BALTIMORE, Oct. 25, 2016 /PRNewswire/ -- Under
Armour, Inc. (NYSE: UA, UA.C) today announced financial results
for the third quarter ended September 30, 2016. Net
revenues increased 22% in the third quarter of 2016 to $1.47 billion compared with net revenues of
$1.20 billion in the prior year's
period. On a currency neutral basis, net revenues increased
23% compared with the prior year's period. Operating income
increased 16% in the third quarter of 2016 to $199 million compared with $171 million in the prior year's period.
Net income increased 28% in the third quarter of 2016 to
$128 million compared with
$100 million in the prior year's
period and diluted earnings per share for the third quarter of 2016
were $0.29 compared with $0.23 in the prior year's period.
During the third quarter, wholesale net revenues grew 19%
year-over-year to $1.01 billion
compared to $850 million in the prior
year's period, while Direct-to-Consumer net revenues grew 29%
year-over-year to $408 million
compared to $316 million in the prior
year's period. North America net
revenues for the third quarter grew 16% year-over-year.
International net revenues, which represented 15% of total net
revenues for the third quarter, grew 74% year-over-year, or 80% on
a currency neutral basis.
Within product categories, apparel net revenues increased 18% to
$1.02 billion compared with
$866 million in the same period of
the prior year, led by growth in men's training, women's training,
golf and team sports. Footwear net revenues increased 42% to
$279 million from $196 million in the prior year's period, driven
by strong growth in running and basketball. Accessories net
revenues increased 18% to $122
million from $104 million in
the prior year's period, driven primarily by growth in bags and
headwear.
Kevin Plank, Chairman and CEO of
Under Armour, Inc., stated, "Under Armour is a growth company and
our ambitions for the Brand have never been higher. This marks our
26th consecutive quarter of 20+% revenue growth demonstrating the
strength of the Under Armour Brand. From the Olympic Games in Rio
to the launch of Under Armour Sportswear at New York Fashion Week,
the Under Armour Brand continues to extend its reach to new
consumers while remaining authentic and rooted in sport. In
the third quarter, our key strategies and investments to diversify
our portfolio on a global scale were evident across categories,
channels, and geographies. In running, we experienced strong global
demand for our Slingride and Bandit 2 footwear styles, showcasing
the continued expansion of our premium $100+ footwear
offerings. Within direct-to-consumer we launched three new
e-commerce sites, bringing our total to 30 global sites, as we
focus on expanding brand experience and premium offerings for
consumers wherever they shop. And finally, we hosted our second
tour through Asia with
Stephen Curry, where the Brand
continues to resonate and drive incredible momentum in new
markets."
Gross margin for the third quarter of 2016 was 47.5% compared
with 48.8% in the prior year's period, primarily reflecting
negative impacts from the timing of liquidation, increased
promotions, and foreign exchange rates, partially offset by
continued product cost margin improvements. Selling, general and
administrative expenses grew 20% to $499
million compared with $416
million in the prior year's period primarily driven by
investments in Direct-to-Consumer and overall headcount to support
the Company's strategic initiatives.
Balance Sheet Highlights
Cash and cash equivalents was
$180 million at September 30,
2016 compared with $159 million at
September 30, 2015. Inventory at September 30, 2016
increased 12% to $971 million
compared with $867 million at
September 30, 2015. Total debt increased 19% to $1.07 billion at September 30, 2016 compared
with $902 million at
September 30, 2015.
Updated Outlook
Based on current visibility, the
Company continues to expect 2016 net revenues of approximately
$4.925 billion, representing growth
of 24% over 2015, and 2016 operating income of $440 million to $445 million, representing growth
of 8% to 9% over 2015. Below the operating line, the Company
expects interest expense of approximately $30 million, an effective full year tax rate of
approximately 35.5%, and fully diluted weighted average shares
outstanding of approximately 446 million.
The Company will provide an update on its longer-term guidance
on the third quarter earnings conference call.
Mr. Plank concluded, "Over the past twenty years we have
established ourselves as a premium global brand with a track record
of strong financial results. Looking back over the past nine
months, it has never been more evident that we are at a pivotal
moment in time, where the investments we are making today will fuel
our growth and drive our industry leadership position for years to
come. As a growth company with an expanding global footprint and
businesses like footwear and women's each approaching a billion
dollars this year, we have never been more focused on the long-term
success of our Brand."
Conference Call and Webcast
The Company will provide
additional commentary regarding its third quarter as well as its
updated 2016 and longer-term outlook during its earnings conference
call today, October 25, at
8:30 a.m. ET. The call will be
webcast live at http://investor.underarmour.com/events.cfm and will
be archived and available for replay approximately three hours
after the live event. Additional supporting materials related
to the call will also be available at
http://investor.underarmour.com. The Company's financial results
are also available online at
http://investor.underarmour.com/results.cfm.
Non-GAAP Financial Information
The Company reports its
financial results in accordance with accounting principles
generally accepted in the United
States ("GAAP"). However, this press release refers to
certain "currency neutral" financial information, which is a
non-GAAP financial measure. The Company provides a
reconciliation of this non-GAAP measure to the most directly
comparable financial measure calculated in accordance with
GAAP. See the end of this press release for this
reconciliation.
Currency neutral financial information is calculated to exclude
foreign exchange impact. Management believes this information
is useful to investors to facilitate a comparison of the Company's
results of operations period-over-period. This non-GAAP
financial measure should not be considered in isolation and should
be viewed in addition to, and not as an alternative for, the
Company's reported results prepared in accordance with GAAP.
In addition, the Company's non-GAAP financial information may not
be comparable to similarly titled measures reported by other
companies.
About Under Armour, Inc.
Under Armour (NYSE: UA,
UA.C), the originator of performance footwear, apparel and
equipment, revolutionized how athletes across the world
dress. Designed to make all athletes better, the brand's
innovative products are sold worldwide to athletes at all
levels. The Under Armour Connected Fitness™
platform powers the world's largest digital health and
fitness community through a suite of applications: UA Record,
MapMyFitness, Endomondo and MyFitnessPal. The Under Armour
global headquarters is in Baltimore, Maryland. For further
information, please visit the Company's website
at www.uabiz.com.
Forward Looking Statements
Some of the statements
contained in this press release constitute forward-looking
statements. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts, such as statements regarding our future
financial condition or results of operations, our prospects and
strategies for future growth, the development and introduction of
new products, the implementation of our marketing and branding
strategies, and the future benefits and opportunities from
acquisitions. In many cases, you can identify forward-looking
statements by terms such as "may," "will," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"outlook," "potential" or the negative of these terms or
other comparable terminology. The forward-looking statements
contained in this press release reflect our current views about
future events and are subject to risks, uncertainties, assumptions
and changes in circumstances that may cause events or our actual
activities or results to differ significantly from those expressed
in any forward-looking statement. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future events, results, actions,
levels of activity, performance or achievements. Readers are
cautioned not to place undue reliance on these forward-looking
statements. A number of important factors could cause actual
results to differ materially from those indicated by the
forward-looking statements, including, but not limited to: changes
in general economic or market conditions that could affect consumer
spending; the financial health of our customers; our ability to
effectively manage our growth and a more complex global business;
our ability to successfully manage or realize expected results from
acquisitions and other significant investments or capital
expenditures; our ability to effectively develop and launch new,
innovative and updated products; our ability to accurately forecast
consumer demand for our products and manage our inventory in
response to changing demands; increased competition causing us to
lose market share or reduce the prices of our products or to
increase significantly our marketing efforts; fluctuations in the
costs of our products; loss of key suppliers or manufacturers or
failure of our suppliers or manufacturers to produce or deliver our
products in a timely or cost-effective manner, including due to
port disruptions; our ability to further expand our business
globally and to drive brand awareness and consumer acceptance of
our products in other countries; our ability to accurately
anticipate and respond to seasonal or quarterly fluctuations in our
operating results; risks related to foreign currency exchange rate
fluctuations; our ability to effectively market and maintain a
positive brand image; our ability to comply with trade and other
regulations; the availability, integration and effective operation
of information systems and other technology, as well as any
potential interruption in such systems or technology; risks related
to data security or privacy breaches; our ability to raise
additional capital required to grow our business on terms
acceptable to us; our potential exposure to litigation and other
proceedings; and our ability to attract and retain the services of
our senior management and key employees. The forward-looking
statements contained in this press release reflect our views and
assumptions only as of the date of this press release. We undertake
no obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events.
(Tables Follow)
Under Armour,
Inc.
|
For the Quarter Ended
and Nine Months Ended September 30, 2016 and 2015
|
(Unaudited; in
thousands, except per share amounts)
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
Quarter Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
% of Net
Revenues
|
|
2015
|
|
% of Net
Revenues
|
|
2016
|
|
% of Net
Revenues
|
|
2015
|
|
% of Net
Revenues
|
Net
revenues
|
|
$
|
1,471,573
|
|
|
100.0
|
%
|
|
$
|
1,204,109
|
|
|
100.0
|
%
|
|
$
|
3,520,058
|
|
|
100.0
|
%
|
|
$
|
2,792,627
|
|
|
100.0
|
%
|
Cost of goods
sold
|
|
772,949
|
|
|
52.5
|
%
|
|
616,949
|
|
|
51.2
|
%
|
|
1,863,151
|
|
|
52.9
|
%
|
|
1,448,750
|
|
|
51.9
|
%
|
Gross
profit
|
|
698,624
|
|
|
47.5
|
%
|
|
587,160
|
|
|
48.8
|
%
|
|
1,656,907
|
|
|
47.1
|
%
|
|
1,343,877
|
|
|
48.1
|
%
|
Selling, general
and
administrative expenses
|
|
499,314
|
|
|
34.0
|
%
|
|
415,763
|
|
|
34.6
|
%
|
|
1,403,336
|
|
|
39.9
|
%
|
|
1,112,912
|
|
|
39.8
|
%
|
Income from
operations
|
|
199,310
|
|
|
13.5
|
%
|
|
171,397
|
|
|
14.2
|
%
|
|
253,571
|
|
|
7.2
|
%
|
|
230,965
|
|
|
8.3
|
%
|
Interest expense,
net
|
|
(8,189)
|
|
|
(0.5)
|
%
|
|
(4,100)
|
|
|
(0.3)
|
%
|
|
(18,476)
|
|
|
(0.6)
|
%
|
|
(10,572)
|
|
|
(0.4)
|
%
|
Other expense,
net
|
|
(772)
|
|
|
(0.1)
|
%
|
|
(3,239)
|
|
|
(0.3)
|
%
|
|
(1,025)
|
|
|
—
|
%
|
|
(5,038)
|
|
|
(0.2)
|
%
|
Income
before income taxes
|
|
190,349
|
|
|
12.9
|
%
|
|
164,058
|
|
|
13.6
|
%
|
|
234,070
|
|
|
6.6
|
%
|
|
215,355
|
|
|
7.7
|
%
|
Provision for income
taxes
|
|
62,124
|
|
|
4.2
|
%
|
|
63,581
|
|
|
5.3
|
%
|
|
80,322
|
|
|
2.2
|
%
|
|
88,384
|
|
|
3.2
|
%
|
Net
income
|
|
$
|
128,225
|
|
|
8.7
|
%
|
|
$
|
100,477
|
|
|
8.3
|
%
|
|
$
|
153,748
|
|
|
4.4
|
%
|
|
$
|
126,971
|
|
|
4.5
|
%
|
Adjustment
payment to
Class C capital stockholders
|
|
—
|
|
|
|
|
—
|
|
|
|
|
59,000
|
|
|
|
|
—
|
|
|
|
Net income
available to all
stockholders
|
|
128,225
|
|
|
|
|
100,477
|
|
|
|
|
94,748
|
|
|
|
|
126,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share of
Class A and B common stock
|
|
$
|
0.29
|
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
0.22
|
|
|
|
|
$
|
0.29
|
|
|
|
Basic net income per
share of
Class C common stock
|
|
$
|
0.29
|
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
0.49
|
|
|
|
|
$
|
0.29
|
|
|
|
Diluted net income
per share of
Class A and B common stock
|
|
$
|
0.29
|
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
0.29
|
|
|
|
Diluted net income
per share of
Class C common stock
|
|
$
|
0.29
|
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
0.48
|
|
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common
shares outstanding Class A
and B common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
218,074
|
|
|
|
|
215,743
|
|
|
|
|
217,535
|
|
|
|
|
215,347
|
|
|
|
Diluted
|
|
222,115
|
|
|
|
|
221,053
|
|
|
|
|
221,709
|
|
|
|
|
220,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding Class C common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
219,756
|
|
|
|
|
215,743
|
|
|
|
|
218,147
|
|
|
|
|
215,347
|
|
|
|
Diluted
|
|
223,738
|
|
|
|
|
221,053
|
|
|
|
|
222,301
|
|
|
|
|
220,708
|
|
|
|
Under Armour,
Inc.
|
For the Quarter Ended
and Nine Months Ended September 30, 2016 and 2015
|
(Unaudited; in
thousands)
|
|
NET REVENUES BY
PRODUCT CATEGORY
|
|
|
|
Quarter Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
Apparel
|
|
$
|
1,021,185
|
|
|
$
|
865,514
|
|
|
18.0
|
%
|
|
$
|
2,300,596
|
|
|
$
|
1,936,221
|
|
|
18.8
|
%
|
Footwear
|
|
278,891
|
|
|
196,279
|
|
|
42.1
|
%
|
|
785,843
|
|
|
510,864
|
|
|
53.8
|
%
|
Accessories
|
|
121,832
|
|
|
103,564
|
|
|
17.6
|
%
|
|
302,266
|
|
|
249,755
|
|
|
21.0
|
%
|
Total net
sales
|
|
1,421,908
|
|
|
1,165,357
|
|
|
22.0
|
%
|
|
3,388,705
|
|
|
2,696,840
|
|
|
25.7
|
%
|
Licensing
revenues
|
|
29,484
|
|
|
24,313
|
|
|
21.3
|
%
|
|
69,923
|
|
|
59,355
|
|
|
17.8
|
%
|
Connected
Fitness
|
|
20,181
|
|
|
14,439
|
|
|
39.8
|
%
|
|
62,180
|
|
|
36,432
|
|
|
70.7
|
%
|
Intersegment
eliminations
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
(750)
|
|
|
—
|
|
|
(100.0)
|
%
|
Total net
revenues
|
|
$
|
1,471,573
|
|
|
$
|
1,204,109
|
|
|
22.2
|
%
|
|
$
|
3,520,058
|
|
|
$
|
2,792,627
|
|
|
26.0
|
%
|
|
NET REVENUES BY
SEGMENT
|
|
|
Quarter Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
North
America
|
|
$
|
1,225,188
|
|
|
$
|
1,059,440
|
|
|
15.6
|
%
|
|
$
|
2,932,915
|
|
|
$
|
2,440,728
|
|
|
20.2
|
%
|
International
|
|
226,204
|
|
|
130,230
|
|
|
73.7
|
%
|
|
525,714
|
|
|
315,467
|
|
|
66.6
|
%
|
Connected
Fitness
|
|
20,181
|
|
|
14,439
|
|
|
39.8
|
%
|
|
62,179
|
|
|
36,432
|
|
|
70.7
|
%
|
Intersegment
eliminations
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
(750)
|
|
|
—
|
|
|
(100.0)
|
%
|
Total net
revenues
|
|
$
|
1,471,573
|
|
|
$
|
1,204,109
|
|
|
22.2
|
%
|
|
$
|
3,520,058
|
|
|
$
|
2,792,627
|
|
|
26.0
|
%
|
|
OPERATING INCOME
(LOSS) BY SEGMENT
|
|
|
Quarter Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
North
America
|
|
$
|
182,840
|
|
|
$
|
181,822
|
|
|
0.6
|
%
|
|
$
|
251,084
|
|
|
$
|
272,543
|
|
|
(7.9)
|
%
|
International
|
|
24,984
|
|
|
6,180
|
|
|
304.3
|
%
|
|
34,996
|
|
|
6,126
|
|
|
471.3
|
%
|
Connected
Fitness
|
|
(8,514)
|
|
|
(16,605)
|
|
|
48.7
|
%
|
|
(32,509)
|
|
|
(47,704)
|
|
|
31.9
|
%
|
Income from
operations
|
|
$
|
199,310
|
|
|
$
|
171,397
|
|
|
16.3
|
%
|
|
$
|
253,571
|
|
|
$
|
230,965
|
|
|
9.8
|
%
|
Under Armour,
Inc.
|
As of
September 30, 2016, December 31, 2015 and
September 30, 2015
|
(Unaudited; in
thousands)
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
As of
9/30/16
|
|
As of
12/31/15
|
|
As of
9/30/15
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
179,954
|
|
|
$
|
129,852
|
|
|
$
|
159,398
|
|
Accounts receivable,
net
|
|
713,731
|
|
|
433,638
|
|
|
551,188
|
|
Inventories
|
|
970,621
|
|
|
783,031
|
|
|
867,082
|
|
Prepaid expenses and
other current assets
|
|
162,255
|
|
|
152,242
|
|
|
134,751
|
|
Deferred income
taxes
|
|
—
|
|
|
—
|
|
|
60,692
|
|
Total current
assets
|
|
2,026,561
|
|
|
1,498,763
|
|
|
1,773,111
|
|
Property and
equipment, net
|
|
751,286
|
|
|
538,531
|
|
|
478,418
|
|
Goodwill
|
|
576,903
|
|
|
585,181
|
|
|
591,872
|
|
Intangible assets,
net
|
|
68,248
|
|
|
75,686
|
|
|
79,692
|
|
Deferred income
taxes
|
|
155,592
|
|
|
92,157
|
|
|
42,866
|
|
Other long term
assets
|
|
106,747
|
|
|
75,652
|
|
|
66,404
|
|
Total
assets
|
|
$
|
3,685,337
|
|
|
$
|
2,865,970
|
|
|
$
|
3,032,363
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Revolving credit
facility, current
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
300,000
|
|
Accounts
payable
|
|
254,222
|
|
|
200,460
|
|
|
274,285
|
|
Accrued
expenses
|
|
238,284
|
|
|
192,935
|
|
|
188,266
|
|
Current maturities of
long term debt
|
|
27,000
|
|
|
42,000
|
|
|
42,124
|
|
Other current
liabilities
|
|
81,898
|
|
|
43,415
|
|
|
43,929
|
|
Total current
liabilities
|
|
851,404
|
|
|
478,810
|
|
|
848,604
|
|
Long term debt, net
of current maturities
|
|
796,768
|
|
|
624,070
|
|
|
559,411
|
|
Other long term
liabilities
|
|
114,011
|
|
|
94,868
|
|
|
89,094
|
|
Total
liabilities
|
|
1,762,183
|
|
|
1,197,748
|
|
|
1,497,109
|
|
Total stockholders'
equity
|
|
1,923,154
|
|
|
1,668,222
|
|
|
1,535,254
|
|
Total liabilities
and stockholders' equity
|
|
$
|
3,685,337
|
|
|
$
|
2,865,970
|
|
|
$
|
3,032,363
|
|
Under Armour,
Inc.
|
For the Nine Months
Ended September 30, 2016 and 2015
|
(Unaudited; in
thousands)
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
Nine Months Ended
September 30,
|
|
2016
|
|
2015
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
|
153,748
|
|
|
$
|
126,971
|
|
Adjustments to
reconcile net income to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
105,382
|
|
|
72,211
|
|
Unrealized foreign
currency exchange rate (gains) losses
|
(4,846)
|
|
|
24,677
|
|
Loss on disposal of
property and equipment
|
504
|
|
|
434
|
|
Stock-based
compensation
|
43,445
|
|
|
44,800
|
|
Deferred income
taxes
|
(61,561)
|
|
|
(15,266)
|
|
Changes in reserves
and allowances
|
70,565
|
|
|
19,577
|
|
Changes in operating
assets and liabilities, net of effects of acquisitions:
|
|
|
|
Accounts
receivable
|
(342,342)
|
|
|
(288,687)
|
|
Inventories
|
(186,472)
|
|
|
(357,874)
|
|
Prepaid expenses and
other assets
|
(9,232)
|
|
|
(52,629)
|
|
Other noncurrent
assets
|
(10,470)
|
|
|
—
|
|
Accounts
payable
|
68,093
|
|
|
58,155
|
|
Accrued expenses and
other liabilities
|
43,945
|
|
|
44,863
|
|
Income taxes payable
and receivable
|
35,079
|
|
|
9,320
|
|
Net cash used in
operating activities
|
(94,162)
|
|
|
(313,448)
|
|
Cash flows from
investing activities
|
|
|
|
Purchases of property
and equipment
|
(251,378)
|
|
|
(226,733)
|
|
Purchases of property
and equipment from related parties
|
(70,288)
|
|
|
—
|
|
Purchase of
businesses, net of cash acquired
|
—
|
|
|
(539,460)
|
|
Purchases of
available-for-sale securities
|
(24,230)
|
|
|
(80,272)
|
|
Sales of
available-for-sale securities
|
30,712
|
|
|
68,314
|
|
Purchases of other
assets
|
(858)
|
|
|
(2,670)
|
|
Net cash used in
investing activities
|
(316,042)
|
|
|
(780,821)
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from long
term debt and revolving credit facility
|
1,302,537
|
|
|
650,000
|
|
Payments on long term
debt and revolving credit facility
|
(889,000)
|
|
|
(29,527)
|
|
Excess tax benefits
from stock-based compensation arrangements
|
44,444
|
|
|
40,768
|
|
Proceeds from
exercise of stock options and other stock issuances
|
13,022
|
|
|
7,527
|
|
Payments of debt
financing costs
|
(5,250)
|
|
|
(947)
|
|
Cash dividends
paid
|
(2,927)
|
|
|
—
|
|
Contingent
consideration payments for acquisitions
|
(2,424)
|
|
|
—
|
|
Net cash provided by
financing activities
|
460,402
|
|
|
667,821
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(96)
|
|
|
(7,329)
|
|
Net increase
(decrease) in cash and cash equivalents
|
50,102
|
|
|
(433,777)
|
|
Cash and cash
equivalents
|
|
|
|
Beginning of
period
|
129,852
|
|
|
593,175
|
|
End of
period
|
$
|
179,954
|
|
|
$
|
159,398
|
|
Under Armour,
Inc.
|
For the Quarter Ended
September 30, 2016 and 2015
|
(Unaudited)
|
|
The table below
present the reconciliation of non-GAAP financial measures to the
most directly comparable financial measures calculated in
accordance with GAAP. See "Non-GAAP Financial Information"
above for further information regarding the Company's use of
non-GAAP financial measures.
|
|
CURRENCY NEUTRAL
NET REVENUE GROWTH RECONCILIATION
|
|
|
|
|
Quarter Ended
September 30,
|
Total Net
Revenue
|
|
|
2016
|
Net revenue growth -
GAAP
|
|
|
22.2%
|
Foreign exchange
impact
|
|
|
0.7%
|
Currency neutral net
revenue growth -
Non-GAAP
|
|
|
22.9%
|
|
|
|
|
North
America
|
|
|
|
Net revenue growth -
GAAP
|
|
|
15.6%
|
Foreign exchange
impact
|
|
|
0.1%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
|
15.7%
|
|
|
|
|
International
|
|
|
|
Net revenue growth -
GAAP
|
|
|
73.7%
|
Foreign exchange
impact
|
|
|
6.1%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
|
79.8%
|
|
|
|
|
Connected
Fitness
|
|
|
|
Net revenue growth -
GAAP
|
|
|
39.8%
|
Foreign exchange
impact
|
|
|
—%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
|
39.8%
|
|
|
BRAND HOUSE AND
FACTORY HOUSE DOOR COUNT
|
|
|
|
As of September
30,
|
|
2016
|
|
2015
|
Factory
House
|
145
|
|
137
|
Brand
House
|
17
|
|
10
|
North
America total doors
|
162
|
|
147
|
|
|
|
|
Factory
House
|
32
|
|
7
|
Brand
House
|
31
|
|
19
|
International total doors
|
63
|
|
26
|
|
|
|
|
Factory
House
|
177
|
|
144
|
Brand
House
|
48
|
|
29
|
Total
doors
|
225
|
|
173
|
Logo -
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/under-armour-reports-third-quarter-net-revenues-growth-of-22-reiterates-full-year-net-revenues-outlook-of-4925-billion-300350316.html
SOURCE Under Armour, Inc.