Company: UAA
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001336917-25-000198
Chunk: 148

Company: Under Armour, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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 this material weakness did not result in a material misstatement of our consolidated financial statements, it resulted in immaterial errors in our consolidated interim and annual financial statements for Fiscal 2025, our fiscal year beginning on April 1, 2023 and ended March 31, 2024 ("Fiscal 2024"), our fiscal year beginning on April 1, 2022 and ended March 31, 2023 ("Fiscal 2023"), the period beginning January 1, 2022 and ended March 31, 2022 ("Transition Period") and our fiscal year beginning on January 1, 2021 and ended December 31, 2021 ("Fiscal 2021"). Additionally, until we remediate this material weakness, it could result in material misstatements to our interim or annual consolidated financial statements that would not be prevented or detected on a timely basis.

Remediation Efforts and Status of Remaining Material Weakness

During the quarter ended September 30, 2025, with the oversight of the Audit Committee of the Board of Directors, management has been executing on and remains committed to implementing measures designed to ensure that the control deficiencies that contributed to the material weakness are remediated. As it specifically relates to actions taken during the quarter ended September 30, 2025, we implemented changes in governance and oversight, as well as developed and implemented controls as part of our second quarter close process and will continue to enhance or modify these controls in future periods if needed. Although our remediation measures are ongoing, we believe the actions taken during the second quarter, as well as the cumulative actions taken to date, described below, will contribute towards the remediation of the previously identified material weakness:

•We prepared a remediation plan for the material weakness and performed training with process owners to improve documentation that supports effective control activities, including evidence of the completeness and accuracy of information produced by the entity; 

•We developed and deployed a new global balance sheet account reconciliation policy and approval process, which provides additional oversight, monitoring and account reconciliation governance;

•We have redesigned and implemented new controls that evaluate process adoption and monitor results; and

•We engaged third party consultants to advise management in connection with the remediation of the material weakness.

While our remediation efforts are expected to continue throughout Fiscal 2026, we believe the measures described above will contribute toward the remediation of the control deficiencies we have identified and strengthen our internal control over financial reporting. We are committed to improving our internal control over financial reporting and will