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Text: It's important to note that due to ongoing uncertainty related to COVID-19 with respect to the duration and extent of the virus' immediate and long-term impact on the global retail environment, we continue to expect the possibility of material impacts on our business results.
Accordingly, future results could differ meaningfully from historical practices and results or current descriptions, estimates and suggestions.
Before we start, I'd be remiss not to point out what a fantastic past weekend this was for sport and for Under Armour.
From Stephen Curry scoring 57 points, the eighth time he scored more than 50 in a game, to Chase Yarn winning the NFL Defensive Rookie of the year and Joel Embiid putting up 33 to keep the 76ers in first place to Jordan Spieth posting a career-best 10 birdies in a round, there was no shortage of UA highlights this weekend.
Oh, and of course, there's one more highlight or better yet, make that the seventh as a No.
7 for the gold quarterback, Tom Brady, as he had led the Tampa Bay Buccaneers for their second-ever Super Bowl victory.
With Tom, it's quite easy to run out of ways to describe yet again another incredible accomplishment he's added to his unparalleled career.
In his 10 years as an Under Armour athlete, Tom has exemplified what perseverance, hard work and leadership can do in pursuit of excellence.
Now turning back to our results.
As I reflect on my first year as CEO amid a global pandemic that has tested all of us, I'd start by underscoring just how incredibly proud I am of our team's resilience and their ability to execute at an incredibly high level against our long-term strategy.
We've made significant progress on our way to becoming a stronger brand and a better run company during the past year from managing through a three-month global retail shutdown and relaunching our North American e-commerce platform to executing a comprehensive restructuring effort and divesting the MyFitnessPal platform, our mantra, the only way is through, turned out to be even more foretelling than perhaps we had intended it to be.
Despite an incredible amount of uncertainty in 2020, we stayed the course by harnessing the strength of our rearchitected go-to-market engine to deliver performance-based products and experiences along with targeted data-driven storytelling, Under Armour showed up stronger and more holistically as a brand than in years past.
From an operations perspective, increasingly more effective supply and demand planning, along with our best-in-class distribution network, enabled us to quickly adapt to the needs of our customers and consumers with greater precision and efficiency, getting the right product to the right place at the right time.
As we closed out 2020, our efforts over the past couple of years to pursue a clearly defined target consumer, rebase our cost structure and fundamentally change the way we work is beginning to yield results, empowered by a clear identity of who we are, a leading athletic performance brand, our foundation is solid, our discipline tested and proven and the opportunity before us is robust.
As I look ahead, I'm energized by our transformation.
I'm confident that our operating model is strengthening our ability to drive sustainable returns to our shareholders over the long term, yet we remain confronted with uncertainty due to the COVID-19 pandemic.
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.
Still, I'm confident that we are significantly better equipped to navigate through the changes, given our improved levels of agility and optionality.
The last year has also brought about meaningful changes in consumer behavior and related marketplace demand impacts.
In this respect, we remain focused on controlling what we can while staying prudent.
This means being patient and measured in how we manage our business and conscious about where we are within our journey while maintaining the same level of discipline that got us here.
To this effect, we will continue to constrain demand in 2021, a decision that, as discussed in previous calls, may impact our ability to drive top line volume in the near term.
However, whether through proactive wholesale door-reduction efforts in North America or ordering slightly less product against future demand based on the brand and margin benefits that we realized in 2020, we are confident that this focus will help elevate our premium positioning with consumers and, therefore, driving better profitability.
Carrying forward into 2021, there are four areas of focus that we laid out on our last call.
First is continuing to strengthen the brand through increased engagement and consideration with the focused performer.
Second is continuous improvement within our operating model to drive even greater efficiency across all end-to-end processes.
Third is elevating a D2C-focused approach to deepen and amplify our most intimate connection with Under Armour's consumers.
And finally, as we get back to profitable growth in 2021, making sure our discipline stays aligned with driving shareholder value over the long term.
Starting with brand strength and engagement.
About a year ago, we launched a powerful global Under Armour voice to drive increased consideration with our target consumer, the focused performer, empowered by enhanced tools and real-time metrics as consumer behavior shifted toward e-commerce, as well as working out from home, including a large shift toward running, we too altered course.
From the only way is through to through this together and other variations along the way, we refocused our efforts more surgically to drive greater returns at an exceedingly dynamic environment.
And while these efforts, of course, take time to manifest into sea change, exiting a year like 2020 with increased consideration, conversion and higher selling prices in many parts of our business gives us greater confidence in our strategy and execution for the year ahead.
Successful storytelling, of course, needs to partner with great products.
In 2020, we stuck to our playbook and leaned heavier into brand and product marketing to support successful introductions like our Project Rock collection, Meridian Pant, Infinity Bra, UA SPORTSMASK and in footwear, the HOVR Machina, Phantom 2 and the Breakthru.
One highlight we're especially encouraged by is the continued momentum in our women's business, specifically bras and bottoms and broad-based interest across our run category, led by our innovation-driven HOVR franchise.
Another highlight is the launch of the Curry brand in December.
As a purpose-led collaboration powered by Under Armour, we're excited to partner with Stephen to deliver performance products that, along with focused partnerships, will help fund youth sports in under-resourced communities through equitable access and safe places to play.
As a pinnacle expression of this effort, we launched the Curry 8 basketball shoe, the first product to feature UA Flow.
As the second footwear cushioning technology released under our reengineered go-to-market, Flow's proprietary nonrubber outsole has manifested into our most obedient and highest traction footwear yet.
Up next, UA Flow is set to launch in one of our largest long-term growth opportunities: running.
Building on the success and momentum of HOVR, 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.
And second, as our most pinnacle running footwear offering, it will broaden our ability to segment and help differentiate our assortment, thereby creating opportunities for shelf space expansion within running specialty and key wholesale accounts.
Switching gears to our second area of focus is our operating model evolution.
Throughout 2020, we work to rebase our cost structure to ensure we are positioned from a strategic, operational and financial perspective with an appropriate foundation and agility to scale with future growth.
And within our comprehensive restructuring plan, we believe our central purpose continues to put us in a position to return to double-digit operating margin over the long term.
In this spirit, we've been asked many times if we've reached an optimal cost structure for Under Armour or where our general breakeven ratio lies.
At 2.2 billion of SG&A in 2020, our cost structure is not meant to support the 4.5 billion revenue that we realized last year, but instead, a larger top line business where we can begin to leverage some of the foundational investments necessary for our growth expectations.
Therefore, our breakeven is somewhere around the 4.7 billion mark.
With our cost structure now appropriately rebased, it's important to understand a few elements of how we're thinking about SG&A expenses and investments moving forward.
When considering our restructuring efforts and how they've impacted or will continue to affect our overall cost structure, it's essential to remember that most of these efforts have been related to future cost avoidance versus current cost reductions.
That said, we had realized underlying SG&A benefits in certain areas.
However, it's not as simple as cutting cost to gain leverage.
As we mentioned early within our restructuring efforts, our main objective was to unburden ourselves of decisions and commitments made when we expected to be a much larger company than we are now.
Within those scenarios, there was also an expected level of productivity that was never realized.
As a business in pursuit of brand-right growth, we will continue to invest in driving that growth.
And for us specifically, that means marketing, IT and elevating our international and D2C footprints.
More simply put, while the absolute SG&A dollars may not change much in the near term, I'd underscore that productivity and return on the investments that we are making are appropriately greater than just a few years ago.
And should market factors impact our growth track in the near term, we're now also capable of flexing and managing our costs with greater discipline and optionality to maintain a more consistent profitability trajectory.
These factors, along with improved visibility and tighter alignment of our demand and supply planning functions, have afforded us greater flexibility with our customers and our ability to service higher-than-planned demand.
This is especially evident in our year-end inventory position, which was at the same level that we ended 2019.
In 2021, we plan to manage this even more tightly, helping us drive fuller price selling across all distribution points while keeping an eye on increasing our productivity and therefore, turns.
Moving to our third priority, elevating a D2C-focused approach, and the pandemic has certainly magnified and accelerated digital adoption rates worldwide.
With e-commerce up 40% in 2020 and representing nearly half of our total D2C business for the full year, we are hyper-focused on better understanding the consumer journey and building greater personalization capabilities to unlock even deeper connections with athletes.
In our retail stores, we are working to evolve concepts to drive more profitable formats, particularly for our full-price brand house locations.
Our factory house business is about driving greater productivity in store, reducing our promotional levels and leveraging the fleet to clear through excess product.
While this foundational work continues to help us in our journey to be a best-in-class retailer, with the acceleration of e-commerce and tightening of wholesale, this truly becomes an omnichannel conversation.
Whether it's drop ship, endless aisle or RFID, we believe executing a powerful omnichannel strategy will enable us to create a more seamless and connected shopping experience across all consumer touch points.
And finally, being in a position, both strategically and operationally, to pursue this channel-agnostic approach is something that we believe will serve as a key unlock to strengthening our brand ecosystem wherever and whenever consumers choose to engage Under Armour.
Bringing all these strategies together leads us to our last priority, maintaining our discipline around profitability to drive sustainable shareholder value over the long term.
From operating model refinements, our innovation pipeline and brand-elevating strategies to our tighter inventory management and a rebased cost structure, it's well understood across the enterprise what we must do as we work to deliver greater leverage and sustainable profitable growth over the long term.
So to wrap up, I am proud of what Under Armour has accomplished in the last year, particularly our ability to efficiently navigate an incredible amount of marketplace variability while continuing to advance our transformation.
Building on this demonstrated proficiency, as we move into 2021 amid uncertainty that has carried over from last year, I am confident about our ability to meet near-term challenges, accomplish our goals, and balance them with our long-term objectives.
And with that, I'll hand it over to Dave.
In the fourth quarter and for the full year, we delivered stronger-than-expected results, a performance to be proud of, especially during a global business environment that faced significant macro and micro challenges.
Over the past few years, the work we've accomplished created the space and optionality necessary to work through these challenging conditions.
From industry-leading product innovations to connecting consumers through fantastic brand stories and improved shopping experiences to deliver decisions to ensure liquidity, along with executing the divestiture of MyFitnessPal, I'm pleased with the way we closed out 2020.
With that said, let's dive into our fourth-quarter results starting with revenue, which was down 3% to 1.4 billion compared to the prior year.
This was better than we had expected due to higher-than-anticipated demand across our wholesale and DTC businesses.
From a channel perspective, our wholesale revenue was down 12%.
Keep in mind, about 130 million in orders shifted out of the fourth quarter into the first quarter of 2021 due to timing impacts from COVID-19 related to customer order flow and changes in supply chain timing that we discussed on our last call.
Relative to our plan, we experienced stronger sell-through and higher demand from our customers.
Our direct-to-consumer business increased 11% driven by 25% growth in our e-commerce business.
Relative to our plan, we experienced better-than-expected traffic trends in our retail business.
Our licensing business was down 12% driven primarily by lapping one-time settlements in the prior year with two of our North American partners and lower minimum royalty payments.
This result was better than expected driven primarily by our Japanese partner.
By product type, apparel revenue was down 4% driven by declines in our train and team sports categories.
Footwear was down 7% mainly driven by declines in our team sports category.
And finally, our accessories business was up 32%, with all of the growth being driven by SPORTSMASK.
From a regional and segment perspective, fourth-quarter revenue in North America was down 6%, negatively impacted by the COVID-19 timing impacts, I previously mentioned, as well as reduced off-price sales.
These headwinds were partially offset by strength in e-commerce within our DTC business in the quarter.
In EMEA, revenue was down 11%, also negatively impacted by COVID-19 timing impacts, partially offset by solid growth within our DTC business, primarily due to e-commerce.
Revenue in Asia Pacific was up 26% driven by growth across all channels, partially offset by timing impacts from COVID-19.
In Latin America, revenue was up 2% driven by DTC growth, which included strength in our e-commerce business, partially offset by impacts from COVID-19.
And finally, our Connected Fitness business was down 5% due to the sale of the MyFitnessPal platform in the quarter, which was completed in mid-December.
It is important to note that following this sale, we will no longer be reporting the Connected Fitness segment.
Starting with the first quarter of 2021, the remaining MapMy business will be consolidated within our Corporate Other segment.
Fourth-quarter gross margin increased 210 basis points to 49.4%, including a 12 million impact related to restructuring efforts.
Excluding restructuring charges, adjusted gross margin increased 300 basis points to 50.3% driven by approximately 150 basis points of positive channel mix benefiting from lower year-over-year distributor and off-price sales, which carry a lower gross margin and a heavier mix toward DTC, which included strong e-commerce growth.
Additional year-over-year increases included 90 basis points of supply chain benefits primarily driven by product costing improvements and 30 basis points of positive regional mix driven by APAC growth in the quarter.
Relative to our previous expectations for gross margin in the fourth quarter, our results were significantly better than expected as we experienced higher-than-anticipated demand, which allowed us to sell in and sell through with considerably less discounting and markdowns than we had initially anticipated.
SG&A expense decreased 4% to $586 million due to our restructuring efforts and tighter spend management.
In the fourth quarter, we recorded 52 million of restructuring charges and certain impairments related to long-lived assets.
As a reminder, we expect to incur total estimated pre-tax restructuring and related charges under this plan in the range of 550 to 600 million.
For the full year, we realized 473 million in restructuring and related impairment charges and 141 million from impairments of long-lived assets and goodwill.
We expect to complete our restructuring charges within the first half of 2021 with most of the remaining charges coming in the first quarter.
Our fourth-quarter operating income was 56 million.
Excluding restructuring and impairment charges, adjusted operating income was 120 million.
After tax, we realized net income of 184 million or $0.40 of diluted earnings per share during the quarter.
Excluding restructuring charges, as well as the noncash amortization of debt discount on our senior convertible notes and the gain in deal-related costs associated with the sale of MyFitnessPal, our adjusted net income was 55 million or $0.12 of adjusted diluted earnings per share for the quarter.
From a balance sheet perspective, I am pleased to report we ended the fourth quarter with 1.5 billion in cash and cash equivalents, inclusive of 199 million related to the sale of MyFitnessPal.
We also had no borrowings outstanding under our 1.1 billion revolver.
And finally, inventory for the fourth quarter was 896 million, relatively unchanged compared to the prior year.
Concerning our 2021 outlook, while recent consumer trends have been more positive than we anticipated, we remain cautious in planning our business given the continued uncertainties with respect to demand and the overall marketplace due to the COVID-19 pandemic.
Therefore, the outlook we are providing today is predicated on our business continuing in the near term with the same general macros that we've seen most recently followed by moderate improvements within the greater retail landscape as the year progresses, meaning we're assuming no major retail or other business shutdowns or other new significant adverse economic impacts due to COVID-19.
That said, I will provide some high-level color on how we are thinking about our business for 2021.
Relative to revenue, we expect a high single-digit rate increase for the full year compared to 2020, reflecting a high single-digit increase in North America and a high-teens growth rate in our international business.
Looking at 2021, some of the things included within our outlook that we anticipate will serve as revenue headwinds include the following.
First would be the absence of MyFitnessPal.
Second, to Patrick's earlier point about maintaining our current supply and demand planning and inventory management discipline, we plan to constrain orders against expected demand.
Third, as previously discussed, we will begin to exit certain undifferentiated wholesale distribution, primarily in North America, starting in the back half of 2021 with a plan to close about 2,000 to 3,000 wholesale partner doors, thereby expecting to win closer to 10,000 doors by the end of 2022.
And finally, we're making several changes to our operating model in Latin America, including shifting certain countries to strategic distributorship models, which will negatively impact revenue but should help improve operating margins.
From a channel perspective, within wholesale, it's important to keep in mind that we are just now finalizing our third-quarter bookings and have only recently started to take orders for the fourth quarter.
Therefore, we have limited visibility into the back half of the year.
And as Patrik mentioned, we will look to manage our inventory tightly, and in some instances, constrain demand continue to return to more premium revenue growth.
All of this means we are taking a prudent approach to forecasting and managing our business this year.
From a DTC perspective, we expect retail to outpace e-commerce's growth as our digital business is up against strong comps from 2020.
For gross margin on a GAAP basis, we expect the full-year rate to be up slightly against our 2020 adjusted gross margin of 48.6%, with benefits from pricing and supply chain efficiency being largely offset by the sale of MyFitnessPal, which was a high gross margin business.
From an SG&A perspective, as Patrik detailed, we believe we have appropriately rebased our cost structure.
And we believe the improved discipline and processes we currently have in place have instilled a more return-based approach to our investments that should drive greater prioritization into the areas that deliver the highest return and support our long-term growth opportunities.
However, critical areas like DTC, international and marketing will require us to continue investments to support our growth expectations.
Therefore, we are planning on slight SG&A growth for the year.
With all of that considered, we expect reported operating income to reach approximately 5 to 25 million and adjusted operating income to be approximately 130 to 150 million, which will take us to a reported diluted loss per share of about $0.18 to $0.20 or adjusted diluted earnings per share in the range of $0.12 to $0.14.
Now to provide a little bit more color on the first quarter of 2021.
We are currently planning for first-quarter revenue to be up approximately 20%.
This expectation includes about 130 million of orders that shifted out of the fourth quarter of 2020 into the first quarter of 2021 due to timing impacts from COVID-19 related to customer order flow and changes in supply chain timing that we discussed earlier.
Next, we expect gross margin to be up about 180 to 200 basis points compared to the prior year driven primarily by pricing benefits related to lower promotions, primarily in DTC compared to the prior year, and continued supply chain benefits related to product costing improvements.
We expect these benefits will be partially offset by the absence of MyFitnessPal.
Bringing this to the bottom line, we expect a first quarter operating loss of approximately 55 to 70 million.
Excluding planned restructuring impacts, we expect adjusted operating income to be approximately 30 to 35 million.
Excluding restructuring, we expect about $0.03 of adjusted diluted earnings per share.
This will become effective on April 1st, 2022.
Based on our revenue being more heavily weighted in the second half of the calendar year, we believe this change, namely putting those two quarters in the middle of our new fiscal year, will provide us with greater visibility and subsequent forecast accuracy as it relates to strategic business decisions and providing our initial annual outlook.
Mechanically, nothing changes this year for fiscal 2021.
Next year, in 2022, we will have a three-month or one quarter transition period that runs January 1st through March 31st, which we'd expect to report in May like our current first-quarter cadence.
Following that transition period, our fiscal 2023 will begin April 1st, 2022, and run through March 31st, 2023.
Accordingly, there will be no full-year fiscal 2022 reporting.
In closing, we have made great progress against our transformational journey, which afforded us increased agility and flexibility to navigate through what was undoubtedly an unprecedented year.
We've reengineered our go-to-market, optimized our product and innovation engines and focused on our well-defined target consumer.
Additionally, the continued actions we took this year to protect and strengthen our balance sheet, drove significant improvements in our ability to generate cash and protect liquidity.
Moving forward, our approach remains appropriately cautious, given the high level of uncertainty related to COVID-19.
That said, we will maintain our disciplined approach in executing our strategies and continue to put Under Armour in the best position possible to achieve sustainable, profitable growth over the long term.

user
compname posts q4 earnings per share $0.40.
q4 revenue $1.4 billion versus refinitiv ibes estimate of $1.26 billion.
q4 adjusted earnings per share $0.12.
q4 earnings per share $0.40.
qtrly wholesale revenue decreased 12 percent to $662 million and direct-to-consumer revenue increased 11 percent to $655 million.
qtrly gross margin increased 210 basis points to 49.4 percent compared to prior year.
quarter-end inventory was relatively flat at $896 million.
sees 2021 diluted loss per share is expected to be about $0.18 to $0.20.2021 revenue is expected to be up at a high-single-digit percentage rate.
sees 2021 adjusted diluted earnings per share in range of $0.12 to $0.14.
experienced significant ecommerce growth around world during q4 and full-year 2020.

assistant