Harley-Davidson Inc (HOG) 2021 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2021 Fourth Quarter and Year-End Investor and Analyst Conference Call. Please be advised that today's conference is being recorded.

感謝您的支持，並歡迎參加哈雷戴維森 2021 年第四季度和年終投資者和分析師電話會議。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Shawn Collins. Thank you. Please go ahead.

我現在想把會議交給肖恩·柯林斯。謝謝你。請繼續。

Thank you. Good morning, everyone. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. You can access the slides supporting today's call on the Internet at investor.harley-davidson.com.

謝謝你。大家，早安。我是 Harley-Davidson 投資者關係總監 Shawn Collins。您可以訪問互聯網上的investor.harley-davidson.com 訪問支持今天電話會議的幻燈片。

Our comments will include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in our latest earnings release and filings with the SEC. Harley-Davidson disclaims any obligation to update information in this call.

我們的評論將包括前瞻性陳述，這些陳述可能會導致實際結果出現重大差異。這些風險包括我們在最新的收益發布和提交給美國證券交易委員會的文件中註意到的事項。哈雷戴維森不承擔任何更新本次電話會議信息的義務。

Joining me this morning are CEO, Jochen Zeitz; and CFO, Gina Goetter. In addition, Chief Commercial Officer, Edel O'Sullivan will join for the Q&A.

今天早上和我一起的是首席執行官 Jochen Zeitz；和首席財務官吉娜·戈特。此外，首席商務官 Edel O'Sullivan 將參加問答環節。

Jochen, let's get started.

喬辰，我們開始吧。

Thank you, Shawn, and good morning, everyone. Thank you for joining us today.

謝謝你，肖恩，大家早上好。感謝您今天加入我們。

As we conclude the first year of the Hardwire, our 5-year strategic plan to drive profitable growth, Harley-Davidson delivered a strong finish to 2021. We are very pleased with our performance, especially in light of the many challenges that '21 brought us. We are particularly encouraged that the proof points of our delivery against the strategic pillars of the Hardwire are visible across the board.

當我們結束 Hardwire 的第一年，即我們推動盈利增長的 5 年戰略計劃時，哈雷戴維森在 2021 年取得了強勁的成績。我們對我們的表現感到非常滿意，特別是考慮到 21 年帶來的許多挑戰我們。我們特別受到鼓舞的是，我們針對硬線戰略支柱的交付證明點是全面可見的。

We anticipate the momentum from strong '21 to continue into '22, and I'm very optimistic about the great potential of Harley-Davidson in the coming years, especially when we look to what we achieved with Rewire and our delivery of our Hardwire milestones over the past year as part of the huge transformational journey the company is on. However, we are mindful of the significant supply challenges that we expect to continue to impact the industry.

我們預計 21 年強勁的勢頭將持續到 22 年，我對哈雷戴維森在未來幾年的巨大潛力非常樂觀，特別是當我們展望我們通過 Rewire 取得的成就以及我們交付硬線里程碑時在過去的一年裡，作為公司正在進行的巨大轉型之旅的一部分。但是，我們注意到我們預計將繼續影響該行業的重大供應挑戰。

With Rewire, we realigned our organization, creating a culture of performance, efficiency, focus and speed. In unlocking this potential, we set the company's foundation for success, built around a completely new leadership team.

通過 Rewire，我們重新調整了我們的組織，創造了一種績效、效率、專注和速度的文化。在釋放這種潛力的過程中，我們為公司的成功奠定了基礎，建立在一個全新的領導團隊之上。

And building on Rewire, in February 2021, we launched the Hardwire. This positioned Harley-Davidson with capabilities, assets and the legacy unmatched by any competitor as the most desirable motorcycle brand in the world, backed by the leading positions in the most profitable segments.

在 Rewire 的基礎上，我們於 2021 年 2 月推出了 Hardwire。這使哈雷戴維森擁有任何競爭對手都無法比擬的能力、資產和傳統，成為世界上最令人嚮往的摩托車品牌，並在最賺錢的細分市場中處於領先地位。

Rooted and desirability, The Hardwire continues to strengthen and build the brand, deepening loyalty, creating value and driving engagement across both existing and new consumers.

The Hardwire 植根於渴望，繼續加強和建立品牌，加深忠誠度，創造價值並推動現有和新消費者的參與。

I will briefly address our strategic pillars and our delivery against them over the past year.

我將簡要介紹我們的戰略支柱以及我們在過去一年中針對它們的交付。

Profit focus. We are committed to strengthening and growing our position in our strongest motorcycle segments in Touring, large Cruiser and Trike. Not only are these segments the most profitable in the market globally, but we also believe these segments offer untapped potential to inspire more engagement, while compelling new customers and riders to choose Harley-Davidson.

利潤焦點。我們致力於加強和發展我們在旅行車、大型巡洋艦和三輪車等最強大的摩托車領域的地位。這些細分市場不僅是全球市場上最賺錢的細分市場，而且我們還相信這些細分市場具有未開發的潛力，可以激發更多的參與度，同時吸引新客戶和騎手選擇哈雷戴維森。

Our data shows that in 2021, the Touring segment grew, thanks to our strong performance in this category. And as we look ahead, we will continue to focus on growing our stronghold segment.

我們的數據顯示，由於我們在該類別中的強勁表現，2021 年旅行車細分市場有所增長。展望未來，我們將繼續專注於發展我們的據點部分。

With The Hardwire, we made a commitment to introduce a series of motorcycles that align with our strategy to increase desirability and to drive the legacy of Harley-Davidson. In this context, we launched our Icons Collection, our new limited-edition series of extraordinary adaptations of production motorcycles, which look to our storied past and bright future. The collection debuted with the Electra Glide Revival, the ultimate tribute to our heritage in Grand American Touring with production selling out from launch.

通過 The Hardwire，我們承諾推出一系列符合我們戰略的摩托車，以提高吸引力並推動哈雷戴維森的傳統。在此背景下，我們推出了 Icons Collection，這是我們全新的限量版系列，對量產摩托車進行了非凡的改編，展望了我們傳奇的過去和光明的未來。該系列以 Electra Glide Revival 首次亮相，這是對我們在 Grand American Touring 中的傳統的終極致敬，產品自發布之日起就售罄。

Selective expansion. We are committed to focusing on opportunities in profitable segments aligned with our capabilities and that offer a clear path to market leadership. '21 saw the launch of Pan America, our first Adventure Touring motorcycle. From the outset, we saw the potential of the Adventure Touring category. As of today, it is the second fastest-growing category in North America.

選擇性擴張。我們致力於專注於與我們的能力相一致的盈利領域的機會，並為市場領先提供清晰的道路。 21 年，我們推出了第一款 Adventure Touring 摩托車 Pan America。從一開始，我們就看到了 Adventure Touring 類別的潛力。截至今天，它是北美增長第二快的類別。

The immediate success of Pan America resulted in selling out our allocation throughout the production year and has led to Pan America becoming the #1 selling Adventure Touring motorcycle in the U.S. in 2021. Not only has this product outperformed, but it has also redefined its category with its riders customizing the Pan Americas in ways only Harley-Davidson can deliver. We continue to see the potential for Pan America across the globe, especially in Europe, the largest market for venture touring, building on our Rev Max platform.

Pan America 的立竿見影的成功導致我們在整個生產年度的分配都售罄，並導致 Pan America 在 2021 年成為美國銷量第一的 Adventure Touring 摩托車。該產品不僅表現出色，而且還重新定義了其類別其騎手以只有哈雷戴維森可以提供的方式定制泛美洲。我們繼續看到泛美在全球範圍內的潛力，特別是在歐洲這個最大的風險旅遊市場，建立在我們的 Rev Max 平台上。

'21 also saw the launch of Sportster S, a bike that has brought the Harley-Davidson brand to greater customer sets beyond our stronghold segments like no other. With sport as the fastest-growing category in North America, we realized the potential of the Sportster S to engage and bring new riders to the Harley-Davidson brand.

'21 還看到了 Sportster S 的推出，這款自行車將 Harley-Davidson 品牌帶入了我們的據點細分市場之外的更多客戶群。隨著運動成為北美增長最快的類別，我們意識到 Sportster S 具有吸引和吸引新車手加入哈雷戴維森品牌的潛力。

As we look at our delivery against selective expansion, we successfully launched 2 bikes that were amongst the fastest selling motorcycles in our portfolio, against the backdrop of acclaim and overwhelming positive media coverage, with waiting lists extending into this year.

當我們審視我們的交付與選擇性擴張時，我們成功推出了 2 輛自行車，它們是我們產品組合中銷售最快的摩托車之一，在好評和壓倒性的媒體正面報導的背景下，等待名單延長到今年。

Importantly, both these launches were delivered with a strategically streamlined portfolio aligned to our Hardwire goals that saw a model in SKU count reduced by 40% since 2020, allowing us to focus on the very best that Harley-Davidson has to offer. Looking forward, we'll continue to test further avenues for desirable long-term growth.

重要的是，這兩次發布都提供了與我們的硬線目標相一致的戰略精簡產品組合，自 2020 年以來，該模型的 SKU 數量減少了 40%，使我們能夠專注於哈雷戴維森必須提供的最佳產品。展望未來，我們將繼續為理想的長期增長測試進一步的途徑。

Lead in electric. Electric motorcycles are important to Harley-Davidson's future, and we remain committed to staying at the forefront of electric motorcycle technology. In 2021, we not only stood up LiveWire as a stand-alone brand, but we also announced that through a business combination agreement with AEA-Bridges Impact Corp., LiveWire would become a publicly traded company on the New York Stock Exchange. The transaction is expected to close in the first half of this year, and we are very excited about the potential for LiveWire to be the most desirable electric motorcycle company in the world.

鉛在電。電動摩托車對哈雷戴維森的未來很重要，我們仍然致力於保持在電動摩托車技術的最前沿。 2021年，我們不僅將LiveWire作為一個獨立品牌站出來，而且我們還宣布通過與AEA-Bridges Impact Corp.的業務合併協議，LiveWire將成為紐約證券交易所的上市公司。該交易預計將於今年上半年完成，我們對 LiveWire 成為世界上最令人嚮往的電動摩托車公司的潛力感到非常興奮。

The LiveWire team began scaling the retail network in the back half of 2021, building on our 12 original partners. The network has grown from 20 retailers at the end of Q3 to 49 retailers as of February 1. We are also looking forward to introducing the first product on LiveWire's new Arrow architecture in the second quarter of this year.

LiveWire 團隊在 2021 年下半年開始擴展零售網絡，建立在我們的 12 個原始合作夥伴的基礎上。該網絡已從第三季度末的 20 家零售商增長到 2 月 1 日的 49 家零售商。我們也期待在今年第二季度推出基於 LiveWire 新 Arrow 架構的第一款產品。

We believe that LiveWire will drive incremental business and help us to expand our reach and business in the coming decades through pioneering the electric motorcycle market and developing the technology of the future. For LiveWire, this is just the beginning.

我們相信，LiveWire 將推動增量業務，並通過開拓電動摩托車市場和開發未來技術，幫助我們在未來幾十年擴大我們的業務範圍和業務。對於 LiveWire，這僅僅是開始。

Growth beyond bikes. Harley-Davidson Financial Services, H-D1 Marketplace, Parts & Accessories and General Merchandise are important drivers of the company's future success as a global lifestyle brand, providing untapped potential to grow our customer base and adds to customer lifetime value. HDFS is an important asset to Harley-Davidson from both a brand and revenue point of view. And as we look ahead, we look forward to widening our HDFS offering to new markets.

超越自行車的增長。哈雷戴維森金融服務、H-D1 市場、零件和配件以及日用品是公司作為全球生活方式品牌未來成功的重要驅動力，為擴大我們的客戶群和增加客戶終身價值提供了尚未開發的潛力。從品牌和收入的角度來看，HDFS 對哈雷戴維森來說都是一項重要資產。展望未來，我們期待將我們的 HDFS 產品擴展到新市場。

In '21, we also launched H-D1 Marketplace, the ultimate destination for preowned Harley-Davidson in America, backed by the strength and scale of our dealer network and enhanced by the Harley-Davidson certified program for extra peace of mind. The H-D1 Marketplace platform is connecting our customers, community and our strong dealer network. H-D1 Marketplace is just the first step towards our ambitious transformation of h-d.com into the leading online destination for everything Harley-Davidson.

21 年，我們還推出了 H-D1 市場，這是二手哈雷戴維森在美國的終極目的地，以我們經銷商網絡的實力和規模為後盾，並得到哈雷戴維森認證計劃的支持，讓您更加安心。 H-D1 Marketplace 平台正在連接我們的客戶、社區和我們強大的經銷商網絡。 H-D1 市場只是我們雄心勃勃地將 h-d.com 轉變為哈雷戴維森的領先在線目的地的第一步。

And as we look to the future, we want our online presence to connect and support our HD network from enhanced online experiences, unique community engagement to exclusive content and learning. With personalization at the heart of motor culture and the Harley-Davidson brand, Parts & Accessories is in a growth area for the business.

展望未來，我們希望我們的在線業務能夠連接和支持我們的高清網絡，從增強的在線體驗、獨特的社區參與到獨家內容和學習。個性化是汽車文化和哈雷戴維森品牌的核心，零部件和配件正處於業務增長領域。

Last year, revenue grew 13%, and we believe there's potential to continue that growth trajectory as more riders look to make the Harley-Davidson uniquely theirs. We feel very positive about the performance of our General Merchandise business with 23% growth for the year.

去年，收入增長了 13%，我們相信隨著越來越多的車手希望讓哈雷戴維森成為獨一無二的，我們相信有可能繼續這種增長軌跡。我們對日用百貨業務的表現感到非常樂觀，全年增長 23%。

Last week, we announced the strategic rename of our General Merchandise business to Apparel & Licensing, with the appointment of a senior executive and creative director to help build the business.

上週，我們宣布將我們的日用品業務戰略性地更名為服裝和許可，並任命了一名高級行政人員和創意總監來幫助建立業務。

The potential to grow both our Apparel & Licensing businesses, leveraging the power of the Harley-Davidson brand across the globe is huge. The potential of the Harley-Davidson brand beyond bikes is significant. We're one of the most recognizable brands in the world. And as we grow our lifestyle products to reach wider audiences, we know that people will want to be part of our brand, be it through the strengthening of our retail product, our online community and our loyal riding communities.

利用哈雷戴維森品牌在全球的影響力發展我們的服裝和授權業務的潛力是巨大的。哈雷戴維森品牌超越自行車的潛力是巨大的。我們是世界上最知名的品牌之一。隨著我們開發生活方式產品以覆蓋更廣泛的受眾，我們知道人們將希望成為我們品牌的一部分，無論是通過加強我們的零售產品、在線社區和忠誠的騎行社區。

Customer experience. By putting customers at the forefront of our products, experiences and investments, we are able to define customers as people who simply love our products, whether they don't ride but love our brand, those who may dream of motorcycling and have just learned to ride, all the way to committed riders who are deeply passionate about and invested in our unique lifestyle brand and culture. We continue to invest in and redefine our overall customer experience through our dealerships and especially in our online presence as we know many customers start their journey with Harley-Davidson online.

客戶體驗。通過將客戶放在我們的產品、體驗和投資的最前沿，我們能夠將客戶定義為只喜歡我們產品的人，無論他們不騎車但熱愛我們的品牌，那些可能夢想騎摩托車並剛剛學會騎摩托車的人騎行，一直到忠誠的騎手，他們對我們獨特的生活方式品牌和文化充滿熱情並投入其中。我們繼續投資並通過我們的經銷商重新定義我們的整體客戶體驗，尤其是在我們的在線業務中，因為我們知道許多客戶從在線哈雷戴維森開始他們的旅程。

Our e-commerce functionality has been improved to include customer notifications on restocking and now features our bike builder platform for select motorcycles. Looking ahead, we will continue to invest in our digital capabilities, ensuring the best-in-class customer experience.

我們的電子商務功能已得到改進，包括客戶關於補貨的通知，現在我們的自行車製造商平台為精選摩托車提供了特色。展望未來，我們將繼續投資於我們的數字能力，確保一流的客戶體驗。

And lastly, inclusive stakeholder management. Our approach to optimize long-term value for all stakeholders, we view inclusive stakeholder management in the context of people, planet and profit, with all 3 deeply embedded in the past and future success of the Harley-Davidson brand and company.

最後，包容性的利益相關者管理。我們為所有利益相關者優化長期價值的方法，我們在人、地球和利潤的背景下看待包容性利益相關者管理，所有這三點都深深植根於哈雷戴維森品牌和公司的過去和未來的成功中。

'21 saw us implement The Hardwire grant. For the first time in our company's history, all our employees around the world including at our factories became shareholders in our company, demonstrating a renewed commitment to Harley-Davidson as not only a great brand, but a great company and a great employer.

'21 看到我們實施了 The Hardwire 贈款。在我們公司的歷史上，我們世界各地的所有員工（包括我們工廠的員工）首次成為我們公司的股東，這表明哈雷戴維森不僅是一個偉大的品牌，而且是一家偉大的公司和一個偉大的雇主。

Now I'll hand over to Gina to run through the numbers.

現在我將交給 Gina 來處理這些數字。

Thank you, Jochen. Fourth quarter results reflect continued demand momentum as evidenced by our strong wholesale unit growth and retail sales growth across North America. While we continue to deal with a challenging supply chain and inflationary environment, the actions that we took as part of The Rewire and Hardwire strategy throughout the year have resulted in a leaner cost structure and overall margin expansion.

謝謝你，喬辰。第四季度業績反映了持續的需求勢頭，我們在北美的強勁批發單位增長和零售銷售增長就是明證。雖然我們繼續應對充滿挑戰的供應鍊和通貨膨脹環境，但我們作為 The Rewire 和 Hardwire 戰略的一部分全年採取的行動導致成本結構更加精簡和整體利潤率擴大。

Looking more closely at our financial results in the quarter, total revenue of $1 billion was 40% ahead of last year behind increased motorcycle shipments, favorable motorcycle unit mix, pricing and growth across all of our other businesses, including General Merchandise, Parts & Accessories.

仔細觀察我們本季度的財務業績，總收入為 10 億美元，比去年增長 40%，這得益於摩托車出貨量的增加、有利的摩托車單元組合、定價和我們所有其他業務（包括日用品、零件和配件）的增長.

Total operating loss of $7 million was an improvement over last year, with gains across both of our reported segments. The Motorcycles segment, which includes our newly renamed Apparel & Licensing business, and Parts & Accessories products, delivered an operating loss of $102 million compared to a loss of $196 million last year. Remember that Q4 is impacted both by seasonality and lower wholesale shipments due to the change in our model year launch to the beginning of the calendar year.

700 萬美元的總運營虧損比去年有所改善，我們報告的兩個部門都有收益。摩托車部門（包括我們新更名的服裝和許可業務以及零部件和配件產品）的運營虧損為 1.02 億美元，而去年為虧損 1.96 億美元。請記住，由於我們的車型年發佈到日曆年初的變化，第四季度受到季節性和批發出貨量下降的影響。

Fourth quarter GAAP earnings per share of $0.14 compares to a loss of $0.63 last year. When adjusted to exclude the impact of restructuring charges, our adjusted EPS was $0.15 and compares to an adjusted loss of $0.46 per share last year.

第四季度 GAAP 每股收益為 0.14 美元，而去年則為虧損 0.63 美元。當調整以排除重組費用的影響時，我們調整後的每股收益為 0.15 美元，而去年調整後的每股虧損為 0.46 美元。

Turning to full year 2021 results. Revenue of $5.3 billion was 32% ahead of 2020 and operating income of $823 million was $814 million ahead of last year. Full year results reflect strong revenue and profit growth over the pandemic impacted results of 2020 as well as the positive impact to margin as a result of our cost reduction actions, improvement to our unit mix and pricing.

轉向2021年全年業績。收入 53 億美元，比 2020 年增長 32%，營業收入 8.23 億美元，比去年同期增長 8.14 億美元。全年業績反映了受大流行影響的 2020 年業績的強勁收入和利潤增長，以及我們降低成本的行動、改進我們的單位組合和定價對利潤率的積極影響。

Full year 2021 GAAP earnings per share of $4.19 compares to GAAP earnings per share of $0.01 last year, while adjusted earnings per share of $4.21 compares to adjusted earnings per share of $0.53 last year.

2021 年全年 GAAP 每股收益為 4.19 美元，而去年 GAAP 每股收益為 0.01 美元，而調整後每股收益為 4.21 美元，而去年調整後每股收益為 0.53 美元。

Global retail sales of new motorcycles were up 2% in the quarter, with growth in North America offsetting declines in our international markets. North America Q4 retail sales were up 8% versus last year, driven by 23% growth in Grand American Touring, the launch of Sportster S as well as our continued success with Pan America.

本季度全球新摩托車零售額增長 2%，北美的增長抵消了我們國際市場的下滑。受 Grand American Touring 23% 的增長、Sportster S 的推出以及我們與泛美的持續成功的推動，北美第四季度的零售額比去年增長了 8%。

In our international markets, the retail sales declines continued to be impacted by the actions we took during the Rewire to exit markets and prune unprofitable models. Consistent to what we reviewed in Q3, EMEA and APAC sales continue to be disproportionately impacted by the decision to exit the unprofitable Street and legacy Sportster bikes. And in Lat Am, the declines from the model pruning and market exits were accompanied by pricing increases across select models, resulting in improved region profitability.

在我們的國際市場，零售額下降繼續受到我們在重新佈線期間為退出市場和修剪無利可圖的模式而採取的行動的影響。與我們在第三季度審查的情況一致，歐洲、中東和非洲和亞太地區的銷售繼續受到退出無利可圖的 Street 和傳統 Sportster 自行車的決定的不成比例的影響。在拉美地區，模型修剪和市場退出的下降伴隨著精選模型的價格上漲，從而提高了該地區的盈利能力。

Worldwide retail inventory of new motorcycles was down 23% versus last year, and down a similar amount relative to the previous quarter, primarily due to strong demand, in particular, in the U.S. market. Overall, we continue to see strong pricing dynamics for both new and used motorcycles, and we continue to see improved profitability at the dealer level. In light of more limited retail inventory, we have also put in place a reservation system that has been met with great support by both dealers and customers.

全球新摩托車零售庫存與去年相比下降了 23%，與上一季度相比下降幅度相似，這主要是由於需求強勁，尤其是在美國市場。總體而言，我們繼續看到新車和二手摩托車的強勁定價動態，我們繼續看到經銷商層面的盈利能力有所提高。鑑於零售庫存較為有限，我們還建立了預訂系統，得到了經銷商和客戶的大力支持。

Looking more closely at revenue. Total Motorcycles segment revenue was up 54% in Q4 and up 39% for the full year. Focusing on Q4 activity, 36 points of this growth came from higher year-over-year wholesale volume for motorcycle units, driven by growth across our core Motorcycles segment as well as meaningful growth in Parts & Accessories and the General Merchandise and Licensing businesses.

更密切地關注收入。摩托車部門總收入在第四季度增長了 54%，全年增長了 39%。專注於第四季度的活動，這一增長的 36 個百分點來自摩托車單位的同比批發量增加，這得益於我們核心摩托車部門的增長以及零部件和配件以及日用品和許可業務的顯著增長。

13 points of growth came from mix due to a larger percentage of touring bikes sold in North America and 6 points of growth from pricing and incentives, primarily due to the pricing surcharge in the U.S. that was put in place to partially offset raw material inflation. And finally, 1 point of negative impact from foreign exchange. Drivers for full year revenue growth are consistent with what played through for the quarter.

13 個百分點的增長來自混合，原因是北美銷售的旅行自行車的比例更大，6 個百分點的增長來自定價和激勵措施，這主要是由於美國為部分抵消原材料通脹而實施的定價附加費。最後，來自外彙的 1 點負面影響。全年收入增長的驅動因素與本季度的表現一致。

Turning to margins. Q4 gross margin of 19.5% was down 2.1 percentage points versus prior year. A margin benefit from stronger volume, profitable mix and pricing was more than offset by the negative cost headwinds across the supply chain and additional EU tariffs.

轉向邊緣。第四季度毛利率為 19.5%，較上年下降 2.1 個百分點。更強勁的銷量、盈利組合和定價帶來的利潤收益被整個供應鏈的負面成本逆風和額外的歐盟關稅所抵消。

In the quarter, the impact from the additional EU tariffs was approximately 1.3 percentage points of margin. Q4 operating margin finished at negative 12.5% compared to negative 37% last year due to materially lower operating expenses this year and heavier restructuring charges in the prior Q4.

本季度，歐盟額外關稅的影響約為利潤率 1.3 個百分點。由於今年的運營費用大幅下降以及上一季度的重組費用增加，第四季度的營業利潤率為負 12.5%，而去年為負 37%。

Full year operating margin of 9% was significantly ahead of last year, given the impact of the pandemic and was also 2.7 points ahead of 2019. Despite the absolute unit decline versus 2019, which drives the negative margin headwind, the focus to a more profitable mix and a leaner cost structure has significantly strengthened the overall margin profile for the business, even with the inflationary supply chain environment.

鑑於大流行的影響，全年營業利潤率為 9%，明顯高於去年，也比 2019 年高出 2.7 個百分點。儘管與 2019 年相比絕對單位下降，這推動了負利潤率逆風，但重點是利潤更高即使在通貨膨脹的供應鏈環境下，組合和更精簡的成本結構也顯著增強了企業的整體利潤率狀況。

The Financial Services segment operating income in Q4 was $95 million, up $18 million compared to last year, driven by lower interest expense and lower restructuring costs, partially offset by higher provision for credit losses as loss rates begin to increase back towards historical levels.

第四季度金融服務部門的營業收入為 9500 萬美元，與去年相比增加了 1800 萬美元，這主要得益於較低的利息費用和較低的重組成本，但隨著損失率開始回升至歷史水平，信貸損失準備金增加部分抵消了這一影響。

HDFS' retail credit loss ratio remained historically low at 1.2%, a 19-basis point improvement over last year. Overall, retail delinquency rates have been favorably impacted by the improved economic conditions and the benefits provided to individuals under the federal stimulus packages early in 2021. Delinquency rates have continued to run lower than pre-pandemic historical levels, and we do expect these rates to begin to normalize in 2022.

HDFS的零售信用損失率保持在1.2%的歷史低位，比去年提高了19個基點。總體而言，零售拖欠率受到經濟狀況改善以及 2021 年初聯邦刺激計劃為個人提供的福利的有利影響。拖欠率繼續低於大流行前的歷史水平，我們確實預計這些比率將2022 年開始正常化。

Looking at HDFS' base business. Retail originations in Q4 were up 25% versus last year behind strong new and used motorcycle origination volume. Ending retail finance receivables in Q4 were $6.5 billion, which is up 2.4% from last year.

查看 HDFS 的基礎業務。在強勁的新車和二手摩托車起源量的推動下，第四季度的零售起源比去年增長了 25%。第四季度末零售金融應收賬款為 65 億美元，比去年增長 2.4%。

In addition, the retail allowance for credit losses at the end of Q4 was 5%, which is relatively unchanged from Q3. And while today's allowance rate has improved versus the peaks of 2020, it is still above pre-pandemic levels given the continued uncertainty surrounding the pace of economic recovery.

此外，第四季度末零售信貸損失準備金為 5%，與第三季度基本持平。儘管與 2020 年的峰值相比，今天的津貼率有所提高，但鑑於圍繞經濟復甦步伐的持續不確定性，它仍高於大流行前的水平。

Wrapping up with Harley-Davidson, Inc. financial results. We delivered full year 2021 operating cash flow of $976 million, down $202 million from last year. Operating cash flow declines were a result of unit growth and increased loan originations across HDFS. And total cash and cash equivalents ended the quarter at $1.9 billion, which is $1.4 billion lower than last year as we worked on higher cash balances held as a result of the pandemic.

總結哈雷戴維森公司的財務業績。我們實現了 2021 年全年運營現金流 9.76 億美元，比去年減少了 2.02 億美元。經營現金流下降是由於單位增長和 HDFS 的貸款來源增加所致。截至本季度末，現金和現金等價物總額為 19 億美元，比去年減少 14 億美元，原因是我們努力提高因大流行而持有的現金餘額。

As we look to our financial outlook for 2022, we expect HDMC revenue growth of 5% to 10%. This revenue growth forecast incorporates what we know today in terms of the impact of the semiconductor challenges that the industry is facing. We expect revenue to be positively impacted by our global pricing actions as we work to offset the cost headwinds across the supply chain. Furthermore, we expect the Parts & Accessories and Apparel & Licensing businesses to accelerate top line growth in line with our Hardwire strategy.

當我們展望 2022 年的財務前景時，我們預計 HDMC 收入將增長 5% 至 10%。這一收入增長預測結合了我們今天所知道的行業面臨的半導體挑戰的影響。我們預計，隨著我們努力抵消整個供應鏈的成本逆風，我們的全球定價行動將對收入產生積極影響。此外，我們預計零件和配件以及服裝和許可業務將根據我們的硬線戰略加速收入增長。

We expect HDMC operating income margin of 11% to 12%. We believe the anticipated positive impact from volume leverage, unit mix and pricing, combined with growth across our margin-accretive businesses of P&A and Apparel, will more than offset the expected cost inflation across supply chain. Also, the removal of the additional EU tariffs realized in 2021 contributes over 1 point of margin growth. Finally, we expect 2022 margins to also be positively impacted by operating expense leverage even as we increase investment behind LiveWire.

我們預計 HDMC 的營業利潤率為 11% 至 12%。我們認為，銷量槓桿、單位組合和定價帶來的預期積極影響，以及我們的 P&A 和服裝等可增加利潤的業務的增長，將抵消整個供應鏈的預期成本通脹。此外，取消 2021 年實現的額外歐盟關稅有助於利潤率增長超過 1 個百分點。最後，即使我們增加對 LiveWire 的投資，我們預計 2022 年的利潤率也將受到運營費用槓桿的積極影響。

We expect the HDFS operating income to decline by 20% to 25%. This decline is largely a result of the favorable allowance releases and lower credit losses in 2021. We believe this favorable impact is not likely to repeat itself in 2022.

我們預計 HDFS 營業收入將下降 20% 至 25%。這種下降主要是由於 2021 年有利的撥備釋放和較低的信貸損失。我們認為這種有利影響不太可能在 2022 年重演。

And lastly, we expect capital investments of $190 million to $220 million as we continue to invest behind product development and capability enhancement in support of our Hardwire strategy.

最後，我們預計資本投資將達到 1.9 億至 2.2 億美元，因為我們將繼續投資於產品開發和能力增強以支持我們的硬線戰略。

This financial guidance is reflective of the supply chain outlook that we have at this time. We are forecasting that the operating conditions and higher rates will hold in the first half of the year, and we anticipate a moderate improvement versus prior year in the back half across logistics and raw materials.

該財務指導反映了我們目前的供應鏈前景。我們預計上半年的經營狀況和更高的費率將保持不變，我們預計下半年物流和原材料方面將比上年有所改善。

Semiconductor availability is expected to be challenged, assuming improvements in the latter half of the year. Embedded within our guidance for 2022 is LiveWire. At this time, we remain committed to the outlook issued as part of our December 13th announcement.

假設下半年有所改善，預計半導體可用性將受到挑戰。 LiveWire 嵌入了我們的 2022 年指南。目前，我們仍然致力於作為我們 12 月 13 日公告的一部分發布的展望。

Finally, as we look to the 2022 capital allocation, our priorities remain to fund growth of the Hardwire initiatives, which includes the capital expenditures mentioned previously.

最後，當我們展望 2022 年的資本分配時，我們的優先事項仍然是為硬線計劃的增長提供資金，其中包括前面提到的資本支出。

We will also paid dividends. And yesterday, we announced an increase in our first quarter 2022 payout to $0.1575 a share, which is up 5% versus prior year. In addition, we plan to execute discretionary share repurchases in 2022, and we have 18.2 million shares remaining on our Board-approved share repurchase plan.

我們也將支付股息。昨天，我們宣布將 2022 年第一季度的派息增加到每股 0.1575 美元，比去年同期增長 5%。此外，我們計劃在 2022 年執行全權股份回購，我們在董事會批准的股票回購計劃中剩餘 1820 萬股。

At this point, I'll turn it back over to Jochen, who will wrap this up.

在這一點上，我會把它交還給 Jochen，他將把它包起來。

Thank you, Gina. To round out today's presentation, I want to provide some highlights from our most recent launch event in January entitled Further. Faster., which hopefully many of you were able to see. If not, please check out the content online.

謝謝你，吉娜。為了完善今天的演講，我想提供一些我們在 1 月份發布的名為“進一步”的發布活動的亮點。更快。，希望你們中的許多人都能看到。如果沒有，請查看在線內容。

This year, we focused on our stronghold profitable segments, unveiling a selection of powerful new Grand American Touring, Cruiser and Custom Vehicle Operations in short CVO motorcycles for this year. This reveal consists of 8 new models, each powered by the Milwaukee-Eight 117, the most powerful factory installed engine offered by Harley-Davidson. In the Grand American Touring line, we introduced the Street Glide ST and Road Glide ST. For Cruisers, we introduced the more powerful Low Rider S and the Low Rider ST. And for CVO, we introduced 4 super premium models.

今年，我們專注於我們的據點盈利部門，在今年推出了一系列功能強大的全新 Grand American Touring、Cruiser 和 Custom Vehicle Operations 短 CVO 摩托車。此次展示包括 8 款新車型，每款車型均由哈雷戴維森提供的最強大的工廠安裝發動機 Milwaukee-Eight 117 提供動力。在 Grand American Touring 系列中，我們推出了 Street Glide ST 和 Road Glide ST。對於 Cruisers，我們推出了更強大的 Low Rider S 和 Low Rider ST。而對於 CVO，我們推出了 4 款超高級車型。

The virtual event attracted over 1.5 million views on the launch page on harley-davidson.com and over 540,000 views of the launch, fame and content. We also saw over 120,000 people sign up to the event, a 50% increase compared to 2021.

此次虛擬活動在 harley-davidson.com 的發布頁面上吸引了超過 150 萬次瀏覽，並在發布、名聲和內容方面吸引了超過 540,000 次瀏覽。我們還看到超過 120,000 人報名參加該活動，與 2021 年相比增加了 50%。

Most notable was the response to the Low Rider ST, the latest in our Cruiser lineup. Demand was so high for this bike that we sold out our first consumer allocation in 10 minutes. This is just one example that highlights the strong desirability that we've been able to build through our strategy for our brand and product. As ever, we look forward to bringing you more. So stay tuned for some more product news to come this year from Harley-Davidson and LiveWire.

最引人注目的是對我們 Cruiser 系列中最新的 Low Rider ST 的反應。這輛自行車的需求如此之高，以至於我們在 10 分鐘內就售罄了我們的第一個消費者配額。這只是一個例子，它強調了我們通過我們的品牌和產品戰略能夠建立的強烈需求。一如既往，我們期待為您帶來更多。因此，請繼續關註今年哈雷戴維森和 LiveWire 的更多產品新聞。

And just before we head to questions, I'm happy to announce that in May, we will be hosting an Investor Day for Harley-Davidson and LiveWire, updating you on our exciting road ahead. I hope you can join us in Milwaukee.

就在我們提出問題之前，我很高興地宣布，我們將在 5 月為 Harley-Davidson 和 LiveWire 舉辦投資者日，讓您了解我們激動人心的未來之路。我希望你能在密爾沃基加入我們。

Thank you for your time this morning, and now we'll take your questions.

感謝您今天早上的寶貴時間，現在我們將回答您的問題。

(Operator Instructions) Your first question comes from Craig Kennison from Baird.

（操作員說明）您的第一個問題來自 Baird 的 Craig Kennison。

It's a big picture question on Hardwire. I know last year, you provided guidance that EPS in 2025 would grow at a CAGR of a low double-digit pace, but we never knew what 2021 EPS would be. Now that we know 2021 EPS was $4.21. If we apply, let's say, 10% to 12% CAGR growth on that, it would get to 2025 EPS guidance in the $6.15 range to $6.60 range. Am I doing the math right on the guidance you offered for LiveWire?

這是 Hardwire 上的一個大問題。我知道去年，您提供的指導是，2025 年的每股收益將以兩位數的低複合年增長率增長，但我們從來不知道 2021 年的每股收益會是多少。現在我們知道 2021 年每股收益為 4.21 美元。如果我們在此基礎上應用 10% 到 12% 的複合年增長率，那麼到 2025 年每股收益指引將在 6.15 美元到 6.60 美元之間。我是否根據您為 LiveWire 提供的指導做正確的計算？

You mean for Hardwire, Craig? This is Gina.

你是說Hardwire，克雷格？這是吉娜。

Yes, Hardwire, sorry.

是的，Hardwire，對不起。

Yes. Yes. Good question. When we initially launched The Hardwire targets, right, we said it was based on where we finished in 2021 and then we would grow from there. So as our performance this year was better than our original guidance, if you would apply the initial target that we put out there last year, I think you're doing the math right.

是的。是的。好問題。當我們最初推出 The Hardwire 目標時，是的，我們說它是基於我們在 2021 年完成的目標，然後我們將從那裡發展。因此，由於我們今年的表現比我們最初的指導要好，如果你應用我們去年提出的初始目標，我認為你做對了。

As we kind of get towards the Investor Day in May, what you can expect to see from us is how pieces like LiveWire come to light differently as part of The Hardwire and how that accelerates the initial guidance that we put out for The Hardwire targets back, I think, about a year ago now.

隨著我們在 5 月的投資者日臨近，您可以期待從我們那裡看到 LiveWire 作為 The Hardwire 的一部分如何以不同的方式曝光，以及這如何加速我們為 The Hardwire 目標推出的初步指導，我想，大約一年前吧。

Does that answer your question, Craig?

這能回答你的問題嗎，克雷格？

So yes, generally, I guess. Can we endorse the $6.10 to $6.50 range roughly?

所以是的，一般來說，我猜。我們可以大致認可 6.10 美元到 6.50 美元的範圍嗎？

Since we're not changing our long-range targets today, you're doing the math correctly. What I'm saying, though, is when we put out the targets last year, LiveWire as was envisioned was not set up to be a stand-alone company. That is a material change to our outlook that as we get towards our Investor Day in May, we'll be helping you put together the pieces of how that updated outlook matches with what's going to be ICE business to provide a new long-term projection.

因為我們今天沒有改變我們的長期目標，所以你的計算是正確的。不過，我要說的是，當我們去年提出目標時，LiveWire 並沒有像預想的那樣成為一家獨立的公司。這是對我們前景的重大改變，隨著我們在 5 月的投資者日臨近，我們將幫助您整理更新後的前景與 ICE 業務的匹配情況，以提供新的長期預測.

So in short, Craig, standby for updates in May.

簡而言之，克雷格，等待 5 月份的更新。

Your next question comes from Robby Ohmes from Bank of America. Again, your next question comes from Robby Ohmes from Bank of America.

您的下一個問題來自美國銀行的 Robby Ohmes。同樣，您的下一個問題來自美國銀行的 Robby Ohmes。

I'm sorry, can you hear me okay?

對不起，你能聽到我的聲音嗎？

Yes.

是的。

Yes.

是的。

Sorry, I'm not sure what happened there. So my question -- my question is on Motorcycles revenue growth outlook for 2022. Can you help us think through how you've had really strong price increases supporting revenue growth in '21? What's the sort of -- what should our thinking be on price increases? And also, what should our thinking be on international unit sales returning to growth?

抱歉，我不確定那裡發生了什麼。所以我的問題是——我的問題是關於 2022 年摩托車收入增長前景的問題。您能否幫助我們思考一下您是如何在 21 年實現了真正強勁的價格上漲來支持收入增長的？什麼樣的——我們對價格上漲的看法應該是什麼？此外，我們應該如何看待國際單位銷售恢復增長？

Robby, this is Edel O'Sullivan. Thank you for your questions. So let me take the latter part of the question, and then I'll turn it over to Gina for more specifics on the pricing element.

羅比，這是埃德爾·奧沙利文。謝謝你的提問。因此，讓我回答問題的後半部分，然後我將把它交給 Gina，以了解有關定價元素的更多細節。

So in short, we think that there is a demand in the market, that is both domestic and international. Obviously, this year still continues to be impacted by actions. And by this year, I mean, 2021 continue to be impacted by actions taken during The Rewire, particularly in our international markets.

所以簡而言之，我們認為市場有需求，既是國內的，也是國際的。顯然，今年仍然繼續受到行動的影響。到今年，我的意思是，2021 年將繼續受到 The Rewire 期間採取的行動的影響，尤其是在我們的國際市場上。

But we do expect as we look to '22 and beyond, of course, subject to the reality of the supply chain that we will be seeing some of that increased demand placed in our international markets as well, I may say, in our domestic market.

但我們確實希望，在我們展望 22 年及以後，當然，受制於供應鏈的現實，我們將看到我們的國際市場的一些需求增加，我可以說，在我們的國內市場.

And Robby, this is Gina. On the pricing question. In 2021, our pricing was really limited to the surcharge that we put in market in the U.S. As we move to 2022, pricing will be global and have both mechanisms of both surcharge as well as MSRP pricing depending on the market. So we move from a very U.S.-based pricing mechanism in '21 to a global pricing mechanism as we move throughout 2022.

還有羅比，這是吉娜。關於定價問題。在 2021 年，我們的定價實際上僅限於我們在美國市場投放的附加費。隨著我們進入 2022 年，定價將是全球性的，並且根據市場情況同時具有附加費和建議零售價定價機制。因此，隨著我們在 2022 年的推進，我們從 21 年非常基於美國的定價機制轉變為全球定價機制。

Got you. That's helpful. And so the 5% to 10% does include some pricing benefits to the sort of unit volume assumption on the motorcycle side, could be viewed as conservative?

得到你。這很有幫助。所以 5% 到 10% 確實包括對摩托車方面的單位數量假設的一些定價優勢，可以被視為保守嗎？

Wait. What's the last part that is viewed as conservative?

等待。最後被視為保守的部分是什麼？

Yes. It sort of implies that the unit volume growth would be obviously less than 5% to 10% on the Motorcycles division. So it could be potentially as conservative for your unit assumptions given the demand you're seeing?

是的。這有點暗示，摩托車部門的單位銷量增長明顯低於 5% 到 10%。因此，鑑於您所看到的需求，您的單位假設可能會保守嗎？

Well, what we said clearly is the supply chain issues are not going away. In fact, they intensify going into the year. And hence, our guidance is realistic from today's perspective and what we are seeing in the supply chain.

好吧，我們清楚地說的是供應鏈問題並沒有消失。事實上，它們在進入這一年時會加劇。因此，從今天的角度和我們在供應鏈中看到的情況來看，我們的指導是現實的。

Got it. That's really helpful.

知道了。這真的很有幫助。

That said, we have solid demand for our product. And for those who witnessed our -- the launch of our '22 model year, it's been exceptionally well received. So it's just a question of supply and not a question of demand.

也就是說，我們對我們的產品有穩定的需求。對於那些見證了我們——我們的 22 車型年推出的人來說，它受到了極大的歡迎。所以這只是供應問題，而不是需求問題。

Your next question comes from Billy Kovanis from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Billy Kovanis。

Just a follow-up on the last question there. Can you give us your embedded assumptions for retail sales versus more of a production restock in 2022 for that 5% to 10% Motorcycles revenue growth?

只是對那裡最後一個問題的跟進。對於 5% 至 10% 的摩托車收入增長，您能否向我們提供您對 2022 年零售銷售與更多生產補貨的嵌入式假設？

Well, it depends on the range of the guidance, right? If you assume price increases and the lower end of the range, then you would see small or more little unit growth. And as you move towards the higher end of the range, you would assume unit growth, and that would be captured in retail as well as in wholesale.

嗯，這取決於指導的範圍，對吧？如果您假設價格上漲和該範圍的下限，那麼您會看到較小或更多的單位增長。當您向范圍的高端移動時，您會假設單位增長，這將在零售和批發中得到體現。

Yes. Billy, this is Gina. Based on where our inventory positions sit, you can -- the unit assumption and the unit growth assumption for wholesale is pretty much is going to ladder up to what we would say for retail's as well.

是的。比利，這是吉娜。根據我們的庫存位置，您可以 - 批發的單位假設和單位增長假設幾乎將上升到我們對零售的說法。

Got it. And just a real quick follow-up on the margins, really strong outlook there, 11% to 12%. Can you just break that down a little bit further? How much of it is sort of operating leverage? How much of it is the EU tariffs being sort of mitigated? Any other expenses that you're sort of taking out? Higher mix? Exiting unprofitable markets? Just any other color you can provide on the margins.

知道了。並且只是對利潤率進行真正的快速跟進，那裡的前景非常強勁，從 11% 到 12%。你能把它再細分一點嗎？其中有多少是經營槓桿？歐盟關稅有多少被減輕了？你還有其他費用嗎？更高的組合？退出無利可圖的市場？您可以在頁邊空白處提供任何其他顏色。

Sure. Sure. I'll start with the kind of the easy one. The EU tariffs and removing that additional tariff is worth about a point. So as we move from '21 to '22, about a point of that is tied up there. We also have a positive volume and mix and then the pricing component that we talked about earlier, that is a positive headwind that helps you offset -- more than offset what's coming at us from a supply chain standpoint.

當然。當然。我將從簡單的那一種開始。歐盟關稅和取消額外關稅大約值一個點。因此，當我們從 21 年到 22 年時，大約有一點是固定的。我們還有一個積極的數量和組合，然後是我們之前談到的定價部分，這是一個積極的逆風，可以幫助您抵消 - 從供應鏈的角度來看，不僅僅是抵消我們面臨的問題。

Your next question comes from Fred Wightman from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Fred Wightman。

I was hoping -- maybe it's a question for Gina, but given the guidance is expecting some second half improvement. Can you just give us a little help on the cadence as we move through the year? It sounds like the supply chain got a little bit worse into the first quarter. But should we be expecting steady improvement as we move through the year? Is there really a step function increase in the back half of the year? How does that sort of shake out from a timing perspective?

我希望 - 也許這是吉娜的問題，但鑑於指導預計下半年會有所改善。當我們度過這一年時，你能給我們一點關於節奏的幫助嗎？聽起來供應鏈在第一季度變得更糟了。但是，我們是否應該期待隨著這一年的到來而穩步改善？下半年真的有階躍函數增加嗎？從時間的角度來看，這種情況如何擺脫？

Yes. Good question. I would say that we improve as we move through the year. So our back half will be better than our front half, just again, given what is coming at us from a supply chain standpoint. So when you think about our cost inflation environment as we move through '21, every quarter, we kind of saw more inflation, but the first half of '21 was less than the back half of 2022.

是的。好問題。我想說的是，隨著我們這一年的發展，我們會有所進步。因此，考慮到從供應鏈的角度來看，我們的後半部分會比前半部分更好。因此，當您考慮我們在 21 年的成本通脹環境時，每個季度，我們都會看到更多的通脹，但 21 年上半年低於 2022 年下半年。

And so now as we move into '21 -- I'm sorry. And then as we move into 2022, we still have kind of another half of inflation that kind of matches up where we ended the year. So I would definitely see the cadence as being -- we accelerate as we move to the back half.

所以現在我們進入 21 年——我很抱歉。然後隨著我們進入 2022 年，我們仍然有另外一半的通貨膨脹，與我們年底的情況相匹配。所以我肯定會認為節奏是——我們在移動到後半部時會加速。

To emphasize, that assumes an improvement in the supply chain in the second half. Visibility is relatively limited at this point in time. So that's based on what we know today and that the supply chain overall sees some -- sees improvements in the second half.

需要強調的是，這是假設下半年供應鏈有所改善。此時能見度相對有限。所以這是基於我們今天所知道的，並且整個供應鏈看到了一些 - 在下半年看到了一些改進。

Makes sense. And then just as a follow-up, could we walk through the bridge on the CapEx outlook? Midpoints over $200 million, you guys came in just over $140 million, I think, this year. So any big projects or big things that sort of get you from '21 to '22?

說得通。然後作為後續行動，我們能否通過資本支出前景的橋樑？中點超過 2 億美元，我想你們今年的收入剛剛超過 1.4 億美元。那麼有什麼大項目或大事能讓你從 21 年到 22 年？

I think the biggest step change you'll see is within LiveWire itself. So given -- and the investment that we're putting behind EVs. We're also going to continue to build on our core innovation pipeline, and you'll hear more about that as we're moving through kind of this year. And then we continue to invest in capabilities. We've talked previously on calls about our digital ecosystem and building up things like the marketplace, our used platform, that type investment continues as we move through 2022.

我認為你會看到的最大的一步變化是在 LiveWire 內部。所以給定 - 以及我們在電動汽車背後的投資。我們還將繼續建立我們的核心創新管道，隨著我們今年的發展，你會聽到更多關於這一點的信息。然後我們繼續投資於能力。我們之前曾在電話會議上討論過我們的數字生態系統，並建立了諸如市場、我們使用的平台之類的東西，隨著我們進入 2022 年，這種類型的投資仍在繼續。

Your next question comes from Joe Altobello from Raymond James.

您的下一個問題來自 Raymond James 的 Joe Altobello。

Just first question, I just wanted to clarify something you mentioned earlier, Gina, about wholesale and retail. It sounds like you expect wholesale and retail to be really equal this year. And so no pipeline fill opportunity in '22, is that correct?

只是第一個問題，我只是想澄清你之前提到的一些事情，吉娜，關於批發和零售。聽起來你希望今年批發和零售真的是平等的。所以 22 年沒有管道填充機會，對嗎？

I would say there's going to be limited pipeline fill capability, just given the supply constraints that we have. So I see those 2 moving more in sync throughout 2022.

考慮到我們的供應限制，我會說管道填充能力有限。所以我看到這兩個在整個 2022 年更加同步。

Okay. And then...

好的。然後...

So if I could add to that...

所以，如果我可以補充...

Yes, sorry, go ahead.

是的，對不起，繼續。

Just to add to that, Joe, from the perspective of what is happening overall with inventory levels. I think you will see that our dealers and indeed the entire network has become much more efficient in how we manage retail sales inventory. So we have become, I think, much better at managing a level of retail sales that requires much less inventory in the system. And some of that is obviously the work of our dealers to support the sales and the customer demand, but also tools that we have put in place like our preorder and reservation system that allow us to capture that demand much more efficiently.

補充一點，喬，從庫存水平整體情況的角度來看。我想你會看到我們的經銷商乃至整個網絡在我們管理零售庫存方面變得更加高效。因此，我認為，我們在管理系統中需要更少庫存的零售銷售水平方面做得更好。其中一些顯然是我們的經銷商為支持銷售和客戶需求所做的工作，還有我們已經實施的工具，例如我們的預訂和預訂系統，使我們能夠更有效地捕捉到這種需求。

So I would expect as we go through '22 and beyond that we will continue to make some of those changes and innovations to allow us to support retail sales growth with a very different position on inventory that wouldn't have been the case historically.

因此，我希望在 22 年及以後，我們將繼續做出一些改變和創新，以使我們能夠以非常不同的庫存位置來支持零售銷售增長，這在歷史上是不會出現的。

Very helpful. And just maybe on LiveWire. The slides that you gave us in mid-December showed an EBIT loss for LiveWire in '22, about $111 million. I just want to confirm, is that what's baked into the 11% to 12% margin for that segment?

很有幫助。可能只是在 LiveWire 上。你在 12 月中旬給我們的幻燈片顯示，22 年 LiveWire 的息稅前利潤損失約為 1.11 億美元。我只是想確認一下，這就是該細分市場 11% 到 12% 的利潤率嗎？

Yes, yes. We have not changed our LiveWire assumptions.

是的是的。我們沒有改變我們的 LiveWire 假設。

Your next question comes from Gerrick Johnson from BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Gerrick Johnson。

My question is on the tariff situation. It seems like inconsistent presentation over the quarters, so sometimes it's excluded as nonrecurring items, sometimes it's not. It didn't look like it was this quarter, but you did call it out. So that changes our starting point a little bit in relation to Craig's question as we roll forward a compounding our growth assumptions. So should we go back and put all those tariffs back into our numbers for '21 and 2020, EU tariffs?

我的問題是關於關稅情況。似乎每個季度的呈現不一致，所以有時它被排除為非經常性項目，有時不是。看起來不像是本季度，但你確實說出來了。因此，當我們推進複合增長假設時，這會稍微改變我們與 Craig 的問題相關的起點。那麼我們是否應該回去將所有這些關稅重新納入我們 21 年和 2020 年的歐盟關稅數據中？

No, this is Gina. No, I would not add them back in. When you go back to our original Hardwire target that we gave, we did not have tariffs built into there. If you go back to the original guidance all the way back a year ago that we gave on '21, there were no tariffs included. And in the outlook, I should say no additional tariffs included. And then the outlook that we gave for the next 5 years also didn't include these additional tariffs.

不，這是吉娜。不，我不會把它們加回去。當你回到我們最初給出的硬線目標時，我們沒有內置關稅。如果您回到一年前我們在 21 年給出的原始指導，則不包括關稅。在展望中，我應該說不包括額外的關稅。然後我們對未來 5 年的展望也沒有包括這些額外的關稅。

Your next question comes from David MacGregor from Longbow Research.

您的下一個問題來自 Longbow Research 的 David MacGregor。

I guess I wanted to ask about the Pan America. And you referenced already the expectation that supply channel issues don't improve, at least significantly as 2022 rolls out. How are you thinking about availability on this product? And obviously, a lot of excitement, but you need to get it into the hands of the dealers. So what are you looking at for 2022 there?

我想我想問一下泛美。您已經提到供應渠道問題不會改善的預期，至少隨著 2022 年的推出而顯著改善。您如何看待該產品的可用性？顯然，很多興奮，但你需要把它交到經銷商手中。那麼，您對 2022 年有何期待？

Well, availability overall has been constrained. And everything we've sold into the market has pretty much sold through. So -- and we expect that to continue. That said, we had -- we were able to deliver a significant amount of Pan Am's that made us the #1 model in the Adventure Touring market already last year, and we expect to continue to deliver a solid amount of Pan Americas also this year. But everything from -- everything taken together, Pan America, just like other products are supply constrained.

好吧，整體可用性受到限制。我們賣到市場上的所有東西都賣光了。所以 - 我們預計這種情況會繼續下去。也就是說，我們已經 - 我們能夠交付大量泛美產品，這使我們去年已經成為 Adventure Touring 市場的第一模型，我們預計今年也將繼續交付大量泛美產品.但是所有來自泛美的所有產品都像其他產品一樣受到供應限制。

Does the availability inflect at some point throughout the year? Or is it just kind of a slow gradual improvement as the year unfolds?

可用性是否會在全年的某個時間點發生變化？還是隨著時間的推移，它只是一種緩慢的逐漸改善？

Impossible to predict at this point in time. It's literally a day-to-day valuation of the components that you're getting or not getting and adjusting your production accordingly. So it's very hard to predict at this point in time.

目前無法預測。這實際上是對您獲得或未獲得的組件的日常評估，並相應地調整您的生產。因此，目前很難預測。

And I guess just related to that, Jochen, just thinking about the strategic value of light Cruisers and obviously, limited profitability opportunity, but it also gathers new riders into the brand. How are you thinking about light Cruisers longer term?

而且我想與此相關，Jochen，只是考慮輕型巡洋艦的戰略價值，顯然，盈利機會有限，但它也將新車手聚集到品牌中。您如何看待輕型巡洋艦的長期發展？

Well, nothing to add to what we've said in the past. We'll be commenting on new models when we launch them or if we launch them to the market. So I'd say standby for more.

好吧，沒有什麼可以補充我們過去所說的。當我們推出新型號或將它們推向市場時，我們將發表評論。所以我會說待機更多。

Your next question comes from Jaime Katz from Morningstar.

您的下一個問題來自 Morningstar 的 Jaime Katz。

I'm hoping you guys would be willing to talk about how you perceive the long-term growth algorithm for Apparel & Licensing given the new hires behind the business and the fact that now looks like that might be something that grows maybe above historic levels?

我希望你們願意談論考慮到業務背後的新員工以及現在看起來可能會增長到歷史水平以上的事實，你們如何看待服裝和許可的長期增長算法？

Jaime, well, as you know that I'm very positive about the growth beyond bikes and that primarily includes Apparel & Licensing in addition to Parts & Accessories, and we will be upping our game in both categories going forward. I'm not going to quantify it at this point. I'd say stay tuned for more in May. We'll be talking about that, that will be part of our presentation.

Jaime，正如你所知，我對自行車以外的增長非常樂觀，這主要包括除了零件和配件之外的服裝和許可，我們將在這兩個類別中提升我們的遊戲水平。在這一點上，我不打算量化它。我會說請繼續關註五月的更多內容。我們將討論這個，這將是我們演示的一部分。

But we feel confident the brand has very strong appeal in different consumer groups, different age groups that we want to capture, and that's why I've decided to strengthen the team now and make it a direct report as well to really tap into the potential in the coming years. It's not something that will happen overnight, but that -- it's really exciting if you apply a long-term perspective.

但我們相信這個品牌在我們想要捕捉的不同消費群體、不同年齡組中具有很強的吸引力，這就是為什麼我決定現在加強團隊並將其作為直屬報告來真正挖掘潛力在未來幾年。這不是一夜之間會發生的事情，但是如果您從長遠來看，這真的很令人興奮。

Okay. And then just as a housekeeping, I think we should see some sort of filing for the LiveWire offering. Can you give us any insight on the timing of that just so we could get more detail?

好的。然後就像做家務一樣，我認為我們應該看到一些 LiveWire 產品的歸檔。你能告訴我們關於時間安排的任何見解，以便我們獲得更多細節嗎？

That's out today, so you'll be able to access it. The S4 was filed today.

今天就出來了，所以你可以訪問它。 S4今天提交。

Excellent.

優秀的。

Happy reading.

快樂閱讀。

Your next question comes from Ryan Sundby from William Blair.

您的下一個問題來自 William Blair 的 Ryan Sundby。

I guess with modeling, and since you have down about 40% since 2020, is the reshaping of the portfolio work done here? And are there any opportunities where if you maybe see areas to focus more or maybe areas where you pulled back too far? Just any color there would be great.

我猜是建模，因為自 2020 年以來你已經下降了大約 40%，所以這裡完成了投資組合的重塑工作嗎？如果您可能會看到更多關注的領域，或者您可能會退得太遠的領域，是否有任何機會？只要有任何顏色都會很棒。

Definitely not too far. There's always more opportunity to fine-tune our product mix. I mean going into The Rewire, it was just a lot of products out there that cannibalized itself. And we took the reduction to 30%. If you remember me talking about that back then, and we saw further opportunity and took to 40%.

絕對不會太遠。總是有更多的機會來微調我們的產品組合。我的意思是進入 The Rewire，只是有很多產品在蠶食自己。我們將減少到 30%。如果你記得我當時談論過這個，我們看到了更多的機會並佔據了 40%。

That said, it's plus or minuses. Now I wouldn't say we are adding new models necessarily without taking others out. I'd say 40% is a good base going forward, but we continue to look at more opportunities and we'll always ask the question when and if we introduce a new model, if there's another one that we could take out because it's cannibalizing the overall portfolio.

也就是說，它的優點或缺點。現在我不會說我們一定要添加新模型而不需要其他模型。我想說 40% 是一個很好的基礎，但我們會繼續尋找更多的機會，我們總是會問這個問題，我們何時以及是否推出一種新模式，是否還有另一種我們可以淘汰的問題，因為它正在蠶食整體投資組合。

But 40% is a pretty solid number that we initially didn't actually think we would achieve, but we actually overachieved that number already last year.

但是 40% 是一個相當可靠的數字，我們最初並不認為我們會實現，但實際上我們去年已經超額實現了這個數字。

That's helpful. And then I guess just with the units up this strong in Q4 here, was there any change in approach to the -- like I said, the shipping cadence that you kind of laid out under Hardwire?

這很有幫助。然後我想，在第四季度的單位如此強勁的情況下，在處理方法上是否有任何變化——就像我說的，你在 Hardwire 下制定的運輸節奏？

No. No. Continue to -- Q4 is a suppressed kind of wholesale unit shipment just as we changed that model year launch at the beginning of the calendar year. No change.

不。不。繼續——第四季度是一種抑制型批發單位出貨量，就像我們在日曆年初更改了該車型年的發布一樣。不用找了。

There is no further questions at this time. And this concludes today's conference call. Thank you all for joining. You may now disconnect.

目前沒有進一步的問題。今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。