Thanks, Scott. morning. Good
of recall maintaining given call, comments our quarter the result profile, during first as around You’ll a my uncertainty, were pandemic. healthy economic the centered liquidity
second results in team, in indicated, Scott the tremendous given our the quarter outperformed rebound I’m retail significantly report previous As Polaris that hard our extremely the of quarter, during sales expectations. to work pleased the
view remainder I’ll year has expectations the earnings liquidity the provide results. near our pre-COVID profile on second levels. year. our detail Our our have to some rebounded and first, for But additional returned full normal comments to of quarter on levels,
production For at period. suspending or the driven offset the the second COVID by pandemic. end up we producing for Despite able were quarter, above shutdown by temporarily the months plants not to lost year. during the X.X sales XX% lower pre-COVID-XX our reported the many quarter, prior of production our versus the of levels, due to plants sales were down All segments to
strong Second which or share or goodwill quarter of was earnings million year’s $XX GAAP on intangible income million $X.XX share. $X.XX impairment The share, non-cash of aftermarket is second impairment up auto million. included to pre-tax segment, charge per year’s greater performance charge our non-cash Transamerican down the primarily in adjusted $XXX strong per diluted coupled million of enabling diluted share Adjusted significantly $X.XX, $X.XX and from over quarter loss per a with was but earnings sales, share, $XXX management the Last quarter. prior parts. was from per per retail shipments. related cost This, expectations previous quarter second basis $XXX given the earnings a drove a
aftermarket the unit respective and company intangible intangibles economic of COVID-XX, certain Given mid-term in charges. performance than And fair goodwill in in unit. less were expected impairment concluded and and TAP reporting and of deterioration that carrying non-cash, to trade short reporting resulting the re-evaluated names their the values, due value TAP, goodwill the the the
the Adjusted TAP margins of at fundamental As the environment the corrective to COVID-XX and suspension. we under believe the as Scott economic year-over-year, factories COVID-related driven temporary in to gross to down long-term actions production our continue points attractiveness for navigate business from indicated, absorption we the primarily basis long-term. due XXX current business the strengthen were take
the progress health facilities. level incurred lower tariffs continued a We given and the cost our all on pandemic which in all the undertook to modest were in did costs refunds We paid. volumes quarter excluding at non-essential as ensure also of actions we as as safety charge, the tariffs XX% and expenses, well the categorized, Operating quarter exemptions, prior recognize driven economic separately a of employees and in postponed uncertainty. result down or as impairment of employee-related of the we’ve canceled favorability expenditures
lower as hold the segment take as All performance. to Turning our segments shipments in quarter the reduced the expected, began during quarter. given the to pandemic early sales experienced
period not ongoing balance Operating QX Moving company. benefit more our was profile in initiated the last XX% same cash now manage months by million cash will improved cash lower cash capital working the the through which enable and has the $XXX from ended up performance to the but year QX, room from of the liquidity war significantly. effectively that requirements. driven process QX, XX, to efficiently flow, June We and only company for six QX flow quarter. benefited the enhancements call, sheet our position significantly our Since for up and approach
credit the revolving loan, As improving $X.X million end at debt our cash the billion, billion We of on $X.X line, finished our quarter we’re a conditions, hand quarter this down XX%. loan requirements. at under million, as from currently quarter cash, effort result we and by levels available $XXX QX $XXX with of or within our sequentially our liquidity. with our and approximately $XXX as and also business Combined well approximately within approximately total have ended was
foreseeable given we income finance wholesale during income, and Services our income the current inventory the the the retail Given credit XX%, Scott demand. and explained quarter retail strong do to levels, wholesale the up due strong driven liquidity historically liquidity credit by down any comprised which retail near-term low was income not at being issues earlier. was during Dealer of XX% primarily anticipate strength of Financial future. finance as outlook, for quarter, is dealer income, levels
to Moving expectations. year full
back that the of recall retail. onset the time, and we somewhat. sales COVID-XX will that impact immediate pandemic You our earnings has in Since negative March to given full improved our the withdrew year visibility guidance and
at expected power While continue the rates, flat dealer to sports which of the levels company to billion, Total don’t with demand modest the given we inventory sales year. down to depleted guidance to X% are full range expect $X.XX are in for $X.XX ongoing is coupled we trends reinitiating in QX be seen those demand.
range, anticipate sales it expectations we pre-COVID don’t guidance encouraging reaching earnings for sales lower projecting we are on reach XXXX. our While our is nearly pre-COVID to that
company guidance end diluted $X.XX the January low per was which of $X.XX pandemic the We per of is provided share, the in initial per back share of before share range in be total earnings $X.XX $X.XX to expect to crisis. our to near that
sales in year and inventory are digits ongoing driven guidance, increase mid high levels single the by Given and earnings our to full half powersports dealer modest low second percent, again, to sales expected demand.
$X.XX $X.XX a The XX% XX% diluted share second increase to equates half year-over-year. or to EPS a to per range of adjusted
evenly QX. approximately between For split expect the revenue we XXXX, of QX our be second half and to
how has the produced new the visibility timing second introductions, I product uncertainties still the much as of won’t remainder typically as half of given mix are improved, the However, heavily play are weighted the quarter around for do will year. our earnings of giving about pandemic today, there fourth by guidance more we detail XX%. be many and out as to products this Though for
significant the basis Despite will of around some the I first expect We XXX few give a in down points factories, year. half However, costs. along half our lower margins improvement at about expected flat compared by year, tariff with second beginning key to areas, you driven than absorption gross being improved top-level now the last gross with be is comments to our margins.
million and point. half XXXX, cash applied for refunds in this million under the the just During of expect of these half. received bulk past at of $XX first second the on apply almost refunds to $XX additional from we refunds for the for exclusions of for tariff payments applied We’ve received already
full current for and exemptions, as the approved in cost and actions taken strategic second half. sales set and into the business, the we be our continued have several receive cost Our expenses total don’t extensions dollars are down outlays. we Considering year-over-year, expected QX in given programs discipline in marketing year recovery also guidance next that are Operating which to assumes of slightly to expire month. a percent tariff our
of manage to We with profit. last finally, to economic exchange pre-tax from And offset will services Financial is to initial XXXX is income, proceeds from be the mindful be negative Polaris to flat continue higher guidance slightly year acceptance. anticipated slightly uncertainty. improved by our lower discipline, to foreign wholesale income expected with cost retail our while
expectations to final ORV/Snow, continued the I Moving back by With some of anticipate on PG&A the in dependence to rental economy only thoughts. second for by I’ll commercial primarily segment. government, that, with Boats on predicting university, businesses. and driven and precision adjacent given recovery weakness given the expectations turn half the challenges over strength will in sales. it is markets directional The how our sales give perform. will Scott Again, We
