Powerpoint - Jacob Pifer

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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
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
Horizontal Analysis
(in thousands)
2009
2008
2007
2009
2008
2007
Revenues
$856,411
$725,244
$606,561
118%
119%
100%
Cost of goods sold
$443,386
$370,296
$301,217
119%
123%
100%
Gross Profit
$413,025
$354,948
$305,044
116%
116%
100%
Selling Expense
$327,752
$278,023
218,779
118%
127%
100%
Income Operations
$85,273
$76,925
$86,265
111%
89%
100%
Interest inc (exp)
($2,344)
$(850)
$749
-275%
-113%
100%
Other Inc (Exp)
($511)
($6,175)
$2029
1235%
-304%
100%
Income before tax
$82,418
$69,900
$89,043
118%
78%
100%
Taxes
$35,633
$31,671
$36,485
Net Income
$46,785
$38,229
$52,558
122%
72%
100%
Balance Sheet
(in thousands)
Assets
2009
2008
2007
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
$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
Deferred income taxes
$13,908
$8,687
$8,173
Total Assets
$545,588
$487,555
$390,613
Current Assets
Total Current Assets
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
---
$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
Total Current Liabilities
Current Ratio:
Liquidity Ratios
Industry Avg
3.7x
3.5x
Quick Ratio:
2.2x
1.1x
Asset Management Ratios
Industry Avg
Days Sales Outstanding:
34.2
43
Total Asset Turnover
1.66x
1.7x
DEBT MANAGEMENT RATIOS

Debt Ratio:
27%
PROFITABILITY RATIOS

Profit Margin:
5.4%

ROA:
9%

ROE:
12.8%
 Industry Average

TIE Ratio:
36.1
 Industry Average: 2.2
Book Value Per Share
$7.96
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.
References:
•Business Week.
http://investing.businessweek.com/research/stocks/financials/rati
os.asp?ticker=UA:US
•Sports Illustrated online.
http://sportsillustrated.cnn.com/2009/more/04/09/under.armour
/index.html
•Under Armour INC online.
http://investor.underarmour.com/company/about.cfm
Thank You
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