The following ratios gives an insight of Under Armour’s liquidity and efficiency. When comparing Under Armour’s working capital from the nine months ended September 30, 2014 to the nine months ended September 30, 2015 it is obvious that the amount of working capital decreased from $973,424 to $926,665. When observing the inventory to net working capital it is surprising that it increased much more drastically from 65.49% to 93.57%. This increase is due to an 36.02% increase in Under Armour’s inventories. Usually this number should not exceed 80% which means that the company needs to sell some of their inventories. Under Armour’s current ratio decreased from 2.98 in September 2014 to 2.09 in September 2015. This decrease is due to higher accrued expenses and more maturities of long term debt during 2015 in their current liabilities section of the balance sheet. Moreover, Under Armour’s quick ratio decreased from September 2014 to September 2015 from 1.51:1 to 0.91:1 which is once again in majority due to their 36.02% increase in inventories. Under Armour’s accounts receivable turnover ratio improved slightly from 12.1 in 2013 to 12.59 in 2014. Therefore, their average collection periods also improved from 30.17 days to 29 days. Under Armour’s accounts receivable turnover and average collection period are better than the industry average which is 10 or 36.5 days. This means that the company collects their money slightly faster than other companies in the same industry. Moreover, the majority of Under Armour’s accounts receivable is owed by large sporting goods retailers. Under Armour’s inventory turnover improved slightly from 3.03 in 2014 to 3.13 in 2013 to 3.13 in 2014. Therefore, their days in inventory also ...
... middle of paper ...
...reased about $55.5 million from 2013 to 2014. This increase was mainly due to the $250 million of Proceeding from term loan in 2014, which is $150 million more comparing to $100 million of borrowing under proceed revolving credit facility in 2013. Overall, cash has increased in both 2014 and 2013 but very little in 2013. The reason why 2013 had a smaller increase in cash is mainly due to their investing and operating activities. While in 2014 the cash flow from operating activities was $219,033, in 2013 it was $120,070. Also in 2014 the cash flow from investing activities was decreased by $152,312, in 2013 was decreased by $238,102. The financing activities between the years had a difference of $55,511 which was the second smallest change. The effect of exchange rates on cash and cash equivalents was so small in difference that it doesn’t really make a difference.
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