Under Armour 2014 Annual Report Download - page 45

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P
rovision
f
or income taxe
s
i
ncreased
$
24.0 million to
$
98.7 million in 2013 from
$
74.7 million in 2012. Ou
r
effective tax rate was 37.8% in 2013 compared to 3
6
.7% in 2012. Our effective tax rate for 2013 was higher than
the effective tax rate for 2012 primarily due to increased foreign investments driving a lower proportion o
f
f
oreign taxable income, along with increased non-deductible expenses, including acquisition related expenses, i
n
2013
.
S
e
g
ment Results of Operation
s
T
h
e net revenues an
d
operat
i
n
gi
ncome (
l
oss) assoc
i
ate
d
w
i
t
h
our se
g
ments are summar
i
ze
di
nt
h
e
f
o
ll
ow
i
n
g
ta
bl
es. T
h
ema
j
or
i
t
y
o
f
corporate expenses w
i
t
hi
n Nort
h
Amer
i
ca
h
ave not
b
een a
ll
ocate
d
to ot
h
er
f
ore
ign
countr
i
es an
db
us
i
nesses
.
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
Net revenue
s
by segment are summarized below
:
Year Ended December
31,
(In thousands
)
2014
2013
$ Chang
e
%
Chang
e
N
orth America $2,796,390 $2,193,739 $602,651 27.5
%
Other forei
g
n countries and businesses 287,980 138,312 149,
66
8 108.2
T
otal net revenues
$
3,084,370
$
2,332,051
$
752,319 32.3%
N
et revenues in our North American operatin
g
se
g
ment increased $602.7 million to $2,796.4 million i
n
2014 from $2,193.7 million in 2013 primaril
y
due to the items discussed above in the Consolidated Results o
f
Operations. Net revenues in other forei
g
n countries and businesses increased b
y
$149.7 million to $288.0 millio
n
in 2014 from $138.3 million in 2013 primaril
y
due to continued international expansion and increased unit sale
s
g
rowth in our EMEA and Latin America operatin
g
se
g
ments, alon
g
with an increase of $18.1 million in revenue
s
f
rom our MapM
y
F
i
tness operat
i
n
g
se
g
ment
.
O
perating income (
l
oss)
b
y segment
i
s summar
i
ze
db
e
l
ow:
Year Ended December
31
,
(In t
h
ousan
d
s
)
2014
2013
$
Chang
e
% Chang
e
N
orth America
$
372,347
$
271,338
$
101,009 37.2%
Other foreign countries and businesses (18,392) (6,240) (12,1
5
2) 194.7
T
otal operating income
$
353,955
$
265,098
$
88,857 33.5%
Operating income in our North American operating segment increased
$
101.0 million to
$
372.3 million in
2014 from
$
271.3 million in 2013 primarily due to the items discussed above in the Consolidated Results o
f
Operations. Operating loss in other foreign countries and businesses increased by
$
12.2 million to
$
18.4 millio
n
in 2014 from
$
6.2 million in 2013. This increase is primarily due to an operating loss in our MapMyFitnes
s
o
perating segment of
$
13.1 million.
Year Ended December 31, 2013 Compared to Year Ended December 31, 201
2
Net revenue
s
b
y
se
g
ment are summarized below
:
Year Ended December 31,
(
In thousands
)
201
3
201
2
$ Chan
ge
%
Chan
ge
N
orth America $2
,
193
,
739 $1
,
726
,
733 $467
,
006 27.0%
Ot
h
er
f
ore
ig
n countr
i
es an
db
us
i
nesses 138,312 108,188 30,124 27.
8
T
otal net revenues $2,332,051 $1,834,921 $497,130 27.1
%
35