<SEC-DOCUMENT>0001157523-19-000158.txt : 20190129
<SEC-HEADER>0001157523-19-000158.hdr.sgml : 20190129
<ACCEPTANCE-DATETIME>20190129060232
ACCESSION NUMBER:		0001157523-19-000158
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190129
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190129
DATE AS OF CHANGE:		20190129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POLARIS INDUSTRIES INC/MN
		CENTRAL INDEX KEY:			0000931015
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				411790959
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11411
		FILM NUMBER:		19547034

	BUSINESS ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
		BUSINESS PHONE:		(763) 542-0500

	MAIL ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		STREET 2:		NONE
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51931852.htm
<DESCRIPTION>POLARIS INDUSTRIES INC. 8-K
<TEXT>
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      <br>
      <font style="font-family: Times New Roman; font-size: 16pt">UNITED STATES</font><font style="font-family: Times New Roman; font-size: 16pt"><br style="font-size: 16pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 16pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 OR 15(d) of the Securities Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported): January 29, 2019</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><br><font style="font-size: 18pt"><b>POLARIS&#160;INDUSTRIES&#160;INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of Registrant as specified in its charter)</font>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Minnesota</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-11411</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>41-1790959</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State of Incorporation)
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>
      <b>2100 Highway 55</b><br><b>Medina, Minnesota 55340</b><br>(Address of
      principal executive offices)<br>(Zip Code)<br><br><b>(763) 542-0500</b><br>(Registrant&#8217;s
      telephone number, including area code)<br>
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
      &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
      &#167;240.12b-2).
    </p>
    <p>
      Emerging growth company <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <br>
      <b>Item 2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="text-indent: 30.0px">
      On January 29, 2019, Polaris Industries Inc. (the &#8220;Company&#8221;) issued a
      press release announcing the Company&#8217;s fourth quarter and full year 2018
      financial results for the reporting period ended December 31, 2018.&#160;&#160;On
      January 29, 2019, the Company also hosted its quarterly earnings
      conference call, which was accessible to the public.&#160;&#160;A replay of the
      conference call will be available by accessing the webcast link on the
      Company&#8217;s website at <b>http://ir.polaris.com.</b>
    </p>
    <p style="text-indent: 30.0px">
      A copy of the Company&#8217;s press release is furnished as Exhibit 99.1 is
      attached to this Current Report on Form 8-K.&#160;&#160;
    </p>
    <p style="white-space: nowrap">
      <b>Item&#160;9.01 &#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p>
      <b>(d)&#160;Exhibits</b>.
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="width: 2%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; width: 5%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51931852ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="top" style="width: 93%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51931852ex99_1.htm">Press Release dated January 29, 2019
            of Polaris Industries Inc.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="width: 45%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            January 29, 2019
          </p>
        </td>
        <td style="width: 50%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="middle" style="width: 50%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          POLARIS INDUSTRIES INC.
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="middle" style="width: 50%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; width: 5%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="padding-bottom: 2.0px; width: 45%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-style: solid; width: 50%; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>/s/ Michael T. Speetzen</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Michael T. Speetzen
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President &#8211; Finance and
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer of Polaris Industries Inc.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51931852ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Polaris
      Fourth Quarter &amp; Full Year 2018 Results</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Fourth
      Quarter &amp; Full Year 2018 Highlights</b></font>
    </p>
    <p>
      <u><i><font style="font-size: 12pt; font-family: Times New Roman"><b>Reported
      and adjusted sales</b></font></i></u><i><b><font style="font-size: 12pt; font-family: Times New Roman">
      </font><font style="font-size: 12pt; font-family: Times New Roman">for
      the fourth quarter of 2018 increased 14% to $1,627 million</font></b></i>
    </p>
    <p>
      <u><i><font style="font-size: 12pt; font-family: Times New Roman"><b>Fourth
      quarter reported net income</b></font></i></u><i><b><font style="font-size: 12pt; font-family: Times New Roman">
      </font><font style="font-size: 12pt; font-family: Times New Roman">was
      $1.47 per diluted share, up 200% over the prior year; adjusted net
      income for the same period was $1.83 per diluted share, up 19% over the
      prior year</font></b></i>
    </p>
    <p>
      <u><i><font style="font-size: 12pt; font-family: Times New Roman"><b>Full
      year 2018 reported net income</b></font></i></u><i><b><font style="font-size: 12pt; font-family: Times New Roman">
      was&#160;$5.24&#160;per diluted share up 95%; adjusted net income for the same
      period was&#160;$6.56&#160;per diluted share, up 29%, which was near the high-end
      of previously issued guidance. Reported and adjusted sales for the full
      year of 2018 increased 12% to&#160;$6,079 million and $6,083 million,
      respectively</font></b></i>
    </p>
    <p>
      <u><i><font style="font-size: 12pt; font-family: Times New Roman"><b>North
      American retail sales</b></font></i></u><i><b><font style="font-size: 12pt; font-family: Times New Roman">
      </font><font style="font-size: 12pt; font-family: Times New Roman">increased
      6% for the quarter compared to last year; ORV N.A. retail sales were up
      low single-digits driven by side-by-side vehicles sales</font></b></i>
    </p>
    <p>
      <u><i><font style="font-size: 12pt; font-family: Times New Roman"><b>Dealer
      inventory</b></font></i></u><i><b><font style="font-size: 12pt; font-family: Times New Roman">
      </font><font style="font-size: 12pt; font-family: Times New Roman">was
      up 1% year-over-year for the fourth quarter 2018, in line with
      expectations</font></b></i>
    </p>
    <p>
      <u><i><font style="font-size: 12pt; font-family: Times New Roman"><b>Polaris
      announced full year 2019 adjusted sales and earnings guidance</b></font></i></u><i><b><font style="font-size: 12pt; font-family: Times New Roman">
      with full year adjusted sales growth in the range of 11% to 13% over the
      prior year and full year </font><u><font style="font-size: 12pt; font-family: Times New Roman">adjusted
      earnings</font></u><font style="font-size: 12pt; font-family: Times New Roman">
      </font><font style="font-size: 12pt; font-family: Times New Roman">in
      the range of $6.00 to $6.25 per diluted share which includes the
      combined negative impact from external factors including the annualized
      impact of current tariffs, adverse foreign exchange impact and higher
      interest rates of approximately $1.50 per share.</font></b></i>
    </p>
    <p>
      MINNEAPOLIS--(BUSINESS WIRE)--January 29, 2019--Polaris Industries Inc.
      (NYSE: PII):
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="19">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Key Financial Data</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          (in thousands, except per share data)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>INCOME STATEMENT - Q4 December 31, 2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Reported</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>YOY % Chg.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Adjusted*</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>YOY % Chg.</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,627,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          14
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,627,027
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          14
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          91,475
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          191
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          113,429
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          14
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt">
          %
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Diluted EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1.47
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          200
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1.83
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          19
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>BALANCE SHEET - Q4 December 31, 2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Reported</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>YOY % Chg.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          161,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          16
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          969,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          24
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Total debt, capital lease obligations and notes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,962,570
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          115
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Shareholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          867,015
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (7
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>CASH FLOW - YTD December 31, 2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Reported</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>YOY % Chg.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          477,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (18
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Purchase of property &amp; equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          225,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          22
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Repurchase and retirement of common shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          348,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          285
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Cash dividends to shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          149,032
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Acquisition of businesses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          759,801
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          NM
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <i>NM = Not meaningful</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="19">
          <i>Note: the results and guidance in this release, including the
          highlights above, include references to non-GAAP operating measures,
          which are identified by the word &#8220;adjusted&#8221; preceding the measure.
          *A reconciliation of GAAP / non-GAAP measures can be found at the
          end of this release.</i>
        </td>
      </tr>
      <tr>
        <td colspan="19">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>CEO Commentary</b>
    </p>
    <p>
      &#8220;Our strong performance during 2018 demonstrated the dedication and
      flexibility of our global team, as they drove improved financial and
      operating results for the year while adapting and executing our strategy
      to account for tariffs and other external pressures. Between sales
      growth in almost all of our segments, improved operational efficiencies,
      and a lower tax rate, we more than offset macro-economic and tariff
      headwinds, generating a 29 percent increase in earnings per share.
      Growth and market share gains in Off Road Vehicles, and the acquisition
      of Boat Holdings, further expanded our position as the global leader in
      Powersports, and established Polaris as a leader in the attractive,
      profitable and growing pontoon market. We are encouraged by our growth
      prospects for 2019 and beyond, but keenly aware of, and prepared for,
      the challenges and uncertainties presented by global trade and economic
      complications. We our doubling down on our commitment to be a
      customer-centric, highly efficient growth company, directing our
      investments and actions towards organic growth and productivity. Our
      devotion to safety and quality is never-ending, and provides the solid
      foundation for our future of innovation and profitable growth. We expect
      to demonstrate that in the year ahead with further market share gains in
      both ORV and motorcycles, as we continue to advance our leadership
      position in Powersports.&#8221;
    </p>
    <p style="text-align: right">
      <i>- Scott Wine, Chairman and Chief Executive Officer of Polaris
      Industries Inc.</i>
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="12">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Fourth Quarter Performance Summary (Reported)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          (in thousands, except per share data)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="12">
          <b>Three months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>1,627,120</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>1,431,049</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>14</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>391,273</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>367,812</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>6</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>24.0</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>25.7</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <i>-166 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>271,776</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>263,929</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>3</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>16.7</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>18.4</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <i>-174 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Income from financial services</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>23,313</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>18,595</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>25</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>1.4</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>1.3</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <i>+13 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>142,810</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>122,478</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>17</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>8.8</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>8.6</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <i>+22 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" colspan="2">
          <b>91,475</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" colspan="2">
          <b>31,475</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>191</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>5.6</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>2.2</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <i>+342 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Diluted net income per share</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>1.47</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>0.49</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>200</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Polaris Industries Inc. (NYSE: PII) (the &quot;Company&quot;) today reported
      fourth quarter 2018 sales of $1,627 million, up 14 percent from $1,431
      million for the fourth quarter of 2017. Adjusted sales for the fourth
      quarter of 2018 were $1,627 million, up 14 percent from the prior year
      period. The Boat Holdings, LLC (&quot;Boat Holdings&quot;) acquisition added $145
      million of sales in the fourth quarter of 2018. The Company reported
      fourth quarter 2018 net income of $91 million, or $1.47 per diluted
      share, compared with net income of $31 million, or $0.49 per diluted
      share, for the 2017 fourth quarter. Adjusted net income for the quarter
      ended December&#160;31, 2018 was $113 million, or $1.83 per diluted share, up
      14 percent and 19 percent respectively, compared to $100 million, or
      $1.54 per diluted share, in the 2017 fourth quarter.
    </p>
    <p>
      <b>Gross profit</b> increased six percent to $391 million for the fourth
      quarter of 2018 from $368 million in the fourth quarter of 2017.
      Reported gross profit margin was 24.0 percent of sales for the fourth
      quarter of 2018 compared to 25.7 percent of sales for the fourth quarter
      of 2017. Gross profit for the fourth quarter of 2018 includes the net
      negative impact of $3 million of Victory Motorcycles<sup>&#174;</sup>
      wind-down costs and other restructuring and realignment costs. Excluding
      these items, fourth quarter 2018 adjusted gross profit was $394 million,
      or 24.2 percent of adjusted sales. For the fourth quarter of 2017
      adjusted gross profit of $373 million, or 26.1 percent of adjusted
      sales, excludes the negative impact of $5 million in Victory Motorcycles
      wind down costs and restructuring and realignment costs. Gross profit
      margins on an adjusted basis were down 190 basis points reflecting
      tariff, logistics, and commodity costs partially offset by lower
      promotions and warranty expense.
    </p>
    <p>
      <b>Operating expenses</b> increased three percent for the fourth quarter
      of 2018 to $272 million, or 16.7 percent of sales, from $264 million, or
      18.4 percent of sales, in the same period in 2017. Operating expenses in
      dollars increased primarily due to the Boat Holdings acquisition
      completed during the third quarter of 2018 and investments in strategic
      projects. Operating expenses as a percentage of sales, improved as the
      Company realized efficiencies through its selling, marketing and general
      and administrative spend, along with the addition of Boat Holdings which
      inherently has a lower operating expense to sales ratio.
    </p>
    <p>
      <b>Income from financial services</b> was $23 million for the fourth
      quarter of 2018, up 25 percent compared with $19 million for the fourth
      quarter of 2017. The increase is primarily attributable to increased
      retail demand, higher penetration rates, and increased dealer inventory
      levels.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="12">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Non-Operating Expenses (Reported)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          (in thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="12">
          <b>Three months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          19,880
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          7,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          158
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Equity in loss of other affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,676
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          91
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (396
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (5,137
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (92
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          28,175
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          86,502
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (67
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Interest expense </b>was $20 million for the fourth quarter of 2018
      compared to $8 million for the same period last year, primarily due to
      increased debt levels to finance the Boat Holdings acquisition.
    </p>
    <p>
      <b>Equity in loss of other affiliates </b>was $4 million for the fourth
      quarter of 2018 compared to $2 million last year's fourth quarter.
      During the quarter we incurred additional wind-down related costs
      related to the earlier decision by the Eicher-Polaris Private Limited
      (EPPL) Board of Directors to shut down the operations of the EPPL joint
      venture in 2018.
    </p>
    <p>
      <b>Other income, net</b>, was $0.4 million and $5 million in the fourth
      quarter of 2018 and 2017, respectively, resulting from foreign currency
      exchange rate movements and the corresponding effects on foreign
      currency transactions related to the Company&#8217;s foreign subsidiaries.
    </p>
    <p>
      <b>The provision for income taxes </b>for the fourth quarter of 2018 was
      $28 million, or 23.5 percent of pretax income, compared with $87
      million, or 73.3 percent of pretax income for the fourth quarter of
      2017. The fourth quarter of 2017 income tax provision was higher due to
      a non-cash $55 million write-down of deferred tax assets resulting from
      the passing of the U.S. tax reform bill in fourth quarter of 2017. The
      fourth quarter 2018 income tax provision also benefited from the
      reduction in the federal statutory tax rate to 21 percent, partially
      offset by a decrease in excess tax benefits related to stock based
      compensation compared to the prior year.
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="12">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="12">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="29">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Product Segment Highlights (Reported)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="12">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          (in thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="12">
          <b>Sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="12">
          <b>Gross Profit</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Q4 2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Q4 2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>Change</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Q4 2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>Q4 2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Off-Road Vehicles / Snowmobiles
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,060,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          993,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          7
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          282,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          278,544
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Motorcycles
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          87,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          102,723
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (15
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (56
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Global Adjacent Markets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          121,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          116,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          33,063
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          29,623
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Aftermarket
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          212,318
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          217,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          52,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          60,777
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (14
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Boats
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          145,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          25,999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Off-Road Vehicle (&#8220;ORV&#8221;) and Snowmobile</b></u>
      segment sales, including PG&amp;A, totaled $1,060 million for the fourth
      quarter of 2018, up seven percent over $994 million for the fourth
      quarter of 2017 driven by growth in snowmobile sales reflecting a
      successful SnowCheck pre-order program in 2018. PG&amp;A sales for ORV and
      Snowmobiles combined increased six percent in the 2018 fourth quarter
      compared to the fourth quarter last year. Gross profit increased one
      percent to $282 million in the fourth quarter of 2018, compared to $279
      million in the fourth quarter of 2017. Gross profit percentage declined
      during the quarter as increased pricing was more than offset by tariffs,
      higher logistics and commodity costs and negative product mix.
    </p>
    <p style="margin-left: 30.0px">
      <b>ORV </b>wholegood<b> </b>sales for the fourth quarter of 2018
      decreased two percent largely due to a tough comparison versus the prior
      year period when shipments were accelerated to address shortages and
      demand requirements in the second half of 2017. Polaris North American
      ORV retail sales increased low-single digits percent for the quarter
      with side-by-side vehicles up mid-single digits percent, offset somewhat
      by ATV vehicles down mid-single digits percent. Side-by-sides gained
      market share during the quarter, while ATV share was flat. The North
      American ORV industry was down low-single digits percent compared to the
      fourth quarter last year.
    </p>
    <p style="margin-left: 30.0px">
      <b>Snowmobile</b> wholegood sales in the fourth quarter of 2018 was $195
      million, up 49 percent compared to $131 million in the fourth quarter
      last year. Snowmobile sales were positively impacted in the fourth
      quarter due to timing of shipments of pre-season SnowCheck orders, the
      highest in 17 years, driven by the strength of the new 850 Patriot
      engine which was available only in a pre-ordered snowmobile.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Motorcycle</b></u><b> </b>segment sales, including PG&amp;A, totaled
      $87 million, down 15 percent compared to the fourth quarter of 2017.
      Indian sales increased slightly, but were more than offset by the
      decline in Slingshot sales. Gross profit for the fourth quarter of 2018
      was $2 million compared to $5 million in the fourth quarter of 2017.
      Adjusted for the Victory wind-down costs for both 2018 and 2017 fourth
      quarters, motorcycle gross profit was $2 million in the 2018 fourth
      quarter compared to $8 million for the 2017 fourth quarter. The decrease
      in gross profit was the result of negative product mix, along with
      tariff costs and higher logistics and commodity costs.
    </p>
    <p>
      North American consumer retail sales for the Polaris motorcycle segment,
      including both Indian Motorcycle and Slingshot, decreased high-teens
      during the 2018 fourth quarter. Indian Motorcycle retail sales decreased
      low double-digits. Slingshot's retail sales were down substantially
      during the quarter. Motorcycle industry retail sales, 900cc and above,
      were down low-double digits percent in the 2018 fourth quarter. Indian
      Motorcycle gained market share for the 2018 fourth quarter on a
      year-over-year basis.
    </p>
    <p>
      <u><b>Global Adjacent Markets</b></u><b> </b>segment sales, including
      PG&amp;A, increased four percent to $122 million in the 2018 fourth quarter
      compared to $117 million in the 2017 fourth quarter, driven by growth in
      Aixam and Polaris Adventures. Gross profit increased 12 percent to $33
      million in the fourth quarter of 2018, compared to $30 million in the
      fourth quarter of 2017 driven by higher volume.
    </p>
    <p>
      <u><b>Aftermarket</b></u><b> </b>segment sales decreased three percent
      to $212 million in the 2018 fourth quarter compared to $218 million in
      the 2017 fourth quarter driven primarily by a decrease in Transamerican
      Auto Parts (TAP) sales during the fourth quarter. TAP sales in the
      fourth quarter of 2018 were $183 million, which was down five percent
      compared to the fourth quarter of 2017. TAP sales declined due to
      ongoing soft wholesale sales along with lower e-commence demand. Gross
      profit decreased to $52 million in the fourth quarter of 2018, compared
      to $61 million in the fourth quarter of 2017 due to the lower sales
      volume.
    </p>
    <p>
      <u><b>Boats</b></u> segment sales, which consist of the Boat Holdings
      acquisition that closed July 2, 2018, were $145 million in the 2018
      fourth quarter, slightly exceeding Company expectations. Gross profit
      was $26 million or 17.9% of sales in the fourth quarter of 2018.
    </p>
    <p>
      <u><i><b>Supplemental Data</b></i></u><i><b>:</b></i>
    </p>
    <p style="margin-left: 30.0px">
      <i><b>Parts, Garments, and Accessories (&#8220;PG&amp;A&#8221;)</b></i><b>
      </b>sales increased six percent for the 2018 fourth quarter primarily
      driven by growth in Snowmobiles and Side-by-Sides.
    </p>
    <p style="margin-left: 30.0px">
      <i><b>International </b></i>sales to customers outside of North America,
      including PG&amp;A, totaled $217 million for the fourth quarter of 2018, up
      three percent, from the same period in 2017. Foreign exchange movements
      reduced sales by four percent for the quarter. The increase was driven
      by growth in the Europe, Middle East and Africa (EMEA) and Latin
      American regions.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="12">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial Position and Cash Flow</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          (in thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="12">
          <b>Twelve months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          161,164
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          138,345
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-left: 0.0px">
          <i>16</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          477,112
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          585,408
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-left: 0.0px">
          (18
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Repurchase and retirement of common shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          348,663
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          90,461
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-left: 0.0px">
          <i>285</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Cash dividends to shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          149,032
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          145,423
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-left: 0.0px">
          <i>2</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Acquisition of businesses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          759,801
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (1,645
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" colspan="2">
          <i>NM</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total debt, capital lease obligations and notes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,962,570
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          913,012
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          <i>115</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <i>Debt to Total Capital Ratio</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>69</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          <i>49</i>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <i>NM = Not meaningful</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Net cash provided by operating activities </b>was $477 million for
      the twelve months ended December&#160;31, 2018, compared to $585 million for
      the same period in 2017. The decrease in net cash provided by operating
      activities for the 2018 period was primarily due to higher factory
      inventory required to meet delivery performance levels expected under
      the Company's Retail Flow management (RFM) process. Total debt at
      December&#160;31, 2018, including capital lease obligations and notes
      payable, was $1,963 million. The Company&#8217;s debt-to-total capital ratio
      was 69 percent at December&#160;31, 2018 compared to 49 percent at
      December&#160;31, 2017. Cash and cash equivalents were $161 million at
      December&#160;31, 2018, up from $138 million at December&#160;31, 2017.
    </p>
    <p>
      <b>Share Buyback Activity: </b>During the fourth quarter of 2018, the
      Company repurchased 1,115,000 shares of its common stock for $102
      million. Year-to-date through December&#160;31, 2018, the Company has
      repurchased 3,184,000 shares of its common stock for $349 million. As of
      December&#160;31, 2018, the Company has authorization from its Board of
      Directors to repurchase up to an additional 3.3 million shares of
      Polaris common stock.
    </p>
    <p>
      <b>2019 Business Outlook</b>
    </p>
    <p>
      The Company announced its adjusted sales and earnings guidance for the
      full year 2019. Adjusted sales are expected to increase in the range of
      11 percent to 13 percent over 2018 adjusted sales of $6,083 million and
      adjusted net income is expected to be in the range of $6.00 to $6.25 per
      diluted share for the full year 2019 compared to adjusted net income of
      $6.56 per diluted share for 2018. The full year earnings guidance is
      inclusive of the Company's expectations related to the impact of
      external factors such as the annualized impact of current tariffs which
      assumes 301, list 3 remains at the current 10 percent rate for the full
      year, adverse foreign exchange impacts, and higher interest rates,
      totaling approximately $1.50 per diluted share, on a combined basis.
      Absent these items, the Company is expected to generate positive
      earnings growth on a year-over-year basis.
    </p>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      This press release and our related earnings call contain certain
      non-GAAP financial measures, consisting of &#8220;adjusted&quot; sales, gross
      profit, income before taxes, net income and net income per diluted share
      as measures of our operating performance. Management believes these
      measures may be useful in performing meaningful comparisons of past and
      present operating results, to understand the performance of its ongoing
      operations and how management views the business. Reconciliations of
      reported GAAP measures to adjusted non-GAAP measures are included in the
      financial schedules contained in this press release. These measures,
      however, should not be construed as an alternative to any other measure
      of performance determined in accordance with GAAP.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Investor Conference Call</b>
    </p>
    <p>
      <b>Fourth Quarter and Full year 2018 Earnings Conference Call and
      Webcast Presentation</b>
    </p>
    <p>
      Today at 10:00 AM (CST) Polaris Industries Inc. will host a conference
      call and webcast to discuss the 2018 fourth quarter and full year
      results released this morning. The call will be hosted by Scott Wine,
      Chairman and CEO; and Mike Speetzen, Executive Vice President - Finance
      and CFO. The earnings presentation and link to the webcast will be
      posted on the Polaris Investor Relations website at ir.polaris.com. To
      listen to the conference call by phone, dial 1-877-883-0383 in the U.S.,
      or 1-412-902-6506 Internationally. The Conference ID is 1211743. A
      replay of the conference call will be available by accessing the same
      link on our website.
    </p>
    <p>
      <b>About Polaris</b>
    </p>
    <p>
      Polaris Industries Inc. (NYSE: PII) is a global powersports leader that
      has been fueling the passion of riders, workers and outdoor enthusiasts
      for more than 60 years. With annual 2018 sales of $6.1 billion, Polaris&#8217;
      innovative, high-quality product line-up includes the <i>RANGER</i><sup>&#174;</sup>,
      <i>RZR</i><sup>&#174;</sup> and Polaris GENERAL&#8482; side-by-side off-road
      vehicles; the Sportsman<sup>&#174;</sup> and Polaris ACE<sup>&#174;</sup>
      all-terrain off-road vehicles; Indian Motorcycle<sup>&#174;</sup>
      mid-size and heavyweight motorcycles; Slingshot<sup>&#174;</sup>
      moto-roadsters; snowmobiles; and pontoon, deck, and cruiser boats.
      Polaris enhances the riding experience with parts, garments and
      accessories, along with a growing aftermarket portfolio, including
      Transamerican Auto Parts. Polaris&#8217; presence in adjacent markets globally
      includes military and commercial off-road vehicles, quadricycles, and
      electric vehicles. Proudly headquartered in Minnesota, Polaris serves
      more than 100 countries across the globe. Visit&#160;<u>www.polaris.com</u>
      for more information.
    </p>
    <p>
      <b>Forward-looking Statements</b>
    </p>
    <p>
      <i>Except for historical information contained herein, the matters set
      forth in this news release, including management&#8217;s expectations
      regarding 2019 future sales, shipments, net income, and net income per
      share, operational initiatives, tariffs, currency fluctuations, interest
      rates, and commodity costs, are forward-looking statements that involve
      certain risks and uncertainties that could cause actual results to
      differ materially from those forward-looking statements.</i> <i>Potential
      risks and uncertainties include such factors as the Company&#8217;s ability to
      successfully implement its manufacturing operations expansion
      initiatives, product offerings, promotional activities and pricing
      strategies by competitors; economic conditions that impact consumer
      spending; acquisition integration costs; product recalls, warranty
      expenses; impact of changes in Polaris stock price on incentive
      compensation plan costs; foreign currency exchange rate fluctuations;
      environmental and product safety regulatory activity; effects of
      weather; commodity costs; freight and tariff costs; changes to
      international trade agreements; uninsured product liability claims;
      uncertainty in the retail and wholesale credit markets; performance of
      affiliate partners; changes in tax policy; relationships with dealers
      and suppliers; and the general overall economic and political
      environment.</i> <i>Investors are also directed to consider other risks
      and uncertainties discussed in documents filed by the Company with the
      Securities and Exchange Commission.</i> <i>The Company does not
      undertake any duty to any person to provide updates to its
      forward-looking statements.</i>
    </p>
    <p style="text-align: center">
      (summarized financial data follows)
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="20">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px" colspan="20">
          <b>CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center" colspan="20">
          (In Thousands, Except Per Share Data) (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Three months ended December 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="7">
          <b>Twelve months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,627,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,431,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          6,078,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,428,477
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,235,847
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,063,237
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          4,577,340
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          4,103,826
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          391,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          367,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,501,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,324,651
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Operating expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Selling and marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          122,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          116,319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          491,773
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          471,805
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Research and development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          61,941
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          62,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          259,682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          238,299
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          General and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          87,557
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          85,198
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          349,763
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          331,196
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          271,776
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          263,929
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,101,218
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,041,300
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Income from financial services
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          23,313
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          18,595
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          87,430
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          76,306
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          142,810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          122,478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          487,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          359,657
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Non-operating expense:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          19,880
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          7,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          56,967
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          32,155
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Equity in loss of other affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,676
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          29,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          6,760
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Other expense (income), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (396
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (5,137
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (28,056
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,951
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          119,650
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          117,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          429,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          318,791
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          28,175
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          86,502
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          93,992
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          146,299
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          91,475
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          31,475
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          335,257
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          172,492
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1.49
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          0.50
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          5.36
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          2.74
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1.47
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          0.49
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          5.24
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          2.69
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          61,370
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          62,993
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          62,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          62,916
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          62,146
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          64,895
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          63,949
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          64,180
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px" colspan="10">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px" colspan="10">
          (In Thousands), (Unaudited)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 31,</b>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Current Assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          161,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          138,345
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Trade receivables, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          197,082
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          200,144
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          969,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          783,961
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          121,472
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          101,453
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          36,474
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          29,601
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,485,703
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,253,504
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          843,122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          747,189
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Investment in finance affiliate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          92,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          88,764
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Deferred tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          87,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          115,511
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,517,594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          780,586
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other long-term assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          98,963
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          104,039
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          4,124,915
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          3,089,593
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Liabilities and Shareholders&#8217; Equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Current Liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Current portion of debt, capital lease obligations and notes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          66,543
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          47,746
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          346,294
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          317,377
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accrued expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          167,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          168,014
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Warranties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          121,824
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          123,840
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Sales promotions and incentives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          167,621
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          162,298
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Dealer holdback
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          125,003
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          114,196
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          197,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          186,103
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          4,545
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          10,737
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,197,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,130,311
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Long term income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          28,602
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          20,114
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Capital lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          16,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          18,351
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,879,887
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          846,915
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Deferred tax liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          6,490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          10,128
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          122,570
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          120,398
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          3,251,063
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt">
          2,146,217
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Deferred compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          6,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          11,717
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Shareholders&#8217; equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Total shareholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          867,015
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          931,659
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Total liabilities and shareholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          4,124,915
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          3,089,593
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px" colspan="11">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px" colspan="11">
          (In Thousands), (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Twelve months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Operating Activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          335,257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          172,492
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Adjustments to reconcile net income to net cash provided by
          operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          211,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          191,108
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Noncash compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          63,966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          50,054
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Noncash income from financial services
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (30,130
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (27,027
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          23,440
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          73,614
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Impairment charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          24,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          25,395
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Other, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (8,489
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,401
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Changes in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Trade receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          20,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (17,064
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (149,701
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (26,958
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (984
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          39,516
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          7,170
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          94,557
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Income taxes payable/receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (4,490
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          23,410
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 45.0px">
          Prepaid expenses and others, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (14,912
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (17,090
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          477,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          585,408
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Investing Activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Purchase of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (225,414
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (184,388
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Investment in finance affiliate, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          26,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          32,272
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Investment in other affiliates, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (1,113
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (625
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Acquisition and disposal of businesses, net of cash acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (759,801
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,645
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net cash used for investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (959,492
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (151,096
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Financing Activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Borrowings under debt arrangements / capital lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,553,237
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,186,939
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Repayments under debt arrangements / capital lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (2,579,495
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (2,421,473
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Repurchase and retirement of common shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (348,663
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (90,461
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Cash dividends to shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (149,032
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (145,423
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Proceeds from stock issuances under employee plans
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          47,371
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          42,738
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Net cash provided by (used for) financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          523,418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (427,680
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Impact of currency exchange rates on cash balances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (9,530
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          9,816
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Net increase in cash, cash equivalents and restricted cash</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          31,508
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          16,448
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Cash, cash equivalents and restricted cash at beginning of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          161,618
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          145,170
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Cash, cash equivalents and restricted cash at end of period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          193,126
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          161,618
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Cash, cash equivalents and restricted cash by category:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          161,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          138,345
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px">
          Other long-term assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          31,962
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          23,273
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          193,126
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          161,618
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center" colspan="21">
          <b>NON-GAAP RECONCILIATION OF RESULTS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center" colspan="21">
          (In Thousands, Except Per Share Data), (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Three months ended December 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Twelve months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,627,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,431,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          6,078,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,428,477
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (490
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (2,364
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (1,857
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          397
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,048
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          3,177
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,048
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Adjusted sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,627,027
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,429,733
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          6,082,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          5,427,668
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          391,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          367,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,501,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,324,651
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (377
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          57,844
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Acquisition-related costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          12,950
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          3,410
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          2,463
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          19,375
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          12,980
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Adjusted gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          394,306
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          373,149
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,523,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,408,425
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Income before taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          119,650
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          117,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          429,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          318,791
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          626
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,383
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          77,398
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Acquisition-related costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          5,939
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,463
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          22,737
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          26,921
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          11,598
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          26,012
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          22,116
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          EPPL impairment <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,601
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          27,048
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Brammo <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (13,478
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Intangible amortization <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          10,341
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          7,062
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          32,932
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          25,855
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Other expenses <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          2,529
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          7,539
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Adjusted income before taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          146,134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          140,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          534,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          471,081
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          91,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          31,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          335,257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          172,492
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          476
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (1,012
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,815
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          52,366
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Acquisition-related costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          4,528
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          17,327
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          16,923
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,627
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          7,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          19,819
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          13,902
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          EPPL impairment <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          25,069
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Brammo <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (13,113
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Intangible amortization <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          7,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          4,482
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          24,437
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          16,415
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Other expenses <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          3,850
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          55,398
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          8,960
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          55,398
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Adjusted net income <sup>(8)</sup></b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          113,429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          99,811
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          419,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          327,496
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Diluted EPS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1.47
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          0.49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5.24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2.69
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (0.02
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.03
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.82
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Acquisition-related costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.07
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.03
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.26
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.22
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          EPPL impairment <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Brammo <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (0.20
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Intangible amortization <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.07
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          0.25
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Other expenses <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          0.06
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          0.86
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          0.14
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          0.86
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Adjusted EPS <sup>(8)</sup></b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1.83
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1.54
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          6.56
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          5.10
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(1)</sup> Represents adjustments for the wind down of Victory
          Motorcycles, including wholegoods, accessories and apparel
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(2)</sup> Represents adjustments for integration and
          acquisition-related expenses and purchase accounting adjustments
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(3)</sup> Represents adjustments for corporate restructuring,
          network realignment costs, and supply chain transformation
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(4)</sup> Represents adjustments for the impacts of tax reform
          and non-recurring litigation expenses
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(5)</sup> Represents adjustments for the impairment of the
          Company's equity investment in Eicher-Polaris Private Limited
          (EPPL). This charge is included in Equity in loss of other
          affiliates (non-operating) on the Consolidated Statements of Income.
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(6) </sup>Represents a gain on the Company's investment in
          Brammo, Inc. This gain is included in Other income (non-operating)
          on the Consolidated Statements of Income.
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(7)</sup> Represents amortization expense for
          acquisition-related intangible assets
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(8)</sup> The Company used its estimated statutory tax rate of
          23.8% and 37.1% for the non-GAAP adjustments in 2018 and 2017,
          respectively, except for the non-deductible items and the tax reform
          related changes noted in Item 4
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center; padding-left: 0.0px" colspan="21">
          <b>NON-GAAP RECONCILIATION OF SEGMENT RESULTS</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center" colspan="21">
          (In Thousands), (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Three months ended December 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Twelve months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>SEGMENT SALES</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>ORV/Snow segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,060,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          993,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,919,417
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,570,753
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          397
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,048
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          3,177
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,048
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted ORV/Snow segment sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,060,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          994,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,922,594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          3,571,801
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Motorcycles segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          87,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          102,723
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          545,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          576,068
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (490
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (2,364
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          823
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (1,857
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted Motorcycles segment sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          86,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          100,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          546,469
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          574,211
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Global Adjacent Markets (GAM) segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          121,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          116,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          444,644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          396,764
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          No adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted GAM segment sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          121,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          116,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          444,644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          396,764
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Aftermarket segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          212,318
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          217,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          889,177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          884,892
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          No adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted Aftermarket sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          212,318
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          217,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          889,177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          884,892
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Boats segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          145,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          279,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          No adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted Boats sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          145,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          279,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Total sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,627,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,431,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          6,078,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          5,428,477
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Total adjustments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (93
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (1,316
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          4,000
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          (809
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Adjusted total sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1,627,027
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1,429,733
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          6,082,540
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          5,427,668
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Three months ended December 31,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Twelve months ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>SEGMENT GROSS PROFIT</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>ORV/Snow segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          282,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          278,544
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,113,908
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,054,557
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          397
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,048
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          3,177
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,048
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted ORV/Snow segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          282,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          279,592
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,117,085
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,055,605
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Motorcycles segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          5,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          63,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          16,697
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 15.0px">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (377
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          2,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          57,844
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          45
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,220
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted Motorcycles segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          7,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          64,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          74,541
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Global Adjacent Markets (GAM) segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          33,063
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          29,623
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          116,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          94,920
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          10
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          415
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          490
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          10,932
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted GAM segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          33,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          30,038
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          117,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          105,852
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Aftermarket segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          52,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          60,777
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          234,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          225,498
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Acquisition-related costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          12,950
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted Aftermarket segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          52,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          60,777
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          234,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          238,448
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Boats segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          25,999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          46,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Acquisition-related costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          3,130
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Boats segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          25,999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          49,382
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Corporate gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (4,586
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (6,240
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (72,953
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (67,021
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          2,958
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,000
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          14,488
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          1,000
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Adjusted Corporate segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (1,628
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (5,240
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (58,465
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          (66,021
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Total gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          391,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          367,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,501,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" colspan="2">
          1,324,651
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Total adjustments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          3,033
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          5,337
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          22,545
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          83,774
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Adjusted total gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          394,306
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          373,149
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1,523,745
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1,408,425
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(1)</sup> Represents adjustments for the wind down of Victory
          Motorcycles, including wholegoods, accessories and apparel
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(2)</sup> Represents adjustments for integration expenses and
          purchase accounting adjustments
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="21">
          <sup>(3)</sup> Represents adjustments for corporate restructuring,
          network realignment costs, and supply chain transformation
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>NON-GAAP ADJUSTMENTS</b>
    </p>
    <p style="text-align: center">
      <b>Fourth Quarter &amp; Full Year 2018 Results &amp; 2019 Full Year Guidance</b>
    </p>
    <p>
      <b>Wind Down of Victory Motorcycles</b>
    </p>
    <p>
      In 2017, Polaris announced its intention to wind down its Victory
      Motorcycles operations. The decision was expected to improve the
      long-term profitability of Polaris and its global motorcycle business,
      while materially improving the Company&#8217;s competitive position in the
      industry. The Company has recorded costs, of approximately $79 million
      through 2018, associated with supporting Victory dealers in selling
      their remaining inventory, the disposal of factory inventory, tooling,
      and other physical assets, and the cancellation of various supplier
      arrangements. In 2017, the Company recorded pretax costs of $77 million.
      In 2018, the Company recorded pretax adjustments of $2 million. The
      Company does not expect any material costs related to the Victory wind
      down in 2019.
    </p>
    <p>
      <b>Restructuring, Realignment and Acquisition Related Costs</b>
    </p>
    <p>
      Polaris announced in 2017 that it was making changes to its network to
      consolidate production and distribution of like products and better
      leverage plant capacity and embarked on a multi-phase supply chain
      transformation initiative to continue to leverage its supply chain as a
      strategic asset. For the full year ending December 31, 2018, the Company
      has recorded costs totaling $26 million related to the manufacturing and
      distribution network realignment and the supply chain transformation
      projects. In addition, the Company has recorded TAP and Boat Holdings
      integration and acquisition-related costs of $23 million for the year
      ending December 31, 2018.
    </p>
    <p>
      <b>Eicher-Polaris Joint Venture Impairment in India</b>
    </p>
    <p>
      Regulatory changes have negatively impacted the likelihood of success of
      the joint venture, and as a result, in late-February 2018, the Board of
      Directors of the joint venture approved the wind-down of the joint
      venture. For the full year ended December 31, 2018, Polaris has recorded
      charges totaling $27 million, including the impairment of the Company's
      equity investment in the Eicher-Polaris joint venture in India and wind
      down costs.
    </p>
    <p>
      <b>Intangible amortization related to acquisitions</b>
    </p>
    <p>
      As a result of the Boat Holdings acquisition, Polaris' amortization of
      intangible assets will increase by approximately $20 million on an
      annual basis. Given the significant increase in non-cash amortization
      associated with this acquisition along with intangible amortization from
      prior acquisitions, the Company moved to an adjusted net income metric,
      excluding intangible amortization from all acquisitions, including prior
      year acquisitions. For the full year ended December 31, 2018, Polaris
      excluded $33 million of intangible amortization related to acquisitions.
      The Company believes this treatment will provide additional transparency
      into the true, ongoing earnings performance of its business.
    </p>
    <p>
      <b>2019 Adjusted Guidance</b>
    </p>
    <p>
      2019 guidance excludes the pre-tax effect of acquisition integration
      costs of approximately $5 million to $10 million, supply chain
      transformation and network realignment costs of approximately $25
      million to $30 million. Intangible amortization of approximately $40
      million related to all acquisitions has also been excluded. The Company
      has not provided reconciliations of guidance for adjusted diluted net
      income per share, in reliance on the unreasonable efforts exception
      provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is
      unable, without unreasonable efforts, to forecast certain items required
      to develop meaningful comparable GAAP financial measures. These items
      include restructuring and realignment costs and acquisition integration
      costs that are difficult to predict in advance in order to include in a
      GAAP estimate.
    </p>
    <p>
      Click here to subscribe to Mobile Alerts for Polaris Industries Inc.
    </p>
    <p>
      CONTACT:<br>Investor Contact: Richard Edwards 763-513-3477
    </p>
    <p>
      Media Contact: Erika Frederick 763-417-8673
    </p>
    <p>

    </p>
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