1. Financial Analysis by Jacob Pifer LDR 640 AC
Under Armour
Financial Analysis by Jacob Pifer LDR 640 AC

2. Under Armour Founded in 1996 in the Basement of a Georgetown Home
Now based in Baltimore, Maryland
Offices throughout the world
Toronto, Japan, China and Amsterdam
Employs over 2,000 workers worldwide
Owns over 70% of Performance Apparel Market

3. Under Armour Governing Board Kevin Plank – CEO, President, Chairman
Brad Dickerson – Chief Financial Officer
Wayne Marino – Chief of Operations
J. Scott Plank – Executive Vice President Business Development
Kip J. Fulks Executive Vice President - Product
Mark M. Dowley Executive Vice President Global Brand President - International

4. Under Armour
Competition

5. Under Armour Horizontal Analysis (in thousands) 2009 2008 2007
Revenues
$856,411
$725,244
$606,561
118%
119%
100%
Cost of goods sold
$443,386
$370,296
$301,217
123%
Gross Profit
$413,025
$354,948
$305,044
116%
Selling Expense
$327,752
$278,023
218,779
127%
Income Operations
$85,273
$76,925
$86,265
111%
89%
Interest inc (exp)
($2,344)
$(850)
$749
-275%
-113%
Other Inc (Exp)
($511)
($6,175)
$2029
1235%
-304%
Income before tax
$82,418
$69,900
$89,043
78%
Taxes
$35,633
$31,671
$36,485
Net Income
$46,785
$38,229
$52,558
122%
72%

6. Under Armour Balance Sheet (in thousands) Assets 2009 2008 2007
Current Assets
Cash and cash equivalents
$187,297
$102,042
$40,588
Accounts Receivables
$79,356
$81,302
$93,515
Inventories
$148,488
$182,232
$166,082
Prepaid expenses and other Current Assets
$19,989
$18,023
$11,642
Deferred income taxes
$12,870
$12,824
$10,418
Total Current Assets
$448,000
$396,423
$322,245
Property and Equipment
$72,926
$73,548
$52,332
Other long term assets
$10,754
$8,897
$7,863
$13,908
$8,687
$8,173
Total Assets
$545,588
$487,555
$390,613

7. Under Armour Balance Sheet (in thousands) Current Liabilities 2009
2008
2007
Revolving Credit
----
$25,000
---
Accounts Payable
$68,710
$72,435
$55,012
Accrued Expenses
$40,885
$25,905
$36,111
Current Maturities
$9275
$7431
$4,576
Other Current Liabilities
$1292
$2337
Total Current Liabilities
$120,162
$133,110
$95,699
Long Term Debt
$10,948
$13,061
$9,298
Capital Lease Obligations
$97
$458
Other Long Term Liabilities
$14,481
$10,190
$4,673
Total Liabilities
$145,591
$156,458
$110,128
Total Stockholder’s Equity
$399,997
$331,097
$280,485
Total Liabilities and Equity
$545,588
$487,555
$390,613

8. Asset Management Ratios
Under Armour
Liquidity Ratios
Industry Avg
Current Ratio: x x
Quick Ratio: 2.2x x
Asset Management Ratios
Days Sales Outstanding:
Total Asset Turnover 1.66x 1.7x

9. Under Armour Debt Management Ratios Profitability Ratios
Debt Ratio: 27%
Industry Average
TIE Ratio: 36.1
Industry Average: 2.2
Book Value Per Share
Profit Margin: 5.4%
ROA: 9%
ROE: 12.8%
$7.96

10. Under Armour Conclusion
Under Armour is gaining ground on the giant that is NIKE.
Under Armour appears to be on solid financial ground.
Under Armour is reaching out to other markets, ie Military and Law Enforcement
Once Under Armour fully launches the footwear and apparel
lines in these other markets, they will become a very successful company.

11. Under Armour References:
Business Week.
Sports Illustrated online.
Under Armour INC online.

12. Under Armour
Thank You