Comparative Analysis Problem: Columbia Sportswear Company vs Under Armour, Inc. The financial statements for the Columbia Sportswear Company can be found in Appendix A and the financial statements of Under Armour, Inc. can be found in Appendix B. Answer the following questions (use -'if the amount is negative) a. Compute the free cash flow in 2017 Columbia Sportswear $ Under Armour, Inc. $ b. Compute the operating cash flows to capital expenditures in 2017. (Round numbers to 2 decimals) Columbia Sportswear and Under Armour, Inc. (In thousands) Year Ended December 31, 2017 2015 S 112,315 s 198.439 $ 179,851 59,945 1.927 44,851 11,286 60,016 4,805 (19.178) 10.986 56,521 5,098 (11,709) 11,672 (7,873) (24.197) 46,662 (19,241) 931 36,710 (18.777) (5,452) (5,948) 1.483 4,847 4,768 30,568 11,581 58,702 5,798 341,128 (40,419) (103,296) 4,411 (2,524) 11.418 (2,017) (10,994) 4.9636 95,105 2.468 275,167 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 employce stock plans Tax payments related to restricted stock unit issuances Excess tax benefit from employee stock plans Repurchase of common stock Cash dividends paid Payment of related party note payable 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 Cash paid during the year for interest on note payable to related party Supplemental disclosures of non-cash investing activities: Capital expenditures incurred but not yet paid (130,993) 36,282 (53,352) 279 (147,784) (21.263) 21.263 (49,987) 97 (49,890) (38,208) 64,980 (69.917) 144 (43,001) 3,374 (3,374) 19,946 (3,662) 62.885 (64.825) 13.167 (5,117) 53.429 (51,479) 17,442 (4.895) 7.873 (70,068) (43,547) (11) (48,122) (35,542) (50,909) (14.236) (84.403) 12.836 121.777 551,389 673.166 (42.023) (1.635) 181.619 369.770 551,389 (91.245) (4,647) (43.788) 413,558 369.770 $ S S s S 81.045 685 70.424 1.049 87,350 1,115 3.188 2.710 4,698 See accompanying notes to consolidated financial statements