Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 86

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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In thousands)20242023Change ($)Change (%)20242023Change ($)Change (%)Interest income (expense), net$(3,391)$(211)$(3,180)(1507.1)%$(2,794)$(2,210)$(584)(26.4)%

37

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