We kick off our inaugural State of the States survey and are pleased to share new insights into how the sportswear and sports experience consumer is looking at the playing field today. We surveyed over 5,000 consumers across the United States yielding over one million unique datapoints. The verdict: initially a COVID winner, we view the space as a secular champion. Themes like casualization, in-home fitness, and the great outdoors look well-entrenched as key facets of the new-normal. Please feel free to reach out for the raw survey data. We reiterate our bullish view on Deckers (+) and Peloton (+). We also provide insights on Nike (+) and adidas (+) in the context of emerging brands like ON, Allbirds, Veja, and VF Corp''s Altra.