10-K annual report for Under Armour, Inc. 代写


The following is an excerpt from the 10-K annual report for Under Armour, Inc.:
 
Overview
We are a leading developer, marketer and distributor of branded performance apparel, footwear and accessories. The brand’s moisture-wicking fabrications are engineered in many different designs and styles for wear in nearly every climate to provide a performance alternative to traditional products. Our products are sold worldwide and worn by athletes at all levels, from youth to professional, on playing fields around the globe, as well as by consumers with active lifestyles. The Under Armour Connected Fitness platform powers the world's largest digital health and fitness community and our strategy is focused on engaging with these consumers and increasing awareness and sales of our products. We plan to grow this community by developing innovative applications, services and other digital solutions to impact how athletes and fitness-minded individuals train, perform and live.
Our net revenues grew to $4,825.3 million in 2016 from $1,834.9 million in 2012. We believe that our growth in net revenues has been driven by a growing interest in 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 sales channel and expansion in international markets and engaging with consumers through our Connected Fitness business.
Financial highlights for full year 2016 include:

•	Net revenues increased 22% compared to 2015.
•	Wholesale and Direct-to-Consumer revenues increased 19% and 27%, respectively.
•	Apparel revenue increased 15% compared to the prior year, with footwear and accessories revenue increasing 49% and 17%, respectively.
•	Revenue in our North America segment grew 16%. Revenue in our Asia-Pacific, EMEA and Latin America segments grew 85%, 63% and 34%, respectively, with 51% growth in our Connected Fitness segment.
•	Selling, general and administrative expense increased 22% when compared to 2015.
•	Gross margin decreased 170 basis points when compared to 2015.

A large majority of our products are sold in North America; however, we believe our products appeal to athletes and consumers with active lifestyles around the globe. Internationally, our net revenues are generated from a mix of wholesale sales to retailers, sales to distributors and sales through our direct to consumer sales channels in Europe, Latin America, and Asia-Pacific. In addition, a third party licensee sells our products in Japan.
We believe there is an increasing recognition of the health benefits of an active lifestyle. We believe this trend provides us with an expanding consumer base for our products. We also believe there is a continuing shift in consumer demand from traditional non-performance products to performance products, which are intended to provide better performance by wicking perspiration away from the skin, helping to regulate body temperature and enhancing comfort. We believe that these shifts in consumer preferences and lifestyles are not unique to the United States, but are occurring in a number of markets globally, thereby increasing our opportunities to introduce our performance products to new consumers. We plan to continue to grow our business over the long 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.
Although we believe these trends will facilitate our growth, we also face potential challenges that could limit our ability to take advantage of these opportunities, including, among others, the risk of general economic or market conditions that could affect consumer spending and the financial health of our retail customers. In the fourth quarter of 2016, our growth was challenged due to the disruption of the North American retail environment. In addition, we expect our operating income in 2017 to decline compared to 2016. As such, we are in the process of evaluating our cost structure, and are making strategic resource allocation and prioritization decisions during 2017. These initiatives could impact our results of operations. In addition, we may not be able to effectively manage our growth and a more complex global business. We may not consistently be able to anticipate consumer preferences and develop new and innovative products that meet changing preferences in a timely manner. Furthermore, our industry is very competitive, and competition pressures could cause us to reduce the prices of our products or otherwise affect our profitability. We also rely on third-party suppliers and manufacturers outside the U.S. to provide fabrics and to produce our products, and disruptions to our supply chain could harm our business. For a more complete discussion of the risks facing our business, refer to the “Risk Factors” section included in Item 1A. 
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 10-K annual report for Under Armour, Inc. 代写
 
 
You can access the full annual 10-K report on sec.gov. You can access their CSR report at http://www.uabiz.com/company/sustainability.cfm. You will use the information in these reports to answer the following questions for Under Armour for the years ended December 31, 2016 and December 31, 2015 for financial information and their most recent CSR information for questions related to that report.
1. What is Under Armour’s working capital for each fiscal year?
2. Has Under Armour been profitable since its inception? How do you know?
3. What fraction of its assets does Under Armour finance with non-owner financing (liabilities) as of the two fiscal year ends? Comment briefly on any pattern you observe.
4. What is the ratio of Under Armour’s Operating Income to Sales for the three fiscal year ends listed in the income statement? Comment briefly on any pattern you observe.
5. What is Under Armour’s effective tax rate for each of these three years? (The effective tax rate is the ratio of income tax expense to profit before tax.)
6. Over the last three years, what has been Under Armour’s largest investing cash outflow? When does this cash outflow show up on the income statement as an expense?
7. Using the beginning and ending balances of Accounts Receivable and assuming all sales were made on account, what would cash collections from customers be in the last fiscal year?
8. Refer to the auditor’s report in the 10-K report. What type of opinion has the auditor issued? 200words
9. Using the UA CSR link, what is Under Armour’s ‘Sustainability Vision Statement’?200words
10. UA lists two ‘Current Strategic Priorities’ in this same area of the web page (‘Our Sustainability Approach’).  Choose one of the two strategic priorities and briefly comment on how well UA is addressing the issues related to this stated priority. 300words


10-K annual report for Under Armour, Inc. 代写