Company: UAA
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001336917-25-000198
Chunk: 142

Company: Under Armour, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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 (129,392)689,854 Effect of exchange rate changes on cash and cash equivalents2,822 14,023 (11,201)Net increase (decrease) in cash and cash equivalents$(115,280)$(327,069)$211,789 

Operating Activities

Cash flows used in operating activities decreased by $147.4 million, as compared to the six months ended September 30, 2024, primarily driven by an increase from changes in working capital of $16.2 million and an increase in net income before the impact of non-cash items of $131.2 million. 

The changes in working capital were due to the following inflows:

•$77.7 million from changes in accrued expenses and other liabilities;

•$57.6 million from changes in inventories; and

•$39.5 million from changes in income taxes payable and receivable, net.

These inflows were partially offset by the following working capital outflows:

•$49.5 million from changes in prepaid expenses and other current assets;

•$46.7 million from changes in accounts receivable; 

•$30.2 million from changes in other non-current assets;

•$16.5 million from changes in customer refund liabilities; and

•$15.7 million from changes in accounts payable.

Investing Activities

Cash flows used in investing activities increased by $614.3 million, as compared to the six months ended September 30, 2024. During the three months ended September 30, 2025, we deposited $601.2 million into a restricted investment in connection with the satisfaction and discharge of the Senior Notes due 2026 (as defined and discussed below). During the six months ended September 30, 2024, we collected a $50 million earn-out in connection with the sale of the MyFitnessPal platform. 

Additionally, total capital expenditures during the six months ended September 30, 2025 were $55.9 million, or approximately 2% of net revenues, representing a $35.7 million decrease from $91.5 million during the six months ended September 30, 2024. Our long-term operating principle for capital expenditures is to spend between 2% and 4% of annual net revenues as we invest in our global direct-to-consumer and e-commerce businesses, information technology systems, distribution centers and our global offices.

Financing Activities

Cash flows provided by financing activities increased by $689