PR Newswire | Aug 3, 2021 06:55AM EDT

08/03 05:55 CDT

Under Armour Reports Second Quarter 2021 Results; Raises Full Year Outlook BALTIMORE, Aug. 3, 2021

BALTIMORE, Aug. 3, 2021 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) today announced unaudited financial results for the second quarter ended June 30, 2021. The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures described below under the "Non-GAAP Financial Information" paragraph.

"We are very pleased with Under Armour's better than expected second-quarter results, which reflect solid progress compared to both 2020 and 2019. Given the continued momentum, we're raising our full-year outlook, which puts us on track to achieving a solid performance in 2021," said Under Armour President and CEO Patrik Frisk. "With the critical mass of our transformation behind us and the continued improvements across product, marketing, and our financial results, I believe this year sets a robust foundation that positions us well for our next chapter of profitable growth."

Frisk concluded, "At the halfway point of our fiscal year, I'm confident in our ability to execute our strategy by putting Focused Performers at the center of everything we do and increasing our capacity to drive consistent, profitable growth for our shareholders over the long-term."

Second Quarter 2021 Review

* Revenue was up 91 percent to $1.4 billion (up 85 percent currency neutral) compared to the prior year. * Wholesale revenue increased 157 percent to $768 million and direct-to-consumer revenue increased 52 percent to $561 million, driven by strong growth in owned and operated stores offset by an 18 percent decline in eCommerce which represented 39 percent of the total direct-to-consumer business. * North America revenue increased 101 percent to $905 million and international revenue increased 100 percent to $446 million (up 84 percent currency neutral). Within the international business, revenue increased 133 percent in EMEA (up 116 percent currency neutral), increased 56 percent in Asia-Pacific (up 43 percent currency neutral), and increased 317 percent in Latin America (up 284 percent currency neutral). * Apparel revenue increased 105 percent to $874 million. Footwear revenue increased 85 percent to $343 million. Accessories revenue increased 99 percent to $112 million.

* Gross margin increased 20 basis points to 49.5 percent compared to the prior year, driven primarily by benefits from pricing and changes in foreign currency, offset by channel mix, and the sale of the MyFitnessPal platform, which carried a higher gross margin rate. * Selling, general & administrative expenses increased 14 percent to $545 million primarily due to increased marketing expenses and costs associated with the company's owned and operated stores, which were closed most of last year's comparable period due to the COVID-19 pandemic. * Restructuring charges were $3 million. * Operating income was $121 million. Adjusted operating income was $124 million. * Net income was $59 million. Adjusted net income was $110 million. * Diluted earnings per share was $0.13. Adjusted diluted earnings per share was $0.24. * Inventory was down 26 percent to $881 million. * Cash and Cash Equivalents were $1.3 billion at the end of the quarter, and no borrowings were outstanding under the company's $1.1 billion revolving credit facility.

Updated 2021 Outlook

Key points related to Under Armour's full-year 2021 outlook include:

* Revenue is expected to be up at a low twenties percentage rate compared to the previous expectation of a high-teens percentage rate increase, reflecting a low twenties percentage growth rate in North America and a mid-thirties percentage growth rate in the international business. * Gross margin is expected to increase 50 to 70 basis points compared to the previous expectation of an approximate 50 basis point improvement versus the prior year adjusted gross margin of 48.6 percent with expected benefits from pricing and changes in foreign currency offset by the sale of the MyFitnessPal platform and expected higher freight expenses. * Operating income is expected to reach $215 million to $225 million compared to the previous range of $105 million to $115 million. Excluding the impact of restructuring efforts, adjusted operating income is expected to reach $340 million to $350 million compared to the previous expectation of $230 million to $240 million. * Diluted earnings per share are expected to be $0.14 to $0.16 compared to the previous expectation of a diluted loss per share of $0.02 to $0.04. Adjusted diluted earnings per share are expected to reach $0.50 to $0.52 compared to the previously expected range of $0.28 to $0.30 per share.

2020 Restructuring Plan

In April 2020, Under Armour announced a restructuring plan designed to rebalance its cost base to improve profitability and cash flow. Of the estimated $550 million to $600 million restructuring plan range, the company has recognized $483 million of pre-tax charges, including $3 million in the second quarter of 2021, or $10 million year-to-date. Of the $483 million recognized, there has been $130 million in cash-related charges and $353 million in non-cash-related charges. The company expects to recognize approximately $40 million to $50 million in charges related to this plan in the third quarter.

COVID-19 Update

Under Armour remains focused on protecting teammate and consumer health and safety while working with its suppliers, partners, and customers to navigate potential disruptions. Given continued uncertainty related to COVID-19, particularly the ongoing and evolving impact on the company's suppliers and logistics providers, there could be material impacts on Under Armour's full-year business results in 2021.

Conference Call and Webcast

Under Armour will hold its second-quarter conference call and webcast today at approximately 8:30 a.m. Eastern Time. The call will be webcast live at https://about.underarmour.com/investor-relations/financials and will be archived and available for replay about three hours after the live event.

Non-GAAP Financial Information

This press release refers to "currency neutral" and "adjusted" results, as well as "adjusted" forward-looking estimates of the company's fiscal 2021 outlook. Management believes this information is useful to investors to compare the company's results of operations period-over-period because it enhances visibility into its actual underlying results, excluding these impacts. Currency-neutral financial information is calculated to exclude the effect of changes in foreign currency exchange rates. References to adjusted financial measures exclude the impact of the company's 2020 restructuring plan and related impairment charges, impairments associated with certain long-lived assets and goodwill and related tax effects, and with respect to certain measures, the non-cash amortization of debt discount and any gain or loss from the extinguishment of the company's convertible senior notes, and related tax effects. Where applicable, adjusted net income (loss) and adjusted diluted income (loss) per share exclude the non-cash amortization of debt discount on the company's convertible senior notes and any gain or loss from the extinguishment of the company's convertible senior notes and related tax effects. Management believes the gain or loss from the extinguishment of the company's convertible senior notes and the non-cash portion of the interest expense, which represents the accretion of the bifurcated equity component of the convertible senior notes' conversion option, is not core to the company's operations. The reconciliation of non-GAAP amounts to the most directly comparable financial measure calculated according to GAAP is presented in supplemental financial information furnished with this release. All per share amounts are reported on a diluted basis. These supplemental non-GAAP financial measures should not be considered in isolation and should be contemplated in addition to, and not as an alternative for, the company's reported results prepared per GAAP. Additionally, the company's non-GAAP financial information may not be comparable to similarly titled measures reported by other companies.

About Under Armour, Inc.

Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer and distributor of branded athletic performance apparel, footwear and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com.

Forward Looking Statements

Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the impact of the COVID-19 pandemic on our business and results of operations and the operations of our suppliers and logistics providers, our plans to reduce our operating expenses, anticipated charges and restructuring costs, projected savings related to our restructuring plans and the timing thereof, the development and introduction of new products, the implementation of our marketing and branding strategies, and the future benefits and opportunities from significant investments. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to: the impact of the COVID-19 pandemic on our industry and our business, financial condition and results of operations; changes in general economic or market conditions that could affect overall consumer spending or our industry; increased competition causing us to lose market share or reduce the prices of our products or to increase significantly our marketing efforts; fluctuations in the costs of raw materials and commodities we use in our products and our supply chain; failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business and successfully execute any restructuring plans and realize their expected benefits; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer shopping preferences and consumer demand for our products and manage our inventory in response to changing demands; loss of key customers, suppliers or manufacturers; our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; our ability to successfully manage or realize expected results from significant transactions and investments; our ability to effectively market and maintain a positive brand image; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation or application of our global operating and financial reporting information technology system; our ability to attract key talent and retain the services of our senior management and key employees; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations, and the potential impact of new trade, tariff and tax regulations on our profitability; risks related to data security or privacy breaches; and our potential exposure to litigation and other proceedings. The forward-looking statements contained in this press release reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Under Armour, Inc.

For the Three and Six Months Ended June 30, 2021 and 2020

(Unaudited; in thousands, except per share amounts)



CONSOLIDATED STATEMENTS OF OPERATIONS



Three Months Ended June 30, Six Months Ended June 30,

in '000s 2021 % of Net2020 % of Net2021 % of Net2020 % of Net Revenues Revenues Revenues Revenues

Net revenues $1,351,534100.0% $707,640 100.0 %$2,608,729100.0% $1,637,880100.0 %

Cost of goods sold 682,713 50.5 % 358,471 50.7 %1,311,267 50.3 % 857,727 52.4 %

Gross profit 668,821 49.5 % 349,169 49.3 %1,297,462 49.7 % 780,153 47.6 %

Selling, general and administrative 545,003 40.3 % 479,906 67.8 %1,059,641 40.6 % 1,032,607 63.0 %expenses

Restructuring and impairment 2,613 0.2 % 38,937 5.5 %9,726 0.4 % 475,400 29.0 %charges

Income (loss) from operations 121,205 9.0 % (169,674) (24.0)%228,095 8.7 % (727,854) (44.4)%

Interest income (expense), net (13,307) (1.0)% (11,336) (1.6) %(27,444) (1.1)% (17,296) (1.1) %

Other income (expense), net (38,494) (2.8)% (4,843) (0.7) %(45,674) (1.8)% (3,309) (0.2) %

Income (loss) before income taxes 69,404 5.1 % (185,853) (26.3)%154,977 5.9 % (748,459) (45.7)%

Income tax expense (benefit) 10,027 0.7 % (3,137) (0.4) %19,908 0.8 % 18,410 1.1 %

Income (loss) from equity method (170) - % (179) - %1,890 0.1 % (5,707) (0.3) %investments

Net income (loss) $59,207 4.4 % $(182,895)(25.8)%$136,959 5.3 % $(772,576)(47.2)%



Basic net income (loss) per share of $0.13 $(0.40) $0.30 $(1.70) Class A, B and C common stock

Diluted net income (loss) per share of$0.13 $(0.40) $0.30 $(1.70) Class A, B and C common stock

Weighted average common shares outstanding Class A, B and C common stock

Basic 459,604 454,121 457,793 453,496

Diluted 462,286 454,121 460,740 453,496

Under Armour, Inc.

For the Three and Six Months Ended June 30, 2021 and 2020

(Unaudited; in thousands)



NET REVENUES BY PRODUCT CATEGORY



Three Months Ended June 30, Six Months Ended June 30,

in '000s 2021 2020 % Change 2021 2020 % Change

Apparel $874,193 $425,858105.3 %$1,684,234$1,024,14564.5 %

Footwear 342,641 185,089 85.1 %651,688 394,777 65.1 %

Accessories 111,503 56,104 98.7 %228,899 123,852 84.8 %

Total net sales 1,328,337 667,051 99.1 %2,564,821 1,542,774 66.2 %

Licensing revenues 23,261 6,188 275.9 %44,918 26,123 71.9 %

Corporate Other (1)(64) 34,401 (100.2)%$(1,010) $68,983 (101.5)%

Total net revenues $1,351,534$707,64091.0 %$2,608,729$1,637,88059.3 %

NET REVENUES BY SEGMENT



Three Months Ended June 30, Six Months Ended June 30,

in '000s 2021 2020 % Change 2021 2020 % Change

North America $905,493 $449,702101.4 %$1,711,220$1,058,68261.6 %

EMEA 207,224 89,125 132.5 %401,107 227,029 76.7 %

Asia-Pacific 192,369 123,265 56.1 %402,589 218,951 83.9 %

Latin America 46,512 11,147 317.3 %94,823 64,235 47.6 %

Corporate Other (1)(64) 34,401 (100.2)%(1,010) $68,983 (101.5)%

Total net revenues $1,351,534$707,64091.0 %$2,608,729$1,637,88059.3 %

INCOME (LOSS) FROM OPERATIONS



Three Months Ended June 30, Six Months Ended June 30,

in '000s 2021 % of Net 2020 % of Net 2021 % of Net 2020 % of Net Revenues (2) Revenues (2) Revenues (2) Revenues (2)

North America $225,76924.9 % $30,759 6.8 % $436,33125.5 % $26,986 2.5 %

EMEA 39,892 19.3 % (698) (0.8) % 66,578 16.6 % 3,006 1.3 %

Asia-Pacific 24,046 12.5 % (12,447) (10.1) % 70,559 17.5 % (49,288) (22.5) %

Latin America 6,001 12.9 % (4,374) (39.2) % 7,458 7.9 % (52,558) (81.8) %

Corporate Other(1)(174,503)NM (182,914) NM (352,831)NM (656,000) NM

Income (loss) from$121,2059.0 % $(169,674)(24.0) % $228,0958.7 % $(727,854)(44.4) % operations

(1) Corporate Other primarily includes foreign currency hedge gains and lossesrelated to revenues generated by entities within the Company's operatingsegments but managed through the Company's central foreign exchange riskmanagement program. Prior to Fiscal 2021, the Company's Connected Fitnesssegment was separately disclosed, however, effective January 1, 2021, CorporateOther now includes the remaining Connected Fitness business consisting of MMRfor Fiscal 2021 and the entire Connected Fitness business for Fiscal 2020. Allprior periods were recast to conform to the current period presentation. Suchreclassifications did not affect total consolidated net revenues, consolidatedincome from operations or consolidated net income

(2) Operating income (loss) percentage is calculated based on total segment netrevenues. Additionally, the operating income (loss) percentage for CorporateOther is not presented as a meaningful metric (NM).

Under Armour, Inc.

As of June 30, 2021, December 31, 2020 and June 30, 2020

(Unaudited; in thousands)



CONDENSED CONSOLIDATED BALANCE SHEETS



in '000s June 30, 2021December 31, 2020June 30, 2020

Assets

Current assets

Cash and cash equivalents $ 1,349,793$ 1,517,361 $ 1,079,409

Accounts receivable, net 639,176 527,340 568,430

Inventories 881,117 895,974 1,198,509

Prepaid expenses and other current assets, net273,099 282,300 242,661

Total current assets 3,143,185 3,222,975 3,089,009

Property and equipment, net 619,116 658,678 702,885

Operating lease right-of-use assets 493,014 536,660 568,010

Goodwill 499,541 502,214 486,868

Intangible assets, net 12,110 13,295 38,748

Deferred income taxes 25,046 23,930 42,589

Other long term assets 79,497 72,876 75,232

Total assets $ 4,871,509$ 5,030,628 $ 5,003,341

Liabilities and Stockholders' Equity

Revolving credit facility, current $ - $ - $ 250,000

Accounts payable 613,566 575,954 664,288

Accrued expenses 346,530 378,859 266,399

Customer refund liabilities 179,407 203,399 199,016

Operating lease liabilities 145,014 162,561 148,408

Other current liabilities 77,445 92,503 90,503

Total current liabilities 1,361,962 1,413,276 1,618,614

Long term debt, net of current maturities 804,621 1,003,556 987,949

Operating lease liabilities, non-current 757,540 839,414 892,465

Other long term liabilities 100,676 98,389 80,899

Total liabilities 3,024,799 3,354,635 3,579,927

Total stockholders' equity 1,846,710 1,675,993 1,423,414

Total liabilities and stockholders' equity $ 4,871,509$ 5,030,628 $ 5,003,341

Under Armour, Inc.

For the Six Months Ended June 30, 2021 and 2020

(Unaudited; in thousands)



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



Six Months Ended June 30,

in '000s 2021 2020

Cash flows from operating activities

Net income (loss) $136,959 $(772,576)

Adjustments to reconcile net income (loss) to net cash used in operating activities

Depreciation and amortization 70,659 86,919

Unrealized foreign currency exchange rate gain (loss) 12,224 (1,134)

Loss on extinguishment of senior convertible notes 34,728 -

Loss on disposal of property and equipment 1,395 825

Non-cash restructuring and impairment charges 5,588 449,090

Amortization of bond premium 16,337 1,867

Stock-based compensation 21,905 23,258

Deferred income taxes (1,008) 22,296

Changes in reserves and allowances (18,429) 19,772

Changes in operating assets and liabilities:

Accounts receivable (105,690) 126,059

Inventories 22,384 (307,430)

Prepaid expenses and other assets 3,358 77,368

Other non-current assets 38,930 (301,523)

Accounts payable 27,240 46,449

Accrued expenses and other liabilities (145,488) 230,670

Customer refund liabilities (24,430) (18,630)

Income taxes payable and receivable 5,573 7,310

Net cash provided by (used in) operating activities 102,235 (309,410)

Cash flows from investing activities

Purchases of property and equipment (28,133) (50,862)

Sale of property and equipment 1,046 -

Purchase of businesses - (38,190)

Net cash used in investing activities (27,087) (89,052)

Cash flows from financing activities

Proceeds from long term debt and revolving credit facility - 1,288,753

Payments on long term debt and revolving credit facility (300,001) (550,000)

Proceeds from capped call 53,000 -

Purchase of capped call - (47,850)

Employee taxes paid for shares withheld for income taxes (4,510) (2,732)

Proceeds from exercise of stock options and other stock issuances 947 2,859

Payments of debt financing costs - (4,823)

Net cash provided by (used in) financing activities (250,564) 686,207

Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,781 4,351

Net increase in (decrease in) cash, cash equivalents and restricted cash (166,635) 292,096

Cash, cash equivalents and restricted cash

Beginning of period 1,528,515 796,008

End of period $1,361,880$1,088,104

Under Armour, Inc.

For the Three Months and Six Months Ended June 30, 2021

(Unaudited)



The table below presents the reconciliation of net revenue growth (decline) calculated according to GAAP to currency neutral net revenue a non-GAAP measure. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.



CURRENCY NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION



Three months endedSix months ended June June 30, 2021 30, 2021

Total Net Revenue

Net revenue growth - GAAP 91.0 % 59.3 %

Foreign exchange impact (6.1) % (4.2) %

Currency neutral net revenue growth - Non-GAAP84.9 % 55.1 %



North America

Net revenue growth - GAAP 101.4 % 61.6 %

Foreign exchange impact (1.9) % (1.0) %

Currency neutral net revenue growth - Non-GAAP99.5 % 60.6 %



EMEA

Net revenue growth - GAAP 132.5 % 76.7 %

Foreign exchange impact (16.6) % (11.1) %

Currency neutral net revenue growth - Non-GAAP115.9 % 65.6 %



Asia-Pacific

Net revenue growth - GAAP 56.1 % 83.9 %

Foreign exchange impact (13.1) % (13.0) %

Currency neutral net revenue growth - Non-GAAP43.0 % 70.9 %



Latin America

Net revenue growth - GAAP 317.3 % 47.6 %

Foreign exchange impact (33.4) % (4.4) %

Currency neutral net revenue growth - Non-GAAP283.9 % 43.2 %



Total International

Net revenue growth - GAAP 99.6 % 76.1 %

Foreign exchange impact (15.5) % (11.0) %

Currency neutral net revenue growth - Non-GAAP84.1 % 65.1 %

Under Armour, Inc.

For the Three Months Ended June 30, 2021

(Unaudited; in thousands, except per share amounts)



The tables below present the reconciliation of the Company's condensed consolidated statement of operations presented in accordance with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.



ADJUSTED OPERATING INCOME RECONCILIATION



in '000s Three months ended June 30, 2021

GAAP Income from operations $ 121,205

Add: Impact of restructuring charges 2,613

Add: Impact of restructuring charges recorded under cost of goods sold$ 408

Adjusted income from operations $ 124,226





ADJUSTED NET INCOME RECONCILIATION



in '000s Three months ended June 30, 2021

GAAP Net income $ 59,207

Add: Impact of restructuring charges 2,613

Add: Impact of restructuring charges recorded under cost of goods sold408

Add: Impact of amortization of debt discount 4,568

Add: Impact of loss on extinguishment of convertible senior notes 34,728

Add: Impact of provision for income taxes 8,498

Adjusted net income $ 110,022





ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION



Three months ended June 30, 2021

GAAP Diluted net income per share $ 0.13

Add: Impact of restructuring charges 0.01

Add: Impact of restructuring charges recorded under cost of goods sold-

Add: Impact of amortization of debt discount 0.01

Add: Impact of loss on extinguishment of convertible senior notes 0.08

Add: Impact of provision for income taxes 0.01

Adjusted diluted income per share $ 0.24

Under Armour, Inc.

Outlook for the Three Months Ending September 30, 2021 and Year Ending December 31, 2021

(Unaudited; in millions, except per share amounts)



The table below presents the reconciliation of the Company's fiscal 2021 outlook for income from operations calculated in accordance with GAAP to adjusted operating income, which is a non-GAAP financial measure. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.



ADJUSTED OPERATING INCOME RECONCILIATION



(in millions) Three Months Ending September 30, Year Ending December 31, 2021 2021

Low end of estimateHigh end of Low end of estimateHigh end of estimate estimate

GAAP Income (loss) from operations $ 45 $ 55 $ 215 $ 225

Add: Estimated impact of restructuring and50 50 125 125 impairment charges (1)

Adjusted income (loss) from operations $ 95 $ 105 $ 340 $ 350

ADJUSTED OPERATING MARGIN RECONCILIATION



Three Months Ending September 30,Year Ending December 31, 2021 2021

Low end of estimate High end ofLow end of estimateHigh end of estimate estimate

GAAP Operating margin 3.1 % 3.7 % 4.0 % 4.1 %

Add: Estimated impact of restructuring and3.5 % 3.4 % 2.3 % 2.3 % impairment charges (1)

Adjusted operating margin 6.6 % 7.1 % 6.3 % 6.4 %

ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION



Three Months Ending September 30,Year Ending December 31, 2021 2021

Low end of estimate High end of Low end of estimateHigh end of estimate estimate

GAAP Diluted net income (loss) per share $0.04 $ 0.06 $ 0.14 $ 0.16

Add: Impact of restructuring and impairment 0.11 0.11 0.27 0.27 charges (1)

Add: Impact of amortization of debt discount0.01 0.01 0.03 0.03

Add: Impact of loss on extinguishment of 0.08 0.08 convertible senior notes

Add: Impact of tax expense related to items (0.03) (0.03) (0.02) (0.02) noted above

Adjusted diluted income per share $0.13 $ 0.15 $ 0.50 $ 0.52

(1) Under the Company's 2020 restructuring plan's approved range of $550million to $600 million, approximately $483 million of cumulative charges havebeen recognized as of June 30, 2021. The impact of total charges to berecognized for the third quarter and the full year Fiscal 2021 presented aboveassumes the high-end of the estimated remaining charges included in this pressrelease.

Under Armour, Inc.

As of June 30, 2021 and 2020



BRAND HOUSE AND FACTORY HOUSE DOOR COUNT



June 30,

20212020

Factory House 178 170

Brand House 17 18

North America total doors195 188



Factory House 137 116

Brand House 95 123

International total doors232 239



Factory House 315 286

Brand House 112 141

Total doors 427 427

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SOURCE Under Armour, Inc.