Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 168

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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)$233,305 $(346,444)(148.5)%

(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 decrease in total operating income for the nine months ended December 31, 2024, compared to the nine months ended December 31, 2023, was primarily driven by the following:

•Operating income in our North America region decreased by $8.8 million to $529.2 million from $538.0 million. This was primarily due to a decrease in gross profit, partially offset by lower marketing-related and selling and distribution expenses. The decline in gross profit was primarily driven by lower net revenues as discussed above, partially offset by lower product input and freight costs. 

•Operating income in our EMEA region decreased by $3.6 million to $114.2 million from $117.7 million. This was primarily due to an increase in gross profit, partially offset by higher marketing-related expenses. The increase in gross profit was driven by higher net revenues as discusses above and lower product input costs. 

•Operating income in our Asia-Pacific region decreased by $27.9 million to $58.2 million from $86.0 million. This was primarily due to a decrease in gross profit, which was driven by lower net revenues, as discussed above and higher inventory returns.

•Operating income in our Latin America region increased by $8.8 million to $41.5 million from $32.8 million. This was primarily due to an increase in gross profit and lower marketing-related expenses and selling and distribution expenses. The increase in gross profit was primarily driven by lower product input costs.

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•Operating loss in our Corporate Other non-operating segment increased by $314.9 million to $856.2 million from $541.3 million. This was primarily due to higher litigation expense, which includes a recovery of insurance proceeds, related to the settlement of the Consolidated Securities Action as discussed in Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. The increase was also driven by restructuring and related charges of $57.4 million as a result of charges incurred under the 2025 restructuring plan as discussed above, an impairment charge of $28.4 million related to vacating the