Nyse Uaa 2019

capable of battling through numerous
shifts in consumer behavior and the

relentless pressure of a highly competitive
marketplace.
In 2019, our revenue grew 1 percent to $5.3
ANNUAL REPORT
billion. And while our efforts to return to
growth in North America are taking longer
than expected, our international business
continued to demonstrate strength and
its important role in our portfolio of levers.
LETTER FROM THE Full year gross margin improved 180 basis
EXECUTIVE CHAIRMAN points to 46.9%; operating income was $237
& THE CEO million; and, our diluted earnings per share
was $0.20.
APRIL 14, 2020 To be clear, we are not satisfied with these

results versus where we thought would
DEAR FELLOW SHAREHOLDERS, be now during our transformation. That
said, change of this magnitude takes time
Three months into this new year and the and we remain fundamentally committed
world has changed dramatically. Like other to returning to growth and improving
companies operating amid the COVID-19 shareholder returns over the long-term.
pandemic, we find ourselves working
diligently to protect the interests of all our In the near-term, we have areas we are
stakeholders during this unprecedented time. proud of including important operational,
And while there is much uncertainty about structural and process improvements
the future, we are resolute in supporting the that contributed to meaningful balance
health of our teammates, our athletes and sheet improvements driven by disciplined
our business. What follows is our perspective inventory management and more thoughtful
on the positive strides we have made with capital expenditure allocations – all of
our business in the recent past. Given the which we believe sets us up to manage
dynamic landscape, we will continue to evolve through many of the challenges ahead.
our business and strategy as we manage Strategically, we are well positioned globally
through this crisis. as one of only a few authentic, on-field
athletic performance brands. Our innovative,
Fourteen years ago, when Under Armour’s first beautifully designed products that make you
annual report was written, we spoke about the better also now have a more powerful brand
importance of building a solid foundation for voice to connect even more deeply with our
long-term growth and consistently balancing consumers.
the core elements of our strategic pillars:
Product, Story, Service and Team. As we entered 2020, we significantly began
to amplify the use of brand marketing to
In the time since – which has seen a rapid increase awareness, engagement and
globalization of business within the digital consideration around the world. Executing
age and the continued growth of sport, this powerful global brand platform, The
fitness and wellness – the world has Only Way is Through h, will remind and inspire
evolved tremendously. Through it all, Under consumers why Under Armour is special.
Armour has embraced the change, evolved We believe this voice will play a crucial
with it and created a resilient company role in reigniting and further solidifying our
2019 ANNUAL REPORT

positioning with our target consumer focused on evolving our partnership to
– the focused performer – and will be maximize both of our unique skill sets and
instrumental in improving our underlying putting Under Armour in the best possible
demand to drive our premium brand position to realize the brand’s full potential.
perception.
Our path is clear: we compete in
From a product perspective, key athletic performance, we are the human
innovations such as Under Armour performance company that gives you the
Coldgear®, Rush™, Recover™ and UA edge to push beyond any limit, and we
HOVR™ ™ – along with a loaded pipeline to make you better. When we watch Under
come – blend style and beauty with the Armour athletes train and compete, we are
highly technical features that consumers joined in pride, community and in family.
have come to expect from us. Leveraging
athlete franchises like Dwyane Johnson’s Families love, they fight, they suffer losses
Project Rock collection n and Stephen but above all else – they are connected,
Curry’s SC C business broaden our reach resilient and persevere. This authenticity
even further. And with partnerships like is earned and a privilege that represents
Virgin Galactic where we are using inline an immense responsibility. A responsibility
Under Armour innovation to equip the next to our teammates, customers and
generation of space travel, we’re helping shareholders to stay focused and play the
redefine the boundaries of performance. long game for athletes, and we’re doing
Additionally, having successfully reduced exactly that.
and streamlined inconsistencies found
previously in our go-to-market process, We recognize that Under Armour’s long-
we are laser focused on the cultivation and term transformation continues to ask
curation of elevated product franchises a lot from our stakeholders. There is
that deliver on our style, performance and undoubtedly hard work and tough decisions
fit criteria. that are ahead of us, but we’re encouraged
by the progress we’ve made thus far and
Within our direct-to-consumer business, believe that we are fundamentally running a
we’re investing in capabilities to become better company today than just a few years
more digitally and physically capable of ago.
delivering a premium, seamless experience
every time consumers engage with When it comes to Under Armour, there’s
our brand. This includes an improved never been a shortage of detractors. But
eCommerce platform in North America to we’re used to that. 24-years used to that.
better compete in today’s rapidly evolving We’re more than our successes. We’re
digital landscape. In addition, an enhanced more than our failures. As we emerge from
customer relationship management this current environment – on the other
program along with 40-50 million monthly side of what the new ‘normal’ may or may
active Connected Fitness users will help not be – sport, fitness and wellness will be
power personalization, engagement and tantamount to our global recovery.
frequency as we continue to scale our
business globally. Great brands endure. The only way is
through.
From a team perspective – following a
lengthy succession planning process,
we also transitioned into new roles of
Executive Chairman & Brand Chief and KEVIN A. PLANK PATRIK FRISK
President & Chief Executive Officer, Executive Chairman President &
respectively. In our new roles, we are & Brand Chief Chief Executive Officer
2019 ANNUAL REPORT

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5B C77IFF9B79 C: H<9G9 HMD9G C: 9J9BHG 7CI@8
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9LH9BH H<9 =AD57H C: H<9 7CFCB5J=FIG 7CBH=BI9G CF KCFG9BG
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5BH=7=D5H9 5B8 F9GDCB8 HC H<9G9 7<5B;9G (IF :5=@IF9 HC 5BH=7=D5H9 5B8 F9GDCB8 H=A9@M HC 7<5B;=B; 7CBGIA9F
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CIF 56=@=HM HC 589EI5H9@M F957H HC 5B8
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CIF 6F5B8 F9DIH5H=CB A5M 69 B9;5H=J9@M

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CIF 6F5B8 =A5;9 5B8
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7IFF9BH@M 8C BCH 9BH9F =BHC @CB; H9FA G5@9G 7CBHF57HG K=H< CIF ?9M 7IGHCA9FG
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CF A5M G=;B=:=75BH@M 897F95G9 H<9=F 6IG=B9GG K=H< IG CF H9FA=B5H9
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5 B9;5H=J9 =AD57H CB CIF ;FCKH< DFCGD97HG 5B8 5BM 897F95G9 CF @CGG C: H<9G9 ?9M 7IGHCA9FG 6IG=B9GG 7CI@8 F9GI@H
=B 5 A5H9F=5@ 897F95G9 =B CIF B9H F9J9BI9G 5B8 B9H =B7CA9 "B 588=H=CB
CIF 7IGHCA9FG 7CBH=BI9 HC 9LD9F=9B79
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HC :=B8 GI::=7=9BH 5@H9FB5H=J9 7IGHCA9FG HC 7CBH=BI9 HC ;FCK CIF B9H F9J9BI9G
CF CIF B9H F9J9BI9G A5M 897@=B9
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HC 9LD5B8 7F=H=75@ :IB7H=CBG =B CIF 6IG=B9GG
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5 G=;B=:=75BH DCFH=CB C: CIF B9H F9J9BI9G
5F9 ;9B9F5H98 6M 5HCB79 CF89FG :CF =AA98=5H9 89@=J9FM HC 7IGHCA9FG
D5FH=7I@5F@M 8IF=B; H<9 @5GH HKC EI5FH9FG C: H<9
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W 5B =B7F95G9 CF 897F95G9 =B 7CBGIA9F 89A5B8 :CF CIF DFC8I7HG
W CIF :5=@IF9 HC 577IF5H9@M :CF975GH 7CBGIA9F 5779DH5B79 :CF CIF B9K DFC8I7HG

W DFC8I7H =BHFC8I7H=CBG 6M 7CAD9H=HCFG
W IB5BH=7=D5H98 7<5B;9G =B ;9B9F5@ A5F?9H 7CB8=H=CBG CF CH<9F :57HCFG
K<=7< A5M F9GI@H =B 75B79@@5H=CBG C:
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W H<9 =AD57H CB 7CBGIA9F 89A5B8 8I9 HC IBG95GCB56@9 K95H<9F 7CB8=H=CBG
W K95?9B=B; C: 97CBCA=7 7CB8=H=CBG CF 7CBGIA9F 7CB:=89B79 =B :IHIF9 97CBCA=7 7CB8=H=CBG
K<=7< 7CI@8
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CF DC@=H=75@ CF @56CF =BGH56=@=HM CF IBF9GH K<=7< 7CI@8 58J9FG9@M
5::97H 7CBGIA9F 7CB:=89B79 5B8 GD9B8=B; CF =BH9FFIDH DFC8I7H=CB 5B8 8=GHF=6IH=CB C: DFC8I7H 5B8 F5K
A5H9F=5@G
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C: 9L79GG =BJ9BHCFM 5H 8=G7CIBH98 DF=79G CF =B @9GG DF9:9FF98 8=GHF=6IH=CB 7<5BB9@G
K<=7< 7CI@8 =AD5=F CIF 6F5B8
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CIF A5BI:57HIF9FG A5M BCH 69 56@9 HC DFC8I79 DFC8I7HG HC A99H CIF 7IGHCA9F F9EI=F9A9BHG
5B8 H<=G 7CI@8 F9GI@H =B
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:=B5B7=5@ 7CB8=H=CB :FCA D9F=C8 HC D9F=C8 :5=@IF9 HC 577IF5H9@M DF98=7H H<9 @9J9@ C: 89A5B8 :CF CIF DFC8I7HG 7CI@8
58J9FG9@M =AD57H CIF DFC:=H56=@=HM CF 75IG9 IG BCH HC 57<=9J9 CIF 9LD97H98 :=B5B7=5@ F9GI@HG
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7CBGIA9FG K<C 5F9 7CBJ=B798 H<9G9
DFC8I7HG DFCJ=89 5 69HH9F 5@H9FB5H=J9 A5M GH=@@ BCH 69 7CBJ=B798 H<9M 5F9 KCFH< H<9 9LHF5 7CGH ": =B8IGHFMK=89 G5@9G
C: D9F:CFA5B79 DFC8I7HG 8C BCH 7CBH=BI9 HC ;FCK CF F5H<9F 897@=B9
CIF G5@9G 7CI@8 69 B9;5H=J9@M =AD57H98 5B8 K9
A5M BCH 57<=9J9 CIF 9LD97H98 :=B5B7=5@ F9GI@HG "B 588=H=CB
CIF 56=@=HM HC 7CBH=BI9 HC ;FCK CIF 6IG=B9GG =B @=B9 K=H<
CIF 9LD97H5H=CBG 7CI@8 69 58J9FG9@M =AD57H98
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KEY
FINANCIALS
NET REVENUE BY NET REVENUE BY NET REVENUE BY

CATEGORY REGION CHANNEL
(PERCENT OF 2019 TOTAL) (PERCENT OF 2019 TOTAL) (PERCENT OF 2019 TOTAL)
3% 2% 4% 3% 3% 3%
8%
12%
21% 12% 34%
66% 69% 60%
Apparel Licensing North America Latin America Wholesale Licensing

Footwear Connected fitness Europe, Middle East & Africa Connected Fitness Direct-to-Consumer Connected Fitness
Accessories Asia Pacific
NET REVENUE $ IN INCOME FROM TOTAL DOOR

MILLIONS OPERATION S $ IN MILLIONS COUNT
$5,193 $5,267 $417

$4,833 $4,989 $409
$3,963
200
$237 114 140
72
$179 40
$157
181 179 188

70 169
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
*Asjusted basis: Excludes $203, 949 and $129,126 of
North America International
Restructuring Impacts in 2018 & 2017 respectively; GAAP
Basis ($25,017) and $27,843 for 2018 & 2017 respectively
2019 ANNUAL REPORT

BOARD OF
DIRECTORS
MOHAMED A. EL-ERIAN
KEVIN A. PLANK Former Chief Executive Officer
Executive Chairman and
and Co-Chief Investment Officer
Brand Chief
of PIMCO
PATRIK FRISK KAREN W. KATZ

President and Chief Executive Former President and Chief
Officer Executive Officer, Nieman
Marcus Group LTD LLC
GEORGE W. A.B. KRONGARD

BODENHEIMER Former Chief Executive
Former President of ESPN, Inc. Officer and Chairman, Alex.
and ABC Sports Brown, Incorporated
ERIC T. OLSON
Executive Vice President and Chief Admiral U.S. Navy (Retired)
Financial Officer, Encompass Health and Former Commander, U.S.
Corporation Special Operations Command
JERRI L. DEVARD HARVEY L. SANDERS

Former Executive Vice Former Chief Executive
President, Chief Customer Officer and Chairman, Nautica
Officer of Office Depot, Inc. Enterprises, Inc.
2019 ANNUAL REPORT

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capable of battling through numerous

shifts in consumer behavior and the

In 2019, our revenue grew 1 percent to $5.3

APRIL 14, 2020 To be clear, we are not satisfied with these

2019 ANNUAL REPORT

2019 ANNUAL REPORT

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