Company: UAA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001336917-25-000136
Chunk: 97

Company: Under Armour, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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310,389 Accessories100,078 92,545 Net Sales1,112,525 1,160,726 License revenues24,362 21,671 Corporate Other(2,819)1,268     Total net revenues$1,134,068 $1,183,665 Net revenues by distribution channel:Wholesale$649,050 $680,513 Direct-to-consumer463,475 480,213 Net Sales1,112,525 1,160,726 License revenues24,362 21,671 Corporate Other(2,819)1,268     Total net revenues$1,134,068 $1,183,665 The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:As of June 30, 2025March 31, 2025Customer refund liability$140,511 $146,021 Inventory associated with reserves for sales returns$31,105 $33,609 

16

Contract LiabilitiesContract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets. The following table summarizes the change in the contract liabilities balance during the three months ended June 30, 2025, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.Total Contract LiabilitiesBalance as of March 31, 2025$34,342 Revenues deferred17,948 Revenues recognized (1)(19,102)Foreign exchange and other457 Balance as of June 30, 2025$33,645 (1