Matt. Thanks,
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our and our After increasing history to and manufacturing our intend repurchases. stakeholders XX, repurchased cash Driving top million our per One on of deliver is a recent strategies in of the five initiative. by is paid a execution $XX.X share class and leader shareholders. invested cash is business, ROIC clear the through return at leader return HDFS. by on business the ability Harley-Davidson the is best-in returning superior XX to shareholders. of of objectives form our we our summary optimization cash superior quarterly dividends all in at third of is our share guiding our priority. equity generate of as and multi-year and to measured capital value and the XXXX of dividend the in In return at S&P quarter shareholders a Slide our excess On our investing XXXX, top Slide we in $X.XX Company in our to XXX, and Motor to quartile the Company illustrates for the Motor return HDFS stock. of to ROE ROIC
by depreciation. we incurred of primarily driven During the accelerated restructuring million expense $XX.X third quarter,
result, third incurred planned $XX $XXX $XXX noted costs million. expected by to our quarter, are total tracking is $X.X slide. in million the expect are XXXX to expected and a We temporary The also Through We between related allocation inefficiencies. XXXX we as the million. costs, cost the now and program to total be favorably we reducing on
our believe cash $XX attractive focus We We $XX invest of in expect approximately percentage continue When and simplify and provide million and X.X our initiative improve approximately between to ongoing footprint, operational expect these investments annual $XX expect returns. savings very margin after we will of capital completed, points. have this million manufacturing to by gross investments, XXXX.
guidance on to on Moving XX. Slide
first year income, confirming our inventory. X% and shipments shipments tracked up except XX,XXX, financial Note our year. up down the – constraining and X%. approximately in are the that, of were QX for significant compared to of U.S. inventory tax expectations this versus in quarter XXXX. lapped shipments X% Motorcycle significantly nine XX.X% XXXX, XXXX expectation in We to double the and for the were fourth as half with be spending to were X.X% shipments approximately rate. capital plans, X% our services to are XXXX reduction approximately approximately expected XX,XXX to operating prior effective dealer down down retail digits compared year’s to shipment months of being Through first full-year QX we last QX to shipments down line
of new inventory throughout and season mix inventory. motorcycle significantly versus Our XXXX lower carry-over the shipment cadence has improved dealer selling in resulted
at U.S. expect sales dealer expected dealer network international to to increasing dealer to retail is and be and increase last year-end to continue behind a We year, growing inventory flat compared inventory momentum.
follows. XXXX. operating as compared income We Our guidance adjustments expect are to to be up now HDFS
spending million. capital flow by XXX,XXX will Touring, range and we be tax effective includes all occur as estimate cash CVO be expect dealers now $XX on Touring expect our capital on in on fourth million between The approximately estimated million. rate XXXX motorcycles result we that We model the assembly $XXX approximately of a voluntary XXXX Softail XX.X% certain yesterday, XX% a asset our models we year and full are approximately Trike quarter. recall authorized cost focus and XXXX clutch year voluntary XXXX strong hydraulic we be a We a efficiency. spending year million full also safety now to for recall Just And, to and charge of the notified will models. This $XX our to reducing $XXX and and
with of to and margin our to operating at continue premium full-year addressing and provide and range. however be the this efforts. the motorcycle with long amplify is management safety To percent our a be cost to to riders We, of issue expected our us, on wrap are to service we our we’ll end in all term priority. of the will they along operating the revenue likely objective, We and highest continue dealers margin up our believe recall, of of riders, finish value brand expect X% for relentlessly our continuing as of our our the focused dealers expect. low and committed supply management our are customers frustrating for this stakeholders, between however, net experience Recalls to disciplined given and for our drive quality XX%; cost
to our investments, deliver will the and for Thank strong returns shareholders We drive you. long-term. to our growth company for the continue focus
Now questions. your let’s take
