Harley-Davidson Inc (HOG) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2022 Third Quarter Investor and Analyst Conference Call. Please be advised that today's conference is being recorded. Thank you. I would now like to hand the conference over to Shawn Collins. Please go ahead.

感謝您的支持，歡迎參加哈雷戴維森 2022 年第三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。謝謝你。我現在想把會議交給肖恩柯林斯。請繼續。

Thank you. Good morning. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. Welcome to our Q3 2022 earnings call. You can access the slides supporting today's call on the Internet at the Harley-Davidson Investor Relations website.

謝謝你。早上好。我是哈雷戴維森投資者關係總監肖恩柯林斯。歡迎來到我們的 2022 年第三季度財報電話會議。您可以在 Harley-Davidson 投資者關係網站的 Internet 上訪問支持今天電話會議的幻燈片。

As you may expect, our comments will include forward-looking statements that are subject to business risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in our latest filings with the SEC. Joining me this morning are Chief Executive Officer, Jochen Zeitz; and Chief Financial Officer, Gina Goetter; in addition, Chief Commercial Officer, Edel O'Sullivan, will join for the Q&A portion of today's call. With that, let me turn it over to our CEO, Jochen Zeitz.

如您所料，我們的評論將包括前瞻性陳述，這些陳述受商業風險的影響，可能導致實際結果大不相同。這些風險包括我們在最近提交給美國證券交易委員會的文件中提到的事項。今天早上和我一起的是首席執行官 Jochen Zeitz；和首席財務官 Gina Goetter；此外，首席商務官 Edel O'Sullivan 將參加今天電話會議的問答環節。有了這個，讓我把它交給我們的首席執行官 Jochen Zeitz。

Thank you, Sean, and good morning, everyone. Thank you for joining us today. Harley-Davidson delivered a strong third quarter, and we are very pleased with our performance despite the supply chain challenges we experienced especially early in the quarter due to the production suspension. We believe we are well positioned to achieve our guidance for this year and tackle and adjust to changes in the market environment to achieve our Hardwire Stage II plans. The strength and desirability of the Harley brand continues to grow, and in uncertain times, we believe it's the strong brands powered by strong communities that are able to deliver better results.

謝謝你，肖恩，大家早上好。感謝您今天加入我們。哈雷戴維森第三季度表現強勁，儘管我們在本季度初因停產而遇到供應鏈挑戰，但我們對我們的表現感到非常滿意。我們相信，我們有能力實現今年的指導目標，並應對和適應市場環境的變化，以實現我們的 Hardwire Stage II 計劃。 Harley 品牌的實力和吸引力不斷增強，在充滿不確定性的時期，我們相信由強大社區提供支持的強大品牌能夠帶來更好的結果。

Harley-Davidson is the epitome of a powerful brand as the most desirable motorcycle company in the world. In May, we laid out our ambitions for future growth, and we continue to deliver against our 5-year Hardwire strategic plan, focusing on our pillars of profit, selective expansion and redefinition, leading in electric, growth beyond bikes, integrated customer experience and inclusive stakeholder management.

哈雷戴維森 (Harley-Davidson) 是強大品牌的縮影，是世界上最受歡迎的摩托車公司。 5 月，我們制定了未來增長的雄心壯志，我們繼續實現我們的 5 年 Hardwire 戰略計劃，專注於我們的利潤支柱、選擇性擴張和重新定義、領先電動、超越自行車的增長、綜合客戶體驗和包容性利益相關者管理。

As you can see from today's results, HDMC posted revenue growth this quarter with both profitable unit growth and pricing driving a 24% increase. Equally, we are very pleased with the strong operating income margin growth. We've seen growing 9.5 points to 17.9% versus last year, which we believe is a solid indicator that we have the right strategy in place to deliver long-term profitable growth at Harley-Davidson.

從今天的結果中可以看出，HDMC 本季度的收入增長了盈利單位增長和定價推動 24% 的增長。同樣，我們對強勁的營業收入利潤率增長感到非常滿意。我們已經看到與去年相比增長了 9.5 個百分點，達到 17.9%，我們認為這是一個可靠的指標，表明我們制定了正確的戰略來實現 Harley-Davidson 的長期盈利增長。

Additionally, shipments for the quarter were up 19%, as we largely recovered from the unplanned production suspension experienced earlier in the summer. We believe that the success of our Hardwire strategy with a focus on our core segments is evidenced by the per unit profitability that Gina will talk about later. To deliver this, we believe that as the most desirable motorcycle company and brand in the world, we needed to be shifting the traditional sole industry focus away from units to desirable and profitable revenue when compared to the past.

此外，本季度的出貨量增長了 19%，因為我們基本上從夏季早些時候經歷的計劃外停產中恢復過來。我們相信，以核心細分市場為重點的 Hardwire 戰略的成功體現在 Gina 稍後將談到的單位盈利能力上。為實現這一目標，我們相信，作為世界上最受歡迎的摩托車公司和品牌，與過去相比，我們需要將傳統的單一行業重點從單位轉移到理想和有利可圖的收入上。

We are particularly pleased with the profitability we were able to deliver in the quarter, aligned to the Hardwire strategic focus. It's important to note that when looking at the results of the quarter, we believe that the demand we saw as the quarter unfolded, displayed ongoing strength, and importantly, that our retails were impacted most by supply.

我們對本季度能夠實現的盈利能力感到特別滿意，這與 Hardwire 戰略重點保持一致。重要的是要注意，在查看本季度的結果時，我們認為隨著本季度的展開，我們看到的需求顯示出持續的強勁勢頭，而且重要的是，我們的零售業受到供應的影響最大。

As we were able to have inventory flowing more normally through the dealer channel, we saw overall retail beginning to turn positive year-on-year for North America and other key geographies. Aligned to profit focus on our core segments and expanding from our successful product launch this spring, in August, as the Sturgis Motorcycle Rally, we introduced a new offering of Apex factory custom paint across select '22 Grand American Touring models. Inspired by the century old rating legacy Harley-Davidson and paying tribute to the legendary Harley-Davidson XR750 motorcycle, Apex Paint is applied with exceptional scale by our in-house teams at [Juneau] and Tomahawk demonstrating the talent of our specialist here in the U.S. We've seen a strong riding in community response to these bikes and will continue to evolve our paint offerings going forward.

由於我們能夠讓庫存更正常地通過經銷商渠道流動，我們看到北美和其他主要地區的整體零售開始同比轉正。為了將利潤重點放在我們的核心細分市場上，並從我們今年春天成功推出的產品開始擴展，8 月，作為斯特吉斯摩托車拉力賽，我們在精選的 '22 Grand American Touring 車型上推出了 Apex 工廠定製油漆的新產品。受到百年曆史的評級遺產哈雷戴維森的啟發，並向傳奇的哈雷戴維森 XR750 摩托車致敬，Apex Paint 由我們在 [朱諾] 和戰斧的內部團隊大規模應用，展示了我們專家在美國 我們已經看到社區對這些自行車的強烈反應，並將繼續改進我們的油漆產品。

With a Hardwire, we made a commitment to introduce a series of motorcycles that align with our strategy to create iconic motorcycles, celebrating the legacy and leadership of Harley-Davidson. The Icons Collection presents 1 or 2 models annually with a single production run for each model. Production of that motorcycle will never be resumed or repeated. Building on the success of our previous Icon, the Electra Glide Revival, this September, we launched the limited edition Low Rider El Diablo. Inspired by an American West Coast custom styling trend, the Low Rider El Diablo combines lean performance at sport touring versatility with a stunning panel hand-applied paint scheme.

通過 Hardwire，我們承諾推出一系列符合我們打造標誌性摩托車戰略的摩托車，以慶祝哈雷戴維森的傳統和領導地位。 Icons Collection 每年推出 1 或 2 個模型，每個模型都進行一次生產。那輛摩托車的生產將永遠不會恢復或重複。基於我們之前 Icon 的成功，Electra Glide Revival，今年 9 月，我們推出了限量版 Low Rider El Diablo。受美國西海岸定製造型趨勢的啟發，Low Rider El Diablo 將運動旅行多功能性的精益性能與令人驚嘆的面板手工塗漆方案相結合。

We've seen a great response to the bike with it becoming our fastest selling motorcycle in the third quarter, and we're excited about the future of the Icons Collection within our product lineup as we enter the 120th anniversary of Harley-Davidson next year.

我們看到這款自行車在第三季度成為我們銷售最快的摩托車，反響很好，我們對明年哈雷戴維森成立 120 週年之際 Icons 系列在我們產品陣容中的未來感到興奮.

In our May Analyst and Investor Meeting, we set out our ambitions under the growth beyond bikes pillar, with an increased focus on apparel and licensing as a new key driver of our Harley-Davidson lifestyle. Since then, we've been building our core apparel and licensing competency, including creating a best-in-class in-house team to be able to deliver on this ambition long term. We saw a strong growth of the AML function this quarter with 41% growth in apparel and 26% growth in licensing. And we remain confident that in the long term, we can continue to grow this part of our business, further driving the desirability of our brand and motoculture lifestyle for riders and non-riders alike.

在我們 5 月的分析師和投資者會議上，我們闡述了我們在超越自行車支柱的增長下的雄心壯志，並更加關注服裝和許可作為我們哈雷戴維森生活方式的新的主要驅動力。從那時起，我們一直在打造我們的核心服裝和許可能力，包括創建一流的內部團隊，以便能夠長期實現這一雄心壯志。本季度我們看到反洗錢功能強勁增長，服裝業務增長 41%，許可業務增長 26%。我們仍然相信，從長遠來看，我們可以繼續發展這部分業務，進一步推動我們的品牌和摩托車文化生活方式對車手和非車手的吸引力。

Over the course of the third quarter, we continue to make rapid progress on the evolution of the customer and dealer experience. In the U.S., we continue to expand our sole bike order process, which has grown 300% versus last year, with 98% of the network now engaged. Alongside this, as we work through supply disruptions to deliveries, we added new functionality to provide better visibility and communication to dealers and customers on the status of their bikes.

在第三季度，我們繼續在客戶和經銷商體驗的發展方面取得快速進展。在美國，我們繼續擴大我們的單一自行車訂購流程，與去年相比增長了 300%，現在 98% 的網絡參與其中。除此之外，在我們解決供應中斷和交付的過程中，我們添加了新功能，以便為經銷商和客戶提供更好的可見性和溝通，了解他們的自行車狀態。

As discussed earlier in the year at our Investor Day, we started to pilot the modernized distribution system with faster access to product that will support growth with a more restrained inventory model supporting profitability and improving the ability to meet customers' needs for specific bike.

正如今年早些時候在我們的投資者日討論的那樣，我們開始試行現代化的分銷系統，以更快地獲得產品，以支持增長的更受限制的庫存模型支持盈利能力，並提高滿足客戶對特定自行車需求的能力。

As also said in the May Investor Day, we formally launched our facility upgrade program, Project Fuel globally, with 10% of the North American network signed up to start in the first wave. This is a big investment plan for a global dealer base at a total value of approximately $2 billion in the U.S. alone, but it is a truly critical effort that is long overdue and a testament to our combined belief in the health and profitability potential for our business across both existing and new customer segments and products.

正如在 5 月的投資者日所說，我們在全球範圍內正式啟動了我們的設施升級計劃 Project Fuel，其中 10% 的北美網絡簽署了第一波計劃。這是一項針對全球經銷商基地的大型投資計劃，僅在美國的總價值就約為 20 億美元，但這是一項真正關鍵的努力，早就應該這樣做，並且證明了我們對我們的健康和盈利潛力的共同信念跨現有和新客戶群和產品的業務。

Additionally, we've launched Service business consultants and a new service [schedule a lead] form to drive growth of in-network service activity. Importantly, our focus was not just in North America. In APAC, we expanded our customization kits program supported by a new digital experience with a 30% growth in the number of kits purchased by dealers.

此外，我們還推出了服務業務顧問和新的服務 [安排潛在客戶] 表格，以推動網絡內服務活動的增長。重要的是，我們的重點不僅僅在北美。在亞太地區，我們在新的數字體驗支持下擴展了定制套件計劃，經銷商購買的套件數量增長了 30%。

Finally, we continue to be enormously proud of the flexibility, adaptability and partnership with our dealers as we work through a difficult year for supply and as we pilot new approaches. The ability to stay engaged with our most loyal and new customers to support demand late in the season their strong service reach and technical expertise and their investment in experience and community demonstrate that we have a strongest and most effective network in all of power sports.

最後，在我們度過供應困難的一年並試行新方法時，我們繼續為我們的經銷商的靈活性、適應性和合作夥伴關係感到無比自豪。能夠與我們最忠誠的新客戶保持聯繫以支持賽季後期的需求，他們強大的服務範圍和技術專長以及他們對經驗和社區的投資表明我們在所有力量運動中擁有最強大和最有效的網絡。

As an integral part of our Hardwire strategy, in July, we celebrated the 1-year anniversary of HD-1 marketplace, our preowned platform. Today, the site hosts more than 30,000 motorcycle listings, including over 2,000 Harley-Davidson certified bikes, making it the leading online platform for used Harley-Davidson motorcycles in the U.S. Since launch, we've seen nearly 3 million visits to the site, increasing the visibility into the pre-owned market for both our customers and our dealers.

作為我們 Hardwire 戰略不可或缺的一部分，我們在 7 月慶祝了我們的二手平台 HD-1 市場成立 1 週年。如今，該網站擁有 30,000 多輛摩托車清單，其中包括 2,000 多輛哈雷戴維森認證自行車，使其成為美國領先的二手哈雷戴維森摩托車在線平台。自推出以來，我們已經看到近 300 萬次訪問該網站，提高我們的客戶和經銷商對二手市場的知名度。

Two recent additions to the platform have been the inclusion of non-Harley-Davidson bikes widening our reach and prequalification, making it easier for our customers to find and finance their purchase. We will continue to invest in the site and enhance the offering, ensuring that with marketplace to position harleydavidson.com, as the ultimate destination for customers and mobile cycle fans across the globe.

該平台最近增加了兩項功能，包括非哈雷戴維森自行車，擴大了我們的影響範圍和資格預審，使我們的客戶更容易找到並為他們的購買提供資金。我們將繼續投資於該網站並增強產品，確保通過市場將 harleydavidson.com 定位為全球客戶和移動自行車愛好者的最終目的地。

As I mentioned earlier, next year marks our 120th anniversary. We're going to be celebrating this landmark event like never before, kicking off an annual 3-day rally with the intention to develop it over the coming years into one of the largest Harley-Davidson events and rallies in North America and globally for our riding community, families and fans here in our backyard, our hometown of Milwaukee.

正如我之前提到的，明年是我們成立 120 週年。我們將以前所未有的方式慶祝這一具有里程碑意義的活動，開始為期 3 天的年度集會，目的是在未來幾年將其發展成為北美和全球最大的哈雷戴維森活動和集會之一在我們的後院，我們的家鄉密爾沃基，騎行社區、家庭和車迷。

We know that the faster we move forward, transform and innovate the more important it becomes to remember where we came from. We won Milwaukee and our roots in Wisconsin, including Juneau, the product development center, the powertrain operations and Tomahawk to be as relevant to us today and tomorrow as it's been in our past, and for our presence here to not only benefit our employees, but our community and customers alike, so stay tuned for more.

我們知道，我們前進、轉型和創新的速度越快，記住我們來自哪裡就變得越重要。我們贏得了密爾沃基和我們在威斯康星州的根基，包括朱諾、產品開發中心、動力總成運營和戰斧，它們與我們今天和明天一樣重要，就像我們過去一樣，我們在這裡的存在不僅使我們的員工受益，但我們的社區和客戶都一樣，敬請期待更多。

We'll be announcing more details in the New Year on our plans, including an investment that the Harley-Davidson Foundation intends to make on the [heat] of our $10 million investment into our museum campus focusing on our Juneau Home and the near West Side in Milwaukee.

我們將在新年宣布我們計劃的更多細節，包括哈雷戴維森基金會打算根據我們對我們博物館校園的 1000 萬美元投資 [熱度] 進行的投資，重點是我們的朱諾之家和附近的西部地區邊在密爾沃基。

A core pillar in our Hardwire strategy is to lead in electric. In this past September, we achieved a key milestone in delivering this ambition. On September 27, LiveWire became the first all-electric motorcycle company to list on the New York Stock Exchange. Closing this transaction with the listing represents a proud and exciting milestone towards our ambition for LiveWire to become the most desirable electric motorcycle brand in the world. We believe LiveWire is well positioned to define the 2-wheel EV market, and we're excited about the future. We'll be telling you more about LiveWire at the fourth quarter with Ryan Morrissey, LiveWire's President, joining us to present.

我們的 Hardwire 戰略的核心支柱是引領電動。在剛剛過去的 9 月，我們在實現這一目標方面取得了一個重要的里程碑。 9月27日，LiveWire成為第一家在紐約證券交易所上市的全電動摩托車公司。通過上市完成此次交易代表著我們實現 LiveWire 成為世界上最受歡迎的電動摩托車品牌的雄心壯志的一個令人自豪和激動人心的里程碑。我們相信 LiveWire 能夠很好地定義兩輪電動汽車市場，我們對未來感到興奮。我們將在第四季度向您詳細介紹 LiveWire，LiveWire 總裁 Ryan Morrissey 將加入我們的行列。

But now I'll hand over to Gina. Gina?

但現在我將交給吉娜。吉娜？

Thank you, Jochen, and good morning, everyone. As Jochen highlighted, we delivered a strong quarter, demonstrating focus on the business fundamentals. Third quarter results reflect a significant year-over-year revenue and operating income increase, primarily driven by a strong recovery in global motorcycle production and wholesale shipments after being adversely impacted by the unexpected production suspension back in May.

謝謝你，Jochen，大家早上好。正如 Jochen 強調的那樣，我們交付了一個強勁的季度，展示了對業務基本面的關注。第三季度業績反映出收入和營業收入同比大幅增長，這主要是由於全球摩托車生產和批發出貨量在 5 月份意外停產的不利影響後強勁復甦。

While we continue to operate in a volatile supply chain environment, we started to see cost inflation moderate as we move through the quarter. Specifically, we saw logistic rates decline and raw material inflation flow given the moderating metal markets.

雖然我們繼續在動蕩的供應鏈環境中運營，但隨著我們進入本季度，我們開始看到成本通脹溫和。具體而言，鑑於金屬市場放緩，我們看到物流費率下降和原材料通脹流動。

Looking more closely at our financial results in the quarter, total consolidated revenue of $1.65 billion was 21% higher than last year. HDMC wholesale motorcycle units were up 19% year-over-year, and revenue was up 24%, with a positive spread driven by profitable unit mix and global pricing. The Financial Services segment revenue was up 3%, largely due to higher finance receivables.

仔細觀察我們本季度的財務業績，合併總收入為 16.5 億美元，比去年增長 21%。 HDMC 摩托車批發量同比增長 19%，收入增長 24%，盈利單位組合和全球定價推動了正價差。金融服務部門的收入增長了 3%，這主要是由於較高的融資應收賬款。

Total operating income of $339 million was up 66% compared to last year. For HDMC, operating income of $258 million was up 164% compared to last year, and margins were at record levels. Performance in the quarter was driven by the recovery on unit production and cost productivity and pricing offsetting inflation.

總營業收入為 3.39 億美元，比去年增長 66%。 HDMC 的營業收入為 2.58 億美元，比去年增長 164%，利潤率創歷史新高。本季度的業績受到單位產量和成本生產率的複蘇以及定價抵消通脹的推動。

For HDFS, operating income of $81 million declined by $26 million or 24% compared to last year. The decline was driven by a higher provision for credit losses and higher interest expense. As we've noted in previous quarters, the credit loss rate continues to normalize in line with expectations, and the loss reserve rate is remaining steady.

對於 HDFS，8100 萬美元的營業收入與去年相比下降了 2600 萬美元或 24%。下降的原因是信貸損失準備金增加和利息支出增加。正如我們在前幾個季度所指出的那樣，信用損失率繼續按照預期正常化，損失準備金率保持穩定。

Third quarter GAAP earnings per share of $1.78 compared to $1.05 last year, with the increase driven by the factors already noted as well as from modest favorability in below-the-line items.

第三季度 GAAP 每股收益為 1.78 美元，而去年同期為 1.05 美元，增長的原因是已經提到的因素以及對線下項目的適度青睞。

Turning to Q3 year-to-date results. Total consolidated revenue of $4.6 billion was 7% higher compared to last year, and total operating income of $906 million was 9% higher compared to last year. GAAP Q3 year-to-date earnings per share of $4.68 compared to $4.06 for the same period last year.

轉向第三季度年初至今的結果。總合併收入為 46 億美元，比去年增長 7%，總營業收入為 9.06 億美元，比去年增長 9%。 GAAP 第三季度年初至今每股收益為 4.68 美元，而去年同期為 4.06 美元。

Global retail sales of new motorcycles were down 2% in the quarter. Overall, retail results were negatively impacted by low dealer inventory heading into Q3 and remaining lean through the first half of the quarter. As Jochen pointed out, as the quarter went on, we saw overall retail return to growth year-over-year, as inventory began to flow more normally into the dealer channel.

本季度全球新摩托車零售額下降了 2%。總體而言，零售業績受到進入第三季度的低經銷商庫存的負面影響，並在本季度上半年保持低迷。正如 Jochen 指出的那樣，隨著本季度的進行，我們看到整體零售業同比增長，因為庫存開始更正常地流入經銷商渠道。

Retail in the month of September was up 5% in the U.S. and up 7% worldwide. Overall, worldwide retail inventory of new motorcycles remains at historically low levels. Q3 average inventory was 22% higher than Q3 prior year, and on a sequential basis, average inventory rose 12% compared to last quarter as production and wholesale shipments recovered from the suspension in May.

美國 9 月份的零售額增長了 5%，全球範圍內增長了 7%。總體而言，全球新摩托車零售庫存仍處於歷史低位。第三季度平均庫存比去年第三季度高出 22%，並且由於生產和批發出貨量從 5 月份的暫停中恢復，平均庫存比上一季度增長了 12%。

The increase in inventory was welcome news for our dealers who continue to demonstrate solid retail momentum. We continue to see strong pricing dynamics for both new and used motorcycles in Q3 as we have throughout 2022 and 2021. Specifically, within the U.S., Q3 new motorcycle transaction prices finished within the desirability threshold of plus or minus 2 percentage points.

庫存增加對我們的經銷商來說是個好消息，他們繼續表現出強勁的零售勢頭。與整個 2022 年和 2021 年一樣，我們繼續看到第三季度新摩托車和二手摩托車的定價動態強勁。具體來說，在美國，第三季度新摩托車交易價格在正負 2 個百分點的理想門檻內完成。

Looking at revenue. Total HDMC revenue was up 24% in Q3 and up 8% on a year-to-date basis. Focusing on the key drivers in the quarter, 17 points of growth came from volume, driven by the growth in recovery in units and growth in the apparel business; 8 points of growth from pricing and lower incentives driven by global MSRP price increases, coupled with pricing surcharges in select markets.

看著收入。 HDMC 總收入在第三季度增長了 24%，比年初至今增長了 8%。關注本季度的主要驅動因素，17 個增長點來自銷量，這是受銷量恢復增長和服裝業務增長的推動； 8 個增長點來自全球 MSRP 價格上漲推動的定價和較低的激勵措施，以及特定市場的定價附加費。

In addition, we delivered strong price realization across our apparel business. 4 points of growth from favorable mix within motorcycles, as well as SKU mix across the apparel business, and finally, 4 points of negative impact from foreign exchange as the dollar continued to strengthen throughout the quarter.

此外，我們在整個服裝業務中實現了強勁的價格實現。摩托車內部的有利組合以及整個服裝業務的 SKU 組合帶來 4 個點的增長，最後，隨著美元在整個季度持續走強，外匯帶來 4 個點的負面影響。

Drivers of year-to-date revenue are relatively consistent, although volume growth was more muted year-to-date as Q3 growth was offset by the shortfall in Q2 due to the production suspension.

年初至今收入的驅動因素相對一致，儘管年初至今的銷量增長更為溫和，因為第三季度的增長被第二季度因停產造成的短缺所抵消。

Focusing in on margins, Q3 gross margin of 34.1% compared to 26.7% in the prior year. Stronger volume, favorable unit mix and pricing more than offset modestly higher cost inflation. Additionally, in Q3, we continued to comp the unfavorable impact from the additional unexpected EU tariffs in 2021, which provided a margin tailwind.

關注利潤率，第三季度毛利率為 34.1%，而去年同期為 26.7%。強勁的銷量、有利的單位組合和定價足以抵消適度上升的成本通脹。此外，在第三季度，我們繼續計算 2021 年額外的意外歐盟關稅帶來的不利影響，這提供了利潤率的順風。

In total, supply chain inflation was plus 2% in the quarter, which is down from 4% in Q2 and 10% in the back half of last year. The deceleration in inflation is primarily a result of normalization across logistics, including lower expedited shipping expenses, and to a lesser extent, raw materials and the impact of metal markets beginning the distant from peak levels last year.

總的來說，本季度供應鏈通脹增加了 2%，低於第二季度的 4% 和去年下半年的 10%。通脹放緩主要是物流正常化的結果，包括較低的加急運輸費用，以及在較小程度上，原材料和金屬市場的影響開始遠離去年的峰值水平。

Q3 operating margin improved from 8.4% in Q3 prior year to 17.9%. The improvement was driven by the factors noted and includes an increase in operating expense, partly driven by LiveWire. As Jochen mentioned, since launching the Hardwire, we have shifted from a single focus on unit growth to a more holistic view of profitable revenue growth. The actions that we took during the Rewire to prune the portfolio coupled with the actions on pricing and incentives we've taken the past couple of years to offset inflation, have resulted in our unit profitability improving from the low point in 2019.

第三季度營業利潤率從去年第三季度的 8.4% 提高到 17.9%。改進是由所提到的因素推動的，包括運營費用的增加，部分是由 LiveWire 推動的。正如 Jochen 提到的，自推出 Hardwire 以來，我們已經從單一關注單位增長轉變為更全面地關注盈利收入增長。我們在 Rewire 期間採取的削減投資組合的行動，加上我們過去幾年為抵消通貨膨脹而採取的定價和激勵措施，使我們的單位盈利能力從 2019 年的低點有所改善。

And as we continue on the Hardwire journey, we will remain focused on overall HDMC revenue, operating income as well as profitability per unit as key measures.

隨著我們繼續 Hardwire 之旅，我們將繼續關注 HDMC 的整體收入、營業收入以及單位盈利能力作為關鍵指標。

The Financial Services segment operating income in Q3 was $81 million, down $26 million compared to last year. The decline was driven by a higher provision for credit losses and an increase in interest expense. As expected, we continue to see actual losses continue to move towards more normalized levels.

第三季度金融服務部門的營業收入為 8100 萬美元，比去年同期減少 2600 萬美元。下降的原因是信貸損失準備金增加和利息支出增加。正如預期的那樣，我們繼續看到實際損失繼續朝著更正常的水平發展。

In Q3, HDFS' annualized retail credit loss ratio of 1.5% compares to a ratio of 0.84% in Q3 2021 or 66 basis points higher. In the quarter, both the actual loss rate as well as the delinquency rate continued to be in line with expectations and historical averages. Total retail loan origination was up 3.3% in Q3 with growth across both new and used bike originations.

在第三季度，HDFS 的年化零售信貸損失率為 1.5%，而 2021 年第三季度為 0.84%，高出 66 個基點。本季度，實際損失率和拖欠率繼續符合預期和歷史平均水平。第三季度零售貸款發放總額增長了 3.3%，新自行車和二手自行車的發放量均有所增長。

Total quarter ending financing receivables were $7.3 billion, which was up 7% versus prior year. Total Q3 interest expense is up $60 million or 36% versus prior year. The increase was driven by higher average debt outstanding and higher average interest rates. In addition, the retail loans for credit losses at the end of Q3 was 5%, which was flat relative to the first half of the year.

季度末融資應收賬款總額為 73 億美元，比去年同期增長 7%。第三季度總利息支出比上年增加 6000 萬美元或 36%。這一增長是由較高的平均未償債務和較高的平均利率推動的。此外，三季度末信用損失零售貸款佔比為5%，與上半年持平。

Wrapping up with Harley-Davidson, Inc. financial results. Through the first 3 quarters, we delivered $575 million of operating cash flow, which is down from $926 million in the comparable period last year. The decrease in operating cash flow was driven by increases in inventory as well as higher net cash outflows related to wholesale finance receivables. Total cash and cash equivalents ended at $1.7 billion, which is $331 million lower compared to Q3 prior year.

總結哈雷戴維森公司的財務業績。在前三個季度，我們交付了 5.75 億美元的運營現金流，低於去年同期的 9.26 億美元。經營現金流量減少的原因是存貨增加以及與批發融資應收賬款相關的淨現金流出量增加。現金和現金等價物總額為 17 億美元，比去年第三季度減少 3.31 億美元。

During Q3, we continued to repurchase shares, although at a slower pace than in the first half as our cash priorities shifted to fund the LiveWire transaction. In Q3, we bought back approximately 400,000 shares. Cumulatively, through the third quarter, we have bought back 8.4 million shares.

在第三季度，我們繼續回購股票，儘管回購速度比上半年慢，因為我們的現金優先權轉向為 LiveWire 交易提供資金。第三季度，我們回購了大約 400,000 股。截至第三季度，我們累計回購了 840 萬股股票。

As we look to the rest of 2022, as Jochen mentioned, we are reaffirming our full year outlook on HDMC revenue, HDMC operating margin and HDFS operating income where we continue to expect HDMC revenue growth of 5% to 10%. This revenue growth forecast incorporates the expectation that we recover 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 supplier challenges impacting our business.

展望 2022 年剩餘時間，正如 Jochen 提到的那樣，我們重申了我們對 HDMC 收入、HDMC 營業利潤率和 HDFS 營業收入的全年展望，我們繼續預計 HDMC 收入將增長 5% 至 10%。這一收入增長預測包含了我們恢復和批發我們作為停產一部分損失的單位的預期。它還包括我們今天所了解的供應商挑戰對我們業務的影響。

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.

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我們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足以抵消整個供應鏈的預期成本膨脹。

Also, the suspension of the additional EU tariffs realized in 2021 contributes over a point of margin growth. 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.

此外，暫停 2021 年實現的額外歐盟關稅有助於提高利潤率。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 年有利的準備金釋放和較低的信用損失。

And lastly, we are updating our capital investment guidance from $190 million to $220 million to $170 million to $190 million to reflect updated project implementation timing. Consistent with our prior quarter disclosures, embedded in our 2022 guidance of LiveWire. Finally, as we look to capital allocation, our priorities remain to fund growth of the Hardwire initiatives, which include the capital expenditures previously mentioned and funding the LiveWire transaction, paying dividends and executing discretionary share repurchases.

最後，我們正在更新我們的資本投資指導，從 1.9 億美元到 2.2 億美元到 1.7 億美元到 1.9 億美元，以反映更新的項目實施時間。與我們上一季度的披露一致，嵌入到我們 2022 年的 LiveWire 指南中。最後，在我們考慮資本配置時，我們的優先事項仍然是為 Hardwire 計劃的增長提供資金，其中包括前面提到的資本支出和為 LiveWire 交易提供資金、支付股息和執行酌情股票回購。

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. In aggregate, we expect costs will continue to be inflationary, but we will move beyond the peak levels realized in 2021.

該財務指南包括我們目前對供應鏈的最佳成本預測。它假設物流和材料將在今年餘下時間繼續改善。總體而言，我們預計成本將繼續通貨膨脹，但我們將超越 2021 年實現的峰值水平。

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)

（操作員說明）

Your first question will come from the line of Robbie Ohmes with Bank of America.

您的第一個問題將來自美國銀行的 Robbie Ohmes。

I'm going to actually slip in just 2 real quick. Just the first question was just if, Jochen, you could talk about how demand feels in the fourth quarter here, both in the U.S. and in the rest of world? Any kind of changes you've seen and how the dealers are feeling?

我實際上很快就會滑入 2。第一個問題是，Jochen，你是否可以談談美國和世界其他地區第四季度的需求情況？您看到的任何變化以及經銷商的感受如何？

And then for Gina, I was hoping you could help us with the gross margin outlook. Great gross margin that you guys had. How do we think -- a little more color on how to think about the fourth quarter? And any kind of thoughts you would give us preliminary thoughts on how we think about it for next year?

然後對於吉娜，我希望你能幫助我們了解毛利率前景。你們的毛利率很高。我們如何思考——關於如何思考第四季度的更多色彩？您會給我們關於明年如何考慮的初步想法嗎？

Yes. Thanks, Robbie. To your first question, as I mentioned earlier, we saw improvements in retail sales as the quarter went on. And therefore, we believe that the decline in retail sales was primarily due to the lack of availability of inventory at the dealer network. And as we got to mid-August, things started to turn positive and retail sales have been positive ever since.

是的。謝謝，羅比。關於你的第一個問題，正如我之前提到的，隨著本季度的進行，我們看到零售額有所改善。因此，我們認為零售額下降的主要原因是經銷商網絡庫存不足。到了 8 月中旬，情況開始轉好，零售額從那以後一直保持樂觀。

So overall, at this point, with more inventory available at the dealers, we feel pretty good about it. And that is particularly the case for the U.S. and our Asia Pacific markets.

所以總的來說，在這一點上，經銷商有更多的庫存，我們對此感覺很好。美國和我們的亞太市場尤其如此。

Robbie, in terms of your question on margins, yes, we had a very good margin quarter, really driven by the strong recovery that we had in units and the profitable mix those units, coupled with the pricing actions that we had in market more than offsetting the cost inflation. But the quarter -- to really get an accurate view on our on our margins for the year, you got to look at year-to-date because it combines kind of that shortfall that we had in Q2 combined with Q3. But still, the story remains very positive. So we have year-to-date, 2.5 points of margin growth. Remember, a point of that is coming from the tariff comp that we had from last year, those additional EU tariffs sitting in there.

羅比，就你關於利潤率的問題而言，是的，我們有一個非常好的利潤率季度，這真的是由於我們的單位強勁復甦和這些單位的盈利組合，再加上我們在市場上的定價行動超過抵消成本通脹。但是這個季度——要真正準確地了解我們今年的利潤率，你必須看看年初至今，因為它結合了我們在第二季度和第三季度的那種不足。但是，這個故事仍然非常積極。因此，我們今年迄今的利潤率增長了 2.5 個百分點。請記住，其中一點來自我們去年的關稅補償，那些額外的歐盟關稅就在那裡。

As we think forward and think about

當我們向前思考時

(technical difficulty)

（技術難度）

at Q4 and into '23, remember, keep in mind that our FX rates, as we're going through the balance of the year is going to get worse. And as that deterioration has come into the P&L earlier in the year really not having any sort of material impact on margin. As we got into Q3 and as we look to Q4 and next year, that is absolutely going to have a bigger impact. And if you think of Q4 as well, remember that we are continuing to do the changeover of our model year production at the end of October here. So from a shipment standpoint, we ship roughly, call it, 60% of an average quarter in Q4. So that weighs on our margins as well.

在第四季度和 23 年，請記住，請記住，我們的外匯匯率，因為我們正在經歷今年的平衡，將會變得更糟。由於這種惡化已經在今年早些時候進入損益表，因此實際上對利潤率沒有任何實質性影響。當我們進入第三季度並展望第四季度和明年時，這絕對會產生更大的影響。如果您也想到第四季度，請記住我們將繼續在 10 月底在這裡對我們的車型年生產進行轉換。因此，從出貨量的角度來看，我們在第四季度的出貨量大約占平均季度的 60%。因此，這也影響了我們的利潤率。

So from a year-to-date standpoint, we're sitting in a really good position and feel good about the guidance that we've given, knowing what we know of what's coming at us for Q4. In terms of 2023, looking at the margin progress that we've made over the past couple of years. We're really proud of the progress. We added a chart in these materials this time to look at our profitability per bike. And you can really see all of the work that we're doing on cost and on pricing and on and really focusing on that mix playing through our profitability per bike. And we foresee that really sticking with us as we move into 2023.

因此，從年初至今的角度來看，我們處於一個非常好的位置，並且對我們給出的指導感覺良好，知道我們對第四季度即將發生的事情的了解。就 2023 年而言，看看我們在過去幾年取得的利潤率進展。我們為取得的進展感到非常自豪。這次我們在這些材料中添加了一張圖表，以查看我們每輛自行車的盈利能力。你真的可以看到我們在成本和定價方面所做的所有工作，並真正關注通過我們每輛自行車的盈利能力來發揮這種混合作用。我們預見到，隨著我們進入 2023 年，這種情況會一直存在。

We're just in the midst of budgeting. So we're not going to comment too terribly much on what the outlook is for next year. But keep in mind a couple of things: One, our rule of thumb is that we're going to take enough pricing that's offsetting the cost inflation; and then the second piece is this FX headwind that's coming at us. So it will be material for us next year, and we're just kind of shaking and figuring out how much of that pricing is going to be able to offset the FX for next year.

我們正處於預算之中。因此，我們不會對明年的前景發表太多評論。但請記住幾件事：第一，我們的經驗法則是我們將採取足夠的定價來抵消成本通脹；然後第二部分是我們遇到的外匯逆風。所以明年對我們來說很重要，我們只是有點動搖並弄清楚明年的定價中有多少能夠抵消外匯。

Your next question comes from the line of Craig Kennison with Baird.

你的下一個問題來自 Craig Kennison 與 Baird 的對話。

Gina, I was just going to follow up on that Slide 9, where you talked about HDMC profitability per bike. I'm assuming that includes your parts and accessory business as well. First of all, can you confirm that? .

吉娜，我正要跟進幻燈片 9，您在其中談到了每輛自行車的 HDMC 盈利能力。我假設這也包括您的零件和配件業務。首先，你能確認一下嗎？ .

Yes. Yes, you're absolutely right. That includes parts and accessories. .

是的。是的，你完全正確。這包括零件和配件。 .

Okay. So in some ways, like you produced fewer bikes, that's a higher margin business, so maybe you can earn more per bike. I'm just wondering, it's such an impressive reversal in that trend. Where do you think that metric ultimately can go? .

好的。所以在某些方面，比如你生產的自行車更少，這是一項利潤更高的業務，所以也許你每輛自行車可以賺更多的錢。我只是想知道，這種趨勢的逆轉是如此令人印象深刻。您認為該指標最終會走向何方？ .

Well, when you think about the guide that we have out there for Hardwire to and getting back to that mid-teens margin number, I mean, that mid-teens margin number was anchored around that in 2014, 2015 kind of profitability per unit. So I think there's still upward potential in the long run. Again, I think as we think about 2023 and working through this FX impact, we'll have to keep that in mind for next year. But over the long run, as you look at that 14 anchor, that's a good one to kind of have out there.

好吧，當你想到我們為 Hardwire 提供的指南並回到那個十幾歲的利潤率數字時，我的意思是，那個十幾歲的利潤率數字是圍繞 2014 年和 2015 年的每單位盈利能力確定的。所以我認為從長遠來看仍然有上升的潛力。同樣，我認為當我們考慮 2023 年並應對這種外匯影響時，我們必須在明年牢記這一點。但從長遠來看，當你看到那個 14 錨時，這是一個很好的選擇。

Is there a way to deconstruct that to say how much money you make on a bike versus how much you money you make on an attachment rate because you sold the bike and then how much is just coming in because you've got this great network of riders that buy PG&A all the time.

有沒有一種方法可以解構它，說你在自行車上賺了多少錢與你在附件率上賺了多少錢因為你賣了自行車然後有多少是因為你有這個偉大的網絡一直購買 PG&A 的車手。

We can break that down. We have broken that down. We're not quite sharing that publicly yet, but we do understand both the profitability per bike is increasing based on the factors that we've noted, and we're having a stronger attach rate and intend to have a stronger attach rate as we move forward. But we can provide some more clarity on that as we move into 2023.

我們可以分解它。我們已經把它分解了。我們還沒有完全公開分享這一點，但我們確實了解到，基於我們注意到的因素，每輛自行車的盈利能力正在增加，而且我們擁有更高的附加率，並且打算在我們的過程中擁有更高的附加率前進。但隨著我們進入 2023 年，我們可以對此提供更清晰的說明。

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

你的下一個問題將來自 Joseph Altobello 和 Raymond James 的台詞。

I guess first question on inventory. So you had 30,000 units and dealer inventory worldwide. By my math, it's about 9 weeks up year-over-year, but you're roughly half of where you were, call it, 3 years ago. And I guess how far below optimal do you think you are right now? However you want to define that, whether it's units or weeks on hand, for example?

我想第一個問題是庫存。因此，您在全球擁有 30,000 台和經銷商庫存。根據我的計算，它比去年同期增加了大約 9 週，但你大約是 3 年前的一半。我猜你認為你現在離最佳狀態還有多遠？但是，您想定義它，例如，是單位數量還是周數？

This is Edel. You are correct in your assessment of the inventory position. I think the most important thing for us is to be able to start the riding season as we look into 2023 at a much healthier level of inventory. We know that over the past few quarters and indeed maybe even over the past couple of years, we have not had the optimal level of inventory in any of our markets to really be able to capture the beginning of the season and the upside demand potential.

這是埃德爾。您對庫存狀況的評估是正確的。我認為對我們來說最重要的是能夠在我們以更健康的庫存水平展望 2023 年時開始騎行季節。我們知道，在過去的幾個季度，甚至可能在過去的幾年裡，我們的任何市場都沒有達到最佳庫存水平，無法真正抓住季節的開始和上行需求潛力。

So we're pleased to see that, that situation is recovering as we get into the back half of 2022. That said, just as you noted, we continue to understand that it is very important for us and our guiding principle of desirability to ensure a restrained and adequate level of inventory. We do not intend to go back to historical levels that created many challenges for profitability, not only for us but also for our dealers. That's an important part also of what Gina was just sharing in the previous question.

因此，我們很高興看到，隨著我們進入 2022 年下半年，這種情況正在恢復。也就是說，正如您所指出的，我們繼續理解這對我們和我們的指導原則非常重要，以確保有限且充足的庫存水平。我們不打算回到給盈利能力帶來許多挑戰的歷史水平，不僅對我們而且對我們的經銷商。這也是吉娜剛剛在上一個問題中分享的重要內容。

So I certainly think that we are in a much healthier position. We think this will allow us to start the riding season in a much more comfortable place, both domestically and in international markets. Still, overall, understanding the importance of a restrained inventory position that lives under a broader framework of desirability.

所以我當然認為我們處於更健康的位置。我們認為這將使我們能夠在一個更舒適的地方開始騎行季，無論是在國內還是在國際市場。儘管如此，總的來說，了解在更廣泛的可取性框架下限制庫存頭寸的重要性。

Yes. But how many bikes are you for low optimal? I mean, is it 5,000 bikes? Is it 10,000 bikes? .

是的。但是你有多少輛自行車是低最優的？我的意思是，是 5,000 輛自行車嗎？是10,000輛自行車嗎？ .

Yes. That will certainly be something that will depend. We monitor it very closely as we look at the retail trends in each of the markets. Again, we think that the level that we are at now is healthy. We think that we continue to have at this point, what we need to start the season effectively, and we will continue to monitor that as we go into the new year. .

是的。這肯定會取決於情況。我們密切關注每個市場的零售趨勢。同樣，我們認為我們現在的水平是健康的。我們認為我們在這一點上仍然擁有有效開始本賽季所需的東西，我們將在進入新的一年時繼續監控這一點。 .

Okay. And just maybe a question for Gina. If we assume no changes from today, could supply chain cost be a potential tailwind in 2023? .

好的。也許只是吉娜的問題。如果我們假設從今天開始沒有變化，供應鏈成本是否會成為 2023 年的潛在順風？ .

Absolutely. Yes. As you see our performance through third quarter here, we started to see the supply chain play out as we had hoped with logistics costs starting to moderate middle markets coming back to us, that will continue -- those tailwinds will continue as we move into 2023. Now labor is still a factor that we're going to have to contend with next year from an inflation standpoint, that is a piece that will continue to hit us. And the overall supply base itself is still not super stable. So there's puts and takes, but largely speaking, the huge inflation that we were seeing within logistics and raw materials is starting to mitigate. .

絕對地。是的。正如您在這裡看到我們第三季度的表現一樣，我們開始看到供應鏈發揮作用，正如我們希望的那樣，物流成本開始緩和，中間市場又回到我們身邊，這將繼續下去——隨著我們進入 2023 年，這些順風將繼續. 現在從通脹的角度來看，勞動力仍然是我們明年必須應對的一個因素，這將繼續打擊我們。而且整體供應基礎本身仍然不是非常穩定。所以有放有放，但在很大程度上，我們在物流和原材料中看到的巨大通貨膨脹正在開始緩解。 .

Your next question will come from the line of James Hardiman with Citi.

你的下一個問題將來自花旗銀行的 James Hardiman。

Just a quick clarification. Jochen, you mentioned that since sort of mid-August, retail had been positive. I'm assuming that includes the month of October, so maybe speak to October. But then maybe a follow-up on -- or maybe a clarification follow-up on Joe's question about inventory. As we exit this year, is the right way to think about next year that wholesale and retail units should generally be aligned? Or do you think there is going to be some incremental catch-up to be done in 2023?

只是一個快速的澄清。 Jochen，你提到自 8 月中旬以來，零售業表現良好。我假設這包括 10 月份，所以也許可以和 10 月份談談。但隨後可能會跟進 - 或者可能會跟進 Joe 關於庫存的問題。當我們今年退出時，考慮明年批發和零售部門通常應該保持一致的正確方法是正確的嗎？還是您認為 2023 年會進行一些增量追趕？

Thanks, James. Yes, that it did -- my statement did include October. So we've seen that positive trend to continue into the fourth quarter to date. Look catch-up to Edel's point, depends on retail development, right? So certainly, the big catch-up was in the third quarter now with the production suspension that we had that cost us anywhere between 10,000 to 12,000 units, of which most we've now compensated in the third quarter. There's still a bit of catch-up in the fourth quarter to do with a few thousand units, and then it all depends on how retail is going to develop.

謝謝，詹姆斯。是的，的確如此——我的發言確實包括了 10 月份。因此，我們已經看到這種積極趨勢一直持續到第四季度。看追趕Edel的點，要看零售業的發展吧？所以可以肯定的是，第三季度的最大追趕是在第三季度，我們的停產使我們損失了 10,000 到 12,000 台，其中大部分我們現在已經在第三季度得到了補償。第四季度還有幾千台的追趕，然後就看零售怎麼發展了。

We certainly will stay very agile to make sure that supply and demand are in good balance and that we are not oversupplying the market. But it's difficult to project retail at this current environment. We're certainly planning for all eventualities. But what we're seeing so far, and in particular, in October is a positive trend.

我們當然會保持非常敏捷，以確保供需處於良好平衡狀態，並且我們不會供過於求市場。但在當前環境下很難預測零售業。我們當然會為所有可能發生的情況做好計劃。但到目前為止，尤其是在 10 月份，我們看到的是一個積極的趨勢。

And just maybe one point of clarification. Domestic versus international, the inventories in the field are more balanced, I think, than they've historically been. Can you just speak to sort of your relative comfort with domestic versus international is one -- I don't know. Is there more sort of room to go on one versus the other?

也許只是一點澄清。國內與國際相比，我認為該領域的庫存比以往任何時候都更加平衡。你能不能談談你對國內和國際的相對舒適度？我不知道。與另一個相比，是否有更多的空間可以進行？

Well, I think overall, we feel good about the inventory on a global level, and in particular, with regards to the U.S. and Asia. EMEA markets, anybody's guess right now how EMEA is going to develop. But overall, we feel good about the inventory level that we have right now. .

好吧，我認為總體而言，我們對全球範圍內的庫存感覺良好，尤其是美國和亞洲。 EMEA 市場，任何人現在都在猜測 EMEA 將如何發展。但總的來說，我們對目前的庫存水平感覺良好。 .

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

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

I just wanted to take a look at the full year guidance. I know we always sort of run into this for the 3Q print, but there's a pretty wide range implied for 4Q on sales and operating profit just with the current guidance. So can you sort of talk about what gets you to the high end of that range versus the low end? Is it really just some of the retail momentum that Jochen just talked about? Is it supply chain? Like what are sort of the positives and negatives there?

我只是想看看全年的指導。我知道我們總是會在第三季度的印刷品中遇到這種情況，但僅根據當前的指導，第四季度的銷售和營業利潤就暗示了相當廣泛的範圍。那麼，您能否談談是什麼讓您達到該範圍的高端與低端？真的只是Jochen剛才說的一些零售動力嗎？是供應鏈嗎？比如那裡有哪些積極因素和消極因素？

Sure, Martin (sic) [Fred], this is Gina. I would say -- and what gets us to the high end of the range -- remember, we -- again, we're cutting off production and shipping -- or kind of shifting over to the next model year at the end of October. So really, what gets us to the high end is those bikes get on the water for our international markets, having them be able to hit an invoice in the current year. So that really is what's swinging kind of from the 5% to the 10% now.

當然，馬丁（原文如此）[弗雷德]，這是吉娜。我會說 - 是什麼讓我們達到了範圍的高端 - 請記住，我們 - 再次，我們正在切斷生產和運輸 - 或者在 10 月底轉移到下一個車型年.所以說真的，讓我們走向高端的是那些自行車在我們的國際市場上投放市場，讓他們能夠在當年開具發票。所以這確實是現在從 5% 到 10% 的波動。

And we feel confident about the production, we feel confident about what we're going to work to wholesale. We feel confident in the demand that is there. It's now just a matter of can we get it shipped and invoiced in those international markets in time. I think from a pricing standpoint, we're continuing to feel good about the pricing that we have in the market as well. On the margin standpoint, what gets us to that higher end of the range is continuing to see the supply chain trends that we saw in Q3 play through in Q4.

我們對生產充滿信心，我們對我們將要批發的產品充滿信心。我們對那裡的需求充滿信心。現在只是我們能否及時在這些國際市場上發貨和開具發票的問題。我認為從定價的角度來看，我們繼續對我們在市場上的定價感到滿意。從利潤率的角度來看，讓我們達到該範圍高端的是繼續看到我們在第三季度看到的供應鏈趨勢在第四季度發揮作用。

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

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

I have a couple here. First, you mentioned improving availability in U.S. and APAC, but not EMEA. So what happened there?

我這裡有一對。首先，您提到了提高美國和亞太地區的可用性，但沒有提到 EMEA。那麼那裡發生了什麼？

Our availability is fine. I'm just saying I think the economic outlook currently in EMEA is to be seen. Very hard to judge the trends in the fourth quarter anyway. But I'd say the confidence levels are certainly a lot higher in the U.S. and in Asia Pacific, but inventory availability is fine. .

我們的可用性很好。我只是說我認為目前 EMEA 的經濟前景有待觀察。無論如何，很難判斷第四季度的趨勢。但我要說的是，美國和亞太地區的信心水平肯定高得多，但庫存可用性很好。 .

Okay. Understood. And P&A was down, trailed everything else. So why was that down? .

好的。明白了。 P&A 下跌，落後於其他一切。那為什麼會下降呢？ .

P&A, a couple of different dynamics playing out there. The first, I think the supply challenges continue for much longer in this category than in motorcycles and that certainly is continues to be an area where there is high bike orders on some of our categories that are most important to accessorizing a bike, so that's one dynamic.

P&A，一些不同的動力在那裡發揮作用。首先，我認為這一類別的供應挑戰持續時間比摩托車要長得多，而且肯定仍然是我們某些類別的自行車訂單量很大的領域，這對自行車的配件最重要，所以這是一個動態的。

The second dynamic is certainly the attach rate to new motorcycles. And essentially, what I mean by that is the fact that the motorcycles, we didn't have the availability in Q2 as they came in, many of those bikes were spoken for and essentially are turning so quickly on the floor that the potential for pre-accessorization was a little bit muted. So that certainly has been the 2 driving factors behind P&A for the quarter.

第二個動力當然是新摩托車的附加率。從本質上講，我的意思是摩托車，我們在第二季度進入時沒有可用性，其中許多自行車都被提及並且基本上在地板上轉得如此之快以至於有可能預-配飾有點靜音。因此，這肯定是本季度 P&A 背後的兩個驅動因素。

Now if you look in terms of the overall decline in retail versus the decline in P&A, we still are driving a little bit of improved growth there. Pricing is a factor, of course. But we think that as supply normalizes, not only in motorcycles but also in those P&A categories themselves, we should see improvement in that growth trajectory for the business.

現在，如果你看看零售業的整體下滑與 P&A 的下滑，我們仍然在推動那裡的增長有所改善。定價當然是一個因素。但我們認為，隨著供應正常化，不僅是摩托車，還有那些 P&A 類別本身，我們應該看到業務增長軌蹟的改善。

Okay. Very good, Edel. And Gina, one last one. You reduced your CapEx by about $25 million for project implementation. So what was that, that got pushed out? .

好的。很好，埃德爾。還有吉娜，最後一個。您為項目實施減少了大約 2500 萬美元的資本支出。那是什麼，被推出來了？ .

I wouldn't say anything necessarily got pushed out. It's just a phasing of when some of the expenditures we're hitting in terms of just the timing of the project. There's nothing that's been delayed or pushed in that way. It's really more of an accounting thing of when costs are going to hit or expenses are going to be paid.

我不會說任何東西都必須被推出。這只是我們在項目時間方面達到的一些支出的分階段。沒有任何事情以這種方式被延遲或推動。這實際上更像是一個會計問題，即何時會達到成本或支付費用。

Your next question will come from the line of Joseph Spak with RBC Capital Markets.

您的下一個問題將來自 RBC Capital Markets 的 Joseph Spak。

Gina, maybe just on the logistics comments, like if I look back last quarter, I think you indicated that would be...

吉娜，也許只是關於後勤方面的評論，如果我回顧上個季度，我想你表示那將是......

(technical difficulty)

（技術難度）

Because we're hearing a lot of challenges on rail for instance. So I'd just be curious to see to know what you're seeing actually confidence that logistics can be a positive for you guys here.

因為我們聽到了很多關於鐵路的挑戰。所以我很想知道你們看到的是什麼，相信物流對你們這裡的人來說是積極的。

Yes, Joe, good question. And to your point on comp, that really had much to do with Q3. Q3 in 2021 was really high for us, particularly when everything was inflating, plus we had a lot of expedited shipping. When you think about the timing of our model year production, we typically see expedite started to rise in Q3 of last year as we were getting stuff ready for the changeover. We're not seeing as much of that this year in expedited shipping. So that is what brought that Q3 to be deflationary here, down 5%.

是的，喬，問得好。就你的觀點而言，這確實與第三季度有很大關係。 2021 年第三季度對我們來說真的很高，尤其是當一切都在膨脹的時候，再加上我們有很多加急運輸。當您考慮我們的車型年生產時間時，我們通常會看到加速在去年第三季度開始上升，因為我們正在為轉換做準備。今年我們在加急運輸方面看不到那麼多。這就是導致第三季度通貨緊縮的原因，下降了 5%。

To your point on lane rates and freight rates, yes, we're seeing the same thing labor within the logistics area is staying high, but just the delta that we're -- and the stability within expedited shipping or the control, I should say, on expedited shipping, that is what brought Q3 down and what we foresee for Q4 as well.

關於您關於車道費率和運費率的觀點，是的，我們看到物流領域內的勞動力保持高位，但只是我們的三角洲 - 以及加急運輸或控制中的穩定性，我應該比如說，在加急運輸方面，這就是導致第三季度下降的原因，也是我們對第四季度的預期。

Okay. That's helpful. And then second question is, I know in the release, you mentioned on the OpEx side, I think part of the year-over-year increase was higher LiveWire spend. Is there any way you could give us the total spend or the total loss for LiveWire this quarter? And then thinking about next quarter, and I know as now a stand-alone company, but you're still consolidating it, like, are there higher public company costs that we should also consider on a go-forward basis that starts to impact the OpEx of the overall consolidated enterprise? .

好的。這很有幫助。然後第二個問題是，我知道在發布中，你提到了 OpEx 方面，我認為同比增長的一部分是更高的 LiveWire 支出。有什麼辦法可以告訴我們本季度 LiveWire 的總支出或總虧損嗎？然後考慮下個季度，我知道現在是一家獨立的公司，但你仍在整合它，比如，是否有更高的上市公司成本，我們也應該在開始影響的基礎上考慮整體合併企業的 OpEx？ .

Not different than what we've included in our guidance or our outlook for LiveWire or for Harley. Kind of what we talked about as -- during Investor Day, all of that cost was included or the infrastructure was included. The biggest thing that happened in LiveWire was people. So as we separated the business out and started to build that talent base kind of year-over-year, we're spending more on that infrastructure than we would have in the prior year.

與我們在我們的指南或我們對 LiveWire 或哈雷的展望中包含的內容沒有什麼不同。有點像我們所說的——在投資者日期間，所有這些成本都包括在內，或者包括基礎設施。 LiveWire 發生的最重要的事情是人。因此，當我們將業務分離出來並開始逐年建立人才基礎時，我們在基礎設施上的支出比前一年更多。

Starting next quarter, like when we release our year-end and look at Q4, we'll start to show the 3 segments, as we've talked about. We'll have the motor company, excluding EV. We'll have HDFS, the financing arm, and then we'll have LiveWire as well. So we'll start to see all 3 of those pieces.

從下個季度開始，就像我們發布年終報告並查看第 4 季度時一樣，我們將開始展示 3 個細分市場，正如我們所討論的那樣。我們將擁有汽車公司，不包括 EV。我們將擁有 HDFS，融資部門，然後我們還將擁有 LiveWire。所以我們將開始看到所有這 3 件作品。

Okay. And can you give us like the total spend on LiveWire this quarter on an absolute basis? .

好的。你能告訴我們本季度在 LiveWire 上的絕對支出總額嗎？ .

On an absolute basis, the operating expense for the quarter, we spent roughly, call it, $20 million. .

在絕對基礎上，本季度的運營費用，我們大致花費了 2000 萬美元。 .

Your next question comes from the line of Jamie Katz with Morningstar.

你的下一個問題來自 Jamie Katz 與 Morningstar 的合作。

I'd be interested to hear how the appetite for financing has changed with significantly higher APRs across HDFS? And I do have a follow-up after that.

我很想知道隨著 HDFS 顯著更高的 APR，融資需求發生了怎樣的變化？之後我確實有跟進。

In terms of -- Jaime, this is Gina. In terms of the appetite for financing, we're not -- we've got [peeled] back and look at the different types of customer or consumer. So from a prime applicant, we're still seeing good appetite. We're seeing our shift of loans moving more towards prime. We are seeing in the subprime tiers less kind of people raising their hands saying they want loans unless we're becoming more stringent on the loans that we're giving out. So we are seeing kind of that mix shift in 2 ways: one, less people on the subprime side, raising their hands, and two us funding and choosing to fund more prime.

就 -- Jaime 而言，這是 Gina。就融資的需求而言，我們不是——我們已經 [剝離] 並查看不同類型的客戶或消費者。因此，從主要申請人那裡，我們仍然看到了良好的胃口。我們看到我們的貸款更多地轉向優質貸款。我們看到，在次級貸款中，很少有人舉手說他們想要貸款，除非我們對發放的貸款變得更加嚴格。因此，我們看到這種混合以兩種方式發生變化：一種是次級貸款方面的人越來越少，舉手，另一種是我們資助並選擇資助更多的優質貸款。

Okay. And then I assume that means that you're still financing roughly, I don't know, 60% of the loans or whatever the prior number was, that hasn't changed...

好的。然後我假設這意味著你仍在大致融資，我不知道，60% 的貸款或無論之前的數字是多少，都沒有改變......

Yes. Yes. Our penetration has stayed relatively consistent this year. So right around that 65% mark. So all loans were 65% of them, go back to the math of roughly 20% of folks are purchasing outright in cash. And then of that remaining 80%, we are financing 65% of them. .

是的。是的。今年我們的滲透率保持相對穩定。所以就在 65% 左右。所以所有貸款佔其中的 65%，回到數學上，大約 20% 的人直接用現金購買。然後在剩下的 80% 中，我們為其中的 65% 提供資金。 .

Perfect. And I have a quick follow-up on the HD-1 change, bringing in other brands into the fold. Can you talk a little bit about how that helps you control the U.S. pricing market across the board a little bit more broadly? .

完美的。我對 HD-1 的變化進行了快速跟進，將其他品牌納入其中。你能談談這如何幫助你更廣泛地全面控制美國定價市場嗎？ .

Well, we -- as I said, we wanted to expand the marketplace so that it becomes the leading marketplace for everything at some point in terms of bikes, which is why we don't want to just offer HD bikes, but give our customers and dealers an opportunity to list their own bikes. And we think this is a natural expansion of HD-1 marketplace to expand on the reach and interest that we are building with our customers. .

好吧，正如我所說，我們希望擴大市場，使其在某種程度上成為自行車方面的領先市場，這就是為什麼我們不想只提供 HD 自行車，而是為我們的客戶提供和經銷商有機會列出自己的自行車。我們認為這是 HD-1 市場的自然擴張，以擴大我們與客戶建立的影響範圍和興趣。 .

Your next question will come from the line of Ryan Sundby with William Blair.

你的下一個問題將來自 Ryan Sundby 和 William Blair 的對話。

Yes. Really impressive growth for adventure touring this quarter. Can you talk a little bit more about what you're seeing there? Is that all demand -- is there anything onetime in that number around maybe market expansion? And then with units nearly doubling this quarter, is there a way to help us think about maybe where adventure touring ends up as a percentage of total units.

是的。本季度冒險旅遊的增長確實令人印象深刻。你能多談談你在那裡看到的東西嗎？這就是所有需求嗎——這個數字中是否有任何一次圍繞市場擴張？然後，隨著本季度的單位數量幾乎翻了一番，是否有一種方法可以幫助我們思考探險旅遊在總單位中所佔的百分比。

Thank you for your question. Yes, adventure-touring brought us an incredibly strong product we've put out in the market in a category that typically wouldn't be what people would have originally thought about, Harley-Davidson. So again, we're very proud of the development. It also suffered in the early parts of the year from availability as many of our other product families did. And the recovery, I think, in Q3 has been significant as those concerns have abated in terms of supply.

謝謝你的問題。是的，冒險旅行給我們帶來了一種令人難以置信的強大產品，我們在市場上推出了一個通常不會是人們最初想到的類別，Harley-Davidson。因此，我們再次為這一發展感到自豪。與我們的許多其他產品系列一樣，它在今年年初也因可用性問題而受到影響。我認為，第三季度的複蘇意義重大，因為這些擔憂在供應方面已經減弱。

This is an important segment for us. It is a global -- it is particularly a prominent and important on a global basis, but it is also growing very strongly in North America, where we think we have the right offering, the right dealer network, the right support to be able to have this be another strong contender as that market continues to grow. So our intent is to continue to support not only the adventure touring product, Pan America in and of itself, but also the ecosystem of experiences and consumers that go along with it. We see great potential for growth globally where it is an established segment and in North America as it grows.

這對我們來說是一個重要的部分。它是全球性的——它在全球範圍內尤為突出和重要，但它在北美的增長也非常強勁，我們認為我們在北美擁有合適的產品、合適的經銷商網絡和合適的支持，能夠隨著市場的持續增長，這將成為另一個強有力的競爭者。因此，我們的意圖不僅是繼續支持冒險旅遊產品 Pan America 本身，而且還支持與之相關的體驗和消費者生態系統。我們在全球範圍內看到了巨大的增長潛力，它是一個成熟的細分市場，在北美也隨著它的增長而增長。

Great. And then any thoughts there on kind of the percentage of total units that could ultimately represent for you guys over time? .

偉大的。那麼隨著時間的推移最終可以代表你們的總單位百分比有什麼想法嗎？ .

I think that evolves as the market growth potential does. We've certainly established a priority around our stronghold categories and that will continue into the future. But adventure touring again, is an incredibly important segment globally, and it is growing in North America. So we think the potential there is significant for it to be an important part of our overall lineup domestically and internationally. .

我認為這隨著市場增長潛力的發展而演變。我們當然已經圍繞我們的據點類別確定了優先級，並將持續到未來。但再次冒險旅遊，在全球範圍內是一個非常重要的部分，而且它在北美正在增長。因此，我們認為它有很大的潛力成為我們國內和國際整體陣容的重要組成部分。 .

And just to add, the 1,250 in the U.S., Pan America is still the #1 selling motorcycle in its segment. .

補充一下，美國的 1,250 輛 Pan America 仍然是其細分市場中銷量第一的摩托車。 .

Your next question will come from the line of Brandon Rollé with D.A. Davidson.

你的下一個問題將來自 Brandon Rollé 和 D.A.戴維森。

I was going to ask, could you comment on the current use versus new pricing gap and how that's impacting the affordability of new bikes in the eye of the consumer. And then maybe touch on the success or plans you have to keep new buyers engaged that entered the industry during the pandemic moving forward.

我想問，您能否評論一下當前使用與新自行車的價格差距，以及這如何影響消費者眼中的新自行車的可負擔性。然後可能會談到在大流行病向前發展期間，你必須保持新買家參與的成功或計劃。

Sorry, Brandon, I was on mute as I started speaking. So let me go back over that. So we're talking, sorry, you probably had a gap there.

對不起，布蘭登，我剛開始說話時就靜音了。所以讓我回顧一下。所以我們正在談論，抱歉，你可能在那裡有差距。

We were talking about the balance of new versus used. So the gap in pricing, I think, continues to be at a lower rate than historically. We have certainly seen the balance of new vs used within our dealer network change throughout the year as availability has modified. So we expect that, that will continue to be the dynamic going forward as availability and new changes and improve.

我們正在談論新舊產品的平衡。因此，我認為定價差距繼續低於歷史水平。隨著可用性的改變，我們當然已經看到我們的經銷商網絡中新舊產品的平衡在全年發生變化。所以我們預計，隨著可用性和新的變化和改進，這將繼續成為未來的動態。

However, it is important to note, as Jochen was referencing in his previous answer around HD1 that both of these consumers, the new and the used buyer, are important for our overall growth and part of the overall ecosystem of riding that we intend to establish and to continue to have be a prominent part of our story -- our growth story, going forward.

然而，需要注意的是，正如 Jochen 在他之前關於 HD1 的回答中所提到的，這些消費者，新的和二手的買家，對於我們的整體增長和我們打算建立的整體騎行生態系統的一部分都很重要並繼續成為我們故事的重要組成部分——我們未來的成長故事。

In terms of your question specifically around new riders that have entered the category and the sport over the past couple of years, we have spoken on this call over the past few quarters about the growth in Riding Academy. We continue to see very strong adoption rates and new riders of all kinds entering the sports. And for us, it's really about building that ecosystem of experiences in that community that goes beyond some of our traditional offerings, like, H.O.G., to really ensure that those consumers stay engaged in the way that is most relevant to them.

關於你的問題，特別是關於過去幾年進入該類別和這項運動的新騎手的問題，我們在過去幾個季度的電話會議上談到了騎術學院的發展。我們繼續看到非常高的採用率和各種新騎手進入這項運動。對我們而言，這實際上是在該社區中建立體驗生態系統，超越我們的一些傳統產品，例如 H.O.G.，以真正確保這些消費者以與他們最相關的方式保持參與。

And that is both through digital touch points as well as through the incredible network of dealers and the experiences that they build all the way to the rallies, and certainly in 2023, including our anniversary year events that we are very excited about. So lots of opportunities to continue to drive that engagement that keeps those new riders riding.

這既是通過數字接觸點，也是通過令人難以置信的經銷商網絡，以及他們在集會期間積累的經驗，當然還有 2023 年，包括我們非常興奮的周年紀念活動。如此多的機會可以繼續推動讓這些新騎手繼續騎行的參與度。

Our next question will come from the line of John Healy with Northcoast Research.

我們的下一個問題將來自 John Healy 與 Northcoast Research 的合作。

Big picture question. When I hear your remarks, the biggest thing that jumps out to me is just the commitment to being controlled with your production and being rational with the amount of product that you put into the industry. And if that works out, profitability per unit, if you can execute on some of these operational initiatives should be historically better than what we've seen in recent years. Could you help us walk through what would prevent you guys from pulling that playbook off?

大局問題。當我聽到您的評論時，最讓我印象深刻的事情就是承諾控制您的生產並理性地對待您投入行業的產品數量。如果成功的話，單位盈利能力，如果你能執行其中一些運營計劃，歷史上應該比我們近年來看到的要好。你能幫我們看看什麼會阻止你們把那個劇本拿下來嗎？

Because when I look at that opportunity, to me, it seems like you control your destiny quite a bit there. So I'm just trying to kind of game theory, what's jumping out at you as being the biggest roadblocks to pulling that off? And then secondly, I think you maintained guidance for the HDFS business despite higher rates. And I was just wondering what kind of the offset was as you look into year-end?

因為當我看到那個機會時，對我來說，你似乎在很大程度上控制了自己的命運。所以我只是想嘗試一種博弈論，你認為什麼是實現這一目標的最大障礙？其次，我認為儘管利率較高，但您仍保持對 HDFS 業務的指導。我只是想知道在您查看年底時會有什麼樣的抵消？

Well, the biggest obstacle is always demand in this regard. If you have a clear positioning as the most desirable lifestyle brand that is rooted in motoculture so demand -- and I'm talking motorcycles for a moment here is what drives our thinking all the time. And we want to make sure that we are planning our manufacturing accordingly in order, of course, to capture demand, which was not always possible in the last couple of years due to the supply chain challenges but also that we are agile to move as demand evolves in the next quarters.

那麼，最大的障礙始終是這方面的需求。如果你有一個明確的定位，即植根於摩托車文化的最令人嚮往的生活方式品牌，那麼需求 - 我在這裡暫時談論摩托車是一直推動我們思考的東西。我們希望確保我們正在相應地規劃我們的製造，當然，為了捕捉需求，這在過去幾年由於供應鏈挑戰並不總是可能的，但我們也可以根據需求靈活地移動在接下來的幾個季度中發展。

It's not just about demand management or supply management. Obviously, there's a lot more happening in HD Marketplace, our digital drive and many other initiatives are in full swing to make sure that we broaden the consumer base, the customer base in the coming years. So there's a lot happening in this space, which is important. We want to make sure that our riders keep riding, that we bring new riders into the sport and that we overall are broadening our reach in the different consumer profiles, which is also why you see an extended effort on our parallel licensing business, which has shown a nice growth, especially this quarter.

這不僅僅是關於需求管理或供應管理。顯然，HD Marketplace、我們的數字驅動器和許多其他舉措都在如火如荼地進行，以確保我們在未來幾年擴大消費者基礎和客戶群。所以這個領域發生了很多事情，這很重要。我們希望確保我們的騎手繼續騎行，我們將新的騎手帶入這項運動，並且我們總體上正在擴大我們在不同消費者群體中的影響力，這也是為什麼你看到我們在平行許可業務上做出了更大的努力，它有表現出不錯的增長，尤其是本季度。

That's a big initiative for us to broaden the consumer base because not everybody that is a fan of Harley necessarily right yet may be riding in the future, but that might just be a customer that believes in the lifestyle, loves the lifestyle, loves the brands and wants to get engaged. And therefore, there's a big effort there that I believe, long term will help us also to get people more to get into the culture -- into riding cultured eventually become a rider and take them Riding Academy course.

這對我們來說是一個擴大消費者基礎的重大舉措，因為並不是每個哈雷的粉絲都一定是正確的，但可能會在未來騎車，但這可能只是一個相信生活方式、熱愛生活方式、熱愛品牌的客戶並想訂婚。因此，我相信那裡有很大的努力，從長遠來看，這也將幫助我們讓更多的人融入這種文化——進入有文化的騎術，最終成為一名騎手，並讓他們參加騎術學院的課程。

They have more opportunities on the writing academy as well, not just for new riders, it could be skilled riding and other things, adventure touring, lots of opportunities there that we are looking at, experiences, loyalty and membership are opportunities that we're exploring.

他們在寫作學院也有更多機會，不僅僅是新騎手，它可能是熟練的騎馬和其他事情，冒險旅行，我們正在尋找的很多機會，經驗，忠誠度和會員資格是我們的機會探索。

So there's a lot happening. It's not just a question of capturing the demand and making sure that we are always the most desirable and pricing is up and inventory is at a healthy level. There's a lot that's happening behind the scene and in front of the scene to really get customers to engage with the brand on a very different level than we've ever seen in the past.

所以發生了很多事情。這不僅僅是一個捕捉需求並確保我們始終是最理想的、價格上漲和庫存處於健康水平的問題。幕後和幕前發生了很多事情，真正讓客戶以與我們過去所見完全不同的水平與品牌互動。

And John, you had a question there on HDFS. Could you repeat the question? I didn't quite catch all of it.

約翰，你有一個關於 HDFS 的問題。你能重複這個問題嗎？我沒有完全聽懂。

I think you guys maintained guidance for HDFS or operating income for the year. But rates probably, I would think, are a headwind given the original expectations. Just trying to understand the offsets.

我認為你們保持了對 HDFS 或當年營業收入的指導。但我認為，考慮到最初的預期，利率可能是一個不利因素。只是想了解偏移量。

Yes. Good question. And yes, interest rates are definitely going against us, and you can see that -- you could really start to see that play through the P&L here in Q3 when you look at that interest expense line up pretty significantly year-over-year. That, by the way, is going to continue to be a headwind for us as we move into Q4 and into 2023. The offset has been in the revenue. So not only we've had overall kind of receivables go up, plus all of the other revenue streams that impact HDFS has also been positive.

是的。好問題。是的，利率肯定對我們不利，你可以看到——當你看到利息支出同比增長非常顯著時，你真的可以在第三季度的損益表中看到這一點。順便說一下，隨著我們進入第四季度和 2023 年，這將繼續成為我們的逆風。抵消已經在收入中。因此，不僅我們的整體應收賬款有所增加，而且影響 HDFS 的所有其他收入流也都是積極的。

So think of things like audit insurance added, the credit cards, all of that revenue has been positive and helping to offset.

所以想想審計保險、信用卡等事情，所有這些收入都是積極的，並有助於抵消。

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

目前沒有其他問題。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。