BALTIMORE, Feb. 11, 2020 /PRNewswire/ -- Under
Armour, Inc. (NYSE: UA, UAA) today reported unaudited financial
results for the fourth quarter and fiscal year ended December 31, 2019.
"Under Armour is an operationally better company following our
transformation over the past few years, with a clearly defined and
focused strategy, enhanced go-to-market process, cleaner
inventories and a stronger balance sheet," said Under Armour
President and CEO Patrik Frisk.
"However, ongoing demand challenges and the need to drive greater
efficiencies in our business requires us to further prioritize our
investments to put our company in the best position possible to
achieve sustainable, profitable growth over the
long-term."
Fourth Quarter 2019 Review
- Revenue was up 4 percent to $1.4 billion (up 4 percent currency
neutral).
- Gross margin increased 230 basis points to 47.3
percent compared to the prior year driven primarily by pricing
including lower discounts to our wholesale partners, channel mix
and supply chain initiatives.
- Selling, general & administrative
expenses increased 3 percent to $607 million, or 42.1 percent of revenue.
- Operating income was $74
million.
- Net loss was $15 million
or $0.03 diluted loss per
share, inclusive of:
-
- A $23 million tax expense, which
had a $0.05 negative earnings per
share impact related to the recording of valuation allowances
against certain of the company's U.S. state deferred tax
assets.
- A $39 million impairment charge,
which had an $0.08 negative earnings
per share impact related to the company's equity interest
investment in its Japan
licensee.
- Cash and cash equivalents increased 41 percent to
$788 million.
- Inventory decreased 12 percent to $892 million.
- Total long-term debt decreased 19 percent to
$593 million.
Full Year 2019 Review
- Revenue was up 1 percent to $5.3 billion (up 3 percent currency
neutral).
- Gross margin was 46.9 percent, a 180-basis point
improvement from 45.1 percent in the prior year driven
predominantly by supply chain initiatives, channel mix and prior
period restructuring charges.
- Selling, general & administrative expenses increased
2 percent to $2.2 billion, or 42.4
percent of revenue.
- Operating income was $237
million.
- Net income was $92 million
or $0.20 diluted earnings per
share, inclusive of:
-
- A $0.05 negative earnings per
share impact related to the recording of valuation allowances
against certain of the company's U.S. state deferred tax
assets.
- A $0.09 negative earnings per
share impact related to the impairment of the company's equity
interest investment in its Japan
licensee.
Initial 2020 Outlook
The company's initial 2020 outlook currently includes an
estimated negative impact of the coronavirus outbreak in
China of approximately
$50 million to $60 million in sales related to the first quarter
of 2020. This outlook does not contemplate additional financial or
operational impacts past the first quarter of 2020. Given the
significant level of uncertainty with this dynamic and evolving
situation, full year results could be further materially impacted.
The following outlook also does not include any possible benefits
or costs from a potential restructuring initiative. Key points
related to Under Armour's full year 2020 outlook include:
- Revenue is expected to be down at a low single-digit
percent compared to 2019 results. This reflects a mid to
high-single-digit percentage decline in North America as work continues to rebalance
the business against market demand dynamics and pro-active
strategies to better protect the company's premium brand
positioning. The international business is expected to grow at a
low double-digit percentage rate.
- Gross margin is expected to be up approximately 30
to 50 basis points versus the prior year due to ongoing supply
chain initiatives and regional mix benefits.
- Operating income is expected to reach $105 million to $125
million.
- Interest and other expense net is planned at
approximately $30 million.
- Diluted earnings per share is expected to be in the
range of $0.10 to $0.13, inclusive of an estimated $0.01 to $0.02
negative impact from the company's equity interest in its
Japan licensee.
- Capital expenditures are planned at
approximately $160 million compared
with $144 million in 2019.
2020 Restructuring Initiative
The company also announced it is currently assessing a potential
2020 restructuring initiative to rebalance its cost base to further
improve profitability and cash flow generation. In connection with
this potential plan, the company is considering $325 million to $425
million in estimated pre-tax charges for 2020, including
approximately $225 million to
$250 million related to the
possibility of foregoing opening a flagship store in New York City while pursuing sublet options
for the long-term lease.
Based on initial assessments and timing of a potential
restructuring initiative, the company could realize approximately
$30 million to $50 million in pre-tax benefits in 2020. The
company expects to complete its assessment during the first quarter
of 2020, and subject to board review and approval, would announce
any potential restructuring charges upon adoption of any plan.
Conference Call and Webcast
Under Armour will hold its fourth quarter 2019 conference
call and webcast today at approximately 8:30
a.m. Eastern Time. The call will be webcast live at
https://about.underarmour.com/investor-relations/financials and
will be archived and available for replay approximately three hours
after the live event.
GAAP and Non-GAAP Financial Information
The company reports its financial performance in accordance with
accounting principles generally accepted in the United States of America ("GAAP"). This
press release refers to "currency neutral" amounts. Currency
neutral financial information is calculated to exclude the impact
of changes in foreign currency exchange rates. Management believes
this supplemental information is useful to investors to facilitate
a comparison of the company's results of operations
period-over-period. These non-GAAP financial measures 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. Additionally, the company's non-GAAP
financial information may not be comparable to similarly titled
measures reported by other companies. Reconciliations of non-GAAP
amounts to the most directly comparable financial measure
calculated in accordance with GAAP are presented in supplemental
financial information furnished with this release.
About Under Armour, Inc.
Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor,
marketer and distributor of branded athletic performance apparel,
footwear and accessories. Powered by one of the world's largest
digitally connected fitness and wellness communities, Under
Armour's innovative products and experiences are designed to help
advance human performance, making all athletes better. For further
information, please visit https://about.underarmour.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 2020 outlook and our future financial
condition or results of operations, our prospects and strategies
for future growth, potential restructuring efforts, including the
scope of these restructuring efforts and the amount of potential
charges and costs, the timing of these measures and projected
savings, the impact of coronavirus on our business during the first
quarter of 2020 and thereafter, the development and introduction of
new products, the implementation of our marketing and branding
strategies, the impact of our investment in our licensee on our
results of operations, and the future benefits and opportunities
from significant investments. In many cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expects," "plans," "assumes," "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 overall
consumer spending or our industry; changes to the financial health
of our customers; our ability to successfully execute our long-term
strategies; our ability to successfully execute any potential
restructuring plans and realize their expected benefits; our
ability to effectively drive operational efficiency in our
business; our ability to manage the increasingly complex operations
of our global business; our ability to comply with existing trade
and other regulations, and the potential impact of new trade,
tariff and tax regulations on our profitability; 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; any disruptions, delays or deficiencies in the design,
implementation or application of our new global operating and
financial reporting information technology system; increased
competition causing us to lose market share or reduce the prices of
our products or to increase significantly our marketing efforts;
the impact of public health crises or other significant or
catastrophic events; 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; our
ability to successfully manage or realize expected results from
acquisitions and other significant investments or capital
expenditures; the impact of the performance of our equity method
investment on our results of operations; risks related to foreign
currency exchange rate fluctuations; our ability to effectively
market and maintain a positive brand image; the availability,
integration and effective operation of information systems and
other technology, as well as any potential interruption of 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 key
talent 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.
Under Armour,
Inc.
For the Three Months and Year Ended December 31, 2019 and
2018
(Unaudited; in thousands, except per share
amounts)
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
2019
|
|
% of Net
Revenues
|
|
2018
|
|
% of Net
Revenues
|
|
2019
|
|
% of Net
Revenues
|
|
2018
|
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
1,441,225
|
|
|
100.0
|
%
|
|
$
|
1,389,980
|
|
|
100.0
|
%
|
|
$
|
5,267,132
|
|
|
100.0
|
%
|
|
$
|
5,193,185
|
|
|
100.0
|
%
|
Cost of goods
sold
|
|
759,698
|
|
|
52.7
|
%
|
|
764,753
|
|
|
55.0
|
%
|
|
2,796,599
|
|
|
53.1
|
%
|
|
2,852,714
|
|
|
54.9
|
%
|
Gross
profit
|
|
681,527
|
|
|
47.3
|
%
|
|
625,227
|
|
|
45.0
|
%
|
|
2,470,533
|
|
|
46.9
|
%
|
|
2,340,471
|
|
|
45.1
|
%
|
Selling, general and
administrative expenses
|
|
607,454
|
|
|
42.1
|
%
|
|
587,446
|
|
|
42.3
|
%
|
|
2,233,763
|
|
|
42.4
|
%
|
|
2,182,339
|
|
|
42.0
|
%
|
Restructuring and
impairment charges
|
|
—
|
|
|
—
|
%
|
|
48,228
|
|
|
3.5
|
%
|
|
—
|
|
|
—
|
%
|
|
183,149
|
|
|
3.5
|
%
|
Income (loss) from
operations
|
|
74,073
|
|
|
5.1
|
%
|
|
(10,447)
|
|
|
(0.8)
|
%
|
|
236,770
|
|
|
4.5
|
%
|
|
(25,017)
|
|
|
(0.5)
|
%
|
Interest expense,
net
|
|
(5,359)
|
|
|
(0.4)
|
%
|
|
(7,302)
|
|
|
(0.5)
|
%
|
|
(21,240)
|
|
|
(0.4)
|
%
|
|
(33,568)
|
|
|
(0.6)
|
%
|
Other expense,
net
|
|
(3,464)
|
|
|
(0.2)
|
%
|
|
272
|
|
|
—
|
%
|
|
(5,688)
|
|
|
(0.1)
|
%
|
|
(9,203)
|
|
|
(0.2)
|
%
|
Income (loss)
before income taxes
|
|
65,250
|
|
|
4.5
|
%
|
|
(17,477)
|
|
|
(1.3)
|
%
|
|
209,842
|
|
|
4.0
|
%
|
|
(67,788)
|
|
|
(1.3)
|
%
|
Income tax expense
(benefit)
|
|
38,289
|
|
|
2.7
|
%
|
|
(21,242)
|
|
|
(1.5)
|
%
|
|
70,024
|
|
|
1.3
|
%
|
|
(20,552)
|
|
|
(0.4)
|
%
|
Income (loss) from
equity method investment
|
|
(42,265)
|
|
|
(2.9)
|
%
|
|
453
|
|
|
—
|
%
|
|
(47,679)
|
|
|
(0.9)
|
%
|
|
934
|
|
|
—
|
%
|
Net income
(loss)
|
|
$
|
(15,304)
|
|
|
(1.1)
|
%
|
|
$
|
4,218
|
|
|
0.3
|
%
|
|
$
|
92,139
|
|
|
1.7
|
%
|
|
$
|
(46,302)
|
|
|
(0.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share of
Class A, B and C common stock
|
|
$
|
(0.03)
|
|
|
|
|
$
|
0.01
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
(0.10)
|
|
|
|
Diluted net income
(loss) per share of
Class A, B and C common stock
|
|
$
|
(0.03)
|
|
|
|
|
$
|
0.01
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
(0.10)
|
|
|
|
Weighted average
common shares outstanding Class A, B and C common
stock
|
Basic
|
|
451,629
|
|
|
|
|
448,438
|
|
|
|
|
450,964
|
|
|
|
|
445,815
|
|
|
|
Diluted
|
|
451,629
|
|
|
|
|
452,497
|
|
|
|
|
454,274
|
|
|
|
|
445,815
|
|
|
|
Under Armour,
Inc.
For the Three Months and Year Ended December 31, 2019 and
2018
(Unaudited; in thousands)
|
|
NET REVENUES BY
PRODUCT CATEGORY
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apparel
|
|
$
|
970,296
|
|
|
$
|
968,397
|
|
|
0.2
|
%
|
|
$
|
3,470,285
|
|
|
$
|
3,464,120
|
|
|
0.2
|
%
|
Footwear
|
|
259,328
|
|
|
235,174
|
|
|
10.3
|
%
|
|
1,086,551
|
|
|
1,063,175
|
|
|
2.2
|
%
|
Accessories
|
|
109,948
|
|
|
108,246
|
|
|
1.6
|
%
|
|
416,354
|
|
|
422,496
|
|
|
(1.5)
|
%
|
Total net
sales
|
|
1,339,572
|
|
|
1,311,817
|
|
|
2.1
|
%
|
|
4,973,190
|
|
|
4,949,791
|
|
|
0.5
|
%
|
Licensing
revenues
|
|
62,208
|
|
|
45,909
|
|
|
35.5
|
%
|
|
138,775
|
|
|
124,785
|
|
|
11.2
|
%
|
Connected
Fitness
|
|
34,993
|
|
|
30,259
|
|
|
15.6
|
%
|
|
136,378
|
|
|
120,357
|
|
|
13.3
|
%
|
Corporate
Other
|
|
4,452
|
|
|
1,995
|
|
|
123.2
|
%
|
|
$
|
18,789
|
|
|
$
|
(1,748)
|
|
|
1,174.9
|
%
|
Total net
revenues
|
|
$
|
1,441,225
|
|
|
$
|
1,389,980
|
|
|
3.7
|
%
|
|
$
|
5,267,132
|
|
|
$
|
5,193,185
|
|
|
1.4
|
%
|
NET REVENUES BY
SEGMENT
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
982,964
|
|
|
$
|
964,830
|
|
|
1.9
|
%
|
|
$
|
3,658,353
|
|
|
$
|
3,735,293
|
|
|
(2.1)
|
%
|
EMEA
|
|
180,732
|
|
|
176,887
|
|
|
2.2
|
%
|
|
621,137
|
|
|
591,057
|
|
|
5.1
|
%
|
Asia-Pacific
|
|
183,047
|
|
|
166,784
|
|
|
9.8
|
%
|
|
636,343
|
|
|
557,431
|
|
|
14.2
|
%
|
Latin
America
|
|
55,037
|
|
|
49,225
|
|
|
11.8
|
%
|
|
196,132
|
|
|
190,795
|
|
|
2.8
|
%
|
Connected
Fitness
|
|
34,993
|
|
|
30,259
|
|
|
15.6
|
%
|
|
136,378
|
|
|
120,357
|
|
|
13.3
|
%
|
Corporate
Other
|
|
4,452
|
|
|
1,995
|
|
|
123.2
|
%
|
|
18,789
|
|
|
$
|
(1,748)
|
|
|
1,174.9
|
%
|
Total net
revenues
|
|
$
|
1,441,225
|
|
|
$
|
1,389,980
|
|
|
3.7
|
%
|
|
$
|
5,267,132
|
|
|
$
|
5,193,185
|
|
|
1.4
|
%
|
INCOME (LOSS) FROM
OPERATIONS
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
2019
|
% of Net
Revenues (1)
|
|
2018
|
% of Net
Revenues (1)
|
|
2019
|
% of Net
Revenues (1)
|
|
2018
|
|
% of Net
Revenues (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
196,742
|
|
20.0
|
%
|
|
$
|
183,775
|
|
19.0
|
%
|
|
$
|
733,442
|
|
20.0
|
%
|
|
$
|
718,195
|
|
|
19.2
|
%
|
EMEA
|
|
9,039
|
|
5.0
|
%
|
|
12,453
|
|
7.0
|
%
|
|
53,739
|
|
8.7
|
%
|
|
30,388
|
|
|
5.1
|
%
|
Asia-Pacific
|
|
23,525
|
|
12.9
|
%
|
|
21,435
|
|
12.9
|
%
|
|
97,641
|
|
15.3
|
%
|
|
103,527
|
|
|
18.6
|
%
|
Latin
America
|
|
857
|
|
1.6
|
%
|
|
(6,540)
|
|
(13.3)
|
%
|
|
(3,160)
|
|
(1.6)
|
%
|
|
(16,879)
|
|
|
(8.8)
|
%
|
Connected
Fitness
|
|
9,037
|
|
25.8
|
%
|
|
(1,306)
|
|
(4.3)
|
%
|
|
17,140
|
|
12.6
|
%
|
|
5,948
|
|
|
4.9
|
%
|
Corporate
Other
|
|
(165,127)
|
|
NM
|
|
|
(220,264)
|
|
NM
|
|
|
(662,032)
|
|
NM
|
|
|
(866,196)
|
|
|
NM
|
|
Income (loss)
from operations
|
|
$
|
74,073
|
|
5.1
|
%
|
|
$
|
(10,447)
|
|
(0.8)
|
%
|
|
$
|
236,770
|
|
4.5
|
%
|
|
$
|
(25,017)
|
|
|
(0.5)
|
%
|
|
(1)
|
The operating income
(loss) percentage is calculated based on total segment net
revenues. Additionally, the
operating income (loss) percentage for Corporate Other is not
presented as it is not a meaningful metric (NM).
|
Under Armour,
Inc.
As of December 31, 2019 and December 31, 2018
(Unaudited; in thousands)
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
788,072
|
|
|
$
|
557,403
|
|
Accounts receivable,
net
|
|
708,714
|
|
|
652,546
|
|
Inventories
|
|
892,258
|
|
|
1,019,496
|
|
Prepaid expenses and
other current assets
|
|
313,165
|
|
|
364,183
|
|
Total current
assets
|
|
2,702,209
|
|
|
2,593,628
|
|
Property and
equipment, net
|
|
792,148
|
|
|
826,868
|
|
Operating lease
right-of-use assets
|
|
591,931
|
|
|
—
|
|
Goodwill
|
|
550,178
|
|
|
546,494
|
|
Intangible assets,
net
|
|
36,345
|
|
|
41,793
|
|
Deferred income
taxes
|
|
82,379
|
|
|
112,420
|
|
Other long term
assets
|
|
88,341
|
|
|
123,819
|
|
Total
assets
|
|
$
|
4,843,531
|
|
|
$
|
4,245,022
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Accounts
payable
|
|
$
|
618,194
|
|
|
$
|
560,884
|
|
Accrued
expenses
|
|
374,694
|
|
|
340,415
|
|
Customer refund
liabilities
|
|
219,424
|
|
|
301,421
|
|
Operating lease
liabilities
|
|
125,900
|
|
|
—
|
|
Current maturities of
long term debt
|
|
—
|
|
|
25,000
|
|
Other current
liabilities
|
|
83,797
|
|
|
88,257
|
|
Total current
liabilities
|
|
1,422,009
|
|
|
1,315,977
|
|
Long term debt, net
of current maturities
|
|
592,687
|
|
|
703,834
|
|
Operating lease
liabilities, non-current
|
|
580,635
|
|
|
—
|
|
Other long term
liabilities
|
|
98,113
|
|
|
208,340
|
|
Total
liabilities
|
|
2,693,444
|
|
|
2,228,151
|
|
Total stockholders'
equity
|
|
2,150,087
|
|
|
2,016,871
|
|
Total liabilities
and stockholders' equity
|
|
$
|
4,843,531
|
|
|
$
|
4,245,022
|
|
Under Armour,
Inc.
For the Year Ended December 31, 2019 and 2018
(Unaudited; in thousands)
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
Year Ended
December 31,
|
|
|
|
2019
|
|
2018
|
Cash flows from
operating activities
|
|
|
|
Net income
(loss)
|
$
|
92,139
|
|
|
$
|
(46,302)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities
|
|
|
|
Depreciation and
amortization
|
186,425
|
|
|
181,768
|
|
Unrealized foreign
currency exchange rate gain (loss)
|
(2,073)
|
|
|
14,023
|
|
Loss on disposal of
property and equipment
|
4,640
|
|
|
4,256
|
|
Impairment
charges
|
39,000
|
|
|
9,893
|
|
Amortization of bond
premium
|
254
|
|
|
254
|
|
Stock-based
compensation
|
49,618
|
|
|
41,783
|
|
Deferred income
taxes
|
38,132
|
|
|
(38,544)
|
|
Changes in reserves
and allowances
|
(26,096)
|
|
|
(234,998)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(45,450)
|
|
|
186,834
|
|
Inventories
|
149,519
|
|
|
109,919
|
|
Prepaid expenses and
other assets
|
24,334
|
|
|
(107,855)
|
|
Other non-current
assets
|
19,966
|
|
|
—
|
|
Accounts
payable
|
59,458
|
|
|
26,413
|
|
Accrued expenses and
other liabilities
|
(18,987)
|
|
|
134,594
|
|
Customer refund
liabilities
|
(80,710)
|
|
|
305,141
|
|
Income taxes payable
and receivable
|
18,862
|
|
|
41,051
|
|
Net cash provided by
operating activities
|
509,031
|
|
|
628,230
|
|
Cash flows from
investing activities
|
|
|
|
Purchases of property
and equipment
|
(145,802)
|
|
|
(170,385)
|
|
Sale of property and
equipment
|
—
|
|
|
11,285
|
|
Purchase of equity
method investment
|
—
|
|
|
(39,207)
|
|
Purchases of other
assets
|
(1,311)
|
|
|
(4,597)
|
|
Net cash used in
investing activities
|
(147,113)
|
|
|
(202,904)
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from long
term debt and revolving credit facility
|
25,000
|
|
|
505,000
|
|
Payments on long term
debt and revolving credit facility
|
(162,817)
|
|
|
(695,000)
|
|
Employee taxes paid
for shares withheld for income taxes
|
(4,235)
|
|
|
(2,743)
|
|
Proceeds from
exercise of stock options and other stock issuances
|
7,472
|
|
|
2,580
|
|
Payments of debt
financing costs
|
(2,553)
|
|
|
(11)
|
|
Other financing
fees
|
63
|
|
|
306
|
|
Net cash used in
financing activities
|
(137,070)
|
|
|
(189,868)
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
5,100
|
|
|
12,467
|
|
Net increase in cash,
cash equivalents and restricted cash
|
229,948
|
|
|
247,925
|
|
Cash, cash
equivalents and restricted cash
|
|
|
|
Beginning of
period
|
566,060
|
|
|
318,135
|
|
End of
period
|
$
|
796,008
|
|
|
$
|
566,060
|
|
Under Armour,
Inc.
For the Three Months and Year Ended December 31, 2019
(Unaudited)
|
|
The table below
presents the reconciliation of net revenue growth (decline)
calculated in accordance with
GAAP to currency neutral net revenue which is a non-GAAP measure.
See "Non-GAAP Financial
Information" above for further information regarding the Company's
use of non-GAAP financial measures.
|
|
CURRENCY NEUTRAL
NET REVENUE GROWTH (DECLINE) RECONCILIATION
|
|
|
|
Three Months
Ended
December 31, 2019
|
Year Ended
December 31,
2019
|
Total Net
Revenue
|
|
|
|
Net revenue growth -
GAAP
|
|
3.7
|
%
|
1.4
|
%
|
Foreign exchange
impact
|
|
0.4
|
%
|
1.1
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
4.1
|
%
|
2.5
|
%
|
|
|
|
|
North
America
|
|
|
|
Net revenue growth
(decline) - GAAP
|
|
1.9
|
%
|
(2.1)
|
%
|
Foreign exchange
impact
|
|
—
|
%
|
0.2
|
%
|
Currency neutral net
revenue growth (decline) - Non-GAAP
|
|
1.9
|
%
|
(1.9)
|
%
|
|
|
|
|
EMEA
|
|
|
|
Net revenue growth -
GAAP
|
|
2.2
|
%
|
5.1
|
%
|
Foreign exchange
impact
|
|
1.3
|
%
|
3.6
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
3.5
|
%
|
8.7
|
%
|
|
|
|
|
Asia-Pacific
|
|
|
|
Net revenue growth -
GAAP
|
|
9.8
|
%
|
14.2
|
%
|
Foreign exchange
impact
|
|
1.3
|
%
|
3.6
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
11.1
|
%
|
17.8
|
%
|
|
|
|
|
Latin
America
|
|
|
|
Net revenue growth -
GAAP
|
|
11.8
|
%
|
2.8
|
%
|
Foreign exchange
impact
|
|
2.0
|
%
|
3.0
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
13.8
|
%
|
5.8
|
%
|
|
|
|
|
Total
International
|
|
|
|
Net revenue growth -
GAAP
|
|
6.6
|
%
|
8.5
|
%
|
Foreign exchange
impact
|
|
1.4
|
%
|
3.6
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
8.0
|
%
|
12.1
|
%
|
Under Armour,
Inc.
As of December 31, 2019 and 2018
|
|
BRAND HOUSE AND
FACTORY HOUSE DOOR COUNT
|
|
|
|
December
31,
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Factory
House
|
|
169
|
|
163
|
Brand
House
|
|
19
|
|
16
|
North
America total doors
|
|
188
|
|
179
|
|
|
|
|
|
Factory
House
|
|
104
|
|
73
|
Brand
House
|
|
96
|
|
67
|
International total doors
|
|
200
|
|
140
|
|
|
|
|
|
Factory
House
|
|
273
|
|
236
|
Brand
House
|
|
115
|
|
83
|
Total
doors
|
|
388
|
|
319
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/under-armour-reports-fourth-quarter-and-full-year-2019-results-provides-initial-2020-outlook-301002141.html
SOURCE Under Armour, Inc.