Harley-Davidson Inc (HOG) 2022 Q4 法說會逐字稿

Thank you for standing by. And welcome to the Harley-Davidson's Fourth Quarter and Year-end 2020 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Shawn Collins. Thank you. Please go ahead.

謝謝你的支持。歡迎參加哈雷戴維森 2020 年第四季度和年終收益電話會議。請注意，今天的會議正在錄製中。我現在想把會議交給肖恩柯林斯。謝謝。請繼續。

Thank you. Good morning. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. You can access the slides supporting today's call on the internet at the Harley-Davidson Investor Relations website.

謝謝。早上好。我是哈雷戴維森投資者關係總監肖恩柯林斯。您可以在 Harley-Davidson 投資者關係網站的互聯網上訪問支持今天電話會議的幻燈片。

As you might 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.

如您所料，我們的評論將包含前瞻性陳述，這些陳述存在商業風險，可能導致實際結果大相徑庭。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。

Joining me this morning are Harley-Davidson's Chief Executive Officer, Jochen Zeitz; in addition, Chief Financial Officer, Gina Goetter is with us and also LiveWire President, Ryan Morrissey. In addition, Harley-Davidson's Chief Commercial Officer Edel O'Sullivan will join for the Q&A portion of today's call.

今天早上和我一起來的是哈雷戴維森的首席執行官 Jochen Zeitz；此外，首席財務官 Gina Goetter 和 LiveWire 總裁 Ryan Morrissey 也與我們同在。此外，Harley-Davidson 的首席商務官 Edel O'Sullivan 將參加今天電話會議的問答部分。

With that, let me turn it over to our CEO, Jochen Zeitz, Jochen?

有了這個，讓我把它交給我們的首席執行官，Jochen Zeitz，Jochen？

Thank you, Shawn, and good morning, everyone. As we conclude the second year of the Hardwire, our 5-year strategic plan to drive profitable growth, Harley-Davidson delivered a strong finish to the year. We are pleased with our performance for '22 with the execution of our strategic pillars, driving an 8% increase in revenue and a 14.1% increase in total HDI net income.

謝謝你，肖恩，大家早上好。當我們結束 Hardwire 的第二年時，這是我們推動盈利增長的 5 年戰略計劃，Harley-Davidson 為這一年畫上了圓滿的句號。我們對 22 年執行戰略支柱的表現感到滿意，推動收入增長 8%，HDI 淨收入總額增長 14.1%。

Through the foundational work of The Rewire and the execution of our Hardwire strategic plan, we have changed our overall approach and focus as a business, from prioritizing unit growth at all costs to a more holistic view on profitable growth of motorcycles, parts and accessories, apparel and licensing and Harley-Davidson Financial Services. This strategy contributed significantly to the increase in our margin to 13.9% at HDMC excluding LiveWire, compared to 7.6% in 2019 with a 3-point margin expansion and a much more effective and efficient allocation of our resources, leading to an EPS growth of 18% to $4.96 despite all the supply challenges that we had to face throughout the year.

通過 The Rewire 的基礎工作和我們 Hardwire 戰略計劃的執行，我們已經改變了我們的整體方法和業務重點，從不惜一切代價優先考慮單位增長轉變為對摩托車、零部件和配件的利潤增長的更全面的看法，服裝和許可以及哈雷戴維森金融服務。這一戰略極大地促進了我們在不包括 LiveWire 的 HDMC 的利潤率增加到 13.9%，而 2019 年為 7.6%，利潤率增長了 3 個百分點，並且我們的資源分配更加有效和高效，導致每股收益增長 18% % 至 4.96 美元，儘管我們全年必鬚麵對所有供應挑戰。

As you know, Harley-Davidson is on a transformational journey. And even though the economic environment continues to evolve, we will remain optimistic about the significant potential of the Harley-Davidson business for '23 and beyond. I will briefly address our 6 Hardwire strategic pillars and our delivery of them over the past year.

如您所知，Harley-Davidson 正在進行轉型之旅。即使經濟環境不斷變化，我們仍對哈雷戴維森業務在 23 世紀及以後的巨大潛力保持樂觀。我將簡要介紹我們的 6 個 Hardwire 戰略支柱以及我們在過去一年中對它們的交付。

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

利潤焦點。我們致力於加強和發展我們在 Touring、Large Cruiser 和 Trike 最強大的摩托車領域的地位。這些細分市場不僅是全球市場上利潤最高的細分市場，而且我們還相信這些細分市場具有激發更多參與度的潛力，同時吸引新客戶和騎手選擇哈雷戴維森。

Our '22 lineup revealed 8 new models, each powered by the Milwaukee-Eight 117, the most powerful factory installed engine ever offered by Harley-Davidson. With the Hardwire, we also made the commitment to introduce a series of motorcycles that align with our strategy to increase desirability and to drive the legacy of Harley-Davidson, namely through our Enthusiast and Icons offering.

我們的 '22 陣容展示了 8 款新車型，每款均由 Milwaukee-8 117 提供動力，這是哈雷戴維森有史以來提供的最強大的工廠安裝發動機。通過 Hardwire，我們還承諾推出一系列符合我們戰略的摩托車，以提高吸引力並推動 Harley-Davidson 的傳統，即通過我們的 Enthusiast 和 Icons 產品。

We're especially excited about the future of both collections within our product lineup as we enter the 120th anniversary of Harley-Davidson.

在我們進入哈雷戴維森 120 週年之際，我們對我們產品系列中這兩個系列的未來感到特別興奮。

Selective expansion and redefinition. Aligned to Hardwire, we are committed to expanding where we have the right product to win and where the profit profile is right. Delivering [new-to-sport] riders as part of our objective to attract new customers to the brand in addition to expanding the garage of our existing riders. With this in mind, in April, we started a new chapter in Harley-Davidson sports history with the launch of Nightstar. Building on the 65-year legacy of Sportster, 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.

選擇性擴張和重新定義。與 Hardwire 保持一致，我們致力於在我們擁有合適產品的領域和利潤狀況良好的領域進行擴張。除了擴大我們現有騎手的車庫之外，提供 [new-to-sport] 騎手作為我們吸引新客戶加入品牌的目標的一部分。考慮到這一點，我們在 4 月推出了 Nightstar，開啟了哈雷戴維森運動史上的新篇章。基於 Sportster 65 年的傳統，我們希望同時提升我們的性能和設計能力，同時確保這款自行車是哈雷戴維森摩托車和我們品牌的切入點。

We also grew our adventure touring retail sales globally by over 30% on the modular RevMax platform. We continue to execute our Hardwire priorities across markets and regions. In particular, we emphasize profitable growth in EMEA and LATAM with the latter region becoming profitable for the first time since becoming a stand-alone region. We're also encouraged by the early results of our focus on APAC expansion with Japan now as our second largest market, China had its highest volume ever and with other subregions also delivering growth at attractive profitability levels.

我們還在模塊化 RevMax 平台上將全球探險旅遊零售額增長了 30% 以上。我們繼續在各個市場和地區執行我們的 Hardwire 優先事項。我們特別強調 EMEA 和 LATAM 的盈利增長，後者自成為獨立地區以來首次實現盈利。我們也對我們專注於亞太地區擴張的早期結果感到鼓舞，日本現在是我們的第二大市場，中國的銷量創歷史新高，其他次區域也以有吸引力的盈利水平實現增長。

Over the course of '22, we also finalized the launch of our new Riding Academy bikes, X350RA. This bike will replace the [sunsetted] Street 500 and will breathe new life into our Riding Academy program as we plan for its expansion and development in future years. This program and the concerted follow-up actions by our network of dealers represent a critical pipeline for new and returning riders.

在 22 年期間，我們還完成了新 Riding Academy 自行車 X350RA 的發布。這輛自行車將取代 [日落] Street 500，並將為我們的騎術學院計劃注入新的活力，因為我們計劃在未來幾年擴大和發展它。該計劃以及我們的經銷商網絡採取的協調一致的後續行動代表了新車手和回頭車手的重要渠道。

In our May Analyst and Investor Meeting, we set out our ambitions and our 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 team to deliver on this ambition long term. Riding gear must be a core competency of the company and brand. We've been evolving our motorclothes offering, executing a seasonal forward-looking plan, strengthening and modernizing the way in which we design, develop and source our products, driving efficiencies through the business while growing our motorclothes offering.

在我們 5 月的分析師和投資者會議上，我們提出了我們的雄心壯志和我們超越自行車支柱的增長，更加關注服裝和許可，作為我們哈雷戴維森生活方式的新關鍵驅動力。從那時起，我們一直在打造我們的核心服裝和許可能力，包括創建一流的團隊來長期實現這一雄心壯志。騎行裝備必須是公司和品牌的核心競爭力。我們一直在改進我們的機動服裝產品，執行季節性前瞻性計劃，加強和現代化我們設計、開發和採購產品的方式，在增加我們的機動服裝產品的同時提高業務效率。

Harley-Davidson Lifestyle is where we see the overall apparel and licensing opportunity, especially as it relates to nonriders, but also existing and new brand aficionados. By creating a unique Harley-Davidson aesthetic, taking inspiration from the past and evolving it for today's consumer, we think we are able to bring more interest to people to the brand, leveraging the unique power of the Harley-Davidson Lifestyle.

Harley-Davidson Lifestyle 是我們看到整體服裝和許可機會的地方，特別是因為它與非騎行者以及現有和新品牌愛好者有關。通過創造獨特的哈雷戴維森美學，從過去汲取靈感並為今天的消費者不斷發展，我們認為我們能夠利用哈雷戴維森生活方式的獨特力量，為人們帶來更多對該品牌的興趣。

In '22, we saw a 19% increase in our apparel performance, a solid proof point that our strategy is working and that the investments we are making are starting to have a positive impact on our performance. And we have lots of exciting developments in the apparel and licensing that we'll be telling you about this year.

22 年，我們的服裝業績增長了 19%，這有力地證明了我們的戰略正在奏效，我們正在進行的投資開始對我們的業績產生積極影響。我們將在今年向您介紹服裝和許可方面的許多激動人心的進展。

Our Parts and Accessories business was negatively impacted in '22 due to supply chain challenges and lower retails, but still grew 7% on a per-bike basis and exceeded our 2019 results. Two main elements are driving our plan for future growth in P&A, customization and service growth.

由於供應鏈挑戰和零售量下降，我們的零部件和配件業務在 22 年受到了負面影響，但每輛自行車仍增長了 7%，超過了我們 2019 年的業績。兩個主要因素正在推動我們在 P&A、定制和服務增長方面的未來增長計劃。

Customization, which is at the heart of motor culture is an integral part of the overall Harley-Davidson Lifestyle. P&A allows us to have a truly personal relationship with our customers and their bikes. And service growth at the dealership with an emphasis on convenience, expertise and value. Our Service business consulting program launched in '22 has grown P&A revenue through service and participating dealers by 14%, well ahead of surrounding dealers.

定制是汽車文化的核心，也是整個哈雷戴維森生活方式不可或缺的一部分。 P&A 使我們能夠與客戶及其自行車建立真正的個人關係。以及經銷商的服務增長，重點是便利性、專業知識和價值。我們在 22 年推出的服務業務諮詢計劃通過服務和參與的經銷商使 P&A 收入增長了 14%，遠遠領先於周邊經銷商。

We also took the first steps towards redesigning the service journey with the launch of an online service schedule on hd.com.

我們還通過在 hd.com 上推出在線服務時間表，邁出了重新設計服務旅程的第一步。

And lastly, we've changed the way we operate, integrating our P&A team into our motorcycle management function to continue to reduce complexity and focus the offering while fully aligning with our motorcycle lineup. We're also planning new developments in our online bike build and configurator, integrated to the dealership to allow for improved customer inspiration and ease.

最後，我們改變了我們的運營方式，將我們的 P&A 團隊整合到我們的摩托車管理職能中，以繼續降低複雜性和專注於產品，同時與我們的摩托車產品線完全保持一致。我們還計劃在我們的在線自行車構建和配置器中進行新的開發，將其集成到經銷商處，以提高客戶的靈感和便利性。

Integrated customer experience. Delivering our growth ambitions requires us to provide experiences that exceed expectations for modern retail while leveraging digital and physical channels as part of our dealer network. This vision depends upon a modernized approach to inventory management, more digital enablement of the customer journey and enhanced omnichannel capabilities, something that was not a competency of Harley-Davidson in the past.

集成的客戶體驗。實現我們的增長目標需要我們提供超出現代零售業預期的體驗，同時利用數字和實體渠道作為我們經銷商網絡的一部分。這一願景取決於庫存管理的現代化方法、客戶旅程的更多數字化支持和增強的全渠道能力，這在過去不是哈雷戴維森的能力。

In '22, we enhanced our reservations and preorder systems and piloted a new inventory management and distribution system, producing fulfillment time, allowing for better availability without expanding in dealership inventory. '22 also saw the launch of our Project Fuel program which will provide a much-needed redesign of our dealerships. This program is in full swing globally. And in North America, 15% of our network is already signed up. As we ramp up and expand Project Fuel, we are also embarking on an effort to redefine the Harley-Davidson customer experience that leads the footprint transformation with particular emphasis on our brand and marketing integration and critical customer journeys, but more on this as the program is established.

22 年，我們加強了預訂和預購系統，並試行了新的庫存管理和配送系統，縮短了履行時間，在不擴大經銷商庫存的情況下提供了更好的可用性。 22 年還啟動了我們的 Project Fuel 計劃，該計劃將為我們的經銷商提供急需的重新設計。該計劃正在全球範圍內全面展開。在北美，我們 15% 的網絡已經簽約。隨著我們加速和擴展 Project Fuel，我們也著手重新定義引領足跡轉型的哈雷戴維森客戶體驗，特別強調我們的品牌和營銷整合以及關鍵的客戶旅程，但更多的是將此作為計劃成立。

Inclusive stakeholder management. At the last quarter, we hinted our plans to invest in our hometown Milwaukee and specifically our Juneau campus. Earlier this month, we announced a redevelopment at Juneau, which will start with the community part to serve the local community, the people of Milwaukee and our employees. In partnering with the Harley-Davidson Foundation and internationally acclaimed designers, Heatherwick Studio, we feel this project will deliver a big impact to our community. Take a look at the plans online if you haven't seen them already.

包容性利益相關者管理。在上個季度，我們暗示了我們計劃投資我們的家鄉密爾沃基，特別是我們的朱諾校區。本月早些時候，我們宣布了朱諾的重建計劃，將從社區部分開始，為當地社區、密爾沃基人民和我們的員工提供服務。通過與哈雷戴維森基金會和國際知名設計師 Heatherwick Studio 合作，我們認為該項目將對我們的社區產生重大影響。如果您還沒有看過計劃，請在線查看這些計劃。

And lead in electric. '22 of the completion of our business combination between LiveWire and AEA-Bridges Impact Corp with LiveWire becoming the first EV motorcycle company to list on the New York Stock Exchange. This is the first quarter of LiveWire reporting independently.

並帶電。 '22 LiveWire 和 AEA-Bridges Impact Corp 之間的業務合併完成，LiveWire 成為第一家在紐約證券交易所上市的電動摩托車公司。這是 LiveWire 獨立報告的第一季度。

I'm going to hand over to Ryan Morrissey, President of LiveWire to run through some more details about LiveWire's performance and about what is on the horizon.

我將交給 LiveWire 總裁 Ryan Morrissey 來詳細介紹 LiveWire 的表現以及即將發生的事情。

Thank you, Jochen. Good morning, everyone. 2022 was a better year for LiveWire, many major milestones, including the completion of our listing on the New York Stock Exchange. LiveWire is building on the energy the September listing brought to our brand and our organization. Our teams continue to operate with the benefit of the full support of our strategic partners at Harley-Davidson and KYMCO.

謝謝你，約臣。大家，早安。 2022 年對 LiveWire 來說是更好的一年，有許多重要的里程碑，包括我們在紐約證券交易所完成上市。 LiveWire 正以 9 月上市為我們的品牌和組織帶來的活力為基礎。我們的團隊在 Harley-Davidson 和 KYMCO 的戰略合作夥伴的全力支持下繼續運營。

We finished 2022 above expectations, delivering 97 motorcycles over the planned 500 units. The LiveWire One continues to earn rave reviews as more and more riders are introduced to the LiveWire experience. As we move into 2023, investment into product development continues to be on the top of our priority list. Our engineering teams are laser-focused on advancing the technologies, platforms and products that will further our position as pioneers of the industry.

我們在 2022 年超出預期，交付了 97 輛摩托車，超過計劃的 500 輛。隨著越來越多的騎手開始接觸 LiveWire 體驗，LiveWire One 繼續贏得好評如潮。隨著我們進入 2023 年，對產品開發的投資仍然是我們的首要任務。我們的工程團隊專注於推進技術、平台和產品，以進一步鞏固我們作為行業先驅的地位。

In 2023, we expect to see the introduction of LiveWire One to the European market and the launch of the S2 platform. Based on preproduction builds, we expect to begin selling Del Mar in the second half of 2023, behind our original plan for spring of this year. Given industry seasonality patterns, we expect this to have a meaningful impact on our originally planned 2023 units.

2023 年，我們預計將看到 LiveWire One 進入歐洲市場並推出 S2 平台。基於預生產版本，我們預計將在 2023 年下半年開始銷售 Del Mar，這落後於我們今年春季的原定計劃。鑑於行業季節性模式，我們預計這將對我們最初計劃的 2023 年單位產生重大影響。

On the commercial front, we continue to build and mature our retail partner network in the United States, with a physical location in 90% of the top 40 metro areas, all working as part of the omnichannel model, designed to meet and exceed the expectations of our riders. The count of Del Mar reservations in the U.S. has continued to grow, building on the buzz created by our launch additions.

在商業方面，我們繼續在美國建立和完善我們的零售合作夥伴網絡，在前 40 個都市區中的 90% 都有實體店，所有這些都是全渠道模式的一部分，旨在滿足並超越預期我們的車手。美國的 Del Mar 預訂數量持續增長，這得益於我們新推出的產品所引起的轟動。

The team is excited to bring Livewire to Europe in 2023, led by a new Vice President for Europe. Our retailers across France, the U.K., Germany, the Netherlands and Switzerland are readying to bring LiveWire to their markets as the riding season picks up.

該團隊很高興在新任歐洲副總裁的領導下，於 2023 年將 Livewire 帶到歐洲。隨著騎行季節的到來，我們在法國、英國、德國、荷蘭和瑞士的零售商準備將 LiveWire 引入他們的市場。

The powertrain facility in Wisconsin is tooling up and readying to produce the LiveWire S2 powertrains that will then be assembled into LiveWire motorcycles in Pennsylvania on the same line where we have been manufacturing LiveWire One. The support of Harley-Davidson supply chain and manufacturing capabilities continues to be a differentiating strategic asset.

威斯康星州的動力總成工廠正在裝配並準備生產 LiveWire S2 動力總成，然後將在我們製造 LiveWire One 的同一條生產線上將其組裝到賓夕法尼亞州的 LiveWire 摩托車中。哈雷戴維森供應鍊和製造能力的支持仍然是一項與眾不同的戰略資產。

Finally, our (inaudible) brand continues to spread the electric experience to kids and delivered double-digit year-over-year revenue growth. 2022 saw the introduction of the new products the market has been demanding for older kids. The 18- and 20-inch bikes began retailing with a strong customer front.

最後，我們的（聽不清）品牌繼續向孩子們傳播電動體驗，並實現了兩位數的同比收入增長。 2022 年推出了市場對年齡較大的孩子一直要求的新產品。 18 英寸和 20 英寸的自行車開始零售，擁有強大的客戶群。

And now I'll hand over to Gina Goetter to talk through the financial performance of Harley-Davidson and LiveWire in greater detail. Gina?

現在我將交給 Gina Goetter 來更詳細地談談哈雷戴維森和 LiveWire 的財務表現。吉娜？

Thank you, and good morning, everyone. As Jochen highlighted, we delivered a strong quarter in total fiscal year by staying focused on business fundamentals and executing on our Hardwire strategy. Q4 marks the first time we are reporting under our updated 3-segment structure of HDMC, HDFS and LiveWire. HDMC houses our Harley-Davidson branded motorcycle, parts and accessories, and our apparel and licensing businesses. HDFS provides motorcycle financing, insurance and other services to our dealers and retail customers. They will continue to provide services to both, HDMC and LiveWire.

謝謝大家，早上好。正如 Jochen 強調的那樣，我們通過專注於業務基本面和執行我們的 Hardwire 戰略，在整個財政年度中實現了強勁的季度表現。第 4 季度標誌著我們首次根據我們更新的 HDMC、HDFS 和 LiveWire 的 3 段結構進行報告。 HDMC 擁有我們的哈雷戴維森品牌摩托車、零件和配件，以及我們的服裝和許可業務。 HDFS 為我們的經銷商和零售客戶提供摩托車融資、保險和其他服務。他們將繼續為 HDMC 和 LiveWire 提供服務。

LiveWire is the new segment, housing the design, marketing and sales of electric motorcycles and STACYC electric balance bikes. Harley-Davidson owns an 89% interest in LiveWire and will continue to consolidate their results in the Harley-Davidson Inc.

LiveWire 是新的細分市場，負責電動摩托車和 STACYC 電動平衡車的設計、營銷和銷售。 Harley-Davidson 擁有 LiveWire 89% 的股權，並將繼續鞏固其在 Harley-Davidson Inc. 的業績。

Fourth quarter results closed out a strong year with significant year-over-year revenue and operating income increases. Pricing actions and cost productivity ultimately overcame the impact of the production suspension in Q2 resulting in 3 points of operating margin expansion versus prior year.

第四季度業績以強勁的收入和營業收入同比顯著增長結束了這一年。定價行動和成本生產率最終克服了第二季度停產的影響，導致營業利潤率比上一年增長了 3 個百分點。

Looking at our financial results in the fourth quarter, total consolidated revenue of $1.14 billion was 12% higher than last year, with growth within HDMC and HDFS, and a decline in the LiveWire segment. HDMC wholesale motorcycle units increased 18% year-over-year, and HDMC revenue was up 14%, driven by the increase in shipments and continued strength in global pricing.

從我們第四季度的財務業績來看，綜合收入總額為 11.4 億美元，比去年同期增長 12%，其中 HDMC 和 HDFS 業務有所增長，而 LiveWire 業務有所下降。受出貨量增加和全球定價持續走強的推動，HDMC 摩托車批發量同比增長 18%，HDMC 收入增長 14%。

Harley-Davidson Financial Services segment revenue was up 7%, largely due to higher finance receivables. And the LiveWire segment decline was primarily due to a strong comparison period in 2021 as the company built inventory across their expanded distribution network.

Harley-Davidson Financial Services 部門的收入增長了 7%，這主要是由於較高的融資應收賬款。 LiveWire 細分市場的下滑主要是由於 2021 年的比較期強勁，因為該公司在其擴大的分銷網絡中建立了庫存。

Total consolidated operating income of $4 million was $11 million better than prior year. Total operating loss at HDMC of $32 million is a $50 million improvement versus prior year's losses. As a reminder, with the shift of the model year launched at the beginning of the calendar year, Q4 includes roughly 40% to 50% fewer wholesale units compared to the other quarters.

綜合營業收入總額為 400 萬美元，比上年增加 1100 萬美元。 HDMC 的總運營虧損為 3200 萬美元，與上一年的虧損相比減少了 5000 萬美元。提醒一下，隨著日曆年年初推出的車型年的轉變，與其他季度相比，第四季度的批發單位減少了大約 40% 到 50%。

HDFS operating income of $64 million declined by 32% as losses continue to normalize and higher interest rates resulted in a higher cost of funding.

HDFS 的營業收入為 6,400 萬美元，下降了 32%，原因是虧損繼續正常化，利率上升導致融資成本上升。

And finally, LiveWire operating loss of $29 million included a step-up in product development and people costs in line with expectations.

最後，LiveWire 的 2900 萬美元運營虧損包括產品開發的升級和符合預期的人員成本。

Turning to full year 2022 results. Total consolidated revenue of $5.8 billion was 8% higher compared to last year, and total operating income of $909 million was 10% higher. As Jochen mentioned, full year earnings per share was $4.96 compared to $4.19 for the same period last year. This 18% increase was driven by pricing and productivity offsetting the impact of the production suspension and cost inflation.

轉向 2022 年全年業績。總合併收入為 58 億美元，比去年增長 8%，總營業收入為 9.09 億美元，增長 10%。正如 Jochen 所提到的，全年每股收益為 4.96 美元，而去年同期為 4.19 美元。這 18% 的增長是由定價和生產力推動的，抵消了停產和成本上漲的影響。

We also had modest favorability in below-the-line items, which contributed to the accretion.

我們對線下項目也有一定的好感，這有助於增長。

Global retail sales of new motorcycles were flat in the seasonally smaller quarter, where we typically retail less than 20% of the year's volume. Total 2022 retail sales ended down 8% globally, largely impacted by the Q2 production suspension and the timing of inventory replenishment to our dealers. For the full year, the decline of 12% in North America was primarily attributed to the production suspension in Q2, which disrupted the flow of inventory to our North American dealers during peak riding season.

新摩托車的全球零售額在季節性較小的季度持平，我們通常零售量不到全年銷量的 20%。 2022 年全球零售總額下降 8%，這在很大程度上受到第二季度停產和向經銷商補充庫存的時間的影響。就全年而言，北美下降 12% 的主要原因是第二季度停產，這擾亂了騎行高峰期向我們北美經銷商的庫存流動。

APAC retail grew by 12% with double-digit growth in Japan and high single-digit growth in China, driven by our focused investments into the region. Steady production as we closed out the model year resulted in more steady inventory flows into the dealer network. On a sequential basis, average inventory was relatively flat compared to last quarter and we continue to run about 40% less in 2019. We ended the year in a healthier inventory position and are set up for a solid start to the riding season.

在我們對該地區的重點投資推動下，亞太地區零售業增長了 12%，其中日本實現兩位數增長，中國實現高個位數增長。隨著我們結束車型年，穩定的生產導致更穩定的庫存流入經銷商網絡。按順序計算，平均庫存與上一季度相比相對持平，我們在 2019 年繼續減少約 40%。我們以更健康的庫存狀況結束了這一年，並為騎行季節的良好開端做好了準備。

Throughout 2022, we realized strong pricing dynamics for both, new and used motorcycles. For the full year, U.S. new motorcycle transaction prices finished within our desirability threshold of plus or minus 2 percentage points of MSRP.

在整個 2022 年，我們實現了新舊摩托車的強勁定價動態。全年，美國新摩托車交易價格在建議零售價正負 2 個百分點的理想閾值內完成。

Looking at revenue. Total HDMC revenue increased 14% in Q4 and increased 9% for the full year. Focusing on the key drivers for the full year, three points of growth came from volume driven by wholesale unit growth, 7 points of growth from pricing and lower incentives through both, global MSRP increases and pricing across the parts and accessories and apparel businesses. Mix contributed 1 point of growth as we continue to prioritize our most profitable models and markets. And finally, 3 points of negative impact from foreign exchange as the dollar strengthened throughout the year.

看著收入。 HDMC 總收入在第四季度增長了 14%，全年增長了 9%。關注全年的主要驅動因素，三個增長點來自批發單位增長推動的銷量，7 個增長點來自定價和較低的激勵措施，全球 MSRP 增加以及零部件和配件和服裝業務的定價。 Mix 貢獻了 1 個增長點，因為我們繼續優先考慮我們最賺錢的模型和市場。最後，隨著美元全年走強，外匯帶來了 3 個負面影響。

Focusing in on margins, annual gross margin for HDMC is 31.3% compared to 28.8% in the prior year. Stronger volume and pricing more than offset supply chain cost inflation and the impact from the production suspension. Additionally, in 2022, we lapped the unfavorable impact from the unexpected EU tariffs, which provided about 1 point of margin tailwind.

關注利潤率，HDMC 的年度毛利率為 31.3%，而去年為 28.8%。強勁的銷量和定價足以抵消供應鏈成本上漲和停產的影響。此外，在 2022 年，我們應對了意外的歐盟關稅帶來的不利影響，這提供了約 1 個百分點的利潤率順風。

In total, we continue to see supply chain costs stabilize with total inflation at 3% in the quarter, lower than 5% inflation in the first half of the year and 10% in the back half of last year. The deceleration in inflation continued to be largely driven by logistics, including lower expedited shipping expenses, and, to a lesser extent, raw materials and the impact of metal markets declining from peak levels realized last year.

總的來說，我們繼續看到供應鏈成本穩定，本季度總通脹率為 3%，低於今年上半年的 5% 和去年下半年的 10%。通貨膨脹的減速繼續在很大程度上受到物流的推動，包括較低的加急運輸費用，以及在較小程度上受到原材料和金屬市場從去年實現的峰值水平回落的影響。

Overall, annual supply chain cost inflation was approximately 4%, which was down 1 point versus last year.

總體而言，年度供應鏈成本通脹約為 4%，與去年相比下降了 1 個百分點。

For the year, HDMC operating margin improved from 10.6% in 2021 to 13.9%. The improvement was driven primarily by the factors noted above. As referenced back to our 2022 original guidance, the combined operating margin for HDMC and LiveWire finished at 12%, which is the high end of our guidance range.

全年，HDMC 營業利潤率從 2021 年的 10.6% 提高到 13.9%。改善主要是由上述因素推動的。回顧我們 2022 年的原始指引，HDMC 和 LiveWire 的合併營業利潤率為 12%，這是我們指引範圍的高端。

HDFS operating income in Q4 was $64 million, down 32% compared to last year. And for the total year, operating income of $318 million was down 23%, finishing in line with guidance expectations. The annual decline was driven by a higher provision for credit losses and an increase in borrowing costs. In Q4, HDFS's annualized retail credit loss ratio of 1.9% compared to a ratio of 1.2% in Q4 of last year.

HDFS 第四季度營業收入為 6400 萬美元，比去年下降 32%。全年營業收入為 3.18 億美元，下降 23%，符合指導預期。年度下降的原因是信貸損失準備金增加和借貸成本增加。第四季度，HDFS 的年化零售信貸損失率為 1.9%，而去年第四季度為 1.2%。

Total retail loan origination in 2022 was up 8.5% behind strong growth in used bike origination. We did see new bike originations growth 3.9% in Q4 as dealer inventories were replenished. Total year-end financing receivables were $7.1 billion, which was up 8.6% versus prior year.

2022 年零售貸款發放總額增長 8.5%，落後於二手自行車發放的強勁增長。我們確實看到，隨著經銷商庫存的補充，第四季度新自行車的生產量增長了 3.9%。年末融資應收賬款總額為 71 億美元，比上年增長 8.6%。

Total 2022 interest expense was up $25 million or plus 13% versus prior year. The increase was driven by higher average debt outstanding and a higher cost of funding. In addition, the retail allowance for credit losses finished the year at 5.1%, up from 5% for the first 3 quarters of 2022, with a slight uptick incorporating the current outlook on the macro environment.

2022 年利息支出總額比上年增加 2500 萬美元或增加 13%。增加的原因是平均未償債務增加和融資成本增加。此外，零售信貸損失準備金從 2022 年前 3 季度的 5% 到 2020 年年底為 5.1%，考慮到當前的宏觀環境前景，略有上升。

LiveWire finished its first quarter as a public company in line with our expectations. Fourth quarter segment revenue decreased by 28% to $9 million, and full year revenue of $47 million was 31% ahead of prior year. The annual increase was driven by higher unit sales of LiveWire One and favorable product mix on STACYC bikes. In total, LiveWire sold 597 units in the year, which is about 100 units more than initial guidance, and revenue growth was driven by innovation behind 2 new balance bike models and pricing.

LiveWire 按照我們的預期完成了作為上市公司的第一季度。第四季度分部收入下降 28% 至 900 萬美元，全年收入 4700 萬美元，比去年同期增長 31%。年度增長是由 LiveWire One 更高的單位銷售額和 STACYC 自行車的有利產品組合推動的。 LiveWire 全年共售出 597 輛，比最初的指導多出約 100 輛，收入增長是由 2 款新平衡車型號和定價背後的創新推動的。

For the full year, the operating loss of $85 million compared to a loss of $68 million in the prior year. The step-up in loss was attributed to increased investment behind product development associated with the S2 Del Mar platform and the advancement of its electric vehicle system as the company readies the launch of its second electric motorcycle slated for 2023. Additionally, 2022 includes investment [and] the build-out of the omnichannel retail network and planned expansion into Europe in 2023.

全年營業虧損為 8500 萬美元，而上一年為虧損 6800 萬美元。虧損的增加歸因於與 S2 Del Mar 平台相關的產品開發背後的投資增加，以及公司準備在 2023 年推出其第二輛電動摩托車時電動汽車系統的進步。此外，2022 年還包括投資 [和] 建立全渠道零售網絡併計劃在 2023 年擴展到歐洲。

Wrapping up with Harley-Davidson, Inc. financial results, in full year 2022, we delivered $548 million of operating cash flow, which was down from $976 million in 2021. The decrease was driven by changes in working capital as well as higher net cash outflows related to wholesale finance receivables.

總結 Harley-Davidson, Inc. 的財務業績，我們在 2022 年全年交付了 5.48 億美元的運營現金流，低於 2021 年的 9.76 億美元。減少的原因是營運資本的變化以及更高的淨現金與批發融資應收賬款相關的流出。

Total cash and cash equivalents ended at $1.4 billion, which was $442 million lower than the end of 2021. This consolidated cash number includes $265 million from LiveWire.

現金和現金等價物總額為 14 億美元，比 2021 年底減少了 4.42 億美元。這一綜合現金數字包括來自 LiveWire 的 2.65 億美元。

In line with our capital allocation priorities, in 2022, the company returned over $400 million to shareholders through dividends and share repurchases. As we look to our financial outlook for 2023, we expect HDMC revenue growth of 4% to 7%. The growth forecast incorporates approximately 2 points of unit growth, 1 to 2 points of mix, as we continue to focus on our profitable core business, and 1 to 2 points of pricing as we offset a more moderated inflationary outlook.

根據我們的資本分配優先事項，公司在 2022 年通過股息和股票回購向股東返還了超過 4 億美元。在我們展望 2023 年的財務前景時，我們預計 HDMC 收入增長 4% 至 7%。增長預測包括大約 2 個單位增長點、1 到 2 個混合點，因為我們繼續專注於我們盈利的核心業務，以及 1 到 2 個點的定價，因為我們抵消了更溫和的通脹前景。

Furthermore, we continue to expect the parts and accessories, and apparel and licensing businesses to accelerate top line growth in line with our Hardwire strategy.

此外，我們繼續預計零部件、服裝和許可業務將根據我們的 Hardwire 戰略加速收入增長。

We expect HDMC operating income margin of 14.1% to 14.6%. We believe the anticipated positive impact from volume leverage, pricing, unit mix, and our productivity efforts within supply chain will offset expected cost inflation and currency headwinds.

我們預計 HDMC 的營業利潤率為 14.1% 至 14.6%。我們認為，產量槓桿、定價、單位組合以及我們在供應鏈中的生產力努力所帶來的預期積極影響將抵消預期的成本通脹和貨幣逆風。

We expect HDFS operating income to decline by 20% to 25%. This decline is largely a result of the higher interest rate environment causing our borrowing cost to increase. Given the macro backdrop, we are also expecting loss rates to rise above 2022 and are planning for losses between 2% and 2.25%.

我們預計 HDFS 營業收入將下降 20% 至 25%。這種下降主要是由於較高的利率環境導致我們的借貸成本增加。鑑於宏觀背景，我們還預計損失率將上升到 2022 年以上，併計劃損失在 2% 至 2.25% 之間。

For LiveWire, we are expecting a unit forecast between 750 and 2,000 units and an operating income loss range of $115 million to $125 million. This forecast incorporates the updated launch timing in the new Del Mar products.

對於 LiveWire，我們預計單位預測為 750 至 2,000 單位，營業收入損失範圍為 1.15 億美元至 1.25 億美元。該預測納入了新 Del Mar 產品的更新發佈時間。

And lastly, for total HDI, we expect capital investments of $225 million to $250 million, as we continue to invest behind product development and capability enhancements. The step-up in investment is primarily driven by core product innovation, investments in manufacturing to automate and reduce costs as part of our productivity journey, as well as planned investments for LiveWire.

最後，對於總 HDI，我們預計資本投資為 2.25 億美元至 2.5 億美元，因為我們將繼續投資於產品開發和能力增強。投資的增加主要是由核心產品創新、製造投資以自動化和降低成本作為我們生產力之旅的一部分，以及對 LiveWire 的計劃投資推動的。

In 2023, we are expecting more moderated inflation across the supply chain as logistics costs continue to stabilize. In aggregate, we expect about 2 to 3 points of inflation compared to 4% in 2022 and over 5% in 2021, with labor costs as the primary driver of the increase this upcoming year. And while we're not back to completely smooth sailing in terms of supply chain efficiency, we are experiencing and expecting less volatility than the previous 2 years.

到 2023 年，隨著物流成本繼續穩定，我們預計整個供應鏈的通脹將更加溫和。總體而言，我們預計通貨膨脹率約為 2 至 3 個百分點，而 2022 年為 4%，2021 年為 5% 以上，勞動力成本是來年增長的主要驅動力。雖然我們在供應鏈效率方面並沒有回到完全順風順水的狀態，但我們正在經歷並預計比前兩年波動更少。

One of our key initiatives identified as part of the Hardwire strategy is driving productivity to eliminate the $400 million of incremental supply chain costs incurred since 2020. In 2022, we delivered approximately $50 million towards that goal, and we are expecting another $140 million in 2023, with focused projects to increase production efficiency and eliminate complexity and waste. We also expect to continue to stabilize the supplier base and reduce expedited shipping costs.

作為 Hardwire 戰略的一部分，我們確定的一項關鍵舉措是提高生產力，以消除自 2020 年以來產生的 4 億美元增量供應鏈成本。2022 年，我們為實現該目標交付了約 5000 萬美元，預計 2023 年再交付 1.4 億美元，通過重點項目來提高生產效率並消除複雜性和浪費。我們還希望繼續穩定供應商基礎並降低加急運輸成本。

We continue to make good progress on improving the profit per bike with 2022 finishing at roughly $3,500 per unit. And with the initiatives in place for 2023 to drive mix and cost productivity, we believe that we will continue to make progress in getting back to historical levels of profitability.

我們在提高每輛自行車的利潤方面繼續取得良好進展，到 2022 年每輛自行車的利潤約為 3,500 美元。隨著 2023 年推動組合和成本生產率的舉措到位，我們相信我們將在恢復歷史盈利水平方面繼續取得進展。

As we look to 2023 capital allocation, our priorities remain to fund growth of the hardware initiatives, which includes the capital expenditures mentioned previously, paying dividends and executing discretionary share repurchases. In 2022, we bought back 8.4 million shares, and we have 9.9 million shares remaining on our current Board authorization.

在我們展望 2023 年的資本配置時，我們的首要任務仍然是為硬件計劃的增長提供資金，其中包括前面提到的資本支出、支付股息和執行酌情股票回購。 2022 年，我們回購了 840 萬股，目前董事會授權還剩 990 萬股。

Finally, we put in place a loan facility between Harley-Davidson and LiveWire given that the funds raised as part of the spin were less than expected. We do not expect LiveWire to draw on that facility in 2023.

最後，我們在 Harley-Davidson 和 LiveWire 之間建立了貸款機制，因為作為分拆的一部分籌集的資金低於預期。我們預計 LiveWire 不會在 2023 年利用該設施。

In summary, we are very pleased to have delivered our financial commitments in 2022 and are focused on achieving our targets in this upcoming year. And with that, I'll turn it back to Jochen to wrap up.

總而言之，我們很高興在 2022 年兌現了我們的財務承諾，並專注於在來年實現我們的目標。有了這個，我會把它轉回給 Jochen 來結束。

Thank you, Gina. We continue to deliver on our Hardwire strategy. And in May, we detailed our ambition to capitalize on the early success of our strategy, tuning the engine of our business for improved performance. We believe that by focusing on our 6 Hardwire pillars and related core initiatives and making bold moves in spaces where we can win, we can deliver not only further improvement in top, but also in bottom-line performance in the long run. We continue to invest for long-term growth within our most profitable markets and categories where we see potential. And we are building capabilities that will allow us to expand our customer reach and experience, ultimately focusing on initiatives that create value for all our stakeholders.

謝謝你，吉娜。我們繼續實施我們的 Hardwire 戰略。在 5 月，我們詳細說明了我們的雄心壯志，即利用我們戰略的早期成功，調整我們的業務引擎以提高績效。我們相信，通過專注於我們的 6 大 Hardwire 支柱和相關核心計劃，並在我們可以取勝的領域採取大膽行動，我們不僅可以進一步提高最高水平，而且從長遠來看也可以提高底線績效。我們繼續在我們認為有潛力的最賺錢的市場和類別中投資以實現長期增長。我們正在培養能力，使我們能夠擴大客戶範圍和體驗，最終專注於為所有利益相關者創造價值的舉措。

Lastly, 2023 is an important year at Harley-Davidson. Since 1903, Harley-Davidson has pioneered American motorcycle design, technology and performance. And this year, we'll be marking our 120th anniversary with a year-long celebration. We will talk more about our recent model year '23 release of 120th anniversary of product at the next quarter. But we're excited about what is going to be an unforgettable milestone for the company, celebrating the history, culture and community of Harley-Davidson with our riders and fans, reaching new customers and bringing more people to the brand.

最後，2023 年對哈雷戴維森來說是重要的一年。自 1903 年以來，哈雷戴維森一直引領著美國摩托車的設計、技術和性能。今年，我們將舉行為期一年的慶祝活動來紀念我們的 120 週年。我們將在下一季度更多地討論我們最近發布的 23 年車型 120 週年產品。但我們對這將成為公司令人難忘的里程碑感到興奮，與我們的騎手和粉絲一起慶祝哈雷戴維森的歷史、文化和社區，接觸新客戶並為品牌帶來更多人。

We want to make Milwaukee the ultimate destination for motor culture in the world. And with this anniversary, we are making a commitment to our hometown, but also to our community. We hope to see you all there. Thank you. And now we'll take your questions.

我們想讓密爾沃基成為世界汽車文化的終極目的地。在這個週年紀念日，我們不僅要對家鄉做出承諾，還要對我們的社區做出承諾。我們希望在那裡見到你們。謝謝。現在我們將回答您的問題。

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

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

I'm curious, how would you interpret the demand signals you are seeing across your spectrum, whether it's from subprime consumers to more affluent consumers, or if there's another way to suss out what the demand trend looks like? It's a pretty difficult macro right now to forecast.

我很好奇，您將如何解釋您在整個範圍內看到的需求信號，無論是從次貸消費者到更富裕的消費者，還是有另一種方法來推測需求趨勢是什麼樣的？現在很難預測這是一個非常困難的宏。

Yes, it's Jochen here. Thank you for the question. Demand segments are early, right? We haven't really entered the riding season yet. Overall, what I can say is that January has been performing in line with our expectations. But as season unfolds, obviously, we will know where demand sits. Right now, we feel comfortable overall with the inventory that we have. We feel comfortable with the demand signals that we are seeing, but time will tell.

是的，這裡是 Jochen。感謝你的提問。需求細分很早，對吧？我們還沒有真正進入騎行季節。總的來說，我能說的是 1 月份的表現符合我們的預期。但隨著季節的展開，很明顯，我們會知道需求在哪裡。現在，我們總體上對我們擁有的庫存感到滿意。我們對所看到的需求信號感到滿意，但時間會證明一切。

Overall, we expect [it a bit flat] to slightly positive retail growth for the year with the positive -- when it shows up to mostly appear in the second and third quarter simply because we had our -- with our core riding seasons and quarters. So overall, we do expect a flat to positive retail growth, and that's our anticipation. And I hope that answers your question about demand signals. It's still early on in the year, but overall, we are quite positive.

總體而言，我們預計今年的零售增長 [有點持平] 略有正增長 - 當它主要出現在第二和第三季度時，僅僅是因為我們有 - 我們的核心騎行季節和季度.因此，總體而言，我們確實預計零售增長將持平至正增長，這就是我們的預期。我希望這能回答您有關需求信號的問題。今年還早，但總的來說，我們非常樂觀。

Just to follow up on that, a positive -- go ahead, Gina. Sorry.

只是為了跟進，一個積極的 - 繼續，吉娜。對不起。

I was just going to give you some color on how you were asking about prime, subprime and applications. So overall, as Jochen said, still early days in January, performing in line with expectations, overall from a retail environment. From a loan application standpoint, we are still seeing quite a bit of interest come in, frankly, across both, prime and subprime. So our loan application volume in the month and really even at the back half of last year has continued to stay strong.

我只是想給你一些顏色，說明你是如何詢問初級、次級和應用程序的。因此，總體而言，正如 Jochen 所說，在 1 月份仍處於早期階段，總體上從零售環境來看，表現符合預期。從貸款申請的角度來看，坦率地說，我們仍然看到相當多的興趣來自優質和次級貸款。因此，我們當月甚至去年下半年的貸款申請量繼續保持強勁。

The next question is from Robbie Ohmes with Bank of America.

下一個問題來自美國銀行的 Robbie Ohmes。

I'm going to slip in just a quick follow-up and then 1 different question. Just a follow-up on the first question is, would -- do you guys expect retail in your shipments to sort of track in line in 2023? Or is there still some dealer fill in?

我將進行快速跟進，然後是 1 個不同的問題。關於第一個問題的後續問題是，你們是否希望你們的出貨量零售在 2023 年保持一致？還是還有dealer填寫？

And then just on the dealer network, maybe Jochen, could you kind of update us on how you're thinking about further consolidation of the dealers for 2023? And what dealer-focused initiatives you guys are most focused on for 2023?

然後就經銷商網絡而言，也許是 Jochen，您能否向我們介紹一下您如何考慮在 2023 年進一步整合經銷商？你們在 2023 年最關注哪些以經銷商為中心的舉措？

Sure, Robbie. In terms of your -- the question about retail, as Gina mentioned, we expect about a 2% unit growth from motorcycles for the year. And that would include a slight pipeline lift in addition to the retail guidance that I've given. So positive retail guidance and small pipeline filling would equate to the 2%. So it's a combination for both at this point in time. And Gina -- sorry, Edel, do you want to talk about the network?

當然，羅比。就您而言 - 正如 Gina 提到的關於零售的問題，我們預計今年摩托車的銷量增長約 2%。除了我給出的零售指導外，這將包括輕微的管道提升。因此，積極的零售指導和小管道填充將等同於 2%。所以在這個時間點它是兩者的結合。吉娜——抱歉，埃德爾，你想談談網絡嗎？

Yes. Thank you, Jochen. A couple of initiatives that are critical for us in this year as we return to a stronger inventory position, and we face into the anniversary year. The first, and Jochen referenced it in his comments, is around Project Fuel, which is the upgrade of our facilities across the globe. This is a program that is incredibly important. We believe it is long overdue and it is proceeding at pace. It is a significant investment for our dealers, but it's 1 that we believe will pay off in terms of the opportunity for expanded growth and outreach to more diverse segments of riders.

是的。謝謝你，約臣。隨著我們恢復到更強大的庫存狀況，我們將在今年迎來週年紀念日，這對我們來說至關重要。首先，Jochen 在他的評論中提到了它，是圍繞 Project Fuel 的，這是我們在全球範圍內的設施升級。這是一個非常重要的程序。我們認為它早就應該了，而且正在按步調進行。這對我們的經銷商來說是一項重大投資，但我們相信它會在擴大增長和擴大到更多樣化的騎手群體的機會方面得到回報。

So that's 1 big priority for us. The second 1 is to continue to emphasize the balance of desirability and profitability. There are a couple of initiatives that we are pursuing. Obviously, we will find opportunities as the year goes along to continue to emphasize the message around affordability. But also restrained and very, very careful management of inventory for us is very important. And some initiatives that we are driving in terms of an updated distribution system that allows for faster replenishment, but also a lot more control in terms of how much inventory is out there is an important part of a value story, which is relevant to us, to our dealers and to our consumers in terms of the product holding its value over time.

所以這是我們的首要任務。第二個1是繼續強調吸引力和盈利能力的平衡。我們正在推行一些舉措。顯然，隨著時間的推移，我們會找到機會繼續強調有關負擔能力的信息。但對我們來說，克制和非常非常仔細的庫存管理也非常重要。我們在更新的分銷系統方面正在推動的一些舉措可以加快補貨速度，但在庫存量方面也有更多的控制，這是價值故事的重要組成部分，這與我們相關，對我們的經銷商和我們的消費者而言，產品會隨著時間的推移保持其價值。

And then the third initiative that I would highlight is, of course, this is our anniversary year. It is very important not only for the bikes, but also for the apparel, which is early indications would say, has been extremely well received, but also all of the activities around engagements and consumers that involve our dealerships as well as our headquarters and all of the activities that Jochen mentioned in Milwaukee. So those, I think, are 3 big pillars that we will be pushing forward this year.

然後我要強調的第三個倡議當然是今年是我們的周年紀念日。這不僅對自行車非常重要，而且對服裝也非常重要，早期跡象表明，這些服裝已經非常受歡迎，而且所有圍繞參與和消費者的活動都涉及我們的經銷商以及我們的總部和所有Jochen 在密爾沃基提到的活動。因此，我認為這些是我們今年將推進的三大支柱。

The next question is from Fred Wightman with Wolfe Research.

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

I was hoping you could just unpack the dealer inventory numbers that are in the slides. I know that you're still down pretty big versus 2019. But if we just look at that sequentially, it does look like it built and then you're obviously dealing with model year changeover as well. So can you just sort of unpack where units are, where you saw that sequential build and sort of how we should think about that going forward?

我希望您能解開幻燈片中的經銷商庫存編號。我知道你與 2019 年相比仍然下降了很多。但如果我們按順序看，它看起來確實是建成的，然後你顯然也在處理車型年的轉換。那麼，您能否解開單元所在的位置，您看到順序構建的位置以及我們應該如何考慮未來的方式？

So we have 34,000 units in the network now. That's the dealer inventory level. That's 15,000 more than in '22, which, as you know, was an extremely low level of inventory at the time. If you look at this from a historic perspective, that level is 60% of 2019. So pre-pandemic, 60%. So it's still an extremely healthy level. Thankfully, we have more inventory in the network right now. And we are finally getting back to a better spot.

所以我們現在在網絡中有 34,000 個單元。那是經銷商的庫存水平。這比 22 年多了 15,000 輛，如您所知，那在當時是極低的庫存水平。如果你從歷史的角度來看，這個水平是 2019 年的 60%。所以在大流行之前，60%。所以它仍然是一個非常健康的水平。值得慶幸的是，我們現在在網絡中有更多庫存。我們終於回到了一個更好的地方。

So overall, I'd say, we are good in terms of inventory and that should help us to start the riding season in a healthier position than we have previous year.

所以總的來說，我想說，我們在庫存方面很好，這應該有助於我們以比去年更健康的狀態開始騎行季節。

The next question is from Joseph Altobello with Raymond James.

下一個問題來自 Joseph Altobello 和 Raymond James。

I guess first question, I'll cut right to the chase. There's a lot of moving parts here. But if we look at your guidance this morning, I think it equates to roughly EBIT guide for 2023 of around $850 million to $875 million. So if you could clarify that for us, that would be great.

我想第一個問題，我會開門見山。這裡有很多活動部件。但是，如果我們今天早上查看您的指引，我認為這相當於 2023 年的息稅前利潤指引大約在 8.5 億至 8.75 億美元之間。所以，如果你能為我們澄清這一點，那就太好了。

And maybe secondly on LiveWire. The estimate coming into this year or at least what you gave us back in December of last year, '21 was about 7,000 bikes. You're looking at about, call it, 2,000 bikes this year. Why the slow start? And how quickly or how willing would you be able to kind of pivot if you don't see demand start to materialize in that business?

也許其次是在 LiveWire 上。今年的估計或至少你在去年 12 月給我們的估計，'21 大約是 7,000 輛自行車。你正在看，今年大約有 2,000 輛自行車。為什麼啟動慢？如果您沒有看到需求開始在該業務中實現，您將能夠以多快或多快的方式進行調整？

This is Gina. So on your first question here, you're in the right zone on overall EBITDA guidance when you kind of add up all the 3 different segments. So I would say you're thinking about that generally right. And I'll turn it over to Ryan for LiveWire.

這是吉娜。因此，關於您在這裡的第一個問題，當您將所有 3 個不同的部分加起來時，您就處於整體 EBITDA 指導的正確區域。所以我會說你在考慮這個問題。我會把它交給 Ryan for LiveWire。

Yes. Thanks, Joe. On the LiveWire front, to your question on the units and the change in expectations there, the majority of the 2023 units were expected to come from Del Mar. And as we talked about in the opening comments, we've changed the timeline on that bike. So given the new timeline, we're now expecting sales to ramp up in the second half of the year for that motorcycle. So we brought the units down accordingly, taking the industry seasonality into account.

是的。謝謝，喬。在 LiveWire 方面，對於您關於單位的問題以及那裡的預期變化，預計 2023 年的大部分單位將來自 Del Mar。正如我們在開場評論中所說的那樣，我們已經更改了時間表自行車。因此，鑑於新的時間表，我們現在預計該摩托車的銷量將在今年下半年增加。因此，考慮到行業季節性因素，我們相應地降低了單位。

So the bike (inaudible) to look amazing. We're laser-focused on getting it to market, but the change in the timeline is what's driving that change in the units.

所以自行車（聽不清）看起來很棒。我們專注於將其推向市場，但時間表的變化是推動單位變化的原因。

The next question is from James Hardiman with Citi.

下一個問題來自花旗銀行的 James Hardiman。

So I wanted to hone in on that, I think you said flat to positive retail growth for the year. Maybe unpack how you're thinking about the industry -- the broader motorcycle industry, which I know you don't entirely compete in all those categories. So maybe Touring and Cruisers, how you're thinking about those segments sort of based on what you're seeing in the market right now and then sort of assumptions for market share, obviously? We don't know what your product pipeline is, but how you think about how you're going to perform relative to the industry to get us to that flat to up retail number?

所以我想深入研究這一點，我想你說今年的零售增長持平到正增長。也許打開你對這個行業的看法 - 更廣泛的摩托車行業，我知道你並沒有在所有這些類別中完全競爭。所以也許 Touring 和 Cruisers，你是如何根據你現在在市場上看到的，然後對市場份額的假設來考慮這些細分市場的，顯然嗎？我們不知道你的產品線是什麼，但你如何看待你將如何相對於行業表現讓我們達到那個持平到上升的零售數字？

Yes. Look, we are -- I'm not really looking at the industry at this point. I'm just looking at what we think we can achieve as a company, as a brand in '23. So unpacking retail, if you look at our seasonality, as I said earlier, we would expect then in order to achieve a flat to slightly positive retail growth that to come in the core quarters of the second or the third quarter with the first and fourth being flat or slightly down. So that's how the year would unfold.

是的。看，我們 - 我現在並沒有真正關注這個行業。我只是在看我們認為我們作為一家公司，作為一個品牌在 23 年可以取得的成就。所以打開零售包裝，如果你看看我們的季節性，正如我之前所說，我們預計為了實現持平或略微正增長的零售增長將出現在第二或第三季度的核心季度以及第一和第四季度平坦或略微向下。這就是這一年的發展方式。

But in terms of the industry, we're really focusing on our segments, and we believe that we can -- we have an opportunity here to grow. That said, we want to absolutely make sure that the desirability of our product, the MSRP, in market is -- and the desirability is maintained. So whatever the demand will bring, we'll adjust accordingly to protect our profit margin. But overall, what we are seeing now is good demand, but it's very early. So any demand segments now cannot be taken as an indicative of demand segment for the coming months?

但就行業而言，我們真正專注於我們的細分市場，我們相信我們可以——我們有機會在這裡成長。也就是說，我們要絕對確保我們的產品 MSRP 在市場上的吸引力是——並且保持這種吸引力。因此，無論需求會帶來什麼，我們都會相應地進行調整以保護我們的利潤率。但總的來說，我們現在看到的是良好的需求，但還為時過早。那麼現在的任何需求細分都不能被視為未來幾個月需求細分的指標嗎？

James, this is Gina. Just to provide a little bit more color there on the flat to positive. So as Jochen said, we don't really hone in and focus much on like the share gains. I mean we are the categories when you think about Touring and Cruiser, we are the market. When you look at what we delivered, I think we had it in 1 of our slides, we did deliver share growth in those categories in 2022 within the U.S. Also keep in mind that we are comping as we get into Q2, Q3, the production suspension.

詹姆斯，這是吉娜。只是為了在平面上提供更多的顏色到正面。因此，正如 Jochen 所說，我們並沒有真正磨練和關注股票收益。我的意思是，當您想到 Touring 和 Cruiser 時，我們就是類別，我們就是市場。當您查看我們交付的產品時，我認為我們在其中一張幻燈片中展示了它，我們確實在 2022 年在美國實現了這些類別的份額增長。另外請記住，隨著我們進入第二季度、第三季度、生產暫停。

So even though on the back end, we were able to make up from a wholesale shipment standpoint in 2022, we really missed out on key riding season. So as you think about our retail growth next year overall, Q1, Q4, probably more muted where you really see the benefit is going to be within Q2, Q3.

因此，即使在後端，我們能夠在 2022 年從批發出貨量的角度進行彌補，但我們確實錯過了關鍵的騎行季節。因此，當你考慮我們明年的整體零售增長時，第一季度、第四季度可能會更加溫和，而你真正看到的好處將出現在第二季度、第三季度。

The next question is from David MacGregor with Longbow Research.

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

I guess just a quick 1 for the model on free cash flow. I mean, you're coming off $548 million in 2022. I noticed you haven't provided explicit guidance on free cash flow. But how should we be thinking about that in general terms? And what's achievable in terms of working capital give up as a contributor to that number?

我想對於自由現金流模型來說只是一個快速的 1。我的意思是，你將在 2022 年減少 5.48 億美元。我注意到你沒有提供關於自由現金流的明確指導。但是我們應該如何從一般的角度來考慮這個問題呢？作為該數字的貢獻者，在放棄營運資金方面可以實現什麼？

Good question. David, this is Gina. So overall, I would say similar levels of cash flow as we head into 2023. So there's nothing atypical. Obviously, in 2022, we had the LiveWire investment that we were making. We will not have that as we move into 2023. So I'd say similar levels overall.

好問題。大衛，這是吉娜。所以總的來說，我會說我們進入 2023 年時的現金流量水平相似。所以沒有什麼不尋常的。顯然，在 2022 年，我們進行了 LiveWire 投資。當我們進入 2023 年時，我們將不會有這種情況。所以我會說總體水平相似。

From a working capital standpoint, 1 of our big focus areas as we move into next year is just keeping our eye on that inventory number and making sure that we're mindfully kind of reacting to and bringing that down as we move through the year. As we end the year, always keep in mind, right, we're building inventory on our balance sheet as we end the fiscal year. That starts to bleed out through the first part of the year, both in terms of finished products -- finished motorcycles as well as all of the apparel and licensing and P&A that go along with them.

從營運資本的角度來看，我們進入明年的重點領域之一就是密切關注庫存數量，並確保我們在這一年中有意識地做出反應並降低庫存數量。當我們結束這一年時，請始終記住，正確的，我們在結束財政年度時在資產負債表上建立庫存。這在今年上半年開始流失，無論是在成品方面——成品摩托車，以及所有服裝和許可以及與之相關的 P&A。

So even though it looks high at the end of the year, that bleeds itself down through the first half.

因此，儘管它在年底看起來很高，但在上半年就會自行下降。

The next question is from Gerrick Johnson with BMO Capital Markets.

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

I had a couple of product questions. First, the 350 bike, you mentioned about populated Riding Academy. Is that something that will be available for graduates to purchase when they do complete the course? And then on the CVOs, I know you've got 1 out now. I think in the past, you kind of launched them all at the same time, and that seems like a rolling rollout of the CVOs. Can you just explain or talk about the strategy behind the CVO launches?

我有幾個產品問題。首先，350 自行車，您提到過人口眾多的騎術學院。畢業生完成課程後是否可以購買這些東西？然後在 CVO 上，我知道你現在有 1 個了。我想在過去，你會同時推出它們，這似乎是 CVO 的滾動推出。您能否解釋或談談 CVO 發布背後的戰略？

Yes, Gerrick. So the 350 is not going to be available for purchase in North America. It's exclusively for Riding Academy. As I said in our launch video, we have a few things still up our sleeve. But obviously, we're very excited about the CVOs that we've already launched. If and what might be coming later in the year, we'd have to wait a bit longer for that. But overall, I think we have a very strong product and the reception for what we've launched has been very strong already.

是的，格里克。因此 350 不會在北美銷售。它專供騎術學院使用。正如我在發布視頻中所說的那樣，我們還有一些事情可以袖手旁觀。但顯然，我們對已經推出的 CVO 感到非常興奮。如果今年晚些時候可能會發生什麼，我們將不得不等待更長的時間。但總的來說，我認為我們的產品非常強大，而且我們推出的產品反響非常好。

Okay. So no production delays to worry about. It's a conscious decision to launch these on a rolling basis then?

好的。因此無需擔心生產延遲。那麼滾動推出這些是一個有意識的決定嗎？

Not from today's perspective. We've seen a good stabilization in our supply chain. It's certainly not yet back to normal, but we feel confident that we are able to deliver the bikes at this point in time.

不是從今天的角度來看。我們已經看到我們的供應鏈有了很好的穩定性。它當然還沒有恢復正常，但我們相信我們能夠在這個時間點交付自行車。

The next question is from Jaime Katz with Morningstar.

下一個問題來自 Morningstar 的 Jaime Katz。

First, a clarification. You guys noted historical levels of profitability is what you're looking to get back to. I want to make sure that doesn't mean peak level of profitability. So maybe mid-teen operating -- motorcycle operating margins versus high-teen motorcycle operating margins?

首先，澄清一下。你們注意到歷史盈利水平是你們想要回到的水平。我想確保這並不意味著盈利能力達到頂峰。那麼，也許是青少年中期運營——摩托車運營利潤率與青少年摩托車運營利潤率的對比？

And then the other question I have is on LiveWire. I understand the issue with units being pushed back in 2023. But does that still keep you on that 2024 trajectory to deliver more than 15,000 units? And if not, does that derail your ability to eventually get to positive EBITDA in 2026, which was the initial outlook?

然後我的另一個問題是關於 LiveWire。我理解單位在 2023 年被推遲的問題。但這是否仍然讓你保持在 2024 年的軌道上交付超過 15,000 個單位？如果不是，這是否會破壞您最終在 2026 年實現正 EBITDA 的能力，這是最初的展望？

Jamie, this is Gina. I'll take the first part of that. So in terms of historical levels of profitability, you're headed in the right direction when you say is it more of the mid-teens. We are laser-focused on getting back to what we committed to as part of our Investor Day in May of getting that margin back to that, call it, 15%. So that's where we're focused when we say historical, not peak.

傑米，這是吉娜。我先講第一部分。因此，就歷史盈利水平而言，當你說它更多的是十幾歲時，你就朝著正確的方向前進。作為 5 月份投資者日的一部分，我們非常專注於回到我們承諾的目標，即讓利潤率回到 15%。所以當我們說歷史而不是高峰時，這就是我們關注的地方。

Jamie, on your question on LiveWire, a couple of thoughts there. Generally, the discussion on Del Mar in the event of 2023 don't have any impact on our vision or our long-term strategy or our near-term priorities. We're continuing to see the long-term direction of the vehicle markets and continue to have the strongest position to lead into wheel with the help of our strategic partners.

傑米，關於你在 LiveWire 上的問題，有一些想法。一般來說，關於 Del Mar 的討論在 2023 年不會對我們的願景、我們的長期戰略或我們的近期優先事項產生任何影響。我們將繼續關注汽車市場的長期發展方向，並在我們的戰略合作夥伴的幫助下繼續佔據領先地位。

So we're focused on 2023 today, but safe to say, we're continuing to focus on innovating in the core EV systems, the product portfolio and expanding our distribution. And we think if you continue to look at the long-term trajectory and the long-term goals that we've set for the company, they continue to be the right ones.

因此，我們今天專注於 2023 年，但可以肯定地說，我們將繼續專注於核心 EV 系統、產品組合的創新和擴大我們的分銷。我們認為，如果你繼續關注我們為公司設定的長期軌跡和長期目標，它們仍然是正確的。

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

目前沒有其他問題。這將結束今天的電話會議。謝謝大家的加入。您現在可以斷開連接。