Under Armour 2010 Annual Report Download - page 34

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ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data is qualified by reference to, and should be read in conjunction with,
the Consolidated Financial Statements, including the notes thereto, and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included elsewhere in this Form 10-K.
Year Ended December 31,
2010 2009 2008 2007 2006
(In thousands, except per share amounts)
Net revenues $1,063,927 $856,411 $725,244 $606,561 $430,689
Cost of goods sold 533,420 446,286 372,203 302,083 216,753
Gross profit 530,507 410,125 353,041 304,478 213,936
Selling, general and administrative expenses 418,152 324,852 276,116 218,213 157,018
Income from operations 112,355 85,273 76,925 86,265 56,918
Interest expense, net (2,258) (2,344) (850) 749 1,457
Other expense, net (1,178) (511) (6,175) 2,029 712
Income before income taxes 108,919 82,418 69,900 89,043 59,087
Provision for income taxes 40,442 35,633 31,671 36,485 20,108
Net income $ 68,477 $ 46,785 $ 38,229 $ 52,558 $ 38,979
Net income available per common share
Basic $ 1.35 $ 0.94 $ 0.78 $ 1.09 $ 0.82
Diluted $ 1.34 $ 0.92 $ 0.76 $ 1.05 $ 0.78
Weighted average common shares outstanding
Basic 50,798 49,848 49,086 48,345 47,291
Diluted 51,282 50,650 50,342 50,141 49,676
Dividends declared $ — $ — $ — $ — $ —
At December 31,
2010 2009 2008 2007 2006
(In thousands)
Cash and cash equivalents $ 203,870 $187,297 $102,042 $ 40,588 $ 70,655
Working capital (1) 406,703 327,838 263,313 226,546 173,389
Inventories 215,355 148,488 182,232 166,082 81,031
Total assets 675,378 545,588 487,555 390,613 289,368
Total debt and capital lease obligations, including
current maturities 15,942 20,223 45,591 14,332 6,257
Total stockholders’ equity $ 496,966 $399,997 $331,097 $280,485 $214,388
(1) Working capital is defined as current assets minus current liabilities.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The information contained in this section should be read in conjunction with our Consolidated Financial
Statements and related notes and the information contained elsewhere in this Form 10-K under the captions
“Risk Factors,” “Selected Financial Data,” and “Business.”
Overview
We are a leading developer, marketer and distributor of branded performance apparel, footwear and
accessories. The brand’s moisture-wicking fabrications are engineered in many different designs and styles for
wear in nearly every climate to provide a performance alternative to traditional products. Our products are sold
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