Under Armour, Inc. (NYSE:UAA) Q4 2020 Earnings Conference Call February 10, 2021 8:30 AM ET
Company Participants
Lance Allega - SVP, IR & Corporate Development
Patrik Frisk - CEO, President & Executive Director
David Bergman - CFO
Conference Call Participants
James Duffy - Stifel, Nicolaus & Company
Paul Trussell - Deutsche Bank
John Kernan - Cowen and Company
Randal Konik - Jefferies
Tom Nikic - Wells Fargo Securities
Simeon Siegel - BMO Capital Markets
Omar Saad - Evercore ISI
Robert Drbul - Guggenheim Securities
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Under Armour, Inc. Fourth Quarter Earnings Webcast and Conference Call. [Operator Instructions].
I would now like to hand the conference to your speaker today, Lance Allega, SVP, Investor Relations and Corporate Development. Please go ahead, sir.
Lance Allega
Thank you. Good morning to everyone joining us for Under Armour's fourth quarter and year-end 2020 earnings conference call. The information made available today includes forward-looking statements that reflect Under Armour's view of its current business as of February 10, 2021, and considerations for future events that may impact our business moving forward. Statements made today are subject to risks and uncertainties that are detailed into documents regularly filed with the SEC and the safe harbor statement included in this morning's press release, both of which can be found on our website at about.underarmour.com.
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.
On today's call, we may reference non-GAAP financial information, including adjusted and currency-neutral terms, which are defined under SEC rules in this morning's press release. You may also hear us refer to amounts under U.S. GAAP. Reconciliations of GAAP to non-GAAP measures can also be found in our press release, which identify and quantify all excluded items and provides our view about why we believe this information is useful to investors.
Joining us on today's call will be Under Armour President and CEO, Patrik Frisk; and CFO, Dave Bergman. Following our prepared remarks, we'll open the call for questions.
And with that, I'll turn it over to Patrik.
Patrik Frisk
Thank you, Lance, and good morning, everyone, and welcome to our fourth quarter and year-end 2020 conference call. 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 #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. On behalf of the entire Under Armour family, Tom, thank you for making us better.
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 3-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.
