Company: UAA
Filing Date: 2025-06-26
Form Type: DEF 14A
Source: 0001336917-25-000112
Chunk: 78

Company: Under Armour, Inc.
Filing Date: 2025-06-26
Form: DEF 14A
Chunk 78
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 our financial information and comparing year-over-year performance, and we have incorporated this measure into certain of our executive compensation programs. However, these measures should not be considered in isolation and should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. In addition, our non-GAAP financial information may not be comparable to similarly titled measures reported by other companies.

For purposes of this Proxy Statement, we define currency neutral net revenue as our reported net revenues, adjusted to exclude the impact of changes in foreign currency exchange rates as compared with the foreign currency exchange rates used in our initial annual operating plan. The following table provides a numerical reconciliation of currency neutral net revenue to net revenues (in millions):

|                                         |     | Year Ended March 31, 2025 |       |
|:----------------------------------------|:----|:--------------------------|------:|
| Net revenues (GAAP)                     |     | $                         | 5,164 |
| Add: Foreign exchange losses            |     |                           |    30 |
| Currency neutral net revenue (Non-GAAP) |     | $                         | 5,194 |

For purposes of this Proxy Statement, we define adjusted operating income as our reported income from operations, adjusted to exclude the impact of certain specified items for purposes of evaluating performance against compensation targets, including, as applicable, the expense associated with the annual cash incentive awards, the impact of certain goodwill impairment charges, restructuring and other related charges, certain litigation related expenses, certain severance related expenses, changes in foreign currency exchange rates as compared with the foreign currency exchange rates used in our initial annual operating plan and charges related to the write-down of our accounts receivable asset due to customer bankruptcies. The following table provides a numerical reconciliation of adjusted operating income to income from operations (in millions):

|                                                                                            |     |   | Year Ended March 31, 2025 |     |   | Year Ended March 31, 2024 |     |   | Year Ended March 31, 2023 |     |   | Three Months Ended March 31, 2022 (Transition Period) |     |   | Year Ended December 31, 2021 |     |   | Year Ended December 31, 2020 |
|:-------------------------------------------------------------------------------------------|:----|:--|--------------------------:|:----|:--|--------------------------:|:----|:--|--------------------------:|:----|:--|------------------------------------------------------:|:----|: