AsIreflectonmy timein therole, Iam appreciative of our 15,000 teammates around the globe for their teamwork, resiliency and commitment. They are the heart of the Under Armour brand. I am also grateful for our board'sguidance, specifically Executive Chairman and Brand Chief Kevin Plank, whose passion for ourathletes andbusinessisextraordinaryand makes our partnership a terrific balance.

AswesayatUnderArmour, TheOnlyWayIs Through. 2020 was a year that demanded agility, adaptation, and an unrelenting focus on changing consumer needs. Amid a global pandemic, we prioritized our teammates' healthand safety,launchedourNorth Americane Commerceplatform,divested the MyFitnessPal platform, and continued to execute a comprehensive restructuring effort.

The work we have done over the past fewyearspositioneduswelltomeetthe challenges of this unprecedented year with resilience. We continued to execute against our strategy with patience and perseverance and remained true to our commitment to makingathletesbetter. Andasconsumers pivotedtheirexercise outines to at-home workouts and outdoor runs,Under Armourmetthemwithathlete- ed solutions. From our Project Rock collection, UA HOVR Machina, Phantom 2, and Breakthru footwear offerings to the Meridian pant, Infinity sports bra, and award-winningUASportsMask-wedrove hard against our innovation agenda in 2020. Additionally, we passed one million pairs of connected footwear, a significant milestone in deepening our connection with consumer.

Thatsaid,thereisnodoubtthatlastyearwas challenging. In 2020, our revenue declined15 percent to $4.5 billion and - on an adjusted basis: our gross margin increased 170 basis points to 48.6 percent, our operating income was $537 thousand, and our diluted loss per share was $0.26.

Yeteventhrough thechallengesand uncertainty,itisclear thatweareontheright path. Our efforts to pursue a clearly defined target consumer, rebase our cost structure, and fundamentally change the way we work are beginning to yield results. And as we work towards improving profitability in 2021,we also believe we are on a measured path to return to a double-digit operating margin over the long-term.

Centraltoourtransformationisanevolution from being a product-led to a purpose-ledorganization.Weareclear aboutwhat defines us, why we compete and who we serve. Our purpose is to Empower Those Who Strive for More, which begins with our commitment to our target consumer- the focused performer. Any product or experience webringtomarketmustmake athletesbetter.

Purpose lies at the intersection of our culture and our relationship with consumers. This empowers us to support the communitieswe serve more meaningfully. The launch of the Curry Brand is the perfect embodimentof this in action. In late November, we announced our partnership with Stephen Curry to deliver a suite of performance products, including the Curry 8 basketball shoe - the first footwear to feature our proprietary,high-tractionfootwear cushioningtechnology:UAFlow. Asa powerful foundation, community impact is built into the Curry brand's business model. Product sales and focused partnerships are being engineered to help fund youth sports in under-resourced areas through equitableaccessandsafeplacestoplay

Purpose also means greater consistency in strategic execution while maintaining our operating principles and enterprise-

wide financial discipline. And earning trust from you, our shareholders, by delivering the outcomes that signal our playbook is working

Throughout 2020, we worked to rebase our cost structure to ensure we are positioned with an appropriate foundation and agility to scale with future growth. In pursuit of premium brand-right growth, we have more sharply focused our voice, utilizing

consumer-centric marketing activations to elevate industry-leading innovations and uniqueexperiencesacrossourbusiness.

Greater marketing productivity, along withthetighter alignmentofoursupply and demand planning functions, has also afforded us greater optionality to maintain a more consistent profitability trajectory over the long-term.

Simultaneously, we are hyper-focused on meeting consumers wherever and whenevertheywanttoengagewithus. With an emerging omnichannel focus, we are pursuing a channel-agnostic approach - an effort made even stronger by pandemic-accelerated eCommerce results, which represented nearly half of our total direct-to-consumer business in 2020. In retail, we are working to deliver more profitable formats and greater in- store productivity by reducing promotional levels and creating a more seamless shopping experience across all consumer touchpoints.

Deepening our relationship with consumersalsomeans livingupto increasingly higher brand expectations. This includes sustainability, which we believe drives performance innovation. Acrossourbusinesspractices,aswe strive for proficiency, accountability, and transparency - we're dedicated to making better, resource-efficient products, leaving a cleaner world wherever our brand touches the environment, and adding value to thecommunitiesweengage.Earthisour home field. It's the only one we've got and we're going to protect it.

Bringingitalltogether,weremain focused on maintaining our discipline aroundprofitabilitytodrivesustainable

shareholder value over the long term. Fromongoing operating model refinements, our robust innovation pipeline, and brandelevatingstrategiestoourtighter inventory management and a rebased cost structure,weareworkingtodelivergreater confidence, consistency and credibility.

Atthispointin2021,theglobalpandemic's current state means we're still operating with a high level of uncertainty. That

said, Iremain appropriately cautious and confidentinourfuture.Weareonthepath to becoming a stronger brand and a better run company. We are leading with greater purpose and more assertive discipline. And we are working hard to continue earningyourtrust withouractions and performance.

Question - From the annual reports of Under Armor for the year 2020. Use the statements above to identify and summarize company'sprimary strategies to compete in this marketplace.