A：The flow-through impact, after removing tariffs, would be around 40%, reflecting progress made in the plants. This includes the addition of about $100 million of incremental tariffs and $300 million of commodities headwind.

A：The progress in the plants is quantified by having one lean line at each factory, indicating a move towards operational efficiency. However, improvements are still needed as the first pass yield is much better than the historical performance but not yet where it needs to be.

A：The team is focused on moving away from high-tariff countries, working on value engineering projects to position the company to achieve mid to high teen EBITDA margins in the long term.

A：The guidance includes a cost savings component, with an expectation that the impact of tariffs is already reflected in the guidance. There is an implication that there could be additional cost savings not explicitly mentioned in the script million figure.

A：Under GAAP accounting, the TFA affects costs and revenues by causing about $90 million to float through COGS, $15 million through Opex, and $35 million through other income. This results in a headwind to reported gross profit (GP) but is expected to fall off over time.

A：The company plans to ensure minimal disruption and growth sustainability as the business transitions. This involves management of the transition with a skilled team, including the operation of new facilities and setting up the business properly.

A：The company expects adjusted free cash flow to be around $600 million. For working capital, they anticipate challenges due to an increase in finished goods inventory but aim to keep raw material costs flat or down and continue improving payables to drive working capital lower.

A：The company's goal is to be under their normal covenants by the back half of the year, and they expect to continue paying down debt as EBITDA improves. Long-term, they aim to be back in the script to script range for investment value rating.

A：In the upcoming year, especially in the second quarter, the impact of India will mainly be financial, with revenues from India dropping off. The team is aligned to minimize any financial impact and to focus on achieving separation as soon as possible.

A：The 79% account sales growth, when adjusted for India and a $400 million impact, implies a midpoint of $200 million. The growth is driven by a significant increase in sales, but specific drivers are not detailed in the transcript.

A：The main factors contributing to the company's current inventory levels include not undershipping retail, pulling dealer inventory down by 17% overall with off-road inventory down 9%, and maintaining a healthy inventory mix. As a result, the company feels well-positioned with inventory in light of a flat industry.

A：The company expects strength to be maintained in the utility segment. They anticipate challenges in the rec side of the business and think that continued inflation reduction and more relief from an interest standpoint are necessary. Consequently, they believe that people are postponing purchases unless absolutely necessary, which could potentially impact the rec side negatively.

A：The company's inventory is being utilized effectively as indicated by tracking of ro activity, miles driven, and the sale of wheels, tires, oil, parts, and components. They know people are using their products. In the future, they expect that customers will want to upgrade to the company's latest products in the rec segment, which they consider to be quite innovative.

A：Tariffs are causing a significant impact on the company's financials, with over $200 million worth of tariffs affecting earnings. The company is working on several fronts to mitigate the impact, including aggressive lobbying, working on supply chain localization, and examining ways to reduce costs and improve efficiency. They believe that these efforts could turn the situation into a net positive for the company.

A：The company is dealing with the challenges posed by tariffs by actively engaging in lobbying efforts, exploring supply chain localization, and working to reduce costs and improve efficiency. They have a team in place that is quoted to be working hard to offset the impact of tariffs. While there is no crystal ball, the company's current assessment is that the tariffs, particularly the Mexican tariffs on Chinese goods, are not expected to be significantly impactful going forward.

A：The company is closely monitoring the Supreme Court's decisions and has a plan of action ready in case the court rules against President Trump. They are continuing to lobby aggressively and are optimistic that the administration understands the importance of the relationship with Mexico. The company is also exploring opportunities to localize the supply chain, which they believe could improve working capital and responsiveness.

A：The company feels positive about their inventory levels compared to the next largest competitor, suggesting they are in parity with days' sales outstanding and inventory on hand. This competitive position is helpful to dealers and provides a healthy balance in the industry.

A：The company meets regularly with their dealer council to ensure expectations are set and met. For instance, they have driven towards having days sales at 100 or less and reducing aged inventory. Their efforts have been appreciated by the dealer council, and they continue to work on improving the health of dealer inventory and margins.

A：In a flat retail environment, the company expects growth in both their Orv and Marine segments due to the alignment of build, ship, and retail processes. Additionally, the utility segment's strength is expected to help offset any weakness in the rec segment.

A：The company has zero intention of divesting the marine business, which is considered an excellently run business and has strong performance even during industry lows.

A：Slingshot has been heavily impacted by high interest rates and inflation, resulting in the company losing money. The company has an aggressive plan to resolve this issue, and if not successful, it will take further action. The business is expected to improve over the next couple of years due to a product refresh cycle.

A：The Orv business is expected to have mix be a headwind this year, with strong north ofar retail and northtec shipments leading to potential shifts in the mix that negatively impact margins. The company is cautious going into the script season and is trying to ensure inventory levels are appropriate. Despite this, the promotional environment is expected to slow down, helping offset some headwinds. Price increases will also contribute to mitigating the impact of the mix on margins.

A：The company plans to be cautious and focus on getting inventory levels where they want them, which will present some headwinds. However, they expect the promotional environment to slow down, which will have a positive effect. Additionally, they have not implemented price increases in a few years, so those are expected to help offset the mix impact.

A：The company is not ready to provide guidance on segment top line performance due to the complexity of the Indian sale moving out and the need to reevaluate segmentations. They plan to update guidance either in the first quarter or at a conference depending on the timing of the Indian sale.

A：The company believes that the incentives from the 'one big beautiful bill' will largely drive the strength in the utility segment. They have not assumed a significant uptick across the recreational side but are prepared to respond if there's an increase in volume. They do not have specific data to predict the impact on different customer segments or whether the money will be spent on discretionary products.

A：The off-road business outside of Indian, primarily GE and AXUM, is performing well. However, the guidance provided does not specifically address this performance and is currently focused on the impact of the Indian transaction and the retail financing environment.

A：The company's credit statistics have been consistent, with aggressive promotional financing achieving its intended impact. Consumer demand for lower rates persists, and while rates have slightly improved for those with higher credit scores, there has been no dramatic change. The company is not assuming much help from the Federal Reserve and is planning for a script similar to the previous year, with promotional rates aiding customers choosing between rebates and promotions.