<SEC-DOCUMENT>0001157523-19-000853.txt : 20190423
<SEC-HEADER>0001157523-19-000853.hdr.sgml : 20190423
<ACCEPTANCE-DATETIME>20190423060135
ACCESSION NUMBER:		0001157523-19-000853
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190423
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190423
DATE AS OF CHANGE:		20190423

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:		19760514

	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>a51972808.htm
<DESCRIPTION>POLARIS INDUSTRIES INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <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-family: Times New Roman; font-size: 16pt"></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>
    </p>
    <p style="text-align: center">
      <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>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      Report (Date of earliest event reported): April 23, 2019</font>
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 16pt"><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>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Minnesota</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; width: 34%; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-11411</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; width: 33%; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>41-1790959</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State of Incorporation)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 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)
    </p>
    <p style="text-align: center">
      <b>(763) 542-0500</b><br>(Registrant&#8217;s telephone number, including area
      code)<br>
    </p>
    <p>
      <br>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">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>

    </p>
    <p>
      Emerging growth company <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>

    </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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 2.02</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Results of Operations and Financial Condition.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px">
      On April 23, 2019, Polaris Industries Inc. (the &#8220;Company&#8221;) issued a
      press release announcing the Company&#8217;s first quarter 2019 financial
      results for the reporting period ended March 31, 2019.&#160;&#160;On April 23,
      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="text-indent: 30.0px">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 9.01</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>(d)&#160;Exhibits</b>.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; width: 10%; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51972808_ex991.htm">99.1</a>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51972808_ex991.htm">Press Release dated April 23, 2019
            of Polaris Industries Inc.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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>
    </p>
    <p style="text-indent: 30.0px">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          Date:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 45%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April 23, 2019
          </p>
        </td>
        <td style="width: 50%">

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

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

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

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

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

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

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

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

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

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

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

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

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

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51972808_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: right">

    </p>
    <p>
      CONTACT:<br>Investor Contact: Richard Edwards 763-513-3477 | Media
      Contact: Jess Rogers 763-513-3445
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Polaris
      Reports 2019 First Quarter Results</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Q1 2019
      Highlights</b></font>
    </p>
    <p>
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Reported
      and adjusted sales for the first quarter of 2019 increased 15% to $1,496
      million</b></font></i>
    </p>
    <p>
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Reported
      net income was $0.78 per diluted share, down 8% over the prior year;
      adjusted net income for the same period was $1.08 per diluted share,
      down 4% over the prior year, ahead of Company expectations</b></font></i>
    </p>
    <p>
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>North
      American retail sales decreased 3% for the quarter compared to last
      year; ORV N.A. retail sales were down mid-single digits percent and
      motorcycle sales were down high-single digits percent, both negatively
      impacted by weather</b></font></i>
    </p>
    <p>
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Gained
      market share in snowmobiles for the season ending March 2019; maintained
      market share in Indian motorcycles in a challenging industry environment</b></font></i>
    </p>
    <p>
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Dealer
      inventory was down 1% year-over-year for the first quarter 2019, in-line
      with expectations</b></font></i>
    </p>
    <p>
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Polaris
      increased its full year 2019 earnings guidance and now expects earnings
      to be in the $6.05 to $6.30 per diluted share, which includes the
      absorption of $80 to $90 million of additional tariff costs anticipated
      in 2019 over 2018. Full year 2019 adjusted sales growth guidance remains
      unchanged at up 11% to 13% over the prior year.</b></font></i>
    </p>
    <p>
      MINNEAPOLIS--(BUSINESS WIRE)--April 23, 2019--Polaris Industries Inc.
      (NYSE: PII):
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="18">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="18" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Key Financial Data</b>
          </p>
        </td>
      </tr>
      <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="2">

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          (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="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>INCOME STATEMENT - Q1 March 31, 2019</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,495,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,495,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          15
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Net income attributable to Polaris
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          48,378
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (13
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          66,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (9
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Diluted EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.78
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (8
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (4
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </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="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>BALANCE SHEET - Q1 March 31, 2019</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          151,439
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (9
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,148,637
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,101,282
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          104
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          879,202
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (10
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

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

        </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="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>CASH FLOW - YTD March 31, 2019</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (38,217
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          70,254
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (59
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          37,144
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="18" valign="bottom" style="padding-left: 0.0px; text-align: left">
          <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="18">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>CEO Commentary</b>
    </p>
    <p>
      &quot;Polaris&#8217; 65th anniversary year is off to a solid start, as we delivered
      sound results and finished the Quarter with strong momentum. The team
      executed well, providing quality products to our customers while
      navigating a dynamic trade environment. Retail sales results were
      somewhat mixed, with greater than 20 percent Snowmobile growth helping
      to offset modest weather-related declines in ORV, Motorcycles and Boats,
      although all three of these segments came on strong at the end of March.
      Our product lineup has never been stronger, our Boat brands fared well
      during the recent boat shows, dealer inventory levels are
      well-positioned to support the peak spring retail selling season, and
      our strategic sourcing program is accelerating savings and value
      enhancement. We remain steadfastly committed to enhancing our
      customer-centric culture, which amplifies our investments in innovation
      and operational prowess, and as we look to the balance of 2019, we are
      confident about gaining market share as we continue bringing innovative
      products to our customers and solidifying our position as the leader in
      Powersports.&quot;
    </p>
    <p style="text-align: right">
      <i>-- Scott Wine, Chairman and Chief Executive Officer of Polaris
      Industries Inc.</i>
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>First 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-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          (in thousands, except per share data)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>1,495,690</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>1,297,473</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>15</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>352,448</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>323,481</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>9</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>23.6</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>24.9</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-137 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>289,317</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>261,630</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>11</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>19.3</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>20.2</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-82 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Income from financial services</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>18,805</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>21,425</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(12</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>1.7</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-39 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>81,936</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>83,276</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>5.5</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>6.4</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-94 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Net income attributable to Polaris</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>48,378</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>55,714</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(13</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <b>)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <i>% of Sales</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>3.2</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>4.3</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-106 bpts</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Diluted net income per share</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>0.78</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>0.85</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(8</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <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 released first
      quarter 2019 results with sales of $1,496 million on a reported and
      adjusted basis, up 15 percent from $1,297 million for the first quarter
      of 2018, including $185 million of Boat segment sales reported in the
      first quarter of 2019. The Company reported first quarter 2019 net
      income of $48 million, or $0.78 per diluted share, compared with net
      income of $56 million, or $0.85 per diluted share, for the 2018 first
      quarter. Adjusted net income for the quarter ended March&#160;31, 2019 was
      $67 million, or $1.08 per diluted share compared to $74 million, or
      $1.13 per diluted share in the 2018 first quarter.
    </p>
    <p>
      <b>Gross profit</b> increased 9 percent to $352 million for the first
      quarter of 2019 from $323 million in the first quarter of 2018. Reported
      gross profit margin was 23.6 percent of sales for the first quarter of
      2019 compared to 24.9 percent of sales for the first quarter of 2018.
      Gross profit for the first quarter of 2019 includes the negative impact
      of $7 million of restructuring and realignment costs. Excluding these
      costs, first quarter 2019 adjusted gross profit was $359 million, or
      24.0 percent of adjusted sales. For the first quarter of 2018 adjusted
      gross profit of $329 million, or 25.4 percent of adjusted sales,
      excludes the negative impact of $6 million of restructuring and
      realignment costs. Gross profit margins on an adjusted basis were down
      140 basis points. Higher average selling prices were more than offset by
      tariff costs and the addition of Boats which has lower gross profit
      margins.
    </p>
    <p>
      <b>Operating expenses</b> increased 11 percent for the first quarter of
      2019 to $289 million, or 19.3 percent of sales, from $262 million, or
      20.2 percent of sales, in the same period in 2018. 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 due to
      the addition of Boats, which has a lower operating expense to sales
      ratio.
    </p>
    <p>
      <b>Income from financial services</b> was $19 million for the first
      quarter of 2019, down 12 percent compared with $21 million for the first
      quarter of 2018. The decrease is primarily attributable to lower retail
      sales during the quarter.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Non-Operating Expenses (Reported)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          (in thousands)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,048
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          154
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Equity in loss of other affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          606
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          21,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (97
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (3,501
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (19,975
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (82
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          17,978
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (11
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 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 first quarter of 2019
      compared to $8 million for the same period last year, primarily due to
      increased debt levels to finance the Boat acquisition and higher
      interest rates.
    </p>
    <p>
      <b>Equity in loss of other affiliates </b>was $1 million for the first
      quarter of 2019 compared to $22 million for the same period last year.
      In the first quarter 2018, the Company recorded charges totaled
      approximately $20 million associated with the shut down of the
      Eicher-Polaris joint venture in India.
    </p>
    <p>
      <b>Other income, net</b>, was $4 million in the first quarter of 2019
      compared to $20 million in the first quarter of 2019 resulting from
      foreign currency exchange rate movements and the corresponding effects
      on foreign currency transactions related to the Company&#8217;s foreign
      subsidiaries. In the first quarter of 2018, in addition to the impact of
      foreign currency exchange rate movements, the Company reported a $13
      million gain on the sale of the Company's investment in Brammo Inc.
    </p>
    <p>
      <b>The provision for income taxes </b>for the first quarter of 2019 was
      $16 million, or 24.9 percent of pretax income, compared with $18
      million, or 24.4 percent of pretax income for the first quarter of 2018.
    </p>
    <p>
      <b>Net income attributable to non-controlling interest</b> of $18
      thousand reported in the first quarter of 2019 relates to net income
      attributable to the minority owner of a joint venture between Polaris
      and a supplier in Vietnam to manufacturer components for the Company.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="25">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Product Segment Highlights (Reported)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="10">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="10">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          (in thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="10" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>Sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="10" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>Gross Profit</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>Q1 2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>Q1 2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>Change</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>Q1 2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>Q1 2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Off-Road Vehicles / Snowmobiles
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          867,447
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          832,564
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          252,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          243,561
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          117,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          131,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (10
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,962
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (58
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Global Adjacent Markets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          104,956
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          113,327
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,829
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          31,258
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          220,535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          220,025
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          56,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          58,452
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          184,810
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          36,164
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Off-Road Vehicles (&#8220;ORV&#8221;) and Snowmobiles</b></u>
      segment sales, including PG&amp;A, totaled $867 million for the first
      quarter of 2019, up four percent over $833 million for the first quarter
      of 2018 driven by growth in side-by-side sales. PG&amp;A sales for ORV and
      Snowmobiles combined increased 12 percent in the first quarter of 2019
      compared to the first quarter last year. Gross profit increased four
      percent to $252 million in the first quarter of 2019, compared to $244
      million in the first quarter of 2018. Gross profit percentage declined
      20 basis points during the quarter as higher average selling prices and
      favorable product mix were more than offset by higher tariff costs.
    </p>
    <p style="margin-left: 30.0px">
      <b>ORV </b>wholegood<b> </b>sales for the first quarter of 2019
      increased 4 percent primarily driven by increased average selling
      prices. Polaris North American ORV retail sales decreased mid-single
      digits percent for the quarter with side-by-side vehicles down
      low-single digits percent and ATV vehicles down low-double digits
      percent. The North American ORV industry was down low-single digits
      percent compared to the first quarter last year.
    </p>
    <p style="margin-left: 30.0px">
      <b>Snowmobile</b> wholegood sales in the first quarter of 2019 were $13
      million, down 28 percent compared to $18 million in the first quarter
      last year. Polaris snowmobile retail sales were up high-single digits
      percent during the first quarter of 2019 and up about 20 percent for the
      twelve month season ending&#160;March 2019. North American industry retail
      was up low-double digits percent for the first quarter and up low-single
      digits percent for the season ending March 2019. Polaris gained
      significant market share for the season.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Motorcycles</b></u><b> </b>segment sales, including PG&amp;A, totaled
      $118 million, down 10 percent compared to the first quarter of 2018,
      driven largely by declines in Slingshot sales, and to less of an extent,
      Indian Motorcycle sales, partly due to an ongoing challenging motorcycle
      market. Gross profit for the first quarter of 2019 was $7 million
      compared to $17 million in the first quarter of 2018. The decrease in
      gross profit was primarily the result of lower volume and tariff costs.
    </p>
    <p>
      North American consumer retail sales for the Polaris motorcycle segment,
      including both Indian Motorcycle and Slingshot, decreased high-single
      digits percent during the first quarter of 2019. Indian Motorcycle
      retail sales decreased mid-single digits percent. Slingshot's retail
      sales were down low-double digits percent during the quarter. Motorcycle
      industry retail sales, 900cc and above, were down mid-single digits
      percent in the first quarter of 2019.
    </p>
    <p>
      <u><b>Global Adjacent Markets</b></u><b> </b>segment sales, including
      PG&amp;A, decreased seven percent to $105 million in the 2019 first quarter
      compared to $113 million in the 2018 first quarter. Reported gross
      profit decreased five percent to $30 million in the first quarter of
      2019, compared to $31 million in the first quarter of 2018. Adjusted
      gross profit decreased 6 percent to $30 million in the first quarter of
      2019, compared to $32 million in the first quarter of 2018 due to
      negative product mix.
    </p>
    <p>
      <u><b>Aftermarket</b></u><b> </b>segment sales of $221 million in the
      2019 first quarter increased slightly compared to $220 million in the
      2018 first quarter. TAP sales in the first quarter of 2019 were $197
      million, which was down two percent from $201 million in the first
      quarter of 2018. TAP sales declined two percent due to ongoing soft
      wholesale sales along with lower e-commence demand while the Company's
      other aftermarket brands increased sales over 20 percent. Gross profit
      decreased to $56 million in the first quarter of 2019, compared to $58
      million in the first quarter of 2018 due to negative product mix.
    </p>
    <p>
      <u><b>Boats</b></u> segment sales, which consist of the Boat Holdings
      acquisition which closed July 2, 2018, were $185 million in the 2019
      first quarter. Gross profit was $36 million or 19.6 percent of sales in
      the first quarter of 2019.
    </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 eight percent for the 2019 first quarter primarily
      driven by growth in ORV and snowmobiles.
    </p>
    <p style="margin-left: 30.0px">
      <i><b>International </b></i>sales to customers outside of North America,
      including PG&amp;A, totaled $203 million for the first quarter of 2019, down
      four percent, from the same period in 2018. Increased Indian Motorcycle
      and PG&amp;A sales were more than offset by negative foreign exchange
      movements which reduced sales by seven percent for the quarter.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Financial Position and Cash Flow</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          (in thousands)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          151,439
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          166,357
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(9</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>)%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Net cash used for operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (38,217
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (3,189
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          NM
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Repurchase and retirement of common shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,110
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          14,987
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(59</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>)%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Cash dividends to shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          37,144
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          37,796
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(2</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>)%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total debt, finance lease obligations and notes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,101,282
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,029,479
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>104</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <i>Debt to Total Capital Ratio</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>71</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          <i>%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>51</i>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 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="padding-left: 0.0px; text-align: left">
          <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 used for operating activities </b>was $38 million for the
      three months ended March&#160;31, 2019, compared to $3 million for the same
      period in 2018. The increase in net cash used for operating activities
      for the 2019 period was the result of higher factory inventory due to
      timing of shipments, preparation for new product launches and additional
      costs related to tariffs. Total debt at March&#160;31, 2019, including
      finance lease obligations and notes payable, was $2,101 million. The
      Company&#8217;s debt-to-total capital ratio was 71 percent at March&#160;31, 2019
      compared to 51 percent at March&#160;31, 2018. Cash and cash equivalents were
      $151 million at March&#160;31, 2019, down from $166 million at March&#160;31, 2018.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>2019 Business Outlook</b>
    </p>
    <p>
      Given the 2019 first quarter results, the Company is increasing its full
      year earnings guidance and now expects adjusted net income to be in the
      range of $6.05 to $6.30 per diluted share, compared with adjusted net
      income of $6.56 per diluted share for 2018. Full year 2019 sales
      expectation remains unchanged at up 11 to 13 percent. The full year
      earnings guidance is inclusive of the Company's expectations related to
      the negative impact of external factors such as the annualized impact of
      tariffs, 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>
    <p>
      <b>Investor Conference Call</b>
    </p>
    <p>
      <b>First Quarter 2019 Earnings Conference Call and Webcast Presentation</b><br>Today
      at 9:00 AM (CDT) Polaris Industries Inc. will host a conference call and
      webcast to discuss the 2019 first quarter 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 2001345. 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> <i>The data source for retail sales
      figures included in this release is registration information provided by
      Polaris dealers in North America compiled by the Company or Company
      estimates and other industry data sources. The Company must rely on
      information that its dealers supply concerning retail sales, and other
      retail sales data sources related to Polaris and the powersports
      industry, and this information is subject to revision. Retail sales
      references to total Company retail sales includes only ORV, snowmobiles
      and motorcycles in North America unless otherwise noted.</i>
    </p>
    <p style="text-align: center">
      (summarized financial data follows)
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,495,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,297,473
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,143,242
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          973,992
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          352,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          323,481
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          129,259
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          117,707
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          67,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          65,230
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          General and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          92,938
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          78,693
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          289,317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          261,630
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Income from financial services
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          18,805
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          21,425
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          81,936
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          83,276
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Non-operating expense:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,048
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Equity in loss of other affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          606
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          21,511
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (3,501
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (19,975
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          64,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          73,692
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,016
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          17,978
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          48,396
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          55,714
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Net income attributable to noncontrolling interest
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Net income attributable to Polaris Industries Inc.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          48,378
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          55,714
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#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="padding-left: 0.0px; text-align: left">
          Net income per share attributable to Polaris Industries Inc. common
          shareholders:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.79
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.88
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; padding-bottom: 4.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.78
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.85
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          61,284
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          63,303
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          62,027
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          65,219
        </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>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          (In Thousands), (Unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>March 31, 2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>March 31, 2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          151,439
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          166,357
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Trade receivables, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          206,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          186,044
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,148,637
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          922,925
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          106,512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          96,247
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          25,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          13,013
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,638,950
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,384,586
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          868,128
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          759,957
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Investment in finance affiliate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          99,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          95,511
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          88,489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          114,881
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,506,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          777,844
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Operating lease assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          112,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Other long-term assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          94,949
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          86,828
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,408,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,219,607
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and Equity</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          66,512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          65,245
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          436,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          366,872
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accrued expenses:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          92,107
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          85,997
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Warranties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          116,217
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          116,286
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Sales promotions and incentives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          181,881
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          174,610
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Dealer holdback
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          112,705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          107,829
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          201,790
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          191,057
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Current operating lease liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          34,814
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,144
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,599
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,248,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,114,495
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Long term income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          22,432
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Finance lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          15,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          18,497
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,018,844
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          945,737
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred tax liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,847
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          10,006
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Long-term operating lease liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          79,736
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          122,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          123,680
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,520,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,234,847
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,724
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          11,298
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Equity:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          879,202
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          973,462
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Noncontrolling interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Total equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          879,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          973,462
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,408,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,219,607
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <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="padding-left: 30.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          48,396
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          55,714
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Adjustments to reconcile net income to net cash used for 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="padding-left: 45.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          54,415
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          52,720
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,091
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,032
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 45.0px; text-align: left">
          Noncash income from financial services
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (7,655
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (7,003
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 45.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,329
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          18,733
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 45.0px; text-align: left">
          Other, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          606
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (10,700
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 45.0px; text-align: left">
          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="padding-left: 60.0px; text-align: left">
          Trade receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (11,184
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          15,587
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 60.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (180,021
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (135,850
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 60.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          91,182
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          48,138
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 60.0px; text-align: left">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (75,662
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (75,722
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 60.0px; text-align: left">
          Income taxes payable/receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,324
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          14,747
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 60.0px; padding-bottom: 2.0px; text-align: left">
          Prepaid expenses and others, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          18,620
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,302
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net cash used for operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (38,217
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (3,189
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 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="padding-left: 0.0px; text-align: left">
          <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="padding-left: 30.0px; text-align: left">
          Purchase of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (70,254
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (55,558
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Investment in finance affiliate, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          256
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left">
          Investment in other affiliates, net
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          11,183
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net cash used for investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (70,041
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (44,119
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 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="padding-left: 0.0px; text-align: left">
          <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="padding-left: 30.0px; text-align: left">
          Borrowings under debt arrangements / finance lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,010,220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          694,401
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 30.0px; text-align: left">
          Repayments under debt arrangements / finance lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (870,568
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (578,342
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 30.0px; text-align: left">
          Repurchase and retirement of common shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (6,110
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (14,987
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 30.0px; text-align: left">
          Cash dividends to shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (37,144
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (37,796
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left">
          Proceeds from stock issuances under employee plans
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,207
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          11,905
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Net cash provided by financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          99,605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          75,181
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Impact of currency exchange rates on cash balances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (993
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,856
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#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="padding-left: 0.0px; text-align: left">
          <b>Net increase (decrease) in cash, cash equivalents and restricted
          cash</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (9,646
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,729
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          193,126
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          161,618
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Cash, cash equivalents and restricted cash at end of period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          183,480
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          191,347
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#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="padding-left: 0.0px; text-align: left">
          The following presents the classification of cash, cash equivalents
          and restricted cash within the consolidated balance sheets:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          151,439
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          166,357
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Other long-term assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          32,041
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24,990
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          183,480
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          191,347
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,495,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,297,473
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 10.0px; text-align: left">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (549
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          470
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Adjusted sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,495,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,297,394
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          352,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          323,481
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 10.0px; text-align: left">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Restructuring &amp; realignment <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,792
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Adjusted gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          359,139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          329,325
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          64,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          73,692
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          669
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,080
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,197
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          19,630
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (13,478
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; text-align: left">
          Intangible amortization <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          10,247
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,130
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,359
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          88,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          94,920
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          48,378
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          55,714
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          510
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,585
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,099
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,721
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          19,417
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (13,113
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; text-align: left">
          Intangible amortization <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          7,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,499
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,846
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          270
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Adjusted net income <sup>(8)</sup></b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          66,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          73,603
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.85
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.08
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.30
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0.20
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; text-align: left">
          Intangible amortization <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Adjusted EPS <sup>(8)</sup></b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1.13
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(1)</sup> Represents adjustments for the wind down of Victory
          Motorcycles, including wholegoods, accessories and apparel
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(2)</sup> Represents adjustments for integration and
          acquisition-related expenses and purchase accounting adjustments
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(3)</sup> Represents adjustments for corporate restructuring,
          network realignment costs, and supply chain transformation
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(4)</sup> Represents adjustments for non-recurring litigation
          expenses and the impacts of tax reform
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <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 colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <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 colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(7)</sup> Represents amortization expense for
          acquisition-related intangible assets
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(8)</sup> The Company used its estimated statutory tax rate of
          23.8% for the non-GAAP adjustments in 2019 and 2018, except for the
          non-deductible items and the tax reform related changes noted in
          Item 4
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8" valign="middle" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>Three months ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>SEGMENT SALES</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>ORV/Snow segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          867,447
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          832,564
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Restructuring &amp; realignment <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          470
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Adjusted ORV/Snow segment sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          867,447
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          833,034
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Motorcycles segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          117,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          131,557
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (549
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Adjusted Motorcycles segment sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          117,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          131,008
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Global Adjacent Markets (GAM) segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          104,956
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          113,327
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          No adjustment
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          104,956
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          113,327
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Aftermarket segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          220,535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          220,025
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          No adjustment
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          220,535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          220,025
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Boats segment sales</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          184,810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          No adjustment
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          184,810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,495,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,297,473
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Total adjustments
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (79
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Adjusted total sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,495,690
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,297,394
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#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>

        </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">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="middle" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>Three months ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>SEGMENT GROSS PROFIT</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2019</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>ORV/Snow segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          252,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          243,561
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Restructuring &amp; realignment <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          470
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Adjusted ORV/Snow segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          252,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          244,031
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Motorcycles segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,962
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,568
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Victory wind down <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          52
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Adjusted Motorcycles segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,962
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,620
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Global Adjacent Markets (GAM) segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,829
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          31,258
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Restructuring &amp; realignment <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          445
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Adjusted GAM segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,829
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          31,703
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Aftermarket segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          56,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          58,452
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          No adjustment
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Adjusted Aftermarket segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          56,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          58,452
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Boats segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          36,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          No adjustment
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          36,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </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="middle" style="padding-left: 0.0px; text-align: left">
          <b>Corporate segment gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (29,217
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (26,358
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Restructuring &amp; realignment <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,691
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,877
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Adjusted Corporate segment gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (22,526
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (21,481
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 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="middle" style="padding-left: 15.0px; text-align: left">
          <b>Total gross profit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          352,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          323,481
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Total adjustments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,691
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,844
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Adjusted total gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          359,139
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: center; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap; padding-right: 0.0px">
          329,325
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#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 colspan="11" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(1)</sup> Represents adjustments for the wind down of Victory
          Motorcycles, including wholegoods, accessories and apparel
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="padding-left: 0.0px; text-align: left">
          <sup>(2)</sup> Represents adjustments for corporate restructuring,
          network realignment costs, and supply chain transformation
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>NON-GAAP ADJUSTMENTS</b><br><b>2019 First Quarter Results &amp; Full Year
      Guidance</b>
    </p>
    <p>
      <b>Restructuring, Realignment and Acquisition Related Costs</b><br>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. Additionally, the Company has recorded acquisitions and
      integration related costs associated with the TAP and Boat Holdings
      acquisitions. For the first quarter of 2019, the Company has recorded
      combined costs totaling $8 million.
    </p>
    <p>
      <b>Intangible amortization related to acquisitions</b><br>As a result of
      the Boat Holdings acquisition, Polaris' amortization of intangible
      assets increased 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 has moved to an adjusted net income metric, excluding
      intangible amortization from all acquisitions. The Company believes this
      treatment will provide additional transparency into the true, ongoing
      earnings performance of its business. For the first quarter of 2019,
      Polaris excluded $10 million of intangible amortization related to
      acquisitions.
    </p>
    <p>
      <b>Eicher-Polaris Joint Venture Impairment in India</b><br>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. No costs were recorded in the first quarter of 2019.
    </p>
    <p>
      <b>2019 Adjusted Guidance</b><br>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.
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</DOCUMENT>
</SEC-DOCUMENT>
