Good morning, welcome to the Polaris Inc. First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to J.C. Weigelt, Vice President, Investor Relations. Please go ahead. Thank you, Gary. Good morning or afternoon, everyone. I'm J.C. Weigelt, Vice President of Investor Relations at Polaris. Thank you for joining us for our 2023 first quarter earnings call. We will reference a slide presentation today, which is accessible on our website at ir.polaris.com. Joining me on the call today are Mike Speetzen, our Chief Executive Officer, and Bob Mack, our Chief Financial Officer. Both have prepared remarks summarizing the first quarter as well as our expectations for 2023. We'll take your questions. During the call, we will be discussing various topics which should be considered forward-looking for the purpose of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projections in the forward-looking statements. You can refer to our 2022 10-K for additional details regarding risks and uncertainties. All references to first quarter 2023 actual results and 2023 guidance are for our continuing operations and are reported on an adjusted non-GAAP basis unless otherwise noted. Please refer to our Reg G reconciliation schedules at the end of the presentation for the GAAP to non-GAAP adjustments. Now I will turn it over to Mike Speetzen. Go ahead, Mike. Thanks, J.C. Good morning, everyone, thank you for joining us today. This may be a little premature here in Minnesota, I hope your spring and riding season has opened up from what seemed to be a prolonged winter, although I can't complain too much as it was helpful to our snowmobile business. I consistently reinforce with my team that the key to a successful year is a strong start, our first quarter results reflect just that. Sales were up over 20%, adjusted EBITDA margin expanded 172 basis points, adjusted EPS grew 55% versus last year. Sales growth was driven by strong mix and higher ship volumes, favorable net price, which is price net of promotions, increased share in Off-road, On-road and Marine as availability improved through the back half of last year and into Q1, and a great start in our co-commercial business, and the balance of the restocking benefit, mainly in Off-road, that we discussed in January. While North American retail was down 5% versus last year, it increased 14% versus 2019. Our teams and dealers are seeing a return to more normal seasonality. The spring selling season, which continues for the next couple of months, is going to be an important gauge for the remainder of the year. April is off to a good start despite a delayed spring for most of the country given poor weather conditions in early March. We saw gross profit and EBITDA margin expansion for the third consecutive quarter as we maintained our focus on process improvements and efficiencies that can drive us closer toward our long-term target of mid to high teens EBITDA margins. We executed margin expansion despite factory inefficiencies as a result of late deliveries from suppliers. This gives me confidence in the margin improvement opportunity as we drive suppliers to more normalized delivery performance and continue to drive efficiencies in the factories. I shared in January that 2023 is going to be an exciting year, and we came out of the gate strong with the launch of the RZR XP, where we made the industry's best-selling side-by-side even better with more horsepower, a stronger chassis, redesigned ergonomics and added comfort. Initial reviews of this all-new RZR are very strong, and we're excited for deliveries to start later in Q2. We also started production of our first all-electric RANGER XP Kinetic, which is now shipping to customers. Our Mighty G Pontoon, a Godfrey Pontoon designed specifically with an electric motor option in mind, will be entering its first selling season and should do well given a very strong order book. On Road has its most competitive portfolio of bikes and Slingshots ever with a fresh lineup of FTRs, the debut of the Indian Challenger Elite, as well as our Scout and Indian Pursuit lineup. There's certainly a lot to be excited about this year given what we've launched thus far, but we're not done. I'm incredibly excited about the launches we have planned for the rest of the year. Stay tuned. Overall, we're off to a strong start in 2023. That said, we are closely monitoring external factors that could impact our customers and we remain laser-focused on being agile and adaptable should the demand environment change. Let me share some thoughts related to customer trends that we're seeing. The demand story remains mixed and largely consistent with what we've been seeing over the past couple of quarters. In Off-road, demand for our utility vehicles remains steady as the use case for these products is less affected by mild fluctuations in the macro environment. Recreation remains soft, we expect this to be the case as we progress through 2023 with share gains for us coming from new product launches. We continue to see higher demand for our premium products regardless of category, including RANGER NorthStar and RZR Pro R and Turbo R. SnowCheck for model year 2024 hit our target, making it the third best SnowCheck in the past 20 years. Lastly, April retail is off to a very good start. For On-road, we're just now entering the selling season and April has been very encouraging as spring has arrived and our dealers have an extremely competitive lineup of Indian Motorcycles and Slingshots. In fact, we believe our lineup of bikes has never been more competitive than where we are today. In Marine, it was a later than anticipated start due to weather, but the boating season is upon us in many parts of the country, and inventory is finally healthy. I was recently on the road visiting some of our Marine dealers with our Marine team. They told us they've had a successful boat show season. The customers seem to be taking longer to make a decision about buying a boat given improved inventory levels. Like our other segments, the high-end of the Marine market continues to perform well. In addition to customer trends, we also keep a close eye on credit and lending trends that we see with our customers. In general, the metrics we monitor remain consistent with past levels. If anything, we're reverting closer to pre-pandemic metrics. As normalization within our retail finance continues, the key metrics we follow are average FICO scores, approval rates, and penetration, each of which has not deviated materially from data dating back to 2018. Our information comes from our partner banks that are available to our dealers to provide credit to customers. These partner banks finance about one quarter of retail purchases, and the information we're sharing today comes from that piece of our business and our partnership with these key banks. As you've heard me say many times, our relationship with these banks are very important. Because we do not have a captive financing arm, we have minimized credit risk and exposure. These partner banks are well-established, strong and well capitalized, and we are appreciative of our relationship with them and their willingness to work so closely with our dealer network to help make consumer financing available. They are truly allies in our strategy to provide the best customer experience. These key partner banks are telling us they want more volume and we're working with our dealers to make this happen. Regarding dealer inventory, I'm happy to say that we are in a much healthier position than we've been in a long time. We believe inventory is mostly at our targeted and optimal levels as we enter our prime selling season. We do have a few exceptions and are working to optimize dealer inventory across all categories. Year-over-year, the number looks staggering, but remember, we're coming from a point in 2022 where dealers were starved of inventory given supply chain constraints and our inability to build and deliver enough product. Relative to 2019, inventory is down about 20%. We're getting numerous signals from dealers and our own data shows that we're returning closer to a more normal seasonal trend as inventory levels improve. When you look at the average North American retail for off-road vehicles, excluding snowmobiles for 2016 through 2019, the first quarter is typically our smallest quarter. We anticipate this to be the case in 2023. Historical performance and seasonality show that we typically see a sizable jump in retail sequentially from Q1 as the riding season begins and weather improves. We expect this to be the case this year. Our April performance supports this assumption. The magnitude of the jump in Q2 is expected to be a bit more muted due to a strong start in Q1, as well as some of the macro headwinds. As the chart shows, history would suggest that we would see a sequentially similar third quarter, followed by a dip into Q4. The bottom line is that our first quarter performance was in line with our expectations. April performance is trending consistent with our expectations. Although challenges remain, our team remains focused on enhancing our internal processes and systems to improve efficiency and delivery. We continue to see ourselves in a strong position to gain share as the year progresses with healthy inventory at the dealers and a big year for innovation and product launches. We also remain vigilant as we assess consumer trends. While nothing has changed significantly compared to the past couple of quarters and our original expectations, our team remains agile and committed to optimizing the business. Finally, we remain committed to delivering on our five-year strategy and plan to provide a comprehensive update on our progress during our recently announced Institutional Investor and Analyst Day on 30 July. I'll now turn it over to Bob, who will summarize our first quarter performance and provide additional details for the balance of 2023, including guidance and expectations. Bob? Thanks, Mike. Good morning or afternoon to everyone on the call today. Our first quarter results kicked off what we believe is going to be a strong year for Polaris in regards to share capture, new product launches and margin expansion, all of which lead us forward on the path to achieve our five-year targets. Sales grew 22%, driven by a number of factors Mike mentioned earlier, including strong performance from our international business, which grew 16% year-over-year, overcoming a 5 percentage point drag from currency. On margins, we saw all segments expand gross profit margins over 125 basis points versus Q1, 2022, with On Road expanding an impressive 330 basis points as that segment continues to execute on its profitability plans. Turning to our Off-road results, sales rose 19% relative to last year to $1.6 billion. Whole goods increased 25% with share gains across the board. In snow, we recently concluded the 2022, 2023 season and gained about 1 point a share, which exceeded our expectations given the recalls we had early in the season. PG&A results within Off-road were driven by stable retail accessories per unit. Retail trends were consistent with last quarter, while actual industry performance was down in the quarter. Our share gains were driven by outsized gains in ATVs and general side-by-sides. With healthier inventory across our entire Off-road portfolio and our innovative offering of new products, we expect share gains to continue throughout the year. Outside of utility and recreation, we saw double-digit growth in commercial, which continues to have a strong backlog. Margin expansion drivers included higher net price and lower cost premiums, offsetting higher warranty costs and finance interests. Switching to On-road, our third straight quarter of share gains were driven by our strong product portfolio and healthy inventory. North American Indian Motorcycle retail was flat year-over-year, but up 11% relative to 2019. International sales were bolstered by strong Indian Motorcycle sales in Australia. It's worth noting our European brands, Aixam and Goupil, both had record revenue quarter, and while they face meaningful headwinds, they continue to drive margin expansion. On-road gross profit margin was up 331 basis points, driven by favorable product mix and higher volumes. Moving to our Marine segment, inventory is healthy, and we are operating in an environment that feels like pre-pandemic times. Sales continue to be driven by consumer preference for more premium boats, as well as the pricing actions we took last year. The most recent data we have shows we gained share in Marine during the first quarter. Dealers believe it was a successful boat show season, and while they are optimistic about the upcoming retail season, we are seeing a return to seasonality in terms of the timing of boat registrations and pickups. Similar to Off-road, we are currently seeing increased promotional activity, which we believe can positively impact buying patterns as we enter the spring selling season. Gross profit margin was up 129 basis points, with higher net pricing and favorable product mix being the primary drivers. Moving to our financial position, we continue to see our balance sheet as a competitive advantage. Cash generation in the first quarter was strong relative to previous years, and our net leverage ratio continues to be in a healthy spot at 1.6x. We believe we are set up well for a variety of scenarios in the broader market with our balance sheet and cash generation capabilities in 2023. Let us move to guidance and our expectations for 2023. Before giving more details, you should know that our expectations today are the same as they were in January when we first provided 2023 guidance. Broadly speaking, what we are seeing across our segments today is in line with our original expectations. Our first quarter results reflect momentum in sales, share gains and margin expansion, which should help us achieve our full year goals. Regarding sales, there continues to be a long list of opportunities to achieve our guidance. Mix continues to be a positive and is expected to remain a contributor given the launch cadence we have planned for the remainder of the year. Today, our product launch calendar remains on track, and we expect a bigger contribution in the back half of the year from Mix as those new category defining products enter the channel. We expect to gain share throughout the year with the support of healthier inventory levels and new product launches. Even though we anticipate flattish retail industry for the year, we expect to do a bit better as a share gainer. As Mike mentioned earlier, dealer inventory is near optimal levels, allowing us to realize the positive share impact we were expecting. We also spoke about robust growth in our commercial business and expect that to continue throughout the year, just as we saw in the first quarter. Our international and PG&A businesses are expected to be strong contributors to growth this year. Offsetting some of these sales drivers are continued headwinds from FX and the return of promotions. Should FX rates hold at their current levels, we expect to see a tailwind versus our plan. For margins, we expect modest margin expansion at the adjusted gross profit and EBITDA lines. Drivers continue to include volume and mix, along with our expectation that input costs will decline throughout the year. Most things are moving in the right direction, we are seeing input costs around steel and diesel rise. At this point they are not expected to have an impact on our financial plan for the year. It is important to understand that there are many things going right operationally and with our supply chain, but it takes time and we expect this journey to continue throughout the year. Adjusted EPS from continuing operations is still expected to be in the range of down 3% to up 3%, with most of the potential drop through from margin expansion being consumed by a higher interest rate expense. For the second quarter, a couple of things to note. We are seeing seasonality return, but not yet in line with historical patterns, which usually translates into a sizable sequential ramp in shipments and sales in the second quarter. We do not expect the material ramp in our second quarter sales sequentially this year due to the timing of snowmobile shipments, which carried over into our first quarter. History reflects that approximately 40% of our annual EPS is derived in the first half of the year. We expect this cadence to hold true this year. The negative hit from FX in the second quarter is expected to be in line with what we saw in the first quarter if FX rates stay constant. To wrap up, Q1 results proved to be a strong start of the year. Our expectations for the year remain consistent with our initial thoughts. Although it is happening slower than we thought, we are seeing the supply chain improve. With our focus and investment on internal efficiencies and processes, as well as continued progress in the supply chain, we believe there remains a real opportunity to drive margin expansion this year and beyond. We remain excited about the product launches we have for the remainder of the year and believe they can contribute to growth this year as well as future years. We are taking share and are committed to winning through our ability to deliver high quality and innovative products to those that play and work outside. Our teams remain agile as we enter the 2023 selling season and we are in a good spot with inventory. As we close out the first quarter, we are grateful to be in this position and excited about the initiatives we are focused on to help deliver our five-year strategy. With that, I'll turn the call over to Gary to open the line up for questions. We will now begin the Q&A session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Our first question is from Fred Wightman with Wolfe Research. Please go ahead. Hey, guys. Good morning. Thanks for the question. I just wanted to touch base on the comments Bob made for Q2 and sort of the first half of the year. Sounds like that 40-60 split as far as first half, second half is still the right way to think about the year. But that would also sort of suggest Q2 numbers for the street need to come down. Can you sort of walk through maybe where we missed things? It sounds like FX might be a little bit of a headwind, but just sort of the Q2 outlook and then sort of the implied stronger back half of the year, given the macro environment. Yeah, sure, Fred. Right, the 40-60 split is the right way to think about it. You know, when we started the year and got into the year, we had expected to ship a bit more of the snow volume in late December. More of it shipped and was really revenue recognized in January, February because of some of the recalls we had and holds we had on product. That sort of knocked the cadence off a little bit. You know, what you saw was heavier shipments in snow in Q1 with lower side-by-sides, and then you'll see more side-by-sides in Q2, but you won't see because of the snow shipments that'll mask a little bit of that normal ramp up. You know, I think as we look at it right now, you know, the beat in Q1, you know, really offsets, you know, part of what we would have normally seen in Q2. It does take the hill to climb for the year, you know, down a bit. That's really the dynamic that's at play. The other thing, Fred, to keep in mind is, as I mentioned, you know, the number of new products that we've got coming out, and the timing of those deliveries really is more weighted into the back half. Aside from the XP, the other products are not what I would term as highly cannibalizing of our existing products. They really target new categories, and so that'll obviously be a big part of that second half ramp up in deliveries. Makes sense. Just to ask about the retail financing landscape. The slide that you guys provided was super helpful, but I'm wondering if you gave this for 1Q. I'm wondering, as you moved throughout the quarter, did you see either FICO scores or approval rates or penetration sort of dip off in March? Or maybe if you could comment into April? I mean, the data's been really consistent with the past, and we've talked to all the banks about, you know, where they are with their lending standards, down payments, and really that's all remained very consistent across the board. You know, I think you'll continue to see our penetration rates, you know, return to kind of more normal, you know, 30%+ levels. You know, if there's any slowdown in financing, it's more on the local bank side, that's why we have these partners, you know, in place to be able to step up and fill that gap. They've all been very aggressive and are very interested in lending more money into the space. You know, our promo, Fred, is, you know, largely aimed at doing rate buy downs to put things, you know, back into a more attractive category. You know, you gotta step back and think about who our customers are, and we track that. You know, they've done well over the past few years. Their income levels are up. You know, when you hear about layoffs and things that are going on in the economy right now, they primarily tend to be centered around the tech areas which don't necessarily have a high correlation to our customer base. At this point, the customers remain healthy. You know, as I talked about in my prepared remarks, you know, once the weather opened up, and we've heard this pretty consistently from all of our businesses, we've seen, you know, customers and the activity really increasing. We think the weather had a pronounced impact and, you know, I think you're gonna see those customers coming in, and that's why our retail finance partners are looking to grab a even bigger piece of the business. Makes sense. Thanks a lot. The next question is from Joe Altobello with Raymond James. Please go ahead. Thanks. Hey, guys. Good morning. I just wanted to get some more clarity on Fred's first question, actually, about your implied guide for Q2. I understand why the delayed snowmobile shipments from December into Jan, Feb would boost Q1, I'm a little unclear as to why that would impact Q2. I mean, were there other pull forwards that you experienced in this quarter? No. What I was trying to say is that the snowmobile shipments, if you look at what would have been the normal seasonal ramp from Q1 to Q2, you know, you'd see a bigger ramp. Q1 was, you know, to some degree, unusually high if you were thinking normal seasonality relative to, you know, to history, to sort of like a 2019 compare, because of those snow shipments. The sales ramp just looks lower. The real dynamic is we'll ship more side-by-sides and more off-road and motorcycles in Q2. You just won't see as big of a revenue pop because we had those snow units in Q1. Okay. It also implies earnings are gonna be down year-over-year in Q2 as well. Yeah. I mean, Q2 last year, you know, everything last year was really driven by ability to ship. Our Q1 last year was significantly lower from a shipping standpoint than where we were in Q1 this year, so getting into riding season, you know, we had a lot more inventory to try to make up and get in the channel in Q2, whereas this year we're, you know, we're sitting a little bit better because we had better shipments in Q4 and Q1. That's the dynamic there. We just don't have as much of a inventory hole to make up in Q2. Okay. You know, and you're dealing with, you know, the effects of foreign exchange and interest rates, you know, on top of that just pronounce that earnings decline in the second quarter versus last year. Got it. Just one last one on April retail. It sounds like you're pretty positive there. Could you guys quantify for us what that might have looked like? You know I'm not gonna do that. I will just tell you that, you know, we've been watching it. You know, we obviously watch what retail is doing on a daily basis. We would do it even more frequently if we, if we could. I know our business units do. You know, as I mentioned earlier, the weather really did suppress things in the early part of March. Once we saw things improving, we saw retail momentum picking up. We've had a couple of dealer council meetings, and that has confirmed that viewpoint. The dealers are playing back to us that, you know, once the weather improved, customers started, you know, coming back into the dealerships. You know, I think that the buying process is definitely a little bit different, given that there's, you know, inventory availability. With higher interest rates, obviously consumers are gonna make sure that they're, you know, making the right decision. You know, I made the comment about what's going on in the, in the boat business right now, you know, where obviously financing plays a big part. It's not that they won't buy, but they're just taking their time. They've got more inventory to pick from. You know, we feel good about what we've seen so far through April. Got it. Thank you, guys. Yep. The next question is from Craig Kennison with Baird. Please go ahead. Good morning. Thank you for taking my question. You know, we get a lot of questions from investors about guidance and really the expectation for retail to be flat. You know, we've got potential recession. We also have potential tighter credit, although you're not seeing it. What gives you confidence in that flat outlook is are we underestimating the product cycle or are we underestimating the impact of product availability and your ability to actually fulfill demand in a bigger way? Yeah, you know, I would say it's a few things, Craig. I mean, you know, one, the utility side of our business, which for off-road makes up about 60% of the volume, the demand there remains stable. In fact, on the commercial side, it's very strong. You know, that gives me confidence. As we get availability into the channel, we are seeing those products retail out or sell through. You know, there's obviously an element there that, you know, as long as that market continues to hold up, and frankly, we're not seeing anything that tells us anything differently, that gives us confidence. The second is, you know, we talked about it. We're not expecting growth in our recreational category from the existing products. You know, we're anticipating things to continue to be a little slow there, just given that that's a far more discretionary purchase. You know, consumers are obviously impacted by what's going on. Even if credit's available, the cost of credit is obviously a strong consideration. I do think the new product elements, both for recreational and utility, that we have coming out later this year, probably are being a bit underestimated. They're largely not a cannibalizing product, so they're redefining segments or defining new segments. We're really excited about what we believe that means for the business. You add on top of that, you know, we didn't talk about it, but we had considerable growth in our international markets pretty much across the board. Particularly strong in our Indian Motorcycle brand, but even growth in Off-road, and growth in PG&A, that comes as a result of organic. Also with those new products, we are at the same time launching a number of PG&A options. For example, when we launched the all-new RZR XP, there were close to 100 accessories that came out literally at the same moment that vehicle did. When you add all those factors together, we believe that puts us in a pretty good environment to at least execute on a flat retail environment. The other thing to keep in mind is, you know, as you think about 2022 retail, which is the, you know, the comp everybody's looking at, you know, 2022 was still not a normal retail either year from either a cadence perspective or an inventory availability perspective. It was, you know, a good bit lower than 2019. You know, we're not comparing, if you think of 2019 as the last sorta normal cycle for this industry, the 2022 comp full year comp relative to 2019 is not a Herculean number. You know, we're already kinda down from where we were pre-pandemic, if you look at it from a units standpoint versus 2019. Thanks. If I could just follow up. Are you able to track sort of the average retail selling price and, you know, given dealers have to be sharper on their pricing, are you actually seeing maybe the monthly payment for a like-for-like unit tick down, given, you know, maybe a more competitive price from dealers? Yeah. You got two dynamics at play there, price obviously and interest rate. You know, I would say that the increase in both promo across the whole industry as well as the, you know, dealers, to your point, may be sharpening their pencils a little bit, taking a little bit less margin. Obviously, during the pandemic, people were doing pretty much full pop margins. That brings the finance amount down a little bit. You know, I would expect most of that good news is offset by kind of the rates that have ticked up kind of quarter by quarter. I don't know that that's having a huge impact yet. If rates stabilize, you know, that will start to maybe have a small impact. We don't get. You know, the feedback from dealers is that the dollar per month isn't really the big driver. It's the headline shock of the rate when people are financing the products. They're just not used to seeing a rate, you know, that's kind of in the seven-plus range, and that's more the driver on people's hesitancy to buy. Yeah. When, you know, when we were out with the Marine dealers, you know, they were looking for some help from us, not necessarily financial help, but help in how do you articulate to consumers that, you know, that headline rate may be higher, but the, you know, the impact from a monthly payment standpoint, you know, really is not significantly impacted. You know, they're having to think differently about how they're selling. The other thing I'd point out is, you know, the comments that we've made around the high end of the business, and that's true whether it's On-road, Off-road or Marine, that the customer remains very strong. You know, our we don't talk about it really much anymore, but that pre-sold order book obviously has come down from, you know, the heights that we had now that inventory is better, but it's still up pretty significantly relative to where it was before the pandemic. Really that's centered around areas like the RANGER NorthStar, where, you know, we're still not at optimal inventory levels. That just tells you that customers are, you know, still anxious to get that product. That's good for dealers because, you know, whether it's the Turbo R, the Pro R, the NorthStar RANGER, the amount of discounting that they have to do is minimal, and that tends to be a more affluent customer that, you know, maybe not as sensitive to the financing rates. You know, we feel pretty good about, you know, where those dynamics stand right now. Great. Thank you so much. The next question is from Robin Farley with UBS. Please go ahead. Great. Thanks. Just to clarify a little bit, I know the April retail was already asked about. I wonder if you could just indicate, though, whether when you say it's strong, is it positive year-over-year, or did you just mean that, you know, you were continuing to grow share? Just thinking about that in the context of your expectation for retail to be flat for the year, it seems like Q1 was gonna be the quarter that would have been up modestly. Is there a quarter later this year then, I don't know if it would be Q2 here or Q3, where you're now expecting to see that retail up year-over-year? Thanks. I would say this. April's tracking with our expectations. It is up versus last year. you know, and obviously that's one of three months that we've got to execute on. At this stage, we feel pretty good about it. you know, I think we're gonna probably steer clear of trying to make commentary around the quarters on retail. you know, the first quarter, the difference between what happened and our expectations, really there were a couple things. One, as you well know, we had a fair number of our recreational products on shipment holds or retail holds. We did clear those, you know, as it happened later in the quarter, I'm sure that there was some of that that was still caught up in getting the work done on them. The second point that I made earlier is, you know, we're still not where we need to be from a Ranger inventory standpoint. We know when we get that product in at retail, we know that that's an area where we fell short of some of our expectations, and it was purely around having that product at the dealer. There's a lot of timing effects that go in there, but, you know, I think the key message is weather cleared up, product availability both correlate to improving retail, and we've seen that continue to improve not only relative to our expectations, but also sequentially as we came out of the first quarter. Yeah. Great. That's very helpful color around Q1. Thank you. Just a quick follow-up on the commentary about your retail financing partners. Just given what's going on in the broader environment, you know, there's concern about how much credit, you know, would be available for consumer financing. Do you have an annual contract with your retail finance partners? Is there like a particular time of year when the terms of that get revisited where, you know, if they had a change in view about how aggressive they wanna lend in different parts of the consumer space where, you know, those new terms would come into play? Yeah, Robin, it's Bob. There are, I mean, there are four partners and the contracts are all multi-year. Obviously they expire and renew at different points. But you know, part of the benefit of having those four partners is that not only are they competing with the credit unions for business, but they're competing with each other. You know, I think that that helps us keep strong credit availability and you know, solid approval terms and the appropriate level of aggressiveness, you know, with the finance group. We meet with them all monthly. Team meets with them more frequently than that, but I speak with them monthly and you know, we feel good about where they are. You know, they're not signaling any lack of commitment to the market. They're not changing their credit standards. Our FICO scores have remained very consistent. Our average consumer earns well over $100,000 and their income is up 16% versus 2019. You know, it's a pretty strong consumer group to finance and the banks like the business. Hey, Robin. You know, we've talked about it before. The thing I like about the setup we have, which we've obviously expanded from what we used to have with, you know, really only two partners, is there are thresholds in the contracts that, you know, incentivize performance as well as the separation, as you've heard me say in the past, of church and state so that, you know, we're not pushing them to go down a path that puts their balance sheet in a compromised position, and they're not playing it too conservative. We think it puts us on a very balanced, middle of the road. You know, I think that's why you see them picking up their penetration rates, and it provides a really good opportunity for our customers. Okay, great. Thanks very much. Very helpful. Thanks. The next question is from James Hardiman with Citi. Please go ahead. Hey, good morning. I had a question on the quarter and then maybe a question on the outlook. I guess, as I think about the retail performance and then the reported sales performance, I was hoping you could maybe bridge that gap, particularly on ORVs or Off-road, right? ORV retail was down 10%, reported whole good sales were up 25%. Obviously, that's a pretty big gap. It's not apples to apples. It never is. Maybe sort of walk us through the big contributors to that. Maybe start with the ASP number. I think you mentioned snowmobiles probably helped increase that gap as well. There was obviously some channel fill. I'm assuming a good chunk of that, call it $150 million, was ORVs. I just wanna make sure, I'm not sort of missing any of the key components, with regard to that sort of gap. Sure. This is Bob. I'll take that broad question in a couple of pieces here. If you think about the quarter, and you think about retail relative to ship, you know, we made up some ground really on the ATV side. We started shipping. We're just starting to ship now the new RANGER or the new RZRs, but we did make some progress on Pro R and Turbo R, getting some more inventory out there in those high demand vehicles in the quarter. As Mike said, you know, we didn't make the progress we had hoped to make. For RANGER, you know, shipments and retail were relatively close, made up a little bit of ground, but not a lot. You know, it's part of it is getting better channel inventory out there, getting that out there ahead of the season on primarily on ATVs and like I said, a little bit on RANGER. You know, the snow was a piece of it. ASPs are another chunk. You know, we had. This is the quarter where we had most of the carryover from last year. Our last price increase, you know, major price increase was in early Q2 of last year. You know, we do have more carryover on the pricing side. The ASPs are up double digits in Off-road and mid-single digits in On-road and Marine. Okay, that's that's helpful. Then maybe help us navigate, and you touched on it, Bob, like the comparisons are maybe all over the place. If we just did the math, you know, ORVs were up 6% versus 2019. I think if we were to hold that relationship on a year-over-year basis, they would be up a lot in the second quarter. I know you're not sort of guiding retail, but you guys know I know love a good slide. Slide six, I think it is, where you talk about sort of Q2 retail versus historical average. What is that telling us exactly? I think it's telling us that maybe, you know, you don't expect Q2 retail to be above 2019, but I just wanna sort of understand, you know, make sure I'm picking up all you guys are putting down here. Well, I mean, what we were trying to get across on that slide was probably. I mean, that trend for retail is a composite, so it was less about a specific comparison point. I think really the point was trying to demonstrate, you know, where we're at in terms of dealer inventory channel fill, which, as you rightly pointed out, you know, we've largely completed that. Although, you know, we have pockets where we still have inventory that's probably lower than where we would like it to be, and we'll keep working that. You know, the point around returning to more seasonal, but we're not saying completely returning to seasonality because we have those pockets where inventory isn't where we'd like it to be. On the other side of that, you know, we're not ignoring the broader macro environment. As we've talked about, our rec business is definitely under pressure just given it's a more discretionary purchase. Again, I, you know, I don't wanna steer into talking about quarterly retail because, you know, it doesn't take much to have movement between quarters, and then we spend an awful lot of time trying to help people understand that. I think Q1 is a prime example that, you know, I think will help us as we get into Q2 given some of the delays we had. At the same time, you know, we've got another couple of months to go and, you know, there's a lot yet to play out from a broader economic perspective. Got it. Just to clarify, if we were to sort of do the math of if you maintain plus 6% versus 2019, that's probably gonna get us to the wrong answer or maybe not? Well, if you use the math of plus 6% to 2019 and carry that through the rest of the year, it would definitely get you to the wrong answer since we're saying we're gonna be flat with 2022 was a good bit before 2022. You know, I don't think you can say that seasonality in 2022 will be the same as it was in 2019. Not to say that that can't happen, but, you know, to Mike's point, the year is setting up a little different, and it's still in certain segments of the market, it's still impacted by product availability, and that's gonna take a while to continue to work through that. There's a dynamic, you know, as Mike was, I think, also pointing out that you're seeing a higher level of utility sales relative to rec sales in 2023 relative to 2022 and 2019, and that season is a little bit different. You know, rec tends to do really well in the spring as people get ready for riding and, you know, we're not anticipating, you know, rec to have, you know, a great year given just the macro environment. That utility versus rec mix has that impact as well. That makes a lot of sense. Thanks, guys. Thank you. The next question is from Noah Zatzkin with KeyBanc. Please go ahead. Hi. Thanks for taking my questions. I guess first, hoping you could provide some color on the elevated production costs you called out and where that hit within ORV. Somewhat relatedly, as it relates to the redesigned RZR XP product, I think you had mentioned more favorable margin dynamics related to kind of the modular approach. I'm wondering if there are any benefits you're thinking about this year related to that product. Thanks. I'll let Bob get into more specifics, but in general, you know, the way I would characterize what happened in Q1 is, you know, we largely got the units out that we were targeting. The issue is how we executed that resulted in a lot of inefficiencies. We were still building product into rework, nowhere near the same magnitude that we've had historically, because suppliers are still delivering late. You know, last year and the year before, when we said a supplier was delivering late, we were talking about, you know, weeks, months, sometimes quarters. We're talking about days and weeks. What that means is we're still able to get the product out, but we're not doing it in an incredibly efficient manner. You know, the teams are still working with that. You know, we're narrowing it down. The number of suppliers that are late continues to come down. As that happens, it improves our ability to get efficiency in the plant. That really is largely what drove it. You know, that's gonna show up obviously in our gross margin performance within the Off-road vehicle business. You know, as we look forward, you know, it's tough to say how and when those will play out. You know, we did add that to the list of assumptions that are essentially embedded in our guidance and, you know, obviously we're gonna continue to work that as aggressively as we can. Steven Menneto and his team are laser-focused on making sure that we're, you know, driving efficiencies in Huntsville and Monterrey as quickly as we can. It's largely dependent on how suppliers deliver to us. We're working backwards to make sure that suppliers have everything they need to be able to deliver on time. I think, you know, in addition to the sort of operational inefficiencies Mike just talked about, you know, what we saw in the quarter, you know, steel had been trending in a positive direction as we kind of exited Q4. There's been a bump in steel prices. Probably won't be long term, but you know that any benefit from steel that we were expecting in Q1 and Q2 is sort of taken up by that change in the curve. Again, we think that'll trend back towards normal. Same thing with diesel. You know, it's coming down a little. It's forecasted to start coming down. We haven't seen it, but it's come down slower than we had anticipated. There was a little bit of benefit on the ocean freight side. Those rates turned a bit favorable in the quarter. You know, some puts and takes on the rest of the cost side, but overall just a little more negative than we had expected but, you know, nothing that's gonna change our full year guidance. On the new RZR, you know, so that vehicle benefits to some degree from some of the modularity work we're doing. That project, you know, was started, you know, it would have been nearly probably 4 years ago. You know, it's not getting the full benefit. I wouldn't consider that to be the first product we've launched with our, you know, new philosophy. Given, you know, what Mike talked about, the 100 new PG&A items and multiple models across that, you know, having a good, better, best sort of range of product in the market, which we hadn't historically had, we do expect to see some margin benefit from it. Great. Thank you. The next question is from David MacGregor with Longbow Research. Please go ahead. Yes. Good morning, everyone. I wanted to ask about the On-road segment, clearly there's been a tremendous amount of progress made here over the past few years. 21.4% gross margin, up 300 basis points. How much more upside is there to margins? Maybe the more important question is just how sustainable are these margins, given everything that's going on, the mix, everything else? Well, I'd say a couple of things. You know, one, you know, we've talked about obviously this segment includes Indian Motorcycle, Slingshot, but also a couple of the businesses that we have over in France, Aixam and Goupil, both which have, you know, strong margin performance. There's an element of that margin performance that, you know, those businesses continue to execute on. I wouldn't suggest that they're gonna move, you know, meaningfully, one way or the other. The real opportunity for us is around Indian and Slingshot. As we've talked about the path to profitability for both of those brands is a continued focus with Mike Dougherty and his team. They've made really strong progress over the past couple of years and, you know, we expect that to be an opportunity as we go forward. When you think about the size of those businesses and the growth opportunity for both. You know, there's meaningful improvement that we think we can make there. It's gonna play out over time. As we've talked about in the past, you know, we probably hadn't done a really good job with either Slingshot or Indian. You know, these are essentially brand-new businesses that we started from scratch. It takes time to get to profitability. The team's laser-focused on that, whether that's, you know, driving efficiencies and engineering now that we've got all the products that we essentially need out, so that takes your initial platform investment down, or continuing to drive globalization. You know, we've got a meaningful presence in Vietnam. We look like we're gonna continue to expand that for in-region motorcycle delivery. We've got a presence in Europe. Europe is our fastest-growing market for Indian. We've got assembly, operations in Opole, Poland. All those things help as we continue to grow the business and, we're really confident in our ability to continue to expand those margins. Yeah, it's impressive. Congratulations on the progress there. Second question, you just talked about today about the commercial business and the contribution to growth. I guess it's been a while since we really talked much about that. Can you just remind us in terms of the size and the profit contribution from that business? Yeah, we don't necessarily get into the size. You know, Bob knows this business well. He used to have operating responsibility for it before we made all the changes over the past few years. It's just turned out to be a great segment for the RANGER portfolio. You know, you've seen a press release that United Rentals came out and has bought ordered a bunch of the new RANGER XP Kinetics. We continue to have a strong relationship with them and with several other operators in the space, and we have some really strong partner programs that help us as well. With the amount of infrastructure and commercial development that's underway and the contracts, you know, the order backlog looks great for this year, and we're confident this business will continue to grow for, you know, at least the next couple of years. Okay. Thanks, Mike. The next question is from Jaime Katz with Morningstar. Please go ahead. Hey, good morning. I have just one quick one. You know, one of your competitors talks quite a bit about new entrants and brand switchers and how that has supported growth for the top line. Can you guys give us a little insight into what you're seeing from your customer base, how that's evolving, and what your ability is currently to sort of attract new entrants to the space or brand switchers? Thanks. Yeah, I think, we continue to see it's obviously not at the levels that we had in the pandemic when new customers were in the, call it the low to mid 70s. New customers still represent about 60% of the incoming volume. We know that word of mouth, family members, friends, taking folks out on our vehicles is a big selling point and we continue to leverage that. We've done a lot. In fact, the management team and I were out at one of our Polaris Adventures locations in Arizona in the last month. It was just incredible to see the volume of people going through that particular location. It was staggering. We're now starting to activate upon that. You know, building a stronger relationship with those customers, to either migrate them to a Polaris Adventures Select, which is more of a subscription program, or into buying a vehicle. We think that that's a really good opportunity to continue to open the aperture and bring new people in. We've done a lot around educating, making sure, you know, with a lot of new people coming into the category, making sure they understand how to use the vehicles, how to safely use the vehicles, how to load them on a trailer, all the different aspects associated with that. We've tried to make that ownership experience much better than it has been. Frankly, we've done a lot of work with our dealers, to really get them to up their game in terms of how they interact with the customer. We invested heavily in our website, which we just rolled out at the beginning of the year to make it an easier experience for customers to get on and get through the basics. You know, someone new to the category trying to figure out what vehicle they need. Is it a 2-seater or a 4-seat? Those are all pretty challenging things, and we wanna help them get that, work through before they have to walk into a dealer, which can be an even more intimidating experience. We think we've done a really good job of doing that. The last point I'd say is making sure we have vehicles that cover the spectrum. Not everybody's gonna come in at the high end of the segment. You know, we've done a lot of work to make better, more accessible, lower cost entry level vehicles. You know, the launch of Polaris Xchange was a big move. I mean, we are the single largest source of used vehicles, and we know that that becomes an important tool for dealers to have those used vehicles to bring people that are new into the category that may not wanna spend, you know, the money you need to spend on a new RZR XP or a RZR Pro R. But getting at a used RZR Turbo S or a RZR Pro XP may be a good way for them to enter the brand. Now with the introduction of Polaris Xchange, that really gives the dealers a tool to get at that inventory, and it does it in a more efficient way where we're controlling it versus just sending those vehicles off to an auction. Okay. Actually, I have one follow-up. I think there is some debt coming due later this year. Can you guys talk about whether you're thinking about renewing that, paying it down, or does that sort of depend on what the capital allocation opportunities are? The $500 million 364-day term loan comes due late in the fourth quarter. We have re-rolled that the last couple of times it's come due. Certainly believe that option will be available if we choose to take it. You know, we'll look at that as we get through the year and decide, you know, where do we think the best use of the capital is to either pay that off or to refinance it and use the money for CapEx, share buyback or targeted M&A. That'll unfold as the year progresses. Got it. Thanks. The next question is from Gerrick Johnson with BMO Capital Markets. Please go ahead. Great. Thank you. Hi, guys. This morning, I'd like to ask Bob, can you quantify the floor plan interest impact? What was that, contra as a percent of gross sales? You know, how did it look compared to last year? What was the change there? Maybe the same for discounts and promotions, how they impacted gross net. Thank you. Yeah. In terms of the finance side of the retail finance side, the impact, you know, last year versus this year, was pretty minimal. On the wholesale side, the total was again, I'd say, a few million, about $5 million. Okay. $5 million, greater. Okay. All right. Great. Since we're always talking about the snowmobile shift, maybe could you quantify what the amount was that shifted from Q4 to Q2? It would make our math a little easier. I would think about it in terms of a few thousand sleds. Okay. That's helpful. Thank you. Yep. Thanks. The next question is from Sabahat Khan with RBC. Please go ahead. Great. Thanks, good morning. You talked a little bit about the boats earlier. I was just hoping you could provide a little more comment on just kind of the share situation in the pontoons. Just generally speaking, how do you expect that market to evolve over the course of 2023? You know, do you think it is as much or less or more, you know, dependent on the macro backdrop? Some perspective on maybe boats in general and specifically the pontoon side. Thanks. Yeah, I mean, look, you know, I think, we expect that there's probably gonna be some challenges. I mean, the opportunity for us was really getting inventory back up at the appropriate levels. You know, obviously the SSI data, you can digest that. You know, pontoons were down in the 30% range. On a relative basis, I feel really good about where we're at. I mean, the work that's been done to bring Godfrey up over the last couple of years and be on a pretty consistent trajectory to gain share, the work that's been done there is now being applied to Bennington, and we saw that coming through in the March data, although, you know, there's obviously a number of states that haven't reported. We did see Bennington back in a share gain position, which was really encouraging. You know, we're gonna run the business relative to what's going on from a broader market perspective. I think, you know, whether it's just pontoons or even including the deck boat brand Hurricane, we're in a really good position to gain share this year. You know, we've lost share over the last couple of years in the Bennington brand. It's been largely at the lower end of the market. The high end of the market for us has been very strong and very strong from a share standpoint. The opportunity is really for us to go reinvigorate some of those lower end boats and be in a more competitive position, and we feel like we've got that laid out pretty well. Okay, great. Just one quick one on this graph here on the right side of slide six. I just wanna understand kind of the, you know, details of dealer inventory here in units. You know, it looks like it's back about in line with kind of pre-pandemic levels. I guess, is this adjusted for sort of days inventory? I might not be reading it right, but, you know, just thinking a higher level of sales post-pandemic, is it just dealers are thinking a lower absolute level of in-inventory makes sense at this point, or how should we think about inventory in days? Yeah, I mean, it's tough because each of the businesses is in a different spot. I mean, you know, as I mentioned, our RANGER business is still below where we think an optimal level would be. You know, the point that we made in the prepared remarks about the fact that, you know, relative to 2019, which is probably the best baseline that we've got before the impact of the pandemic, that, you know, inventory levels down about 20%. You know, broadly speaking, we see that as probably closer to optimal, meaning we don't believe we're gonna have to carry near as much as we have in the past. That's a generic statement because there's gonna be some areas where you've got to carry a pretty similar level of inventory. You know, with the ability to deliver product quickly, and as I mentioned around some of the pre-sold stats, you know, there's still gonna be a desire as people walk in to wanna put, you know, more of a customized touch to the vehicle. You know, through our Factory Choice offerings, and with a more stable supply environment, we should be able to do that for consumers and be able to get vehicles in their hands on a relatively quicker basis than we have historically. You know, I think long-winded way to say that, you know, the inventory levels are gonna be lower than where they were before the pandemic, and we think we're probably closer to where we should be right now. No, you're great. If I could maybe squeeze just a quick one and just a bigger picture one. Obviously, a press release out yesterday on kind of a new electric offering. As you think about the development of that entire side of your business, is that, you know, macro dependent? Is that something you only continue if the macro holds in, or is that something because of the longer term opportunity you'll continue to invest in regardless of what happens with the macro backdrop here over the next, call it one to two years? Yeah, I'd say my answer to this is not just specific to EV, it's strategy. I mean, making sure that we're investing in the long term for this business is absolutely essential. Given the ambiguity, you know, Bob, myself, and our business unit leaders are being very cautious about where we're adding costs into the business. We're not compromising on making sure that we're pushing the strategic agenda forward, which obviously includes the investments we've got around electric. There's a lot of other great things from a technology as well as product development standpoint that are going on. The key for us is making sure that we're managing the business in a very surgical manner so that we're not starting and stopping, and that we keep our strategy execution on a pretty consistent cadence. Great. Thanks very much for that. Thank you. The next question is from Xian Siew with BNP Paribas. Please go ahead. Hey, guys. Thanks for the question. Maybe just another way to think about the retail. You, you mentioned approaching typical seasonality. Last year in Q2, you mentioned ORV retail was up about 13% quarter-on-quarter, but maybe that was still held back by some limited availability. I guess if thinking about this Q2, the ramp should be steeper than last year, I guess. Is that kind of how we should think about it? No. Last year, Q1 was relatively muted. We had relatively muted from a both of retail. Retail was okay and shipment was tight. You really gotta think about when we say it's returning to seasonality, you know, it's not fully back to seasonality. Comparing 2022 to 2021, it doesn't really tell you very much because it's purely related to, you know, what we shipped, you know, kind of in the quarter ahead, in the early part of that quarter, and that was all over the map from 2020 through 2022. You know, normally Q2 would be significantly higher than Q1, because we'd be shipping, you know, rec product and, you know, the rec side of ATV, RZR, that stuff into the channel for seasonality, and then it would retail in Q2 as the season starts to open. We think that's gonna be a little more muted this year, just given the switch between utility and rec, given that rec is, you know, relatively more pressured with the current macro environment. You know, that changes it a little bit. We had, you know, good retail as compared to 2019, which would've been kind of a more normal season in Q1. It's, you know, we're being cautious as we look at Q2, just not knowing, you know, if that was pulled forward or if it's a sign of better retail to come. You know, I think the ramp will not be, I wouldn't think it would be steeper if that's how you're looking at it. Okay, got it. Maybe on gross margin, if you can think about it by segment, Off-road, maybe down a bit quarter-on-quarter, but sounds like there's just some of these inefficiencies. Maybe it's a little bit more muted in Off-road. Meanwhile, On-road was quite strong. Should we be thinking like On-road is up and Off-road maybe flat to down? How do we think about the composition of the gross margin guide? Yeah, I think the, you know, one thing to keep in mind when you think about kind of Q1 versus Q4, you know, Q1 2023 was much better than Q1 2022, it was also much lower than Q4. Part of the difference in volumes Q4 to Q1 was really the just the difference in the size of the quarter. The mix was a bit different as well. Like we said, it had the, you know, a bit more snow in it, and snow tends to be lower margins. You know, I think On-road, you know, Q1, Q2 last year, you know, when we had this black paint problem, so, you know, shipments were relatively low, so those shipments will improve in Q2. Those margins, though, are lower than Off-road. If you think about that's a negative from an overall standpoint. Those margins, you know, will be the On-road margins will be better. Off-road, we think will continue to improve through the course of the year. It'll just be a little bit lumpy as, you know, we work through all the different supply chain challenges and sort of operational inefficiencies caused by those that Mike was talking about. Okay. Very helpful. Thanks, guys. Thank you. The next question is from Scott Stember with ROTH MKM. Please go ahead. Good morning, and thanks for taking my questions. Morning. Just looking at the PG&A business, and particularly Off-road, flat versus up 25% on whole goods. In the past few quarters ago, maybe there were some questions asked about what could be a canary in a coal mine, for, you know, retail trends and just the consumer not having as much money in their pocket to buy these units. What, would you explain the fall off? Did it have anything to do with a shift away from recreation products? No, it's primarily. Retail in the quarter, and, you know, retail in Q1 was below 2022, so that's part of it. You know, PG&A tends to float with retail as opposed to wholesale ship. We're also seeing on the PG&A side, really on the accessories side, we're seeing a little bit of slowing of inventory shipments as dealers rightsize their inventory. Their DSOs are kind of trending back towards normal. They've been a bit elevated as we went through the pandemic just because of the lumpiness of shipments and back orders and, you know, dealers wanting to make sure they had the PG&A to attach to the units when they showed up. You know, as we've worked through that and our back orders have come down, we've seen dealers, you know, start to refocus a little bit on their DSO. We think that'll mostly play it out through the quarter, but probably had a little bit of negative impact on shipments. What we have seen is, you know, retail, the attachment rates to the units that retailed in the quarter, were solid and actually trended up a bit. You know, we're not seeing what we would think would be, you know, sort of a canary in the coal mine, as you said, related to accessories and then, you know, parts and related, you know, work orders, all those kinds of things were all, you know, relatively solid. You know, not seeing anything there either. We think that's a bit of a one quarter trend as the dealers sort of right-sized what they had for accessory inventory. We expect that to return to normal growth and we expect PG&A to actually outgrow whole goods for the year. Scott, you know, obviously with our RIDE COMMAND penetration, you know, we're able to get out and at least look at the ride activity for those vehicles, which we do know is up year-over-year. You know, as we've talked to dealers, the volume in their service shops has stayed consistent. The difference is they just don't have the backlog. You know, they were weeks and weeks out from being able to get to somebody's vehicle. They're, you know, again, it's like everything else, it's starting to return to a more normal pattern. I think that's really probably more reflective of the fact that, you know, this whole work from home movement has proved to not play out as a lot of people thought two years ago. You know, people are back to work. I would say the riding activity continues to be good and probably reflects more of a normalized pattern. Got it. A last question on the Marine side. you know, the pontoon industry down high twenties, and you're talking about how, I guess the high end of that market is performing well. The first question is that segment of the market actually up? The other question is, what is the divergence between, you know, the low end and the high end? It seems pretty high. I mean, we're not gonna get into market share by categories, but, you know, we continue to see strong demand and backlog in the higher end products. You know, as we went through 2022, you know, we were very focused on that. We really weren't shipping a lot of our kind of smaller and more entry series boats. We've got a lot of those out into the channel in kind of late Q4 and in Q1. You know, we expect as the season starts to kick off, you know, we'll see that end of the market pick up. I think Marine is gonna have a from a just overall growth of the industry. I know everyone's expecting it to be a bit of a down year, but I think we've got a good opportunity to take back share in that low end of the, or the kind of more smaller boat, entry price category end of the market, you know, where we just weren't shipping product the last couple of years through the course of the pandemic. You know, we don't view that as a negative. We think that that'll give us an opportunity to take some share back and, we'll see how that plays out. All right, that's all I have. Thank you. Thanks, Scott. The next question is from Brandon Rolle with D.A. Davidson. Please go ahead. Good morning. Thanks for squeezing me in here. I just had a quick question on market share. Would you be able to comment on your North American ORV market share exiting Q1, where you expect it to be at the end of 2023 and maybe the market share growth opportunity in 2024 and beyond, especially given some of your competitors are increasing capacity and maybe improving their inventory availability in the coming years? Thanks. Yeah, you know, obviously I don't want to get into all the specifics, but, you know, they're increasing capacity, so are we. We have been. I don't see that as a factor, in this. What I will say is that, you know, the momentum for our Off-road business has been quite good, for the past couple of quarters, and a lot of that's been driven by availability. Now we're gonna add the second punch to that, which is the new products. You know, the receptivity to the new RZR XP, I would encourage you to go look at the reviews. They've been incredibly strong. Dealers loved it. I was, Bob and I were at the dealer meeting in Orlando when we launched that vehicle and had the opportunity to talk to dealers, and they were just ecstatic about the improvements and quality. We have more coming this year from an Off-road standpoint. As I mentioned, they're, you know, what I would term category defining. I think, you know, Polaris is back playing offense when it comes to product innovation, and you're seeing the start of that, and I have a lot of confidence in where that can take us into the future. Great. Thank you. Thank you. This concludes our Q&A, and the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.