Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 89

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 89
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 by changes in foreign exchange rates.

•Net revenues in our Asia-Pacific region decreased by $10.9 million, or 5.1%, to $201.1 million from $212.0 million. This was driven by a decrease in both our wholesale channel and our direct-to-consumer channel, partially offset by an increase in licensing revenues. Within our direct-to-consumer channel, net revenues decreased in e-commerce and were relatively flat in owned and operated retail stores.

•Net revenues in our Latin America region decreased by $10.8 million, or 15.5%, to $59.0 million from $69.8 million. This was driven by a decrease in both our wholesale channel and our direct-to-consumer channel. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores. Net revenues in our Latin America region were also negatively impacted by changes in foreign exchange rates.

•Net revenues in our Corporate Other non-operating segment decreased by $5.4 million to $(0.6) million from $4.8 million. This was primarily driven by lower foreign currency hedge gains related to revenues generated by entities within our operating segments.

39

Operating Income (Loss)

Three Months Ended December 31,(In thousands)20242023Change ($)Change (%)North America$164,068 $166,256 $(2,188)(1.3)%EMEA42,110 49,133 (7,023)(14.3)%Asia-Pacific14,009 16,014 (2,005)(12.5)%Latin America14,186 13,367 819 6.1 %Corporate Other (1)(220,864)(173,361)(47,503)(27.4)%Total operating income (loss)$13,509 $71,409 $(57,900)(81.1)%

(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 three months ended December 31, 2024, compared to the three months ended December 31, 2023, was primarily driven by the following:

•Operating income in our North America region decreased by $2.2 million to $164.1 million from $166.3 million. This was primarily