Consolidated Balance sheet
2) Year to Year Analysis:
In the Year-
to Year analysis, we can see that the account receivable decreased almost 26%
and the Cash and cash quivalents account has increased 19.27% in 2020 compares to 2019. I think this is
means that more customers are paying off their credit accounts they use to purchase in 2019. And, more
cash entered to Under Armour. Moreover, the Inventories account has a decrease in 2019 compares to
2018. 2020 stays about the same as 2019. Thiscould mean Under Armour is not converting its product into
cash as quickly as they wanted, thus they are producing less products.
3) Index Number Trend Analysis:
We can see that the trend of total asset and total Liabilities& Equity is increasing.
Especially the total current asset accounts, like the cash and cash equivalents account. This could tell us
tha Under Armour is having more cash entering into the company each year. There’s no significant impact
of changes in total current liabilities account like account pyable. Account payable are stable which could
mean tha the company is not purchasing more goods on credit.
4) Common Size Balance Sheet:
In this analysis we can see that the total current asset make up big part of Under Armour’s
total asset. Especially, Cash and cash equivalents make up most of the asset and it has been like this for 6
years. Moroever, in the total liabilties and equity section, total liabilities made up most of them since
2018.
Consolidated Income Statement
2) Year to Year Analysis:
In the Year-
to Year analysis, we can see that the trend of Net revenue is inconsistent. Especially in
2020, net revenue decreased almmost 16.5&% compares to 2019. In general, the percentage of change from
2019 to 2020 for all income statement accounts decreased significantly. This could mean that the company the
company is not making enough revenue and paying out more in 2020 compares to prior years.
3)Index Number Trend Analysis:
Using 2015’s Financial as the “base year,” we can see that Net revenue each year after 2015 did
not drop below the net revenue of 2015. However, Net income (Loss) significantly decreased compare to the year
of 2015. I think one of the main reason if Under Armour’s Selling, general and administrative expenses, as well as
the COGS. Under Armour did not sell enough to cover their cost of good sold and expenses. Thus, it is causing
them to have a decrease in income each year.
4) Common Size Income Analysis:
As mentioned above, we can see that Under Armour is not selling enough to cover it’s cost of
goods sold and general expenses. In this common size aalysis we can conclude the prior mentioned conclusion is
true. As we see in this analysis, Cost of goods sold is more than half of Under Armour’s Net Revnue from 2015 to
2020. Selling and general administrative expense is also almos half of the net revenues. Which causing Under
Armour to not have enough revenue to cover other outgoing costs.
Consolidated Statement of Cash Flows:
2) Year to Year analysis:
We can see that net cash used in/provided by operating income are decreasing for the
pass 6 years for Under Armour. This could relates to Under Armour not generating enough revenue. In
2020, Under Armour’s revenue declined and costs increased which resulting 2020 to have a net loss. This
significant impact the cash flow in operating activities. Which caused net cash used decline and
adjustments to reconcile net income to increase.
Under Armour, Inc.
31 DEC ’20
31 DEC ’19 31 DEC ’18 31 DEC ’17 31 DEC ’16 31 DEC ’15
2020-2019
2019-2018
2016-2015
2016-2015
31 DEC ’15
GAAP/IFRS Balance Sheet
Total assets 5,030.6 4,843.5 4,245.0 4,006.4 3,644.3 2,868.9 3.86% 14.10% 5.96% 9.93% 27.03% 175.35% 168.83% 147.97% 139.65% 127.03% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Total current assets 3,223.0 2,702.2 2,593.6 2,337.7 1,965.2 1,498.8 19.27% 4.19% 10.95% 18.96% 31.12% 215.04% 180.30% 173.05% 155.97% 131.12% 64.07% 55.79% 61.10% 58.35% 53.92% 52.24%
Cash and cash equivalents 1,517.4 788.1 557.4 312.5 250.5 129.9 92.54% 41.38% 78.38% 24.76% 92.89% 1168.53% 606.90% 429.26% 240.65% 192.89% 30.16% 16.27% 13.13% 7.80% 6.87% 4.53%
Accounts receivable, net 527.3 708.7 652.5 609.7 622.7 433.6 -25.59% 8.61% 7.03% -2.09% 43.60% 121.61% 163.43% 150.48% 140.59% 143.60% 10.48% 14.63% 15.37% 15.22% 17.09% 15.12%
Inventories 896.0 892.3 1,019.5 1,158.5 917.5 783.0 0.42% -12.48% -12.00% 26.27% 17.17% 114.42% 113.95% 130.20% 147.96% 117.17% 17.81% 18.42% 24.02% 28.92% 25.18% 27.29%
Prepaid expenses and other current assets 282.3 313.2 364.2 257.0 174.5 152.2 -9.86% -14.01% 41.72% 47.26% 14.62% 185.43% 205.70% 239.21% 168.80% 114.62% 5.61% 6.47% 8.58% 6.41% 4.79% 5.31%
Income taxes receivable – – – – – –
Prepaid expenses and other current assets excluding income taxes receivable – – – – – –
Deferred income taxes – – – – – 0.0 0.00%
Property and equipment, net 658.7 792.1 826.9 885.8 804.2 538.5 -16.85% -4.20% -6.65% 10.14% 49.33% 122.31% 147.09% 153.54% 164.48% 149.33% 13.09% 16.35% 19.48% 22.11% 22.07% 18.77%
Operating lease right-of-use assets 536.7 591.9 —- -9.34% 10.67% 12.22%
Goodwill and intangible assets, net 515.5 586.5 588.3 602.7 627.9 660.9 -12.11% -0.30% -2.39% -4.02% -4.99% 78.00% 88.75% 89.02% 91.19% 95.01% 10.25% 12.11% 13.86% 15.04% 17.23% 23.04%
Goodwill 502.2 550.2 546.5 555.7 563.6 585.2 -8.72% 0.67% -1.65% -1.40% -3.69% 85.82% 94.02% 93.39% 94.96% 96.31% 9.98% 11.36% 12.87% 13.87% 15.46% 20.40%
Intangible assets, net 13.3 36.3 41.8 47.0 64.3 75.7 -63.42% -13.04% -11.07% -26.92% -15.03% 17.57% 48.02% 55.22% 62.09% 84.97% 0.26% 0.75% 0.98% 1.17% 1.76% 2.64%
Deferred income taxes 23.9 82.4 112.4 82.8 136.9 92.2 -70.95% -26.72% 35.77% -39.50% 48.51% 25.97% 89.39% 121.99% 89.85% 148.51% 0.48% 1.70% 2.65% 2.07% 3.76% 3.21%
Other long term assets 72.9 88.3 123.8 97.4 110.2 78.6 -17.51% -28.65% 27.07% -11.58% 40.24% 92.74% 112.42% 157.57% 124.00% 140.24% 1.45% 1.82% 2.92% 2.43% 3.02% 2.74%
Total liabilities and stockholders‘ equity 5,030.6 4,843.5 4,245.0 4,006.4 3,644.3 2,868.9 3.86% 14.10% 5.96% 9.93% 27.03% 175.35% 168.83% 147.97% 139.65% 127.03% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Total liabilities 3,354.6 2,693.4 2,228.2 1,987.7 1,613.4 1,200.7 24.55% 20.88% 12.10% 23.20% 34.38% 279.40% 224.33% 185.57% 165.55% 134.38% 66.68% 55.61% 52.49% 49.61% 44.27% 41.85%
Total current liabilities 1,413.3 1,422.0 1,316.0 1,060.4 685.8 478.8 -0.61% 8.06% 24.10% 54.62% 43.23% 295.16% 296.99% 274.84% 221.46% 143.23% 28.09% 29.36% 31.00% 26.47% 18.82% 16.69%
Revolving credit facility, current – – 0.0 125.0 – – 0.00% 3.12%
Accounts payable and accrued expenses 954.8 992.9 901.3 857.9 618.4 393.4 -3.83% 10.16% 5.05% 38.73% 57.20% 242.71% 252.39% 229.11% 218.09% 157.20% 18.98% 20.50% 21.23% 21.41% 16.97% 13.71%
Accounts payable 576.0 618.2 560.9 561.1 409.7 200.5 -6.83% 10.22% -0.04% 36.96% 104.37% 287.32% 308.39% 279.80% 279.91% 204.37% 11.45% 12.76% 13.21% 14.01% 11.24% 6.99%
Year-to-Year Change Analysis
Index Number Trend Analysis
Common Size Balance Sheet