Menu Search

Company Announcements

Harley-Davidson Inc

Harley-Davidson Delivers Fourth Quarter Financial Results Successfully Completing the Third Year of Hardwire Strategic Plan

MILWAUKEE , Feb. 8, 2024 /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported fourth quarter and full year 2023 results.

"In the third year of our Hardwire strategy we have made progress in key elements of our strategic plan - focusing on our most profitable products and markets, which we believe will continue to yield benefits to the business and have set us up for long-term value creation despite the current challenging environment for the industry," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "We are excited by the early read of our new Model Year launch, the most comprehensive product development in the touring platform in well over 10 years, that will redefine the Harley-Davidson Grand American Touring experience for years to come and lay the foundation to drive retail sales growth in '24."

2023 Highlights and Results

  • Delivered diluted EPS of $4.87
  • Achieved 13.6% operating margin at HDMC
  • HDMC unit profitability returned to historically healthy levels
  • HDMC global motorcycle shipments of 179,984, down 7% year-over-year
  • HDFS operating income finished down 26%
  • LiveWire launched the Del Mar electric motorcycle – the first bike off the S2 platform

Fourth Quarter 2023 Summary of Results

  • Delivered diluted EPS of $0.18
  • HDMC global motorcycle shipments of 29,544, down 13% year-over-year
  • HDFS operating income declined 10%
  • LiveWire sold 514 electric motorcycles

2024 Financial Outlook

For the full year 2024, the Company expects:

  • HDMC: revenue flat to down 9% and operating income margin of 12.6% to 13.6%
  • HDFS: operating income flat to up 5%
  • LiveWire: electric motorcycle unit sales of 1,000 to 1,500 and operating loss of $115 to $125 million
  • Harley-Davidson, Inc: capital investments of $225 to $250 million

Fourth Quarter and Full Year 2023 Results 

Harley-Davidson, Inc. Consolidated Financial Results

 

$ in millions (except EPS)

4th quarter

Full Year

2023

2022

Change

2023

2022

Change

Revenue

$1,053

$1,142

-8 %

$5,836

$5,755

1 %

Operating Income (Loss)

($21)

$4

nm

$779

$909

-14 %

Net Income Attributable to HDI

$26

$42

-38 %

$707

$741

-5 %

Diluted EPS

$0.18

$0.28

-36 %

$4.87

$4.96

-2 %

  nm - not meaningful


In the fourth quarter, consolidated revenue was down 8 percent, driven by a revenue decline of 14 percent at HDMC, partially offset by revenue growth of 15 percent at HDFS. In the fourth quarter, the consolidated operating loss was $21 million versus operating income of $4 million in the prior year's period. The result was driven by an operating loss of $44 million at HDMC, a decline of 10 percent at HDFS, and an operating loss of $35 million in the LiveWire segment.

For the full year, consolidated revenue was up 1 percent, driven by a revenue increase of 16 percent at HDFS, partially offset by a revenue decline of 1 percent at HDMC. For the full year, consolidated operating income was down 14 percent. The result was driven by an operating income decline of 2 percent at HDMC and a decline of 26 percent at HDFS, and a higher operating loss in the LiveWire segment.

Harley-Davidson Motor Company (HDMC) – Results

 

$ in millions (except units)

4th quarter

Full Year

2023

2022

Change

2023

2022

Change

Motorcycle Shipments (thousands)

29.5

34.0

-13 %

180.0

193.5

-7 %

Revenue

$792

$919

-14 %

$4,845

$4,888

-1 %

   Motorcycles

$583

$666

-13 %

$3,799

$3,787

0 %

   Parts & Accessories

$130

$151

-14 %

$698

$732

-5 %

   Apparel

$57

$73

-21 %

$244

$271

-10 %

   Licensing

$8

$10

-27 %

$29

$39

-27 %

   Other

$14

$18

-22 %

$75

$58

29 %

Gross Margin

22.9 %

26.5 %

-3.6 pts.

32.3 %

31.3 %

1.1 pts.

Operating Income (Loss)

($44)

($32)

nm

$661

$677

-2 %

Operating Margin

(5.6 %)

(3.5 %)

-2.1 pts.

13.6 %

13.9 %

-0.2 pts.

  nm - not meaningful


In the fourth quarter, global motorcycle shipments at HDMC decreased 13 percent due to prudent dealer inventory management and market conditions. Revenue was down 14 percent, due to lower volumes, where improved mix was offset by incentive spend. Parts & Accessories revenue was down 14 percent largely in-line with revenue from Motorcycles. Apparel revenue was down 21 percent driven by high dealer inventory levels resulting in lower replenishment.

Fourth quarter gross margin was down 3.6 points behind the impacts of lower volume, higher sales incentives, and other manufacturing costs, more than offsetting the benefits of shipment mix and lower raw material costs. Fourth quarter operating margin fell by 2.1 points due to the factors above, where operating expenses were lower in the quarter due in part to LiveWire transaction costs in the prior year's period.

Harley-Davidson Retail Motorcycle Sales  
(excludes LiveWire units)

 

Motorcycles (thousands)

4 th quarter

Full Year

2023

2022

Change

2023

2022

Change

North America

17.5

19.2

-9 %

105.9

117.1

-10 %

EMEA

5.1

6.6

-22 %

27.0

30.5

-11 %

Asia Pacific

6.8

7.5

-10 %

27.0

27.9

-3 %

Latin America

0.8

0.6

46 %

2.9

2.9

0 %

Worldwide Total

30.2

33.8

-11 %

162.8

178.5

-9 %


In the fourth quarter, global retail sales of Harley-Davidson motorcycles were down 11 percent versus prior year. North America retail performance was down 9 percent and continues to be impacted by both the high interest rate environment and the discontinuation of legacy Sportster at the end of 2022 in the region. The decline in EMEA of 22 percent was driven by weakness in the France and German markets. The decline in APAC of 10 percent was driven by weakness in the Australian and New Zealand markets. Latin America sales increases were driven by growth in both Brazil and in Mexico.

For the full year, global retail sales of Harley-Davidson motorcycles were down 9 percent versus prior year. North American retail performance continues to be adversely impacted by higher interest rates, economic uncertainty, and lower sales of non-core motorcycles. EMEA retail has been adversely impacted by sluggish economic growth and the planned mix shift towards the profitable core product segments. APAC retail performance experienced strong growth in the first half of the year but slowed in the second half of the year, with overall growth in Japan for the year.

Harley-Davidson Financial Services (HDFS) – Results

 

$ in millions

4th quarter

Full Year

2023

2022

Change

2023

2022

Change

Revenue

$246

$214

15 %

$954

$821

16 %

Operating Income

$58

$64

-10 %

$235

$318

-26 %


HDFS revenue was up $32 million in the fourth quarter, an increase of 15 percent versus prior year, driven primarily by higher interest income. HDFS operating income decline of $6 million, or down 10 percent, was driven by higher interest expense, higher operating expenses, and an increased provision for credit losses. The increase in the provision for credit losses was driven by several factors relating to the current macroeconomic environment. Total quarter ending net finance receivables were $7.5 billion, which was up 5 percent versus prior year, driven primarily by an increase in wholesale commercial lending receivables.

LiveWire - Results

 

$ in millions

4th quarter

Full Year

2023

2022

Change

2023

2022

Change

Electric Motorcycle Shipments (units)

514

69

645 %

660

597

11 %

Revenue

$15

$9

67 %

$38

$47

-18 %

Operating Loss

($35)

($29)

nm

($117)

($85)

nm

  nm - not meaningful


In the fourth quarter, LiveWire revenue increased to $15 million from $9 million, driven by unit sales of the new Del Mar electric motorcycles. LiveWire operating loss of $35 million in the fourth quarter, in-line with our expectations, was driven by continued product development and other spending associated with the delivery of the Del Mar electric motorcycle to market.

Other 2023 Harley-Davidson, Inc. Results

  • Generated $755 million of cash from operating activities
  • Effective tax rate was 19.8%
  • Paid cash dividends of $96 million
  • Repurchased $350 million of shares (10.2 million shares) on a discretionary basis
  • Financing raised for HDFS of $2.5 billion
  • Cash and cash equivalents of $1.5 billion at year end

Segment Reporting Structure

LiveWire Group, Inc. ("LiveWire Group") became a separate public company trading on the New York Stock Exchange (Ticker: LVWR) on September 27, 2022. Harley-Davidson has a controlling equity interest in LiveWire Group and continues to consolidate LiveWire Group results with adjustments for non-controlling shareholder interests. Net Income attributable to Harley-Davidson, Inc. and EPS reflect these adjustments.

Beginning with the fourth quarter of 2022, new business segment reporting now includes:

  • Harley-Davidson Motor Company (HDMC): Group that is accountable for the design, manufacturing, marketing and sales of Harley-Davidson motorcycles and related products
  • Harley-Davidson Financial Services (HDFS): Group that provides motorcycle and related products financing and insurance products and services for our dealers and retail customers
  • LiveWire: Group that is accountable for the design, marketing and sales of LiveWire electric motorcycles and related products, including STACYC electric balance bikes
  • Harley-Davidson, Inc. (HDI): Corporate entity for the overall Company, under which HDMC, HDFS and LiveWire operate

Company Background  
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CST 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. CST.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release 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," 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 press release. 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 press release are only made as of the date of this press release, 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 conflict between Israel and Hamas, or natural disasters and longer shipping times and increased logistics costs, including by successfully implementing pricing surcharges; (c) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (d) 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) competition; 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, 2022; (e) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (f) successfully carry out its global manufacturing and assembly operations; (g) 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; (h) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (i) 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; (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; (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 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 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) continue to develop and maintain a productive relationship with Zhejiang Qianjiang Motorcycle Co., Ltd. and launch related products in a timely manner; (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 cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding data security; (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 and 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.

In recent years, Harley-Davidson Financial Services (HDFS) experienced historically low levels of retail credit losses, but credit losses have been normalizing to higher levels in recent quarters. 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 conflict between Israel and Hamas, 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, 2022 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

### (HOG-Earnings)

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)




(Unaudited)


(Unaudited)


(Unaudited)





Three months ended


Twelve months ended



December 31,


December 31,


December 31,


December 31,



2023


2022


2023


2022










HDMC revenue


$       791,648


$        918,683


$     4,844,594


$     4,887,672

Gross profit


181,352


243,810


1,566,542


1,527,873

Selling, administrative and engineering expense


225,526


275,811


905,391


850,786

  Operating (loss) income from HDMC


(44,174)


(32,001)


661,151


677,087










LiveWire revenue


15,366


9,218


38,298


46,833

Gross (loss) profit


(5,372)


2,276


(5,956)


2,904

Selling, administrative and engineering expense


29,563


30,827


110,853


88,219

  Operating loss from Livewire


(34,935)


(28,551)


(116,809)


(85,315)










HDFS revenue


246,197


214,381


953,586


820,625

HDFS expense


188,234


150,116


718,844


503,119

  Operating income from HDFS


57,963


64,265


234,742


317,506










Operating (loss) income


(21,146)


3,713


779,084


909,278

Other income, net


17,672


18,209


71,808


48,652

Investment income


15,727


8,324


46,771


4,538

Interest expense


(7,683)


(7,680)


(30,787)


(31,235)

Income before income taxes


4,570


22,566


866,876


931,233

Income tax (benefit) provision


(18,716)


(17,111)


171,830


192,019

Net income


$         23,286


$           39,677


$        695,046


$        739,214

Less: Loss attributable to noncontrolling interests


2,524


2,194


11,540


2,194

Net income attributable to Harley-Davidson, Inc. 


$         25,810


$           41,871


$        706,586


$        741,408










Earnings per share:









  Basic


$              0.19


$               0.29


$               4.96


$               5.01

  Diluted


$              0.18


$               0.28


$               4.87


$               4.96










Weighted-average shares:









  Basic


138,520


146,187


142,378


148,012

  Diluted


141,464


148,956


145,103


149,351










Cash dividends per share:


$         0.1650


$           0.1575


$           0.6600


$           0.6300










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.

 

Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)
















(Unaudited)









December 31,


December 31,







2023


2022

ASSETS









Current assets:









    Cash and cash equivalents






$     1,533,806


$     1,433,175

    Accounts receivable, net






267,200


252,225

    Finance receivables, net






2,113,729


1,782,631

    Inventories, net






929,951


950,960

    Restricted cash






104,642


135,424

    Other current assets






214,401


196,238







5,163,729


4,750,653










Finance receivables, net






5,384,536


5,355,807

Other long-term assets






1,592,289


1,386,016







$   12,140,554


$   11,492,476










LIABILITIES AND SHAREHOLDERS' EQUITY









Current liabilities:









    Accounts payable and accrued liabilities






$        996,021


$        998,947

    Short-term deposits, net






253,309


79,710

    Short-term debt






878,935


770,468

    Current portion of long-term debt, net






1,255,999


1,684,782







3,384,264


3,533,907










Long-term debt, net






4,990,586


4,457,052

Other long-term liabilities






513,409


594,709










Shareholders' equity






3,252,295


2,906,808







$   12,140,554


$   11,492,476

 

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

 (In thousands)








(Unaudited)









Twelve months ended







December 31,


December 31,







2023


2022










Net cash provided by operating activities






$        754,887


$        548,461










Cash flows from investing activities:









  Capital expenditures






(207,404)


(151,669)

  Finance receivables, net






(302,720)


(623,833)

  Other investing activities






(2,180)


2,491

Net cash used by investing activities






(512,304)


(773,011)










Cash flows from financing activities:









  Proceeds from issuance of medium-term notes






1,446,304


495,785

  Repayments of medium-term notes






(1,056,680)


(950,000)

  Proceeds from securitization debt






1,045,547


1,826,891

  Repayments of securitization debt






(1,193,526)


(1,442,860)

  Net increase in unsecured commercial paper






107,146


16,003

  Borrowings of asset-backed commercial paper






42,429


448,255

  Repayments of asset-backed commercial paper






(237,370)


(302,922)

  Net increase in deposits






129,855


26,605

  Cash received from business combination






-


114,068

  Dividends paid






(96,310)


(93,180)

  Repurchase of common stock






(363,987)


(338,627)

  Other financing activities






1,946


(1,985)

Net cash used by financing activities






(174,646)


(201,967)










Effect of exchange rate changes on cash, cash equivalents and restricted cash




1,697


(19,525)










Net increase (decrease) in cash, cash equivalents and restricted cash






$           69,634


$       (446,042)










Cash, cash equivalents and restricted cash:









Cash, cash equivalents and restricted cash, beginning of period






$     1,579,177


$     2,025,219

Net increase (decrease) in cash, cash equivalents and restricted cash






69,634


(446,042)

Cash, cash equivalents and restricted cash, end of period






$     1,648,811


$     1,579,177










Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows: 






  Cash and cash equivalents






$     1,533,806


$     1,433,175

  Restricted cash






104,642


135,424

  Restricted cash included in Other long-term assets






10,363


10,578

  Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows



$     1,648,811


$     1,579,177

 

HDMC Revenue and Motorcycle Shipment Data




(Unaudited)


(Unaudited)


(Unaudited)





Three months ended


Twelve months ended



December 31,


December 31,


December 31,


December 31,



2023


2022


2023


2022

HDMC REVENUE (in thousands)









  Motorcycles


$       582,590


$        666,387


$     3,798,977


$     3,787,484

  Parts and accessories


130,096


151,350


698,095


731,645

  Apparel


57,261


72,547


244,333


271,107

  Licensing


7,686


10,483


28,599


39,423

  Other


14,015


17,916


74,590


58,013



$       791,648


$        918,683


$     4,844,594


$     4,887,672










HDMC U.S. MOTORCYCLE SHIPMENTS


16,883


17,839


113,867


118,836










HDMC WORLDWIDE MOTORCYCLE SHIPMENTS









    Grand American Touring(a)


16,413


14,558


92,683


89,849

    Cruiser


10,069


11,685


63,945


59,010

    Sport and Lightweight


2,379


5,709


18,228


33,894

    Adventure Touring


683


2,031


5,128


10,774



29,544


33,983


179,984


193,527

(a) Includes CVO ™  and Trike


















LiveWire Motorcycle Shipments


514


69


660


597

 

HDMC Gross Profit

(Unaudited)










The estimated impact of significant factors affecting the comparability of gross profit from 2022 to 2023 were as follows (in millions):












 Three months
ended 




 Twelve months
ended 



2022 gross profit


$               244




$             1,528



Volume


(40)




(131)



Price and sales incentives


(60)




139



Foreign currency exchange rates and hedging


-




(54)



Shipment mix


50




133



Raw material prices


16




38



Manufacturing and other costs


(29)




(86)





(63)




39



2023 gross profit


$               181




$             1,567



 

HDFS Finance Receivables Allowance for Credit Losses




(Unaudited)


(Unaudited)


(Unaudited)





Three months ended


Twelve months ended



December 31,


December 31,


December 31,


December 31,



2023


2022


2023


2022

Balance, beginning of period


$       392,714


$        360,096


$        358,711


$        339,379

Provision for credit losses


56,662


50,561


227,158


145,133

Charge-offs, net of recoveries


(67,410)


(51,946)


(203,903)


(125,801)

Balance, end of period


$       381,966


$        358,711


$        381,966


$        358,711

 

Worldwide Retail Sales of Harley-Davidson Motorcycles(a)

(Unaudited)












Three months ended


Twelve months ended



December 31,


December 31,


December 31,


December 31,



2023


2022


2023


2022










United States


16,694


18,367


98,468


109,190

Canada


769


816


7,422


7,924

Total North America


17,463


19,183


105,890


117,114

EMEA


5,121


6,562


27,005


30,510

Asia Pacific


6,763


7,532


26,953


27,905

Latin America


815


557


2,923


2,922

      Total worldwide retail sales


30,162


33,834


162,771


178,451










(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.

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/harley-davidson-delivers-fourth-quarter-financial-results-successfully-completing-the-third-year-of-hardwire-strategic-plan-302057018.html

SOURCE Harley-Davidson, Inc.