Moser: Yes. It's not been a very good stretch here for Under Armour. It went from one quarter just about a year ago where it seemed like they could do no wrong, to literally a point now where it seems like they can do no right. I'd like to believe we've hit this point where the founder and CEO Kevin Plank has hit a point where perhaps he recognizes that he needs help. I think he's gotten to a point where he's just a little in over his head, maybe, at this point. He has to figure out a way to take his business to the next level, to take that next step. So, on the bright side, he does have an executive team in there with him now. A new CFO, a new COO, and I think they help make some more measured decisions, some deliberate growth, without having to feel like you have to make these big, splashy acquisitions and whatnot to keep in the headlines. Let's be clear -- Under Armour, to this point, had it really seemingly pretty easy. Every quarter it was lobbying up over 20% revenue growth, and everybody was loving it, it was the next Nike and they could do no wrong. Now they've run into this buzz saw, where the top-line growth is slowing down, and they need to figure out what to do to help get that back going again.
The bright side, the international business is performing very well, and that continues to be a source of excellent growth here in the coming years. Direct to consumer grew 20% in the quarter, it's now 35% of total revenues. The downside there, I think they still haven't gotten out in front of this connected fitness acquisition they made a while back. I think we're going to see a big writedown here by the end of the year, if not early next year, on that acquisition. They continue to frame it like it gives them a lot of data for their customers and what not, and they paid a lot of money for those apps that I don't think are really bearing the fruit they were hoping for. So, there's plenty of reasons to be optimistic. To frame it here for you, Coach -- which we've been ragging on for about the past five years here, Chris -- is now double the market cap of Under Armour. Think about that for a second. That's how bad it really is for Under Armour, and how well Coach has really turned their business around. I think Under Armour holds a very powerful brand, and a very big market opportunity, so as long as Kevin Plank can keep his executive team with him, there will be brighter days ahead, but it's going to take a little while.
David Kretzmann: I think the one bright spot with Under Armour going through these troubles is, they do have to become more disciplined and focused, and focus on what they're really good at. Bringing on new leadership in the form of a new COO last month, that'll help Plank stay focused on what he does do good at with the brand. But, the connected fitness dilemma hurts right now. When I was at CES in January, that was pretty much all Kevin Plank talked about in his keynote presentation, was how great these connected fitness apps were. But, boy, I think a writedown is coming.
Hill: We were talking last year about Nike and how they decided to get out of the golf equipment business altogether. And it wasn't like they were pouring money down a hole there over at Nike, and it wasn't like they couldn't afford it, but they just decided, this isn't where we want to focus our energy. And I'm wondering how quickly Under Armour may come to the same realization, where they say, you know what, we're in this one particular part of the business, and it's not going as well as we want, and we just need to cut bait.
Moser: My hope is that they will recognize that sooner rather than later. I feel like Plank has bandied about that connected fitness line. It's lost all meaning. It's like in Fletch when he says "It's ball bearings," you're like, what does that mean? You say connected fitness, but you're not connecting the dots on how it monetizes. And I think the reason they're not connecting those dots is because it's clearly far more difficult than they thought it would be.
Gross: And they're suffering from brand identity. Are they performance? Are they connected? Are they a full athleisure company? What are they now, and what are they focused on? I think they need to figure that out.