Company: UAA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001336917-25-000136
Chunk: 69

Company: Under Armour, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 license 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 $21.7 million, or 9.6%. This was driven by an increase in both our wholesale and direct-to-consumer channels. Within our direct-to-consumer channel, net revenues increased in owned and operated retail stores, partially offset by a decrease in 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 $18.5 million, or 10.1%. This was driven by a decrease in both our wholesale and direct-to-consumer channels, partially offset by an increase in license revenues. Within our direct-to-consumer channel, net revenues decreased in e-commerce partially offset by an increase in owned and operated retail stores. 

•Net revenues in our Latin America region decreased by $9.8 million, or 15.3%. This was primarily driven by negative impacts of changes in foreign exchange rates. By channel, the decrease was in both our wholesale channel and our direct-to-consumer channel. Within our direct-to-consumer channel, net revenues decreased in both owned and operated retail stores and e-commerce. 

•Net revenues in our Corporate Other non-operating segment decreased by $4.1 million. This was primarily driven by foreign currency hedge losses related to revenues generated by entities within our operating segments.

33

Operating Income (Loss)

Three Months Ended June 30,20252024Change ($)Change (%)North America$121,437 $147,889 $(26,452)(17.9)%EMEA39,643 20,456 19,187 93.8 %Asia-Pacific14,703 9,935 4,768 48.0 %Latin America6,606 15,171 (8,565)(56.5)%Corporate Other (1)(179,066)(493,179)314,113 63.7 %Total operating income (loss)$3,323 $(299,728)$303,051 101.1 %

(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 increase in total operating income for the three months ended June 30, 2025, compared