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Communication Services : Interactive Media & Services | Large Cap Value
Company profile

Meta Platforms Inc., formerly Facebook, Inc., builds technologies that help people find communities and grow businesses. The Company's products enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, wearables, and in-home devices. The Company operates through two segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes augmented and virtual reality-related consumer hardware, software, and content. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers. Instagram is a place where people can express themselves through photos, videos, and private messaging, and connect with and shop from their favorite businesses and creators. Messenger is a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices.

Closing Price
$151.74
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
--
Volume
(Heavy Day)
Volume:
35,771,865

10-day average volume:
26,288,614
35,771,865

UNDER ARMOUR REPORTS SECOND QUARTER FISCAL 2023 RESULTS; UPDATES FULL-YEAR OUTLOOK

6:55 am ET November 3, 2022 (PR Newswire) Print

Under Armour, Inc. (NYSE: UA, UAA) today announced unaudited financial results for its second quarter of fiscal 2023 ended September 30, 2022. The company reports its financial performance following accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures described below under the "Non-GAAP Financial Information" paragraph.

https://mma.prnewswire.com/media/340474/under_armour__inc__logo.jpg

"We're pleased to have delivered second-quarter results that were in line with our expectations," said Under Armour Interim President and CEO Colin Browne. "While we anticipate the immediate macroeconomic backdrop to stay uncertain - we are taking a balanced approach to mitigate near-term pressures while continuing to focus on the long-term strength of our brand."

Browne continued, "By leaning into these strengths - performance product innovation, deep consumer connections, and empowering athletes - our team is working tirelessly across multiple growth opportunities. From refining our target consumer to young athletes and creating the space necessary to broaden our product aperture - we're taking action to pivot to the growth we know the Under Armour brand is capable of over the long term."

Second Quarter 2023 Review

-- Revenue was up 2 percent to $1.6 billion (up 5 percent currency neutral) compared to the prior year.

-- Wholesale revenue increased 4 percent to $948 million, and direct-to-consumer revenue decreased 4 percent to $577 million due to a 9 percent decline in owned and operated store revenue partially offset by a 4 percent increase in eCommerce revenue, which represented 36 percent of the total direct-to-consumer business during the quarter.

-- North American revenue was down 2 percent compared to the prior year at $1 billion, and international revenue increased 7 percent to $547 million (up 16 percent currency neutral). Within the international business, revenue increased 9 percent in EMEA (up 20 percent currency neutral), rose 7 percent in Asia-Pacific (up 14 percent currency neutral), and increased 3 percent in Latin America (up 4 percent currency neutral).

-- Apparel revenue decreased 2 percent to $1 billion. Footwear revenue increased 14 percent to $376 million. Accessories revenue fell 12 percent to $111 million.

-- Gross margin declined 560 basis points to 45.4 percent compared to the prior year, driven primarily by higher promotions, elevated freight expenses related to COVID-19 supply chain impacts, unfavorable channel mix, and the negative impact of changes in foreign currency.

-- Selling, general & administrative expenses decreased 1 percent to $594 million, including a $10 million legal expense related to ongoing litigation matters.

-- Operating income was $119 million. Adjusted operating income was $129 million.

-- Net Income was $87 million. Excluding a $10 million legal expense related to ongoing litigation matters and a $5 million benefit from a tax valuation allowance release related to prior-period restructuring, adjusted net income was $92 million.

-- Diluted earnings per share was $0.19. Adjusted diluted earnings per share was $0.20.

-- Inventory was up 29 percent to $1.1 billion.

-- Cash and Cash Equivalents were $854 million at the end of the quarter, and no borrowings were outstanding under the company's $1.1 billion revolving credit facility.

Share Buyback Update

Under Armour repurchased $25 million of its Class C common stock during the second quarter, reflecting 3.2 million shares retired. As of Sept. 30, 26 million shares for $350 million had been repurchased under its two-year, $500 million program, which the Board of Directors approved in February 2022.

Updated Fiscal 2023 Outlook

As a reminder, Under Armour began its new fiscal year 2023 on April 1, 2022. Accordingly, the comparable baseline period is April 1, 2021, through March 31, 2022. Key points related to Under Armour's fiscal year 2023 outlook include:

-- Revenue is expected to grow at a low single-digit percentage rate compared to the previous expectation of 5 to 7 percent growth due primarily to a more challenging retail environment and additional negative impacts from changes in foreign currency. Currency-neutral revenue is expected to be up at a mid-single-digit percentage rate compared to the previous expectation of 7 to 9 percent growth.

-- Gross margin remains unchanged from the previous outlook of a 375 to 425 basis point decline.

-- Selling, general & administrative expenses are expected to be down slightly against the prior year as the company manages costs amid uncertain market conditions.

-- Operating income is expected to reach $270 to $290 million compared to the previous range of $300 to $325 million. Excluding an expense related to ongoing litigation matters, adjusted operating income is expected to reach $290 to $310 million compared to the previous range of $310 to $335 million.

-- Diluted earnings per share is expected to be $0.56 to $0.60 compared to the previous expectation of $0.61 to $0.67. This includes a $0.28 benefit related to a tax valuation allowance release expected to be realized during the fiscal year. Of this $0.28 benefit, $0.16 is related to prior restructuring. Additionally, there is a $0.04 negative impact from a legal expense related to ongoing litigation matters. Excluding these net positive impacts of $0.12, adjusted diluted earnings per share is expected to be $0.44 to $0.48 compared to the previous expectation of $0.47 to $0.53.

-- Capital expenditures remain unchanged from an expectation of approximately $225 million.

Conference Call and Webcast

Under Armour will hold its second quarter fiscal 2023 conference call today at approximately 8:30 a.m. Eastern Time. The call will be webcast live at https://about.underarmour.com/investor-relations/financials and will be archived and available for replay about three hours after the live event.

Non-GAAP Financial Information

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

About Under Armour, Inc.

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

Forward-Looking Statements

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

Under Armour, Inc.
For the Three and Six Months Ended September 30, 2022, and 2021
(Unaudited; in thousands, except per share amounts)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                  Three Months Ended September 30,                      Six Months Ended September 30,
in '000s                                          2022             % of Net  2021             % of Net  2022             % of Net  2021             % of Net
                                                                   Revenues                   Revenues                   Revenues                   Revenues
Net revenues                                      $  1,573,885     100.0 %   $  1,545,532     100.0 %   $  2,922,942     100.0 %   $  2,897,066     100.0 %
Cost of goods sold                                860,051          54.6 %    757,428          49.0 %    1,578,911        54.0 %    1,440,141        49.7 %
Gross profit                                      713,834          45.4 %    788,104          51.0 %    1,344,031        46.0 %    1,456,925        50.3 %
Selling, general and administrative expenses      594,424          37.8 %    599,384          38.8 %    1,190,138        40.7 %    1,144,387        39.5 %
Restructuring and impairment charges              --               -- %      16,656           1.1 %     --               -- %      19,269           0.7 %
Income (loss) from operations                     119,410          7.6 %     172,064          11.1 %    153,893          5.3 %     293,269          10.1 %
Interest income (expense), net                    (3,555)          (0.2) %   (9,261)          (0.6) %   (9,560)          (0.3) %   (22,568)         (0.8) %
Other income (expense), net                       (5,771)          (0.4) %   (29,476)         (1.9) %   (20,012)         (0.7) %   (67,970)         (2.3) %
Income (loss) before income taxes                 110,084          7.0 %     133,327          8.6 %     124,321          4.3 %     202,731          7.0 %
Income tax expense (benefit)                      22,251           1.4 %     18,962           1.2 %     27,908           1.0 %     28,989           1.0 %
Income (loss) from equity method investments      (908)            (0.1) %   (921)            (0.1) %   (1,806)          (0.1) %   (1,091)          -- %
Net income (loss)                                 $       86,925   5.5 %     $     113,444    7.3 %     $       94,607   3.2 %     $     172,651    6.0 %
Basic net income (loss) per share of Class A, B   $          0.19            $          0.24            $          0.21            $          0.37
and C common stock
Diluted net income (loss) per share of Class A, B $          0.19            $          0.24            $          0.20            $          0.37
and C common stock
Weighted average common shares outstanding Class A, B and C common stock
Basic                                             454,322                    470,002                    456,357                    464,831
Diluted                                           464,141                    473,116                    466,143                    467,730
Under Armour, Inc.
For the Three and Six Months Ended September 30, 2022, and 2021
(Unaudited; in thousands)
NET REVENUES BY PRODUCT CATEGORY
                    Three Months Ended September 30,          Six Months Ended September 30,
in '000s            2022            2021            % Change  2022            2021            % Change
Apparel             $    1,038,268  $    1,058,231  (1.9) %   $    1,906,696  $    1,932,424  (1.3) %
Footwear            375,885         329,718         14.0 %    723,136         672,359         7.6 %
Accessories         111,117         126,345         (12.1) %  207,948         237,848         (12.6) %
Total net sales     1,525,270       1,514,294       0.7 %     2,837,780       2,842,631       (0.2) %
Licensing revenues  33,123          31,099          6.5 %     61,258          54,360          12.7 %
Corporate Other (1) 15,492          139             NM        23,904          75              NM
Total net revenues  $    1,573,885  $    1,545,532  1.8 %     $    2,922,942  $    2,897,066  0.9 %
NET REVENUES BY DISTRIBUTION CHANNEL
                    Three Months Ended September 30,            Six Months Ended September 30,
in '000s            2022             2021             % Change  2022            2021            % Change
Wholesale           $       948,154  $       910,655  4.1 %     $    1,739,840  $    1,678,266  3.7 %
Direct-to-consumer  577,116          603,639          (4.4) %   1,097,940       1,164,365       (5.7) %
Net Sales           1,525,270        1,514,294        0.7 %     2,837,780       2,842,631       (0.2) %
License revenues    33,123           31,099           6.5 %     61,258          54,360          12.7 %
Corporate Other (1) 15,492           139              NM        23,904          75              NM
Total net revenues  $    1,573,885   $    1,545,532   1.8 %     $    2,922,942  $    2,897,066  0.9 %
NET REVENUES BY SEGMENT
                    Three Months Ended September 30,          Six Months Ended September 30,
in '000s            2022            2021            % Change  2022            2021            % Change
North America       $    1,011,823  $    1,035,862  (2.3) %   $    1,921,179  $    1,941,355  (1.0) %
EMEA                262,679         241,201         8.9 %     467,860         448,425         4.3 %
Asia-Pacific        225,729         211,950         6.5 %     402,394         404,319         (0.5) %
Latin America       58,162          56,380          3.2 %     107,605         102,892         4.6 %
Corporate Other (1) 15,492          139             NM        23,904          75              NM
Total net revenues  $    1,573,885  $    1,545,532  1.8 %     $    2,922,942  $    2,897,066  0.9 %
Under Armour, Inc.
For the Three and Six Months Ended September 30, 2022, and 2021
(Unaudited; in thousands)
INCOME (LOSS) FROM OPERATIONS
                    Three Months Ended September 30,                    Six Months Ended September 30,
in '000s            2022        % of Net      2021        % of Net      2022        % of Net      2021        % of Net
                                Revenues (2)              Revenues (2)              Revenues (2)              Revenues (2)
North America       $   209,206 20.7 %        $   292,367 28.2 %        $   399,130 20.8 %        $   518,136 26.7 %
EMEA                35,895      13.7 %        41,772      17.3 %        54,076      11.6 %        81,664      18.2 %
Asia-Pacific        46,134      20.4 %        40,529      19.1 %        66,079      16.4 %        64,575      16.0 %
Latin America       7,177       12.3 %        10,831      19.2 %        13,411      12.5 %        16,832      16.4 %
Corporate Other (1) (179,002)   NM            (213,435)   NM            (378,803)   NM            (387,938)   NM
Income (loss) from  $   119,410 7.6 %         $   172,064 11.1 %        $   153,893 5.3 %         $   293,269 10.1 %
operations
(1) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the Company's operating segments but managed through the Company's central foreign exchange risk management program, as well as subscription revenues from the Company's MapMyRun and MapMyRide platforms (collectively "MMR") and revenue from other digital business opportunities. Corporate Other also includes expenses related to the Company's central supporting functions.
(2) The percentage of operating income (loss) is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM).
Under Armour, Inc.
As of September 30, 2022, and March 31, 2022
(Unaudited; in thousands)
CONDENSED CONSOLIDATED BALANCE SHEETS
in '000s                                        September 30, 2022                   March 31, 2022
Assets
Current assets
Cash and cash equivalents                       $                           853,652  $                        1,009,139
Accounts receivable, net                        789,087                              702,197
Inventories                                     1,080,420                            824,455
Prepaid expenses and other current assets, net  356,244                              297,034
Total current assets                            3,079,403                            2,832,825
Property and equipment, net                     636,746                              601,365
Operating lease right-of-use assets             471,894                              420,397
Goodwill                                        468,332                              491,508
Intangible assets, net                          9,291                                10,580
Deferred income taxes                           18,528                               20,141
Other long-term assets                          85,877                               76,016
Total assets                                    $                        4,770,071   $                        4,452,832
Liabilities and Stockholders' Equity
Accounts payable                                747,330                              560,331
Accrued expenses                                353,435                              317,963
Customer refund liabilities                     155,021                              159,628
Operating lease liabilities                     132,184                              134,833
Other current liabilities                       85,294                               125,840
Total current liabilities                       1,473,264                            1,298,595
Long-term debt, net of current maturities       673,382                              672,286
Operating lease liabilities, non-current        705,027                              668,983
Other long-term liabilities                     102,065                              84,014
Total liabilities                               2,953,738                            2,723,878
Total stockholders' equity                      1,816,333                            1,728,954
Total liabilities and stockholders' equity      $                        4,770,071   $                        4,452,832
Under Armour, Inc.
For the Six Months Ended September 30, 2022, and 2021
(Unaudited; in thousands)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                    Six Months Ended September 30,
in '000s                                                                            2022                   2021
Cash flows from operating activities
Net income (loss)                                                                   $              94,607  $            172,651
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization                                                       68,007                 72,335
Unrealized foreign currency exchange rate (gain) loss                               16,338                 (2,349)
Loss on extinguishment of senior convertible notes                                  --                     58,526
Loss on disposal of property and equipment                                          1,074                  2,049
Non-cash restructuring and impairment charges                                       --                     6,302
Amortization of bond premium and debt issuance costs                                1,096                  14,629
Stock-based compensation                                                            19,708                 22,581
Deferred income taxes                                                               (2,021)                (23,405)
Changes in reserves and allowances                                                  4,452                  (9,953)
Changes in operating assets and liabilities:
Accounts receivable                                                                 (90,331)               (29,586)
Inventories                                                                         (266,824)              14,956
Prepaid expenses and other assets                                                   (15,486)               (26,033)
Other non-current assets                                                            (36,932)               32,712
Accounts payable                                                                    167,149                43,179
Accrued expenses and other liabilities                                              19,034                 (1,432)
Customer refund liabilities                                                         (5,475)                (18,123)
Income taxes payable and receivable                                                 23,105                 31,417
Net cash provided by (used in) operating activities                                 (2,499)                360,456
Cash flows from investing activities
Purchases of property and equipment                                                 (93,864)               (49,195)
Sale of property and equipment                                                      --                     852
Earn-out from the sale of the MyFitnessPal platform                                 35,000                 --
Net cash used in investing activities                                               (58,864)               (48,343)
Cash flows from financing activities
Payments on long-term debt and revolving credit facility                            --                     (506,280)
Proceeds from capped call                                                           --                     91,722
Common Shares Repurchased                                                           (50,000)               --
Employee taxes paid for shares withheld for income taxes                            (803)                  (1,322)
Proceeds from exercise of stock options and other stock issuances                   2,015                  1,881
Net cash provided by (used in) financing activities                                 (48,788)               (413,999)
Effect of exchange rate changes on cash, cash equivalents and restricted cash       (43,962)               8,608
Net increase in (decrease in) cash, cash equivalents and restricted cash            (154,113)              (93,278)
Cash, cash equivalents and restricted cash
Beginning of period                                                                 1,022,126              1,359,680
End of period                                                                       $             868,013  $         1,266,402
Under Armour, Inc.
For the Three and Six Months Ended September 30, 2022
(Unaudited)
The table below presents the reconciliation of net revenue growth (decline) calculated according to GAAP to currency-neutral net revenue a non-GAAP measure. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.
CURRENCY-NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION
                                                                       Three months ended                                                      Six months ended
                                                                       September 30, 2022                                                      September 30, 2022
Total Net Revenue
Net revenue growth - GAAP                                              1.8 %                                                                   0.9 %
Foreign exchange impact                                                3.1 %                                                                   2.5 %
Currency neutral net revenue growth - Non-GAAP                         4.9 %                                                                   3.4 %
North America
Net revenue growth - GAAP                                              (2.3) %                                                                 (1.0) %
Foreign exchange impact                                                0.4 %                                                                   0.3 %
Currency neutral net revenue growth - Non-GAAP                         (1.9) %                                                                 (0.7) %
EMEA
Net revenue growth - GAAP                                              8.9 %                                                                   4.3 %
Foreign exchange impact                                                11.5 %                                                                  9.4 %
Currency neutral net revenue growth - Non-GAAP                         20.4 %                                                                  13.7 %
Asia-Pacific
Net revenue growth - GAAP                                              6.5 %                                                                   (0.5) %
Foreign exchange impact                                                7.2 %                                                                   5.6 %
Currency neutral net revenue growth - Non-GAAP                         13.7 %                                                                  5.1 %
Latin America
Net revenue growth - GAAP                                              3.2 %                                                                   4.6 %
Foreign exchange impact                                                0.8 %                                                                   0.2 %
Currency neutral net revenue growth - Non-GAAP                         4.0 %                                                                   4.8 %
Total International
Net revenue growth - GAAP                                              7.3 %                                                                   2.3 %
Foreign exchange impact                                                8.5 %                                                                   6.8 %
Currency neutral net revenue growth - Non-GAAP                         15.8 %                                                                  9.1 %
Under Armour, Inc.
For the Three and Six months ended September 30, 2022
(Unaudited; in thousands, except per share amounts)
The tables below present the reconciliation of the Company's condensed consolidated statement of operations presented in accordance with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.
ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION
in '000s                                                                                Three months ended                                                                       Six months ended
                                                                                        September 30, 2022                                                                       September 30, 2022
GAAP Income from operations                                                             119,410                                                                                  153,893
Add: Impact of legal expenses relating to litigation matters                            10,000                                                                                   20,000
Adjusted income from operations                                                         $                         129,410                                                        $                         173,893
ADJUSTED NET INCOME (LOSS) RECONCILIATION
in '000s                                                             Three months ended                  Six months ended
                                                                     September 30, 2022                  September 30, 2022
GAAP net income                                                      86,925                              94,607
Add: Impact of legal expenses relating to litigation matters         10,000                              20,000
Add: Impact of commission expense in connection with the sale of the --                                  490
MyFitnessPal platform
Add: Impact of provision for income taxes                            (4,811)                             (8,124)
Adjusted net income                                                  $                           92,114  $                         106,973
ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION
                                                                     Three months ended                    Six months ended
                                                                     September 30, 2022                    September 30, 2022
GAAP diluted net income per share                                    $                               0.19  $                               0.20
Add: Impact of legal expenses relating to litigation matters         0.02                                  0.04
Add: Impact of commission expense in connection with the sale of the --                                    --
MyFitnessPal platform
Add: Impact of provision for income taxes                            (0.01)                                (0.01)
Adjusted diluted net income per share                                $                               0.20  $                               0.23
Under Armour, Inc.
Outlook for the Year Ended March 31, 2023
(Unaudited; in millions, except per share amounts)
The tables below present the reconciliation of the Company's fiscal 2023 outlook presented in accordance with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.
ADJUSTED OPERATING INCOME RECONCILIATION
(in millions)                                                     Year Ended March 31, 2023
                                                                  Low end of estimate                                               High end of estimate
GAAP income from operations                                       $                                270                              $                                290
Add: Impact of legal expenses relating to litigation matters      20                                                                20
Adjusted income from operations                                   $                                290                              $                                310
ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION
(in millions)                                                 Year Ended March 31, 2023
                                                              Low end of estimate                   High end of estimate
GAAP diluted net income per share (1)                         $                               0.56  $                               0.60
Add: Impact of legal expenses relating to litigation matters  0.04                                  0.04
Add: Impact of provision for income taxes                     (0.16)                                (0.16)
Adjusted diluted net income per share                         $                               0.44  $                               0.48
(1) GAAP diluted net income (loss) per share excludes any potential earn-out related to the sale of the MyFitnessPal platform.
Under Armour, Inc.
As of September 30, 2022, and 2021
COMPANY-OWNED & OPERATED DOOR COUNT
                           September 30,
                           2022     2021
Factory House              178      179
Brand House                18       18
North America total doors  196      197
Factory House              162      144
Brand House                79       95
International total doors  241      239
Factory House              340      323
Brand House                97       113
Total doors                437      436

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SOURCE Under Armour, Inc.

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