Under Armour 2015 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... sell-through for signature shoe in Mall Channel. UA Football took over the #1 spot with 3 retail partners and is poised JORDANSpecialty SPIETH to be #1 across all Athletic °°2015 MASTERS CHAMPION and Sporting Goods in 2016. °°2015 U.S. OPEN CHAMPION °°NUMBER ONE GOLFER IN THE WORLD

  • Page 3
    ... Player of the Year and regained his number one World Golf ranking. CAM NEWTON 1)/093 STEPHEN CURRY °°2015 KIA NBA MVP OFFICIAL O C PERFORMANCE O C FOOTWEAR SUPPLIER OF MLB BRYCE HARPER °°NATIONAL LEAGUE MVP CAREY PRICE 1+/+$577523+

  • Page 4
    ...% 2012 $1,834,921 // 25% 2013 $2,332,051 // 27% 2014 2015 !«ÛÇÃÃ"Ã...Ã'ÏÃ'Ã'Ã-ÐÆÃÐÐÃ-ÃÎÉÃ"Ã'ÙÃ-ÊÃ"ÃÃ-ǘY ˜ÄÝïáà ëêğïßÝèõáÝîêáðîáòáêñáïëâv"%# NET REVENUES BY PRODUCT CATEGORY ÛÇÃÃ"! APPAREL FOOTWEAR ACCESSORIES...

  • Page 5
    ... // 27% 2014 $353,955 // 34% 2015 !«ÛÇÃÃ"Ã...Ã'ÏÃ'Ã'Ã-ÐÆÃÐÐÃ-ÃÎÉÃ"Ã'ÙÃ-ÊÃ"ÃÃ-ǘ%!Y ˜ÄÝïáà ëêğïßÝèõáÝîåêßëéáâîëéëìáîÝðåëêï ëâv!! NET REVENUES BY DISTRIBUTION ÛÇÃÃ"! WHOLESALE DIRECT TO CONSUMER LICENSING...

  • Page 6
    LETTER FROM THE CEO DON'T FORGET TO SELL SHIRTS AND SHOES v v we are truly just getting started. GISELE BÃœNDCHEN

  • Page 7
    ...reporting company ' Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ' No Í As of June 30, 2015, the last business day of our most recently completed second fiscal quarter, the aggregate market value of the registrant's Class A Common Stock...

  • Page 8
    ... ...PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...Item 6. Selected Financial Data ...Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ...Item 7A. Quantitative and...

  • Page 9
    ... 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 by our unaffiliated primary manufacturers operating...

  • Page 10
    ...with digital advertising through our MapMyFitness, MyFitnessPal, Endomondo and UA Record applications. License We have agreements with our licensees to develop Under Armour apparel, accessories and equipment. Our product, marketing and sales teams are actively involved in all steps of the design and...

  • Page 11
    ... distribution channels. Through our brand house stores, consumers experience our brand first-hand and have broader access to our performance products. In 2015, sales through our wholesale, direct to consumer, licensing and Connected Fitness channels represented 67%, 30%, 2% and 1% of net revenues...

  • Page 12
    ... apparel, footwear and accessories in North America through our wholesale and direct to consumer channels. Net revenues generated from the sales of our products in the United States were $3,267.0 million, $2,651.1 million and $2,082.5 million for the years ended December 31, 2015, 2014 and 2013...

  • Page 13
    ...Dome-owned retail stores. We hold a cost-based minority investment in Dome Corporation. Latin America We sell our products in Chile, Mexico and Brazil through wholesale distributors, website operations and brand and factory house stores. In these countries we operate through third-party distribution...

  • Page 14
    ... facilities in Maryland. Inventory Management Inventory management is important to the financial condition and operating results of our business. We manage our inventory levels based on existing orders, anticipated sales and the rapid-delivery requirements of our customers. Our inventory strategy is...

  • Page 15
    ... of product, 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...

  • Page 16
    ... locations. We have had no labor-related work stoppages, and we believe our relations with our employees are good. Available Information We will make available free of charge on or through our website at www.underarmour.com our annual reports on Form 10-K, quarterly reports on Form 10-Q, current...

  • Page 17
    ...in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These factors include without limitation changes in general economic or market conditions that could affect consumer spending; changes to the financial health of our customers; our ability...

  • Page 18
    ... in-store experience for consumers, which may result in lower sales of our products. In addition, a slowing economy in our key markets or a continued decline in consumer purchases of sporting goods generally could have an adverse effect on the financial health of our customers. From time to time...

  • Page 19
    ... on our results of operations and financial position, as well as negatively impact the price of our publicly traded common stock. If we are unable to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products, our net revenues and profitability may be...

  • Page 20
    ... our financial condition. Our results of operations could be materially harmed if we are unable to accurately forecast demand for our products. To ensure adequate inventory supply, we must forecast inventory needs and place orders with our manufacturers before firm orders are placed by our customers...

  • Page 21
    ... greater financial, distribution, marketing and other resources, longer operating histories, better brand recognition among consumers, more experience in global markets and greater economies of scale. In addition, our competitors have long term relationships with our key retail customers that...

  • Page 22
    ... disruptions at ports or our suppliers or manufacturers may adversely affect our business. Our business depends on our ability to source and distribute products in a timely manner. As a result, we rely on the free flow of goods through open and operational ports worldwide and on a consistent basis...

  • Page 23
    ...net revenues and net income. Our limited operating experience 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 North America. During the year ended December...

  • Page 24
    ... the fall selling season, including our higher price cold weather products, along with a larger proportion of higher margin direct to consumer sales. The majority of our net revenues were generated during the last two quarters in each of 2015, 2014 and 2013, respectively. Our quarterly results of...

  • Page 25
    ...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 26
    ... and internal reports, and to ship products to customers and invoice them on a timely basis depends significantly on our enterprise resource planning, warehouse management, and other information systems. We also heavily rely on information systems to process financial and accounting information for...

  • Page 27
    ... and factory house stores and our distribution facilities, the expansion of our corporate headquarters investments to implement our enterprise resource planning systems, or investments in our Connected Fitness business. These investments require substantial cash investments and management attention...

  • Page 28
    ...existing management, product creation, innovation, sales, marketing, operational and other support personnel that are critical to our success, which could result in harm to key customer relationships, loss of key information, expertise or know-how and unanticipated recruitment and training costs. If...

  • Page 29
    ... business, financial condition and results of operations. In addition, any proceeding could negatively impact our reputation among our customers and our brand image. The trading price for our Class A common stock may fluctuate from time to time, and if the shares of our new class of non-voting Class...

  • Page 30
    ...B common stock has 10 votes per share. Our Chairman and Chief Executive Officer, Kevin A. Plank, beneficially owns all outstanding shares of Class B common stock. As a result, Mr. Plank has the majority voting control and is able to direct the election of all of the members of our Board of Directors...

  • Page 31
    ...of December 31, 2015, we leased 191 brand and factory house stores located primarily in the United States, Brazil, Canada, China, Chile and Mexico with lease end dates in 2016 through 2031. We also lease additional office space for sales, quality assurance and sourcing, marketing, and administrative...

  • Page 32
    ...senior management positions in Outdoor, Sourcing, Quality Assurance and Product Development from 1997 to February 2008. James H. Hardy, Jr. has been Executive Vice President of Global Operations since March 2015. Prior to that, he served as Chief Supply Chain Officer from April 2012 to February 2015...

  • Page 33
    ... 2014, Senior Vice President, Global Brand and Sports Marketing from March 2012 to September 2013 and Senior Vice President of Sports Marketing from January 2010 to February 2012. He also held various senior management positions in Sales from May 2005 to December 2009. Prior to joining our Company...

  • Page 34
    ... public offering. We did not receive any cash consideration in connection with these arrangements. Dividends No cash dividends were declared or paid during 2015 or 2014 on any class of our common stock. We currently anticipate we will retain any future earnings for use in our business. As a result...

  • Page 35
    ... 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 upon exercise of outstanding options, warrants...

  • Page 36
    ... total return of the S&P 500 Index and S&P 500 Apparel, Accessories and Luxury Goods Index from December 31, 2010 through December 31, 2015. The graph assumes an initial investment of $100 in Under Armour and each index as of December 31, 2010 and reinvestment of any dividends. The performance...

  • Page 37
    ... 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. (In thousands, except per share amounts) 2015 2014 Year Ended December 31, 2013 2012 2011 Net revenues Cost of goods...

  • Page 38
    ...performance products and the strength of the Under Armour brand in the marketplace. We plan to continue to increase our net revenues over the long term by increased sales of our apparel, footwear and accessories, expansion of our wholesale distribution sales channel, growth in our direct to consumer...

  • Page 39
    ... our distribution facilities. These costs were $63.7 million, $55.3 million and $46.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Our selling, general and administrative expenses consist of costs related to marketing, selling, product innovation and supply chain and...

  • Page 40
    Results of Operations The following table sets forth key components of our results of operations for the periods indicated, both in dollars and as a percentage of net revenues: (In thousands) 2015 Year Ended December 31, 2014 2013 Net revenues Cost of goods sold Gross profit Selling, general and ...

  • Page 41
    ... expansion of our direct to consumer distribution channel, including increased investments for our brand house stores. This increase is also due to additional investments in our Connected Fitness business. As a percentage of net revenues, other costs increased to 27.2% in 2015 from 26.8% in 2014...

  • Page 42
    ...to $3,084.4 million in 2014 from $2,332.1 million in 2013. Net revenues by product category are summarized below: Year Ended December 31, (In thousands) 2014 2013 $ Change % Change Apparel Footwear Accessories Total net sales License revenues Connected Fitness Total net revenues The increase in net...

  • Page 43
    ... continued expansion of our direct to consumer distribution channel, including increased investment for our brand house stores. This increase was also due to additional investment in our Connected Fitness business. As a percentage of net revenues, other costs were unchanged at 26.8% in 2014 and 2013...

  • Page 44
    ...a full year of revenue from our Connected Fitness business in 2014 compared to one month in 2013. Operating income (loss) by segment is summarized below: (In thousands) 2014 Year Ended December 31, 2013 $ Change % Change North America International Connected Fitness Total operating income $379,814...

  • Page 45
    ... performance are 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 and other liquidation channels. We believe our cash and cash equivalents on hand, cash from operations...

  • Page 46
    ... deliveries of product to meet key seasonal floor set dates, as well as strategic investments in auto-replenishment products. a larger increase in accounts receivable of $90.8 million in 2015 as compared to 2014, primarily due to the timing of shipments. Adjustments to net income for non-cash items...

  • Page 47
    ... in 2014 from $238.1 million in 2013. This decrease was primarily related to our Connected Fitness acquisition of MapMyFitness in the prior year, partially offset by increased capital expenditures to support international expansion and our brand and factory house strategies in 2014. Total capital...

  • Page 48
    ... 3.3% for the years ended December 31, 2015, 2014 and 2013, respectively. In December 2012, we entered into a $50.0 million recourse loan collateralized by the land, buildings and tenant improvements comprising our corporate headquarters. The loan has a seven year term and maturity date of December...

  • Page 49
    ...% of the outstanding equity of Endomondo, a Denmark-based digital connected fitness company, to expand the Under Armour Connected Fitness community. The purchase price was $85.0 million, adjusted for working capital. We recognized $0.6 million and $0.8 million in acquisition related costs that were...

  • Page 50
    ... 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 $11.0 million for the year ended December 31, 2015. (3) We generally place orders with our manufacturers at least three to four months...

  • Page 51
    ... of the sale and the agreement with the customer. In some instances, transfer of title and risk of loss take place at the point of sale, for example at our brand and factory house stores. We may also ship product directly from our supplier to the customer and recognize revenue when the product is...

  • Page 52
    ... cash flows model include: our weighted average cost of capital, long-term rate of growth and profitability of the reporting unit's business, and working capital effects. If the carrying amount exceeds its fair value, the second step will be performed. The second step, measuring the impairment loss...

  • Page 53
    ...and Note 12 to the Consolidated Financial Statements for a further discussion on stock-based compensation. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update which supersedes the most current requirements. The new...

  • Page 54
    ... on our financial position, results of operations and cash flows. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK Foreign Currency Risk We currently generate a majority of our consolidated net revenues in the United States, and the reporting currency for our consolidated financial...

  • Page 55
    .... During the years ended December 31, 2015 and 2014, we reclassified $3.5 million and $0.4 million from other comprehensive income to cost of goods sold related to foreign currency forward contracts designated as cash flow hedges, respectively. The fair values of the Company's foreign currency...

  • Page 56
    ...cover customer credit risks as of December 31, 2015. See "Management's Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Policies and Estimates-Allowance for Doubtful Accounts." Inflation Inflationary factors such as increases in the cost of our product and...

  • Page 57
    ... LLP, 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 and Chief Executive Officer Chief Financial Officer /S/ LAWRENCE P. MOLLOY Lawrence P. Molloy Dated: February 19, 2016 49

  • Page 58
    ...the financial statement schedule, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform...

  • Page 59
    .... and Subsidiaries Consolidated Balance Sheets (In thousands, except share data) December 31, 2015 December 31, 2014 Assets Current assets Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses and other current assets Deferred income taxes Total current assets Property and...

  • Page 60
    Under Armour, Inc. and Subsidiaries Consolidated Statements of Income (In thousands, except per share amounts) 2015 Year Ended December 31, 2014 2013 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Income from operations Interest expense, net Other expense,...

  • Page 61
    Under Armour, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (In thousands) Year Ended December 31, 2015 2014 2013 Net income Other comprehensive income (loss): Foreign currency translation adjustment Unrealized gain (loss) on cash flow hedge, net of tax of $415, $(408) and $...

  • Page 62
    Under Armour, Inc. and Subsidiaries Consolidated Statements of Stockholders' Equity (In thousands) Class B Class A Convertible Common Stock Common Stock Additional Paid-In Shares Amount Shares Amount Capital Accumulated Other Total Comprehensive Stockholders' Income (Loss) Equity Retained Earnings...

  • Page 63
    ...) Year Ended December 31, 2015 2014 2013 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash used in operating activities Depreciation and amortization Unrealized foreign currency exchange rate losses Loss on disposal of property and equipment Stock-based...

  • Page 64
    ... above. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at date of inception to be cash and cash equivalents. Included in interest expense, net for the years ended December 31, 2015, 2014 and 2013 was interest income of...

  • Page 65
    ... net revenues for the years ended December 31, 2015, 2014 and 2013, respectively. Allowance for Doubtful Accounts The Company makes ongoing estimates relating to the collectability of accounts receivable and maintains an allowance for estimated losses resulting from the inability of its customers to...

  • Page 66
    ... is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value.The Company performs its annual impairment tests in the fourth quarter of each fiscal year. As of December 31, 2015, no impairment of goodwill was identified, and no reporting unit was at risk of...

  • Page 67
    ... long term assets, and unrealized derivative loss positions are recorded as accrued expenses or other long term liabilities, depending on the derivative financial instrument's maturity date. Currently, the majority of the Company's foreign currency forward contracts are not designated as cash flow...

  • Page 68
    ...46.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold. Minority Investment The Company holds a minority investment in Dome Corporation ("Dome"), the...

  • Page 69
    ... stock units and other equity awards. Refer to Note 11 for further discussion of earnings per share. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting guidance that requires all stock-based compensation awards granted to employees and directors...

  • Page 70
    ... to in exchange for those goods or services. This guidance was previously effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption not permitted. In August 2015, the FASB issued a one-year deferral of the effective date of the new revenue recognition...

  • Page 71
    ...'s financial position, results of operations and cash flows. 3. Acquisitions Endomondo On January 5, 2015, the Company acquired 100% of the outstanding equity of Endomondo, a Denmarkbased digital connected fitness company, to expand the Under Armour Connected Fitness community. The purchase price...

  • Page 72
    ... assets based on income-based discounted cash flow models using estimates and assumptions regarding future operations. The Company is amortizing the intangible assets on a straight-line basis over their estimated useful lives. These costs are included in the consolidated statements of income...

  • Page 73
    ... years ended December 31, 2015, 2014 and 2013, respectively. 5. Goodwill and Intangible Assets, Net The following table summarizes changes in the carrying amount of the Company's goodwill by reportable segment as of the periods indicated: (In thousands) North America Connected Fitness International...

  • Page 74
    ..., 2014 Useful Lives from Date of Gross Gross Net Acquisitions Carrying Accumulated Net Carrying Carrying Accumulated Carrying (in years) Amount Amortization Amount Amount Amortization Amount (In thousands) Intangible assets subject to amortization: User base Technology Customer relationships Trade...

  • Page 75
    ... Debt The Company has long term debt agreements with various lenders to finance the acquisition or lease of qualifying capital investments. Loans under these agreements are collateralized by a first lien on the related assets acquired. At December 31, 2014 and 2013, the outstanding principal balance...

  • Page 76
    ...$5.3 million and $2.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. Interest expense includes the amortization of deferred financing costs and interest expense under the credit and long term debt facilities. The Company monitors the financial health and stability of its...

  • Page 77
    ... years ended December 31, 2015, 2014 and 2013, respectively. Sports Marketing and Other Commitments Within the normal course of business, the Company enters into contractual commitments in order to promote the Company's brand and products. These commitments include sponsorship agreements with teams...

  • Page 78
    ... Chief Executive Officer, and an agreement that the Company's Board of Directors will undertake certain considerations when using more than a specified amount of shares of Class C common stock as consideration in certain acquisition transactions. 8. Stockholders' Equity The Company's Class A Common...

  • Page 79
    ... the term of the contract based on current market rates. The fair value of the trust owned life insurance ("TOLI") policies held by the Rabbi Trust is based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income...

  • Page 80
    ... 2015 2014 2013 Income before income taxes: United States Foreign Total $272,739 113,946 $386,685 $269,503 72,707 $342,210 $196,558 64,435 $260,993 The components of the provision for income taxes consisted of the following: (In thousands) Year Ended December 31, 2015 2014 2013 Current Federal...

  • Page 81
    ... tax credit carryforwards. The acquisition resulted in a "change of ownership" within the meaning of Section 382 of the Internal Revenue Code, and, as a result, such NOLs are subject to an annual limitation. As of December 31, 2015, the Company had $9.9 million in deferred tax assets associated with...

  • Page 82
    ...the consolidated statements of income. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is currently under audit by the Internal Revenue Service for the 2011, 2012, and 2013 tax years. The majority of the Company's returns...

  • Page 83
    ... to officers, directors, key employees and other persons. Stock options and restricted stock and restricted stock unit awards under the 2005 Plan generally vest ratably over a two to four year period. The contractual term for stock options is generally ten years from the date of grant. The Company...

  • Page 84
    ... awarded to certain executives and key employees under the 2005 Plan during the year ended December 31, 2015. These performance-based stock options have a weighted average fair value of $72.90 and have vesting that is tied to the achievement of certain combined annual operating income targets. 76

  • Page 85
    ... key employees under the 2005 Plan during the years ended December 31, 2015, 2014 and 2013, respectively. These performance-based restricted stock units have a weighted average fair value of $46.91 and have vesting that is tied to the achievement of certain combined annual operating income targets...

  • Page 86
    ..., $4.9 million and $2.7 million for the years ended December 31, 2015, 2014 and 2013, 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...

  • Page 87
    ... manner as the underlying exposure. During the years ended December 31, 2015 and 2014, the Company reclassified $3.5 million and $0.4 million from other comprehensive income to cost of goods sold related to foreign currency contracts designated as cash flow hedges, respectively. The fair values of...

  • Page 88
    ...the development, marketing and distribution of branded performance apparel, footwear and accessories. Beginning in the first quarter of 2015, the CODM began receiving discrete financial information for the Company's Connected Fitness business. Following the completion of the Company's acquisition of...

  • Page 89
    Net revenues by product category are as follows: (In thousands) 2015 Year Ended December 31, 2014 2013 Apparel Footwear Accessories Total net sales Licensing revenues Connected Fitness Total net revenues $2,801,062 677,744 346,885 3,825,691 84,207 53,415 $3,963,313 $2,291,520 430,987 275,409 2,...

  • Page 90
    ...Officer, as appropriate to allow timely decisions regarding required disclosure. Refer to Item 8 of this report for the "Report of Management on Internal Control over Financial Reporting." There has been no change in our internal control over financial reporting during the most recent fiscal quarter...

  • Page 91
    ... 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The information required by this Item regarding directors is incorporated herein by reference from the 2016 Proxy Statement, under the headings "NOMINEES FOR ELECTION AT THE ANNUAL MEETING," "CORPORATE GOVERNANCE AND RELATED MATTERS: Audit...

  • Page 92
    ... Income for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2015, 2014 and 2013 Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 Notes to the Audited Consolidated Financial...

  • Page 93
    ... Company's Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2015). Articles Supplementary setting forth the terms of the Class C Common Stock, dated June 15, 2015 (incorporated by reference to Appendix F to the Preliminary Proxy Statement filed by the Company on June 15, 2015...

  • Page 94
    ... 10.15 of the Company's 2012 Form 10-K).* Under Armour, Inc. 2015 Non-Employee Director Compensation Plan (incorporated by reference to Exhibit 10.15 of the Company's 2014 Form 10-K), Form of Initial Restricted Stock Unit Grant (incorporated by reference to Exhibit 10.1 of the Current Report on Form...

  • Page 95
    ...A, the Employee Confidentiality, Non-Competition and Non-Socialization Agreement by and between Robin Thurston and the Company, dated December 6, 2013.* List of Subsidiaries. Consent of PricewaterhouseCoopers LLP. Section 302 Chief Executive Officer Certification. Section 302 Chief Financial Officer...

  • Page 96
    ... duly authorized. UNDER ARMOUR, INC. By: /s/ KEVIN A. PLANK Kevin A. Plank Chairman of the Board of Directors and Chief Executive Officer Dated: February 19, 2016 Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the...

  • Page 97
    ...year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 Sales returns and allowances For the year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 Deferred tax asset valuation allowance For the year ended...

  • Page 98

  • Page 99
    ... of the Curry Two UA Basketball shoe in Asia. Along the way, Curry helped UA CEO Kevin Plank cut WKHULEERQRQ8QGHU$UPRXUoVÆ°DJVKLSVWRUHRQ Huaihai Road in Shanghai, China (below left)- one of more than 75 stores opened by the Brand in China in 2015. Curry also brought another special treat...

  • Page 100
    ... NO SIGNS OF SLOWING DOWN. ,QZHDGGHGHFRPPHUFHVLWHVRXWVLGHRIWKH86DQGLQ&KLQDZHKDGRXUƮUVW $1 million revenue day. Our site redesign boosted sales and provided better story telling DFURVVDOOGHYLFHV,QIDFWPRELOHDFFRXQWHGIRUDOPRVWRIWKHWUDƱFWRRXUVLWHDQG...

  • Page 101

  • Page 102
    ...IN MARKET FOR 3RD STRAIGHT AI YEAR. Stephen Curry at the Curry Two launch in September. #1 item on UA.com & best sell-through for signature shoe in Mall Channel. UA Football took over the #1 spot with 3 retail partners and is poised to be #1 across all Athletic Specialty and Sporting Goods in 2016...

  • Page 103
    ... EXECUTIVE BOARD MEMBER, SAP SE ERIC T. OLSON FORMER COMMANDER, U.S. SPECIAL OPERATIONS COMMAND HARVEY L. SANDERS FORMER CHIEF EXECUTIVE OFFICER AND CHAIRMAN, NAUTICA ENTERPRISES, INC. GOLF THE DRIVE ONE GOLF SHOE WAS AN INSTANT SUCCESS IN 2015 THANKS TO BY JORDAN SPIETH. SOLD THROUGH ALL UNITS...

  • Page 104
    ... LIVE. Our relaunch of the UA RECORD app at the 2016 Consumer Electronics Show was another step forward in connecting our digital health & ƮWQHVVcommunity, the world's largest at 160 million strong and growing every single day. We also hosted Michael Phelps, the most decorated swimmer in history...