Under Armour 2012 Annual Report Download

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UNDER ARMOUR GLOBAL HQ
BALTIMORE, MD

Table of contents

  • Page 1
    UNDER ARMOUR GLOBAL HQ BALTIMORE, MD

  • Page 2
    ...BRAND HOUSE BALTIMORE, MD THE FIRST-EVER UA BRAND HOUSE In the heart of our hometown, we've created a store unlike any athletes have seen before, featuring the very best UA innovations. The UA Brand House is the ultimate expression of the Under Armour Brand, giving shoppers access to our full line...

  • Page 3
    UNDER ARMOUR® SHOP SHANGHAI, CHINA UNDER ARMOUR® SHOP HARROD'S, LONDON UNDER ARMOUR® SHOP DICK'S SPORTING GOODS, CHICAGO

  • Page 4
    ... in 2013 as we focus on product expansions in areas like graphic t-shirts and fill distri- bution gaps in locations like department stores. The notion of "NEXT" is a guiding principle in our Youth business- the UA consumers of tomorrow-as well as how we are communicating with these future athletes...

  • Page 5
    ..., or nearly the size of our entire business in 2007. The channel represented 29 percent of total net revenues for the year, up from 27 percent in 2011 and 23 percent in 2010. The bulk of this business is driven by our Factory House outlet stores, which continue to help us better manage our excess...

  • Page 6
    ...performance training gear and kits, resulting in Tottenham Hotspur's most successful kit launch to date. THE RELENTLESS PURSUIT OF INNOVATION We continue to be the thought leaders in innovation with new products like the Armour39™, the first-of-its-kind performance monitoring system for athletes...

  • Page 7
    ... Baltimore, Maryland 21230 (Address of principal executive offices) (Zip Code) Class A Common Stock (410) 454-6428 (Registrant's Telephone Number, Including Area Code) New York Stock Exchange Securities registered pursuant to Section 12(b) of the Act: (Title of each class) (Name of each exchange...

  • Page 8
    UNDER ARMOUR, INC. ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS PART I. Item 1. Business General ...Products ...Marketing and Promotion ...Sales and Distribution ...Seasonality ...Product Design and Development ...Sourcing, Manufacturing and Quality Assurance ...Inventory Management ...Intellectual ...

  • Page 9
    ...We plan to continue to grow our business over the long term through increased sales of our apparel, footwear and accessories, expansion of our wholesale distribution, growth in our direct to consumer sales channel and expansion in international markets. Virtually all of our products are manufactured...

  • Page 10
    ...and Promotion We currently focus on marketing and selling our products to consumers primarily for use in athletics, fitness, training and outdoor activities. We seek to drive consumer demand by building brand equity and awareness that our products deliver advantages that help athletes perform better...

  • Page 11
    ... right to sell combine training apparel beginning in 2012. In addition, in 2011 we became the Official Performance Footwear Supplier of Major League Baseball, as well as becoming a partner with the National Basketball Association ("NBA") which allows us to market our NBA athletes in game uniforms in...

  • Page 12
    ... least 10% of our net revenues in 2012. Our direct to consumer sales are generated primarily through our specialty and factory house stores and websites. As of December 31, 2012, we had 102 factory house stores in North America, of which the majority is located at outlet centers on the East Coast of...

  • Page 13
    ... and New Zealand where we do not have direct sales operations. As of December 31, 2012, we had 2 specialty stores located in Shanghai, China. We generally distribute our products to our retail customers in Asia through a third-party logistics provider based out of Hong Kong. Latin America We sell to...

  • Page 14
    ... manufacture a limited number of apparel products on-premises in our quick turn, Special Make-Up Shop located at one of our distribution facilities in Maryland. Through this 17,000 square-foot shop, we are able to build and ship apparel products on tight deadlines for high-profile athletes, leagues...

  • Page 15
    ...production lead time reduction, and better planning and execution in selling of excess inventory through our factory house stores and other liquidation channels. Our practice, and the general practice in the apparel, footwear and accessory industries, is to offer retail customers the right to return...

  • Page 16
    ...if retailers earn higher margins from our competitors' products, they may favor the display and sale of those products. We believe we have been able to compete successfully because of our brand image and recognition, the performance and quality of our products and our selective distribution policies...

  • Page 17
    ... limitation changes in general economic or market conditions that could affect consumer spending and the financial health of our retail customers; our ability to effectively manage our growth and a more complex business, including new and expanded domestic and international distribution channels...

  • Page 18
    ...expand our sales and marketing, product development and distribution functions, to upgrade our management information systems and other processes and technology, and to obtain more space to support our expanding workforce. This expansion could increase the strain on these and other resources, and we...

  • Page 19
    ...acceptance for our new products; product introductions by competitors; unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction or increase in the rate of reorders placed by retailers; the impact on consumer demand due to...

  • Page 20
    ... pricing policies; and engaging in lengthy and costly intellectual property and other disputes. In addition, while one of our growth strategies is to increase floor space for our products in retail stores and generally expand our distribution to other retailers, retailers have limited resources...

  • Page 21
    ... and limited brand recognition in new markets may limit our expansion strategy and cause our business and growth to suffer. Our future growth depends in part on our expansion efforts outside of the North America. During the year ended December 31, 2012, 94% of our net revenues were earned in North...

  • Page 22
    ...; and changes in local economic conditions in countries where our manufacturers and suppliers are located. • • • Sales of performance products may not continue to grow and this could adversely impact our ability to grow our business. We believe continued growth in industry-wide sales of...

  • Page 23
    ... our growth and operating plans based on available funding, if any, which would harm our ability to grow our business. Our operating results are subject to seasonal and quarterly variations in our net revenues and net income, which could adversely affect the price of our Class A Common Stock. We...

  • Page 24
    ...brand image. A key element of our marketing strategy has been to create a link in the consumer market between our products and professional and collegiate athletes. We have developed licensing agreements to be the official supplier of performance apparel and footwear to a variety of sports teams and...

  • Page 25
    ..., Chief Executive Officer and President. The loss of the services of our senior management or other key employees could make it more difficult to successfully operate our business and achieve our business goals. We also may be unable to retain existing management, product creation, sales, marketing...

  • Page 26
    ...to attract and retain new team members, including senior management, we may not be able to achieve our business objectives. Our growth has largely been the result of significant contributions by our current senior management, product design teams and other key employees. However, to be successful in...

  • Page 27
    expand our product line and geographic scope of our marketing. From time to time, we have received or brought claims relating to intellectual property rights of others, and we expect such claims will continue or increase, particularly as we expand our business and the number of products we offer. ...

  • Page 28
    ... additional distribution facilities in the future. The location, general use, approximate size and lease term, if applicable, of our material properties as of December 31, 2012 are set forth below: Location Use Approximate Square Feet Lease End Date Baltimore, MD ...Corporate headquarters Amsterdam...

  • Page 29
    ... of our Board of Directors since September 2003 and our Chief Performance Officer since October 2011 with primary responsibility for the development of company-wide business strategy, human resources and organizational alignment and processes. Prior to joining our Company, Mr. Adams founded and was...

  • Page 30
    ... various senior management positions in Sales. Henry B. Stafford has been Senior Vice President of Apparel, Outdoor & Accessories since September 2011. Prior to that, he served as Senior Vice President of Apparel from June 2010 to August 2011. Prior to joining our company, he worked with American...

  • Page 31
    ... 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Under Armour's Class A Common Stock is traded on the New York Stock Exchange ("NYSE") under the symbol "UA". As of January 31, 2013, there were 1,158 record holders of our Class A Common...

  • Page 32
    ... and unrestricted shares of our Class A Common Stock and other equity awards. Refer to Note 12 to the Consolidated Financial Statements for information required by this Item regarding the material features of each plan. The number of securities issued under equity compensation plans not approved...

  • Page 33
    Stock Performance Graph The stock performance graph below compares cumulative total return on Under Armour, Inc. Class A Common Stock to the cumulative total return of the NYSE Market Index and S&P 500 Apparel, Accessories and Luxury Goods Index from December 31, 2007 through December 31, 2012. The ...

  • Page 34
    ...2012 Year Ended December 31, 2011 2010 2009 2008 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Income from operations Interest expense, net Other expense, net Income before income taxes Provision for income taxes Net income Net income available per common...

  • Page 35
    ...of our wholesale distribution sales channel, growth in our direct to consumer sales channel and expansion in international markets. Our direct to consumer sales channel includes our factory house and specialty stores and websites. New offerings for 2012 include our new UA Studio line, the Armour Bra...

  • Page 36
    ... years ended December 31, 2012, 2011 and 2010, respectively. Our selling, general and administrative expenses consist of costs related to marketing, selling, product innovation and supply chain and corporate services. Personnel costs are included in these categories based on the employees' function...

  • Page 37
    ... percentage of net revenues) 2012 Year Ended December 31, 2011 2010 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Income from operations Interest expense, net Other expense, net Income before income taxes Provision for income taxes Net income 100.0% 52...

  • Page 38
    ...to higher personnel and other costs incurred primarily for the continued expansion of our direct to consumer distribution channel. As a percentage of net revenues, selling costs increased slightly to 9.6% in 2012 from 9.4% in 2011. Product innovation and supply chain costs increased $29.4 million to...

  • Page 39
    ..., or 62.2%, increase in direct to consumer sales, which include 26 additional factory house stores, or a 48% increase, since December 31, 2010, along with the launch of our updated e-commerce website; unit growth driven by increased distribution and new offerings in multiple product categories, most...

  • Page 40
    ...of net revenues, selling costs increased to 9.4% for the year ended December 31, 2011 from 8.9% for the same period in 2010 primarily due to higher personnel and other costs incurred for the continued expansion of our direct to consumer distribution channel. Product innovation and supply chain costs...

  • Page 41
    ... services costs decreased to 7.7% for the year ended December 31, 2011 from 9.3% for the same period in 2010 primarily due to decreased corporate personnel and facility costs as a percentage of net revenues, as well as the net impact of the acquisition of our corporate headquarters in 2011. Income...

  • Page 42
    ...investment to support our international expansion in our EMEA operating segment, partially offset by unit sales growth and increased license revenues from our Japanese licensee as discussed above. Year Ended December 31, 2011 Compared to Year Ended December 31, 2010 Net revenues by geographic region...

  • Page 43
    ... systems and processes, key areas of focus that we believe will enhance inventory performance are SKU rationalization, added discipline around the purchasing of product, production lead time reduction, and better planning and execution in selling of excess inventory through our factory house stores...

  • Page 44
    ... in 2012 as compared to 2011, primarily due to income taxes paid during 2011 related to our tax planning strategies currently being recognized in income tax expense and timing of payments for our marketing investments. Adjustments to net income for non-cash items decreased in 2012 as compared to...

  • Page 45
    ... cash. Refer to Note 6 of the consolidated financial statements for a discussion of restricted cash. Total capital expenditures were $62.8 million, $115.4 million and $33.1 million in 2012, 2011 and 2010, respectively, which includes the acquisition of our corporate headquarters and other related...

  • Page 46
    ...of the acquisition of our corporate headquarters and repaid it during the three months ended December 31, 2012. The interest rate on the term loan was 1.6% and 1.5% during the years ended December 31, 2012 and 2011, respectively, and no balance was outstanding as of December 31, 2012. Long Term Debt...

  • Page 47
    ... new $50.0 million loan and expensed $0.1 million of unamortized deferred financing costs related to the assumed loan during the three months ended December 31, 2012. Acquisitions In July 2011, we acquired approximately 400.0 thousand square feet of office space comprising our corporate headquarters...

  • Page 48
    ... factory house stores based on future sales above a specified minimum or payments made for maintenance, insurance and real estate taxes. Contingent rent expense was $6.2 million for the year ended December 31, 2012. (3) We generally place orders with our manufacturers at least three to four months...

  • Page 49
    .... Sales taxes imposed on our revenues from product sales are presented on a net basis on the consolidated statements of income and therefore do not impact net revenues or costs of goods sold. We record reductions to revenue for estimated customer returns, allowances, markdowns and discounts. We base...

  • Page 50
    ... tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. We recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. Stock-Based Compensation...

  • Page 51
    stock units had the full achievement of all operating targets been deemed probable. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future. Refer to Note 2 and Note 12 to the Consolidated Financial Statements ...

  • Page 52
    ... December 31, 2012, and was included in other long term liabilities on the consolidated balance sheet. Credit Risk We are exposed to credit risk primarily on our accounts receivable. We provide credit to customers in the ordinary course of business and perform ongoing credit evaluations. We believe...

  • Page 53
    ... financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenues if the selling prices of our products do...

  • Page 54
    ..., an independent registered public accounting firm, as stated in their report which appears herein. /S/ KEVIN A. PLANK Kevin A. Plank Chairman of the Board of Directors, Chief Executive Officer and President Chief Financial Officer /S/ BRAD DICKERSON Brad Dickerson Dated: February 25, 2013 46

  • Page 55
    ... respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on criteria established...

  • Page 56
    ... debt, net of current maturities Other long term liabilities Total liabilities Commitments and contingencies (see Note 7) Stockholders' equity Class A Common Stock, $0.0003 1/3 par value; 200,000,000 shares authorized as of December 31, 2012 and 2011; 83,461,106 shares issued and outstanding as of...

  • Page 57
    ... Consolidated Statements of Income (In thousands, except per share amounts) 2012 Year Ended December 31, 2011 2010 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Income from operations Interest expense, net Other expense, net Income before income taxes...

  • Page 58
    ... Armour, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (In thousands) Year Ended December 31, 2012 2011 2010 Net income Other comprehensive income: Foreign currency translation adjustment Unrealized loss on cash flow hedge, net of tax $58 Total other comprehensive income...

  • Page 59
    ... Consolidated Statements of Stockholders' Equity (In thousands) Class B Accumulated Class A Convertible Other Total Common Stock Common Stock Additional Paid-In Retained Unearned Comprehensive Stockholders' Shares Amount Shares Amount Capital Earnings Compensation Income (Loss) Equity Balance...

  • Page 60
    ... and amortization Unrealized foreign currency exchange rate (gains) losses Loss on disposal of property and equipment Stock-based compensation Gain on bargain purchase of corporate headquarters (excludes transaction costs of $1.9 million) Deferred income taxes Changes in reserves and allowances...

  • Page 61
    ... to the Audited Consolidated Financial Statements 1. Description of the Business Under Armour, Inc. is a developer, marketer and distributor of branded performance apparel, footwear and accessories. These products are sold worldwide and worn by athletes at all levels, from youth to professional on...

  • Page 62
    ... tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. Property...

  • Page 63
    ...may be impaired. The Company performs its intangible asset impairment tests in the fourth quarter of each fiscal year. No material impairments were recorded related to long-lived assets or indefinite lived intangible assets during the years ended December 31, 2012, 2011 and 2010. Accrued Expenses At...

  • Page 64
    ...'s retail stores. The Company may also ship product directly from its supplier to the customer and recognize revenue when the product is delivered to and accepted by the customer. License revenues are recognized based upon shipment of licensed products sold by the Company's licensees. Sales taxes...

  • Page 65
    ...risk free interest rate is based on the yield for the U.S. Treasury bill with a maturity equal to the expected life of the stock option. Expected volatility is based on an average for a peer group of companies similar in terms of type of business, industry, stage of life cycle and size. Compensation...

  • Page 66
    ... all stock-based compensation awards at fair value, the impact to net income and earnings per share for the year ended December 31, 2010 would not have been material to its consolidated financial position or results of operations. The Company issues new shares of Class A Common Stock upon exercise...

  • Page 67
    ... acquisition, the Company incurred acquisition related expenses of approximately $1.9 million. Both the acquisition related expenses and pre-tax bargain purchase gain were included in selling, general and administrative expenses on the consolidated statements of income during the year ended December...

  • Page 68
    ...to reduce the borrowing base, even if the Company is in compliance with all conditions of the credit agreement, upon a material adverse change to the business, properties, assets, financial condition or results of operations of the Company. The credit agreement contains a number of restrictions that...

  • Page 69
    ... acquisition of the Company's corporate headquarters and repaid it during the three months ended December 31, 2012. The interest rate on the term loan was 1.6% and 1.5% during the years ended December 31, 2012 and 2011, respectively, and no balance was outstanding as of December 31, 2012. Long Term...

  • Page 70
    ... rental adjustments. The table below includes executed lease agreements for factory house stores that the Company did not yet occupy as of December 31, 2012 and does not include contingent rent the company may incur at its retail stores based on future sales above a specified limit. The following is...

  • Page 71
    ... to the sponsorships depends on many factors including general playing conditions, the number of sporting events in which they participate and the Company's decisions regarding product and marketing initiatives. In addition, the costs to design, develop, source and purchase the products furnished to...

  • Page 72
    ... the year ended December 31, 2012, 1.2 million shares of Class B Convertible Common Stock were converted into shares of Class A Common Stock on a one-for-one basis in connection with stock sales. 9. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset...

  • Page 73
    ... the Company's long term debt was estimated based upon quoted prices for similar instruments (Level 2 input). 10. Provision for Income Taxes Income before income taxes is as follows: (In thousands) Year Ended December 31, 2012 2011 2010 Income before income taxes: United States Foreign Total $155...

  • Page 74
    ... 31, 2012, approximately $57.2 million of cash and cash equivalents was held by the Company's non-U.S. subsidiaries whose cumulative undistributed earnings total $100.8 million. Withholding and U.S. taxes have not been provided on the undistributed earnings as the Company takes the position that the...

  • Page 75
    ...income tax examinations by tax authorities. The Company does not expect any material changes to the total unrecognized tax benefits within the next twelve months. 11. Earnings per Share The calculation of earnings per share for common stock shown below excludes the income attributable to outstanding...

  • Page 76
    ... for future purchases under the ESPP. During the years ended December 31, 2012, 2011 and 2010, 56.9 thousand, 59.9 thousand and 79.2 thousand shares were purchased under the ESPP, respectively. Non-Employee Director Compensation Plan and Deferred Stock Unit Plan The Company's Non-Employee Director...

  • Page 77
    ... Number of Underlying Shares Total Intrinsic Value 3,149 15.31 6.8 104,618 968 $13.10 5.7 34,292 Included in the tables above are 2.3 million and 2.5 million performance-based stock options granted to officers and key employees under the 2005 Plan during the years ended December 31, 2010...

  • Page 78
    ... executives and key employees under the 2005 Plan during the years ended December 31, 2012 and 2011, respectively. These performance-based restricted stock units have a weighted average fair value of $39.73 and have vesting that is tied to the achievement of certain combined annual operating income...

  • Page 79
    ... million for the years ended December 31, 2012, 2011 and 2010, respectively. Shares of the Company's Class A Common Stock are not an investment option in this plan. In addition, the Company offers the Under Armour, Inc. Deferred Compensation Plan which allows a select group of management or highly...

  • Page 80
    ... counterparty default to be minimal. 15. Related Party Transactions The Company has an agreement to license a software system with a vendor whose Co-CEO is a director of the Company. During the years ended December 31, 2012, 2011 and 2010, the Company paid $1.9 million, $1.8 million and $1.5 million...

  • Page 81
    ... 12,208 162,767 (3,841) (2,064) $ 156,862 $ 102,806 9,549 112,355 (2,258) (1,178) $ 108,919 2012 Year Ended December 31, 2011 2010 Apparel Footwear Accessories Total net sales License revenues Total net revenues 73 $1,385,350 238,955 165,835 1,790,140 44,781 $1,834,921 $1,122,031 181,684 132...

  • Page 82
    ... shares of Class A Common Stock on a one-for-one basis in connection with a stock sale. Stock-Based Compensation In February 2013, 0.6 million performance-based restricted stock units were awarded to certain officers and key employees under the 2005 Plan. The performance-based restricted stock units...

  • Page 83
    ..., 2012, our disclosure controls and procedures are effective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner and (2) accumulated and communicated to our management, including our Chief Executive...

  • Page 84
    ... from the 2013 Proxy Statement under the heading "SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS OF SHARES." Also refer to Item 5 "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities." ITEM 13. CERTAIN RELATIONSHIPS AND RELATED...

  • Page 85
    ... Balance Sheets as of December 31, 2012 and 2011 Consolidated Statements of Income for the Years Ended December 31, 2012, 2011 and 2010 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2012, 2011 and 2010 Consolidated Statements of Stockholders' Equity for the Years...

  • Page 86
    ... ended June 30, 2012). Amended and Restated By-Laws (incorporated by reference to Exhibit 3.02 of the Company's Form 8-K filed February 21, 2013). Warrant Agreement between the Company and NFL Properties LLC dated as of August 3, 2006 (incorporated by reference to Exhibit 4.1 of the Current Report...

  • Page 87
    ... certain executives and the Company.* Employment Agreement by and between Karl-Heinz Maurath and the Company (portions of this exhibit have been omitted pursuant to a request for confidential treatment).* Under Armour, Inc. 2010 Non-Employee Director Compensation Plan (incorporated by reference...

  • Page 88
    ... INC. By: /s/ KEVIN A. PLANK Kevin A. Plank Chairman of the Board of Directors, Chief Executive Officer and President Dated: February 25, 2013 Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the...

  • Page 89
    ...to Costs and Expenses Write-Offs Net of Recoveries Balance at End of Year Description Allowance for doubtful accounts For the year ended December 31, 2012 For the year ended December 31, 2011 For the year ended December 31, 2010 Sales returns and allowances For the year ended December 31, 2012 For...

  • Page 90
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  • Page 91
    ... ™ in this new global campaign. I WILL. is the confirmation of the accomplishment of an athlete's goals. The best athletes are innovators of their sport, as well. And regardless of talent level, practice, and teamwork, in the end they must WILL IT TO HAPPEN to win. Under Armour can help them with...

  • Page 92
    ... Phelps captivated the entire world every time he hit the pool. He is one of the greatest examples of WILL in the history of sports, as evidenced by his amazing, career-capping performance at the 2012 Olympics. Under Armour has been proud to outfit him in our best training apparel and footwear.

  • Page 93
    ... last time, Ray, for 17 years of Protecting This House. SLOANE STEPHENS Nineteen-year-old phenom Sloane Stephens has been dubbed "the future of women's tennis." She's humble, hungry, and just getting started. BUSTER POSEY A two-time World Series champion, 2010 NL Rookie of the Year, 2012 Comeback...

  • Page 94
    ... SUPPORT. Our UA Spine platform gives athletes every advantage in one system: light, responsive cushioning with ï¬,exible but incredibly supportive comfort. The UA Spine Venom also has a performance upper made of superthin foam and breathable mesh that combine to fit your foot perfectly and keep...

  • Page 95
    ... NAVY (RETIRED) FORMER COMMANDER, U.S. SPECIAL OPERATIONS COMMAND BRENDA PIPER CHIEF MARKETING OFFICER, ANIMATION, YOUNG ADULTS & KIDS MEDIA GROUP, TURNER BROADCASTING SYSTEM, INC. HARVEY L. SANDERS FORMER CHIEF EXECUTIVE OFFICER & CHAIRMAN OF THE BOARD OF DIRECTORS, NAUTICA ENTERPRISES, INC. THOMAS...

  • Page 96
    ... ourselves on knowing athletes better than anyone else out there, which is why we have the vision required to imagine, innovate, and invent things athletes never even knew they needed. The innovation on this page, however, isn't available just yet. But it's being worked on at Under Armour right now.