Founded in 1996 in the Basement of a Georgetown Home Now based
in Baltimore, Maryland Offices throughout the world Toronto, Japan,
China and Amsterdam Employs over 2,000 workers worldwide Owns over
70% of Performance Apparel Market
Slide 3
Governing Board Kevin Plank CEO, President, Chairman Brad
Dickerson Chief Financial Officer Wayne Marino Chief of Operations
J. Scott Plank Executive Vice President Business Development Kip J.
Fulks Executive Vice President - Product Mark M. Dowley Executive
Vice President Global Brand President - International
Slide 4
CompetitionCompetitionCompetitionCompetition
Slide 5
Horizontal Analysis (in thousands)
200920082007200920082007Revenues$856,411$725,244$606,561118%119%100%
Cost of goods sold $443,386$370,296$301,217119%123%100% Gross
Profit $413,025$354,948$305,044116%116%100% Selling Expense
$327,752$278,023218,779118%127%100% Income Operations
$85,273$76,925$86,265111%89%100% Interest inc (exp)
($2,344)$(850)$749-275%-113%100% Other Inc (Exp)
($511)($6,175)$20291235%-304%100% Income before tax
$82,418$69,900$89,043118%78%100% Taxes$35,633$31,671$36,485 Net
Income $46,785$38,229$52,558122%72%100%
Slide 6
Balance Sheet (in thousands) Assets200920082007 Current Assets
Cash and cash equivalents Cash and cash
equivalents$187,297$102,042$40,588 Accounts Receivables Accounts
Receivables$79,356$81,302$93,515 Inventories
Inventories$148,488$182,232$166,082 Prepaid expenses and other
Current Assets Prepaid expenses and other Current
Assets$19,989$18,023$11,642 Deferred income taxes Deferred income
taxes$12,870$12,824$10,418 Total Current Assets Total Current
Assets$448,000$396,423$322,245 Property and Equipment Property and
Equipment$72,926$73,548$52,332 Other long term assets Other long
term assets$10,754$8,897$7,863 Deferred income taxes Deferred
income taxes$13,908$8,687$8,173 Total Assets Total
Assets$545,588$487,555$390,613
Slide 7
Balance Sheet (in thousands) Current Liabilities 200920082007
Revolving Credit Revolving Credit----$25,000--- Accounts Payable
Accounts Payable$68,710$72,435$55,012 Accrued Expenses Accrued
Expenses$40,885$25,905$36,111 Current Maturities Current
Maturities$9275$7431$4,576 Other Current Liabilities Other Current
Liabilities$1292$2337--- Total Current Liabilities Total Current
Liabilities$120,162$133,110$95,699 Long Term Debt Long Term
Debt$10,948$13,061$9,298 Capital Lease Obligations Capital Lease
Obligations----$97$458 Other Long Term Liabilities Other Long Term
Liabilities$14,481$10,190$4,673 Total Liabilities Total
Liabilities$145,591$156,458$110,128 Total Stockholders Equity
$399,997$331,097$280,485 Total Liabilities and Equity
$545,588$487,555$390,613
Slide 8
Liquidity Ratios Industry Avg Current Ratio: 3.7x 3.5x Quick
Ratio:2.2x 1.1x Asset Management Ratios Industry Avg Days Sales
Outstanding:34.243 Total Asset Turnover1.66x1.7x
Slide 9
DEBT MANAGEMENT RATIOS Debt Ratio:27% Industry Average Industry
Average Industry Average TIE Ratio:36.1 Industry Average: 2.2 Book
Value Per Share PROFITABILITY RATIOS Profit Margin:5.4% ROA:9%
ROE:12.8% $7.96
Slide 10
Conclusion Under Armour is gaining ground on the giant that is
NIKE. Under Armour appears to be on solid financial ground. Under
Armour is reaching out to other markets, ie Military and Law
Enforcement Once Under Armour fully launches the footwear and
apparel lines in these other markets, they will become a very
successful company.
Slide 11
References: Business Week.
http://investing.businessweek.com/research/stocks/financials/rati
os.asp?ticker=UA:US Business Week.
http://investing.businessweek.com/research/stocks/financials/rati
os.asp?ticker=UA:US
http://investing.businessweek.com/research/stocks/financials/rati
os.asp?ticker=UA:US
http://investing.businessweek.com/research/stocks/financials/rati
os.asp?ticker=UA:US Sports Illustrated online.
http://sportsillustrated.cnn.com/2009/more/04/09/under.armour
/index.html Sports Illustrated online.
http://sportsillustrated.cnn.com/2009/more/04/09/under.armour
/index.html
http://sportsillustrated.cnn.com/2009/more/04/09/under.armour
/index.html
http://sportsillustrated.cnn.com/2009/more/04/09/under.armour
/index.html Under Armour INC online.
http://investor.underarmour.com/company/about.cfm Under Armour INC
online. http://investor.underarmour.com/company/about.cfm
http://investor.underarmour.com/company/about.cfm