consolidated complaint asserts breach of fiduciary duty, unjust enrichment, and corporate waste claims against the individual defendants and asserts a claim against Sagamore for aiding and abetting certain of the alleged breaches of fiduciary duty. The consolidated complaint seeks damages on behalf of the Company and certain corporate governance related actions.
The consolidated complaint includes allegations challenging, among other things, the Company's disclosures related to growth and consumer demand for certain of the Company's products, as well as stock sales by certain individual defendants. The consolidated complaint also makes allegations related to the Company's 2016
purchase from entities controlled by Mr. Plank (through Sagamore) of certain parcels of land to accommodate the Company's growth needs, which was approved by the Audit Committee of the Company's Board of Directors in accordance with the Company's policy on transactions with related persons.
On March 29, 2019, the State Court granted the Company's and the defendants' motion to stay that case pending the outcome of both the Consolidated Securities Action and an earlier-filed derivative action asserting similar claims to those asserted in the Kenney action relating to the Company's purchase of parcels in the Baltimore Peninsula, an area of Baltimore previously referred to as Port Covington (which derivative action has since been dismissed in its entirety).
Prior to the filing of the derivative complaints in Kenney v. Plank, et al. and Luger v. Plank, et al., both of the purported stockholders had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company and both of these purported stockholders were informed of that determination.
In 2020, two additional purported shareholder derivative complaints were filed in the State Court, in cases captioned Cordell v. Plank, et al. (filed August 11, 2020), and Salo v. Plank, et al. (filed October 21, 2020), respectively.
Prior to the filing of the derivative complaints in these two actions, neither of the purported stockholders made a demand that the Company's Board of Directors pursue the claims asserted in the complaints. In October 2021, the State Court issued an order (i) consolidating the Cordell and Salo actions with the consolidated Kenney action into a single consolidated derivative action (the "Consolidated Kenney Derivative Action"); (ii) designating the Kenney action as the lead case; and (iii) specifying that the scheduling order in the Kenney action shall control the Consolidated Kenney Derivative Action.
On October 27, 2023, an additional purported stockholder derivative complaint was filed in the State Court by four purported stockholders, in a case captioned Viskovich, et al. v. Plank, et al. (the “Viskovich Action”). Prior to the filing of this complaint, each of the four purported stockholders had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaint. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company and these purported stockholders were informed of that determination. On March 20, 2024, the State Court issued an order (i) consolidating the Viskovich Action into the Consolidated Kenney Derivative Action; (ii) designating the Kenney action as the lead case; and (iii) specifying that the scheduling order in the Kenney action shall control the Consolidated Kenney Derivative Action.
As previously disclosed, the parties in the Consolidated Kenney Derivative Action and the Consolidated Paul Derivative Action described below (together, the “Derivative Actions”) agreed to engage in private mediation in an effort to potentially resolve the claims in the Derivative Actions. On January 18, 2025, the Company and all of the defendants in the Derivative Actions entered into a binding term sheet (the “Term Sheet”) with plaintiffs containing the material terms of a settlement resolving the Derivative Actions. The parties intend to prepare a formal stipulation of settlement describing the terms of the proposed settlement, which will be presented to the State Court for approval following a notice and review period for the Company’s stockholders.
The Term Sheet provides that (a) the Company will implement various corporate governance measures for a period of three years from the time that the settlement becomes final and non-appealable; and (b) a payment of $8.9 million, less any award of attorneys’ fees and costs to counsel for the plaintiffs, will be made to the Company on behalf of the defendants and will be funded using insurance proceeds. In exchange, the plaintiffs, the Company, and Under Armour stockholders derivatively on behalf of the Company, will grant customary releases in favor of the defendants of all of claims that were or could have been asserted in the Derivative Actions.
By agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions.
Consolidated Paul Derivative Litigation
On January 27, 2021, the District Court entered an order consolidating for all purposes four separate stockholder derivative cases that previously had been filed in the court. On February 2, 2023, the District Court issued an order appointing Balraj Paul and Anthony Viskovich as lead plaintiffs (“Derivative Lead Plaintiffs”), appointing counsel for the Derivative Lead Plaintiffs as lead counsel, and recaptioning the consolidated case as
Paul et al. v. Plank et al. (the “Consolidated Paul Derivative Action”). Prior to filing their derivative complaints, both of the Derivative Lead Plaintiffs had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company, and the Derivative Lead Plaintiffs were informed of that determination.
On March 16, 2023, the District Court issued an order granting a motion for voluntary dismissal without prejudice that had been filed by the plaintiff in one of the four derivative cases who had not been appointed as a lead plaintiff.
On April 24, 2023, the Derivative Lead Plaintiffs designated an operative complaint in the Consolidated Paul Derivative Action. The operative complaint named Mr. Plank, certain other current and former members of the Company's Board of Directors, and certain other current and former Company executives as defendants, and named the Company as a nominal defendant. It asserted allegations challenging (i) the Company's disclosures related to growth and consumer demand for certain of the Company's products; (ii) the Company's practice of shifting sales between quarterly periods supposedly to appear healthier and its purported failure to disclose that practice; (iii) the Company's internal controls with respect to revenue recognition and inventory management; and (iv) the Company's supposed failure to timely disclose investigations by the U.S. Securities and Exchange Commission and the U.S. Department of Justice. The operative complaint asserted breach of fiduciary duty and unjust enrichment claims against the defendants and asserted a contribution claim against certain defendants. The operative complaint sought damages on behalf of the Company and also sought certain corporate governance related actions.
The Company and the defendants filed a motion to dismiss the operative complaint on June 23, 2023. The District Court granted that motion on September 27, 2023, dismissing the Consolidated Paul Derivative Action without prejudice, due to lack of subject matter jurisdiction. Following that decision, Viskovich, one of the Derivative Lead Plaintiffs, filed the above-referenced Viskovich Action in State Court.
The other Derivative Lead Plaintiff, Paul, filed a motion in the District Court seeking reconsideration of the dismissal decision or leave to amend the operative complaint. On January 9, 2024, the District Court entered an order denying Paul's motion and ordering that the Consolidated Paul Derivative Action remained dismissed without prejudice.
In February 2024, Paul filed a notice of appeal to the U.S. Court of Appeals for the Fourth Circuit (the "Fourth Circuit") from the decisions by the District Court on September 27, 2023 and January 9, 2024. Briefing on the appeal began on April 24, 2024 and was completed as of July 22, 2024. No decision has been issued in the appeal, which remains pending before the Fourth Circuit.
As described above, on January 18, 2025, the parties in the Derivative Actions entered into the binding Term Sheet, which contains the material terms of a settlement resolving those cases. A summary of the Term Sheet and the next steps with respect to the proposed settlement is set forth above.
As noted above, by agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions.
Contingencies
In accordance with ASC Topic 450 “Contingencies” (“Topic 450”), the Company establishes accruals for contingencies when (i) the Company believes it is probable that a loss will be incurred and (ii) the amount of the loss can be reasonably estimated. If the reasonable estimate is a range, the Company will accrue the best estimate in that range; where no best estimate can be determined, the Company will accrue the minimum. Legal proceedings and other contingencies for which no accrual has been established are disclosed to the extent required by ASC Topic 450.
In connection with the matters described above and previously disclosed government investigations, the Company provided notice of claims under multiple director and officer liability insurance policy periods. While the Company’s director and officer insurance carriers from each policy period have funded a portion of the payment in connection with the Securities Action Settlement, as previously disclosed, the Company remains in litigation with certain of its insurance carriers regarding coverage with respect to one of these policy periods. On March 26, 2024, the District Court issued a decision and order that obligated these insurance carriers to provide coverage. On April 25, 2024, the insurance carriers filed a motion for entry of judgment or leave to appeal the March 26, 2024 decision.
The Company opposed the insurance carriers’ motion, and briefing on the motion was completed on May 23, 2024. On December 19, 2024, the District Court granted the insurance carriers’ motion for entry of final judgment with respect to the District Court’s March 26, 2024 decision and stayed further proceedings in the District Court pending the Fourth Circuit’s resolution of the insurance carriers’ appeal with respect to the District Court’s March 26, 2024 decision. On January 16, 2025, the insurance carriers filed a notice of appeal. If the Fourth Circuit reverses the District Court’s decision, the Company may be required to repay the settlement amount funded by the insurance carriers, as well as any defense costs from the Consolidated Securities Action paid by these insurance carriers. $90 million of the insurance proceeds recognized as of December 31, 2024 remains subject to appeal by the insurance carriers.
From time to time, the Company’s view regarding probability of loss with respect to outstanding legal proceedings will change, proceedings for which the Company is able to estimate a loss or range of loss will change, and the estimates themselves will change. In addition, while many matters presented in financial disclosures involve significant judgment and may be subject to significant uncertainties, estimates with respect to legal proceedings are subject to particular uncertainties. Other than as described above, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business.
v3.25.0.1
Stockholders' Equity
 9 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS' EQUITY
The Company's Class A Common Stock and Class B Convertible Common Stock have an authorized number of 400.0 million shares and 34.45 million shares, respectively, and each have a par value of $0.0003 1/3 per share as of December 31, 2024. Holders of Class A Common Stock and Class B Convertible Common Stock have identical rights, including liquidation preferences, except that the holders of Class A Common Stock are entitled to one vote per share and holders of Class B Convertible Common Stock are entitled to 10 votes per share on all matters submitted to a stockholder vote. Class B Convertible Common Stock may only be held by Kevin Plank, the Company's founder, President and Chief Executive Officer, or a related party of Mr. Plank, as defined in the Company's charter. As a result, Mr. Plank has a majority voting control over the Company. Upon the transfer of shares of Class B Convertible Stock to a person other than Mr. Plank or a related party of Mr. Plank, the shares automatically convert into shares of Class A Common Stock on a one-for-one basis. In addition, all of the outstanding shares of Class B Convertible Common Stock will automatically convert into shares of Class A Common Stock on a one-for-one basis upon the death or disability of Mr. Plank or on the record date for any stockholders' meeting upon which the shares of Class A Common Stock and Class B Convertible Common Stock beneficially owned by Mr. Plank is less than 15% of the total shares of Class A Common Stock and Class B Convertible Common Stock outstanding or upon the other events specified in the Class C Articles Supplementary to the Company's charter as documented below. Holders of the Company's common stock are entitled to receive dividends when and if authorized and declared out of assets legally available for the payment of dividends.
The Company's Class C Common Stock has an authorized number of 400.0 million shares and has a par value of $0.0003 1/3 per share as of December 31, 2024. The terms of the Class C Common Stock are substantially identical to those of the Company's Class A Common Stock, except that the Class C Common Stock has no voting rights (except in limited circumstances), will automatically convert into Class A Common Stock under certain circumstances and includes provisions intended to ensure equal treatment of Class C Common Stock and Class B Common Stock in certain corporate transactions, such as mergers, consolidations, statutory share exchanges, conversions or negotiated tender offers, and including consideration incidental to these transactions.
Share Repurchase Program
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 the Company's Class C Common Stock through May 31, 2027. The Class C Common Stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing and amount of any repurchases will depend on market conditions, the Company's financial condition, results of operations, liquidity and other factors.
During the three months ended December 31, 2024, the Company entered into a supplemental confirmation (the "December 2024 ASR Agreement") of an accelerated share repurchase transaction with Truist Bank ("Truist") to repurchase $25.0 million of the Company's Class C Common Stock, and received a total of 2.8 million shares of Class C Common Stock from Truist, which were immediately retired. As a result, $24.4 million was recorded to
retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.
During the nine months ended December 31, 2024, pursuant to the December 2024 ASR Agreement and the previously disclosed accelerated share repurchase transaction that the Company entered into in May 2024, the Company repurchased 8.7 million shares of Class C Common Stock, which were immediately retired. As a result, $65.3 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.
As of the date of this Quarterly Report on Form 10-Q, the Company has repurchased a total of $65 million or 8.7 million outstanding shares of its Class C Common Stock, leaving approximately $435 million remaining under its current share repurchase program.
During the three and nine months ended December 31, 2023, the Company repurchased and immediately retired 3.1 million and 10.7 million Class C Common Stock, respectively, under the Company's previously approved $500 million share repurchase program which was completed in December 2023.
v3.25.0.1
Revenues
 9 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables summarize the Company's net revenues by product category and distribution channels:
 Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Apparel$966,068 $1,016,655 $2,671,048 $2,911,669 
Footwear301,208 331,000 924,357 1,045,872 
Accessories110,432 104,510 319,358 316,305 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 


Wholesale$704,760 $711,699 $2,211,266 $2,393,382 
Direct-to-consumer672,948 740,466 1,703,497 1,880,464 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 
The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:
As of
December 31, 2024		As of
March 31, 2024
Customer refund liability$170,344 $139,283 
Inventory associated with reserves for sales returns$39,796 $29,514 
Contract Liabilities
Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments
received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the change in the contract liabilities balance during the nine months ended December 31, 2024, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Total Contract Liabilities
Balance as of March 31, 2024$26,322 
Revenues deferred53,460 
Revenues recognized (1)
(41,072)
Foreign exchange and other(729)
Balance as of December 31, 2024$37,981 
(1) Includes approximately $7.1 million of revenue from gift cards and subscriptions that was previously included in contract liabilities as of March 31, 2024. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.
v3.25.0.1
Restructuring and related charges
 9 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND RELATED CHARGES RESTRUCTURING AND RELATED CHARGES
On May 15, 2024, the Company's Board of Directors approved a restructuring plan (the "2025 restructuring plan") designed to strengthen and support the Company's financial and operational efficiencies. On September 5, 2024, the Company’s Board of Directors approved a $70 million increase to the 2025 restructuring plan, resulting in an updated restructuring plan of approximately $140 million to $160 million of pre-tax restructuring and related charges to be incurred during Fiscal 2025 and the fiscal year ending March 31, 2026 ("Fiscal 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.
Restructuring and related charges are included in the Company's Corporate Other segment. The costs recorded during the three and nine months ended December 31, 2024 were primarily North America related. The summary of these costs, as well as the Company's current estimates of the remaining amount expected to be incurred in connection with the 2025 restructuring plan is as follows:
Estimated Restructuring and Related Charges (1)
Three Months Ended
December 31, 2024		Nine Months Ended
December 31, 2024		Remaining to be incurredTotal to be incurred under plan
Costs recorded in restructuring charges:
Employee-related costs $1,584 $13,322 
Facility-related costs5,706 18,201 
Other restructuring costs6,655 10,720 
Total costs recorded in restructuring charges$13,945 $42,243 $67,757 $110,000 
Costs recorded in selling, general and administrative expenses:
Employee related costs— 9,460 
Other transformation initiatives3,819 5,740 
Total costs recorded in selling, general and administrative expenses$3,819 $15,200 $34,800 $50,000 
Total restructuring and related charges$17,764 $57,443 $102,557 $160,000 
(1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred by the Company in connection with the 2025 restructuring plan.
Restructuring and related charges and recoveries require the Company to make certain judgments and estimates regarding the amount and timing as to when these charges or recoveries occur. The estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. The restructuring reserve is recorded within current and long-term liabilities on the Condensed Consolidated Balance Sheets. On a quarterly basis, the Company conducts an evaluation of the related liabilities and expenses and revises its assumptions and estimates as appropriate, as new or updated information becomes available.
A summary of the activity in the restructuring reserve related to the Company's 2025 restructuring plan for the nine months ended December 31, 2024 is as follows:
Employee Related CostsFacility Related CostsOther Restructuring Related Costs
Balance as of March 31, 2024$— $— $— 
Net additions (recoveries) charged to expense (1)
13,311 5,800 12,908 
Cash payments (10,827)(5,800)(7,725)
Foreign exchange and other45 — — 
Balance as of December 31, 2024$2,529 $— $5,183 
(1) Amount excludes approximately $15.5 million of non-cash facility-related and other charges and a $5.3 million non-cash gain from the sale of the MapMyFitness platform.
v3.25.0.1
Other Employee Benefits
 9 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
OTHER EMPLOYEE BENEFITS OTHER EMPLOYEE BENEFITS
The Company offers a 401(k) Deferred Compensation Plan for the benefit of eligible employees. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company matches a portion of the participant's contribution and recorded expense for the three and nine months ended December 31, 2024 of $2.2 million and $8.2 million, respectively (three and nine months ended December 31, 2023: $2.2 million and $8.9 million, respectively).
In addition, the Company offers the Under Armour, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") which allows a select group of management or highly compensated employees, as approved by the Human Capital and Compensation Committee of the Board of Directors, to make an annual base salary and/or bonus deferral for each year. As of December 31, 2024, the Deferred Compensation Plan obligations, which are included in other long-term liabilities on the Condensed Consolidated Balance Sheets, were $18.0 million (March 31, 2024: $16.2 million).
The Company established a Rabbi Trust to fund obligations to participants in the Deferred Compensation Plan. As of December 31, 2024, the assets held in the Rabbi Trust were trust owned life insurance ("TOLI") policies with cash-surrender values of $9.0 million (March 31, 2024: $9.1 million). These assets are consolidated and are included in other long-term assets on the Condensed Consolidated Balance Sheets.
Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements of the assets held in the Rabbi Trust and the Deferred Compensation Plan obligations.
v3.25.0.1
Stock Based Compensation
 9 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
The Under Armour, Inc. Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan as amended (the "2005 Plan") provides for the issuance of stock options, restricted stock, restricted stock units and other equity awards to officers, directors, key employees and other persons. The 2005 Plan terminates in 2033. As of December 31, 2024, 8.3 million Class A shares and 28.3 million Class C shares are available for future grants of awards under the 2005 Plan.
Awards Granted to Employees and Non-Employee Directors
Total stock-based compensation expense associated with awards granted to employees and non-employee directors for the three and nine months ended December 31, 2024 was $10.7 million and $36.2 million, respectively (three and nine months ended December 31, 2023: $8.3 million and $28.6 million, respectively). As of December 31, 2024, the Company had $62.4 million of unrecognized compensation expense related to these awards expected to be recognized over a weighted average period of 2.09 years. The unrecognized expense does
not include any expense related to performance-based restricted stock unit awards for which the performance targets have been deemed improbable as of December 31, 2024. Refer to "Stock Options" and "Restricted Stock and Restricted Stock Unit Awards" below for further information on these awards. A summary of each of these plans is as follows:
Employee Stock Compensation Plan
Stock options, restricted stock and restricted stock unit awards under the 2005 Plan generally vest ratably over a period of two to five years. The contractual term for stock options is generally 10 years from the date of grant. The Company generally receives a tax deduction for any ordinary income recognized by a participant in respect to an award under the 2005 Plan.
Non-Employee Director Compensation Plan
The Company's Non-Employee Director Compensation Plan (the "Director Compensation Plan") provides for cash compensation and equity awards to non-employee directors of the Company under the 2005 Plan. Non-employee directors have the option to defer the value of their annual cash retainers as deferred stock units in accordance with the Under Armour, Inc. Non-Employee Deferred Stock Unit Plan (the "DSU Plan"). Each new non-employee director receives an award of restricted stock units upon the initial election to the Board of Directors, with the units covering stock valued at $100 thousand on the grant date and vesting in three equal annual installments. In addition, each non-employee director receives, following each annual stockholders' meeting, a grant under the 2005 Plan of restricted stock units covering stock valued at $150 thousand on the grant date. Each award vests 100% on the date of the next annual stockholders' meeting following the grant date.
The receipt of the shares otherwise deliverable upon vesting of the restricted stock units automatically defers into deferred stock units under the DSU Plan. Under the DSU Plan each deferred stock unit represents the Company’s obligation to issue one share of the Company's Class A or Class C Common Stock with the shares delivered six months following the termination of the director's service. The Company had 1.0 million deferred stock units outstanding as of December 31, 2024.
Employee Stock Purchase Plan
The Company's Employee Stock Purchase Plans (the "ESPPs") allow for the purchase of Class A Common Stock and Class C Common Stock by all eligible employees at a 15% discount from fair market value subject to certain limits as defined in the ESPPs. As of December 31, 2024, 2.7 million Class A shares and 2.3 million Class C shares are available for future purchases under the ESPPs. During the three and nine months ended December 31, 2024, 0.1 million and 0.3 million Class C shares, respectively, were purchased under the ESPPs (three and nine months ended December 31, 2023: 0.1 million and 0.4 million, respectively).
Awards granted to Certain Marketing and Other Partners
In addition to the plans discussed above, the Company may also, from time to time, issue deferred stock units or restricted stock units to certain of our marketing and other partners in connection with their entering into endorsement or other service agreements with the Company. The terms of each agreement set forth the number of units to be granted and the delivery dates for the shares, which range over a multi-year period, depending on the contract.
Total stock-based compensation expense related to these awards for the three and nine months ended December 31, 2024 was $1.9 million and $5.6 million, respectively (three and nine months ended December 31, 2023: $2.2 million and $7.0 million, respectively). As of December 31, 2024, the Company had $65.8 million of unrecognized compensation expense associated with these awards expected to be recognized over a weighted average period of 9.63 years.
Summary by Award Classification:
Stock Options
A summary of the Company's stock options activity for the nine months ended December 31, 2024 is presented below:
Number
of Stock
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Total
Intrinsic
Value
Outstanding at March 31, 2024
1,578 $19.44 3.82$— 
Granted, at fair market value— — — — 
Exercised— — — — 
Forfeited— — — — 
Outstanding at December 31, 2024
1,578 $19.44 3.07$— 
Exercisable at December 31, 2024
1,578 $19.44 3.07$— 

Restricted Stock and Restricted Stock Unit Awards
A summary of the Company's restricted stock and restricted stock unit awards activity for the nine months ended December 31, 2024 is presented below: 
Number of
Restricted Shares
Weighted Average
Grant Date Fair Value
Outstanding at March 31, 2024
20,776 $8.58 
Granted9,185 6.33 
Forfeited(3,186)7.54 
Vested(3,805)9.32 
Outstanding at December 31, 2024
22,970 $7.72 
The awards outstanding at December 31, 2024 in the table above includes 2.3 million of performance-based restricted stock units with financial performance conditions that were awarded to certain executives and key employees under the 2005 Plan. The performance-based restricted stock units with financial performance conditions awarded during Fiscal 2025, Fiscal 2024 and Fiscal 2023 have a weighted average fair value of $6.85, $6.93 and $9.13, respectively, and have vesting that is tied to the achievement of certain annual revenue and operating income targets.
As of December 31, 2024, the Company deemed the achievement of the targets for the performance-based restricted stock units granted during Fiscal 2024 and Fiscal 2023 to be improbable and as such no stock-based compensation expense was recorded during the three and nine months ended December 31, 2024.
As of December 31, 2024, the Company deemed the achievement of the targets for the performance-based restricted stock units awarded during the Fiscal 2025 to be probable and recorded stock-based compensation expense of $1.0 million and $2.3 million, for the three and nine months ended December 31, 2024, respectively.
The Company assesses the probability of the achievement of the revenue and operating income targets at the end of each reporting period and based on that assessment cumulative adjustments may be recorded in future periods.
The awards outstanding at December 31, 2024 in the table above also include 2.0 million of performance-based restricted stock unit awards with market performance conditions that were awarded to the Company's President and CEO under the 2005 plan during Fiscal 2025. The performance-based restricted stock units with market conditions have a weighted average fair value of $4.13 and have vesting that is tied to the achievement of certain stock price targets for the Company's Class C Common Stock. The fair value of these awards was determined on the grant date using a Monte Carlo simulation model. The Company recorded $0.5 million and $1.2 million of compensation expense related to these awards during the three and nine months ended December 31, 2024, respectively.
v3.25.0.1
Fair Value Measurements
 9 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows:
Level 1:Observable inputs such as quoted prices in active markets;
Level 2:Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
Financial assets and liabilities measured at fair value on a recurring basis
The Company's financial assets (liabilities) measured at fair value on a recurring basis consisted of the following types of instruments as of the following periods:
December 31, 2024March 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Derivative foreign currency contracts (see Note 17)
$— $34,582 $— $— $(4,643)$— 
TOLI policies held by the Rabbi Trust (see Note 14)
$— $8,983 $— $— $9,105 $— 
Deferred Compensation Plan obligations (see Note 14)
$— $(17,986)$— $— $(16,151)$— 
Fair values of the financial assets and liabilities listed above are determined using inputs that use as their basis readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. The foreign currency contracts represent unrealized gains and losses on derivative contracts, which is the net difference between the U.S. dollar value to be received or paid at the contracts' settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current market exchange rate. The fair value of the TOLI policies held by the Rabbi Trust are based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income fund. These investments are initially made in the same funds and purchased in substantially the same amounts as the selected investments of participants in the Deferred Compensation Plan, which represent the underlying liabilities to participants. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants' selected investments.
Fair value of Long-Term Debt
The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). As of December 31, 2024, the fair value of the Senior Notes was $579.7 million (March 31, 2024: $569.1 million).
Assets and liabilities measured at fair value on a non-recurring basis
Certain assets are not remeasured to fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets and goodwill that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.
v3.25.0.1
Risk Management and Derivatives
 9 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effects of changes in foreign currency and interest rates. The Company uses derivative instruments to manage financial exposures that occur in the normal course of business and does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking
all derivatives designated as hedges to forecasted cash flows and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.
The Company's foreign exchange risk management program consists of designated cash flow hedges and undesignated hedges. As of December 31, 2024, the Company has hedge instruments primarily for:
•British Pound/U.S. Dollar;
•Euro/U.S. Dollar;
•U.S. Dollar/Chinese Renminbi;
•U.S. Dollar/Canadian Dollar;
•U.S. Dollar/Mexican Peso; and
•U.S. Dollar/Korean Won.
All derivatives are recognized on the Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following table presents the fair values of derivative instruments within the Condensed Consolidated Balance Sheets. Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements.
Balance Sheet ClassificationDecember 31, 2024March 31, 2024
Derivatives designated as hedging instruments under ASC 815
Foreign currency contractsOther current assets$33,679 $10,477 
Foreign currency contractsOther long-term assets1,985 2,760 
Total derivative assets designated as hedging instruments$35,664 $13,237 
Foreign currency contractsOther current liabilities$729 $17,761 
Foreign currency contractsOther long-term liabilities— 1,171 
Total derivative liabilities designated as hedging instruments$729 $18,932 
Derivatives not designated as hedging instruments under ASC 815
Foreign currency contractsOther current assets$203 $559 
Total derivative assets not designated as hedging instruments$203 $559 
Foreign currency contractsOther current liabilities$556 $600 
Total derivative liabilities not designated as hedging instruments$556 $600 

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues$1,401,039 $(737)$1,486,043 $3,415 $3,983,727 $(3,891)$4,369,682 $8,961 
Cost of goods sold$735,884 $329 $815,404 $(1,550)$2,059,765 $(3,242)$2,339,025 $(1,779)
Interest income (expense), net$(3,391)$(9)$(211)$(9)$(2,794)$(27)$(2,210)$(27)
Other income (expense), net$(2,563)$— $47,927 $— $(8,713)$— $35,763 $— 
The following tables present the amounts affecting the Condensed Consolidated Statements of Comprehensive Income (Loss) from derivatives designated as cash flow hedges:
Balance as of
September 30, 2024		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2024
Foreign currency contracts$(22,304)$60,322 $(408)$38,426 
Interest rate swaps(404)— (9)(395)
Total designated as cash flow hedges$(22,708)$60,322 $(417)$38,031 
Balance as of
March 31, 2024		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2024
Foreign currency contracts$(10,645)$41,938 $(7,133)$38,426 
Interest rate swaps(422)— (27)(395)
Total designated as cash flow hedges$(11,067)$41,938 $(7,160)$38,031 
Balance as of
September 30, 2023		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2023
Foreign currency contracts$15,656 $(43,051)$1,865 $(29,260)
Interest rate swaps(440)— (9)(431)
Total designated as cash flow hedges$15,216 $(43,051)$1,856 $(29,691)
Balance as of
March 31, 2023		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2023
Foreign currency contracts$(4,764)$(17,314)$7,182 $(29,260)
Interest rate swaps(458)— (27)(431)
Total designated as cash flow hedges$(5,222)$(17,314)$7,155 $(29,691)

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
TotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge Activity
Other income (expense), net$(2,563)$(1,123)$47,927 $4,610 $(8,713)$3,469 $35,763 $39 
Cash Flow Hedges
The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by its international subsidiaries in currencies other than their local currencies. These gains and losses are driven by non-functional currency generated revenue, non-functional currency inventory purchases and certain other intercompany transactions. The Company enters into foreign currency contracts to reduce the risk associated with the foreign currency exchange rate fluctuations on these transactions. Certain contracts are designated as cash flow hedges. As of December 31, 2024, the aggregate notional value of the
Company's outstanding cash flow hedges was $850.5 million (March 31, 2024: $1,199.1 million), with contract maturities ranging from one to twenty-four months.
The Company may enter into long-term debt arrangements with various lenders which bear a range of fixed and variable rates of interest. The nature and amount of the Company's long-term debt can be expected to vary as a result of future business requirements, market conditions and other factors. The Company may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations. The interest rate swap contracts are accounted for as cash flow hedges. Refer to Note 9 of these Condensed Consolidated Financial Statements for a discussion of long-term debt.
For contracts designated as cash flow hedges, the changes in fair value are reported as other comprehensive income (loss) and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. Effective hedge results are classified in the Condensed Consolidated Statements of Operations in the same manner as the underlying exposure.
Undesignated Derivative Instruments
The Company has entered into foreign exchange forward contracts to mitigate the change in fair value of specific assets and liabilities on the Condensed Consolidated Balance Sheets. Undesignated instruments are recorded at fair value as a derivative asset or liability on the Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in other expense, net, together with the re-measurement gain or loss from the hedged balance sheet position. As of December 31, 2024, the total notional value of the Company's outstanding undesignated derivative instruments was $483.0 million (March 31, 2024: $449.0 million).
Credit Risk
The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions and considers the risk of counterparty default to be minimal.
v3.25.0.1
Provision for Income Taxes
 9 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
PROVISION FOR INCOME TAXES PROVISION FOR INCOME TAXES
The Company computes its quarterly income tax provision under the effective tax rate method by applying an estimated anticipated annual effective rate to the Company's year-to-date earnings, except for significant and unusual or extraordinary transactions. Losses from jurisdictions for which no benefit can be recognized are excluded from the overall computations of the estimated annual effective tax rate and a separate estimated annual effective tax rate is computed and applied to earnings in the loss jurisdiction. Income tax provision for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs.
The effective rates for income taxes were 83.3% and 7.2% for the three months ended December 31, 2024 and 2023, respectively. The increase in the Company's effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States.
The effective rates for income taxes were (7.5)% and 15.5% for the nine months ended December 31, 2024 and 2023, respectively. The decrease in the Company's effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States.
Valuation Allowance
The Company evaluates on a quarterly basis whether the deferred tax assets are realizable which requires significant judgment. The Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance. To the extent the Company believes it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company's deferred tax assets, which increase income tax expense in the period when such a determination is made.
As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of December 31, 2024, for U.S. states and certain foreign taxing jurisdictions, the Company believe the weight of the negative evidence continues to outweigh the positive evidence regarding the realization of these deferred tax assets and have maintained a valuation allowance
against these assets. The Company will continue to evaluate its ability to realize its net deferred tax assets on a quarterly basis.
v3.25.0.1
Earnings Per Share
 9 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following represents a reconciliation from basic net income (loss) per share to diluted net income (loss) per share:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Numerator
Net income (loss) - Basic$1,234 $110,753 $(133,810)$225,474 
Interest on Convertible Senior Notes due 2024, net of tax (1)(2)
— 225 — 675 
Net income (loss) - Diluted$1,234 $110,978 $(133,810)$226,149 
Denominator
Weighted average common shares outstanding Class A, B and C - Basic431,744 437,314 433,212 441,893 
Dilutive effect of Class A, B, and C securities (1)
5,553 2,879 — 2,073 
Dilutive effect of Convertible Senior Notes due 2024 (1)(2)
— 8,242 — 8,242 
Weighted average common shares and dilutive securities outstanding Class A, B, and C437,297 448,435 433,212 452,208 
Class A and Class C securities excluded as anti-dilutive (3)
1,721 12,953 10,588 16,446 
Basic net income (loss) per share of Class A, B and C common stock$0.00 $0.25 $(0.31)$0.51 
Diluted net income (loss) per share of Class A, B and C common stock$0.00 $0.25 $(0.31)$0.50 
(1) Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No stock options, restricted stock units, or effects from the Convertible Senior Notes due 2024 are included in the computation of diluted earnings per share during periods when the Company is in the net loss position, as their effect would be anti-dilutive.
(2) The Company's Convertible Senior Notes matured on June 1, 2024. Upon maturity, the Company repaid the approximately $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding using cash on hand. Refer to Note 9 of these Condensed Consolidated Financial Statements for additional details.
(3) Represents stock options and restricted stock units of Class A and Class C Common Stock outstanding that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.
v3.25.0.1
Segment Data
 9 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
The Company's operating segments are based on how the Chief Operating Decision Maker ("CODM") makes decisions about allocating resources and assessing performance. As such, the CODM receives discrete financial information for the Company's principal business by geographic region based on the Company's strategy of being a global brand. These geographic regions include North America, EMEA, Asia-Pacific and Latin America. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM.
The Company excludes certain corporate items from its segment profitability measures. The Company reports these items within Corporate Other, which is designed to provide increased transparency and comparability of the Company's operating segments' performance. Corporate Other consists primarily of (i) general and administrative expenses not allocated to an operating segment, including expenses associated with centrally managed departments such as global marketing, global IT, global supply chain and innovation, and other corporate support functions; (ii) restructuring and restructuring related charges, if any; (iii) certain foreign currency hedge
gains and losses; and (iv) operating results from the MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025.
The following tables summarize the Company's net revenues and operating income (loss) by its geographic segments. Intercompany balances were eliminated in consolidation and are not reviewed when evaluating segment performance.
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Net revenues
North America$843,620 $915,335 $2,416,225 $2,733,297 
EMEA297,890 284,049 807,960 797,781 
Asia-Pacific201,112 212,018 590,609 646,315 
Latin America58,990 69,832 170,340 179,240 
Corporate Other(573)4,809 (1,407)13,049 
Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 


Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating income (loss)
North America$164,068 $166,256 $529,216 $538,041 
EMEA42,110 49,133 114,161 117,738 
Asia-Pacific14,009 16,014 58,158 86,020 
Latin America14,186 13,367 41,528 32,759 
Corporate Other (1)
(220,864)(173,361)(856,202)(541,253)
    Total operating income (loss)13,509 71,409 (113,139)233,305 
Interest income (expense), net(3,391)(211)(2,794)(2,210)
Other income (expense), net(2,563)47,927 (8,713)35,763 
    Income (loss) before income taxes$7,555 $119,125 $(124,646)$266,858 
(1) Results for the nine months ended December 31, 2024, include $261 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation. Refer to Note 10 of these Condensed Consolidated Financial Statements for additional details.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure        
Net income (loss) - Basic $ 1,234 $ 110,753 $ (133,810) $ 225,474
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Recent Accounting Pronouncements (Policies)
 9 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements are presented in U.S. Dollars and include the accounts of Under Armour, Inc. and its wholly owned subsidiaries. Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation.
The unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 ("Fiscal 2024"), filed with the SEC on May 29, 2024 ("Annual Report on Form 10-K for Fiscal 2024"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements. The unaudited results for the three and nine months ended December 31, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2025 ("Fiscal 2025"), or any other portions thereof.
Reclassifications
Reclassifications
Certain prior period comparative amounts have been reclassified to conform to the current period presentation. Such reclassifications were not material and did not affect the unaudited Condensed Consolidated Financial Statements.
Equity Method Investment
Equity Method Investment
In November 2024, the Company invested $7.5 million in exchange for 29.5% common stock ownership in ISC Sport (ISC), an Australian custom teamwear company. This investment is accounted for under the equity method, given the Company has the ability to exercise significant influence, but not control, and is included in other long-term assets on the Condensed Consolidated Balance Sheets
Management Estimates
Management Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates, judgments and assumptions are evaluated on an on-going basis. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable at that time; however, actual results could differ from these estimates.
As the impacts of major global events continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. The extent to which the evolving events impact the Company's financial statements will depend on a number of factors including, but not limited to, any new information that may emerge concerning the severity of these major events and the actions that governments around the world may take in response. While the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of this reporting date, the Company may experience further impacts based on long-term effects on the Company's customers and the countries in which the Company operates.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
The Company assesses the applicability and impact of all Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). There were no ASUs adopted during the first nine months of Fiscal 2025.
Supplier Finance Programs
In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. The Company adopted ASU 2022-04 on April 1, 2023 on a retrospective basis, except for the amendments relating to the rollforward requirement, which will be effective for the Company's Annual Report on Form 10-K for Fiscal 2025. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Refer to Note 8 of these Condensed Consolidated Financial Statements for a discussion of the Company's supply chain finance program.
Recently Issued Accounting Pronouncements
The Company assessed all recently issued ASUs and, other than those described below, determined them to be either not applicable or expected to have no material impact on its Condensed Consolidated Financial Statements and related disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures" ("ASU 2024-03"), which will require disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for the Company's Fiscal 2028 annual period and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.
Income Tax
In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded income tax disclosures primarily related to an entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and should be adopted on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.
Reportable Segments
In November 2023, the FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires expanded disclosures about an entity’s reportable segments,
including more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how an entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for the Company's Fiscal 2025 annual period and interim periods thereafter. The Company is finalizing its evaluation of ASU 2023-07 and expects the adoption to expand its disclosures, but does not expect it to have a material impact on its consolidated financial statements.
Fair Value of Financial Instruments The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows:
Level 1:Observable inputs such as quoted prices in active markets;
Level 2:Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
v3.25.0.1
Description of Business and Basis of Presentation (Tables)
 9 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
Condensed Consolidated Statements of Operations
Three Months Ended December 31, 2023Nine Months Ended December 31, 2023
(in thousands)As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Net revenues$1,486,095 $(52)$1,486,043 $4,369,817 $(135)$4,369,682 
Cost of goods sold814,914 490 815,404 2,338,905 120 2,339,025 
Gross profit671,181 (542)670,639 2,030,912 (255)2,030,657 
Selling, general and administrative expenses601,661 (2,431)599,230 1,794,703 2,649 1,797,352 
Income (loss) from operations69,520 1,889 71,409 236,209 (2,904)233,305 
Interest income (expense), net(211)— (211)(2,210)— (2,210)
Other income (expense), net49,636 (1,709)47,927 36,822 (1,059)35,763 
Income (loss) before income taxes118,945 180 119,125 270,821 (3,963)266,858 
Income tax expense (benefit) 4,999 3,570 8,569 38,464 2,869 41,333 
Income (loss) from equity method investments197 — 197 (51)— (51)
Net income (loss)$114,143 $(3,390)$110,753 $232,306 $(6,832)$225,474 
Basic net income (loss) per share$0.26 $(0.01)$0.25 $0.53 $(0.02)$0.51 
Diluted net income (loss) per share$0.26 $(0.01)$0.25 $0.52 $(0.02)$0.50 
Condensed Consolidated Statements of Cash Flows
Nine Months Ended December 31, 2023
(in thousands)As Previously ReportedAdjustmentAs Revised
Cash flows from operating activities
Net income (loss)$232,306 $(6,832)$225,474 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization106,685 (4,572)102,113 
Unrealized foreign currency exchange rate (gain) loss(904)— (904)
Loss on disposal of property and equipment746 — 746 
Amortization of bond premium and debt issuance costs1,565 — 1,565 
Stock-based compensation33,163 — 33,163 
Deferred income taxes(24,430)— (24,430)
Changes in reserves and allowances25,085 — 25,085 
Changes in operating assets and liabilities:
Accounts receivable55,912 2,132 58,044 
Inventories71,400 1,178 72,578 
Prepaid expenses and other assets(45,363)(10,898)(56,261)
Other non-current assets42,149 (4,655)37,494 
Accounts payable31,470 630 32,100 
Accrued expenses and other liabilities(42,630)3,893 (38,737)
Customer refund liability80 — 80 
Income taxes payable and receivable5,884 2,869 8,753 
Net cash provided by (used in) operating activities493,118 (16,255)476,863 
Cash flows from investing activities
Purchases of property and equipment(132,796)16,255 (116,541)
Sale of MyFitnessPal platform45,000 — 45,000 
Net cash provided by (used in) investing activities(87,796)16,255 (71,541)
Cash flows from financing activities
Net cash provided by (used in) financing activities(74,985)— (74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash136 — 136 
Net increase (decrease) in cash, cash equivalents and restricted cash330,473 — 330,473 
Cash, cash equivalents and restricted cash
Beginning of period727,726 (981)726,745 
End of period$1,058,199 $(981)$1,057,218 
v3.25.0.1
Allowance For Doubtful Accounts (Tables)
 9 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
Schedule of Financing Receivable, Allowance for Credit Loss The following table illustrates the activity in the Company's allowance for doubtful accounts:
Allowance for doubtful accounts - within accounts receivable, net
Balance as of March 31, 2024$14,994 
Increases to costs and expenses5,582 
Write-offs, net of recoveries(1,217)
Balance as of December 31, 2024$19,359 
v3.25.0.1
Property and Equipment, Net (Tables)
 9 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property and equipment consisted of the following:
As of December 31, 2024As of March 31, 2024
Leasehold and tenant improvements$440,319 $495,181 
Furniture, fixtures and displays305,918 301,897 
Buildings213,832 68,230 
Software280,314 350,811 
Office equipment138,483 139,223 
Plant equipment190,103 178,316 
Land73,244 82,410 
Construction in progress (1)
20,800 175,960 
Other25,846 28,910 
Subtotal property and equipment1,688,859 1,820,938 
Accumulated depreciation(1,038,215)(1,156,435)
Property and equipment, net$650,644 $664,503 
(1) Construction in progress primarily includes costs incurred for construction of corporate offices, leasehold improvements and in-store fixtures and displays not yet placed in use.
v3.25.0.1
Leases (Tables)
 9 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Costs The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses and certain costs relating to lease assets held solely for sublet purposes, included in other income (expense), net within the Company's Condensed Consolidated Statements of Operations, for the periods indicated:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating lease costs$37,580 $37,535 $113,040 $112,845 
Variable lease costs$27,400 $22,290 $76,940 $64,452 
The weighted average remaining lease term and discount rate for the periods indicated below were as follows:
As of December 31, 2024As of March 31, 2024
Weighted average remaining lease term (in years)7.337.62
Weighted average discount rate4.92 %4.95 %
Supplemental Cash Flow Information
The following table presents supplemental information relating to cash flow arising from lease transactions:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating cash outflows from operating leases$46,243 $44,941 $139,089 $133,259 
Leased assets obtained in exchange for new operating lease liabilities$13,840 $29,239 $50,156 $50,698 
Schedule of Operating Lease Liability Maturity
The following table presents the future minimum lease payments under the Company's operating lease liabilities as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$40,712 
2026155,201 
2027133,576 
2028113,941 
202976,380 
2030 and thereafter321,524 
Total lease payments$841,334 
Less: Interest131,384 
Total present value of lease liabilities$709,950 
v3.25.0.1
Goodwill (Tables)
 9 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table summarizes changes in the carrying amount of the Company's goodwill by reportable segment as of the periods indicated:
 North America EMEAAsia-PacificTotal
Balance as of March 31, 2024$301,371 $101,958 $74,973 $478,302 
Purchase of UNLESS COLLECTIVE, Inc (1)
9,784 — — 9,784 
Effect of currency translation adjustment— (2,489)(1,051)(3,540)
Balance as of December 31, 2024$311,155 $99,469 $73,922 $484,546 
(1) The goodwill is not expected to be deductible for tax purposes.
v3.25.0.1
Intangible Assets, Net (Tables)
 9 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
The following tables summarize the Company's intangible assets as of the periods indicated:
 Useful Lives from Date of Acquisitions (in years)As of December 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Intangible assets subject to amortization:
Customer relationships
2-6
$8,517 $(6,666)$1,851 
Lease-related intangible assets
1-15
1,522 (1,469)53 
Total$10,039 $(8,135)$1,904 
Indefinite-lived intangible assets 3,628 
Intangible assets, net$5,532 
 Useful Lives from Date of Acquisitions (in years)As of March 31, 2024
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Intangible assets subject to amortization:
Customer relationships
2-6
$8,609 $(5,708)$2,901 
Lease-related intangible assets
1-15
1,756 (1,677)79 
Total$10,365 $(7,385)$2,980 
Indefinite-lived intangible assets4,020 
Intangible assets, net$7,000 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following is the estimated future amortization expense for the Company's intangible assets as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$406 
20261,489 
20279 
2028 and thereafter— 
Total amortization expense of intangible assets$1,904 
v3.25.0.1
Credit Facility and Other Long-Term Debt (Tables)
 9 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Components of Outstanding Debt
The Company's outstanding debt consisted of the following:
As of
December 31, 2024		As of
March 31, 2024
1.50% Convertible Senior Notes due 2024
$— $80,919 
3.25% Senior Notes due 2026
600,000 600,000 
Total principal payments due600,000 680,919 
Unamortized debt discount on Senior Notes(370)(560)
Unamortized debt issuance costs - Convertible Senior Notes— (16)
Unamortized debt issuance costs - Senior Notes(785)(1,189)
Unamortized debt issuance costs - Credit facility(3,657)(3,362)
Total amount outstanding595,188 675,792 
Less:
Current portion of long-term debt:
1.50% Convertible Senior Notes due 2024
— 80,919 
Non-current portion of long-term debt$595,188 $594,873 
Schedule of Maturities of Long-term Debt
The following are the scheduled maturities of long-term debt as of December 31, 2024:
Fiscal year ending March 31,
2025 (three months ending)$— 
2026— 
2027600,000 
2028 and thereafter— 
Total scheduled maturities of long-term debt$600,000 
Current maturities of long-term debt$— 
v3.25.0.1
Revenues (Tables)
 9 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Net Revenues by Product Category
The following tables summarize the Company's net revenues by product category and distribution channels:
 Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Apparel$966,068 $1,016,655 $2,671,048 $2,911,669 
Footwear301,208 331,000 924,357 1,045,872 
Accessories110,432 104,510 319,358 316,305 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 


Wholesale$704,760 $711,699 $2,211,266 $2,393,382 
Direct-to-consumer672,948 740,466 1,703,497 1,880,464 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 
Schedule of Customer Refund Liability and Inventory Associated with the Reserves The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:
As of
December 31, 2024		As of
March 31, 2024
Customer refund liability$170,344 $139,283 
Inventory associated with reserves for sales returns$39,796 $29,514 
Schedule of Change in Contract Liabilities
The following table summarizes the change in the contract liabilities balance during the nine months ended December 31, 2024, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Total Contract Liabilities
Balance as of March 31, 2024$26,322 
Revenues deferred53,460 
Revenues recognized (1)
(41,072)
Foreign exchange and other(729)
Balance as of December 31, 2024$37,981 
(1) Includes approximately $7.1 million of revenue from gift cards and subscriptions that was previously included in contract liabilities as of March 31, 2024. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.
v3.25.0.1
Restructuring and related charges (Tables)
 9 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs The costs recorded during the three and nine months ended December 31, 2024 were primarily North America related. The summary of these costs, as well as the Company's current estimates of the remaining amount expected to be incurred in connection with the 2025 restructuring plan is as follows:
Estimated Restructuring and Related Charges (1)
Three Months Ended
December 31, 2024		Nine Months Ended
December 31, 2024		Remaining to be incurredTotal to be incurred under plan
Costs recorded in restructuring charges:
Employee-related costs $1,584 $13,322 
Facility-related costs5,706 18,201 
Other restructuring costs6,655 10,720 
Total costs recorded in restructuring charges$13,945 $42,243 $67,757 $110,000 
Costs recorded in selling, general and administrative expenses:
Employee related costs— 9,460 
Other transformation initiatives3,819 5,740 
Total costs recorded in selling, general and administrative expenses$3,819 $15,200 $34,800 $50,000 
Total restructuring and related charges$17,764 $57,443 $102,557 $160,000 
(1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred by the Company in connection with the 2025 restructuring plan.
Schedule of Activity in the Restructuring Reserve
A summary of the activity in the restructuring reserve related to the Company's 2025 restructuring plan for the nine months ended December 31, 2024 is as follows:
Employee Related CostsFacility Related CostsOther Restructuring Related Costs
Balance as of March 31, 2024$— $— $— 
Net additions (recoveries) charged to expense (1)
13,311 5,800 12,908 
Cash payments (10,827)(5,800)(7,725)
Foreign exchange and other45 — — 
Balance as of December 31, 2024$2,529 $— $5,183 
(1) Amount excludes approximately $15.5 million of non-cash facility-related and other charges and a $5.3 million non-cash gain from the sale of the MapMyFitness platform.
v3.25.0.1
Stock Based Compensation (Tables)
 9 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Arrangement, Option, Activity A summary of the Company's stock options activity for the nine months ended December 31, 2024 is presented below:
Number
of Stock
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Total
Intrinsic
Value
Outstanding at March 31, 2024
1,578 $19.44 3.82$— 
Granted, at fair market value— — — — 
Exercised— — — — 
Forfeited— — — — 
Outstanding at December 31, 2024
1,578 $19.44 3.07$— 
Exercisable at December 31, 2024
1,578 $19.44 3.07$— 
Schedule of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the Company's restricted stock and restricted stock unit awards activity for the nine months ended December 31, 2024 is presented below: 
Number of
Restricted Shares
Weighted Average
Grant Date Fair Value
Outstanding at March 31, 2024
20,776 $8.58 
Granted9,185 6.33 
Forfeited(3,186)7.54 
Vested(3,805)9.32 
Outstanding at December 31, 2024
22,970 $7.72 
v3.25.0.1
Fair Value Measurements (Tables)
 9 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and (Liabilities) Measured at Fair Value
The Company's financial assets (liabilities) measured at fair value on a recurring basis consisted of the following types of instruments as of the following periods:
December 31, 2024March 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Derivative foreign currency contracts (see Note 17)
$— $34,582 $— $— $(4,643)$— 
TOLI policies held by the Rabbi Trust (see Note 14)
$— $8,983 $— $— $9,105 $— 
Deferred Compensation Plan obligations (see Note 14)
$— $(17,986)$— $— $(16,151)$— 
v3.25.0.1
Risk Management and Derivatives (Tables)
 9 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Balance Sheet Location
The following table presents the fair values of derivative instruments within the Condensed Consolidated Balance Sheets. Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements.
Balance Sheet ClassificationDecember 31, 2024March 31, 2024
Derivatives designated as hedging instruments under ASC 815
Foreign currency contractsOther current assets$33,679 $10,477 
Foreign currency contractsOther long-term assets1,985 2,760 
Total derivative assets designated as hedging instruments$35,664 $13,237 
Foreign currency contractsOther current liabilities$729 $17,761 
Foreign currency contractsOther long-term liabilities— 1,171 
Total derivative liabilities designated as hedging instruments$729 $18,932 
Derivatives not designated as hedging instruments under ASC 815
Foreign currency contractsOther current assets$203 $559 
Total derivative assets not designated as hedging instruments$203 $559 
Foreign currency contractsOther current liabilities$556 $600 
Total derivative liabilities not designated as hedging instruments$556 $600 
Schedule of Effects of Cash Flow Hedges
The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
TotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge ActivityTotalAmount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues$1,401,039 $(737)$1,486,043 $3,415 $3,983,727 $(3,891)$4,369,682 $8,961 
Cost of goods sold$735,884 $329 $815,404 $(1,550)$2,059,765 $(3,242)$2,339,025 $(1,779)
Interest income (expense), net$(3,391)$(9)$(211)$(9)$(2,794)$(27)$(2,210)$(27)
Other income (expense), net$(2,563)$— $47,927 $— $(8,713)$— $35,763 $— 
Schedule of Cash Flows in AOCI
The following tables present the amounts affecting the Condensed Consolidated Statements of Comprehensive Income (Loss) from derivatives designated as cash flow hedges:
Balance as of
September 30, 2024		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2024
Foreign currency contracts$(22,304)$60,322 $(408)$38,426 
Interest rate swaps(404)— (9)(395)
Total designated as cash flow hedges$(22,708)$60,322 $(417)$38,031 
Balance as of
March 31, 2024		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2024
Foreign currency contracts$(10,645)$41,938 $(7,133)$38,426 
Interest rate swaps(422)— (27)(395)
Total designated as cash flow hedges$(11,067)$41,938 $(7,160)$38,031 
Balance as of
September 30, 2023		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2023
Foreign currency contracts$15,656 $(43,051)$1,865 $(29,260)
Interest rate swaps(440)— (9)(431)
Total designated as cash flow hedges$15,216 $(43,051)$1,856 $(29,691)
Balance as of
March 31, 2023		Amount of gain (loss) recognized in other comprehensive income (loss) on derivativesAmount of gain (loss) reclassified from other comprehensive income (loss) into incomeBalance as of
December 31, 2023
Foreign currency contracts$(4,764)$(17,314)$7,182 $(29,260)
Interest rate swaps(458)— (27)(431)
Total designated as cash flow hedges$(5,222)$(17,314)$7,155 $(29,691)
Schedule of Fair Value Hedging Activity
The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
TotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge ActivityTotalAmount of Gain (Loss) on Fair Value Hedge Activity
Other income (expense), net$(2,563)$(1,123)$47,927 $4,610 $(8,713)$3,469 $35,763 $39 
v3.25.0.1
Earnings Per Share (Tables)
 9 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Basic Earnings per Share to Diluted Earnings per Share
The following represents a reconciliation from basic net income (loss) per share to diluted net income (loss) per share:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Numerator
Net income (loss) - Basic$1,234 $110,753 $(133,810)$225,474 
Interest on Convertible Senior Notes due 2024, net of tax (1)(2)
— 225 — 675 
Net income (loss) - Diluted$1,234 $110,978 $(133,810)$226,149 
Denominator
Weighted average common shares outstanding Class A, B and C - Basic431,744 437,314 433,212 441,893 
Dilutive effect of Class A, B, and C securities (1)
5,553 2,879 — 2,073 
Dilutive effect of Convertible Senior Notes due 2024 (1)(2)
— 8,242 — 8,242 
Weighted average common shares and dilutive securities outstanding Class A, B, and C437,297 448,435 433,212 452,208 
Class A and Class C securities excluded as anti-dilutive (3)
1,721 12,953 10,588 16,446 
Basic net income (loss) per share of Class A, B and C common stock$0.00 $0.25 $(0.31)$0.51 
Diluted net income (loss) per share of Class A, B and C common stock$0.00 $0.25 $(0.31)$0.50 
(1) Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No stock options, restricted stock units, or effects from the Convertible Senior Notes due 2024 are included in the computation of diluted earnings per share during periods when the Company is in the net loss position, as their effect would be anti-dilutive.
(2) The Company's Convertible Senior Notes matured on June 1, 2024. Upon maturity, the Company repaid the approximately $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding using cash on hand. Refer to Note 9 of these Condensed Consolidated Financial Statements for additional details.
(3) Represents stock options and restricted stock units of Class A and Class C Common Stock outstanding that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.
v3.25.0.1
Segment Data (Tables)
 9 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenue from Segments to Consolidated
The following tables summarize the Company's net revenues and operating income (loss) by its geographic segments. Intercompany balances were eliminated in consolidation and are not reviewed when evaluating segment performance.
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Net revenues
North America$843,620 $915,335 $2,416,225 $2,733,297 
EMEA297,890 284,049 807,960 797,781 
Asia-Pacific201,112 212,018 590,609 646,315 
Latin America58,990 69,832 170,340 179,240 
Corporate Other(573)4,809 (1,407)13,049 
Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 


Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Operating income (loss)
North America$164,068 $166,256 $529,216 $538,041 
EMEA42,110 49,133 114,161 117,738 
Asia-Pacific14,009 16,014 58,158 86,020 
Latin America14,186 13,367 41,528 32,759 
Corporate Other (1)
(220,864)(173,361)(856,202)(541,253)
    Total operating income (loss)13,509 71,409 (113,139)233,305 
Interest income (expense), net(3,391)(211)(2,794)(2,210)
Other income (expense), net(2,563)47,927 (8,713)35,763 
    Income (loss) before income taxes$7,555 $119,125 $(124,646)$266,858 
(1) Results for the nine months ended December 31, 2024, include $261 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation. Refer to Note 10 of these Condensed Consolidated Financial Statements for additional details.
v3.25.0.1
Description of Business and Basis of Presentation - Narrative (Details) - ISC Sport
$ in Millions
Nov. 30, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]  
Investment $ 7.5
Exchange for common stock ownership percentage 29.50%
v3.25.0.1
Description of Business and Basis of Presentation - Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682
Cost of goods sold 735,884 815,404 2,059,765 2,339,025
Gross profit 665,155 670,639 1,923,962 2,030,657
Selling, general and administrative expenses 637,701 599,230 1,994,858 1,797,352
Income (loss) from operations 13,509 71,409 (113,139) 233,305
Interest income (expense), net (3,391) (211) (2,794) (2,210)
Other income (expense), net (2,563) 47,927 (8,713) 35,763
Income (loss) before income taxes 7,555 119,125 (124,646) 266,858
Income tax expense (benefit) 6,295 8,569 9,308 41,333
Income (loss) from equity method investments (26) 197 144 (51)
Net income (loss) $ 1,234 $ 110,753 $ (133,810) $ 225,474
Basic net income (loss) per share (in dollars per share) $ 0.00 $ 0.25 $ (0.31) $ 0.51
Diluted net income (loss) per share (in dollars per share) $ 0.00 $ 0.25 $ (0.31) $ 0.50
As Previously Reported        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Net revenues   $ 1,486,095   $ 4,369,817
Cost of goods sold   814,914   2,338,905
Gross profit   671,181   2,030,912
Selling, general and administrative expenses   601,661   1,794,703
Income (loss) from operations   69,520   236,209
Interest income (expense), net   (211)   (2,210)
Other income (expense), net   49,636   36,822
Income (loss) before income taxes   118,945   270,821
Income tax expense (benefit)   4,999   38,464
Income (loss) from equity method investments   197   (51)
Net income (loss)   $ 114,143   $ 232,306
Basic net income (loss) per share (in dollars per share)   $ 0.26   $ 0.53
Diluted net income (loss) per share (in dollars per share)   $ 0.26   $ 0.52
Adjustment        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Net revenues   $ (52)   $ (135)
Cost of goods sold   490   120
Gross profit   (542)   (255)
Selling, general and administrative expenses   (2,431)   2,649
Income (loss) from operations   1,889   (2,904)
Interest income (expense), net   0   0
Other income (expense), net   (1,709)   (1,059)
Income (loss) before income taxes   180   (3,963)
Income tax expense (benefit)   3,570   2,869
Income (loss) from equity method investments   0   0
Net income (loss)   $ (3,390)   $ (6,832)
Basic net income (loss) per share (in dollars per share)   $ (0.01)   $ (0.02)
Diluted net income (loss) per share (in dollars per share)   $ (0.01)   $ (0.02)
v3.25.0.1
Description of Business and Basis of Presentation - Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities        
Net income (loss) $ 1,234 $ 110,753 $ (133,810) $ 225,474
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities        
Depreciation and amortization     96,786 102,113
Unrealized foreign currency exchange rate (gain) loss     8,072 (904)
Loss on disposal of property and equipment     4,039 746
Amortization of bond premium and debt issuance costs     1,703 1,565
Stock-based compensation     40,794 33,163
Deferred income taxes     (8,784) (24,430)
Changes in reserves and allowances     10,480 25,085
Changes in operating assets and liabilities:        
Accounts receivable     136,658 58,044
Inventories     (149,362) 72,578
Prepaid expenses and other assets     2,988 (56,261)
Other non-current assets     (39,662) 37,494
Accounts payable     172,504 32,100
Accrued expenses and other liabilities     (65,207) (38,737)
Customer refund liabilities     30,838 80
Income taxes payable and receivable     (3,732) 8,753
Net cash provided by (used in) operating activities     142,880 476,863
Cash flows from investing activities        
Purchases of property and equipment     (139,860) (116,541)
Sale of MyFitnessPal platform     50,000 45,000
Net cash provided by (used in) investing activities     (99,194) (71,541)
Cash flows from financing activities        
Net cash provided by (used in) financing activities     (154,455) (74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (20,982) 136
Net increase (decrease) in cash, cash equivalents and restricted cash     (131,751) 330,473
Cash, cash equivalents and restricted cash        
Beginning of period     876,917 726,745
End of period $ 745,166 1,057,218 $ 745,166 1,057,218
As Previously Reported        
Cash flows from operating activities        
Net income (loss)   114,143   232,306
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities        
Depreciation and amortization       106,685
Unrealized foreign currency exchange rate (gain) loss       (904)
Loss on disposal of property and equipment       746
Amortization of bond premium and debt issuance costs       1,565
Stock-based compensation       33,163
Deferred income taxes       (24,430)
Changes in reserves and allowances       25,085
Changes in operating assets and liabilities:        
Accounts receivable       55,912
Inventories       71,400
Prepaid expenses and other assets       (45,363)
Other non-current assets       42,149
Accounts payable       31,470
Accrued expenses and other liabilities       (42,630)
Customer refund liabilities       80
Income taxes payable and receivable       5,884
Net cash provided by (used in) operating activities       493,118
Cash flows from investing activities        
Purchases of property and equipment       (132,796)
Sale of MyFitnessPal platform       45,000
Net cash provided by (used in) investing activities       (87,796)
Cash flows from financing activities        
Net cash provided by (used in) financing activities       (74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash       136
Net increase (decrease) in cash, cash equivalents and restricted cash       330,473
Cash, cash equivalents and restricted cash        
Beginning of period       727,726
End of period   1,058,199   1,058,199
Adjustment        
Cash flows from operating activities        
Net income (loss)   (3,390)   (6,832)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities        
Depreciation and amortization       (4,572)
Unrealized foreign currency exchange rate (gain) loss       0
Loss on disposal of property and equipment       0
Amortization of bond premium and debt issuance costs       0
Stock-based compensation       0
Deferred income taxes       0
Changes in reserves and allowances       0
Changes in operating assets and liabilities:        
Accounts receivable       2,132
Inventories       1,178
Prepaid expenses and other assets       (10,898)
Other non-current assets       (4,655)
Accounts payable       630
Accrued expenses and other liabilities       3,893
Customer refund liabilities       0
Income taxes payable and receivable       2,869
Net cash provided by (used in) operating activities       (16,255)
Cash flows from investing activities        
Purchases of property and equipment       16,255
Sale of MyFitnessPal platform       0
Net cash provided by (used in) investing activities       16,255
Cash flows from financing activities        
Net cash provided by (used in) financing activities       0
Effect of exchange rate changes on cash, cash equivalents and restricted cash       0
Net increase (decrease) in cash, cash equivalents and restricted cash       0
Cash, cash equivalents and restricted cash        
Beginning of period       (981)
End of period   $ (981)   $ (981)
v3.25.0.1
Allowance For Doubtful Accounts (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
USD ($)
Allowance for doubtful accounts - within accounts receivable, net  
Beginning balance $ 14,994
Increases to costs and expenses 5,582
Write-offs, net of recoveries (1,217)
Ending balance $ 19,359
v3.25.0.1
Property and Equipment, Net- Schedule of Components Of Property And Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment $ 1,688,859 $ 1,820,938
Accumulated depreciation (1,038,215) (1,156,435)
Property and equipment, net 650,644 664,503
Impairment of long-lived assets 28,400  
Leasehold and tenant improvements    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 440,319 495,181
Furniture, fixtures and displays    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 305,918 301,897
Buildings    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 213,832 68,230
Software    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 280,314 350,811
Office equipment    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 138,483 139,223
Plant equipment    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 190,103 178,316
Land    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 73,244 82,410
Construction in progress    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment 20,800 175,960
Other    
Property, Plant and Equipment [Line Items]    
Subtotal property and equipment $ 25,846 $ 28,910
v3.25.0.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]        
Depreciation $ 30.9 $ 33.5 $ 95.6 $ 101.0
v3.25.0.1
Leases - Schedule of Leases Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Leases [Abstract]          
Operating lease costs $ 37,580 $ 37,535 $ 113,040 $ 112,845  
Variable lease costs $ 27,400 22,290 $ 76,940 64,452  
Weighted average remaining lease term (in years) 7 years 3 months 29 days   7 years 3 months 29 days   7 years 7 months 13 days
Weighted average discount rate 4.92%   4.92%   4.95%
Operating cash outflows from operating leases $ 46,243 44,941 $ 139,089 133,259  
Leased assets obtained in exchange for new operating lease liabilities $ 13,840 $ 29,239 $ 50,156 $ 50,698  
v3.25.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]        
Sublease income $ 3.3 $ 0.0 $ 6.1 $ 0.0
Leases not yet commenced 70.2   70.2  
NETHERLANDS        
Lessee, Lease, Description [Line Items]        
Leases not yet commenced $ 56.6   $ 56.6  
v3.25.0.1
Leases - Schedule of Maturities of Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 (three months ending) $ 40,712
2026 155,201
2027 133,576
2028 113,941
2029 76,380
2030 and thereafter 321,524
Total lease payments 841,334
Less: Interest 131,384
Total present value of lease liabilities $ 709,950
v3.25.0.1
Goodwill (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 478,302
Purchase of UNLESS COLLECTIVE, Inc. 9,784
Effect of currency translation adjustment (3,540)
Goodwill, ending balance 484,546
North America  
Goodwill [Roll Forward]  
Goodwill, beginning balance 301,371
Purchase of UNLESS COLLECTIVE, Inc. 9,784
Effect of currency translation adjustment 0
Goodwill, ending balance 311,155
EMEA  
Goodwill [Roll Forward]  
Goodwill, beginning balance 101,958
Purchase of UNLESS COLLECTIVE, Inc. 0
Effect of currency translation adjustment (2,489)
Goodwill, ending balance 99,469
Asia-Pacific  
Goodwill [Roll Forward]  
Goodwill, beginning balance 74,973
Purchase of UNLESS COLLECTIVE, Inc. 0
Effect of currency translation adjustment (1,051)
Goodwill, ending balance $ 73,922
v3.25.0.1
Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 10,039 $ 10,365
Accumulated Amortization (8,135) (7,385)
Net Carrying Amount 1,904 2,980
Indefinite-lived intangible assets 3,628 4,020
Intangible assets, net 5,532 7,000
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 8,517 8,609
Accumulated Amortization (6,666) (5,708)
Net Carrying Amount 1,851 2,901
Lease-related intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,522 1,756
Accumulated Amortization (1,469) (1,677)
Net Carrying Amount $ 53 $ 79
Minimum | Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives from Date of Acquisitions (in years) 2 years 2 years
Minimum | Lease-related intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives from Date of Acquisitions (in years) 1 year 1 year
Maximum | Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives from Date of Acquisitions (in years) 6 years 6 years
Maximum | Lease-related intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives from Date of Acquisitions (in years) 15 years 15 years
v3.25.0.1
Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 0.4 $ 0.4 $ 1.1 $ 1.1
v3.25.0.1
Intangible Assets, Net - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 (three months ending) $ 406  
2026 1,489  
2027 9  
2028 and thereafter 0  
Net Carrying Amount $ 1,904 $ 2,980
v3.25.0.1
Supply Chain Finance Program (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Mar. 31, 2024
Payables and Accruals [Abstract]    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
Outstanding payment obligations $ 206.9 $ 159.4
v3.25.0.1
Credit Facility and Other Long-Term Debt - Schedule of Components of Convertible Senior Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 01, 2024
Mar. 31, 2024
Jun. 30, 2016
Debt Instrument [Line Items]        
Total principal payments due $ 600,000 $ 80,900 $ 680,919  
Total amount outstanding 595,188   675,792  
Current maturities of long-term debt 0   80,919  
Non-current portion of long-term debt 595,188   594,873  
Credit Facility        
Debt Instrument [Line Items]        
Unamortized debt issuance costs - Credit facility (3,657)   (3,362)  
1.50% Convertible Senior Notes        
Debt Instrument [Line Items]        
Current maturities of long-term debt $ 0   80,919  
Stated interest rate, percentage 1.50% 1.50%    
1.50% Convertible Senior Notes | Convertible Notes        
Debt Instrument [Line Items]        
Total principal payments due $ 0   80,919  
Unamortized debt issuance costs - Credit facility $ 0   (16)  
Stated interest rate, percentage 1.50%      
3.25% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Total principal payments due $ 600,000   600,000  
Unamortized debt discount on Senior Notes (370)   (560)  
Unamortized debt issuance costs - Credit facility $ (785)   $ (1,189) $ (5,400)
Stated interest rate, percentage 3.25%     3.25%
v3.25.0.1
Credit Facility and Other Long-Term Debt - Credit Facility (Details)
 9 Months Ended
Dec. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
tranche
Jun. 01, 2024
USD ($)
Mar. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Outstanding under credit facility $ 600,000,000   $ 80,900,000 $ 680,919,000
SOFR | Minimum        
Debt Instrument [Line Items]        
Variable rate (as percent) 1.00%      
SOFR | Maximum        
Debt Instrument [Line Items]        
Variable rate (as percent) 1.75%      
Base Rate | Minimum        
Debt Instrument [Line Items]        
Variable rate (as percent) 0.00%      
Base Rate | Maximum        
Debt Instrument [Line Items]        
Variable rate (as percent) 0.75%      
Letter of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 50,000,000.0    
Letters of credit outstanding $ 45,900,000     4,200,000
Revolving Credit Facility        
Debt Instrument [Line Items]        
Long-term debt   1 year    
Credit Agreement        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 300,000,000    
Credit Agreement | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 1,100,000,000    
Number of tranches | tranche   2    
Outstanding under credit facility $ 0     $ 0
Covenant, consolidated EBITDA to consolidated interest expense ratio, greater than or equal 3.50      
Debt, leverage covenant, consolidated total indebtedness to consolidated EBITDA ratio less than or equal 3.25      
Commitment fee percentage 0.175%      
Tranche One | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 50,000,000    
Tranche Two | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 1,050,000,000.00    
v3.25.0.1
Credit Facility and Other Long-Term Debt - Senior Notes, Capped Call Transaction and Interest Expense (Details) - USD ($)
Jun. 01, 2024
Dec. 31, 2024
Mar. 31, 2024
Jun. 30, 2016
1.50% Convertible Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate, percentage 1.50% 1.50%    
Aggregate principal $ 80,900,000      
Debt repaid 80,900,000      
Accrued interest paid $ 600,000      
3.25% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate, percentage   3.25%   3.25%
Aggregate principal       $ 600,000,000.0
Deferred financing costs   $ 785,000 $ 1,189,000 $ 5,400,000
v3.25.0.1
Credit Facility and Other Long-Term Debt - Interest Expense Related to Convertible Senior Notes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]        
Interest expense, debt $ 6.4 $ 5.7 $ 18.1 $ 17.0
v3.25.0.1
Credit Facility and Other Long-Term Debt - Scheduled Maturities Of Long Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 01, 2024
Mar. 31, 2024
Debt Disclosure [Abstract]      
2025 (three months ending) $ 0    
2026 0    
2027 600,000    
2028 and thereafter 0    
Total principal payments due 600,000 $ 80,900 $ 680,919
Current maturities of long-term debt $ 0   $ 80,919
v3.25.0.1
Commitments and Contingencies (Details)
$ in Millions
 2 Months Ended
Jun. 20, 2024
USD ($)
Oct. 27, 2023
USD ($)
purportedStockholder
Mar. 16, 2023
case
Jan. 27, 2021
case
Sep. 14, 2020
case
Oct. 21, 2020
case
Jul. 31, 2018
case
Dec. 31, 2024
USD ($)
Mar. 23, 2017
case
Loss Contingencies [Line Items]                  
Litigation settlement amount | $ $ 434.0                
Period of non-monetary legal provision to keep roles of Chair and Chief Executive Officer separate 3 years                
Period of non-monetary legal provision to include performance-based vesting condition for restricted stock or restricted stock units 3 years                
Estimate of insurance coverage in dispute | $               $ 90.0  
Under Armour Securities Litigation, Case No. 17-cv-00388-RDB | Pending Litigation                  
Loss Contingencies [Line Items]                  
Pending claims | case                 3
Under Armour Securities Litigation, Case No. 17-cv-00388-RDB | Settled Litigation                  
Loss Contingencies [Line Items]                  
Estimated insurance recoveries | $ $ 63.0                
Securities Class Actions                  
Loss Contingencies [Line Items]                  
Number of complaints | case         2        
Derivative Complaints                  
Loss Contingencies [Line Items]                  
Number of complaints | case     4 4   2 2    
Number of purported stockholders included in complaint | purportedStockholder   4              
Number of complaints dismissed | case     1            
Derivative Complaints | Settled Litigation                  
Loss Contingencies [Line Items]                  
Settlement amount | $   $ 8.9              
v3.25.0.1
Stockholders' Equity (Details)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
May 15, 2024
USD ($)
Mar. 31, 2024
$ / shares
shares
Class C Common Stock Repurchase Program            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount | $         $ 500,000,000  
Stock repurchased and retired during period, shares (in shares) | shares     8,700,000      
Class C Common Stock repurchased | $     $ 65,000,000      
Remaining amount in share repurchase program | $ $ 435,000,000   $ 435,000,000      
Common Class C            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount | $   $ 500,000,000   $ 500,000,000    
Stock repurchased and retired during period, shares (in shares) | shares   3,100,000 8,700,000 10,700,000    
Class A Common Stock            
Class of Stock [Line Items]            
Common stock, authorized (in shares) | shares 400,000,000   400,000,000     400,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.0003   $ 0.0003     $ 0.0003
Number of votes per share | vote 1   1      
Shares issued upon conversion (in shares) | shares     1      
Class B Convertible Common Stock            
Class of Stock [Line Items]            
Common stock, authorized (in shares) | shares 34,450,000   34,450,000     34,450,000
Common stock, par value (in dollars per share) | $ / shares $ 0.0003   $ 0.0003     $ 0.0003
Number of votes per share | vote 10   10      
Class A Common Stock And Class B Convertible Common Stock | Minimum            
Class of Stock [Line Items]            
Beneficial ownership percentage of CEO     15.00%      
Common Class C            
Class of Stock [Line Items]            
Common stock, authorized (in shares) | shares 400,000,000   400,000,000     400,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.0003   $ 0.0003     $ 0.0003
Class C Common Stock repurchased | $ $ 25,000,000 $ 25,000,000 $ 65,000,000 $ 75,000,000    
Common Class C | ASR Agreement            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount | $ $ 25,000,000   25,000,000      
Stock repurchased and retired during period, shares (in shares) | shares 2,800,000          
Stock repurchased and retired during period, net of par value | $ $ 24,400,000   $ 65,300,000      
v3.25.0.1
Revenues - Schedule of Net Revenues By Product Category and Distribution Channels (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682
Net revenues 1,401,039 1,486,043 3,983,727 4,369,682
Wholesale        
Segment Reporting Information [Line Items]        
Revenues 704,760 711,699 2,211,266 2,393,382
Direct-to-consumer        
Segment Reporting Information [Line Items]        
Revenues 672,948 740,466 1,703,497 1,880,464
Corporate Other        
Segment Reporting Information [Line Items]        
Revenues (573) 4,809 (1,407) 13,049
Net revenues (573) 4,809 (1,407) 13,049
Apparel        
Segment Reporting Information [Line Items]        
Revenues 966,068 1,016,655 2,671,048 2,911,669
Footwear        
Segment Reporting Information [Line Items]        
Revenues 301,208 331,000 924,357 1,045,872
Accessories        
Segment Reporting Information [Line Items]        
Revenues 110,432 104,510 319,358 316,305
Net Sales        
Segment Reporting Information [Line Items]        
Revenues 1,377,708 1,452,165 3,914,763 4,273,846
License revenues        
Segment Reporting Information [Line Items]        
Revenues $ 23,904 $ 29,069 $ 70,371 $ 82,787
v3.25.0.1
Revenues - Schedule of Customer Refund Liability (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Customer refund liability    
Disaggregation of Revenue [Line Items]    
Reserves for customer returns allowances markdowns and discounts $ 170,344 $ 139,283
Inventory associated with reserves for sales returns    
Disaggregation of Revenue [Line Items]    
Reserves for customer returns allowances markdowns and discounts $ 39,796 $ 29,514
v3.25.0.1
Revenues - Schedule of Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
USD ($)
Revenue From Contract With Customer [Roll Forward]  
Balance as of March 31, 2024 $ 26,322
Revenues deferred 53,460
Revenue recognized (41,072)
Foreign exchange and other (729)
Balance as of December 31, 2024 37,981
Revenue recognized $ 7,100
v3.25.0.1
Restructuring and related charges - 2025 restructuring Plan (Details) - 2025 Restructuring Plan - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 05, 2024
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs $ 160,000 $ 70,000
Cash Related Charges    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs   75,000
Employee Related Costs    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs   30,000
Various Transformational Initiatives    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs   45,000
Non-Cash Charges    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs   85,000
Employee Severance, Noncash    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs   7,000
Intangible and Other Asset Impairment    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs   $ 78,000
Minimum    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs 140,000  
Maximum    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring costs $ 160,000  
v3.25.0.1
Restructuring and related charges - Schedule of Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Sep. 05, 2024
Restructuring Cost and Reserve [Line Items]          
Total costs recorded in restructuring charges $ 13,945 $ 0 $ 42,243 $ 0  
2025 Restructuring Plan          
Restructuring Cost and Reserve [Line Items]          
Total costs recorded in restructuring charges 17,764   57,443    
Remaining to be incurred 102,557   102,557    
Total to be incurred under plan 160,000   160,000   $ 70,000
2025 Restructuring Plan | Restructuring and impairment charges          
Restructuring Cost and Reserve [Line Items]          
Employee-related costs 1,584   13,322    
Facility-related costs 5,706   18,201    
Other restructuring costs 6,655   10,720    
Total costs recorded in restructuring charges 13,945   42,243    
Remaining to be incurred 67,757   67,757    
Total to be incurred under plan 110,000   110,000    
2025 Restructuring Plan | Selling, general and administrative expenses          
Restructuring Cost and Reserve [Line Items]          
Employee-related costs 0   9,460    
Other restructuring costs 3,819   5,740    
Total costs recorded in restructuring charges 3,819   15,200    
Remaining to be incurred 34,800   34,800    
Total to be incurred under plan $ 50,000   $ 50,000    
v3.25.0.1
Restructuring and related charges - Schedule of Restructuring Reserve (Details) - 2025 Restructuring Plan
$ in Thousands
 9 Months Ended
Dec. 31, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Non-cash facility-related and other charges $ 15,500
Non-cash recovery from the sale 5,300
Employee Related Costs  
Restructuring Reserve [Roll Forward]  
Balance as of March 31, 2024 0
Net additions (recoveries) charged to expense 13,311
Cash payments (10,827)
Foreign exchange and other 45
Balance as of December 31, 2024 2,529
Facility Related Costs  
Restructuring Reserve [Roll Forward]  
Balance as of March 31, 2024 0
Net additions (recoveries) charged to expense 5,800
Cash payments (5,800)
Foreign exchange and other 0
Balance as of December 31, 2024 0
Other Restructuring Related Costs  
Restructuring Reserve [Roll Forward]  
Balance as of March 31, 2024 0
Net additions (recoveries) charged to expense 12,908
Cash payments (7,725)
Foreign exchange and other 0
Balance as of December 31, 2024 $ 5,183
v3.25.0.1
Other Employee Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Retirement Benefits [Abstract]          
401(k) contribution matching expense $ 2.2 $ 2.2 $ 8.2 $ 8.9  
Deferred compensation plan obligations 18.0   18.0   $ 16.2
TOLI policies held by the Rabbi Trust $ 9.0   $ 9.0   $ 9.1
v3.25.0.1
Stock Based Compensation - Stock Compensation Plans (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Jun. 30, 2022
$ / shares
Dec. 31, 2024
USD ($)
installment
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Mar. 31, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation | $       $ 40,794,000 $ 33,163,000  
Number of equal annual vesting installments | installment       3    
Options outstanding, number of underlying shares (in shares) | shares 1,578,000     1,578,000   1,578,000
Employees and Non-Employee Directors            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation | $ $ 10,700,000 $ 8,300,000   $ 36,200,000 28,600,000  
Unrecognized compensation costs | $ 62,400,000     $ 62,400,000    
Unrecognized compensation costs, period for recognition       2 years 1 month 2 days    
Marketing and Consulting Partners            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs | $ 65,800,000     $ 65,800,000    
Unrecognized compensation costs, period for recognition       9 years 7 months 17 days    
Share based compensation | $ $ 1,900,000 $ 2,200,000   $ 5,600,000 $ 7,000,000.0  
Stock option            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Contractual term       10 years    
Deferred Stock Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options outstanding, number of underlying shares (in shares) | shares 1,000,000     1,000,000    
Performance Based Restricted Stock Units, Granted in Fiscal 2025            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation | $ $ 1,000,000     $ 2,300,000    
Performance Based Restricted Stock Units, Granted in Fiscal 2024 and Fiscal 2023            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation | $ $ 0     0    
2005 Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Fair value of stock awards | $       $ 150,000    
Vesting percentage 100.00%     100.00%    
2005 Plan | Class A Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares available for grant (in shares) | shares 8,300,000     8,300,000    
2005 Plan | Common Class C            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares available for grant (in shares) | shares 28,300,000     28,300,000    
2005 Plan | Performance Based Restricted Stock Units | Certain Executives and Key Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares granted (in shares) | shares       2,300,000    
2005 Plan | Performance Based Restricted Stock Units | President and CEO            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based compensation | $ $ 500,000     $ 1,200,000    
Shares granted (in shares) | shares       2,000,000    
Shares granted (in dollars per share) | $ / shares       $ 4.13    
2005 Plan | Performance Based Restricted Stock Units, Granted in Fiscal 2025 | Certain Executives and Key Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares granted (in dollars per share) | $ / shares       $ 6.85    
2005 Plan | Performance Based Restricted Stock Units, Granted in Fiscal 2024 | Certain Executives and Key Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares granted (in dollars per share) | $ / shares           $ 6.93
2005 Plan | Performance Based Restricted Stock Units, Granted in Fiscal 2023 | Certain Executives and Key Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares granted (in dollars per share) | $ / shares     $ 9.13      
2005 Plan | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period (over)       2 years    
2005 Plan | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period (over)       5 years    
Director Compensation Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Fair value of stock awards | $       $ 100,000    
Obligation to issue share (in shares) | shares 1     1    
Period shares delivered following termination of director's service       6 months    
ESPPs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
ESPP discount rate from fair market value       15.00%    
ESPPs | Class A Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares available for grant (in shares) | shares 2,700,000     2,700,000    
ESPPs | Common Class C            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares available for grant (in shares) | shares 2,300,000     2,300,000    
ESPP shares granted during period (in shares) | shares 100,000 100,000   300,000 400,000  
v3.25.0.1
Stock Based Compensation - Schedule Of Stock Options Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Number of Stock Options    
Outstanding, beginning of year (in shares) 1,578,000  
Granted, at fair market value (in shares) 0  
Exercised (in shares) 0  
Forfeited (in shares) 0  
Outstanding, end of year (in shares) 1,578,000 1,578,000
Exercisable, end of year (in shares) 1,578,000  
Weighted Average Exercise Price    
Outstanding, beginning of year (in dollars per share) $ 19.44  
Granted, at fair market value (in dollars per share) 0  
Exercised (in dollars per share) 0  
Forfeited (in dollars per share) 0  
Outstanding, end of year (in dollars per share) 19.44 $ 19.44
Exercisable, weighted average exercise price per share (in dollars per share) $ 19.44  
Weighted average remaining contractual life (in years) 3 years 25 days 3 years 9 months 25 days
Exercisable, weighted average remaining contractual life (in years) 3 years 25 days  
Options outstanding, total intrinsic value $ 0 $ 0
Exercisable, end of year $ 0  
v3.25.0.1
Stock Based Compensation - Schedule Of Restricted Stock And Restricted Stock Units (Details) - Restricted Stock and Restricted Stock Units
 9 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Restricted Shares  
Outstanding, beginning of year (in shares) | shares 20,776,000
Granted (in shares) | shares 9,185,000
Forfeited (in shares) | shares (3,186,000)
Vested (in shares) | shares (3,805,000)
Outstanding, end of year (in shares) | shares 22,970,000
Weighted Average Grant Date Fair Value  
Outstanding, beginning of year (in dollars per share) | $ / shares $ 8.58
Granted (in dollars per share) | $ / shares 6.33
Forfeited (in dollars per share) | $ / shares 7.54
Vested (in dollars per share) | $ / shares 9.32
Outstanding, end of year (in dollars per share) | $ / shares $ 7.72
v3.25.0.1
Fair Value Measurements - Schedule of Financial Assets And (Liabilities) Measured At Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TOLI policies held by the Rabbi Trust (see Note 14) $ 9,000 $ 9,100
Deferred Compensation Plan obligations (see Note 14) (18,000) (16,200)
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TOLI policies held by the Rabbi Trust (see Note 14) 0 0
Deferred Compensation Plan obligations (see Note 14) 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TOLI policies held by the Rabbi Trust (see Note 14) 8,983 9,105
Deferred Compensation Plan obligations (see Note 14) (17,986) (16,151)
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
TOLI policies held by the Rabbi Trust (see Note 14) 0 0
Deferred Compensation Plan obligations (see Note 14) 0 0
Foreign currency contracts | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative foreign currency contracts (see Note 17) 0 0
Foreign currency contracts | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative foreign currency contracts (see Note 17) 34,582 (4,643)
Foreign currency contracts | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative foreign currency contracts (see Note 17) $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Mar. 31, 2024
Senior Notes    
Debt Instrument [Line Items]    
Fair value $ 579.7 $ 569.1
v3.25.0.1
Risk Management and Derivatives - Balance Sheet Location (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Derivatives designated as hedging instruments under ASC 815    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 35,664 $ 13,237
Derivative liabilities 729 18,932
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative assets 33,679 10,477
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other long-term assets    
Derivatives, Fair Value [Line Items]    
Derivative assets 1,985 2,760
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 729 17,761
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other long-term liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 0 1,171
Derivatives not designated as hedging instruments under ASC 815    
Derivatives, Fair Value [Line Items]    
Derivative assets 203 559
Derivative liabilities 556 600
Derivatives not designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current assets    
Derivatives, Fair Value [Line Items]    
Derivative assets 203 559
Derivatives not designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 556 $ 600
v3.25.0.1
Risk Management and Derivatives - Hedging Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Net revenues (Note 12) $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682
Cost of goods sold 735,884 815,404 2,059,765 2,339,025
Interest income (expense), net (3,391) (211) (2,794) (2,210)
Other income (expense), net (2,563) 47,927 (8,713) 35,763
Net revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (737) 3,415 (3,891) 8,961
Cost of goods sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity 329 (1,550) (3,242) (1,779)
Interest income (expense), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (9) (9) (27) (27)
Other income (expense), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity $ 0 $ 0 $ 0 $ 0
v3.25.0.1
Risk Management and Derivatives - Derivative Other Comprehensive Income Rollforward (Details) - Cash Flow Hedges - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Derivative Asset (Liability) Rollforward [Roll Forward]        
Derivative assets (liabilities), beginning balance $ (22,708) $ 15,216 $ (11,067) $ (5,222)
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives 60,322 (43,051) 41,938 (17,314)
Amount of gain (loss) reclassified from other comprehensive income (loss) into income (417) 1,856 (7,160) 7,155
Derivative assets (liabilities), ending balance 38,031 (29,691) 38,031 (29,691)
Foreign currency contracts        
Derivative Asset (Liability) Rollforward [Roll Forward]        
Derivative assets (liabilities), beginning balance (22,304) 15,656 (10,645) (4,764)
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives 60,322 (43,051) 41,938 (17,314)
Amount of gain (loss) reclassified from other comprehensive income (loss) into income (408) 1,865 (7,133) 7,182
Derivative assets (liabilities), ending balance 38,426 (29,260) 38,426 (29,260)
Interest rate swaps        
Derivative Asset (Liability) Rollforward [Roll Forward]        
Derivative assets (liabilities), beginning balance (404) (440) (422) (458)
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives 0 0 0 0
Amount of gain (loss) reclassified from other comprehensive income (loss) into income (9) (9) (27) (27)
Derivative assets (liabilities), ending balance $ (395) $ (431) $ (395) $ (431)
v3.25.0.1
Risk Management and Derivatives - Effects of Undesignated Derivatives and Fair Value Hedge Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]        
Other income (expense), net $ (2,563) $ 47,927 $ (8,713) $ 35,763
Other income (expense), net        
Derivative [Line Items]        
Amount of Gain (Loss) on Fair Value Hedge Activity $ (1,123) $ 4,610 $ 3,469 $ 39
v3.25.0.1
Risk Management and Derivatives - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Derivative [Line Items]    
Minimum maturity 1 month  
Maximum maturity 24 months  
Foreign currency contracts | Derivatives not designated as hedging instruments under ASC 815    
Derivative [Line Items]    
Notional amount $ 483.0 $ 449.0
Cash Flow Hedges | Foreign currency contracts    
Derivative [Line Items]    
Notional amount $ 850.5 $ 1,199.1
v3.25.0.1
Provision for Income Taxes (Details)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate reconciliation, percent 83.30% 7.20% (7.50%) 15.50%
v3.25.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 01, 2024
Mar. 31, 2024
Numerator            
Net income (loss) - Basic $ 1,234 $ 110,753 $ (133,810) $ 225,474    
Interest on Convertible Senior Notes due 2024, net of tax 0 225 0 675    
Net income (loss) - Diluted $ 1,234 $ 110,978 $ (133,810) $ 226,149    
Denominator            
Weighted average common shares outstanding Class A, B and C - Basic (in shares) 431,744 437,314 433,212 441,893    
Dilutive effect of Class A, B, and C securities (in shares) 5,553 2,879 0 2,073    
Dilutive effect of Convertible Senior Notes due 2024 (in shares) 0 8,242 0 8,242    
Weighted average common shares and dilutive securities outstanding Class A, B, and C (in shares) 437,297 448,435 433,212 452,208    
Basic net income (loss) per share of Class A, B and C common stock (in dollars per share) $ 0.00 $ 0.25 $ (0.31) $ 0.51    
Diluted net income (loss) per share of Class A, B and C common stock (in dollars per share) $ 0.00 $ 0.25 $ (0.31) $ 0.50    
Total principal payments due $ 600,000   $ 600,000   $ 80,900 $ 680,919
Stock Options and RSUs Representing Class A and Class C Common Stock            
Denominator            
Class A and Class C securities excluded as anti-dilutive (in shares) 1,721 12,953 10,588 16,446    
v3.25.0.1
Segment Data (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
USD ($)
industry
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
industry
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]        
Number of industries per segment | industry 1   1  
Net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682
Operating income (loss) 13,509 71,409 (113,139) 233,305
Interest income (expense), net (3,391) (211) (2,794) (2,210)
Other income (expense), net (2,563) 47,927 (8,713) 35,763
Income (loss) before income taxes 7,555 119,125 (124,646) 266,858
Litigation expense, net of insurance receivable     261,000  
Corporate Other        
Segment Reporting Information [Line Items]        
Net revenues (573) 4,809 (1,407) 13,049
Operating income (loss) (220,864) (173,361) (856,202) (541,253)
North America | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 843,620 915,335 2,416,225 2,733,297
Operating income (loss) 164,068 166,256 529,216 538,041
EMEA | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 297,890 284,049 807,960 797,781
Operating income (loss) 42,110 49,133 114,161 117,738
Asia-Pacific | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 201,112 212,018 590,609 646,315
Operating income (loss) 14,009 16,014 58,158 86,020
Latin America | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 58,990 69,832 170,340 179,240
Operating income (loss) $ 14,186 $ 13,367 $ 41,528 $ 32,759
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