detail each of I and will X for start Thank the where fourth the full you, XXXX. all. results plan Karim, will presentation, briefly into financial business to I on to I further good of year on and morning go summarize segment. Subsequently, Page quarter the
our me an in was HDFS unfavorable million driven $XX consolidated while Let XXXX. down fourth revenue for million revenue million, of of LiveWire The growth million start in income being was by $XX This with mainly QX was line was down year X%.
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to HDMC an turning Page retail Now performance. X,
retail by in our QX and of mentioned, industry customers, QX our our prior markets.
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and Pacific, motorcycles. sales Japan the with as XX% touring weakness QX up weakness retail was a XX% Zealand New positive For of region in weak the category majority has remained In XX%, QX sales sales by on retail half retail noncore since driven XXXX, the a EMEA by year the in Australia declined was second was China The the turning Asia QX. were full and year. where decline in XXXX.
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year-over-year. Specifically, X% levels inventory over Harley-Davidson Dealer were down
upcoming healthy our balance season levels. dealers inventory at We continue XXXX and spring appropriate the we as prioritize to and to start for support riding at work dealer
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to million which that XXXX. to factors were overall million full in previously. than as due Lastly, late was at cost Full in due which was of operating XXXX for the million, operating take began of $XXX came QX discipline we lower $XXX $XX year to HDMC year $XXX expenses the XXXX, actions we million by mentioned lower maintained prior income year
for full For the which year margin operating full XX.X% compares HDMC year the XXXX. to was XXXX, X.X%,
to turn cost the I update let we on give me as October, our productivity program. Before next in did a brief slide,
the part drive XXXX. million improvement of expecting we where hardline One in of to were as of initiatives $XXX the strategy, productivity by identified
target excluding million. reminder, a now of communicated are holding As the previously we impact of $XXX leverage our multiyear while
delivered XXXX. is of impact for $XXX leverage, million date. delivered and year. approximately in $XXX in full XXXX the we the Excluding to million total a million further of XXXX, a $XXX $XX million In we This
and to in million anticipated. We by over exceeding so X achieve expect XXXX, later target year hardwire XX%, dollar again but doing XXXX in another $XXX our than
portfolio to unfavorable and million change higher, was credit rate of in to income.
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have X% QX driven more customers for period credit X.X%. an estimate have including XXXX, which current quarters X% annualized by continuing which balances XX%, of XXXX. ratio of This Total Across higher dynamics. commercial was to due environment. retail X% to end losses led COVID.
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turning to Now Slide XX.
electric in to compared action cost million overall the [ with were ago quarter. For At Basic, million, motorcycles was invest initiatives the compared year administrative less of prior to motorcycles modestly LiveWire of electric unit year. prior of ] revenue QX due Selling, the the year. Fourth down a reduce to million motorcycles. the and compared or quarter expenses EV prior $XX $X AMS our decreased the revenue LiveWire operating line quarter XX% to the continues in as balanced continued up in in engineering to expectations than in EV per segment, sales year motorcycle fourth down was new period XXXX business, models of lower to loss sales LiveWire $X to
For the the was from $XX the segment, full revenue down LiveWire year prior XX% XXXX results million, year. of
year the sold electric motorcycles which of to XXX period, For LiveWire XXX XXXX. XXXX motorcycles electric compares in full
with operating line was expectations. in was $XXX period, which the our million, loss LiveWire For
we Wrapping This of turning at in consolidated up finished million and up $X.X consolidated over to $XXX financial cash inventory, operating million cash year LiveWire. ago. delivered Slide Harley-Davidson includes number a including ended goods XX% Inc.'s billion, XXXX cash results, with in Now higher $XX and XX. million was $XX increase total at $XX an and cash than from reduction $X.X equivalents which was of flow a billion million which
cost which amount XXXX. at million a at to million. total QX, we of of Harley-Davidson X.X common repurchased stock back of the shares our outstanding XXXX, total allocation to XX, part at repurchase million, X% million company bought return a value a our This year of in shares Since our stock shares million of of million. $XXX share we billion beginning of of XX.X capital is to of $XXX shares $X back as bought full have cost the announced on a Additionally, and at our XXXX commitment plan capital July X of our brings $XXX line with strategy shares shareholders.
In in
Now turning XX. Slide to
for greater new second U.S. retail are remain in second As model our At of our already Yet lineup. Jochen our uncertainties market and touring skewed be consumer we coupled financial after the Pan 'XX with units launch, discretionary new flat we and to the important of XX in we outlook we family, as mentioned, the in softness look positive with entrant position leading all slowdown. redesigned the 'XX, with towards share still pleased particularly American half, an mindful year macroeconomic as including XXXX to overall expect spend, half high-ticket Jochen mentioned. in performance new HDMC,
units flat inventory as wholesale of be be mindful down management. to dealer continue we to expect XXXX to in X% We
inventory global to of of XX%. end this down most more reduction than XXXX. XX% more where by in be the a of expect come impact expect we will evident than half first We by The the levels
revenue to to expect we flat HDMC result, a down As X%. be
for comparisons as of building touring new exhibit to expect dealer different are revenue a was align inventory timing year-over-year in done will the We seasonal all and versus not year we wholesale XXXX. cadence as shipments with prior revenue
our to operating shifts We strategy due margin expense of savings. lower volumes, in of we expect and between the unfavorable portfolio [ in count to ] overall due The leverage benefit of head our negative Softails FX expect include operating makeup performance be to full pricing to we to fine-tune up continue year due income currencies, higher drivers from and operating expectations margin and X% down headwind which X%. unfavorable slightly pricing lower as to mix, come slightly and anticipated warrants foreign
unit loss lower to million to we flat commercial onetime at activities. to taken unusually The XXXX as benefit to be impacts reduced on value range outstanding lower relative this from expect assets borrowing in forecasting of as XXXX, credits tax lower down between tier million. decreased and units rate higher as the we XX% X,XXX level, operating down average XXXX. with drivers HDFS, rate, we year-over-year cash reported earnings shares mix sales addition, and lower and total in environment, of LIBOR in to we higher in and inventory we investing we balances, on refinance and experience stable include operating costs This levels income retail loss in lap existing earnings $X.XX interest expect X,XXX At into an as to year-over-year lower X% the share dealer forecast and reduced EPS recent wholesale in expect short-term other warrant well. pension by where consumers taxes a stress, a higher $XX years.
At the reduce from as low withholding backdrop EPS $XX of XXXX. due based LiveWire, which higher as In and lower and but origination levels, lapping macroeconomic to a was changes prime of LiveWire XXXX continue and is were in repatriated.
Interest XXXX to income credit on portion will to used weighted interest of in in due rate XX% tax income, portfolio the rates, Actions per settle income to volumes down to recent offset be levels gains driving is some be originations operating to
XX% be total $XXX in of XXXX, reduction to range This capital $XXX development $XX this HDI, we And of a and and as in to is in XXXX spend lastly, the will same plan of forecast we investments expect product approximately and invest less. For expect to million. XXXX the or continue for capability management. million the million we where
as automate as productivity journey driven by investment for well innovation LiveWire. in costs Our as product core and remains our to investments of part investments planned focus reduce manufacturing
As the of a our reminder, Hardwire fund profitable discretionary initiatives, allocation repurchases. continuing share priorities capital growth capital and includes to the execute to paying dividends expenditures, which remain
in shares X-year $X.X As 'XX, capital covered our previously, in billion from billion we period shareholders, to repurchased. returned of $X.X through XXXX the including
shares, commitment in announced to open with our to repurchases $XXX up as we demonstrating share ongoing in XXXX, it we will delivering As our $X begin common planning are to back buy Q&A. million we that, of billion July.
And
