Under Armour Analysis

Cent per lb.

Cotton Prices U.S Mkt Avg.

90

85

80

75

70

65

60

11/01/13

11/29/13

12/27/13

01/24/14

02/21/14

03/21/14

04/18/14

CONDENSED CONSOLIDATED

BALANCE SHEETS

As of

12/31/2014

As of

12/31/2013

Assets

Cash and Cash equivalents

$ 593,175

$347,489

Accounts receivable, net

279,835

209,952

Inventories

536,714

469,006

Prepaid expenses and other current

assets

87,177

63,987

Deferred income taxes

52,489

38,377

Total current assets

$1,549,399

Property and equipment, net

$1,128,811

$305,564

$223,952

123,256

122,244

Intangible assets, net

26,230

24,097

Deferred income taxes

33,570

31,094

Other long term assets

57,064

47,543

Goodwill

Total assets

$2,095083

$1,577,741

NET REVENUES BY PRODUCT

CATEGORY

2014

Apparel

2013

% Change

$2,291,529

$1,762,150

30.0%

Footwear

430,987

298,825

44.2%

Accessories

275,425

216,098

27.5%

Total net sales

2,997,932

Licensing revenues and others

2,277,073

86,438

31.7%

54,978

57.2%

Total net revenues

$3,084,370

$2,332,051

32.3%

NET REVENUES BY SEGMENT

2014

2013

% Change

North America

$2,796,390

$2,193,739

27.5%

287,980

138,312

108.2%

Other foreign countries and businesses

Total net revenues

$3,084,370

$2,332,051

32.3%

CONSOLIDATED

STATEMENTS OF INCOME

2014

% of Net

Revenues

2013

% of Net

Revenues

Net revenues

$3,084,370

100%

$2,332,051

100%

Cost of goods sold

Gross profit

Selling, general and administrative

expenses

Income from operations

1,572,164

1,512,206

51%

49%

1,158,251

353,955

1,195,381

1,136,670

37.5%

11.5%

51.3%

48,7%

871,572

265,098

37.3%

11.4%

Interest expense, net

(5,335)

(0.2%)

(2,933)

(0.1%)

Other expense, net

(6,410)

(0.2%)

(1,172)

(0.1%)...