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What were the key takeaways from Harley-Davidson’s earnings call?

- **$1.2B Cash Windfall**: HDFS transaction unlocks $1.2B-$1.25B in liquidity, with $27M gain in Q3 and $100M+ share buybacks planned.
- **Dealer Inventory Reset**: Global inventory down 13% YoY, with targeted reductions in touring/CVO segments and 30%+ unit growth in affordable Softail family.
- **Electric Growth**: LiveWire unit sales +87% Q3, with Sprint bike launch in H2 2026 targeting $14.9K-$19.9K price points.
- **Cost Efficiency**: $75M+ productivity savings YoTD, with $100M+ annual targets through 2026. Tariff mitigation efforts offset $45M+ costs YoTD.

**【CEO Opening Remarks】**
- Emphasized dealer health as a top priority, citing immediate actions to reduce touring and CVO inventory, introduce market-responsive promotions, and suspend fuel facility penalties for 12 months.
- Highlighted brand strengths: rider passion, product quality, dealer network, and HDFS strategic value.
- Identified opportunities: balancing product aspiration with affordability, accelerating innovation speed, and sharpening cost efficiency.
- Praise for LiveWire's S4 Honcho launch and electric bike growth.

**【CFO Financial Commentary】**
- **HDFS Transaction**: Sold $4.1B in loans, generating $27M gain and $1.2B-$1.25B in discretionary cash by Q1 2026. HDFS will retain servicing fees (1-2.5%) and minority equity (9.8%) with KKR/PIMCO.
- **Q3 Results**: Consolidated revenue +17% to $1.3B, driven by HDMC (+23%) and LiveWire (+16%). Operating income $475M, up 387% YoY due to HDFS transaction benefits.
- **Motor Company (HDMC)**: Global retail -6% (-5% NA, -9% intl), with Softail family +9% and Nightster +4%. Gross margin 26.4% (-3.7pts YoY) due to tariffs ($27M Q3) and lower leverage.
- **Tariff Impact**: Full-year cost estimate $55M-$75M, partially offset by pricing and mix.
- **Productivity**: $75M savings YoTD, targeting $100M+ in 2025 and $100M+ in 2026.
- **LiveWire**: Q3 unit sales +87% to 184 bikes, operating loss -30% YoY to $18M. Full-year loss guidance $72M-$77M.

**【Q&A Highlights】**
- **Inventory Strategy**: Dealer inventory down 13% YoY, targeting further reduction in 2026. Touring/CVO promotions and lower APR financing to drive retail.
- **HDFS Transaction Benefits**: $275M+ operating income uplift in H2 2025, with servicing fees and equity upside. $100M+ share buybacks planned by end-2026.
- **2026 Outlook**: Focus on affordability with new Sprint bike ($14.9K-$19.9K price points), dealer engagement, and cost efficiency. No Q4/2026 guidance provided due to macro uncertainty.
- **Tariff Mitigation**: $45M+ costs YoTD, with ongoing efforts to offset through pricing, mix, and operational changes.


Harley-Davidson, Inc. (HOG) Q3 2025 Earnings Call Transcript

- **$1.25B HDFS Transaction**: Strategic sale of minority stake unlocks value, enabling $450M debt reduction and $500M share buyback in H2 2025.
- **New Entry-Level Bike**: Springer motorcycle priced under $6,000 set to launch H1 2026, targeting growth in affordable motorcycle segment.
- **Q2 Results**: Revenue down 19% YoY, but HDFS operating income resilient at $70M. LiveWire loss narrowed to $19M.
- **Tariff Risk**: Potential $50-85M cost impact for 2025, complicating near-term profitability.
- **Sales Momentum**: Sequential improvement in July North American sales, with easier comps in H2 driving positive outlook.

**【CEO Summary Section】**
- **HDFS Transaction**: Sold 4.9% equity stake in HDFS to KKR and PIMCO at 1.75x book value, generating $1.25 billion in cash. Partners will purchase 2/3 of future retail loans for 5 years, boosting HDFS ROE to high 20s.
- **New Product Launches**: Introduced small displacement Springer motorcycle priced under $6,000, targeting entry-level market. Also planning iconic Cruiser model with similar profitability focus.
- **Efficiency Program**: Announced new AI-driven productivity initiatives to reduce costs and improve operational efficiency, building on existing $400 million productivity target.

**【CFO Financial Commentary】**
- **Q2 Results**: Consolidated revenue down 19% YoY, operating income $112 million (-69% YoY). HDFS operating income $70 million (-2% YoY), LiveWire loss $19 million (improvement from $28M YoY).
- **HDFS Transaction Impact**: Expected $275-300 million incremental operating income in 2025. Will reduce debt by $450 million, accelerate $1 billion share buyback program with $500 million target for H2 2025.
- **Tariff Risks**: Direct tariff costs estimated at $50-85 million for 2025, up from prior $130-175 million guidance. Actions underway to mitigate impact.

**【Q&A Key Highlights】**
- **Sales Trends**: North American retail sales improved sequentially in July, with easier comps in H2. Global motorcycle retail down 15% YoY, but Softail and Adventure Touring segments showed growth.
- **Dealer Inventory**: Global inventory down 28% YoY, targeting further reductions. Model year shift to fall to align production with demand.
- **HDFS Normalization**: Post-transaction, HDFS operating income expected to stabilize at $240-250 million annually, driven by fee income and servicing fees.
- **Springer Motorcycle**: Expected to launch H1 2026, with dealer presentations in October. Targeted as highly accessible and profitable entry into lightweight segment.


Harley-Davidson, Inc. (HOG) Q2 2025 Earnings Conference Call Transcript

- **Q1 Financial Resilience**: 12.1% operating margin vs. 15.2% prior year, driven by cost control and product mix.
- **Tariff Headwinds**: $130-175M estimated impact in 2025, 75% US-sourced components mitigate risk.
- **HDFS Strategic Review**: Exploring partnership to unlock HDFS premium valuation, no sale planned.
- **LiveWire Turnaround**: Operating loss reduced to $59M, cash burn cut to $49M, focusing on cost efficiency.
- **Demand Recovery**: Sequential improvement in April (North America: +22% MoM), but global retail down 21%.
- **Innovation Focus**: Launching new entry-level cruisers and limited-edition RR model, maintaining dealer inventory discipline.


**【CEO Opening Remarks】**
- Q1 operating income margin: 12.1%, better than expected due to strong product mix and cost control.
- Global retail sales down 21% (North America -24%), driven by low consumer confidence and macro uncertainty.
- Marketing Development Fund (MDF) shifted to Q2+ to align with riding season, largest co-marketing investment in company history.
- Dealer inventory reduced: global wholesale shipments down 33%, US inventory down 23%.
- LiveWire operating loss: $20M (vs. $29M prior year), cash burn $49M (vs. $70-80M guidance).
- Withdraw 2025 financial guidance due to tariff and macro uncertainty.

**【CFO Financial Highlights】**
- Consolidated revenue down 23%, HDMC revenue -27% (39K units shipped vs. 58K prior year).
- HDMC gross margin: 29.1% (vs. 31.2%), driven by lower volume and fixed cost per unit.
- HDFS operating income +19% ($64M vs. $54M), credit loss provision down $8M.
- LiveWire revenue down, unit sales 33 (vs. 117 prior year), cash used $18M.
- Total cash: $1.9B (up $467M vs. prior year), share buybacks $87M (3.4M shares).
- 2025 tariff impact estimate: $130-175M, 75% of components sourced in US.

**【Q&A Key Takeaways】**
- **HDFS Strategy**: Evaluating long-term partnership to unlock premium valuation vs. book value. No sale planned, but exploring funding optionality.
- **Tariff Mitigation**: Accelerating shipments, diversifying supply chain, and pricing discipline. 2025 impact estimated at $130-175M.
- **LiveWire Progress**: $59M op loss guidance, $49M cash burn (vs. $70-80M prior). Focusing on cost savings and sustainable model.
- **Model Year Shift**: Moving to fall launches to extend selling season, starting with 2026 models. Dealer feedback positive but multi-year transition.
- **Demand Trends**: Sequential improvement in April (North America: Feb < March < April), but still below expectations.
- **Entry-Level Products**: New small displacement cruisers and iconic classics launching 2025, targeting affordability and profitability.


Harley-Davidson (HOG)-1 May 25-2025 Q1 Earnings call transcript

- **Touring Segment Dominance**: 74.5% U.S. market share in touring, up 3.5% YoY, with '24 models winning major bike of the year awards.
- **Cost Efficiency**: $257M productivity savings since 2022, targeting $100M+ annual savings in 2025. Operating cash flow at $1.1B in 2024.
- **2025 Outlook**: Flat to -5% revenue growth, 7-8% operating margin, and $60M cash burn for LiveWire. Focus on inventory reduction and dealer support.
- **Tariff Risk Management**: 100% core bikes made in U.S., aggressive defense of Harley-Davidson as 'great American icon'.

**【CEO Strategic Overview】**
- Global retail sales declined 7% in 2024, driven by macroeconomic headwinds (high interest rates, inflation). North America touring segment grew 8%, with Harley-Davidson capturing 74.5% market share, up 3.5% YoY.
- New model year '25 motorcycles include 6 new cruiser models, updated Sportster S, and Pan America ST adventure bike. Marketing focus shifted to dealer-driven campaigns with a record $177M engagement increase for '25 model launch.
- Cost productivity initiatives delivered $257M savings since 2022, targeting $100M+ annual savings in 2025. Operating cash flow reached $1.1B in 2024, up 40% YoY.

**【CFO Financial Highlights】**
- 2024 revenue: $5.2B (-11% YoY). HDMC operating income: $278M (-58% YoY) due to lower volumes and mix. LiveWire operating loss: $110M, with 2025 unit sales guidance of 1,000-1,500 bikes and reduced cash burn to $60M.
- 2025 outlook: Flat to -5% HDMC revenue, 7-8% operating margin (vs. 6.7% in 2024). EPS flat to -5% at $3.44. HDFS operating income expected to decline 10-15% due to higher borrowing costs.

**【Q&A Key Takeaways】**
- 2025 inventory reduction: >30% in Q1, ending year with 10%+ decline. Retail sales skewed positive to H2, driven by new product launches and touring segment momentum.
- LiveWire: Targeting $70-80M operating loss in 2025, with focus on cost reduction and Europe-focused maxi-scooter launch in 2026. Long-term viability contingent on EV adoption and profitability.
- Tariffs: 100% of core bikes manufactured in U.S., no production in Mexico/Canada. Aggressively challenging discriminatory tariffs if imposed.


Harley-Davidson (HOG)-5 Feb 25-2024 Q4 Earnings call transcript

Harley-Davidson (HOG)-24 Oct 24-2024 Q3 Earnings call transcript

Harley-Davidson (HOG)-25 Jul 24-2024 Q2 Earnings call transcript

Harley-Davidson (HOG)-25 Apr 24-2024 Q1 Earnings call transcript

Harley-Davidson (HOG)-8 Feb 24-2023 Q4 Earnings call transcript

Harley-Davidson (HOG)-26 Oct 23-2023 Q3 Earnings call transcript

Harley-Davidson (HOG)-27 Jul 23-2023 Q2 Earnings call transcript

Harley-Davidson (HOG)-27 Apr 23-2023 Q1 Earnings call transcript

Harley-Davidson (HOG)-2 Feb 23-2022 Q4 Earnings call transcript

Harley-Davidson (HOG)-26 Oct 22-2022 Q3 Earnings call transcript

Harley-Davidson (HOG)-28 Jul 22-2022 Q2 Earnings call transcript

Harley-Davidson (HOG)-27 Apr 22-2022 Q1 Earnings call transcript

Harley-Davidson (HOG)-8 Feb 22-2021 Q4 Earnings call transcript

Harley-Davidson (HOG)-27 Oct 21-2021 Q3 Earnings call transcript

Harley-Davidson (HOG)-21 Jul 21-2021 Q2 Earnings call transcript

Harley-Davidson (HOG)-20 Apr 21-2021 Q1 Earnings call transcript

Harley-Davidson (HOG)-2 Feb 21-2020 Q4 Earnings call transcript

Harley-Davidson (HOG)-27 Oct 20-2020 Q3 Earnings call transcript

Harley-Davidson (HOG)-28 Jul 20-2020 Q2 Earnings call transcript

Harley-Davidson (HOG)-28 Apr 20-2020 Q1 Earnings call transcript

Harley-Davidson (HOG)-28 Jan 20-2019 Q4 Earnings call transcript

Harley-Davidson (HOG)-22 Oct 19-2019 Q3 Earnings call transcript

Harley-Davidson (HOG)-23 Jul 19-2019 Q2 Earnings call transcript

Harley-Davidson (HOG)-23 Apr 19-2019 Q1 Earnings call transcript

Harley-Davidson (HOG)-29 Jan 19-2018 Q4 Earnings call transcript

Harley-Davidson (HOG)-23 Oct 18-2018 Q3 Earnings call transcript

Harley-Davidson (HOG)-24 Jul 18-2018 Q2 Earnings call transcript

Harley-Davidson (HOG)-24 Apr 18-2018 Q1 Earnings call transcript

Harley-Davidson (HOG)-30 Jan 18-2017 Q4 Earnings call transcript

Harley-Davidson (HOG)-17 Oct 17-2017 Q3 Earnings call transcript

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