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About Under Armour, Inc.

Under Armour makes performance clothes for doing battle on the sports field and in the gym. The company is the official footwear supplier of the National Football League (NFL) and Major League Baseball (MLB) and partners with the National Basketball Association (NBA); it outfits everyday athletes as well. Under Armour claims its products, made from moisture-wicking and heat-dispersing fabrics, keep athletes dry and comfortable during workouts. The company also makes technology that helps customers track their fitness. It sells online, by catalog, and through retail and outlet stores worldwide. Its locker room of athlete endorsers include top performers in football, basketball, soccer, and baseball. Under Armour operates worldwide but generates most of its revenue in the US.

Operations

Apparel designed for winter (COLDGEAR), summer (HEATGEAR), and year-round (ALLSEASONGEAR) wear accounts for more than 65% of sales. Footwear brings in about 20% of sales with accessories such as hats, bags, and gloves contributing just under 10%.

Under Armour also has a small but growing Connected Fitness business, which includes fitness-related apps such as MapMyFitness, MyFitnessPal, Endonondo, and UA Record. The free-to-use apps generate revenue from advertising and account for the remaining revenue (along with licensing fees).

Almost all of Under Armour's products are made by third-party manufacturers in some 15 countries. About 60% of the company's products are made in China, Jordan, Vietnam, and Malaysia.

Geographic Reach

Under Armour operates globally. Beyond North America, where it generates about 70% of sales, the company's products are sold primarily in Germany and the UK. It also sells in Japan, Hong Kong, and South Korea through a third-party licensee.

In addition to its main headquarters in Baltimore, Maryland, Under Armour has headquarters locations in the Netherlands (for Europe), Panama (for Latin America), and Hong Kong and China (for the Asia-Pacific region and Greater China).

The company's distribution facilities are in Sparrows Point and Glen Burnie, Maryland; Mount Juliet, Tennessee; and Rialto, California. It also operates some 320 brand and factory house stores located primarily in the US, Canada, China, Chile, and Mexico.

Sales and Marketing

Under Armour generates more than 60% of its sales through its wholesale business, although its direct-to-consumer business is growing rapidly.

Sports marketing -- on the high school, collegiate, and professional levels -- is key for the company in building its brand and expanding its customer base. Under Armour uses outfitting agreements; professional, club, and collegiate sponsorships; and individual athlete and influencer agreements to attract attention. It also sponsors and hosts consumer sporting events such as youth camps and clinics.

The company's advertising expense was $543.8 million, $565.1 million, and $477.5 million in 2018, 2017, and 2016, respectively.

Financial Performance

Under Armour's revenue has jumped nearly 70% in the past five years as more consumers clad themselves in Under Armour branded athletic wear. Net income had been following a similar upward trajectory until 2017 when it plummeted amid restructuring charges.

In 2018 the company reported revenue of $5.2 billion, up 4% from the prior year. Growth in apparel, driven primarily by training clothing, led the charge. Increases in footwear and connected fitness also added to the results. Accessories sales, however, fell about 5% year-over-year. Geographically, huge gains in the EMEA and Asia-Pacific regions were more than enough to offset a small decline in North American revenue.

Net loss that year improved just slightly, from $48.2 million to $46.3 million, but Under Armour still had a second consecutive year of significant restructuring and impairment charges related to a company plan to optimize operations.

Cash at the end of 2018 was $566.1 million, an increase of $247.9 million from the prior year. Cash from operations contributed $628.2 million to the coffers, while investing activities used $202.9 million, mainly for capital expenditures. Financing activities used another $189.9 million for payments on long-term debt.

Strategy

After unbridled growth for most of the past decade, Under Armour's sales slowed in 2017 and 2018 because of its struggling North American business, which accounts for some 70% of total revenue. The company has responded with a broad restructuring that has reduced headcount, consolidated facilities, closed stores, and refocused resources. As part of a five-year growth plan, it is focused on creating innovative products -- including digital integration -- and investing in high-growth-opportunity areas such as international operations.

In 2017 and 2018 the company introduced several product advancements, including Reactor temperature-regulating fabric and Threadborne sports performance fabric as well as the HOVR connected footwear platform. It is also building an ecosystem of products around its connected footwear and fitness apps such as MapMyFitness/MapMyRun. In early 2019 it announced integrations with Samsung's Galaxy smartwatch and JBL wireless headphones

Under Armour also plans to build on its growing international sales, which account for about quarter of its revenue (compared to about half of that in 2015). In 2018 the company revamped its regional structure, appointing new managing directors for Latin America and the Asia-Pacific and EMEA regions. It also announced plans to expand its Hong Kong headquarters. In early 2019 it opened a new regional headquarters in Amsterdam. Building a global brand would help Under Armour compete with larger rivals Nike and Adidas, who generate much more revenue outside the US and have logos known around the world.

Company Background

Under Armour was founded in Washington, DC, in 1996 and moved to Baltimore, Maryland, two years later. It promoted apparel specifically for athletes, fabric designed to keep them cool when it is hot and keep them warm when it is cold.

The company considers its inclusion in the 1999 film Any Given Sunday as its big break, claiming that "athletes everywhere took notice."

It continued focusing on the sports world, inking supplier or licensing deals with the NHL, MLB, and USA Baseball in the early 2000s. Under Armour went public in 2005.

The following year the company moved into footwear with a line of football cleats; it eventually became the official footwear supplier to the NFL.