Thank everyone. you, and good morning,
HDMC, executing licensing Jochen HDFS, Hardwire by and parts structure our HDMC accessories, QX our business fundamentals marks first of our delivered strong we in under a are and year quarter businesses. highlighted, houses strategy. three-segment we As and on motorcycle, updated Harley-Davidson total branded LiveWire. focused and staying and our apparel fiscal time reporting the on
Harley-Davidson retail provides Inc. the an provide and XX% our the services marketing motorcycle customers. HDMC both interest electric to is sales owns of their insurance and and continue results to segment, consolidate design, LiveWire LiveWire. to new balance other in will the housing will continue and STACYC LiveWire motorcycles They and HDFS to electric Harley-Davidson dealers financing, bikes. services and in
closed results prior in a of quarter significant overcame operating operating actions and of increases. expansion margin points production versus the income revenue three year year. with productivity Fourth and QX Pricing impact out cost suspension strong ultimately year-over-year resulting the in
Looking in driven HDFS, by and than and at decline fourth our increase the financial motorcycle total in growth wholesale shipments with and segment. year-over-year and in $X.XX results revenue consolidated billion HDMC of strength LiveWire continued units HDMC pricing. last was HDMC XX% the year, revenue XX% within was higher a XX%, in global quarter, increased the up
prior up million HDMC LiveWire was a financial company XXXX was than across in expanded segment X%, million prior loss built their due finance network. $X inventory services improvement is million due And period $XX largely consolidated $XX versus was distribution million of the $XX Total a at higher better the to Total losses. year's comparison primarily income revenue Harley-Davidson of receivables. to as segment year. strong operating operating decline
continue at losses $XX normalize fewer declined and quarters. $XX resulted with includes the launched shift cost LiveWire year to income rates the line million in year, to operating of development As costs operating calendar wholesale QX as with finally, higher And people loss and in of interest included units a XX% to by a step-up XX% expectations. HDFS the of in of product higher funding. of a XX% the compared reminder, the model beginning roughly other million
to higher X% to was of income year Turning $XXX of year, last billion results; operating consolidated $X.X full XXXX was revenue million total XX% and compared total higher.
per and by was share the offsetting to suspension earnings production As the inflation. for mentioned, pricing and of increase period year full cost last year. XX% compared $X.XX same $X.XX, productivity the driven This was impact Jochen
retail Global also motorcycles contributed modest XX% less year's below-the-line items, sales We accretion. smaller favorability the in volume. which quarter, we the had seasonally where in typically were new of retail of to flat the than
of inventory the by ended suspension and the sales impacted to our largely retail X% replenishment globally, XXXX QX Total down timing production dealers.
American driven XX% primarily disrupted For APAC suspension year, peak growth QX, to flow and our the the North double-digit in we resulted focused North Japan more in into the retail production growth inventory during was the high full closed in to decline of single-digit XX% year by flows with by grew Steady into in the which the production of steady out the region. in season. our America investments attributed as riding China, network. dealer dealers model inventory
inventory basis, dynamics riding inventory a we relatively quarter to compared season. to year XX% average was up On are and flat and solid new last we Throughout less ended for position both a set in to in about used strong continue We sequential run the a healthier XXXX. and pricing for realized the start motorcycles. XXXX,
of or prices motorcycle new two U.S. finished minus For within plus MSRP. of the our desirability threshold year, full points percentage transaction
at the year. increased and HDMC revenue XX% total X% full Looking in QX revenue; for increased
the came as profitable businesses. full the apparel year, points we growth prioritize most pricing three by growth driven increases contributed unit global and MSRP pricing the of across Mix through accessories point from of and one growth, from continue of lower key growth and on incentives both and seven parts drivers to volume wholesale points markets. for models Focusing and our
three the foreign strengthened year. dollar from negative exchange the impact And finally, as throughout points of
the production Focusing margins, in inflation than the compared in annual HDMC the pricing suspension. from supply volume year. offset for prior Stronger of and margin to on XX.X% chain and more cost gross impact XX.X%,
the the unexpected point about from unfavorable margin one tariffs, lapped impact EU Additionally, tailwind. we provided in which XXXX, of
a to continue year year. half in peak and we levels chain X% the supply lower first back supply was last at than to lesser logistics, Overall, versus deceleration in last down inflation approximately total, costs with materials point half realized inflation total of The cost was see XX% In to in continued year. largely raw metal last shipping quarter, year. the in expedited chain extent, stabilize driven by including of lower the of inflation expenses, X% and, impact and the declining from markets which X%, annual the one be inflation
from driven in XXXX year, was margin XX.X%. the HDMC noted XX.X% operating the For by improved above. to primarily The factors improvement
high at to in operating income was expectations. guidance back to last for referenced million LiveWire the margin our was which down is our end range. combined original of million, As year, XXXX and XX%, guidance, year. guidance QX XX% finished $XX operating for line compared the And finishing HDFS operating the HDMC with $XXX XX% in total income of down
by annual in behind in year. was of and QX in origination loss XXXX bike growth of growth strong X.X%, dealer last retail a see did used was X.X% X.X% replenished. in originations retail HDFS's up Total origination. an bike for The annualized X.X% losses ratio In We were QX loan decline inventories new borrowing of costs. ratio credit QX, in to driven increase a provision credit higher compared as
prior $XX and average versus receivables was Total expense year-end was was The plus XX% year. billion, a of million interest outstanding or $X.X funding. versus XXXX Total debt up increase which X.X% up year. higher by driven were higher financing cost prior
In losses macro retail first for up with finished at year allowance addition, incorporating the the credit uptick outlook quarters slight environment. from current for on of the a three X% the XXXX, X.X%, the
increase in expectations. and to than guidance, units company STACYC unit quarter two XX% models innovation annual sold by of $XX year growth balance line public revenue of year. a Fourth favorable full total, decreased was about ONE XXX on STACYC million driven by segment is ahead units as prior XX% and quarter pricing. year, first LiveWire initial million higher XXX was of its finished new LiveWire in with was the revenue revenue and our The behind by sales driven which more LiveWire In mix bikes. bike and $X product
electric system year. loss investment in its year, $XX the Mar of ready in associated compared of with and the million the product XXXX. of motorcycle advancement of was to company step-up electric attributed slated the for as increased second full the behind For to million, its loss prior loss vehicle development to operating launch SX the Del a $XX platform The
the retail Additionally, expansion of in omnichannel build-out Europe XXXX network XXXX. includes investment and the into in planned
higher results related Harley-Davidson, which year of was flow, in Wrapping finance cash working receivables. to Inc. operating changes we well with XXXX, was delivered wholesale financial up net outflows from full decrease million $XXX as million in The $XXX down by as driven capital XXXX. cash in
and cash million line cash capital the company XXXX, end from allocation repurchases. this XXXX, In million $XXX in returned with $XXX to the ended share consolidated which through was Total lower $X.X equivalents million LiveWire. priorities, of at and number billion, cash than shareholders dividends over our includes $XXX
revenue two of As profitable forecast we of to for our growth, financial X%. growth to X% outlook. inflationary on we points two to The offset focus as points moderated business outlook one to unit one points more as mix, expect HDMC core look XXXX, we and our approximately two a continue pricing to growth of incorporates of we
Furthermore, the our parts in we strategy. with continue accessories, and top-line growth and licensing to line expect apparel to accelerate and Hardwire businesses
of We expect XX.X%. XX.X% income HDMC to margin operating
positive impact chain supply We inflation cost our will efforts believe offset from headwinds. the and productivity expected leverage, unit currency and within mix, volume pricing, anticipated
decline of environment the by XX%. a We to higher XX% decline is cost largely expect borrowing our HDFS rate to interest operating causing income to This result increase.
we X.XX%. XXXX losses loss also and are are and rates between expecting Given above planning rise macro for backdrop, to the X%
the incorporates of development total HDI, updated And in are X,XXX to forecast continue $XXX for enhancements. investment million, new innovation, of as XXX an This $XXX The products. capital investments and expect range Mar well capability lastly, productivity investments journey, we in loss as to product and income between we unit LiveWire. manufacturing For launch and million to expecting Del $XXX is of a units forecast by part the operating our for driven behind LiveWire, automate $XXX and million. we reduce core to timing product costs invest step-up primarily as in investments planned as million
XXXX, we're the XXXX, continue to expect X% chain in X% costs inflation, in we more about smooth expecting labor to and of volatility XXXX experiencing compared costs two completely supply not the to the In And expecting supply while to stabilize. points are as in previous across efficiency, this less the primary aggregate, chain increase as terms back we we are over two In moderated driver three year. of and with of than upcoming years. inflation logistics sailing
One of the Hardwire eliminate our costs strategy incurred supply as driving key part the $XXX incremental to XXXX. is initiatives million of identified productivity of chain since
delivered that projects with waste. goal, to $XXX XXXX, In $XX another million efficiency in XXXX, increase expecting million we production eliminate toward are we complexity focused and approximately and and
and base We costs. also to expect supplier stabilize to expedited shipping reduce continue the
We XXXX progress good will mix productivity, progress continue $X,XXX for the per XXXX continue in we to and to profit with getting believe finishing initiatives make with of drive to we unit. to levels improving make place in roughly cost bike historical that profitability. on at And the per back
dividends, share authorization. million expenditures current and shares to In priorities remain our allocation, on shares, discretionary our we initiatives, XXXX we repurchases. the includes paying million executing and capital we remaining X.X growth Hardwire fund of X.X As mentioned the have which back XXXX, capital bought board previously, look to
that funds in part XXXX. the expected. as the loan do on to spin Harley-Davidson put less LiveWire not that and raised than LiveWire draw facility we of were place Finally, given in We facility a expect between
that, back to in are XXXX targets very commitments And wrap pleased are have turn I'll it in delivered financial on summary, Jochen our upcoming to to In we focused up. year. this with our achieving and
