Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 171

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 be material.

Refer to our "Risk Factors" section included in Part I, Item 1A of our Annual Report on Form 10-K for Fiscal 2024.

Share Repurchase Program

On May 15, 2024, our Board of Directors authorized us to repurchase up to $500 million (exclusive of fees and commissions) of outstanding shares of our Class C Common Stock through May 31, 2027. The Class C Common Stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing and amount of any repurchases will depend on market conditions, our financial condition, results of operations, liquidity and other factors.

During the three months ended December 31, 2024, we entered into a supplemental confirmation (the "December 2024 ASR Agreement") of an accelerated share repurchase transaction with Truist Bank ("Truist") to repurchase $25.0 million of our Class C Common Stock, and received a total of 2.8 million of Class C Common Stock from Truist, which were immediately retired. As a result, $24.4 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.

During the nine months ended December 31, 2024, pursuant to the December 2024 ASR Agreement and the previously disclosed accelerated share repurchase transaction that we entered into in May 2024, we repurchased 8.7 million shares of Class C Common Stock, which were immediately retired. As a result, $65.3 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.

As of the date of this Quarterly Report on Form 10-Q, we repurchased a total of $65 million or 8.7 million outstanding shares of Class C Common Stock, leaving approximately $435 million remaining under our current share repurchase program. 

During the three and nine months ended December 31, 2023, we repurchased and immediately retired 3.1 million and 10.7 million, Class C Common Stock, respectively,