Harley-Davidson Inc (HOG) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2022 Second Quarter Investor and Analyst Conference Call. Please be advised that today's conference is being recorded.

感謝您的支持，歡迎參加哈雷戴維森 2022 年第二季度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. Welcome to our Q2 2022 Earnings Call. You can access the slides supporting today's call on the Internet at investor.harleydavidson.com. Our comments will include forward-looking statements that are subject to the 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.

謝謝你。大家，早安。我是 Harley-Davidson 投資者關係總監 Shawn Collins。歡迎參加我們的 2022 年第二季度財報電話會議。您可以訪問互聯網上的investor.harleydavidson.com 訪問支持今天電話會議的幻燈片。我們的評論將包括前瞻性陳述，這些陳述受制於可能導致實際結果出現重大差異的風險。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。

With that, let me turn it over to Jochen.

有了這個，讓我把它交給Jochen。

Thank you, Shawn. Good morning, everyone, and thank you for joining us today. It's been a few months since I last saw many of you at our Investor Day in our hometown Milwaukee, where we talked about the transformation we are on, where we're headed, what the opportunities are and how we are planning to accelerate as a company and brand, all with the ambition in mind for Harley-Davidson to be the most desirable motorcycle and lifestyle brand in the world, building upon the 119-year history and leading motorcycle culture into the future.

謝謝你，肖恩。大家早上好，感謝您今天加入我們。自從我上次在家鄉密爾沃基舉行的投資者日上見到你們以來已經有幾個月了，我們在那裡談論了我們正在進行的轉型、我們的發展方向、機會是什麼以及我們計劃如何加速公司和品牌，所有這些都是為了讓哈雷戴維森成為世界上最令人嚮往的摩托車和生活方式品牌，在 119 年曆史的基礎上，引領摩托車文化走向未來。

At our Investor Day, as part of our plans for future growth, we announced Hardwire Stage II, an acceleration plan, building on our Hardwire priorities, while tuning the engine of our business for improved acceleration and increased performance. And despite the macro uncertainty, ForEx and inflationary pressure and supply chain issues, we expect to deliver on our Hardwire ambitions. We believe that the Hardwire strategy is working. We're making significant progress in transforming our business and now it's the time to elevate our ambition beyond the current environment.

在我們的投資者日，作為我們未來增長計劃的一部分，我們宣布了 Hardwire Stage II，這是一項加速計劃，以我們的 Hardwire 優先事項為基礎，同時調整我們的業務引擎以提高加速和提高性能。儘管存在宏觀不確定性、外彙和通脹壓力以及供應鏈問題，我們仍希望實現我們的硬線雄心。我們相信硬線戰略正在奏效。我們在業務轉型方面取得了重大進展，現在是時候在當前環境之外提升我們的雄心壯誌了。

Before I provide some more detail on delivery of our strategic initiatives for Q2, I would like to comment briefly on the suspension of production and shipments that we experienced in the quarter. The decision we took to temporarily close our production facilities and suspend vehicle shipments was taken out of an abundance of caution and related to regulatory compliance issue with the brake hoses provided by Tier 2 to our Tier 1 suppliers.

在我提供有關第二季度戰略計劃交付的更多細節之前，我想簡要評論一下我們在本季度經歷的停產和發貨。我們做出暫時關閉生產設施和暫停車輛運輸的決定是出於非常謹慎的考慮，並且與二級供應商向一級供應商提供的製動軟管的監管合規問題有關。

We continue to work through the knock-on effect of this action. We've ramped up production, and we believe that we'll be able to make up for the lost production throughout the remainder of the year. As Gina will explain in more detail, we are, therefore, not changing our guidance for the full year.

我們將繼續努力解決這一行動的連鎖效應。我們已經提高了產量，我們相信我們將能夠在今年剩餘的時間裡彌補損失的產量。正如 Gina 將更詳細地解釋的那樣，因此，我們不會改變全年的指導方針。

Now I'd like to look at some of the highlights of the quarter. As part of the Hardwire, we made the commitment to invest for growth within our core categories. Aligned to Pillar I profit growth, we are strategically investing into Touring, where we believe we can capture growth. This investment is driven by the opportunity in our stronghold categories and most profitable segments at the core of our business. We expect to invest $300 million over the next 5 years in innovation to reinvent, reimagine and reinvigorate in key categories where we see the potential to grow our leadership, namely Touring, Cruiser and Trike.

現在我想看看本季度的一些亮點。作為硬線的一部分，我們承諾在我們的核心類別中進行投資以實現增長。與支柱 I 利潤增長保持一致，我們正在戰略性地投資於 Touring，我們相信我們可以在其中獲得增長。這項投資是由我們的大本營類別和我們業務核心最有利可圖的部門的機會推動的。我們預計在未來 5 年內投資 3 億美元進行創新，以重塑、重新構想和重振我們認為有潛力提升我們領導地位的關鍵類別，即 Touring、Cruiser 和 Trike。

Within these core segments, we know that our community wants elevated design, performance and premium quality. With our new enthusiast offering that we launched in June, we are delivering on all of these. The Enthusiast collection is an ongoing series of Harley-Davidson motorcycles featuring special edition paint, created to celebrate the unique backgrounds, stories and special interest of riders within the Harley-Davidson community.

在這些核心細分市場中，我們知道我們的社區需要更高的設計、性能和優質。借助我們在 6 月推出的新發燒友產品，我們正在提供所有這些產品。 Enthusiast 系列是一系列哈雷戴維森摩托車，採用特別版油漆，旨在慶祝哈雷戴維森社區內騎手的獨特背景、故事和特殊興趣。

Each Enthusiast collection design will be launched annually, available in limited quantities across a curated selection of motorcycle models. For '22, our debut Enthusiast collection features a Pan-America 1250 special G.I. and a Tri Glide Ultra G.I., both showcasing an all-new paint color created especially for this collection, paying homage to the olive drab paint used on Harley-Davidson WLA models and completed with service inspired graphics.

每個 Enthusiast 系列設計都將每年推出，在精選的摩托車型號中數量有限。對於 22 年，我們的首個 Enthusiast 系列以 Pan-America 1250 特殊 G.I. 為特色。和 Tri Glide Ultra G.I.，兩者都展示了專為該系列設計的全新油漆顏色，向哈雷戴維森 WLA 車型上使用的橄欖色單調油漆致敬，並以服務靈感的圖形完成。

The Enthusiast collections complements our Harley-Davidson icons as a limited edition collection designed to celebrate the unrivaled history and heritage of Harley-Davidson. Having a strong presence in Adventure Touring and Sports is a focus of Pillar II of our Hardwire strategy, selective expansion and redefinition. And after our successful product launches this and last year, we will continue to focus on delivering long-term profitable growth with both Adventure Touring and Sports segments, utilizing our Rev Max platform.

Enthusiast 系列與我們的 Harley-Davidson 圖標相得益彰，作為限量版系列，旨在慶祝 Harley-Davidson 無與倫比的歷史和傳統。在探險旅遊和體育領域擁有強大的影響力是我們硬線戰略、選擇性擴張和重新定義的第二支柱的重點。在我們今年和去年成功推出產品之後，我們將繼續專注於利用我們的 Rev Max 平台，在探險旅遊和運動領域實現長期的盈利增長。

Sport is a great example of this strategy. With sport, we know that the category skews younger. We're seeing a higher proportion of new-to-the-brand riders in this section, in addition to it playing an important role as an incremental buy for existing and new customers. Delivering new to sport riders is part of our objective to attract new customers to the brand, in addition to expanding the garage of our existing riders.

體育就是這種策略的一個很好的例子。對於運動，我們知道該類別偏年輕。除了作為現有和新客戶的增量購買發揮重要作用之外，我們在本節中看到了更高比例的新品牌車手。除了擴大現有騎手的車庫外，為運動騎手提供新產品是我們吸引新客戶加入該品牌的目標的一部分。

With this in mind, in April, we started a new chapter in the sports history with the launch of Nightster. Building on the 65-year legacy of Sportster with Nightster, we wanted to push both our performance and design capabilities, while ensuring the bike was an entry point to Harley-Davidson motorcycling and our brand. Capitalized on market trends, taking inspiration from our community and recognizing our riders desire to make their Harley-Davidson uniquely theirs, with Nightster we created a canvas for creativity and personalization.

考慮到這一點，4 月，隨著 Nightster 的推出，我們開啟了體育史上的新篇章。基於 Sportster 與 Nightster 的 65 年傳統，我們希望提升我們的性能和設計能力，同時確保這款自行車成為哈雷戴維森摩托車和我們品牌的切入點。利用市場趨勢，從我們的社區中汲取靈感，並認識到我們的騎手渴望讓他們的哈雷戴維森獨一無二，我們通過 Nightster 創造了一個創意和個性化的畫布。

This was the theme of our launch campaign, Instrument of Expression, which for the first time ever in the history of the company presented 5 bike builders from around the world that put their incredible talent to work to showcase their individual artistic expression or a factory model at launch. If you hadn't had a chance to see the launch video, I'd encourage you to take a look. It really demonstrates the level of personalization that can be experienced. Looking ahead, we plan to continue to tap into the Rev Max platform, using modularity to explore new segments for the company.

這是我們推出活動的主題，表達的工具，這是公司歷史上第一次展示了來自世界各地的 5 位自行車製造商，他們運用了他們令人難以置信的才華來展示他們個人的藝術表達或工廠模型發射時。如果您沒有機會看到發布視頻，我鼓勵您看一看。它確實展示了可以體驗的個性化水平。展望未來，我們計劃繼續利用 Rev Max 平台，利用模塊化為公司探索新的細分市場。

Leading in electric, Pillar III of our Hardwire strategy is another focus for both Harley-Davidson and LiveWire. In May at our Investor Day, we also reviewed the S2 Del Mar, a new addition to the LiveWire portfolio, and the first bike to feature the new S2 Arrow architecture. The launch featured an addition of 100 units built to order and serialized as the Del Mar launch additional models. The reception to the launch addition was exceptional, with 100 reservation deposits selling out in 18 minutes.

在電氣方面領先，我們硬線戰略的第三支柱是哈雷戴維森和 LiveWire 的另一個重點。在 5 月的投資者日，我們還回顧了 S2 Del Mar，它是 LiveWire 產品組合的新成員，也是第一款採用新 S2 Arrow 架構的自行車。此次發布增加了 100 台按訂單生產的裝置，並隨著 Del Mar 推出更多型號而進行系列化。此次發布的接待非常出色，100 份預訂押金在 18 分鐘內售罄。

As part of the journey of LiveWire becoming the first publicly traded all electric motorcycle company in the U.S., yesterday, the SEC declared our S-4 registration statement effective. Due to quarterly fiscal accounting, we now expect that LiveWire will go public on September 26th, which will be the start of both LiveWire and Harley-Davidson's fiscal fourth quarter. And as part of this process, we expect that AEA-Bridges will hold its shareholder meeting to approve the transaction the week of September 12th.

昨天，作為 LiveWire 成為美國第一家公開交易的全電動摩托車公司的一部分，美國證券交易委員會宣布我們的 S-4 註冊聲明有效。由於季度財務會計，我們現在預計 LiveWire 將於 9 月 26 日上市，這將是 LiveWire 和哈雷戴維森第四財季的開始。作為這一過程的一部分，我們預計 AEA-Bridges 將在 9 月 12 日這一周召開股東大會以批准該交易。

And now I'll hand over to Gina.

現在我將交給吉娜。

Thank you, Jochen. Second quarter results reflect a modest year-over-year revenue and operating income decline, largely attributed to the unexpected 2-week production suspension. We continue to operate within an environment of high raw material prices and broad supplier volatility. That said, as expected, we have begun to see cost inflation moderate, and we expect to see this moderation continue in the second half of the year. And despite the headwind from volume, we were able to grow our HDMC operating income and operating margin in the quarter as we continue to stay focused on our most profitable categories and our cost structure.

謝謝你，喬辰。第二季度業績反映出收入和營業收入同比溫和下降，這主要歸因於意外的兩週停產。我們繼續在原材料價格高企和供應商廣泛波動的環境中運營。也就是說，正如預期的那樣，我們已經開始看到成本通脹溫和，我們預計這種溫和將在今年下半年繼續。儘管銷量不利，但我們仍然能夠在本季度增加 HDMC 營業收入和營業利潤率，因為我們繼續專注於我們最有利可圖的類別和成本結構。

Looking more closely at our financial results in the quarter, total consolidated revenue of $1.5 billion was 4% lower than last year. HDMC wholesale motorcycle units were down 15% year-over-year, and revenue was down to a lesser extent at 5% as a result of strong global pricing actions across the portfolio and growth within apparel. Financial Services segment revenue was up 1% off of higher receivables and licensing revenue.

更仔細地觀察我們本季度的財務業績，15 億美元的綜合收入總額比去年下降了 4%。 HDMC 摩托車批發單位同比下降 15%，收入下降幅度較小，為 5%，原因是整個投資組合的全球定價行動強勁以及服裝領域的增長。金融服務部門的收入比應收賬款和許可收入增加了 1%。

Total operating income of $278 million was down 1% compared to last year. For HDMC, operating income of $192 million was up 3% versus last year as pricing and cost productivity offset the impact of the suspension. For HDFS, operating income of $86 million declined 9% versus prior year as the credit loss rate continues to normalize in line with expectations and the loss reserve rate remains steady.

總營業收入為 2.78 億美元，比去年下降 1%。 HDMC 的營業收入為 1.92 億美元，較去年增長 3%，因為定價和成本生產力抵消了暫停的影響。 HDFS 的營業收入為 8600 萬美元，較上年下降 9%，原因是信用損失率繼續按預期正常化，損失準備金率保持穩定。

Second quarter GAAP earnings per share of $1.46 compares to $1.33 last year, with the increase driven by the factors already noted as well as from favorability in below-the-line items, including other income due to lower pension expense, lower effective tax rate and fewer shares outstanding.

第二季度 GAAP 每股收益為 1.46 美元，而去年為 1.33 美元，增長的原因是已經註意到的因素以及線下項目的有利性，包括由於較低的養老金支出、較低的有效稅率和流通股較少。

Turning to Q2 year-to-date results. Total consolidated revenue of $3 billion was flat to last year, and total operating income of $567 million was down 10% compared to last year. GAAP Q2 year-to-date earnings per share of $2.91 compares to $3.01 last year. Global retail sales of new motorcycles were down 23% in the quarter. Overall retail results were negatively impacted by low inventory heading into the quarter and further exacerbated by the production suspension. Worldwide retail inventory of new motorcycles is at historical lows and Q2 inventory was down 13% versus last year.

轉向第二季度年初至今的結果。合併總收入為 30 億美元，與去年持平，總營業收入為 5.67 億美元，比去年下降 10%。 GAAP Q2 年初至今每股收益為 2.91 美元，而去年為 3.01 美元。本季度全球新摩托車零售額下降 23%。整體零售業績受到本季度低庫存的負面影響，並因停產而進一步加劇。全球新摩托車零售庫存處於歷史低位，第二季度庫存比去年下降 13%。

In the key U.S. market, retail inventory was down 35% and ended Q2 at less than 10,000 units. Early in Q2, we were producing on average 4,500 motorcycles per week. We are now producing above that weekly output rate and are working to inventory levels across the network. We continue to see strong pricing dynamics for both new and used motorcycles in Q2 as we did in Q1 and throughout 2021, specifically, within the U.S., due to new motorcycle transaction prices came in over 1% above MSRP, which is within the desirability threshold of plus or minus 2 percentage points.

在美國主要市場，零售庫存下降了 35%，第二季度末不到 10,000 台。在第二季度初，我們平均每週生產 4,500 輛摩托車。我們現在的產量高於每週的產出率，並且正在努力提高整個網絡的庫存水平。正如我們在第一季度和整個 2021 年所做的那樣，我們在第二季度繼續看到新摩托車和二手摩托車的強勁定價動態，特別是在美國，由於新摩托車交易價格比建議零售價高出 1% 以上，這在合意門檻之內正負2個百分點。

On average, a model year 2022 motorcycle is sitting on the dealer showroom floor in the U.S. for less than 23 days. Finally, despite our share loss in the U.S. market, driven by unit availability, we continue to hold commanding shares within our largest and most profitable categories of touring and large cruiser.

平均而言，一輛 2022 年款摩托車在美國經銷商陳列室的停留時間不到 23 天。最後，儘管由於單位可用性的推動，我們在美國市場的份額有所下降，但我們繼續在我們最大和最賺錢的旅行和大型巡洋艦類別中佔據主導地位。

Looking at revenue, total HDMC Q2 revenue was down 5% in Q2 and flat on a year-to-date basis. Focusing on the key drivers in the quarter, 10 points of negative impact came from volume, 7 points of growth from pricing and incentives driven by global MSRP price increases, coupled with pricing surcharges in select markets. In addition, we delivered strong price realization across both parts and accessories and the apparel businesses, 2 points of growth from favorable mix within motorcycles as well as SKU mix across the apparel business. And finally, 3 points of negative impact from foreign exchange as the dollar continued to strengthen throughout the quarter.

從收入來看，HDMC 第二季度的總收入在第二季度下降了 5%，與年初至今持平。關注本季度的主要驅動因素，10 個百分點的負面影響來自銷量，7 個百分點的增長來自全球廠商建議零售價上漲推動的定價和激勵措施，以及特定市場的定價附加費。此外，我們在零件和配件以及服裝業務中實現了強勁的價格實現，摩托車業務的有利組合以及服裝業務的 SKU 組合實現了 2 個增長點。最後，隨著美元在整個季度持續走強，外匯帶來了 3 個百分點的負面影響。

Drivers of the year-to-date revenue are relatively consistent with the positive impact from pricing offsetting the unit shortfall and headwind on FX. Focusing in on margins, Q2 gross margin of 30.5% was flat versus prior year. Pricing and favorable unit mix were able to offset the deleverage cost headwinds associated with the production suspension as well as the higher cost inflation. Additionally, in Q2, we began to comp the unfavorable impact from the incremental EU tariffs, which provided an additional margin tailwind.

年初至今收入的驅動因素與定價抵消單位短缺和外匯逆風的積極影響相對一致。專注於利潤率，第二季度的毛利率為 30.5%，與去年同期持平。定價和有利的單位組合能夠抵消與停產相關的去槓桿成本逆風以及更高的成本通脹。此外，在第二季度，我們開始抵消歐盟關稅增加帶來的不利影響，這提供了額外的利潤順風。

In total, supply chain inflation was 4% in the quarter, which is down from 8% in Q1 and 10% last year back half. The deceleration in inflation is primarily a result of normalization across logistics. While logistics costs are still remaining higher than a year ago, we've not experienced as much volatile pricing as we did in the past year, and we continue to reduce our reliance on expedited shipping.

總體而言，本季度供應鏈通脹率為 4%，低於第一季度的 8% 和去年下半年的 10%。通脹減速主要是物流正常化的結果。雖然物流成本仍高於一年前，但我們沒有經歷過像過去一年那樣劇烈的定價波動，我們繼續減少對加急運輸的依賴。

Q2 operating margin improved from 14% in Q2 prior year to 15.1%. The approximate 120 basis point improvement was driven by the factors noted as well as lower operating expense as we prudently manage spend commensurate with lower quarterly volumes.

第二季度營業利潤率從去年第二季度的 14% 提高到 15.1%。大約 120 個基點的改善是由上述因素以及較低的運營費用推動的，因為我們謹慎地管理與較低的季度交易量相稱的支出。

The Financial Services segment operating income in Q2 was $86 million, down $9 million compared to last year. The decline is largely driven by a higher provision for credit losses as actual losses normalize. Looking at the HDFS-based business, retail originations in Q2 were up 1% versus last year on strong used motorcycle origination volume. New motorcycle origination volume was down in line with lower-than-expected retail sales. Total finance receivables in Q2 were $7.1 billion, which is up 3.1% from last year.

第二季度金融服務部門的營業收入為 8600 萬美元，與去年相比下降了 900 萬美元。下降的主要原因是隨著實際損失正常化，信貸損失準備金增加。從基於 HDFS 的業務來看，第二季度的零售業務較去年增長了 1%，原因是二手摩托車業務量強勁。由於低於預期的零售額，新摩托車的生產量有所下降。第二季度的金融應收賬款總額為 71 億美元，比去年增長 3.1%。

In Q2, HDFS' annualized retail credit loss ratio of 1.4% compares to a ratio of 0.84% in Q2 2021 or 56 basis points higher. We continue to see credit performance move towards normalized levels as we move beyond the COVID-related benefits, which included the federal stimulus payments and loan due date extensions. In addition, the retail allowance for credit losses at the end of Q2 was 5%, which is flat to the previous quarter.

在第二季度，HDFS 的年化零售信貸損失率為 1.4%，而 2021 年第二季度為 0.84%，或高出 56 個基點。隨著我們超越與 COVID 相關的福利（包括聯邦刺激支付和貸款到期日延期），我們繼續看到信貸業績向正常水平邁進。此外，二季度末的零售信貸損失準備金為 5%，與上一季度持平。

Wrapping up with Harley-Davidson, Inc. financial results. Through the first 2 quarters, we delivered $244 million of operating cash flow, which is down from $644 million in the comparable period last year. The decrease in operating cash flow was driven by unfavorable changes in working capital as well as higher net cash outflows related to wholesale finance receivables.

總結哈雷戴維森公司的財務業績。在前兩個季度，我們實現了 2.44 億美元的運營現金流，低於去年同期的 6.44 億美元。營運現金流的減少是由於營運資金的不利變化以及與批發融資應收款相關的現金流出淨額增加所致。

Total cash and cash equivalents ended at $2.2 billion, which is $453 million higher compared to the end of the prior year Q2. The increase in cash is at HDFS following a securitized debt issuance in June of this year. During Q2, we continued to repurchase shares and bought back approximately 1.8 million shares in the quarter. Cumulatively, through the second quarter, we have bought back 8 million shares.

現金和現金等價物總額為 22 億美元，與去年第二季度末相比增加了 4.53 億美元。在今年 6 月發行證券化債券後，HDFS 的現金增加。在第二季度，我們繼續回購股票，並在該季度回購了約 180 萬股。累計到第二季度，我們回購了800萬股。

As we look to the rest of 2022, as Jochen said earlier, we are reaffirming our full year outlook, where we continue to expect HDMC revenue growth of 5% to 10%. This revenue growth forecast incorporates the expectation that we recoup and wholesale the units we lost as part of the production suspension. It also includes what we know today in terms of the impact of the semiconductor and supplier challenges impacting our business.

正如 Jochen 早些時候所說，展望 2022 年剩餘時間，我們重申了我們的全年展望，我們繼續預計 HDMC 收入增長 5% 至 10%。這一收入增長預測包含了我們對因停產而損失的單位進行補償和批發的預期。它還包括我們今天所知道的半導體和供應商挑戰影響我們業務的影響。

We expect revenue to continue to be positively impacted by our global pricing actions as we work to offset the cost headwinds across the supply chain. We continue to expect HDMC operating income margin of 11% to 12%. We believe the anticipated positive impact from pricing will more than offset the expected cost inflation across the supply chain. Also, the suspension of the additional EU tariffs realized in 2021 contributes over 1 point of margin growth.

隨著我們努力抵消整個供應鏈的成本逆風，我們預計收入將繼續受到全球定價行動的積極影響。我們繼續預計 HDMC 的營業利潤率為 11% 至 12%。我們認為，定價帶來的預期積極影響將抵消整個供應鏈的預期成本通脹。此外，2021 年實現的歐盟額外關稅暫停貢獻了超過 1 個百分點的利潤率增長。

We continue to expect 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 that we believe are not likely to repeat itself in 2022.

我們繼續預計 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，我們認為這種情況不太可能在 2022 年重演。

And lastly, we continue to expect capital investments of $190 million to $220 million as we invest behind product development and capability enhancement in support of our hardware strategy. Embedded within our guidance for 2022 is LiveWire. At this time, we remain committed to the outlook from the Form S-4 filing with the SEC.

最後，我們繼續預計 1.9 億至 2.2 億美元的資本投資，因為我們投資於產品開發和能力增強以支持我們的硬件戰略。 LiveWire 嵌入了我們的 2022 年指南。目前，我們仍然致力於向美國證券交易委員會提交 S-4 表格的前景。

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, pay dividends and execute discretionary share repurchases. This financial guidance includes the best cost forecast on supply chain that we have at this time. It assumes that logistics and materials will continue to improve as we move through the balance of the year.

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、支付股息和執行全權股份回購。該財務指導包括我們目前對供應鏈的最佳成本預測。它假設隨著我們度過今年的平衡，物流和材料將繼續改善。

In aggregate, costs will continue to be inflationary, but we will move beyond the peak levels realized in 2021. This guidance also includes an updated assumption for the back half FX rate for the euro, which is at $1.01. A rough rule of thumb is that every $0.01 difference in the back half is worth about $3 million of revenue.

總體而言，成本將繼續導致通脹，但我們將超越 2021 年實現的峰值水平。該指導還包括對歐元後半部分匯率的更新假設，即 1.01 美元。粗略的經驗法則是，後半部分每 0.01 美元的差異就價值約 300 萬美元的收入。

At this point, I'll turn it back to the operator to take your questions.

在這一點上，我會把它轉回給接線員來回答你的問題。

(Operator Instructions) Our first question will come from the line of Craig Kennison with Baird.

（操作員說明）我們的第一個問題來自 Craig Kennison 和 Baird。

It had to do with the production suspension and the impact on retail. Are you able to quantify maybe the lost retail sales? And then how sure are you that you will get those sales back versus the customer moving on to do something else?

這與停產和對零售業的影響有關。您是否能夠量化損失的零售額？然後你有多確定你會得到這些銷售，而不是客戶繼續做其他事情？

Thank you, Craig. It's difficult to quantify the actual lost retail sales, but we believe that the demand out there is certainly well ahead of the product that we were able to deliver, especially in this period of no product being out there. There are some pretty good indicators that confirm that -- Gina already mentioned a few with 23 days of a model being on the dealer's floor, strong dynamics in the new and used motorcycle with MSRP being up 1.3% overall and -- including our entry price products, which are even up higher.

謝謝你，克雷格。很難量化實際損失的零售額，但我們相信，那裡的需求肯定遠遠超過我們能夠交付的產品，尤其是在這個沒有產品的時期。有一些相當不錯的指標可以證實——吉娜已經提到過一些車型在經銷商處銷售了 23 天，新車和二手摩托車的強勁動力，建議零售價整體上漲了 1.3%，包括我們的入門價格產品，甚至更高。

The used market, in particular, in that period being extraordinarily slow because -- it's high actually strong, the used market and the pricing in the used market when there were no bikes in -- new bikes in the market, in the dealers, and that is an indication that the demand was there, but we just couldn't deliver the new bikes into the dealers. So there was a big shift towards the used business in that time. And that obviously had -- didn't show up in retail.

尤其是二手市場，在那個時期非常緩慢，因為 - 它實際上很高，二手市場和二手市場在沒有自行車的情況下的定價 - 市場上的新自行車，經銷商，以及這表明需求存在，但我們無法將新自行車交付給經銷商。所以在那個時候，二手業務發生了很大的轉變。這顯然 - 沒有出現在零售業中。

In terms of our confidence, I mean, that is all supply-related right now. We feel confident that what we've seen since the suspension that our production volume is picking up, and we are able to start compensating some of the shortfalls that we've had due to the shutdown, so -- hence, our guidance that we confirmed for the rest of the year. So we feel pretty confident about that, assuming, obviously, that there is no other extraordinary happening in the supply chain, which we don't foresee at this point in time.

就我們的信心而言，我的意思是，現在這一切都與供應有關。我們相信自停產以來我們所看到的產量正在回升，並且我們能夠開始彌補因停產而造成的一些不足，因此，我們的指導是在今年餘下時間確認。因此，我們對此非常有信心，顯然，假設供應鏈中沒有其他異常情況發生，我們目前還沒有預見到。

Craig, this is Gina. I'll just add a few kind of numbers to Jochen's commentary. So before the suspension, we were running around 4,500 units per week, that was our output. So being down 2, 2.5 weeks, we would say that was roughly, call it, 10,000 to 12,000 units of lost production. Given the speed with which product was moving from our inventory through the dealer through the customer, that kind of gives you a rough ballpark of retail. To Jochen's point, we don't predict or forecast retail, but that just gives you a quantity of kind of what we lost in terms of production.

克雷格，這是吉娜。我將在 Jochen 的評論中添加一些數字。所以在暫停之前，我們每週運行大約 4,500 台，這是我們的產量。因此，下降 2 到 2.5 週，我們會說這大約是 10,000 到 12,000 單位的產量損失。考慮到產品從我們的庫存通過經銷商再到客戶的速度，這給了你一個粗略的零售概論。就 Jochen 而言，我們不預測或預測零售，但這只是為您提供了一些我們在生產方面損失的數量。

In terms of how we feel confident in the back half, that 4,500 unit run rate, we are producing over that now. So as we work to recoup and kind of get the shipments into kind of this critical Q3 window, we are producing above that output rate. And so that is what gives us confidence in being able to confirm our guidance.

就我們對後半部分的信心而言，即 4,500 單位的運行率，我們現在正在生產。因此，當我們努力收回並讓出貨量進入這個關鍵的第三季度窗口時，我們的產量高於該產出率。這就是讓我們有信心確認我們的指導的原因。

Our next question will come from the line of Robby Ohmes with Bank of America.

我們的下一個問題將來自美國銀行的 Robby Ohmes。

Maybe just a follow-up on Craig's question. The -- so the dealers are -- have been kind of starved of units for a while. So I think they'd be happy to get a shipment shift into the back half, but it is kind of riding season is ending in a lot of regions. But my broader question is, has there been any feedback from dealers of any slowdown more recently where, us analysts were seeing a lot of slowdowns, a sharp slowdowns in discretionary spending and other types of categories? I didn't know if you could speak to that.

也許只是對克雷格問題的跟進。 ——經銷商們——已經有一段時間缺乏單位了。所以我認為他們很樂意將貨物轉移到後半部，但這是一種騎馬季節在很多地區都結束了。但我更廣泛的問題是，最近經銷商是否有任何放緩的反饋，美國分析師看到很多放緩，可自由支配支出和其他類型的支出急劇放緩？我不知道你能不能說出來。

And then also separately, maybe, can we get some color on sort of the international outlook for shipments versus U.S.? And were there any differences in how those regions -- how you managed international versus domestic with the production shortfall?

然後，也許我們可以單獨了解一下與美國相比的國際貨運前景嗎？這些地區的方式有什麼不同——你是如何在產量不足的情況下管理國際和國內的？

Yes. Robby, thank you for the question. In terms of our dealers, they are seeing now a constant flow of new products into the dealerships, which we resumed in July after the suspension. And what we are seeing since then is actually an accelerating performance in terms of our retail, which especially in July, if we think about this month, that is about to end, we saw a nice pickup in retail numbers as soon as the product became available and we can confirm that through our overall loan applications, which were actually positive if you look at used and new taken together.

是的。羅比，謝謝你的提問。就我們的經銷商而言，他們現在看到新產品源源不斷地流入經銷商，我們在暫停後於 7 月恢復。從那時起，我們所看到的實際上是我們零售方面的加速表現，尤其是在 7 月份，如果我們考慮到這個月即將結束，我們看到產品一上市，零售數量就出現了不錯的回升。可用，我們可以通過我們的整體貸款申請來確認這一點，如果你把二手和新的放在一起來看，這實際上是積極的。

So there are some good indications as the product is moving out. The new product a little bit later in the month, for example, because it took time to go through the system to get to the dealers, whereas use was strong in, especially the first couple of weeks of the month. But overall, we are seeing good sell-through happening as the product hits the retailers.

因此，隨著產品的推出，有一些很好的跡象。例如，新產品在本月稍晚一些，因為通過系統到達經銷商處需要時間，而在本月的前幾週，使用率很高。但總的來說，隨著產品進入零售商，我們看到了良好的銷售情況。

As for the international markets, obviously, it takes a little longer because those spikes are getting on a ship first, whereas in North America, they get on a truck. And those lead times are a lot longer. So the production suspension will take a little bit longer to work its way through the system. And Thailand did start up a little slower than the U.S. market. But from a U.S. perspective, very strong recovery that we've been seeing and internationally, a recovery, but at a slower pace.

至於國際市場，顯然需要更長的時間，因為這些尖峰首先出現在船上，而在北美，它們會出現在卡車上。而且這些交貨時間要長得多。因此，停產將需要更長的時間才能通過系統。泰國的起步確實比美國市場慢一點。但從美國的角度來看，我們已經看到了非常強勁的複蘇以及國際上的複蘇，但速度較慢。

Got you. That's really helpful. And just really quickly for Gina. Is there anything for the back half, mid-single-digit HDMC op margin that you can remind us about sort of 3Q versus 4Q that we should be thinking about?

得到你。這真的很有幫助。對吉娜來說真的很快。對於後半部分、中個位數的 HDMC 運營利潤率，您有什麼可以提醒我們應該考慮的 3Q 與 4Q 的區別嗎？

Good question. I would say for the fourth quarter, remember, one, that our operating expense always kind of ticks up in the fourth quarter compared to the previous 3 as we get ready for new product launches and finish up product development for the next model year. So there's always an uptick in spend there as well.

好問題。我想說的是第四季度，記住一個，與前 3 季度相比，我們的運營費用在第四季度總是有所增加，因為我們準備推出新產品並完成下一個車型年的產品開發。因此，那裡的支出也總是呈上升趨勢。

But the other to keep in mind, 2 positives, I guess, as tailwinds; one is the impact of the incremental tariffs, that will be a benefit for us in Q4 because those were -- those went all the way through 2021; and then the second is when you think about our raw material inflation and when we really started to see that accelerate, Q3 was high, Q4 was higher. And so we'll be comping that kind of those peak levels of inflation as we get to the back half of this year.

但另一個要記住的是，我猜有兩個積極因素，就像順風一樣；一是增加關稅的影響，這將在第四季度對我們有利，因為那些一直持續到 2021 年；然後第二個是當你考慮我們的原材料通脹時，當我們真正開始看到加速時，第三季度很高，第四季度更高。因此，當我們進入今年下半年時，我們將計算出那種通脹的峰值水平。

Yes, Robby, just one additional point. You mentioned riding season. Obviously, riding season is still in full swing, and there are markets that have their riding season starting later than September. So even if some of the products will not get retail, the positive of that will be that it will start to replenish our staffed inventory in dealerships in a positive manner if we think about next year. So I don't foresee the quantities that we are manufacturing to probably get us to the levels of inventory we want to be, but we would like to start the year healthier than we have before, which would be positive. So even if those bikes don't all retail, there will certainly not be an abundance of bikes in the overall network.

是的，羅比，只是額外的一點。你提到了騎馬季節。顯然，騎馬季節仍在如火如荼地進行，有些市場的騎馬季節要晚於 9 月才開始。因此，即使某些產品不會零售，其積極的一面是，如果我們考慮明年，它將開始以積極的方式補充我們在經銷商處的人員庫存。因此，我預計我們製造的數量可能不會使我們達到我們想要的庫存水平，但我們希望今年開始時比以前更健康，這將是積極的。因此，即使這些自行車不全部零售，整個網絡中也肯定不會有大量的自行車。

Your next question will come from the line of Brett Andress with KeyBanc.

您的下一個問題將來自 Brett Andress 和 KeyBanc 的一行。

Going back to your comments on international retail, if I'm doing my math right, it looks like you actually built some inventory internationally, but retail there was still pretty weak. So was the drag there less of an inventory impact? Or was that more of a demand impact, just trying to parse through that?

回到你對國際零售的評論，如果我的數學計算正確，看起來你實際上在國際上建立了一些庫存，但那裡的零售仍然很弱。那麼，那裡的拖累對庫存的影響是否較小？或者這更多的是對需求的影響，只是試圖解析它？

Definitely, not a demand impact. Overall demand was strong pretty much across the board and -- but it's available bikes in the dealerships that was the concern.

絕對不是需求影響。整體需求幾乎全面強勁，但令人擔憂的是經銷商處的可用自行車。

Yes. And this is Edel. Just to add to that picture in international, I think it varies by region. Certainly, the dynamics in North America, as Jochen explained would indicate that there continues to be appetite for those motorcycles as they come back online and really it was a question of supply. I think as you look at some of those international markets, we're very pleased with the performance in APAC, which despite those same challenges in terms of motorcycle availability, we had a very important quarter in terms of growth, and that is notwithstanding some of the impacts, like, for example, the COVID shutdowns in China, which certainly created a bit of a backlog on the retail despite the availability of the wholesales.

是的。這就是埃德爾。只是為了在國際上增加那張圖片，我認為它因地區而異。當然，正如 Jochen 解釋的那樣，北美的動態表明，隨著這些摩托車重新上線，人們對它們的需求仍然存在，這實際上是一個供應問題。我認為，當您查看其中一些國際市場時，我們對亞太地區的表現感到非常滿意，儘管在摩托車可用性方面存在同樣的挑戰，但我們在增長方面有一個非常重要的季度，儘管有一些影響，例如，中國的 COVID 關閉，儘管有批發商，這肯定會造成零售業的積壓。

EMEA and broadly the European market has certainly suffered through several other factors that have been very significant. Obviously, the ongoing conflict in Ukraine as well as some other challenges with the euro FX rate are things that we believe have had an impact and will continue to have an impact. It is also one of the reasons where it is the longest lead time for us to be able, as Jochen mentioned, to reactivate production and to flow supply.

EMEA 和廣泛的歐洲市場當然也受到了其他幾個非常重要的因素的影響。顯然，烏克蘭持續的衝突以及歐元匯率面臨的其他一些挑戰是我們認為已經產生並將繼續產生影響的事情。正如 Jochen 提到的，這也是我們能夠重新啟動生產和流動供應的最長交貨時間的原因之一。

So certainly, it is a picture that for Q2, it was slightly different than for our domestic market. So overall, a little bit stronger. But we expect that the back half of the year will have its own dynamics with hopefully ongoing strength in the APAC market, particularly as the China geography opens up again.

因此，可以肯定的是，第二季度的情況與我們的國內市場略有不同。所以總的來說，稍微強一些。但我們預計，今年下半年將有自己的動力，並有望在亞太市場持續走強，尤其是隨著中國地理再次開放。

And Brett, just one final point on that. Remember that last year, in 2021, for international, in Q2, Q3, we really saw inventories get to very unhealthy levels there. So there's just some element of that growth that is -- we're not -- we figured out the shipping thing differently this year than we did last in the height of kind of all the crates of logistics.

還有布雷特，最後一點。請記住，去年，在 2021 年，對於國際市場，在第二季度和第三季度，我們確實看到那裡的庫存達到了非常不健康的水平。所以這種增長的一些因素是 - 我們不是 - 我們今年對運輸的看法與我們在所有物流板條箱的高度上所做的不同。

Your next question will come from the line of Joseph Altobello with Raymond James.

您的下一個問題將來自 Joseph Altobello 和 Raymond James。

I guess a couple of questions from me. First, are you seeing any evidence of softness among your core consumer, either maybe for trade down towards smaller, less expensive models, lower P&A attachment rates or maybe an increase in payment delinquencies? That's the first. And then maybe second, you mentioned you curtailed some operating expenses in Q2 after the production shutdown. Do those costs come back in the second half?

我想我有幾個問題。首先，您是否在核心消費者中看到任何疲軟的跡象，可能是為了換取更小、更便宜的型號、更低的 P&A 附加率，或者可能是拖欠付款的增加？那是第一個。然後可能是第二個，您提到您在停產後在第二季度削減了一些運營費用。這些成本會在下半年回來嗎？

Thanks for the 2 questions. So the operating expenses should not be coming back. I mean, we didn't need to create additional demand through stimulus -- marketing stimuli because there was not enough product out there. So we don't believe that we will need to spend additionally these funds that we've essentially saved than in the back half of the year. So there should be positive from a cost perspective throughout the year. But I'll let Gina elaborate on that a little bit more.

謝謝你的2個問題。所以運營費用不應該回來。我的意思是，我們不需要通過刺激來創造額外的需求——營銷刺激，因為那裡沒有足夠的產品。因此，我們認為與下半年相比，我們不需要額外花費我們基本上節省的這些資金。因此，從成本的角度來看，全年應該是積極的。但我會讓 Gina 再詳細說明一下。

We do not see a softening among our core consumers. P&A attachment was lower, but that was lower because there were no bikes to attach your P&A to. So that was not a reflection of P&A per se, but not enough new bikes in the market that you could accessorize accordingly.

我們沒有看到核心消費者的軟化。 P&A 附件較低，但這較低，因為沒有自行車可以連接您的 P&A。因此，這並不是 P&A 本身的反映，而是市場上沒有足夠的新自行車可以相應地進行配飾。

If you look at credit apps, you could say there might be a slight -- in the Q2, a slight decline in sub-prime tier in terms of number of applicants, but that could also very well be due to the fact that we had the potential -- we had the shutdown of the manufacturing. So we can't attribute that at all to a decline in demand.

如果您查看信貸應用程序，您可能會說可能會有輕微的 - 在第二季度，次貸級別的申請人數量略有下降，但這也很可能是由於我們有潛力——我們已經停產了。因此，我們根本不能將其歸因於需求下降。

So overall, it's hard to really give good indications simply because product availability and low inventory levels just have made a very -- a clean read on the economy and the consumer very difficult. But the signals that I've mentioned in terms of used to new are strong and the fact that retail is jumping back up as we're delivering more bikes to the consumer is certainly positive. But the next couple of months will show where the consumer is heading. But right now, we're reasonably confident.

因此，總體而言，很難僅僅因為產品可用性和低庫存水平而真正給出良好的跡象，這使得對經濟和消費者的清晰解讀變得非常困難。但是，我提到的關於舊車的信號很強烈，而且隨著我們向消費者提供更多自行車，零售業正在回升這一事實無疑是積極的。但接下來的幾個月將顯示消費者的發展方向。但現在，我們相當有信心。

Joe, this is Gina. So as we look at delinquencies and loss rates in particular, so in Q2, we had started to normalize, consistent with what we've been saying as we entered into '21 and that both the loss rate and the delinquency rate was going to normalize. When we look at how those rates compare to, say, like a 4-year rolling average or even like taking 2020, '21 out of it, we're still both from a loss rate and a delinquency standpoint underneath kind of below those historical rates. So we're not yet seeing it play through in just kind of the customer side from a payment standpoint.

喬，這是吉娜。因此，當我們特別關注拖欠和損失率時，在第二季度，我們已經開始正常化，這與我們進入 '21 時所說的一致，損失率和拖欠率都將正常化.當我們查看這些利率如何與 4 年滾動平均值或什至將 2020 年、21 年的利率相比較時，我們仍然處於低於歷史水平的損失率和拖欠率的角度率。因此，從支付的角度來看，我們還沒有看到它在客戶方面發揮作用。

On the operating expense, I agree with Jochen that these were -- these should not come back into the P&L primarily. It was marketing and marketing not only kind of at the corporate center level but also very direct within our markets and within our regions that we just -- given that we didn't have products, we weren't going to spend on that lead gen.

關於運營費用，我同意 Jochen 的觀點，這些是 - 這些不應該主要回到損益表中。這是營銷和營銷，不僅在企業中心層面，而且在我們的市場和我們的地區內非常直接，我們只是 - 鑑於我們沒有產品，我們不會在那個潛在客戶上花費.

Your next question will come from the line of Fred Wightman with Wolfe Research.

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

I was hoping if you could just sort of justify or rationalize the Motor Company back half operating margin guidance. You have a step-up in sort of the sales contribution. I understand that you guys are running at higher output than you were in the first half. But it looks like you're expecting to come in at the low end of that operating margin guidance in the mid-single-digit range. So what is sort of the bridge from that higher sales outlook with the softer margin performance? I would assume there'd be some fixed cost leverage there, but maybe not.

我希望你能證明或合理化汽車公司的一半營業利潤率指導。您的銷售貢獻有所提升。我知道你們的輸出比上半場要高。但看起來你預計會在中個位數範圍內的營業利潤率指導的低端進入。那麼，在較高的銷售前景與較弱的利潤率表現之間有什麼橋樑呢？我會假設那裡會有一些固定的成本槓桿，但也許沒有。

Yes. This is Gina. Yes, when we think about the back half, you're absolutely going to see some benefit from the leverage play through. Remember, last year in our back half, typically, we would run our back half relatively flat margins. So it's kind of 0 margin as that deleverage plays through this year. Our back half is going to be margin positive because of that deleverage because we have lower levels of inflation, still inflation, just coming off of the peak that we have seen.

是的。這是吉娜。是的，當我們考慮後半部分時，您絕對會從槓桿作用中看到一些好處。請記住，去年在我們的後半部分，我們通常會以相對平坦的利潤率運行我們的後半部分。因此，隨著今年去槓桿化的進行，利潤率為 0。由於去槓桿化，我們的後半部分的利潤率將是正的，因為我們的通脹水平較低，仍然是通脹，剛剛脫離了我們所看到的峰值。

And then from an operating expense standpoint, we're continuing to stay kind of relatively in line with what we saw last year. So those are the big things that drive that difference. But the fact that we had shipments moving from Q2 into the back half of the year is probably the single biggest change when you look kind of year-over-year.

然後從運營費用的角度來看，我們將繼續與去年的情況保持相對一致。所以這些是推動這種差異的重要因素。但是，當您看起來與去年同期相比時，我們將出貨量從第二季度轉移到下半年這一事實可能是最大的變化。

I guess I just meant more relative to the outlook that you guys had provided last quarter. It looks like you're expecting mid-single digit now, but I think last quarter, that was mid-to-high single digits. So why the lower outlook?

我想我的意思只是相對於你們上個季度提供的前景而言。看起來你現在期待中個位數，但我認為上個季度，這是中高個位數。那麼為什麼前景較低呢？

I don't -- we'll have to follow up with you on that. I mean there really hasn't been a material change in our back half other than this production volume shifting.

我不 - 我們將不得不跟進你。我的意思是，除了產量的變化之外，我們的後半部分確實沒有發生重大變化。

Your next question will come from the line of Gerrick Johnson with BMO Capital Markets.

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

I have 2, if I may. You recently dropped price on Road King, Road Glide and Street Glide basic models and ABS an option as opposed to a standard feature. So can you talk about that strategy?

如果可以的話，我有 2 個。您最近降低了 Road King、Road Glide 和 Street Glide 基本型號和 ABS 的價格，而不是標準功能。那你能談談那個策略嗎？

This is Edel, again. So that is actually not a price decrease, but is actually a change in the configuration of the motorcycle, given some of the supply challenges we have had, particularly as it relates to ABS. So in order to continue to build what are sort of our highest demand and also our most profitable bikes, we have made the choice to create some options around less features, particularly around ABS and then price accordingly.

這又是埃德爾。所以這實際上不是降價，而是摩托車配置的改變，考慮到我們面臨的一些供應挑戰，特別是與 ABS 相關的供應挑戰。因此，為了繼續製造我們的最高需求以及我們最賺錢的自行車，我們選擇圍繞較少的功能創建一些選項，特別是圍繞 ABS，然後相應地定價。

In fact, we are -- we have taken significant pricing in this category across the past year and continue to transact above MSRP when it comes to touring, particularly in Q2 to all of our families. So this is more driven by accommodations, given the supply chain challenges and making sure that we are fair to our customers when those changes occur as opposed to any price decreases on the actual category.

事實上，我們在過去一年中在這一類別中採取了顯著的定價，並且在巡迴演出時繼續以高於建議零售價的價格進行交易，特別是在第二季度對我們所有的家庭。因此，考慮到供應鏈的挑戰，這更多地是由住宿驅動的，並確保在發生這些變化時我們對客戶公平，而不是實際類別的任何價格下降。

Right. Okay. Great. And second, if the FTC order regarding warranty work goes through, Gina, what kind of financial impact could that have both directly or indirectly?

正確的。好的。偉大的。其次，如果聯邦貿易委員會關於保修工作的命令通過，吉娜，這會直接或間接產生什麼樣的財務影響？

There'd be minimal financial impact.

財務影響很小。

The final question will come from the line of Jaime Katz with Morningstar.

最後一個問題將來自 Jaime Katz 與 Morningstar 的對話。

I just had a couple of follow-ups on HDFS, primarily whether you guys are seeing any more consumers purchasing with cash rather than loans? And then whether or not you guys are financing about the same percentage of loans in the past? Or if that has changed?

我剛剛對 HDFS 進行了一些跟進，主要是你們是否看到更多的消費者用現金而不是貸款購買？然後你們是否在過去為大約相同百分比的貸款融資？或者如果情況發生了變化？

And I guess additionally, piggybacking on to that, is there some promotional financing cadence we should think about over the back half of the year that you guys have planned?

另外，我想，在此基礎上，我們是否應該考慮一下你們計劃的下半年的促銷融資節奏？

Jaime, this is Gina. So I'll start with that second part of the question first. In short, no, we have no -- just given where inventory positions are sitting, there's very limited promo that has happened and is planned to happen the balance of the year.

詹姆，這是吉娜。所以我先從問題的第二部分開始。簡而言之，不，我們沒有 - 僅考慮到庫存位置的位置，已經發生的促銷活動非常有限，併計劃在今年餘下時間進行。

As we look about the loan applications and what we're financing, relatively consistent, we're not seeing a material change. Total number of kind of loan originations relatively flat. We're seeing a little bit of uptick in new, obviously, and then used is a bit down. But overall, we are relatively flat. When you look at the split 2, between prime and subprime, again, you really have to squint to see a difference between where we've been historically in terms of that split of the business.

當我們查看貸款申請和我們正在融資的內容時，相對一致，我們沒有看到重大變化。貸款種類總數相對持平。很明顯，我們看到新的有點上升，然後使用有點下降。但總體而言，我們相對持平。當您再次查看主要和次貸之間的拆分 2 時，您真的必須瞇著眼睛才能看到我們歷史上在業務拆分方面的差異。

And when you look at kind of what is happening within the tiers, just given where inventory levels are sitting, it's really hard to discern if any of it is driven because of the broader macro factors or if it is just because inventory hasn't been available. So right now, through Q2 and even through July, I would say we -- through 3 weeks of July, we have seen our total loan applications up. Our total loans actually kind of provided are up versus where we've been last year. So we're continuing to see the trends move in the right direction as the inventory availability.

當您查看層級內發生的情況時，僅考慮到庫存水平，很難辨別其中任何一個是由於更廣泛的宏觀因素還是僅僅因為庫存沒有可用的。所以現在，到第二季度甚至到 7 月，我想說我們 - 到 7 月的 3 週，我們的總貸款申請量都在增加。我們實際提供的總貸款與去年相比有所上升。因此，隨著庫存可用性，我們將繼續看到趨勢朝著正確的方向發展。

And if I may just come back to the previous question on the FTC settlement, just to be clear, that was not a financial settlement. It was just a settlement concerning language used in our warranty and effectively clarifying the law. Just to be clear, no financial settlement with the FTC.

如果我可以回到之前關於 FTC 和解的問題，需要明確的是，這不是財務和解。這只是關於我們保修中使用的語言和有效澄清法律的解決方案。需要明確的是，沒有與 FTC 進行財務結算。

And there are no further questions at this time. 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。