Company: UAA
Filing Date: 2025-06-26
Form Type: DEF 14A
Source: 0001336917-25-000112
Chunk: 27

Company: Under Armour, Inc.
Filing Date: 2025-06-26
Form: DEF 14A
Chunk 27
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ank did not participate in the fiscal year 2025 annual cash incentive plan, based on the company’s performance, he was awarded a bonus commensurate with the company’s performance against our financial targets under the plan.

Our fiscal year 2025 adjusted operating income was $212 million ($(185) million on a GAAP basis), exceeding the target level of performance set under our fiscal year 2025 annual cash incentive plan and under our performance based equity awards granted in fiscal year 2025. Our fiscal year 2025 currency neutral net revenue was $5.19 billion ($5.16 billion on a GAAP basis), achieving between the threshold and target levels of performance set under our fiscal year 2025 annual cash incentive plan and our performance based equity awards granted in fiscal year 2025. As discussed below, the performance targets for the performance based equity awards granted in fiscal year 2025 were set for a one-year performance period based on currency neutral net revenue and adjusted operating income targets consistent with the financial plan established at the start of fiscal year 2025. The target levels of performance of adjusted operating income and currency neutral net revenue un

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der our fiscal year 2025 annual cash incentive plan and our performance based equity awards granted in fiscal year 2025 were set at $190 million and $5.25 billion, respectively.

Currency neutral net revenue amounts presented in this Proxy Statement generally refer to our GAAP net revenues, adjusted for gains or losses incurred due to changes in foreign currency exchange rates as compared with the foreign exchange rates used in our initial annual operating plan. Adjusted operating income amounts presented in this Proxy Statement generally refer to our GAAP operating income, adjusted for certain specified items considered when determining executive compensation. For purposes of determining executive compensation, our annual cash incentive plan and grant agreements for our fiscal year 2025 performance based equity awards specified certain adjustments that should be considered when evaluating performance against the targets, most of which would have the effect of further increasing adjusted operating income. These adjustments included items such as the impact of certain goodwill impairment charges, restructuring and other related charges, certain litigation related expense, certain severance related expense, foreign exchange losses and gains and charges related to the write-down of our accounts receivable asset due to customer bankruptcies. For a reconciliation of currency neutral net revenue and adjusted operating income as set forth in this Proxy Statement to the nearest GAAP measure, see “Appendix A: Reconciliation of Non-GAAP Financial Measures.”

Advisory