Company: UAA
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001336917-25-000198
Chunk: 71

Company: Under Armour, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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7 million from changes in accounts payable.

Investing Activities

Cash flows used in investing activities increased by $614.3 million, as compared to the six months ended September 30, 2024. During the three months ended September 30, 2025, we deposited $601.2 million into a restricted investment in connection with the satisfaction and discharge of the Senior Notes due 2026 (as defined and discussed below). During the six months ended September 30, 2024, we collected a $50 million earn-out in connection with the sale of the MyFitnessPal platform. 

Additionally, total capital expenditures during the six months ended September 30, 2025 were $55.9 million, or approximately 2% of net revenues, representing a $35.7 million decrease from $91.5 million during the six months ended September 30, 2024. Our long-term operating principle for capital expenditures is to spend between 2% and 4% of annual net revenues as we invest in our global direct-to-consumer and e-commerce businesses, information technology systems, distribution centers and our global offices.

Financing Activities

Cash flows provided by financing activities increased by $689.9 million, as compared to the six months ended September 30, 2024, primarily due to the issuance of $400 million of Senior Notes due 2030 (as defined below) and $200 million of borrowings under the revolving credit facility during the six months ended September 30, 2025. Additionally, during the six months ended September 30, 2024, we repaid the $80.9 million aggregate principal amount of the 1.50% Convertible Senior Notes due 2024 using cash on hand. We also repurchased $25 million of our Class C Common Stock during the six months ended September 30, 2025 as compared to $40 million repurchased during the six months ended September 30, 2024. 

44

Capital Resources

Credit Facility 

On March 8, 2019, we entered into an amended and restated credit agreement by and among us, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In July 2025, we entered into the eighth amendment to the credit agreement (the credit agreement as amended, the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement