What financial performance issues do you see at Under Armour based on the data in case Exhibits 1, 2, and 3?

EXHIBITI Selected Financial Data for Under Armour, Inc., 2011-2015 (in ooos, except per share amounts) Selected Income Statement Data 2015 2014 2013 2012 2011 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 per common share Basic Diluted Weighted average common shares outstanding Basic Diluted $3,963,313 $3,084,370 $2,332,051 2,057,766 1,152,164 1,195,381 1,905,547 1,512,206 1,136,670 1,497,000 1,158,251 871,572 408,547 353,955 265,098 (14,628) (5,335) (2,933) (7,234) (6,410) (1,172) 386,685 342,210 260,993 154,112 134,168 98,663 $ 232,573 $ 208,042 $ 162,330 $1,834,921 955,624 879,297 670,602 208,695 (5.183) (73) 203,439 74,661 $ 128,778 $1,472,684 759,848 712,836 550,069 162,767 (3,841) (2,064) 156,862 59,943 $ 96,919 $ $ 0.98 $ $ $ 1.08 1.05 0.77 0.75 0.62 0.61 0.47 0.46 0.95 215,498 220,868 213,227 219,380 210,696 215,958 208,686 212,760 206,280 210,104 Selected Balance Sheet Data (In 000s) Cash and cash equivalents Working capital* Inventories at year-end Total assets Total debt and capital lease obligations, including current maturities Total stockholders' equity $ 129,852 1,019,953 783,031 2,868,900 $ 593,175 1,127,772 536,714 2,095,083 $ 347,489 702,181 469,006 1,577,741 $ 341,841 651,370 319,286 1,157,083 $ 175,384 506,056 324,409 919,210 669,000 1,668,222 284,201 1,350,300 152,923 1,053,354 61,889 816,922 77,724 636,432 Selected Cash Flow Data Net cash provided by operating activities ($ 44,104) $ 219,033 $ 120,070 $ 199,761 $ 15,218 EXHIBIT 2 Growth in Under Armour's Quarterly Revenues, 2010-2015 (in ooos) Quarter 2 (April-June) Quarter 3 (July-Sept.) Quarter 4 (Oct.-Dec.) Quarter 1 (Jan.-March) Percent Change from Prior Year's Revenues Quarter 1 Percent Change from Prior Year's Quarter 2 Percent Change from Prior Year's Quarter 3 Percent Change from Prior Year's Quarter 4 Revenues Revenues Revenues 2010 2011 2012 2013 2014 2015 $229,407 312,699 384,389 471,608 641,607 804,941 14.7% 36.3% 23.0% 22.7% 36.0% 25.5% $204,786 291,336 369,473 454,541 609,654 783,577 24.4% 42.3% 26.8% 23.0% 34.1% 28.5% $ 328,568 465,523 575,196 723,146 937,908 1,204,109 21.9% 41.7% 23.6% 25.7% 29.7% 28.4% $ 301,166 403,126 505,863 682,756 895,201 1,170,686 35.5% 33.9% 25.5% 35.0% 31.1% 30.8% EXHIBIT 3 Composition of Under Armour's Revenues, 2012-2015 A. Net Revenues by Product Category (In thousands of $) 2015 2014 2013 Dollars Percent Dollars Percent Dollars Percent 2012 Dollars Percent Apparel $2,801,062 70.7% Footwear 677,744 17.1 Accessories 346,885 8.8 Total net sales $3,825,691 96.6% License revenues 84,2072 . 1 Connected fitness 53,415 1.3 Total net revenues $3,963,313 100.0% $2,291,520 74.3% 430,987 14. 0 275,4098.9 $2,997,916 97.2% 67,2292. 2 19,225 0,6 $3,084,370 100.0% $1,762,150 2 98,825 216,098 $2,277,073 53,910 1,068 $2,332,051 75.6% 12.8 9. 3 97.6% 2. 4 0.0 100.0% $ 853,493 127,175 4 3,882 $1,024,550 39,377 80.2% 12.0 4.1 96.3% 3.7 $1,063,927 100.0% B. Net Revenues by Geographic Region (In thousands of $) 2015 Dollars Percent 2014 Dollars Percent 2013 Dollars Percent 2012 Dollars Percent $ 997,816 6 6,111 93.7% 6.3 North America $3,455,737 87.2% International 454,161 11.5 Connected fitness 53,415 1.3 Total net revenues $3,963,313 100.0% $2,796,374 268,771 19,225 $3,084,370 90.7% 8.7 0.6 100.0% $2,193,739 138,312 1,068 $2,332,051 94.1% 5. 9 0.0 100.0% $1,063,927 100.0% EXHIBITI Selected Financial Data for Under Armour, Inc., 2011-2015 (in ooos, except per share amounts) Selected Income Statement Data 2015 2014 2013 2012 2011 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 per common share Basic Diluted Weighted average common shares outstanding Basic Diluted $3,963,313 $3,084,370 $2,332,051 2,057,766 1,152,164 1,195,381 1,905,547 1,512,206 1,136,670 1,497,000 1,158,251 871,572 408,547 353,955 265,098 (14,628) (5,335) (2,933) (7,234) (6,410) (1,172) 386,685 342,210 260,993 154,112 134,168 98,663 $ 232,573 $ 208,042 $ 162,330 $1,834,921 955,624 879,297 670,602 208,695 (5.183) (73) 203,439 74,661 $ 128,778 $1,472,684 759,848 712,836 550,069 162,767 (3,841) (2,064) 156,862 59,943 $ 96,919 $ $ 0.98 $ $ $ 1.08 1.05 0.77 0.75 0.62 0.61 0.47 0.46 0.95 215,498 220,868 213,227 219,380 210,696 215,958 208,686 212,760 206,280 210,104 Selected Balance Sheet Data (In 000s) Cash and cash equivalents Working capital* Inventories at year-end Total assets Total debt and capital lease obligations, including current maturities Total stockholders' equity $ 129,852 1,019,953 783,031 2,868,900 $ 593,175 1,127,772 536,714 2,095,083 $ 347,489 702,181 469,006 1,577,741 $ 341,841 651,370 319,286 1,157,083 $ 175,384 506,056 324,409 919,210 669,000 1,668,222 284,201 1,350,300 152,923 1,053,354 61,889 816,922 77,724 636,432 Selected Cash Flow Data Net cash provided by operating activities ($ 44,104) $ 219,033 $ 120,070 $ 199,761 $ 15,218 EXHIBIT 2 Growth in Under Armour's Quarterly Revenues, 2010-2015 (in ooos) Quarter 2 (April-June) Quarter 3 (July-Sept.) Quarter 4 (Oct.-Dec.) Quarter 1 (Jan.-March) Percent Change from Prior Year's Revenues Quarter 1 Percent Change from Prior Year's Quarter 2 Percent Change from Prior Year's Quarter 3 Percent Change from Prior Year's Quarter 4 Revenues Revenues Revenues 2010 2011 2012 2013 2014 2015 $229,407 312,699 384,389 471,608 641,607 804,941 14.7% 36.3% 23.0% 22.7% 36.0% 25.5% $204,786 291,336 369,473 454,541 609,654 783,577 24.4% 42.3% 26.8% 23.0% 34.1% 28.5% $ 328,568 465,523 575,196 723,146 937,908 1,204,109 21.9% 41.7% 23.6% 25.7% 29.7% 28.4% $ 301,166 403,126 505,863 682,756 895,201 1,170,686 35.5% 33.9% 25.5% 35.0% 31.1% 30.8% EXHIBIT 3 Composition of Under Armour's Revenues, 2012-2015 A. Net Revenues by Product Category (In thousands of $) 2015 2014 2013 Dollars Percent Dollars Percent Dollars Percent 2012 Dollars Percent Apparel $2,801,062 70.7% Footwear 677,744 17.1 Accessories 346,885 8.8 Total net sales $3,825,691 96.6% License revenues 84,2072 . 1 Connected fitness 53,415 1.3 Total net revenues $3,963,313 100.0% $2,291,520 74.3% 430,987 14. 0 275,4098.9 $2,997,916 97.2% 67,2292. 2 19,225 0,6 $3,084,370 100.0% $1,762,150 2 98,825 216,098 $2,277,073 53,910 1,068 $2,332,051 75.6% 12.8 9. 3 97.6% 2. 4 0.0 100.0% $ 853,493 127,175 4 3,882 $1,024,550 39,377 80.2% 12.0 4.1 96.3% 3.7 $1,063,927 100.0% B. Net Revenues by Geographic Region (In thousands of $) 2015 Dollars Percent 2014 Dollars Percent 2013 Dollars Percent 2012 Dollars Percent $ 997,816 6 6,111 93.7% 6.3 North America $3,455,737 87.2% International 454,161 11.5 Connected fitness 53,415 1.3 Total net revenues $3,963,313 100.0% $2,796,374 268,771 19,225 $3,084,370 90.7% 8.7 0.6 100.0% $2,193,739 138,312 1,068 $2,332,051 94.1% 5. 9 0.0 100.0% $1,063,927 100.0%