Three months into this new year and theworld has changed dramatically. Like othercompanies operating amid the COVID-19pandemic, we find ourselves working diligently to protect the interests of all our stakeholders during this unprecedented time. Andwhilethereismuchuncertaintyabout thefuture,weareresoluteinsupportingthehealthofourteammates,ourathletesand ourbusiness.Whatfollowsisourperspectiveonthepositivestrideswehavemadewith ourbusinessintherecentpast.Giventhe dynamic landscape, we will continue to evolve our business and strategy as we manage through this crisis.

Fourteen years ago, when Under Armour's first annual report was written, we spoke about theimportance of building a solid foundation for long-term growth and consistently balancingthe core elements of our strategic pillars: Product, Story, Service and Team.

Inthetimesince-whichhasseenarapidglobalizationofbusinesswithinthedigital ageandthecontinuedgrowthofsport, fitness and wellness - the world has

evolvedtremendously.Throughitall,UnderArmourhasembracedthechange,evolvedwithitandcreatedaresilient company capable of battling through numerousshifts in consumer behavior and the relentless pressure of a highly competitivemarketplace.

In2019,ourrevenuegrew1percentto$5.3billion.Andwhileoureffortstoreturnto

growthinNorthAmericaaretakinglongerthanexpected,ourinternationalbusinesscontinuedto demonstrate strengthanditsimportantroleinourportfoliooflevers. Fullyeargrossmarginimproved180basis pointsto46.9%;operatingincomewas$237million;and,ourdilutedearningspershare was$0.20.

Tobeclear,wearenotsatisfiedwiththese resultsversuswherewethoughtwould benowduringourtransformation.That said, change of this magnitude takes time and we remain fundamentally committedto returning to growth and improving shareholder returns over the long-term.

In the near-term, we have areas we are proud of including important operational,structural and process improvements that contributed to meaningful balance sheetimprovementsdrivenby disciplined inventory management and more thoughtfulcapital expenditure allocations - all of whichwebelievesetsusuptomanagethroughmanyofthechallengesahead. Strategically, we are well positioned globallyas one of only a few authentic, on-field athleticperformancebrands. Ourinnovative,beautifully designedproductsthat makeyoubetteralsonowhaveamorepowerfulbrandvoicetoconnectevenmoredeeplywithourconsumers.

Asweentered2020,wesignificantlybegantoamplifytheuseofbrandmarketingto increase awareness, engagement and consideration around the world. Executingthis powerful global brand platform,The

OnlyWayisThrough,willremindandinspireconsumerswhyUnderArmourisspecial. We believe this voice will play a crucial role in reigniting and further solidifying our positioningwithourtargetconsumer -thefocusedperformer-andwillbe instrumental in improving our underlyingdemand to drive our premium brand perception.

From a product perspective, key innovations such as Under Armour Coldgear, Rush, RecoverandUA HOVR-alongwithaloadedpipelineto come-blendstyleandbeautywiththehighlytechnicalfeaturesthatconsumers havecometoexpectfromus.Leveraging athletefranchiseslikeDwyaneJohnson'sProjectRockcollectionandStephen

Curry'sSCbusinessbroadenourreachevenfurther.AndwithpartnershipslikeVirginGalacticwhereweareusinginline. Under Armour innovation to equip the nextgeneration of space travel, we're helping redefine the boundaries of performance.Additionally, having successfully reducedand streamlined inconsistencies found

previously in our go-to-market process,we are laser focused on the cultivation andcuration of elevated product franchises that deliver on our style, performance andfit criteria.

Withinourdirect-to consumerbusiness,we'reinvestingincapabilitiestobecomemoredigitallyandphysicallycapableof delivering a premium, seamless experienceevery time consumers engage with our brand. This includes an improved eCommerce platform in North America to better compete in today's rapidly evolvingdigital landscape. In addition, an enhancedcustomer relationship management program along with 40-50 million monthly active Connected Fitness users will help power personalization, engagement andfrequency as we continue to scale our business globally.

From a team perspective - following a lengthy succession planning process, we also transitioned into new roles of Executive partnership to maximize both of our uniqueskill sets and putting Under Armour in thebest possible position to realize the brand'sfull potential.

Our path is clear: we compete in athleticperformance,wearethehuman performancecompanythatgivesyoutheedgetopushbeyondanylimit,andwe makeyoubetter.WhenwewatchUnder Armourathletestrainandcompete,wearejoinedinpride,communityandinfamily.

Familieslove,theyfight,theysufferlossesbutaboveallelse-theyareconnected, resilientandpersevere.Thisauthenticity isearnedandaprivilegethatrepresents an immense responsibility. A responsibilityto our teammates, customers and shareholders to stay focused and play thelong game for athletes, and we're doingexactly that.

WerecognizethatUnderArmour'slong-termtransformationcontinuestoask a lot from our stakeholders. There is undoubtedlyhardworkandtoughdecisionsthatareaheadofus,butwe'reencouragedbytheprogresswe'vemadethusfarand believethatwearefundamentallyrunningabettercompanytodaythanjustafewyearsago.

WhenitcomestoUnderArmour,there's neverbeenashortageofdetractors.Butwe'reusedtothat.24-yearsusedtothat. We're more than our successes. We're morethanourfailures.Asweemergefromthiscurrentenvironment-ontheother sideofwhatthenew'normal'mayormay notbe-sport,fitnessandwellnesswillbetantamounttoourglobalrecovery.

Greatbrandsendure.Theonlywayisthrough.

Question - From the annual reports of Under Armor for the year 2019. Use the statements above to identify and summarize company'sprimary strategies to compete in this marketplace.