Hello, everyone, and thank you for joining us this morning for Under Armour's 2021 Annual Shareholders Meeting. I'm Kevin Plank, the Founder, Executive Chairman, and Brand Chief of this incredible brand. Joining me in today's virtual meeting are Patrik Frisk, our President and Chief Executive. To start, I'd like to thank the entire Board for their continued guidance and leadership for our company and brand. We greatly appreciate your perspectives and look forward to your continued support as we forge ahead in 2021 and beyond. In the past six months, there have been some changes to our Board. I'd like to start by acknowledging and sincerely thanking Board member George Bodenheimer, who is not standing for re-election at this meeting. In the past six years that George served on our Board, his experiences, leadership, and guidance has been invaluable to Under Armour and our transformational journey, and especially to myself. On behalf of the entire board and company, we appreciate everything you've contributed to our team and wish you the best of luck in all your future endeavors, George. Additionally, I'd also like to, at the same time, welcome Wes Moore to his first annual shareholder meeting as a board member. Wes joined us in October of 2020 and immediately brought a thoughtful and insightful perspective to our leadership. As a strategic thinker and dynamic executive, Wes's unique expertise at the cutting edge of finance, technology, and philanthropy will undoubtedly prove invaluable for Under Armour as we look to compete for growth in 2021 and beyond. With that, let's dive right in. The schedule for today includes the formal business of the meeting and an overview of the brand, our results, and our expectations for 2021. Following our remarks, we will then be available to answer your questions. Some of you may have already submitted questions in advance through our investor relations team. Our Class A and Class B shareholders may also submit questions through the virtual meeting website at any time throughout the meeting. I'll now turn it over to John Stanton to take us through the formal business of the meeting. John? Thanks, Kevin. The meeting is held pursuant to a notice mailed on March 31st, 2021, to each shareholder of record at the close of business on February 26th, 2021. With the proxies to vote delivered to the company prior to the meeting, a quorum is present at the meeting. There are three matters to be acted upon by shareholders. Most of our shareholders have already voted by proxy, and we have already tallied the preliminary vote. If you have already voted by proxy, no further action is necessary unless you wish to cancel your proxy by voting electronically today. In order to vote electronically today, you must be a shareholder of record as of the record date or have a valid proxy from the shareholder of record, such as your bank or brokerage firm. When you joined the virtual meeting, you must have entered your 16-digit control number included in your notice, proxy card, and the instructions that accompanied your proxy materials. You should see an option to vote electronically through the virtual shareholder meeting website. If you have not already submitted your vote electronically and wish to do so, you may do so up until I ask for all votes to be submitted in just a few minutes. The first matter is the election of directors. The names, bios, and other information regarding director nominees are included in the proxy statement. Under our bylaws, no other nominations may be made at this meeting. The second matter is a shareholder advisory vote on our executive compensation, commonly referred to as a say on pay vote. This vote is on whether to approve the compensation of executives as disclosed in the executive compensation section of the proxy statement, including the compensation discussion and analysis and the compensation tables. While this is a non-binding advisory vote, our board and management welcome this input from our shareholders as an important perspective when considering the design and implementation of executive compensation programs. As discussed in the proxy statement, we believe Under Armour has a sound executive compensation program and a strong pay-for-performance culture with a substantial portion of compensation directly tied to the performance of our company. The third matter is the ratification of the appointment of our independent registered public accounting firm. The audit committee of our board has appointed PricewaterhouseCoopers as the company's independent registered public accounting firm for 2021. The board is submitting the appointment of PricewaterhouseCoopers for shareholder ratification as a matter of good corporate governance. Representatives from PricewaterhouseCoopers are here and available for questions later in the meeting. On to the voting. If you have not yet submitted your vote and wish to vote electronically today, please do so now through the virtual meeting website. At this time, we will take a brief pause to allow you time to submit your votes electronically to be included in the final tally. Thank you for voting today. As I stated earlier, most shareholders have already voted by proxies delivered to the company. With these votes cast today and the other votes previously cast, we have the following results. First, a plurality of the votes cast have been voted in favor of each of the nominees for director. All of the nominees for director are duly elected. Second, a majority of the advisory votes cast on our executive compensation have been voted in favor of the approval of our executive compensation. Third, a majority of the votes cast have been voted in favor of the appointment of PricewaterhouseCoopers as our independent registered public accounting firm. Their appointment has been ratified. This concludes our voting. There is no other official business for today. Before I turn it back over to Kevin, I would like to draw your attention to the screen, which includes our cautionary language regarding any forward-looking statements that we may make in the business presentations. This is also available in our SEC filings. I will turn the meeting back over to Kevin. Thanks, John. That concludes the formal part of our business for today's shareholder meeting. Turning now to an overview of our business, as I think about the past year and reflect on all that we've been through, whether personal, professional, physical, or psychological, it's been a period of challenges that none of us certainly imagined would manifest itself entirely in the way that it ultimately did. In this respect, I'd like first to take a moment to give our heartfelt devotions to all of those that have suffered from the COVID-19 pandemic around the world, and to give our sincere gratitude to those on the front lines, the healthcare professionals and first responders, who continue working hard to protect us from the worst of this disease, as well as to our own Under Armour teammates who played a role in keeping us moving when it seems like things just couldn't. This year, Under Armour hits a fantastic and historic milestone, 25 years as a company. As I reflect on just how far we've come, I'm incredibly humbled by the amount of change and adaptation this brand has endured to be where we are today. Adaptation is the very reason Under Armour exists. As an American football player who sweated a lot, the extra weight and lack of breathability contributed to a heavy T-shirt, greater overall fatigue, and was a problem that no one had thought to address differently. Not until we created Under Armour. Born in the pursuit of providing performance solutions for athletes and then driving to be better, faster, bigger was our playbook. Always on, and like an athlete, always striving for more. This is the foundation of what Under Armour's purpose is, empowering athletic performance and the passionate culture that makes it happen. As we sit here now in our 25th year of business, and 16th as a public company, our ability to innovate, adapt, and improve is stronger and more disciplined than it's ever been. With our now very sharp and aligned strategic focus on athletic performance at the intersection of fitness, activity, health, and wellness, it is plain and simply a great business to be in. As our place on the athletic performance stage becomes larger, our purpose and responsibilities as a brand and company must also become greater. In a world filled with division, the power of sport serves as a great equalizer, and we are incredibly honored by the opportunity we have every day to show up and help drive that positive message across the globe. In celebration of our 25th anniversary, we are paying tribute to the past and committing to the future with a new initiative that we call 25 by 25. 25 by 25 invites our teammates to use their volunteer time off to collectively reach 1 million hours of service by 2025, totaling $25 million of sweat equity to build better communities. The past 18 months have truly shown us the importance of human connection. At Under Armour, celebrating the wins and fighting on together is what we do best. Particularly at a time when health, fitness, and wellness have taken an even grander stage, our mission, vision, values, and purpose is that much clearer. Our mission is to make people better. That's an immense privilege, but it's also a tremendous responsibility. Across the fitness and wellness space, there has been an increase in people's desire to look for ways to stay active and healthy, which plays directly into our strategy, while building on the brand premise of performance making you better. Ours is a fantastic business to be in. From dedicated and casual runners whose habits have picked up, to people training towards higher qualities of athleticism and longevity of life, to devoted team sport athletes who are craving opportunities to stay fit while their regular routines have been disrupted. Focused performers are looking for innovation. They're looking for performance solutions and experience, and ultimately, they're looking for inspiration. This is where we thrive. This is our DNA. Innovation is about more than just product. It's about building a culture where innovation permeates the organization, continuously solving the needs of athletes to provide them with performance solutions they didn't know they needed, but once they have them, they cannot imagine living without. Under Armour's vision statement. Following the initial outbreak of COVID-19, we got to work making PPE for Maryland area hospitals, and we delivered close to 10 million masks and gowns, once again, leveraging our expertise in meeting a very specific need for athletes. Last year, in response to the pandemic and the tragedies our athletes faced not being able to compete in sports they loved, we worked very closely with the teams to find ways to help our athletes return to the field, pitch, and court as quickly and as safely as possible. The result for us on a commercial standpoint was the Under Armour SPORTSMASK. Designed specifically for and tested by athletes, the UA SPORTSMASK features a three-layer system of high-performance UA materials, including Iso-Chill fabric, engineered for all-day comfort in and out of sports. This is just one small example of the incredible passion, agility, and execution of our team to find a way to drive performance solutions for our focused performers. Staying rooted and centered in athletic performance by bringing technical, innovative, and authentic product to consumers will prove to be our greatest strength as we move forward into 2021 and beyond. That said, it's still tough out there. It's tough for our teammates, it's tough for our consumers, trying to figure out what their routines are. It's tough for our college, high school, and grade school athletes who, including my own two teenage kids, had their seasons canceled, shortened, or delayed. All of them are looking to help us emerge from all of this even stronger. That's our job, and one we'll deliver on because we are a brand built on grit and underdog spirit. That resilience is central to our DNA and inspires us to push for more. For our teammates right now, that means working through challenges, working through distractions, and working through uncertainty, all to make our consumers better. The UA team has been doing precisely that. I'm so proud of this team and appreciative for their love and commitment to our brand. In the pursuit of anything worthwhile, there will always be challenges. Our job is to go through them and adapt to whatever curve in the road may come. Right now, there continues to be uncertainty and challenges for all of us, but Under Armour will endure and emerge better positioned to unlock the power of this iconic brand. Before I hand it over, I want to take a moment to recognize the work of our CEO, Patrik Frisk. Becoming a CEO in a year like 2020 was certainly no easy task. Through it all, though, he's proven himself, being steadfast in the face of hardship, decisive in the face of uncertainty, and maintained a level of balanced calm that continues to be crucial to navigating through this period. It's undoubtedly been trial by fire, but Patrik, thank you for everything you do for Under Armour. I'm immensely grateful for your leadership, your friendship, and incredible passion for this brand and this team. With that, let me turn it over to Patrik. Thank you. Thank you, Kevin, for the kind words and your leadership. I'd like to also thank the entire board for their service to our company and shareholders. I appreciate your leadership, counsel, and partnership as we work to reposition ourselves to return to growth and profitability over the long term. While my first year as CEO, amid a global pandemic, certainly tested all of us, 2020 demanded agility, adaptation, and an unrelenting focus on changing consumer needs and challenges within the broader retail landscape. Amid a global pandemic, we prioritized our teammates' health and safety, launched our North American e-commerce platform, divested the MyFitnessPal platform, and continued to execute a comprehensive restructuring effort. Through all of it, I'm incredibly proud of the team, their resiliency, and their ability to stay the course and execute on an exceptionally high level against our long-term strategy. We made significant progress on our way to becoming a stronger brand and a better-run company during the past year. Despite any challenges that we may face, being the leader of this company and this iconic brand has genuinely been the privilege of my professional career. As I look ahead, I am energized by the progress we've made and confident that our operating model is strengthening our ability to drive sustainable returns to our shareholders over the long term. The past 18 months have seen historically challenging and transformational period for the retail industry. As a result, some parts of our business have fundamentally changed, including new ways of working and interacting with our consumers, customers, and teammates. How these changes ultimately play out over the next few years remains to be seen. Yet, while we are still confronted with uncertainty, I'm confident that we are significantly better equipped to navigate through the changes, given our improved levels of agility and optionality. While we experienced stronger demand for our products throughout the second half of 2020, as COVID-19 restrictions began to ease, we still faced significant challenges due to the pandemic. In partnership with our CFO, David Bergman, we were able to enact smart liquidity preservation strategy to ensure that we position ourselves as best as possible to weather the potential impacts of the pandemic. Thankfully, the meaningful balance sheet improvements and operational changes we've driven over the past few years allowed us the critical breathing room to shift gears into a proactive defense during this period, resulting in even more efficiency gains through improved demand planning, supply planning, and alignment between the front and back ends of the business. We also harnessed the strength of our rearchitected go-to-market engine to deliver performance-based product and experiences along with targeted data-driven storytelling to show up stronger and more holistically as a brand than in years past. In light of the incredible amount of uncertainty in 2020, we stayed the course. While we experienced substantial declines in total revenue for the year, the emerging strength of digital and e-commerce became increasingly more prevalent. What a distortion it was, with e-commerce sales reaching nearly 50% of our direct consumer revenue in 2020. Around the world, we've seen focused performers turn to Under Armour to stay active while their regular routines have been disrupted. By leaning into our digital MapMy platform through our connected footwear, we continue to see incredible growth in new users into the community and increased activation of our connected shoes, surpassing 1 million connected pairs into our platform, an incredible milestone that we are proud of. While the MapMy platform is a small part of our business, this validates some of the pre-COVID strategic decisions we've made to drive brand consideration, consumer engagement, and deeper connections with the Focused Performer. Yes, the overall environment remains a bit uncertain, but we believe our positioning and strategy remain fundamentally strong. We have transformative products, a strong pipeline, an unrivaled history of innovation, a truly unique brand, and a loyal community of focused performers. Over the past couple of years, 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. You've heard me speak many times about our mission, vision, and values. These elements unify our global culture. They're why we're here and why we do what we do, our North Star. Excitingly, in 2020, we shifted from being product driven to purpose led. We didn't have to go far to find our purpose, which sits squarely at the intersection of our distinct strengths. As an obsession with improvement, Under Armour's purpose is we empower those who strive for more. For those who show up with relentless persistence, day in and day out, to train, compete, and recover, pushing themselves past the limits of what they thought was possible and being just a little bit better than they were before. This is why we exist and why Under Armour athletes know we've always got their backs. All of this is critically dependent on Under Armour's product and being fundamentally more responsive to the needs of the focused performer. Delivering beautiful products that provide solutions for athletes around the world. From the Project Rock collection to our award-winning UA SPORTSMASK that Kevin mentioned, to the launch of the Curry Brand, to some great wins within our women's business in the UA Infinity bra and Meridian pant. And of course, in footwear, with the continued expansion and success of our HOVR cushioning platform. In key styles like the UA Machina, Phantom 2, and breakthrough offerings, our innovation agenda was front and center. Building on the success and momentum of HOVR this year, we are incredibly excited about bringing our newest and most premium cushioning platform, UA Flow, to the run category with our most premium shoe ever, the Velociti Wind, which launched in early March. We believe the UA Flow running platform will help us accomplish two things. As an innovation, we believe this product's performance attributes, including its unique traction, ride, and energy return structure, will help drive even more significant consideration and authenticity with core runners. Second, as our most pinnacle running footwear offering, it will broaden our ability to segment and help differentiate our assortment, creating opportunities for expansion within running specialty and key wholesale accounts. Last year at the shareholder meeting, I talked a lot about the launch of our most extensive brand campaign in the company's history, The Only Way Is Through. The purpose of this campaign was to help us compete for consideration among focused performers in our home market and around the world. I can tell you that our marketing efforts achieved what I'd hoped for in 2020, as we sharpened the message and executed it with consistency. Our enhanced ability to read and react to how our consumer responds to our messaging and marketing with improved tools and dashboards is an excellent base to build from as we move through 2021. Ultimately, this holistic brand platform and these types of activations will continue to be a crucial part of our ability to restore our brand in our home market and return our company to growth. As our most recent results have demonstrated, we are running a better company today than ever before. We improved operational processes around the business. We're managing a stronger balance sheet. We've rebased our cost structure while continuing to invest in the brand, and we're driving consideration in our home market and around the world. As we look ahead in 2021, we're focused on controlling what we can control and sticking to our playbook. We are hyper-focused on meeting consumers whenever and wherever they want to engage with us, ensuring we deliver premium brand experiences and products across all of our channels as we pursue an omnichannel focus across the company. In retail, we're 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. In wholesale, we continue to earn back our space with key wholesalers while also strategically exiting certain undifferentiated partners as we drive towards premium brand right growth. We know that deepening our relationship with consumers also means living up to increasingly higher brand expectations. This includes sustainability, which we believe drives performance innovation. Across our business practices, as we strive for proficiency, accountability, and transparency, we're dedicated to making better resource-efficient products, leaving a cleaner world wherever and whenever our brand touches the environment and adding value to the communities we engage with. Earth is our home field. It's the only one we've got, and we're going to protect it. Just last month, we announced three commitments to combat global climate change, one of the biggest challenges of our generation. Consumers, shareholders, and many others are increasingly demanding more from brands around sustainability, and we are working hard to continue to deliver on those high expectations. I'm proud of what Under Armour was able to accomplish in 2020, particularly our ability to efficiently navigate an incredible amount of marketplace variability while continuing to advance our transformation. We know there's more work to do, but I'm confident in our team, the strategies, and the operating model we have to help us deliver greater leverage and sustainable, profitable growth over the long term. While at this point in 2021, the global pandemic's current state means we're still operating with a high level of uncertainty, I remain appropriately cautious and confident in our future and our team's ability to meet near-term challenges, accomplish our goals, and balance them with our long-term objectives. With that, I'll hand it over to David Bergman to provide an update on our financial position. Thank you. Thank you, Patrik. I too would start by underscoring how proud I am with the resiliency of our team and our ability to execute in 2020. The progress we've made in our transformational journey, strategically, operationally, and financially afforded us increased agility and flexibility to navigate through an unprecedented year. More importantly, putting ourselves in the right position to achieve sustainable, profitable growth over the long term. With that, let's take a look back at 2020 and some of our financial results in a particularly challenging year. Revenue was down 15% to $4.5 billion in 2020. Our gross margin increased 170 basis points to 48.6% on an adjusted basis. Our adjusted operating income was $1 million, and we had an adjusted diluted loss per share of $0.26. Throughout 2020, we continued our transformational journey with considerable focus on more effective operations, cash, and overall working capital management. A few highlights include a 93% increase in cash and cash equivalents during 2020 to $1.5 billion, prioritizing and managing capital expenditures down 45% year-over-year to $79 million, which is at the low end of our previously targeted 3%-5% of revenue operating principle. Inventory was flat at $896 million through improved planning and supply chain management, and we were able to drive $213 million of cash flow from operations. Given the incredible amount of uncertainty that we endured in 2020, I am proud of how our teams responded, enabling us to drive results and setting us up for success in 2021. With that, let's fast-forward to today and what we are doing to continue to drive consistency throughout our business. Last week, we reported our first quarter results where we delivered an excellent start to the year, demonstrating that our improved operating model and investments we're making to amplify our connection with consumers enable us to deliver against strong demand for our brand. Now, quickly touching on our first quarter of 2021 results. Revenue increased 35% to $1.3 billion as we saw growth across our channels led by strong customer and consumer demand in both wholesale and direct-to-consumer, or DTC. Within DTC, our e-commerce business grew 69% and represented 45% of our DTC business in the quarter. Our gross margin increased 370 basis points to 50%, driven primarily by benefits from pricing, supply chain initiatives, and channel mix. Operating income was $107 million, or $0.17 in diluted earnings per share. Excluding restructuring and impairment charges, adjusted operating income was $114 million, or $0.16 of adjusted diluted earnings per share. On the balance sheet, we ended the quarter with $1.3 billion in cash and cash equivalents, and inventory was down 9% to $852 million, a clear indicator of the improvements we have made to drive a more efficient operating model. Overall, a great start to the year, giving us increasing confidence in our ability to execute against our playbook and deliver consistent results as we drive our brand and business forward. Moving to our expectations for 2021 and our outlook for the year. Starting with revenue, we expect to be up at a high teen percentage rate for the full year, reflecting a high teen percentage increase in North America and a low 30s percentage rate increase in our international business. Relative to gross margin, on a GAAP basis, we expect the full-year rate to be up approximately 50 basis points against our 2020 adjusted gross margin of 48.6%, with benefits from pricing and supply chain efficiency partially offset by the sale of MyFitnessPal, which carried a high gross margin rate. From an expense or SG&A perspective, we believe we have appropriately rebased our cost structure to scale for future growth. The improved discipline and processes we employ help ensure we stay return based with the optionality to invest in critical areas like marketing and our direct consumer and international businesses. That said, remaining disciplined about controlling costs and ensuring the right balance between growth, productivity, and profitability is our top priority. Bringing it all together, we now expect operating income to reach approximately $105 million-$115 million this year, or about $230 million-$240 million on an adjusted basis. Translated to rate, we expect to deliver an operating margin of approximately 2% or an adjusted operating margin of approximately 4.5% as we work towards a double-digit operating margin rate over the long term. All this takes us to a diluted loss per share of approximately $0.01-$0.03, or excluding restructuring impacts, approximately $0.28-$0.30 of adjusted diluted earnings per share. In summary, we believe Under Armour is well-positioned to deliver on our expectations for 2021 and beyond by capitalizing on the momentum of a robust and growing health, fitness, and wellness market. A focused strategy led by a talented, passionate team, along with improved operations from our multiyear transformation. Finally, our increasing brand strength driven by breakthrough innovation, premium experiences, and a more robust, data-driven ability to connect with our consumers more effectively than at any other point in our history. All of which represents a strong set of competitive advantages that we believe position us incredibly well to realize our full potential in the years to come. With that, we're now set to take some of your questions. I would now like to turn the conference over to Lance Allega, Senior Vice President, Investor Relations and Corporate Development for Q&A. Lance, you have the floor. Thank you, operator, and welcome to the Q&A section of Under Armour's 2021 annual shareholders meeting. First question here, looks like it's a good one to go to Patrik. Is Under Armour gonna use more high-profile athletes than it is now to further advance its branding and sales? Thank you, Lance Allega. First of all, I'd like to talk a little bit about the work that we've done over the last few years to really make sure that we're honing our ability to activate against our roster of both athletes, schools, and teams. That work has been going really well, and David Bergman mentioned some of this in his previous remarks around the position we're currently in terms of some of the structuring work that we've done. We're now ready to start to activate again against our roster in terms of infusing it with new talent. You saw some of that happening already last year, especially with some of our new young talent in the NFL. Chase Young, Defensive Rookie of the Year, for example, and others. We will continue to do so as we go forward. We're grounded in team sports and in athletic endeavor through the Focused Performer. Part of what we intend to do going forward is continuing to invest into the appropriate amount of assets. That's really important because we now know, because of the tools that we have implemented and the analytics that we're able to do, what works for Under Armour in terms of building consideration and awareness for the brand. It's really important for us when we add an asset to our roster, whether it's an athlete, a team, a school, or some other form of investment, that we understand what the return is going to be. For us, we will continue to march forward and continue to refresh and freshen up our roster in years to come. We also have incredible athletes currently on our roster, and we've had an incredible year. We're very pleased with how Stephen Curry, for example, right now is playing. We're excited about Tom Brady having another great season in the NFL as we turn the corner here and back to school and after the summer. We're excited about the strong relationships we have with our schools. We're very excited about young talent across the world like Trent Alexander-Arnold and so forth. We have a great roster today, and we'll continue to strengthen it as we go into the future. Great. Thank you. Next question, from a product and innovation perspective, what are you most excited about? Probably back to Patrik again. Yeah. I'm very excited about the progress that we're making in footwear. You saw here in our first quarter this year, our growth of 47% in footwear. A lot of that's coming on the back of bringing new innovation to the marketplace. What's very exciting for us as our footwear business continues to mature, is that we're now able to layer in new innovation on top of what has been a phenomenal success for the brand, the UA HOVR Platform. Our UA HOVR Platform continues to perform very well with the Machina, with the Phantom, with the Sonic, with the Infinite. We just released our latest innovation, the Flow Velociti Wind shoe, in March, and it's performing incredibly well across the world. What's so exciting about that is that it comes at a new price point and with a new technology that adds to the UA HOVR Platform. Our ability to add additional innovation platforms that the consumer is responding to across train, basketball, run, and team sports is absolutely critical to our future growth, and we're so excited to see how the consumer is resonating and how our teams and our company is now able to really build franchises for the future. That's one area where I'm very excited. The other area that has been phenomenal for us in 2020, continues to do incredibly well here in 2021, is the women's business, especially tops and bottoms, but also in footwear. The fact that we're now with the new campaign that we launched last year, The Only Way Is Through, and our messaging really starting to hit home with women as well, is, of course, another one of our key pillars. The third thing I would talk about is our growth. Again, very strong growth in international, and I believe, in North America, we're in the healthiest position we've been in quite a few years. Those three things together is really what's making me excited at this point. Great. Thank you. All right. Next question here is, given the continued improvements that Under Armour is seeing in execution and in higher demand, a little bit surprised that there wasn't more robust growth in the second half of 2021. Can you provide some color on that? Probably Patrik. Well, I think there are a number of different things that we are doing to set us up for the future that is impacting how we think about the second half of the year. Don't forget, one of the things is the fact that we sold MyFitnessPal last year, that we don't have this year. The undifferentiated demand that we're taking out of our wholesale business, the fact that we're constraining demand, in other words, being very thoughtful about how we build inventory. We also have a change in our Latin America business model, where we're moving from having actually run some of those companies inside of the Under Armour business and now turning that into a distributor business, which is affecting top-line revenue for us, but it's helping with our profitability and also enabling the brands to have really good and a good ability to build direct awareness and consideration quickly in those countries. Then, of course, sports masks, which has been a phenomenal business for us, will be not as prominent in the back half of the year this year as it was in 2020. David Bergman, I don't know if you have something you'd like to add there as well that I might have forgotten. Sure. I think a couple things maybe I would just, as a reminder, point out that we just significantly improved our outlook for the year on the last call as well, as we see the momentum coming through, which is great. I think the other thing I would just touch on is the high-level idea of higher quality revenue, again, as we think about maybe comparing 2021 versus back in 2019, pre-COVID-19. I think that's a big thing to consider here as well, is just overall quality of revenue. Less off-price, higher quality wholesale business, more direct-to-consumer business, a significantly higher e-commerce component, along with the constraining demands to undifferentiated retail and ultimately exiting some of that, as Patrik alluded to. In addition to just the dollar impacts and the great choices I think we're making for the back half of this year, the quality of revenue versus 2019 or 2020, I think, is a big factor, too, that's important. Great. Thank you. Next question is with respect to marketing and how we're thinking about the evolution of marketing in 2021 and beyond. We're very excited about the work that we have been doing since the beginning of 2020, actually, in marketing. We mentioned it in some of our prepared remarks here today around the fact that last year was the first year that we were able to enter into our re-engineered go-to-market in 2020 with the brand campaign around The Only Way Is Through. We had to adjust that a little bit as we went into the second quarter and the pandemic hit around the world to the Through This Together theme, where we activated digitally, which the teams were able to do with very great success around the world. As we entered into 2021, we continued to drive The Only Way Is Through through our mental campaign, and also as we go here into the back half of the year, now, as we are doing better, as David Bergman spoke about earlier, with an ability to increase our marketing spend based on this updated outlook. It's important to us. In America and North America specifically, it's very important for us to continue to drive consideration higher. In the world, it's important for us to drive more awareness. This additional marketing spend is going specifically into North America, but it's also activating, again, some specific countries around the world, like China and Germany. It's really about how we are now not slowing down at all in 2021, actually accelerating. It's also about a rebalancing of our spend, making sure that we're now utilizing the tools that we've put in place to understand what drives consideration, what drives awareness, what drives ROI on our spend, and putting the right mix in play. We're becoming better and better every season at doing this. That's also one of the reasons why David and I feel so confident in investing a little bit of extra money this year is because we now see the teams having an ability to really activate the spend in the right buckets to continue to make progress against the brand. Very excited about what that means for us here in the back half of the year. Great. Next question is from a shareholder, and the question is: There are millions of female runners. How do you promote products for them specifically? In terms of how we think about the consumer, we have seen with a tremendous amount of research that we have done and we continue to do on a daily, weekly, monthly, quarterly, yearly basis, what actually works in terms of resonating with the female consumer. With the runners specifically, we're seeing success. We're seeing success in terms of the tops and bottoms that we're selling, and also in the run category for women. I would say especially in footwear. The run footwear that I talked about before in both HOVR as well as the new Flow platform, they're also resonating with female runners. One of the things that we have found really interesting in terms of how Under Armour appeals to the focused performer is the fact that the messaging in terms of the approach actually is more about a mindset and an active use occasion versus, let's say, a specific use. That's really helped us fine-tune the messaging specifically to the female consumer. That, I think, is manifesting itself now in the success that we're seeing in the women's segment in general this year. Okay, great. Thank you. Next question is, I guess, for David Bergman. Can you provide a little bit more color around the decision to change your fiscal year? Sure. We did make the announcement that we're working through changing our fiscal year-end. Right now, we're a calendar year, it's 12/31 fiscal. We're going to be moving to a March 31st fiscal year end. One of the biggest factors there is it really places our largest two quarters, which are calendar quarters Q3 and Q4, into the middle of our fiscal year, which really helps us better from a planning perspective, a visibility perspective, seasonality of product flow, and how that ties in with our fiscal year. There's a lot of benefits from that perspective. There's no changes at all to this fiscal 2021 as we work through this year. As we go into 2022, we'll have a short transition period from January 1 to March 31st of 2022, we will start our new fiscal reporting period on April 1 of 2022, which would go all the way through March 31 of 2023, and that will be considered our fiscal 2023 reporting period. We actually won't have a fiscal 2022 reporting period. We'll just have that short stub quarter in the first quarter of 2022. We are working through the changes and we're excited about the better position that provides us as we move forward. Great. Thank you. Next question is with respect to what is Under Armour's vision for what the industry might look like on the other side of the pandemic? How are we able to strengthen our competitive positioning within the landscape? Kind of a longer-term question. Patrik, why don't you take it? Sure. First of all, we believe in general, as a macro trend, that both wellness, health, fitness, if you like, is going to be strong going forward for as far as we can see at this point. That is truly a global thing, we believe. I think from a competitive position, I think this balance of not just the physical, but also the mental health is important to consider. I think for the commercial aspect of the future, we believe that there's going to continue to be consolidation of brick and mortar. Right now, I think one of the things that is uncertain is how traffic patterns are going to develop going forward beyond 2021, as the consumer has gotten used to doing more online shopping, hence one of the reasons why we have accelerated a lot of our digital initiatives. We talked about the North American e-commerce platform going live in the middle of last year. We're going to be updating our European platform, which is the same platform, but an older version to the same standard as the U.S. platform this year to allow us to be more competitive. In general, there's going to be a consolidation. There will be a starker contrast, we believe, between winning concepts, whether that's malls inside, outside and pockets of commercial real estate that is not doing so well. It'll be more of a stark contrast there. What we're trying to do is really make sure that we're winning with the winners. One of the announcements that we've made that we're now executing on is this execution of exiting undifferentiated retail. By the end of this year, we will have exited 2,500 plus doors in North America. That work will continue into the future, I believe because of what's going on in the marketplace. It's incredibly important for us as a brand to make sure that we show up in the way the consumer expects us to show up as it relates to the presentation that we have. Therefore, this is incredibly important. We're also making sure that we're being disciplined about how we buy according to demand. That means we're also ensuring that our inventory levels in terms of the buckets of either at once or order replenishment are also tightened up, which is incredibly important to us. You could say that as a general trend, things are definitely moving online and they're staying there. Right now, it's hard to understand exactly what that means as it relates to traffic in brick-and-mortar retail. Good news for Under Armour is we're prepared to manage through that through an omnichannel lens going forward by a lot of the investments we've made over the last three to four years in terms of systems, capability, and tools to read and react. Okay, great. Thank you. Next question. There's two left, so we'll do this one second to last here. How are you thinking about footwear growth longer term? It's a massive opportunity. How are you viewing the competitive landscape? I think we've talked a lot about this for a long time here at Under Armour, and I'm so happy to see it really starting to show some significant results right now. It is a big opportunity for us, and it's important to understand that what's so unique about this opportunity and the fact that we've been able to grab the opportunity and make it happen, is that there's only a very few brands where the consumer actually is okay with the brand being head to toe. Under Armour is the only brand in the athletic performance area that have been able to transcend from an apparel store into becoming also a footwear brand. Most of our other competition is coming from the footwear world and going into an apparel brand. The fact that we've been able to break through has been a first step for us. Now that the consumer accepts us head to toe, the growth and the initiative continues, and it will continue through making sure that we're building on these franchises going forward. We're seeing strength across the board, though, so it isn't just about run. We're also seeing strength in basketball, and we're very excited about the work we're doing with Curry. The Curry 8 was a significant innovation in basketball and a significant shoe for the Curry Brand and for Under Armour, and that will continue to evolve. The HOVR franchise, I talked about it before. What's interesting about HOVR, we've talked a lot about run here today, but it's also significant in training, especially through the Project Rock franchise, where the HOVR training shoes are doing phenomenally well every time we drop them. But we also have core franchises like Rise, Apex, TriBase. There's a whole line of HOVR training shoes that is performing well. Don't forget about golf, right? With especially the Jordan Spieth signature shoes that are doing great also in golf. Now we have the Flow platform, which is going to be a faster, sleeker platform for us, which shows lots of promise in terms of the pinnacle and premium positioning for the brand. We're really excited about where we are. We're also excited about some of our core business in footwear, where we began in our cleat business and the efforts we're putting into that from an innovation perspective. We've been very successful in the last few years with the Bryce Harper relationship there, for example, as it relates to some of the Bryce Harper cleats. A lot of effort going into the work we're doing with Trent Alexander-Arnold around our Magnetico, our soccer, our global football shoes, as well as American football, of course, our American football cleats, Spotlight, Highlight, et cetera. We have a whole quiver of great innovation, great products, and we continue to drive innovation also now through our footwear platform, and the consumer is responding. Great. Thank you. All right, this is our last question, and it's addressed to Kevin. "Congratulations on hitting the 25th anniversary. What are you most proud of, and how are you thinking about the next 25 years? Well, thank you. Thank you for that. Every anniversary is a milestone, beginning with year one, year five, year 10. 25 is certainly, it's special and a bit of a pinch me moment. I'd like to begin by thanking our shareholders for their trust and belief in this brand and, hopefully, what you've seen, especially in the performance of Q1, the team that we've been able to assemble here on the ground level with our teammates, at the executive level with our management, and especially through both David Bergman and Patrik Frisk's leadership of what we've been doing really to drive this brand and to set us up for the future. I think Patrik Frisk did a great job of talking about life post-pandemic and how we see the world evolving. We feel like we've got the pieces in place. That begins from our teammates at the DC around the world all the way to our board members. I think that there's a lot to reflect on, but the unique thing about this year is you're not going to see big parades or celebrations around 25. I think this brand is really focused on the next 25. We've got so many people to thank and so many great athletes and partners. Patrik's done a good job mentioning the Stephen Currys and Tom Bradys, the Lindsey Vonns, the athletes, the Dwayne "The Rock" Johnsons that have just been instrumental to our growth through every step. What we want, I think one message we want our shareholders to know is the conviction and commitment that we have and the plan we have, the strategy, and really just operating and running the play. There's a lot of work that's been done over the last four years in this company of putting us in this position, and a lot of it now is just about pure execution. The strategy's in place, the plays are in place, the team is in place, and we just have to go out and we just have to execute. We know that that begins and ends with product and what we're doing to build those products that consumers never knew they needed, and once they have them, can't imagine living without. That's the ambition and dream that we've had for this brand from day one and continue to deliver to athletes all over the world each and every day. I think that what you'll see and find from us is this continued performance bent that we have of making sure that Under Armour is known as the most committed athletic brand for performance and solving problems that athletes have. We did that in day one, beginning on a football field in 1996, and you'll still see that same commitment and that same type of getting out in the field and listening and hearing what our athletes are saying and seeing what we can do to just improve their performance just one little bit. It doesn't happen overnight, but I wanna thank everyone who's been a part of contributing to that, and that means our management, our board, and of course, our consumers and our shareholders. On behalf of all of us here at Under Armour, we greatly appreciate the time, the investment, and the trust, again, that our shareholders give to us, and we look forward to the next 25 years. That happens one day at a time, and that starts today. We've got a board meeting to get to and talk about our strategy as how we're gonna execute over the next 12 months and the next, frankly, five years. We've got a long-term view of this business, and we're incredibly optimistic about what that means for us. On behalf of all of us, Lance, I'll turn it back to you and just give one final thank you. Thank you, Kevin. No further comments from us. This concludes Under Armour's 2021 Annual Shareholders Meeting. Thank you, everyone, and be well. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.