Under Armour reported QQ4 2024 revenue of $1.332 billion, up 1.15% year-over-year, but showed a narrow GAAP loss for the quarter with a net income near breakeven (-$0.26 million) and an operating loss of $6.46 million. The quarter was characterized by a sizable working capital impact: accounts receivable and inventory movements, alongside payables, weighed on cash from operations, resulting in negative operating cash flow of $139.1 million and negative free cash flow of $156.7 million. Despite a solid gross margin of approximately 45%, driven by product mix and channel dynamics, the company continued to incur elevated selling, general and administrative expenses that kept operating margins negative (-0.48%). The balance sheet remains liquidity-adequate, with approximately $859 million in cash and cash equivalents and total debt of about $1.44 billion, yielding a net debt position of roughly $584 million. Key liquidity metrics include a current ratio around 2.46 and a debt-to-capitalization ratio near 0.40, supporting near-term flexibility but underscoring profitability and cash-generation challenges ahead. Management commentary (not available in the provided transcript data) typically emphasizes product innovation, digital/direct-to-consumer (DTC) growth, and cost discipline as levers for improving profitability, though explicit forward guidance was not disclosed in the supplied materials. Overall, the QQ4 results depict a company stabilizing revenue rather than expanding margins or free cash flow in the near term, set against an intensely competitive apparel retail backdrop.