You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Yesterday after the close of market, we announced that we have entered into a settlement with the U.S. Securities and Exchange Commission, resolving a previously announced investigation related to disclosure and the impact of certain pull-forward sales for the third quarter of 2015 through the fourth quarter of 2016.
This settlement is to our disclosures and does not include any allegations from the SEC that sales during these periods did not comply with GAAP.
It is important to note that the ongoing uncertainty related to COVID-19 and its potential impacts on the global retail environment could continue to impact our business results moving forward.
You may also hear us refer to amounts under U.S. GAAP.
And with that, may the fourth be with you.
With the continued disciplined execution of our strategic playbook, we're happy with our results, which marks a better-than-expected start to our year.
As with many companies, our year-over-year comparisons are affected by the significant COVID impacts we experienced in 2020.
Putting these dynamics aside for a moment, and perhaps what we're most encouraged to see at this early point in our year, is that on a two-year stack, that is skipping over 2020, we're running a better, higher quality, and more profitable business.
This is even more evident because of the strategies we've employed over the past couple of years, including significantly reduced sales to the off-priced channel, proactive supply constraints against demand signals to days of exiting undifferentiated distribution, and certainly, on an annual basis, the absence of MyFitnessPal, which we sold at the end of last year.
By staying focused on athletic performance, operational excellence, and connecting even more deeply with our consumers, these efforts are beginning to drive more consistent results, particularly in North America, our largest and most challenged business over the past couple of years.
At the highest level, we are executing well strategically, operationally, and financially.
Given these and other factors, including market dynamics, and continued strong momentum in fitness and wellness, we have meaningfully updated our outlook for the year with revenue now expected to grow at a high-teen percentage rate, bringing our business essentially back in line with our results in 2019.
As our transformation continues to translate into improved momentum for Under Armour, there are no changes to the strategies we outlined earlier this year: strengthening the brand, continuous operating model improvement, elevating a direct-to-consumer-focused approach and staying disciplined about returning greater profitability and value to shareholders.
Using this construct, I'll take a few minutes to highlight some of the progress we're making in these areas, starting with brand strength.
From a marketing and consumer engagement perspective, our global campaign, The Only Way is Through, is delivering a singular Under Armour voice with focused performers.
In 2021, we are evolving these efforts to bring the ecosystem of how we engage and inspire athletes across both physical and digital experiences into even better alignment.
These factors, driven by more robust data-driven decisions, a constant consumer insights feedback loop, and our meaningfully improved outlook, gives us confidence that this is an opportune time to amplify the momentum even more greatly in the second half of this year.
As such, we plan to make additional investments to support our marketing efforts to help drive awareness and increase conversion.
These accelerated investments will primarily focus on North America and critical countries like China and Germany, where we are still significantly underpenetrated from a brand awareness perspective.
As a premium athletic performance brand, the products that Under Armour delivers to the marketplace must meet and exceed the consumers' high expectation of performance, fit and style unfailingly to make them better.
So whether it's bringing newness and excitement to women with our crossback and Infinity bras and no slip waste band leggings, to the next generation of RUSH and Iso-Chill apparel for all athletes, our go-to-market process, storytelling, and operational excellence are helping to drive more robust consumer demand.
Taking a moment to talk about our run category.
We continue to be quite pleased with the success of our Under Armour HOVR franchise as it's broadened our appeal and preference among runners by offering multiple price points and seasonal newness to inspire loyalty.
During the first quarter, we saw strength in HOVR Sonic, Machina, and Infinite.
We also successfully launched our most pinnacle running footwear ever with the UA Flow Velociti Wind.
Priced at $160, this product is delivering well against our expectations.
It's also pushing performance with data from our MapMyRun digital app, telling us that runners wearing these shoes are, on average, going further and faster than any other UA running shoe.
So while still early, very exciting to see.
Switching gears to our second area of focus, which is continuous operating model improvement.
With the critical mass of our transformation now behind us, and appropriately rebased cost structure and optionality that scaled smartly with future growth, we believe we are firmly on a path to returning to double-digit operating margin over the long term.
This, of course, is not a one-and-done strategy, there is no finish line.
Yet instead an ever-present focus on getting better, better process, more optimal structure, more efficient systems and vigilance around our decision-making.
By region, channel or product, we are constantly challenging ourselves to leverage our foundational horsepower by being more precise and return-based on the investment choices we make as a global company to advance our strategic and financial goals.
Looking at our business by region.
Let's review how some of this is playing out.
I'll start with North America, which by many accounts, I believe to be in the healthiest position it's been in, in quite a few years from both a brand and financial perspective.
High-quality revenue driven by a sharp focus around tight inventory management, proactive demand constraints, improving segmentation, and servicing our customers well puts us in the sweet spot of our strategy to return to brand-right premium growth.
To support this confidence and recall in my earlier two-year stack example, we see our full-price wholesale business in North America in 2021 being meaningfully here than the same business in 2019.
Keep in mind, this is despite several headwinds in the comp set, including proactive demand constraints, exiting undifferentiated retail, a significant reduction in sales to the off-price channel and overall promotional activities.
So we've taken, in total, an encouraging sign as to the future of our business.
The other side of this equation is our great consumer business in North America, where we remain committed to reducing our promotional activity and driving improved store and digital productivity.
And while traffic challenges persist in our physical stores, the business is performing about plan, and we expect it to deliver solid growth in 2021.
Shifting next to Asia Pacific.
While short-term pandemic-driven impacts continue to present traffic challenges and higher promotional activities across the region, we remain confident in our ability to navigate these dynamics to emerge a stronger brand.
Opportunistically, given an accelerated shift to online purchase behaviors, investments into CRM and digital activations remain center stage in our playbook to driving better brand affinity in the long term.
From a direct-to-consumer perspective, we remain appropriately cautious concerning the right balance of return on those investments relative to the environment and staying premium.
Next up is EMEA.
And even though ongoing impacts from COVID-19 and related restrictions are tempering our near-term growth expectations a bit, there's no change to our expectations for this crucial market.
With stronger-than-expected bookings coming in for the fourth quarter, we remain encouraged by our strategies to tightly manage inventory while investing in brand awareness and consideration.
The reception to new products, combined with the strength of our go-to-market, is enabling us to build strong demand among key wholesale and distributor partners.
And within our direct-to-consumer business, while stores are a bit more challenged due to pandemic restrictions, like last year, our e-commerce business continues to serve as a healthy offset to drive growth.
And finally, our Latin America region.
As discussed on our last call, we have begun transitioning our business in certain countries to a strategic distributor model.
While we expect this change to negatively impact our revenue in 2021, over the long term, we believe it will help drive greater profitability and provide a better opportunity to increase brand awareness and affinity across this region.
Now moving to our third priority, elevating a direct consumer-focused approach.
Consumer shopping preferences continues to blur the lines between physical and digital, demanding that brands create unique personalized experiences that integrate seamlessly into their lives.
For Under Armour, we believe building out the capabilities to execute a powerful omnichannel strategy will enable us to create more connected shopping experiences across all consumer touch points.
From an owned store perspective, our first-quarter results, led by improved traffic trends and higher average order values, along with high gross margins due to reduced promotional activity, are encouraging signs for how we're thinking about our long-term opportunity in retail.
In the near term, however, even amid optimism from recent trends, we'll continue to keep an appropriate level of conservatism into mix.
Globally, our e-commerce business was up 69% in the first quarter, representing approximately 45% of our total direct-to-consumer business and included solid growth across all regions with better-than-expected conversion.
Given the outside strength of e-commerce in 2020 and the continued shift to online due to the pandemic, we are hyper-focused on better understanding the consumer journey and building greater digital capabilities to unlock even deeper connections with athletes.
And ultimately, while it's left to be seen about how sticky last year's e-commerce results are against this year's performance, we're confident that making additional investments in our sites, teams and processes to support our long-term growth expectations is money well spent.
Bringing all these strategies together leads us to our last focus, maintaining our discipline around profitability to drive sustainable shareholder value over the long term.
With our expectation of revenue being up at a high-teen rate for the full year, I am pleased with our progress and our expectation to deliver an adjusted operating margin in line with 2019.
This is a nice step up toward a double-digit rate over the long term.
So to wrap up, I'm pleased with the progress we are making.
Our transformational strategy to architect a global operating model capable of driving sustainable and profitable growth is on track.
With a solid start to the year, this is about continuing to execute the play with patience and allowing the processes, tools, and structure we've built to drive improved capabilities across Under Armour and then further enable our ability to compete for premium brand-right growth.
And with that, I'll hand it over to Dave.
Today's results are strong evidence that our transformed operating model can efficiently serve strong demand for the Under Armour brand against the continued backdrop of uncertainty due to the COVID-19 pandemic.
With an outstanding start to the year, let's dive right in with our first-quarter results.
Revenue was up 35% to $1.3 billion compared to the prior year.
This was better than expected due to higher demand across our wholesale and DTC businesses.
From a channel perspective, our wholesale revenue was up 35%.
Keep in mind, approximately two-thirds of this growth was due to a Q4 '20 to Q1 '21 shift related to COVID-19 impacts connected to customer order flow and changes in supply chain timing, as noted on our last call.
In addition, most of our Q1 wholesale over-delivery was due to stronger sell-through and higher demand from our North American customers.
Our direct-to-consumer business increased 54%, led by a 69% growth in e-commerce and 44% growth in our owned and operated retail stores.
Our DTC results were better-than-expected, primarily due to higher average order values in retail and higher e-commerce conversion rates.
Our licensing business was up 9%, driven primarily by North America.
By product type, apparel revenue was up 35%, driven by our train and run categories.
Footwear was up 47%, driven by our run and team sports categories.
And the accessories business was up 73%, with most of the growth being driven by sports masks.
From a regional and segment perspective, first-quarter revenue in North America was up 32%, driven by growth in our wholesale business, which was driven in part by Q4 to Q1 COVID-19-impacted order shifts.
Additionally, we saw strength in our North American DTC business with Factory House and e-commerce leading the way for growth.
In EMEA, revenue was up 41%, driven by growth in wholesale, led by our distributor business, including the Q4 to Q1 COVID-19-impacted order shift as well as strength in e-commerce.
It's important to note that EMEA continues to face significant impacts due to COVID with about one-third of our owned and partner mono-branded doors closed at the end of the quarter.
Revenue in Asia Pacific was up 120%, with balanced growth across all channels, including our wholesale business, which partly benefited from Q4 to Q1 COVID-19-impacted order shifts.
As a reminder, stores in APAC were closed through most of Q1 2020, so we are comping a more significant COVID-19 impact here than in our other regions.
In Latin America, revenue was down 9%, driven primarily by lower wholesale results, partially offset by growth in e-commerce.
First-quarter gross margin was significantly better-than-expected, with a 370 basis point improvement to 50%, driven by approximately 270 basis points of pricing improvements due to lower promotional activity within our DTC channel, along with lower promotions and markdowns within our wholesale business.
In addition, we experienced 130 basis points of supply chain benefits, including improved inventory levels resulting in lower reserves and product costing improvements.
And finally, we realized 50 basis points of favorable channel mix due to a lower mix of off-price sales and a higher mix of DTC.
Offsetting these improvements was about 140 basis points of negative gross margin impact related to the absence of MyFitnessPal, a factor we expect to impact us throughout this year.
Overall, versus our previous outlook for first-quarter gross margin, we saw tighter inventories driven by stronger-than-expected demand and lower promotions, which resulted in a reduced requirement for inventory reserves, along with more favorable pricing.
SG&A expenses were down 7% to $515 million, primarily due to lower legal and marketing costs versus the prior year.
Relative to our 2020 restructuring plan, we recorded $7 million of charges in the first quarter, an amount less than we had anticipated due to slower-than-expected execution.
Including Q1, we've now realized $480 million of pre-tax restructuring and related charges.
As detailed last September, this plan contemplates total charges ranging from $550 million to $600 million.
It's important to note that all remaining charges are related to initiatives that we determined in 2020, meaning we are not adding anything new in 2021.
We expect to incur approximately $35 million to $40 million of charges in the second quarter as we work toward completing this program in the second half of 2021.
Moving on, our first-quarter operating income was $107 million.
Excluding restructuring and impairment charges, adjusted operating income was $114 million.
After tax, we realized net income of $78 million or $0.17 of diluted earnings per share during the quarter.
Excluding restructuring charges and the noncash amortization of debt discount on our senior convertible notes, our adjusted net income was $75 million or $0.16 of adjusted diluted earnings per share.
And finally, inventory at the end of the first quarter was down 9% to $852 million, a clear indicator of the improvements we have made to drive a more efficient operating model.
Now moving on to our updated 2021 outlook.
While recent consumer trends continue to be more positive than we anticipated, we remain cautious with respect to the demand and the overall marketplace due to the COVID-19 pandemic.
Therefore, as today's outlook is predicated on our business continuing under the same general macros we've seen most recently, with no significant shutdowns as well as moderate improvements within the greater retail landscape as the year progresses.
And with that said, let's start at the top with revenue, which we expect to be up at a high-teen percentage rate for the full year.
This reflects a high-teen percentage increase in North America and a low 30s percentage rate increase in our international business.
And while we see improvements just across our regions, more robust demand in North America is driving most of the gain relative to our last outlook.
From a channel perspective, our Q4 bookings have come in better within about the wholesale business than our initial expectations.
As discussed, we are focused on managing our inventory tightly, including constraining supply to meet demand and exiting undifferentiated retail, particularly in North America.
In DTC business, we also expect to see stronger results drive through the remainder of the year with retail store growth far outpacing that of e-commerce, given that business is up against the difficult comps in 2020.
For gross margin, on a GAAP basis, we expect the full year rate to be up approximately 50 basis points against the 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.
The gross margin improvement related to previous outlook is due to improving benefits within pricing, partially offset by changes in channel mix and increased freight expense related to port congestion and logistical costs, which remains a rapidly evolving situation.
From an SG&A perspective, as we stated on our last call, 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 in our DTC and international businesses.
As Patrik laid out, we intend to take advantage of some of our improved outlook in the second half of this year with incremental investments, particularly in marketing, to continue driving the underlying momentum we're seeing.
In this respect, we expect SG&A to be up at a rate that is approximately one-half that of our revenue growth.
In addition to these incremental marketing investments, the other significant part of the overall increase in SG&A relative to our prior outlook is higher incentive compensation when compared to a year that saw significant reductions against target levels.
When combined, these marketing investments and planned higher incentive compensation represent about three-fourth of the increase in our year-over-year SG&A dollars, meaning without them the underlying SG&A is panned up slightly at about 2% to 3% in absolute dollars, which is consistent with the initial outlook we provided earlier this year.
That said, remaining discipline about controlling costs and ensuring the right balance between growth, productivity, and profitability is our top priority.
After these factors, we now expect operating income to reach approximately $105 million to $115 million this year or about $230 million to $240 million on an adjusted basis.
Translated to rate, we expect to deliver an operating margin of approximately 2% for an adjusted operating margin of approximately 4.5% in 2021.
All of this takes us to a diluted loss per share of approximately $0.02 to $0.04, or excluding restructuring impacts, about $0.28 to $0.30 of adjusted diluted earnings per share.
To sum it up, we believe we have appropriately updated our outlook to reflect the improvements we see across the business.
And to reiterate some of the comments we made on our last call, headwinds should be taken into consideration for our full year outlook, particularly in the second half, including the absence of MyFitnessPal, continued supply and demand constraints, the exit of undifferentiated retail, which starts in the back half of this year; changes to our Latin American operating model, and lower expected sales of our sports masks.
For a little more color on the quarterly flow, we expect our second quarter revenue to be up approximately 70% as we lap last year's significantly shuttered retail world, with the highest regional growth seen in North America and Latin America.
Next, we expect Q2 gross margin to be down about 120 to 140 basis points primarily due to the following negative impacts: channel mix, with e-commerce being a considerably lower portion of the overall business when compared to last year; and within the wholesale channel, we expect a higher percentage of off-price sales versus the last year's second quarter when off-price was predominantly closed.
Additionally, the absence of MyFitnessPal will negatively impact the quarter.
And finally, we anticipate increased freight expense from a supply chain perspective relative to the prior year as we work through ongoing logistics and transportation challenges.
These negative factors are expected to be partially offset by an improvement in pricing due to lower planned promotional and discounting activities, along with some tailwinds from changes in foreign currency.
Bringing this to the bottom line, we expect second quarter adjusted operating income to be approximately $40 million to $45 million or about $0.04 to $0.06 of adjusted diluted earnings per share.
To close out, with an incredibly focused strategy led by a talented, passionate team and improved operations from our multiyear transformation, we believe Under Armour is well positioned to deliver on our expectations for 2021 and beyond.

user
compname reports q1 earnings per share $0.17.
sees fy loss per share about $0.02 to $0.04.
q1 adjusted earnings per share $0.16.
q1 earnings per share $0.17.
q1 revenue rose 35 percent to $1.3 billion.
qtrly north america revenue increased 32 percent.
expects to realize approximately $35 million to $40 million in charges related to restructuring plan in q2.
given continued uncertainty related to covid-19, there could be potential material impacts on its full-year business results in 2021.
2021 revenue is now expected to be up at a high-teen percentage rate.
expects to realize about $35 million to $40 million in charges related to restructuring plan in q2.
2021 adjusted diluted earnings per share is expected to be in range of $0.28 to $0.30.

assistant