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

EXHIBIT 1 Growth in Under Armour's Quarterly Revenues, 2010-2017 (in millions) Quarter 1 (Jan.-March) Quarter 2 (April-June) Quarter 3 (July-Sept.) Quarter 4 (Oct.-Dec.) Percent Change from Prior Year's 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 Revenues 35.5% 2010 $ 229.4 2011 312.7 14.7% 36.3% $ 204.8 291.3 24.4% 42.3% $ 328.6 465.5 $ 301.2 403.1 2012 384.4 369.5 26.8% 575.2 505.9 23.0% 22.7% 2013 471.6 23.0% 723.1 682.8 454.5 609.7 21.9% 41.7% 23.6% 25.7% 29.7% 28.4% 22.4% (4.5)% 33.9% 25.5% 35.0% 31.1% 30.8% 11.5% 641.6 36.0% 34.1% 895.2 2014 2015 2016 2017 804.9 1,047.8 1,117.3 25.5% 30.2% (2.9)% 783.6 1,000.8 1,088.2 28.5% 27.7% 8.7% 937.9 1,204.1 1,471.6 1,405.6 1,170.7 1,305.3 1,365.4 4.6% Source: Company 10-K reports, 2017, 2016, 2015, 2013, 2012, and 2010. EXHIBIT 2 Selected Financial Data for Under Armour, Inc., 2014-2017 (in millions) Selected Income Statement Data 2017 2016 2015 2014 $4,825.3 2,584.7 2,240.6 1823.1 $3,963.3 2,057.8 1,905.5 1,497.0 $3,084.4 1,572.2 1,512.2 1,158.3 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Restructuring and impairment charges Income from operations Interest expense, net Other expense, net Income (loss) before income taxes Provision for income taxes Net income (loss) $4,976.6 2,737.8 2,238.7 2,086.8 124.0 27.8 (34.5) (3.6) (10.3) 38.0 $ (48.3) 417.5 (26.4) (2.8) 388.3 131.3 $ 257.0 408.5 (14.6) (7.2) 386.7 154.1 $ 232.6 354.0 (5.3) (6.4) 342.2 134.2 $ 208.0 Selected Balance Sheet Data $ 129.9 1,020.0 783.0 Cash and cash equivalents Working capital Inventories at year-end Total assets Long-term debt, including current maturities Total stockholders' equity $ 312.5 1,277.3 1,158.5 4,006.4 792.0 2,018.6 $ 250.5 1,279.3 917.5 3,644.3 817.4 2,030.9 $ 593.2 1,127.8 536.7 2,092.4 281.5 1,350.3 2,866.0 666.1 1,668.2 Selected Cash Flow Data Net cash provided by operating activities $ 234.1 $ 364.4 ($ 14.5) $ 219.0 EXHIBIT 3 Under Armour's Revenues and Operating Income, by Product Category and Geographic Region, 2014-2017 A. Net revenues by product category (in millions of $) 2017 2016 2015 2014 Dollars Percent Dollars Percent Dollars Percent Dollars Percent 66.1% 66.9% Apparel Footwear Accessories Total net sales 20.9 9.0 $3,229.1 1,010.7 406.6 4,646.4 99.8 20.9 8.4 $3,287.1 1,037.8 445.8 4,770.8 116.6 89.2 $4,976.6 70.7% 17.1 8.8 95.9% $2,801.1 677.7 346.9 3,825.7 84.2 53.4 $3,963.3 80.2% 12.0 4.1 96.3% 96.3% 2.1 $ 853.5 127.2 43.9 $1,024.6 39.4 19.2 $1,063.9 96.6% 2.1 3.7 License revenues Connected fitness Total net revenues 2.3 1.8 1.3 80.4 $4,825.3 1.7 100.0% 100.0% 100.0% 100.0% B. Net revenues by geographic region (in millions of $) 2017 2016 2015 2014 $4,005.3 $3,455.8 North America EMEA 330.6 203.1 $2,796.4 134.1 70.4 Asia-Pacific 268.6 144.9 $3,802.4 470.0 433.6 181.3 89.2 $4,976.6 106.2 41.9 Latin America Connected fitness 141.8 80.4 $4,825.3 53.4 $3,963.3 19.2 $3,084.4 Total net revenues C. Operating income (loss) by geographic region (in millions of $) 2017 2016 2015 2014 North America $ 20.2 $408.4 $461.0 $372.3 18.0 11.4 68.3 EMEA Asia-Pacific Latin America Connected fitness Total operating income 82.0 (37.1) (55.3) $ 27.8 (33.9) (36.8) $417.5 3.1 36.4 (30.6) (61.3) $408.5 (11.8) 21.9 (15.4) (13.1) $354.0 EXHIBIT 1 Growth in Under Armour's Quarterly Revenues, 2010-2017 (in millions) Quarter 1 (Jan.-March) Quarter 2 (April-June) Quarter 3 (July-Sept.) Quarter 4 (Oct.-Dec.) Percent Change from Prior Year's 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 Revenues 35.5% 2010 $ 229.4 2011 312.7 14.7% 36.3% $ 204.8 291.3 24.4% 42.3% $ 328.6 465.5 $ 301.2 403.1 2012 384.4 369.5 26.8% 575.2 505.9 23.0% 22.7% 2013 471.6 23.0% 723.1 682.8 454.5 609.7 21.9% 41.7% 23.6% 25.7% 29.7% 28.4% 22.4% (4.5)% 33.9% 25.5% 35.0% 31.1% 30.8% 11.5% 641.6 36.0% 34.1% 895.2 2014 2015 2016 2017 804.9 1,047.8 1,117.3 25.5% 30.2% (2.9)% 783.6 1,000.8 1,088.2 28.5% 27.7% 8.7% 937.9 1,204.1 1,471.6 1,405.6 1,170.7 1,305.3 1,365.4 4.6% Source: Company 10-K reports, 2017, 2016, 2015, 2013, 2012, and 2010. EXHIBIT 2 Selected Financial Data for Under Armour, Inc., 2014-2017 (in millions) Selected Income Statement Data 2017 2016 2015 2014 $4,825.3 2,584.7 2,240.6 1823.1 $3,963.3 2,057.8 1,905.5 1,497.0 $3,084.4 1,572.2 1,512.2 1,158.3 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Restructuring and impairment charges Income from operations Interest expense, net Other expense, net Income (loss) before income taxes Provision for income taxes Net income (loss) $4,976.6 2,737.8 2,238.7 2,086.8 124.0 27.8 (34.5) (3.6) (10.3) 38.0 $ (48.3) 417.5 (26.4) (2.8) 388.3 131.3 $ 257.0 408.5 (14.6) (7.2) 386.7 154.1 $ 232.6 354.0 (5.3) (6.4) 342.2 134.2 $ 208.0 Selected Balance Sheet Data $ 129.9 1,020.0 783.0 Cash and cash equivalents Working capital Inventories at year-end Total assets Long-term debt, including current maturities Total stockholders' equity $ 312.5 1,277.3 1,158.5 4,006.4 792.0 2,018.6 $ 250.5 1,279.3 917.5 3,644.3 817.4 2,030.9 $ 593.2 1,127.8 536.7 2,092.4 281.5 1,350.3 2,866.0 666.1 1,668.2 Selected Cash Flow Data Net cash provided by operating activities $ 234.1 $ 364.4 ($ 14.5) $ 219.0 EXHIBIT 3 Under Armour's Revenues and Operating Income, by Product Category and Geographic Region, 2014-2017 A. Net revenues by product category (in millions of $) 2017 2016 2015 2014 Dollars Percent Dollars Percent Dollars Percent Dollars Percent 66.1% 66.9% Apparel Footwear Accessories Total net sales 20.9 9.0 $3,229.1 1,010.7 406.6 4,646.4 99.8 20.9 8.4 $3,287.1 1,037.8 445.8 4,770.8 116.6 89.2 $4,976.6 70.7% 17.1 8.8 95.9% $2,801.1 677.7 346.9 3,825.7 84.2 53.4 $3,963.3 80.2% 12.0 4.1 96.3% 96.3% 2.1 $ 853.5 127.2 43.9 $1,024.6 39.4 19.2 $1,063.9 96.6% 2.1 3.7 License revenues Connected fitness Total net revenues 2.3 1.8 1.3 80.4 $4,825.3 1.7 100.0% 100.0% 100.0% 100.0% B. Net revenues by geographic region (in millions of $) 2017 2016 2015 2014 $4,005.3 $3,455.8 North America EMEA 330.6 203.1 $2,796.4 134.1 70.4 Asia-Pacific 268.6 144.9 $3,802.4 470.0 433.6 181.3 89.2 $4,976.6 106.2 41.9 Latin America Connected fitness 141.8 80.4 $4,825.3 53.4 $3,963.3 19.2 $3,084.4 Total net revenues C. Operating income (loss) by geographic region (in millions of $) 2017 2016 2015 2014 North America $ 20.2 $408.4 $461.0 $372.3 18.0 11.4 68.3 EMEA Asia-Pacific Latin America Connected fitness Total operating income 82.0 (37.1) (55.3) $ 27.8 (33.9) (36.8) $417.5 3.1 36.4 (30.6) (61.3) $408.5 (11.8) 21.9 (15.4) (13.1) $354.0