Beyond the customary brief of the Under Armour (NYSE:UAA) (NYSE:UA) 2Q results, I wanted to also dive into some of the earnings management "initiatives" I believe the company has been pulling to influence investor sentiment.

Broadly speaking, these include a step-wise process from 1) inflating the top line through international conversions, 2) disclosing inflated margins by transferring one-offs into an ever-expanding "restructuring program", 3) kicking the EPS burden to 2H before an inevitable 3Q/4Q cut, and 4) pressuring analysts into pushing a flawed valuation narrative (EV/Sales).

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