Calculate the Free Cash Flows for Columbia Sportswear and UnderArmour for 2013 from the Excel file provided below - show your calculations.

Columbia Sportswear Co Columbia Sportswear Co Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified Net sales Cost of sales Gross profit Selling, general and administrative expenses Net licensing income Income from operations Interest income, net Other non-operating income (expense) Income before income tax Income tax expense (Note 11) Net income Net loss attributable to non-controlling interest Net income attributable to Columbia Sportswear Company Earnings per share (Note 17): Basic Diluted Weighted average shares outstanding (Note 17): Basic Diluted 12 Months Ended Dec. 31, 2013 $1,684,996 941,341 743,655 625,656 13,795 131,794 503 -871 131,426 -37,823 93,603 -738 $94,341 ' $2.74 $2.72 ' 34,378 34,717 Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified ASSETS Cash and cash equivalents Short-term investments Accounts receivable, net (Note 5) Inventories, net (Note 6) Deferred income taxes (Note 11) Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net (Note 7) Intangible assets, net (Note 8) Goodwill (Note 8) Other non-current assets Total assets LIABILITIES AND EQUITY Notes payable (Note 9) Accounts payable Accrued liabilities (Note 10) Income taxes payable (Note 11) Deferred income taxes (Note 11) Total current liabilties Other long-term liabilities (Notes 12, 13) Income taxes payable (Note 11) Dec. 31, 2013 ' $437,489 91,755 306,878 329,228 52,041 33,081 1,250,472 279,373 36,288 14,438 25,017 1,605,588 ' 0 173,557 120,397 7,251 49 301,254 29,527 13,984 Page 1 Columbia Sportswear Co Deferred income taxes (Note 11) Total liabilities Commitments and contingencies (Note 14) ' Columbia Sportswear Company Shareholders' Equity: ' Preferred stock; 10,000 shares authorized; none issued and outstanding Common stock (no par value); 125,000 shares authorized; 34,595 and 34,075 issued and outstanding (Note 15) Retained earnings Accumulated other comprehensive income (Note 18) Total Columbia Sportswear Company shareholders' equity Non-controlling interest (Note 4) Total equity Total liabilities and equity Page 2 7,959 352,724 0 52,325 1,157,733 35,360 1,245,418 7,446 1,252,864 $1,605,588 Columbia Sportswear Co Consolidated Statement of Cash Flows (USD $) In Thousands, unless otherwise specified Cash flows from operating activities: ' Net income Adjustments to reconcile net income to net cash provided by operating activities: ' Depreciation and amortization Loss on disposal or impairment of property, plant, and equipment Deferred income taxes Stock-based compensation Excess tax benefit from employee stock plans Changes in operating assets and liabilities: ' Accounts receivable Inventories Prepaid expenses and other current assets Other assets Accounts payable Accrued liabilities Income taxes payable Other liabilities Net cash provided by operating activities Cash flows from investing activities: ' Purchases of short-term investments Sales of short-term investments Capital expenditures Proceeds from sale of property, plant, and equipment Net cash used in investing activities Cash flows from financing activities: ' Proceeds from credit facilities Repayments on credit facilities Proceeds from issuance of common stock under employee stock plans Tax payments related to restricted stock unit issuances Excess tax benefit from employee stock plans Repurchase of common stock Capital contribution from non-controlling interest Cash dividends paid Net cash used in financing activities Net effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental disclosures of cash flow information: Cash paid during the year for income taxes Supplemental disclosures of non-cash investing activities: Capital expenditures incurred but not yet paid Page 3 12 Months Ended Dec. 31, 2013 $93,603 40,871 9,344 8,818 8,878 -1,532 27,442 34,089 5,166 -4,215 31,711 12,210 5,534 2,356 274,275 -125,390 78,636 -69,443 111 -116,086 69,136 -69,292 19,537 -2,291 1,532 0 8,000 -31,298 -4,676 -6,805 146,708 290,781 437,489 ' 22,771 ' $5,195 Columbia Sportswear Co Page 4 Columbia Sportswear Co 12 Months Ended Dec. 31, 2012 $1,669,563 953,169 716,394 596,635 13,769 133,528 379 0 133,907 -34,048 99,859 0 $99,859 ' ' $2.95 $2.93 ' ' 33,840 34,132 Dec. 31, 2012 Dec. 31, 2011 $1,693,985 958,677 735,308 614,658 15,756 136,406 1,274 0 137,680 -34,201 103,479 0 $103,479 Common Sized Income Statements Dec. 31, 2013 Dec. 31, 2012 100.00% 100.00% 55.87% 57.09% 44.13% 42.91% 37.13% 35.74% 0.82% 0.82% 7.82% 8.00% 0.03% 0.02% -0.05% 0.00% 7.80% 8.02% -2.24% -2.04% 5.56% 5.98% -0.04% 0.00% 5.60% 5.98% $3.06 $3.03 33,808 34,204 Common Sized Balance Sheets Dec. 31, 2013 ' Dec. 31, 2012 $290,781 44,661 334,324 363,325 50,929 38,583 1,122,603 260,524 37,618 14,438 23,659 1,458,842 27.25% 5.71% 19.11% 20.51% 3.24% 2.06% 77.88% 17.40% 2.26% 0.90% 1.56% 100.00% 19.93% 3.06% 22.92% 24.91% 3.49% 2.64% 76.95% 17.86% 2.58% 0.99% 1.62% 100.00% 156 142,240 105,190 4,406 67 252,059 27,171 11,638 0.00% 10.81% 7.50% 0.45% 0.00% 18.76% 1.84% 0.87% 0.01% 9.75% 7.21% 0.30% 0.00% 17.28% 1.86% 0.80% ' Page 5 Dec. 31, 2011 100.00% 56.59% 43.41% 36.28% 0.93% 8.05% 0.08% 0.00% 8.13% -2.02% 6.11% 0.00% 6.11% Columbia Sportswear Co 1,807 292,675 0.50% 21.97% 0.12% 20.06% 0 0.00% 0.00% 24,814 1,094,690 46,663 1,166,167 0 1,166,167 $1,458,842 3.26% 72.11% 2.20% 77.57% 0.46% 78.03% 100.00% 1.70% 75.04% 3.20% 79.94% 0.00% 79.94% 100.00% ' ' Page 6 Columbia Sportswear Co 12 Months Ended Dec. 31, 2012 ' ' $99,859 ' Dec. 31, 2011 $103,479 ' 40,892 1,582 7,140 7,833 -1,016 ' 43,560 6,485 -3,582 7,870 -1,828 ' 18,166 2,951 -2,025 -1,259 -12,330 -5,199 -11,052 3,126 148,668 ' -54,334 -55,223 -10,186 -4,520 19,081 17,630 -7,010 2,374 63,796 ' -83,969 42,319 -50,491 7,099 -85,042 ' -46,349 112,070 -78,404 168 -12,515 ' 100,654 -100,498 119,384 -119,384 14,600 -1,486 1,016 -206 0 -29,780 -15,700 1,821 49,747 241,034 290,781 10,991 -2,974 1,828 -20,000 0 -29,075 -39,230 -5,274 6,777 234,257 241,034 ' ' 43,696 ' 42,405 ' $5,313 $952 Page 7 Columbia Sportswear Co Page 8 UnderArmour, Inc UnderArmour, Inc Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified Income Statement [Abstract] Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Income from operations Interest expense, net Other expense, net Income before income taxes Provision for income taxes Net income Net income available per common share Basic (USD Per Share) Diluted (USD Per Share) Weighted average common shares outstanding Basic (In Shares) Diluted (In Shares) 12 Months Ended Dec. 31, 2013 ' $2,332,051 1,195,381 1,136,670 871,572 265,098 -2,933 -1,172 260,993 98,663 $162,330 ' $1.54 $1.50 ' 105,348 107,979 Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified Assets Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses and other current assets Deferred income taxes Total current assets Property and equipment, net Goodwill Intangible assets, net Deferred income taxes Other long term assets Total assets Liabilities and Stockholdersb_x0019_ Equity Revolving credit facility 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 7) Dec. 31, 2013 ' $347,489 209,952 469,006 63,987 38,377 1,128,811 223,952 122,244 24,097 31,094 47,543 1,577,741 ' 100,000 165,456 133,729 4,972 22,473 426,630 47,951 49,806 524,387 ' Page 9 UnderArmour, Inc Stockholdersb_x0019_ equity Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholdersb_x0019_ equity Total liabilities and stockholdersb_x0019_ equity Class A Common Stock Stockholdersb_x0019_ equity Common Stock Total stockholdersb_x0019_ equity Class B Convertible Common Stock Stockholdersb_x0019_ equity Common Stock Total stockholdersb_x0019_ equity ' 397,283 653,842 2,194 1,053,354 1,577,741 ' ' 28 28 ' ' 7 $7 Page 10 UnderArmour, Inc Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified Cash flows from operating activities ' Net income Adjustments to reconcile net income to net cash provided by operating activities ' Depreciation and amortization Unrealized foreign currency exchange rate (gains) losses Loss on disposal of property and equipment Stock-based compensation Gain on bargain purchase of corporate headquarters (excludes transaction costs of $1.9 million) Deferred income taxes Changes in reserves and allowances Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable Inventories Prepaid expenses and other assets Accounts payable Accrued expenses and other liabilities Income taxes payable and receivable Net cash provided by operating activities Cash flows from investing activities Purchases of property and equipment Purchases of businesses, net of cash acquired Purchases of other assets Purchase of long term investment Change in loans receivable Change in restricted cash Net cash used in investing activities Cash flows from financing activities Proceeds from revolving credit facility Payments on revolving credit facility Proceeds from term loan Payments on term loan Proceeds from long term debt Payments on long term debt Excess tax benefits from stock-based compensation arrangements Proceeds from exercise of stock options and other stock issuances Payments of debt financing costs Net cash provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net increase in cash and cash equivalents Cash and cash equivalents Beginning of period End of period Page 11 12 Months Ended Dec. 31, 2013 $162,330 50,549 1,905 332 43,184 0 -18,832 13,945 ' -35,960 -156,900 -19,049 14,642 56,481 7,443 120,070 ' -87,830 -148,097 -475 0 -1,700 0 -238,102 ' 100,000 0 0 0 0 -5,471 17,167 15,099 0 126,795 -3,115 5,648 ' 341,841 347,489 UnderArmour, Inc Debt assumed and property and equipment acquired in connection with purchase of corporate headquarters Increase in accrual for property and equipment Cash paid for income taxes Cash paid for interest Page 12 0 3,786 85,570 $1,505 UnderArmour, Inc 12 Months Ended Dec. 31, 2012 ' ' $1,834,921 955,624 879,297 670,602 208,695 -5,183 -73 203,439 74,661 $128,778 ' ' $1.23 $1.21 ' ' 104,343 106,380 Dec. 31, 2012 Dec. 31, 2011 $1,472,684 759,848 712,836 550,069 162,767 -3,841 -2,064 156,862 59,943 $96,919 Common Sized Income Statements Dec. 31, 2013 Dec. 31, 2012 100.00% 51.26% 48.74% 37.37% 11.37% -0.13% -0.05% 11.19% 4.23% 6.96% $0.94 $0.92 103,140 105,052 Common Sized Balance Sheets Dec. 31, 2013 ' 100.00% 52.08% 47.92% 36.55% 11.37% -0.28% 0.00% 11.09% 4.07% 7.02% Dec. 31, 2012 $341,841 175,524 319,286 43,896 23,051 903,598 180,850 0 4,483 22,606 45,546 1,157,083 22.02% 13.31% 29.73% 4.06% 2.43% 71.55% 14.19% 7.75% 1.53% 1.97% 3.01% 100.00% 29.54% 15.17% 27.59% 3.79% 1.99% 78.09% 15.63% 0.00% 0.39% 1.95% 3.94% 100.00% 0 143,689 85,077 9,132 14,330 252,228 52,757 35,176 340,161 6.34% 10.49% 8.48% 0.32% 1.42% 27.04% 3.04% 3.16% 33.24% 0.00% 12.42% 7.35% 0.79% 1.24% 21.80% 4.56% 3.04% 29.40% ' ' Page 13 Dec. 31, 2011 100.00% 51.60% 48.40% 37.35% 11.05% -0.26% -0.14% 10.65% 4.07% 6.58% UnderArmour, Inc ' 321,338 493,181 2,368 816,922 1,157,083 25.18% 41.44% 0.14% 66.76% 100.00% ' ' 28 28 ' ' 7 $7 Page 14 27.77% 42.62% 0.20% 70.60% 100.00% UnderArmour, Inc 12 Months Ended Dec. 31, 2012 ' ' $128,778 ' Dec. 31, 2011 $96,919 ' 43,082 -2,464 524 19,845 36,301 4,027 36 18,063 0 -12,973 13,916 -3,300 3,620 5,536 ' ' -53,433 4,699 -4,060 35,370 21,966 4,511 199,761 ' -33,923 -114,646 -42,633 17,209 23,442 4,567 15,218 ' -50,650 0 -1,310 0 0 5,029 -46,931 ' -56,228 -23,164 -1,153 -3,862 0 -5,029 -89,436 ' 0 0 0 -25,000 50,000 -44,330 17,868 14,776 -1,017 12,297 1,330 166,457 ' 30,000 30,000 25,000 0 5,644 -7,418 10,260 14,645 -2,324 45,807 -75 -28,486 ' 175,384 341,841 203,870 175,384 Page 15 UnderArmour, Inc 0 12,137 57,739 $3,306 38,556 157 56,940 $2,305 Page 16