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Under Armour, Inc. and Subsidiarie
s
C
onsolidated
S
tatements of
C
ash Flows
(
In thousands
)
Y
ear Ended December
31,
2014
2013
2012
C
ash
f
lows
f
rom operat
i
ng act
i
v
i
t
i
e
s
Net income
$
208,042
$
162,330
$
128,77
8
Ad
j
ustments to reconcile net income to net cash used in operatin
g
activitie
s
De
p
reciation and amortization 72,093 50,549 43,08
2
Unrealized foreign currency exchange rate losses (gains) 11,739 1,90
5
(2,464
)
Loss on disposal of propert
y
and equipment 261 332
5
2
4
Stock-based com
p
ensation 50,812 43,184 19,84
5
Deferred income taxes (17,
5
84) (18,832) (12,973
)
Changes in reserves and allowances 31,3
5
0 13,94
5
13,91
6
Chan
g
es in operatin
g
assets and liabilities, net of effects of acquisitions:
Accounts receivable
(
101,057
)(
35,960
)(
53,433
)
Inventories (84,6
5
8) (1
5
6,900) 4,69
9
Pre
p
aid ex
p
enses and other assets (33,345) (19,049) (4,060
)
Accounts pa
y
able 49,137 14,642 35,370
Accrued expenses and other liabilities 28,8
5
6
5
6,481 21,96
6
Income taxes payable and receivable 3,387 7,443 4,
5
1
1
Net cash provided by operating activities 219,033 120,070 199,7
61
C
ash
f
lows
f
rom
i
nvest
i
ng act
i
v
i
t
i
es
Purchases of propert
y
and equipment (140,528) (87,830) (50,650
)
Purchase of business
(
10,924
)(
148,097
)—
Purchases of other assets (860) (47
5
) (1,310)
Chan
g
e in loans receivable — (1,700)
—
Chan
g
e in restricted cash — — 5,029
Net cash used in investing activities (1
5
2,312) (238,102) (46,931
)
C
ash
f
lows
f
rom
fi
nanc
i
ng act
i
v
i
t
i
es
Procee
d
s
f
rom revo
l
v
i
ng cre
di
t
f
ac
ili
ty — 100,000
—
Pa
y
ments on revolvin
g
credit facilit
y
(100,000) — —
Proceeds from term loan 250
,
000 —
—
Payments on term loan (13,7
5
0) — (2
5
,000)
Proceeds from lon
g
term debt — —
5
0,00
0
Pa
y
ments on lon
g
term debt (4,972) (5,471) (44,330)
Excess tax benefits from stock-based compensation arrangements 36,96
5
17,167 17,86
8
Proceeds from exercise of stock options and other stock issuances 1
5
,776 1
5
,099 14,776
Pa
y
ments of debt financin
g
costs (1,713) — (1,017)
Net cash provided by financing activities 182,306 126,79
5
12,29
7
Effect of exchange rate changes on cash and cash equivalents (3,341) (3,11
5
) 1,33
0
Net increase in cash and cash equivalents 24
5
,686
5
,648 166,4
5
7
Cash and cash e
q
uivalent
s
Be
g
innin
g
of period 347,489 341,841 175,38
4
End of period $ 593,175 $ 347,489 $341,84
1
Non-cash
i
nvest
i
ng and
fi
nanc
i
ng act
i
v
i
t
i
e
s
Increase in accrual for property and equipment
$
4,922
$
3,786
$
12,13
7
Non-cash ac
q
uisition of business 11,233 —
—
Other su
pp
lemental information
Cash paid for income taxes 103,284 8
5
,
5
70
5
7,739
Cash paid for interest, net of capitalized interest 4,146 1,
5
0
5
3,30
6
See accompan
y
in
g
notes.
54