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- **$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.


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