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哈雷戴維森發佈第三季度財務業績
密爾沃基（2024年10月24日）– 哈雷戴維森公司（簡稱「哈雷戴維森」，「HDI」或「公司」）（紐交所：HOG）今日公佈了2024年第三季度業績。
「我們通過本季度的努力工作，努力減輕利率、宏觀經濟和政治不確定性對我們的行業和消費者造成的壓力，尤其是在我們的核心市場，」哈雷戴維森的董事長、總裁兼首席執行官約翰·賽茨表示。「我們對我們的觀光車型推出受到消費者和經銷商的熱烈反響感到非常滿意，並正在努力爲公司打下穩固的2025年基礎。我們對於在新的一年能夠取得實質性進展感到樂觀，我們期待進一步的利率降低和改善的消費者信心將爲行業提供所需的助力。」
2024年第三季度亮點及相關結果
•攤薄後每股收益爲0.91美元
•第三季度合併運營收入爲10600萬美元，同比下降49%。
•Q3相較於去年同期，北美零售銷售下降了10%
•全球零售銷售額同比第三季度下降13％，國際市場表現低於預期
•HDMC在第三季度的毛利率爲30.1%。
•HDFS第三季度營業收入同比增長29％，而營業收入增長10％
•公司將其2024財年全年財務展望調低，以反映當前環境
2024年迄今爲止的重點及相關結果
•每股攤薄後收益爲4.27美元
•彙總營業收入爲61000萬美元，同比下降24%。
•北美零售額比去年同期下降1.7%
•全球零售銷售同比下降5%
•HDMC的毛利率爲31.3%
•HDFS經營收入同比增長14％，而營業收入增長11％
•美國旅遊市場份額達到75%，同比增加4個份額點1
1 來源：來自摩托車行業板塊的2024年至今美國601+CC街頭合法市場份額數據(MIC)。
Third Quarter 2024 Results
Harley-Davidson, Inc. 財務彙總結果
美元以百萬計（除每股收益外） | 第三季度 | ||||||||||
| 2024 | 2023 | 變更 | |||||||||
| 營業收入 | $1,151 | $1,549 | -26% | ||||||||
| 營業收入 | $106 | $209 | -49% | ||||||||
| 歸屬HDI的淨利潤 | $119 | $199 | -40% | ||||||||
| 攤薄後每股收益 | $0.91 | $1.38 | -34% | ||||||||
第三季度的綜合營業收入下降了26%，主要是由於HDMC營收下降了32%，部分被HDFS營收增長10%部分抵消。
第三季度的綜合營業收入爲10600萬美元，比去年同期下降了49%。這一結果主要是由於HDMC營業收入下降了69%，部分抵消了HDFS營業收入增加了29%，以及LiveWire營業虧損符合我們的預期。第三季度的綜合營業收入利潤率爲9.2%，與一年前的第三季度的13.5%相比。
哈雷戴維森摩托公司（HDMC）- 成果
單位：百萬美元 | 3rd季度 | ||||||||||
| 2024 | 2023 | 變更 | |||||||||
| 摩托車裝運量（千輛） | 27.5 | 45.3 | -39% | ||||||||
| 營業收入 | $876 | $1,297 | -32% | ||||||||
| 摩托車 | $616 | $1,023 | -40% | ||||||||
| 零部件和配件 | $174 | $185 | -6% | ||||||||
| 服裝 | $56 | $49 | 13% | ||||||||
| 許可經營 | $4 | $10 | -59% | ||||||||
| 其他 | $27 | $30 | -11% | ||||||||
| 毛利率 | 30.1% | 31.7% | -1.6 百分點。 | ||||||||
| 營業收入 | $55 | $175 | -69% | ||||||||
| 營業利潤率 | 6.3% | 13.5% | -7.2 百分點。 | ||||||||
第三季度全球摩托車出貨量下降了39%，經銷商調整庫存水平以適應當前的零售環境。HDMC的營業收入下降了32%，主要是由於批發出貨量的顯著減少。零配件營收下降了6%，因爲客流量低於去年同期。服裝營收增長了13%。
第三季度毛利率下降了1.6個百分點，主要是由於較低的銷量、負面營業槓桿以及較不利的摩托車產品組合。部分抵消的因素包括有利的淨定價、有利的匯率期貨以及較低的原材料和供應鏈管理成本。第三季度營業利潤率爲6.3%，期間營業費用降低了11%，但被HDMC營業收入較大幅度下降抵消，導致營業利潤率下降了7.2個百分點。
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哈雷戴維森零售摩托車銷售
Motorcycles （千） | 第三季度 | ||||||||||
| 2024 | 2023 | 變更 | |||||||||
| 北美洲 | 24.6 | 27.3 | -10% | ||||||||
| 歐洲、中東、非洲 | 6.1 | 7.8 | -23% | ||||||||
| 亞洲太平洋 | 4.8 | 5.8 | -16% | ||||||||
| 拉丁美洲 | 0.7 | 0.7 | 4% | ||||||||
| 全球總計 | 36.2 | 41.7 | -13% | ||||||||
全球零售摩托車銷量第三季度同比下降13％。北美零售業績下降10％，經銷商觀察到地域板塊客流減少，因爲客戶評估了較高的利率環境和宏觀不確定性。美國零售表現在年初至今的九個月期間同比下降1％。
國際市場表現低於我們的預期，第三季度同比下降18％。在歐洲、中東、非洲地區，第三季度零售銷售下降了23％，在各個國家表現不同。在亞太地區，第三季度零售銷售下降了16％，日本表現不及預期，澳洲和新西蘭有增長。拉丁美洲基本持平。國際零售銷售在截至今年九個月的同比期間下降了12％。
哈雷戴維森金融服務（HDFS）- 結果
單位：百萬美元 | 第三季度 | ||||||||||
| 2024 | 2023 | 變更 | |||||||||
| 營業收入 | $269 | $244 | 10% | ||||||||
| 營業收入 | $77 | $59 | 29% | ||||||||
HDFS 第三季度營業收入增加了 1700萬美元，增長了 29%。這一結果是由較高的利息收入和較低的信貸損失準備金部分抵消增加的借款成本驅動，其中營業費用基本持平。
LiveWire – 成果
單位：百萬美元 | 第三季度 | ||||||||||
| 2024 | 2023 | 變更 | |||||||||
| 電動摩托車銷售量 | 99 | 50 | 98% | ||||||||
| 營業收入 | $5 | $8 | -41% | ||||||||
| 營業虧損 | ($26) | ($25) | -3% | ||||||||
LiveWire第三季度的營業收入減少了41%，原因是STACYC第三方品牌分銷商銷量下降。LiveWire的營運虧損爲2600萬美元，比一年前多了100萬美元，基本符合我們的預期。
其他Harley-Davidson, Inc.成績-2024年第三季度結束時的年度累積
•從經營活動中產生了93100萬美元的現金
•有效稅率爲18％
•支付現金分紅派息6900萬美元
•自主基礎上回購了35000萬美元的股票（950萬股）。
•季末現金及現金等價物爲22億美元
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2024年財務展望
截止2024年底，公司現在預計：
•HDMC：營業收入比2023年下降14至16%
•HDMC：營業利潤率在7.5％至8.5％之間
•HDFS：2023年相比，營收增長5%至10%
•LiveWire：電動摩托車銷量爲600至1,000輛
2024年全年我們仍然期待：
•LiveWire：運營虧損額在105到11500萬美元之間
•哈雷戴維森股份有限公司：資本投資爲2.25億至25000萬美元
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公司背景
哈雷戴維森公司是哈雷戴維森摩托車公司和哈雷戴維森金融服務公司的母公司。我們的願景：通過創新、演變和情感建立我們的傳奇，引領我們的行業。我們的使命：不僅僅是製造機器，我們代表着對探險的天時資源追求。給靈魂自由。我們的雄心是保持我們作爲世界上最受歡迎的摩托車品牌的地位。自1903年以來，哈雷戴維森通過提供獨具特色和可定製的摩托車、體驗、摩托車配件、騎行裝備和服裝，定義了摩托車文化。哈雷戴維森金融服務提供融資、保險和其他項目，幫助騎手上路。哈雷戴維森還控股美國首家公開交易的全電動摩托車公司LiveWire Group, Inc。LiveWire是未來的設計，追求都市冒險及其更多。憑藉出色的DNA和十年在EV行業的經驗，LiveWire的雄心是成爲世界上最受歡迎的電動摩托車品牌。了解更多請訪問 harley-davidson.com和頁面。livewire.com.
Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.
Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this report are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates,” “targets,” “intends,” "forecasts," "sees," “commits,” “assumes,” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this report. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this report are only made as of the date of this report, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company’s ability to: (a) execute its business plans and strategies, including The Hardwire, each of the pillars, and the evolution of LiveWire as a standalone brand, which includes the risks noted below; (b) manage supply chain and logistics issues, including quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or natural disasters and longer shipping times and increased logistics costs; (c) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (d) maintain and enhance the value of the Harley-Davidson brand, including detecting and remediating the impact of social media collective actions, such as boycotts and other brand-damaging behaviors that could harm the Company’s brand or business; (e) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023; (f) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (g) successfully carry out its global manufacturing and assembly operations; (h) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (i) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (j) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine and the Red Sea conflict; (k) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (l) prevent, detect and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (m) successfully manage and reduce costs throughout the business; (n) manage risks related to a resurgence of the COVID-19 pandemic, emergence of
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a new pandemic, epidemic, disease outbreak or other public health crises, such as supply chain disruptions, its ability to carry out business as usual, and government actions and restrictive measures implemented in response; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company's dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) successfully appeal: (i) the revocation of the Binding Origin Information (BOI) decisions that allowed the Company to supply its European Union (EU) market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and (ii) the denial of the Company’s application for temporary relief from the effect of the revocation of the BOI decisions; (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (s) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products internationally, and the cost of raw materials and components, including the temporary lifting of the incremental tariffs on motorcycles imported into the EU from the U.S., which was extended to March 31, 2025; (t) accurately predict the margins of its segments in light of, among other things, tariffs, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (u) successfully maintain a manner in which to sell motorcycles in China and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (v) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (w) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (x) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (y) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (z) prevent a ransomware attack or cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding cybersecurity and data privacy; (aa) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company’s business; (bb) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (cc) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (dd) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (ee) manage its exposure to product liability claims in a manner that avoids future substantial jury verdicts in pattern litigation cases, including the successful appeal of the verdict in Morris v. H-D, and manage exposure in commercial or contractual disputes; (ff) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (gg) achieve anticipated results with respect to the Company's preowned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; and (hh) optimize capital allocation in light of the Company's capital allocation priorities.
The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.
HDFS' retail credit losses have normalized in recent quarters to higher levels after a period of historically low levels of credit losses. Further, the Company believes that HDFS's retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions, including the impact of inflation and HDFS's efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, HDFS’s efforts to adjust underwriting criteria based on market and economic conditions and the actions that the Company has taken and could take that impact motorcycle values may impact HDFS's retail credit losses.
The Company's operations, demand for its products, and its liquidity could be adversely impacted by work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or other factors. Refer to Risk Factors under Item 1.A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and applicable updates under Item 1.A of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.
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Media Contact:
Jenni Coats
jenni.coats@Harley-Davidson.com
414.343.7902
Financial Contact:
Shawn Collins
shawn.collins@Harley-Davidson.com
414.343.8002
### (HOG-Earnings)
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Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| HDMC Revenue | $ | 876,405 | $ | 1,296,981 | $ | 3,701,417 | $ | 4,052,946 | |||||||||||||||
| Gross profit | 263,813 | 410,690 | 1,158,010 | 1,385,190 | |||||||||||||||||||
| Selling, administrative and engineering expense | 208,676 | 235,437 | 666,522 | 679,864 | |||||||||||||||||||
| Operating income from HDMC | 55,137 | 175,253 | 491,488 | 705,326 | |||||||||||||||||||
| LiveWire revenue | 4,808 | 8,144 | 15,958 | 22,932 | |||||||||||||||||||
Gross (loss) profit | (1,180) | 1,092 | (6,907) | (584) | |||||||||||||||||||
| Selling, administrative and engineering expense | 24,905 | 26,435 | 76,587 | 81,290 | |||||||||||||||||||
| Operating loss from Livewire | (26,085) | (25,343) | (83,494) | (81,874) | |||||||||||||||||||
| HDFS revenue | 269,482 | 243,934 | 781,818 | 707,390 | |||||||||||||||||||
| HDFS expense | 192,738 | 184,559 | 579,836 | 530,610 | |||||||||||||||||||
| Operating income from HDFS | 76,744 | 59,375 | 201,982 | 176,780 | |||||||||||||||||||
| Operating income | 105,796 | 209,285 | 609,976 | 800,232 | |||||||||||||||||||
| Other income, net | 18,408 | 26,814 | 54,851 | 54,136 | |||||||||||||||||||
| Investment income | 16,450 | 9,868 | 45,665 | 31,044 | |||||||||||||||||||
| Interest expense | (7,707) | (7,688) | (23,066) | (23,104) | |||||||||||||||||||
| Income before income taxes | 132,947 | 238,279 | 687,426 | 862,308 | |||||||||||||||||||
| Income tax provision | 16,980 | 42,176 | 123,821 | 190,546 | |||||||||||||||||||
| Net income | $ | 115,967 | $ | 196,103 | $ | 563,605 | $ | 671,762 | |||||||||||||||
| Less: Loss attributable to noncontrolling interests | 3,073 | 2,546 | 8,644 | 9,016 | |||||||||||||||||||
| Net income attributable to Harley-Davidson, Inc. | $ | 119,040 | $ | 198,649 | $ | 572,249 | $ | 680,778 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 0.92 | $ | 1.40 | $ | 4.30 | $ | 4.74 | |||||||||||||||
| Diluted | $ | 0.91 | $ | 1.38 | $ | 4.27 | $ | 4.65 | |||||||||||||||
| Weighted-average shares: | |||||||||||||||||||||||
| Basic | 130,078 | 141,622 | 133,187 | 143,678 | |||||||||||||||||||
| Diluted | 130,963 | 144,321 | 133,985 | 146,330 | |||||||||||||||||||
| Cash dividends per share: | $ | 0.1725 | $ | 0.1650 | $ | 0.5175 | $ | 0.4950 | |||||||||||||||
LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.
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Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
| (Unaudited) | (Unaudited) | ||||||||||||||||
| September 30, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||
| ASSETS | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 2,243,910 | $ | 1,533,806 | $ | 1,878,351 | |||||||||||
| Accounts receivable, net | 307,701 | 267,200 | 315,331 | ||||||||||||||
| Finance receivables, net | 2,300,551 | 2,113,729 | 2,101,965 | ||||||||||||||
| Inventories, net | 681,864 | 929,951 | 768,765 | ||||||||||||||
| Restricted cash | 147,910 | 104,642 | 130,838 | ||||||||||||||
| Other current assets | 208,000 | 214,401 | 227,556 | ||||||||||||||
| 5,889,936 | 5,163,729 | 5,422,806 | |||||||||||||||
| Finance receivables, net | 5,499,836 | 5,384,536 | 5,553,259 | ||||||||||||||
| Other long-term assets | 1,636,887 | 1,592,289 | 1,486,151 | ||||||||||||||
| $ | 13,026,659 | $ | 12,140,554 | $ | 12,462,216 | ||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Current liabilities: | |||||||||||||||||
| Accounts payable and accrued liabilities | $ | 931,971 | $ | 996,021 | $ | 968,261 | |||||||||||
| Short-term deposits, net | 178,638 | 253,309 | 250,987 | ||||||||||||||
| Short-term debt | 497,373 | 878,935 | 815,081 | ||||||||||||||
| Current portion of long-term debt, net | 2,561,535 | 1,255,999 | 638,496 | ||||||||||||||
| 4,169,517 | 3,384,264 | 2,672,825 | |||||||||||||||
| Long-term debt, net | 4,739,507 | 4,990,586 | 5,856,005 | ||||||||||||||
| Other long-term liabilities | 692,523 | 513,409 | 622,116 | ||||||||||||||
| Shareholders’ equity | 3,425,112 | 3,252,295 | 3,311,270 | ||||||||||||||
| $ | 13,026,659 | $ | 12,140,554 | $ | 12,462,216 | ||||||||||||
9
Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine months ended | |||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||
| Net cash provided by operating activities | $ | 930,655 | $ | 706,767 | |||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (140,424) | (138,902) | |||||||||
| Finance receivables, net | (345,588) | (373,109) | |||||||||
| Other investing activities | (165) | 878 | |||||||||
| Net cash used by investing activities | (486,177) | (511,133) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of medium-term notes | 495,856 | 1,446,304 | |||||||||
| Repayments of medium-term notes | — | (1,056,680) | |||||||||
| Proceeds from securitization debt | 1,145,211 | 1,045,547 | |||||||||
| Repayments of securitization debt | (782,161) | (930,608) | |||||||||
| Net (decrease) increase in unsecured commercial paper | (387,392) | 43,523 | |||||||||
| Borrowings of asset-backed commercial paper | 366,171 | 42,429 | |||||||||
| Repayments of asset-backed commercial paper | (195,709) | (187,599) | |||||||||
| Net increase in deposits | 100,737 | 161,157 | |||||||||
| Dividends paid | (69,454) | (72,775) | |||||||||
| Repurchase of common stock | (359,810) | (239,428) | |||||||||
| Other financing activities | 11 | 1,706 | |||||||||
| Net cash provided by financing activities | 313,460 | 253,576 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 198 | (8,415) | |||||||||
| Net increase in cash, cash equivalents and restricted cash | $ | 758,136 | $ | 440,795 | |||||||
| Cash, cash equivalents and restricted cash: | |||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | $ | 1,648,811 | $ | 1,579,177 | |||||||
| Net increase in cash, cash equivalents and restricted cash | 758,136 | 440,795 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 2,406,947 | $ | 2,019,972 | |||||||
| Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows: | |||||||||||
| Cash and cash equivalents | $ | 2,243,910 | $ | 1,878,351 | |||||||
| Restricted cash | 147,910 | 130,838 | |||||||||
| Restricted cash included in Other long-term assets | 15,127 | 10,783 | |||||||||
| Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows | $ | 2,406,947 | $ | 2,019,972 | |||||||
10
HDMC Revenue and Motorcycle Shipment Data
(Unaudited)
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| HDMC REVENUE (in thousands) | |||||||||||||||||||||||
| Motorcycles | $ | 615,628 | $ | 1,023,090 | $ | 2,905,861 | $ | 3,216,387 | |||||||||||||||
| Parts & Accessories | 174,301 | 184,809 | 534,359 | 568,001 | |||||||||||||||||||
| Apparel | 55,688 | 49,325 | 183,192 | 187,072 | |||||||||||||||||||
| Licensing | 3,897 | 9,586 | 18,312 | 20,912 | |||||||||||||||||||
| Other | 26,891 | 30,171 | 59,693 | 60,574 | |||||||||||||||||||
| $ | 876,405 | $ | 1,296,981 | $ | 3,701,417 | $ | 4,052,946 | ||||||||||||||||
| HDMC U.S. MOTORCYCLE SHIPMENTS | 15,850 | 30,167 | 89,761 | 96,984 | |||||||||||||||||||
| HDMC WORLDWIDE MOTORCYCLE SHIPMENTS | |||||||||||||||||||||||
Grand American Touring(a) | 15,493 | 23,781 | 80,194 | 76,270 | |||||||||||||||||||
| Cruiser | 9,610 | 17,142 | 39,711 | 53,876 | |||||||||||||||||||
| Sport and Lightweight | 1,770 | 3,103 | 10,827 | 15,849 | |||||||||||||||||||
| Adventure Touring | 647 | 1,243 | 4,120 | 4,445 | |||||||||||||||||||
| 27,520 | 45,269 | 134,852 | 150,440 | ||||||||||||||||||||
(a)Includes Trike
| LiveWire Motorcycle Shipments | 99 | 50 | 374 | 146 | |||||||||||||||||||
HDMC Gross Profit
(Unaudited)
The estimated impact of significant factors affecting the comparability of gross profit from the third quarter of 2023 to the third quarter of 2024 were as follows (in millions):
| Three months ended | Nine months ended | ||||||||||
| 2023 gross profit | $ | 411 | $ | 1,385 | |||||||
| Volume | (145) | (135) | |||||||||
| Price and sales incentives | 19 | (73) | |||||||||
| Foreign currency exchange rates and hedging | 18 | (1) | |||||||||
| Shipment mix | (33) | 25 | |||||||||
| Raw material prices | 3 | 12 | |||||||||
| Manufacturing and other costs | (9) | (55) | |||||||||
| (147) | (227) | ||||||||||
| 2024 gross profit | $ | 264 | $ | 1,158 | |||||||
11
HDFS Receivables Allowance for Credit Losses
(Unaudited)
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| Balance, beginning of period | $ | 393,517 | $ | 381,780 | $ | 381,966 | $ | 358,711 | |||||||||||||||
| Provision for credit losses | 57,977 | 60,854 | 175,017 | 170,496 | |||||||||||||||||||
| Charge-offs, net of recoveries | (51,582) | (49,920) | (157,071) | (136,493) | |||||||||||||||||||
| Balances, end of period | $ | 399,912 | $ | 392,714 | $ | 399,912 | $ | 392,714 | |||||||||||||||
Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| United States | 22,726 | 25,336 | 80,710 | 81,774 | |||||||||||||||||||
| Canada | 1,847 | 2,010 | 6,186 | 6,653 | |||||||||||||||||||
| Total North America | 24,573 | 27,346 | 86,896 | 88,427 | |||||||||||||||||||
| EMEA | 6,054 | 7,847 | 19,333 | 21,884 | |||||||||||||||||||
| Asia Pacific | 4,832 | 5,784 | 17,188 | 20,190 | |||||||||||||||||||
| Latin America | 707 | 681 | 2,152 | 2,108 | |||||||||||||||||||
| Total worldwide retail sales | 36,166 | 41,658 | 125,569 | 132,609 | |||||||||||||||||||
(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.
12