Under Armour, Inc. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Under Armour, Inc. on February 9, 2021. The filing primarily serves to announce the release of financial results for the fourth quarter and full year ended December 31, 2020, and to report a significant change in the Company's fiscal year end.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are contained within the press release attached as Exhibit 99.1, which is incorporated by reference but not detailed in the body of this 8-K.
Material Changes
- Fiscal Year Change: The Board of Directors approved a change in the Company's fiscal year end from December 31 to March 31. This change is effective for the fiscal year beginning April 1, 2022, and ending March 31, 2023.
- Transition Period: The Company expects to file a transition report on Form 10-QT covering the period from January 1, 2022, to March 31, 2022.
- Bylaws Amendment: The Board adopted amended and restated Bylaws effective immediately to revise Article VII, Section 1, granting the Board the authority to fix and change the fiscal year.
Outlook, Risks, and Management Commentary
Management scheduled a conference call for 8:30 a.m. ET on February 10, 2021, to discuss the financial results for the fourth quarter and year ended December 31, 2020. The filing does not contain specific guidance, risk factors, or unusual items beyond the structural changes to the fiscal calendar.
Investor Verification Checklist
- Review the attached press release (Exhibit 99.1) for specific Q4 and full-year 2020 financial performance data.
- Confirm the impact of the fiscal year change on future reporting schedules and the upcoming Form 10-QT transition report.
- Examine the amended Bylaws (Exhibit 3.01) for the full text of the revised Article VII regarding fiscal year determination.
- Listen to the February 10, 2021, conference call for management's commentary on the 2020 results and future outlook.