BALTIMORE, July 30, 2019 /PRNewswire/ -- Under Armour,
Inc. (NYSE: UA, UAA) today announced financial results for the
second quarter ended June 30, 2019.
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" and "adjusted" amounts,
which are non-GAAP financial measures described below under the
"Non-GAAP Financial Information" paragraph. References to adjusted
financial measures exclude the impact of the company's 2018
restructuring plan and the related tax effects. 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. All per share
amounts are reported on a diluted basis.
"Our second quarter results give us increasing conviction that
our transformation continues to make solid progress across our
business, unlocking efficiencies that are driving greater
precision, consistency and repeatability," said Under Armour
Chairman and CEO Kevin Plank. "By
staying sharply focused on our long-term strategies – driving our
premium athletic brand positioning through industry leading
innovation, geographic expansion and creating deep connections with
our consumers – we are on track to deliver against our expectations
in 2019."
Second Quarter 2019 Review
- Revenue was up 1 percent to $1.2
billion (up 3 percent currency neutral).
-
- Wholesale revenue decreased 1 percent to $707 million and direct-to-consumer revenue was
up 2 percent to $423 million,
representing 35 percent of total revenue.
- North America revenue
decreased 3 percent to $816 million
and the international business increased 12 percent to $339 million (up 17 percent currency neutral)
representing 28 percent of total revenue. Within the international
business, revenue was up 6 percent in EMEA (up 11 percent currency
neutral), up 23 percent in Asia-Pacific (up 29 percent currency neutral)
and down 3 percent in Latin
America (up 2 percent currency neutral).
- Apparel revenue decreased 1 percent to $740 million; footwear revenue increased 5
percent to $284 million; and
accessories revenue was unchanged at $106
million.
- Gross margin increased 170 basis points to 46.5
percent compared to the prior year driven by supply chain
initiatives, regional mix and restructuring charges in the prior
period offset by foreign currency impacts.
- Selling, general & administrative
expenses increased 2 percent to $566 million, or 47.5 percent of revenue.
- Operating loss was $11
million.
- Net loss was $17 million
or $0.04 loss per share, inclusive of
a negative $0.01 impact from the
company's minority interest in its Japanese licensee.
- Inventory decreased 26 percent to $966 million.
- Total debt was down 24 percent to $591 million.
- Cash and cash equivalents increased 131 percent to
$456 million.
Fiscal 2019 Outlook
- Revenue is expected to be up approximately 3 to 4
percent reflecting a slight decline in North America and a low to mid-teen percentage
rate increase in the international business.
- Gross margin is expected to increase approximately
110 to 130 basis points compared to 2018. Excluding restructuring
charges from the comparable prior period, we expect an increase of
approximately 70 to 90 basis points compared to 2018 adjusted gross
margin due to ongoing supply chain initiatives and channel mix
benefits.
- Operating income is now expected to reach approximately
$230 million to $235 million versus the previously expected range
of $220 million to $230 million.
- Interest and other expense, net is now
expected to be approximately $30
million versus the previous expectation of approximately
$35 million.
- Effective tax rate is now expected to be
approximately 22 percent versus the previous expectation at the
high end of a 19 percent to 22 percent range.
- Earnings per share is expected to be $0.33 to $0.34
inclusive of a negative impact from the company's minority interest
in its Japanese licensee.
- Capital expenditures are expected to be
approximately $210 million.
Conference Call and Webcast
Under Armour will hold its second 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.
Non-GAAP Financial Information
This press release refers to "currency neutral" and "adjusted"
amounts. Currency neutral financial information is calculated to
exclude the impact of changes in foreign currency. Management
believes this information is useful to investors to facilitate a
comparison of the company's results of operations
period-over-period. 2018 adjusted gross margin is referred to but
not presented and excludes the impact of restructuring and other
related charges. A reconciliation of 2018 adjusted gross
margin is available in the company's 2018 year-end earnings
release. Management believes this information is useful to
investors because it provides enhanced visibility into the
company's actual underlying results excluding the impact of its
2018 restructuring plans. 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.
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 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, 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 realize expected benefits from our
restructuring plans; 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;
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 and Six
Months Ended June 30, 2019 and 2018
(Unaudited; in
thousands, except per share amounts)
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
|
2019
|
|
% of Net
Revenues
|
|
2018
|
|
% of Net
Revenues
|
|
2019
|
|
% of Net
Revenues
|
|
2018
|
|
% of Net
Revenues
|
Net
revenues
|
|
$
|
1,191,729
|
|
100.0
|
%
|
|
$
|
1,174,859
|
|
100.0
|
%
|
|
$
|
2,396,451
|
|
100.0
|
%
|
|
$
|
2,360,229
|
|
100.0
|
%
|
Cost of goods
sold
|
|
637,408
|
|
53.5
|
%
|
|
648,275
|
|
55.2
|
%
|
|
1,297,343
|
|
54.1
|
%
|
|
1,310,192
|
|
55.5
|
%
|
Gross
profit
|
|
554,321
|
|
46.5
|
%
|
|
526,584
|
|
44.8
|
%
|
|
1,099,108
|
|
45.9
|
%
|
|
1,050,037
|
|
44.5
|
%
|
Selling, general and
administrative expenses
|
|
565,803
|
|
47.5
|
%
|
|
552,619
|
|
47.0
|
%
|
|
1,075,331
|
|
44.9
|
%
|
|
1,067,253
|
|
45.2
|
%
|
Restructuring and
impairment charges
|
|
—
|
|
—
|
%
|
|
78,840
|
|
6.7
|
%
|
|
—
|
|
—
|
%
|
|
116,320
|
|
4.9
|
%
|
Income (loss) from
operations
|
|
(11,482)
|
|
(1.0)
|
%
|
|
(104,875)
|
|
(8.9)
|
%
|
|
23,777
|
|
1.0
|
%
|
|
(133,536)
|
|
(5.7)
|
%
|
Interest expense,
net
|
|
(5,988)
|
|
(0.5)
|
%
|
|
(8,552)
|
|
(0.7)
|
%
|
|
(10,226)
|
|
(0.4)
|
%
|
|
(17,116)
|
|
(0.7)
|
%
|
Other expense,
net
|
|
(1,128)
|
|
(0.1)
|
%
|
|
(8,069)
|
|
(0.7)
|
%
|
|
(1,795)
|
|
(0.1)
|
%
|
|
(5,181)
|
|
(0.2)
|
%
|
Income (loss)
before income taxes
|
|
(18,598)
|
|
(1.6)
|
%
|
|
(121,496)
|
|
(10.3)
|
%
|
|
11,756
|
|
0.5
|
%
|
|
(155,833)
|
|
(6.6)
|
%
|
Income tax expense
(benefit)
|
|
(5,740)
|
|
(0.5)
|
%
|
|
(26,090)
|
|
(2.2)
|
%
|
|
2,391
|
|
0.1
|
%
|
|
(30,183)
|
|
(1.3)
|
%
|
Loss from equity
method investment
|
|
(4,491)
|
|
(0.4)
|
%
|
|
(138)
|
|
—
|
%
|
|
(4,237)
|
|
(0.2)
|
%
|
|
(138)
|
|
—
|
%
|
Net income
(loss)
|
|
$
|
(17,349)
|
|
(1.5)
|
%
|
|
$
|
(95,544)
|
|
(8.1)
|
%
|
|
$
|
5,128
|
|
0.2
|
%
|
|
$
|
(125,788)
|
|
(5.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share of
Class A, B and C common stock
|
|
$
|
(0.04)
|
|
|
|
$
|
(0.21)
|
|
|
|
$
|
0.01
|
|
|
|
$
|
(0.28)
|
|
|
Diluted net income
(loss) per share of
Class A, B and C common stock
|
|
$
|
(0.04)
|
|
|
|
$
|
(0.21)
|
|
|
|
$
|
0.01
|
|
|
|
$
|
(0.28)
|
|
|
Weighted average
common shares outstanding Class A, B and C common
stock
|
Basic
|
|
451,066
|
|
|
|
444,626
|
|
|
|
450,411
|
|
|
|
443,844
|
|
|
Diluted
|
|
451,066
|
|
|
|
444,626
|
|
|
|
453,717
|
|
|
|
443,844
|
|
|
Under Armour,
Inc.
For the Three and Six
Months Ended June 30, 2019 and 2018
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
NET REVENUES BY
PRODUCT CATEGORY
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
|
|
|
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
|
|
|
|
Apparel
|
|
$
|
739,736
|
|
$
|
748,335
|
|
(1.1)
|
%
|
|
$
|
1,514,366
|
|
$
|
1,517,266
|
|
(0.2)
|
%
|
|
|
|
|
Footwear
|
|
284,080
|
|
271,375
|
|
4.7
|
%
|
|
576,627
|
|
543,145
|
|
6.2
|
%
|
|
|
|
|
Accessories
|
|
106,250
|
|
105,906
|
|
0.3
|
%
|
|
188,242
|
|
198,064
|
|
(5.0)
|
%
|
|
|
|
|
Total net
sales
|
|
1,130,066
|
|
1,125,616
|
|
0.4
|
%
|
|
2,279,235
|
|
2,258,475
|
|
0.9
|
%
|
|
|
|
|
Licensing
revenues
|
|
25,308
|
|
21,172
|
|
19.5
|
%
|
|
46,965
|
|
47,513
|
|
(1.2)
|
%
|
|
|
|
|
Connected
Fitness
|
|
31,935
|
|
29,112
|
|
9.7
|
%
|
|
62,039
|
|
57,938
|
|
7.1
|
%
|
|
|
|
|
Corporate
Other
|
|
4,420
|
|
(1,041)
|
|
524.6
|
%
|
|
$
|
8,212
|
|
$
|
(3,697)
|
|
322.1
|
%
|
|
|
|
|
Total net
revenues
|
|
$
|
1,191,729
|
|
$
|
1,174,859
|
|
1.4
|
%
|
|
$
|
2,396,451
|
|
$
|
2,360,229
|
|
1.5
|
%
|
|
|
|
|
|
|
NET REVENUES BY
SEGMENT
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
|
|
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
|
|
|
|
North
America
|
|
$
|
816,220
|
|
$
|
843,383
|
|
(3.2)
|
%
|
|
$
|
1,659,469
|
|
$
|
1,710,928
|
|
(3.0)
|
%
|
|
|
|
|
EMEA
|
|
145,320
|
|
136,942
|
|
6.1
|
%
|
|
279,424
|
|
266,530
|
|
4.8
|
%
|
|
|
|
|
Asia-Pacific
|
|
154,113
|
|
125,706
|
|
22.6
|
%
|
|
298,398
|
|
241,259
|
|
23.7
|
%
|
|
|
|
|
Latin
America
|
|
39,721
|
|
40,757
|
|
(2.5)
|
%
|
|
88,909
|
|
87,271
|
|
1.9
|
%
|
|
|
|
|
Connected
Fitness
|
|
31,935
|
|
29,112
|
|
9.7
|
%
|
|
62,039
|
|
57,938
|
|
7.1
|
%
|
|
|
|
|
Corporate
Other
|
|
4,420
|
|
(1,041)
|
|
524.6
|
%
|
|
8,212
|
|
$
|
(3,697)
|
|
322.1
|
%
|
|
|
|
|
Total net
revenues
|
|
$
|
1,191,729
|
|
$
|
1,174,859
|
|
1.4
|
%
|
|
$
|
2,396,451
|
|
$
|
2,360,229
|
|
1.5
|
%
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
|
2019
|
% of Net
Revenues (1)
|
|
2018
|
% of Net
Revenues (1)
|
|
2019
|
% of Net
Revenues (1)
|
|
2018
|
|
% of Net
Revenues (1)
|
|
North
America
|
|
$
|
139,198
|
17.1
|
%
|
|
$
|
132,529
|
15.7
|
%
|
|
$
|
299,471
|
18.0
|
%
|
|
$
|
280,714
|
|
16.4
|
%
|
|
EMEA
|
|
10,493
|
7.2
|
%
|
|
(5,945)
|
(4.3)
|
%
|
|
22,711
|
8.1
|
%
|
|
1,209
|
|
0.5
|
%
|
|
Asia-Pacific
|
|
19,647
|
12.7
|
%
|
|
21,391
|
17.0
|
%
|
|
39,450
|
13.2
|
%
|
|
45,513
|
|
18.9
|
%
|
|
Latin
America
|
|
(3,891)
|
(9.8)
|
%
|
|
(4,689)
|
(11.5)
|
%
|
|
(4,250)
|
(4.8)
|
%
|
|
(6,567)
|
|
(7.5)
|
%
|
|
Connected
Fitness
|
|
11
|
—
|
%
|
|
1,711
|
5.9
|
%
|
|
1,080
|
1.7
|
%
|
|
5,122
|
|
8.8
|
%
|
|
Corporate
Other
|
|
(176,940)
|
NM
|
|
|
(249,872)
|
NM
|
|
|
(334,685)
|
NM
|
|
|
(459,527)
|
|
NM
|
|
|
Income (loss) from
operations
|
|
$
|
(11,482)
|
(1.0)
|
%
|
|
$
|
(104,875)
|
(8.9)
|
%
|
|
$
|
23,777
|
1.0
|
%
|
|
$
|
(133,536)
|
|
(5.7)
|
%
|
|
|
(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 June 30,
2019, December 31, 2018 and June 30, 2018
(Unaudited; in
thousands)
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
June 30,
2019
|
|
December 31,
2018
|
|
June 30,
2018
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
455,726
|
|
$
|
557,403
|
|
$
|
196,879
|
Accounts receivable,
net
|
|
735,181
|
|
652,546
|
|
724,945
|
Inventories
|
|
965,711
|
|
1,019,496
|
|
1,299,332
|
Prepaid expenses and
other current assets
|
|
287,829
|
|
364,183
|
|
340,359
|
Total current
assets
|
|
2,444,447
|
|
2,593,628
|
|
2,561,515
|
Property and
equipment, net
|
|
795,499
|
|
826,868
|
|
835,427
|
Operating lease
right-of-use assets
|
|
606,018
|
|
—
|
|
—
|
Goodwill
|
|
548,762
|
|
546,494
|
|
551,160
|
Intangible assets,
net
|
|
39,527
|
|
41,793
|
|
45,880
|
Deferred income
taxes
|
|
129,403
|
|
112,420
|
|
111,746
|
Other long-term
assets
|
|
116,252
|
|
123,819
|
|
135,424
|
Total
assets
|
|
$
|
4,679,908
|
|
$
|
4,245,022
|
|
$
|
4,241,152
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Accounts
payable
|
|
607,382
|
|
560,884
|
|
691,163
|
Accrued
expenses
|
|
304,063
|
|
340,415
|
|
258,567
|
Customer refund
liabilities
|
|
241,456
|
|
301,421
|
|
303,730
|
Operating lease
liabilities
|
|
116,219
|
|
—
|
|
—
|
Current maturities of
long-term debt
|
|
—
|
|
25,000
|
|
27,000
|
Other current
liabilities
|
|
63,521
|
|
88,257
|
|
57,939
|
Total current
liabilities
|
|
1,332,641
|
|
1,315,977
|
|
1,338,399
|
Long term debt, net
of current maturities
|
|
591,396
|
|
703,834
|
|
752,370
|
Operating lease
liabilities, non-current
|
|
601,665
|
|
—
|
|
—
|
Other long-term
liabilities
|
|
105,932
|
|
208,340
|
|
226,471
|
Total
liabilities
|
|
2,631,634
|
|
2,228,151
|
|
2,317,240
|
Total stockholders'
equity
|
|
2,048,274
|
|
2,016,871
|
|
1,923,912
|
Total liabilities
and stockholders' equity
|
|
$
|
4,679,908
|
|
$
|
4,245,022
|
|
$
|
4,241,152
|
|
|
|
|
|
|
|
Under Armour,
Inc.
For the Six Months
Ended June 30, 2019 and 2018
(Unaudited; in
thousands)
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
Six Months Ended
June 30,
|
|
2019
|
|
2018
|
Cash flows from
operating activities
|
|
|
|
Net income
(loss)
|
$
|
5,128
|
|
$
|
(125,788)
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities
|
|
|
|
Depreciation and
amortization
|
93,721
|
|
91,271
|
Unrealized foreign
currency exchange rate gain (loss)
|
(3,077)
|
|
13,151
|
Loss on disposal of
property and equipment
|
2,447
|
|
2,496
|
Impairment
charges
|
—
|
|
9,660
|
Amortization of bond
premium
|
127
|
|
127
|
Stock-based
compensation
|
25,635
|
|
20,673
|
Deferred income
taxes
|
(13,890)
|
|
(35,969)
|
Changes in reserves
and allowances
|
(10,196)
|
|
(238,005)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(75,116)
|
|
116,896
|
Inventories
|
62,302
|
|
(158,430)
|
Prepaid expenses and
other assets
|
64,533
|
|
(54,422)
|
Other non-current
assets
|
12,812
|
|
768
|
Accounts
payable
|
57,674
|
|
160,164
|
Accrued expenses and
other liabilities
|
(48,094)
|
|
48,939
|
Customer refund
liabilities
|
(60,089)
|
|
307,192
|
Income taxes payable
and receivable
|
(1,210)
|
|
(12,716)
|
Net cash provided by
operating activities
|
112,707
|
|
146,007
|
Cash flows from
investing activities
|
|
|
|
Purchases of property
and equipment
|
(77,046)
|
|
(95,607)
|
Sale of property and
equipment
|
—
|
|
11,285
|
Purchase of equity
method investment
|
—
|
|
(39,207)
|
Purchases of other
assets
|
(997)
|
|
(2,536)
|
Net cash used in
investing activities
|
(78,043)
|
|
(126,065)
|
Cash flows from
financing activities
|
|
|
|
Proceeds from long
term debt and revolving credit facility
|
25,000
|
|
210,000
|
Payments on long term
debt and revolving credit facility
|
(162,817)
|
|
(348,500)
|
Employee taxes paid
for shares withheld for income taxes
|
(3,077)
|
|
(1,759)
|
Proceeds from
exercise of stock options and other stock issuances
|
4,238
|
|
8,913
|
Payments of debt
financing costs
|
(2,661)
|
|
(11)
|
Other financing
fees
|
76
|
|
87
|
Net cash used in
financing activities
|
(139,241)
|
|
(131,270)
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
4,463
|
|
(2,487)
|
Net increase in cash,
cash equivalents and restricted cash
|
(100,114)
|
|
(113,815)
|
Cash, cash
equivalents and restricted cash
|
|
|
|
Beginning of
period
|
566,060
|
|
318,135
|
End of
period
|
$
|
465,946
|
|
$
|
204,320
|
Under Armour,
Inc.
For the Three and Six
Months Ended June 30, 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
June 30, 2019
|
Six Months Ended
June 30, 2019
|
Total Net
Revenue
|
|
|
|
Net revenue growth -
GAAP
|
|
1.4
|
%
|
1.5
|
%
|
Foreign exchange
impact
|
|
1.6
|
%
|
1.6
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
3.0
|
%
|
3.1
|
%
|
|
|
|
|
North
America
|
|
|
|
Net revenue decline -
GAAP
|
|
(3.2)
|
%
|
(3.0)
|
%
|
Foreign exchange
impact
|
|
0.3
|
%
|
0.4
|
%
|
Currency neutral net
revenue decline - Non-GAAP
|
|
(2.9)
|
%
|
(2.6)
|
%
|
|
|
|
|
EMEA
|
|
|
|
Net revenue growth -
GAAP
|
|
6.1
|
%
|
4.8
|
%
|
Foreign exchange
impact
|
|
4.6
|
%
|
4.9
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
10.7
|
%
|
9.7
|
%
|
|
|
|
|
Asia-Pacific
|
|
|
|
Net revenue growth -
GAAP
|
|
22.6
|
%
|
23.7
|
%
|
Foreign exchange
impact
|
|
6.6
|
%
|
5.9
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
29.2
|
%
|
29.6
|
%
|
|
|
|
|
Latin
America
|
|
|
|
Net revenue growth
(decline) - GAAP
|
|
(2.5)
|
%
|
1.9
|
%
|
Foreign exchange
impact
|
|
4.0
|
%
|
3.8
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
1.5
|
%
|
5.7
|
%
|
|
|
|
|
Total
International
|
|
|
|
Net revenue growth -
GAAP
|
|
11.8
|
%
|
12.0
|
%
|
Foreign exchange
impact
|
|
5.3
|
%
|
5.2
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
17.1
|
%
|
17.2
|
%
|
Under Armour,
Inc.
As of June 30, 2019
and 2018
|
|
BRAND HOUSE AND
FACTORY HOUSE DOOR COUNT
|
|
|
|
June 30,
|
|
|
2019
|
|
2018
|
Factory
House
|
|
165
|
|
161
|
Brand
House
|
|
16
|
|
15
|
North
America total doors
|
|
181
|
|
176
|
|
|
|
|
|
Factory
House
|
|
86
|
|
61
|
Brand
House
|
|
79
|
|
65
|
International total doors
|
|
165
|
|
126
|
|
|
|
|
|
Factory
House
|
|
251
|
|
222
|
Brand
House
|
|
95
|
|
80
|
Total
doors
|
|
346
|
|
302
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/under-armour-reports-second-quarter-results-updates-2019-full-year-outlook-300892679.html
SOURCE Under Armour, Inc.