Calculate the average collection period for Columbia Sportswear and Under Armour, Inc. for 2016 & 2017.

Under Armour, Inc. and Subsidiaries Consolidated Statements of Stockholders' Equity (In thousands) - - - - - - Class B Class A Convertible Class C Accumulated Common Stock Common Stock Common Stock Additional Other Paid-in- Retained Comprehensive Total Shares Amount Shares Amount Shares Amount Capital Earnings Income (loss) Equity Balance as of December 31, 2014 177,296 S 59 36,600 $ 12 213,896 71 $508,279 $ 856,687 $(14,808) $1,350,300 Exercise of stock options 360 360 2.852 2.852 Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (172) (172) (12,727) (12,727) Issuance of Class A Common Stock, net of forfeitures 1.996 1 1,996 1 19,134 19,136 Class B Convertible Common Stock converted to Class A Common Stock 2,150 1 (2,150) (1) Stock-based compensation expense 60.376 60,376 Net excess tax benefits from stock-based compensation arrangements 45.917 45,917 Comprehensive income 232,573 (30,205) 202,368 Balance as of December 31, 2015 181,630 61 34.450 11 216,080 72 636,558 1,076,533 (45,013) 1,668,222 Exercise of stock options 792 971 6,203 6.203 Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (199) (276) (15,098) (15,098) Issuance of Class A Common Stock, net of forfeitures 1,592 7,884 7,884 Issuance of Class C Common Stock, net of forfeitures 1,852 1 25,834 25.835 Issuance of Class C dividend 1.547 56,073 (59,000) (2.927) Stock-based compensation expense 46,149 46,149 Net excess tax benefits from stock-based compensation arrangements 44.783 44,783 Comprehensive income 256,979 (7.130) 249.849 Balance as of December 31, 2016 183.815 61 34.450 11 220,174 73 823,484 1,259,414 (52,143) 2,030,900 Exercise of stock options 609 556 3,664 3,664 Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (65) (78) (2.781) (2.781) Issuance of Class A Common Stock, net of forfeitures 898 Issuance of Class C Common Stock, net of forfeitures 1,723 1 7,852 7,853 Impact of adoption of accounting Standard updates (2,666) (23,932) (26,598) Stock-based compensation expense 39,932 39.932 Comprehensive income (loss) (48,260) 13,932 (34,328) Balance as of December 31, 2017 185.257 61 34.450 11 222,375 74 872, 266 1,184,441 (38,211) 2,018,642 - | 11 I II - - - - - - - - - - - Under Armour, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share data) December 31, 2017 December 31, 2016 $ 312,483 $ 250,470 609,670 622,685 1,158,548 917,491 256,978 174,507 2,337,679 1,965,153 885,774 804,211 555,674 563,591 46,995 64,310 82,801 136,862 97,444 110,204 $4,006,367 $3,644,331 Assets Current assets Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property and equipment, net Goodwill Intangible assets, net Deferred income taxes Other long term assets Total assets Liabilities and Stockholders' Equity Current liabilities Revolving credit facility, current Accounts payable Accrued expenses Current maturities of long term debt Other current liabilities Total current liabilities Long term debt, net of current maturities Other long term liabilities Total liabilities Commitments and contingencies (see Note 6) Stockholders' equity Class A Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2017, and 2016; 185,257,423 shares issued and outstanding as of December 31, 2017, and 183,814,911 shares issued and outstanding as of December 31, 2016 Class B Convertible Common Stock, $0.0003 1/3 par value; 34,450,000 shares authorized, issued and outstanding as of December 31, 2017, and December 31, 2016. Class C Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2017, and 2016; 222,375,079 shares issued and outstanding as of December 31, 2017, and 220,174,048 shares issued and outstanding as of December 31, 2016. Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total stockholders' equity Total liabilities and stockholders' equity $ 125,000 $ 561,108 409,679 296,841 208,750 27,000 27,000 50,426 40,387 1,060,375 685,816 765,046 790,388 162,304 137,227 1,987,725 1,613,431 61 61 11 11 74 73 872,266 823,484 1,184,441 1,259,414 (38,211) (52,143) 2,018,642 2,030,900 $4,006,367 $3,644,331 Under Armour, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share amounts) Year Ended December 31, 2017 2016 2015 Net revenues $4,976,553 $4,825,335 $3,963,313 Cost of goods sold 2,737,830 2,584,724 2,057,766 Gross profit 2,238,723 2,240,611 1,905,547 Selling, general and administrative expenses 2,086,831 1,823,140 1,497,000 Restructuring and impairment charges 124,049 Income from operations 27,843 417,471 408,547 Interest expense, net (34,538) (26,434) (14,628) Other expense, net (3,614) (2,755) (7,234) Income (loss) before income taxes (10,309) 388,282 386,685 Income tax expense 37,951 131,303 154,112 Net income (loss) (48,260) 256,979 232,573 Adjustment payment to Class C capital stockholders 59,000 Net income (loss) available to all stockholders (48,260) 197,979 232,573 Basic net income (loss) per share of Class A and B common stock $ (0.11) $ 0.45 $ 0.54 Basic net income (loss) per share of Class C common stock $ (0.11) $ 0.72 $ 0.54 Diluted net income (Loss) per share of Class A and B common stock $ (0.11) $ 0.45 $ 0.53 Diluted net income (loss) per share of Class C common stock $ (0.11) $ 0.71 $ 0.53 Weighted average common shares outstanding Class A and B common stock Basic 219,254 217,707 215,498 Diluted 219,254 221,944 220,868 Weighted average common shares outstanding Class C common stock Basic 221,475 218,623 215,498 Diluted 221,475 222,904 220,868 Under Armour, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands) Year Ended December 31, 2017 2016 2015 Cash flows from operating activities Net income (Loss) $ (48,260) S 256,979 $ 232,573 Adjustments to reconcile net income (loss) to net cash used in operating activities Depreciation and amortization 173,747 144,770 100,940 Unrealized foreign currency exchange rate loss (gains) (29,247) 12,627 33,359 Impairment charges 71,378 Amortization of bond premium 254 Loss on disposal of property and equipment 2,313 1,580 549 Stock-based compensation 39,932 46,149 60,376 Excess tax benefit (loss) from stock-based compensation arrangements (75) 44,783 45,917 Deferred income taxes 55,910 (43,004) (4,426) Changes in reserves and allowances 108,757 70,188 40,391 Changes in operating assets and liabilities (net of acquisitions): Accounts receivable (79,106) (249,853) (191,876) Inventories (222,391) (148,055) 278,524) Prepaid expenses and other assets (55,503) (25,284) (76,476) Accounts payable 145,695 202,446 22,583) Accrued expenses and other liabilities 109,823 67,754 76,854 Income taxes payable and receivable (39,164) (16,712) (2,533) Net cash provided by operating activities 234,063 364,368 14,541 Cash flows from investing activities Purchases of property and equipment (281,339) (316,458) (298,928) Purchases of property and equipment from related parties (70,288) Purchase of businesses, net of cash acquired (539,460) Purchases of available-for-sale securities (24,230) (103,144) Sales of available-for-sale securities 30,712 96,610 Purchases of other assets (1,648) (875) (2,553) Net cash used in investing activities (282,987) (381,139) (847,475) Cash flows from financing activities Proceeds from long term debt and revolving credit facility 763,000 1,327,601 650,000 Payments on long term debt and revolving credit facility (665,000) (1,170,750) (265,202) Employee taxes paid for shares withheld for income taxes (2,781) (15,098) (12,728) Proceeds from exercise of stock options and other stock issuances 11,540 15,485 10,310 Payments of debt financing costs (6,692) (947) Cash dividends paid (2.927) Contingent consideration payments for acquisitions (1,505) Net cash provided by financing activities 106,759 146,114 381,433 Effect of exchange rate changes on cash and cash equivalents 4,178 (8,725) (11,822) Net increase (decrease) in cash and cash equivalents 62,013 120,618 (463,323) Cash and cash equivalents Beginning of period 250,470 129,852 593,175 End of period $ 312,483 $ 250,470 $ 129,852 Non-cash investing and financing activities Change in accrual for property and equipment $ 10,580 $ 16,973 $ 17,758 Non-cash dividends (56,073) Property and equipment acquired under build-to-suit leases 5,631 Other supplemental information Cash paid for income taxes 36,921 135,959 99,708 Cash paid for interest, net of capitalized interest 29,750 21,412 11,176 See accompanying notes. 11 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) December 31. S 673.166 S 551.389 94.983 472 364,862 333,678 457.927 487,997 58,559 38,487 1.649,497 1.412.023 281.394 279,650 129.555 133,438 68,594 68,594 56,804 92,494 27.058 27,695 2,212,902 5 2,013,894 s ASSETS Current Assets: Cash and cash equivalentshote 20) Short-term investments (Note 20) Accounts receivable, net (Note 5) Inventories Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net (Note 6) Intangible assets, net (Note 7) Goodwill (Note 7) Deferred income taxes (Note 10) Other non-current assets Total assets LIABILITIES AND EQUITY Current Liabilities: Accounts payable Accrued liabilities (Note 9) Income taxes payable (Note 10) Total current liabilities Note payable to related party (Note 21) Other long-term liabilities (Notes 11, 12) Income taxes payable (Note 10) Deferred income taxes (Note 10) Total liabilities Commitments and contingencies (Note 13) Shareholders' Equity Preferred stock; 10,000 shares authorized: none issued and outstanding Common stock (no par value): 125,000 shares authorized: 69,995 and 69,873 issued and outstanding (Note 14) Retained carings Accumulated other comprehensive loss (Note 17) Total Columbia Sportswear Company shareholders' equity Non-controlling interest (Note 4) Total equity Total liabilities and equity 252,301 S 182.228 19.107 453.636 215,048 142.158 5,645 362.851 14.053 42.622 12.710 147 432,383 48,735 58,104 168 560,643 45.829 1.585,009 (8,887) 1.621.951 30,308 1.652.259 2.212.902 53.801 1.529,636 (22.617) 1,560.820 20,691 1.581.511 2.013.894 S COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Shareholders' Equity Comme Sack Shares Accumulated Other Outstanding Amunt Retained Comprehensive lacus Nr.Controlling Earnings (L) Interest 69.28 s 72.700 5.255.070 $ 15.33 5 11.631 5.514 $ Total 1.355.234 179.851 (6) (2.908) (31.755 16) (2.908) (34,7) (1.132 (43.547) 835 12.547 7.925 11.672 (70,068) (1.366) 69.277 7.925 11.672 170.068) 1.415.813 198.439 (20.836) 1.325.860 191.898 16.013 6541 BALANCE JANUARY 1, 2015 Net income Other comprehensive loss: Unrealized holding losses on available-for-sale securities, nel Unrealized holding losses on derivative transactions, nel Foreign currency translation adjustment, net Cash dividends (50.62 per share Issuance of common stock under employee stock plans, net Tax adjustment from stock plans Suck-based compensation expense Repurchase of common stock BALANCE, DECEMBER 31, 2015 Net income Other comprehensive income loss Unrealized holding losses on available for sale securities, nel Unrealized holding gains on derivative transactions, nel Foreign currency translation adjustment.net Cash dividends (50.69 per share Issuance of common stock under employee stock plans, net Suck-based compensation expense Repurchase of common stock BALANCE, DECEMBER 31, 2016 Nel income Other comprehensive income (loss Unrealized holding losses on derivative actions, nel Foreign cumency translation adjusimeni. Det Cash dividends (50.73 per share) Issuance of common stock under employee stock plans, net Suck-based compensation expense Repurchase of common stock BALANCE, DECEMBER 31, 2017 686 843 157 (2.020) (2.465) (48,122) 596 (4.485) (48,122) 8,050 10.986 2,050 10,986 69.873 1.59.636 105,123 20.601 7,192 1.581.511 112.315 1.159 (17.459) (516) 2.941 (50,909) 16.284 11,286 35.542) 45.829 $ 1.585.009 (16,846) 14.160 (50,909) 16.284 11.286 (35.542) 1.652259 69.995 S (8.887) 5 30,30 See accompanying notes to consolidated financial statements 46 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2016 2017 2015 S Net sales Cost of sales Gross profit Selling, general and administrative expenses Net licensing income Income from operations Interest income, net Interest expense on note payable to related party (Note 21) Other non-operating expense Income before income tax Income tax expense (Note 10) Net income Net income attributable to non-controlling interest Net income attributable to Columbia Sportswear Company Earnings per share attributable to Columbia Sportswear Company (Note 16): Basic Diluted Weighted average shares outstanding (Note 16): Basic Diluted 2,466,105 S 1,306,143 1,159.962 910,894 13.901 262,969 4,515 (429) (321) 266,734 (154,419) 112.315 7,192 105,123 S 2.377,045 $ 1,266,697 1,110,348 864.084 10.244 256,508 2,003 (1,041) (572) 256,898 (58,459) 198,439 6,541 191,898 S 2.326,180 1.252,680 1,073,500 831,971 8,192 249,721 1.531 (1,099) (2.834) 247,319 (67,468) 179,851 5.514 174,337