Harley-Davidson Inc (HOG) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2023 Fourth Quarter Investor and Analyst Conference Call. Please be advised that today's conference is being recorded. I would now like to turn the call -- I would now like to turn the call over to Shawn Collins, Mr. Collins. Please go ahead.

感謝您的耐心等待，歡迎參加哈雷戴維森 2023 年第四季投資者和分析師電話會議。請注意，今天的會議正在錄製中。我現在想把電話轉給肖恩·柯林斯，柯林斯先生。請繼續。

Thank you. Good morning. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. Today, you can access the slides supporting the call on the Internet at Harley-Davidson Investor Relations website. As you might expect, our comments will include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in today's earnings release, and in our latest filings with the SEC.

謝謝。早安.我是肖恩‧柯林斯 (Shawn Collins)，哈雷戴維森投資者關係總監。今天，您可以在哈雷戴維森投資者關係網站上訪問支持此次電話會議的幻燈片。正如您所期望的那樣，我們的評論將包括前瞻性陳述，這些陳述存在可能導致實際結果產生重大差異的風險。這些風險包括我們在今天的財報以及向美國證券交易委員會提交的最新文件中指出的事項等。

With that, joining me this morning for the first part of the call are Harley-Davidson, Chief Executive Officer, Jochen Zeitz; also Chief Financial Officer, Jonathan Root; and LiveWire, Chief Executive Officer, Karim Donnez. In addition, for the Q&A portion of today's call, Harley-Davidson, Chief Commercial Officer, Edel O'Sullivan, will be joining us. With that, let me turn it over to our CEO, Jochen Zeitz. Jochen?

今天早上與我一起參加電話會議第一部分的是哈雷戴維森執行長 Jochen Zeitz；兼任財務長 Jonathan Root；以及 LiveWire 首席執行官 Karim Donnez。此外，哈雷戴維森首席商務官 Edel O'Sullivan 將參加今天電話會議的問答部分。接下來，讓我將其交給我們的執行長 Jochen Zeitz。約亨？

Thank you, Shawn. Good morning, everyone. Thank you for joining today's call. In 2023, the third year of our Hardwire strategy, we made progress in some key elements of our strategic plan despite premium discretionary products being significantly impacted by the continued high interest rate environment and consumer confidence and affordability concerns, we continue to emphasize our core products and markets and invested in key priorities for the future.

謝謝你，肖恩。大家，早安。感謝您參加今天的電話會議。 2023年，也就是我們硬線策略的第三年，儘管優質全權委託產品受到持續高利率環境以及消費者信心和負擔能力擔憂的嚴重影響，我們在戰略計劃的一些關鍵要素上取得了進展，但我們繼續強調我們的核心產品和市場，並投資未來的關鍵優先事項。

We expect that focusing on our most profitable categories and geographies, emphasizing innovation and evolving the customer experience with our dealers, will continue to yield benefits to the business and have set us up for long-term value creation.

我們預計，專注於最有利可圖的類別和地區，強調創新並與經銷商一起發展客戶體驗，將繼續為業務帶來效益，並為我們創造長期價值奠定基礎。

As seen by our meaningful per unit profitability increase of $2,400 per unit or 185%, since 2019. Looking at retail performance for Q4. Retail came in better than expected but down 11% versus prior year. It is of note that we retailed more than we wholesale globally, even accounting for early release of 2024 units. This early shipping of '24 units for logistics purposes, cleared the way for an aggressive shipment schedule of our new Touring offering in Q1, which is needed to start the seas in force with the new models.

自 2019 年以來，我們的每單位盈利能力有意義地增長了 2,400 美元，即 185%。看看第四季度的零售表現。零售業表現優於預期，但較前一年下降 11%。值得注意的是，即使考慮到提前發布的 2024 台，我們在全球的零售量也超過了批發量。出於物流目的提前運輸 '24 輛汽車，為我們在第一季度新的 Touring 產品的積極發貨計劃掃清了道路，這是新車型開始批量銷售所必需的。

Through Q4, we continued to outperform the market with share gain in our core categories, with Touring reaching over 75% market share in the U.S., and with large cruiser coming in at over 80%. Despite perceptions to the contrary, we continue to have a commanding leadership position in these core profit focused segments, well ahead of all our competitors taken together and demonstrated by our strong gross margin performance.

到第四季度，我們的核心品類份額繼續領先市場，旅行車在美國的市佔率達到 75% 以上，大型巡洋艦的市佔率超過 80%。儘管存在相反的看法，但我們在這些以核心利潤為重點的細分市場中繼續佔據主導地位，遠遠領先於所有競爭對手，這從我們強勁的毛利率表現中可以看出。

Revenue was down slightly for the year, as we navigated macro conditions impacting retailers and work to manage dealer inventory and production challenges. Despite this, our combined benefit of pricing and mix inclusive of incentive spend yielded 7 points of top line growth, leading to a 1% revenue decline driven by currency headwinds. We continue to maintain our focus on profitability with operating income margin of 13.6% in '23, versus our starting profitability of 6.3% in 2019. On 34,000 less motorcycle unit sales and 6% revenue growth over the period.

由於我們應對影響零售商的宏觀環境並努力管理經銷商庫存和生產挑戰，因此今年的收入略有下降。儘管如此，我們的定價和包含激勵支出的組合的綜合效益使收入增長了 7 個百分點，導致因貨幣不利因素導致收入下降 1%。我們繼續保持對盈利能力的關注，23 年的營業利潤率為 13.6%，而 2019 年的起始盈利率為 6.3%。在此期間，摩托車銷量減少了 34,000 輛，收入增長了 6%。

We believe that it's the clearest proof point of our strategic orientation and execution in the current environment. This is a function of our multiyear pricing and mix decisions across products and geographies, with core products reaching 84% of our mix, up from 78% in 2019. And a significant increase in average profitability per unit, as mentioned earlier. But more on that from Jonathan later.

我們相信，這是我們在當前環境下策略定位和執行力最清晰的證明。這是我們跨產品和地區的多年定價和組合決策的結果，核心產品占我們組合的 84%，高於 2019 年的 78%。如前所述，每單位平均盈利能力顯著提高。但喬納森稍後會對此進行更多介紹。

I will briefly address the selection of our Hardwire strategic pillars and our delivery of them last year, starting with Pillar 1 profit focus. We continue to prioritize mix with growth globally in our core units of strike CVO, Touring and Softtail outpacing overall Retail performance. Last year, we also launched our new generation of Road and Street Glide CVOs. With this transformational product, we are delivering on our Hardwire promise of innovation, as part of our focus on core categories, setting the stage for this year's Grand American Touring Launch.

我將簡要介紹我們去年硬線策略支柱的選擇和交付，首先從支柱 1 利潤重點開始。我們繼續優先考慮與全球成長相結合，我們的核心業務 CVO、Touring 和 Softtail 的成長速度超過了整體零售業績。去年，我們也推出了新一代公路和街道滑翔 CVO。憑藉這款變革性產品，我們兌現了 Hardwire 的創新承諾，作為我們專注於核心類別的一部分，為今年的 Grand American Touring 發表會奠定了基礎。

Launching our icons and enthusiast aligned to our profit focus we've been building on our commitment to introduce motorcycles, that align with our strategy to increase desirability by the legacy Harley-Davidson. And we also continued our efforts to increase awareness of the King of Bikers Racing Series with Moto America now tapping into the performance Touring our new product offering.

推出與我們的利潤重點一致的標誌和愛好者，我們一直致力於推出摩托車，這與我們提高傳統哈雷戴維森的吸引力的戰略相一致。我們也繼續努力提高人們對自行車之王賽車系列賽的認識，Moto America 現在正在利用我們新產品的性能巡迴賽。

Pillar 2, Selective Expansion. We continue to make progress on our global partnership and our venture with Hero MotoCorp, first as a solid example of innovative participation models in geographies that matter as part of our selective expansion strategy. We've been very pleased with the exceptional reception to the venture with over 30,000 reservations to date. We will continue to look at select markets for small displacement offerings.

第二支柱，選擇性擴張。我們在全球合作夥伴關係以及與 Hero MotoCorp 的合資方面繼續取得進展，首先作為我們選擇性擴張策略的一部分，在重要地區創新參與模式的堅實範例。我們對該企業受到的熱烈歡迎感到非常滿意，迄今為止已有超過 30,000 份預訂。我們將繼續關注小排量產品的特定市場。

Pillar 3, Lead in Electric. Hardwire continued to pioneer the EV segment through the S2 platform with Del Mar, as Karim will detail later. More than one year in, our decision to focus LiveWire, as a separate company in EV and focus Harley-Davidson and our traditional combustion segment, is proving successful with clear focus on segmentation and execution for both brands, while utilizing joint synergies.

第三支柱，電力領域的領先。 Hardwire 繼續透過與 Del Mar 合作的 S2 平台開拓電動車領域，卡里姆稍後將對此進行詳細介紹。一年多來，我們決定將LiveWire 作為一家獨立的公司專注於電動車領域，並專注於哈雷戴維森和我們的傳統燃燒細分市場，事實證明，我們的決定是成功的，明確關注兩個品牌的細分和執行，同時利用聯合協同效應。

Pillar 5, Customer Experience. With our dedication to enhancing the customer experience in line with our mission, in addition to our fuel program, we continue to invest in transforming our omnichannel capabilities in the pre and post purchase journey for the customers. Additionally, we continued the evolution of our marketing approach, specifically to drive dealership traffic and engagement and to improve alignment on key messages with our dealer channel, as exemplified by our open houses, dealer suite sales and in-store rewards.

支柱 5，顧客體驗。我們致力於根據我們的使命增強客戶體驗，除了我們的燃料計劃外，我們還繼續投資於客戶購買前和購買後旅程中的全通路能力轉型。此外，我們繼續改進行銷方法，特別是推動經銷商流量和參與度，並改善關鍵資訊與經銷商通路的一致性，例如我們的開放日、經銷商套房銷售和店內獎勵。

We've made good progress on the execution of our distribution system modernization for the first milestones around product visibility and recommended orders coming online this year. With our online platform, HD1 marketplace, we are now the leading marketplace for used Harley-Davidson in America. And lastly, we are pleased with the progress of our rejuvenated membership offering with over 700,000 members on the new platform to date, growing membership that had been declining for years by over 300,000 new members in just 7 months.

我們在執行分銷系統現代化方面取得了良好進展，在產品可見度和今年上線的推薦訂單方面實現了第一個里程碑。憑藉我們的線上平台 HD1 市場，我們現在是美國二手哈雷戴維森的領先市場。最後，我們對會員服務煥發活力的進展感到高興，迄今為止，新平台上已有超過 70 萬名會員，在短短 7 個月內增加了超過 30 萬名新會員，多年來會員數量一直在下降。

We also successfully stood up home coming, as another core annual event to bring the brand closer to new and existing customers alike like no other brand can do in the motorcycle market.

我們還成功舉辦了「回家」活動，作為另一個年度核心活動，讓該品牌更接近新舊客戶，這是摩托車市場上其他品牌無法做到的。

Turning to '24, I would like to comment on our new model year launch and outlook for the year. The Grand American Touring category was borne out of the unique experience of the American Highway and was invented by Harley-Davidson. Few products are as iconic and is connected to one specific brand. Put simply, Touring is the heart of Harley-Davidson, our mission of timeless pursuit of adventure.

談到 24 年，我想談談我們新車型年的發布和今年的展望。 Grand American Touring 類別源自於美國公路的獨特體驗，由哈雷戴維森發明。很少有產品能夠像它一樣具有標誌性並與某個特定品牌相關聯。簡而言之，旅行是哈雷戴維森的核心，也是我們永恆追求冒險的使命。

Back in 2020, there was no plan for Touring. We quickly took the decision to change that, and it became the first and one of the most important priorities of our new Hardwire plan. As you saw from our launch in January, we are now excited to share what we believe is the most comprehensive product development in the Touring platform, in well over 10 years.

早在2020年，還沒有巡迴的計畫。我們很快就決定改變這一點，這成為我們新的 Hardwire 計劃的首要任務，也是最重要的優先事項之一。正如您從一月份發布的產品中看到的那樣，我們現在很高興與大家分享我們認為是十多年來 Touring 平台中最全面的產品開發。

With Street Glide and Road Glide models form the core of the Harley-Davidson Grand American Touring Motorcycle portfolio for '24 and represent the future of this segment. Both models featuring the new Milwaukee-Eight 117 are more powerful, comfortable and lighter, intact with advanced technology, including a new infotainment system, all wrapped up in a dramatic new visual design that will redefine the Harley-Davidson Grand American Touring experience for years to come.

Street Glide 和 Road Glide 車型構成了 24 年哈雷戴維森 Grand American 旅行摩托車產品組合的核心，代表了該細分市場的未來。搭載新款Milwaukee-Eight 117 的兩款車型都更強大、更舒適、更輕，採用先進技術，包括新的資訊娛樂系統，全部採用引人注目的全新視覺設計，將重新定義多年來哈雷戴維森Grand American Touring 體驗來。

This latest lineup is not only the most advanced we've ever produced, but also has the most customization potential that we've ever offered in Touring. Additionally, for '24 to celebrate the 25th anniversary of our custom vehicle operations or CVO, we added the CVO Road Glide ST and CVO Pan America to the lineup, complementing our new Road and Street Glide CVOs first introduced during Homecoming last year.

這個最新的產品系列不僅是我們迄今為止生產的最先進的產品，而且還具有我們在旅行車領域提供的最大的客製化潛力。此外，為了慶祝我們的客製化車輛營運或CVO 成立25 週年，24 週年，我們在產品陣容中添加了CVO Road Glide ST 和CVO Pan America，以補充我們去年在返校節期間首次推出的新型公路和街道Glide CVO。

Starting with the CVR Road Glide ST, the lightest, fastest and more sophisticated performance bagger ever produced by Harley-Davidson, is taking hot rod bagger performance to the next level. While tapping into the performance trend that we fueled with the King of the Baggers Racing series. The CVO Road Glide ST, represents a unique collection of components providing high value of 2 performance-minded drivers, combined with West Coast custom style as seen in our Low Rider ST offering.

從 CVR Road Glide ST 開始，哈雷戴維森有史以來生產的最輕、最快、性能更先進的裝袋機將熱棒裝袋機的性能提升到了一個新的水平。同時利用我們透過 King of the Baggers Racing 系列推動的性能趨勢。 CVO Road Glide ST 代表了獨特的組件系列，可為 2 名註重性能的駕駛員提供高價值，並與我們的 Low Rider ST 產品中所見的西海岸定制風格相結合。

We also expanded the CVO family beyond Grand American Touring for the first time to include the Pan America CVO, highlighting another Touring segment, that we continue to innovate in Adventure Touring. We've prepared and are investing in the '24 model launch and have ensured that we are getting motorcycles out into the network at the right time for the riding season.

我們也首次將 CVO 系列擴展到 Grand American Touring 之外，納入 Pan America CVO，突顯了我們在 Adventure Touring 領域繼續創新的另一個 Touring 細分市場。我們已經準備好並正在投資 '24 車型的推出，並確保我們在騎行季節的正確時間將摩托車投入網路。

And although it's still early, having launched only 2 weeks ago, we've already seen a very positive initial reaction from the network, media, influencers and consumers alike with strong collaboration on awareness and traffic driving activities.

雖然還為時過早，推出僅兩週前，但我們已經看到網路、媒體、影響者和消費者等的非常積極的初步反應，並在意識和流量驅動活動方面進行了強有力的合作。

And as we look to the years ahead, we are excited about the potential of this lineup for the brand. We are fully focused on growing retails on the basis of these fantastic pipes even in the current environment. That said, it is still early in the year, and it is hard to predict the extent of the positive impact that our new Touring models can have in the current high interest and overall industry macro environment. As such, while we are very excited by the early read of our new model year launch, we're providing broader guidance than usual to our outlook given the continuing industry headwinds that affect our business.

展望未來，我們對該品牌產品陣容的潛力感到興奮。即使在當前環境下，我們也完全專注於以這些出色的管道為基礎發展零售業。儘管如此，現在還為時過早，在當前高漲的興趣和整體行業宏觀環境下，很難預測我們的新Touring車型能產生多大的正面影響。因此，雖然我們對新車型年發布的早期報道感到非常興奮，但考慮到影響我們業務的持續行業逆風，我們對我們的前景提供了比平常更廣泛的指導。

Furthermore, inventory management will continue to be a core part of our strategy to ensure that we have the right balance for both the network and customer. And as we look to the year ahead, we will manage inventory cautiously, recognizing that we believe we are close to the right levels in the network. Our goal will be to ensure that we manage wholesale based on retail potential, so as to keep wholesales and retails in balance through a combination of retail levels and manufacturing adjustments even as required.

此外，庫存管理將繼續成為我們策略的核心部分，以確保我們在網路和客戶方面保持適當的平衡。展望未來一年，我們將謹慎管理庫存，並認識到我們相信我們的網路已接近正確水平。我們的目標是確保根據零售潛力來管理批發，以便根據需要透過零售水平和製造調整的結合來保持批發和零售的平衡。

To conclude, despite the challenges in the market, we believe that we have created the right product and solid foundations on which to deliver our future ambitions for the company. Thank you. And now I'll hand it over to Karim to talk Livewire. Karim, over to you.

總而言之，儘管市場面臨挑戰，但我們相信我們已經創造了正確的產品和堅實的基礎，可以為公司實現未來的雄心壯志。謝謝。現在我將把它交給 Karim 來討論 Livewire。卡里姆，交給你了。

Thank you, Jochen. Good morning, everyone. We are happy to report that after a strong fourth quarter, LiveWire delivered a 21% increase in LiveWire branded annual unit sales versus 2022. We finished the year with both units and operating loss in line with our revised guidance. Considering the ramp-up required for all new in-house developed products, we are pleased with the stabilizing supply base as well as the production of the F2 powertrain at Harley-Davidson operations in Wisconsin and the assembly of the Del Mar in Pennsylvania.

謝謝你，喬亨。大家，早安。我們很高興地報告，在經歷了強勁的第四季度之後，LiveWire 品牌的年度單位銷售額與 2022 年相比增長了 21%。我們的單位和營業虧損均符合我們修訂後的指導方針。考慮到所有新的內部開發產品所需的產能提升，我們對穩定的供應基礎以及威斯康辛州哈雷戴維森工廠 F2 動力總成的生產以及賓夕法尼亞州 Del Mar 的組裝感到滿意。

With a positive perception of the newly developed platform from the (inaudible) from both early customers and the media, 2024 promises to be an exciting year for LiveWire. Our development team at both (inaudible) and LiveWire continue to work to expand our portfolio and bring more options to more riders. We believe these new products, along with our entry into new segments, position LiveWire to increase our unit sales without increasing spend over 2023.

早期客戶和媒體對（聽不清楚）新開發的平台給予了正面的評價，2024 年對 LiveWire 來說將是令人興奮的一年。我們（聽不清楚）和 LiveWire 的開發團隊將繼續努力擴大我們的產品組合，為更多騎士帶來更多選擇。我們相信，這些新產品以及我們進入新細分市場的舉措將使 LiveWire 能夠在 2023 年以上不增加支出的情況下增加我們的銷售量。

To accelerate the path to profitability, we plan to drive down the cost of our products and continue to carefully manage cash, which is reflected in our guidance. Thank you. And now I'll hand it over to Jonathan.

為了加速獲利之路，我們計劃降低產品成本並繼續謹慎管理現金，這在我們的指導中得到了體現。謝謝。現在我將把它交給喬納森。

Thank you, Karim, and good morning, everyone. I plan to start on Page 5 of the presentation, where I will briefly summarize the financial results for the fourth quarter of 2023 and subsequently, I will go into further detail on each. At HDMC in Q4, global wholesale motorcycle shipments decreased by 13% as we remain mindful of dealer inventory and market conditions. In Q4, HDMC revenue was down 14% due to lower volumes, where improved mix was offset by pricing and incentive spend. In Q4 and in 2023, as Jochen said, we continued to prioritize our focus on core motorcycle mix of Touring and Cruiser motorcycle. We will cover further details of revenue when we turn to Page 8.

謝謝你，卡里姆，大家早安。我計劃從簡報的第 5 頁開始，其中我將簡要總結 2023 年第四季的財務業績，隨後我將進一步詳細介紹每項業績。在 HDMC，第四季度全球摩托車批發出貨量下降了 13%，因為我們仍然專注於經銷商庫存和市場狀況。第四季度，由於銷售量下降，HDMC 收入下降了 14%，而產品組合的改善被定價和激勵支出所抵消。正如 Jochen 所說，在第四季和 2023 年，我們繼續優先關注旅行摩托車和巡洋艦摩托車的核心摩托車組合。當我們翻到第 8 頁時，我們將介紹更多有關收入的詳細資訊。

Turning to our consolidated results in the fourth quarter. Total consolidated HDI revenue of $1.1 billion was down 8%, compared to this quarter last year. The breakdown was at HDMC as I mentioned, revenue declined by 14%. At HDFS, revenue grew by 15%, and at LiveWire, revenue grew from $9 million in the fourth quarter of 2022 to $15 million in the fourth quarter of 2023. Total consolidated HDI operating income with a loss of $21 million, which compares to operating income of $4 million in the Q4, prior year period.

轉向我們第四季的綜合業績。綜合 HDI 總營收為 11 億美元，與去年本季相比下降了 8%。正如我所提到的，HDMC 出現了崩潰，收入下降了 14%。 HDFS 的營收成長了 15%，LiveWire 的營收從 2022 年第四季的 900 萬美元成長到 2023 年第四季的 1500 萬美元。HDI 綜合營運收入總計虧損 2,100 萬美元，相比之下，去年第第四季的營收為400 萬美元。

The breakdown for 2023 was at HDMC operating income was a loss of $44 million, which is markedly lower than the profitable first 3 quarters of the year, where Q4 is a quarter with significantly fewer wholesale units compared to the remaining quarters in the year. Results were adversely impacted by lower wholesale volumes and higher incentive spend in the quarter. At HDFS, operating income of $58 million declined by 10% on a year-over-year basis and at LiveWire, an operating loss of $35 million was in line with expectations.

HDMC 2023 年營業收入的明細為虧損 4,400 萬美元，明顯低於今年前三個季度的盈利水平，其中第四季度的批發單位數量明顯少於今年其餘季度。本季批發量下降和激勵支出增加對業績產生了不利影響。 HDFS 的營業收入為 5,800 萬美元，年減 10%；LiveWire 的營業虧損為 3,500 萬美元，符合預期。

Fourth quarter earnings per share was $0.18. Turning to full year 2023 results. Total consolidated revenue of just over $5.8 billion was 1% higher compared to last year, while total operating income of $779 million was 14% lower than last year. Full year earnings per share was $4.87 in 2023 when compares to $4.96 in 2022.

第四季每股收益為 0.18 美元。轉向 2023 年全年業績。綜合總收入略高於 58 億美元，比去年增長 1%，而總營業收入為 7.79 億美元，比去年下降 14%。 2023 年全年每股收益為 4.87 美元，而 2022 年為 4.96 美元。

We will talk further about each business segment specific profit and loss drivers in greater detail in the next section. In Q4, global retail sales of new motorcycles as mentioned earlier, were down 11% versus the prior year. In North America, Q4 retail sales declined by 9%, driven by the continued impact of a high interest rate environment on consumer discretionary purchase decisions.

我們將在下一節中更詳細地討論每個業務部門特定的損益驅動因素。如同前面所提到的，第四季全球新摩托車零售量年減 11%。在北美，由於高利率環境對消費者非必需品購買決策的持續影響，第四季零售額下降了 9%。

In addition, the discontinuation of legacy Sportster bikes at the end of 2022 continued to have an adverse impact on noncore unit sales. In EMEA, Q4 retail sales declined by 22%, driven by weakness in France and Germany. Overall, EMEA continues to be adversely impacted by overall macro conditions and sluggish economic growth.

此外，傳統 Sportster 自行車於 2022 年底停產，並持續對非核心銷售產生不利影響。在歐洲、中東和非洲地區，由於法國和德國的疲軟，第四季零售額下降了 22%。總體而言，歐洲、中東和非洲地區持續受到整體宏觀狀況和經濟成長疲軟的不利影響。

In Asia Pacific, Q4 retail sales declined by 10%, driven by weakness in Australia and New Zealand, partially offset by strength in Japan and Thailand. This is a marked improvement from what we covered last quarter. In Latin America, Q4 retail sales increased by 46%, driven by growth in both Brazil and Mexico.

在亞太地區，第四季零售額下降了 10%，受到澳洲和紐西蘭疲軟的推動，但部分被日本和泰國的強勢所抵消。這比我們上季報道的情況有顯著改善。在拉丁美洲，受巴西和墨西哥成長的推動，第四季零售額成長了 46%。

As the manufacturing environment continues to get back to a more normalized operation, product availability is much improved compared to the exceptionally tight levels of 2021 and 2022. As touched on earlier, dealer inventory at the end of Q4 was up approximately 50% from the end of Q4 in 2022. We believe current dealer inventory is in an appropriate position overall as we approach the spring '24 writing season and with the recent launch of new model year '24 motorcycles, especially our new Street Glide and Road Glide Touring models. Looking at revenue. Total HDMC revenue decreased 14% in Q4 and decreased by 1% for the full year.

隨著製造環境繼續恢復到更正常化的運營，與2021 年和2022 年異常緊張的水平相比，產品可用性得到了很大改善。如前所述，第四季度末經銷商庫存較上年末增長了約50% 2022 年第四季度。隨著我們接近'24 春季寫作季節，以及最近推出的新型號'24 摩托車，特別是我們的新Street Glide 和Road Glide Touring 型號，我們認為當前經銷商庫存整體處於適當位置。看收入。 HDMC 總營收第四季下降 14%，全年下降 1%。

In Q4, HDMC revenue declined largely due to lower wholesale units shipped. Looking closer at the key drivers for Q4, 14 points of decline came from decreased volume at HDMC, as we reacted to the current market conditions supported prudent dealer inventory levels and prepared for the 2024 model year launch of the Street Glide and Road Glide new CVO models and more.

第四季度，HDMC 營收下降主要是因為批發單位出貨量減少。仔細觀察第四季度的主要驅動因素，HDMC 的銷量下降導致了14 個百分點的下降，因為我們對當前的市場狀況做出了反應，支持了審慎的經銷商庫存水平，並為2024 年推出Street Glide和Road Glide 新CVO 做好了準備模型等等。

The 7 points of decline came from pricing and incentive spend where given existing market conditions, we selectively promoted high-margin products to support our customers in the higher rate environment that they are facing. In addition, we made the decision to implement incentives, which resulted in a reduction to revenue of approximately $40 million in Q4, which will support model year 2023 carryover motorcycles into calendar year 2024, as enhanced dealer support.

7 個百分點的下降來自定價和激勵支出，在現有市場條件下，我們有選擇地推廣高利潤產品，以在客戶面臨的更高利率環境下為他們提供支援。此外，我們決定實施激勵措施，導致第四季度的收入減少約 4,000 萬美元，這將支援 2023 年車型的遺留摩托車進入 2024 日曆年，作為增強的經銷商支援。

We expect this will help drive retail performance in 2024. Mix contributed 7 points of growth as we continue to prioritize our most profitable models and markets. And finally, foreign exchange contributed 1 point in Q4. For the full year of 2023, HDMC revenue declined by 1%, where the key drivers for the full year included 7 points of decline, which came from decreased volume at HDMC driven by an overall increase in wholesale motorcycle unit shipments.

我們預計這將有助於推動 2024 年的零售業績。隨著我們繼續優先考慮最盈利的模式和市場，混合貢獻了 7 個成長點。最後，外匯在第四季貢獻了1個百分點。 2023 年全年，HDMC 收入下降了 1%，全年的主要驅動因素包括 7 個百分點的下降，這是由於摩托車批發單位出貨量整體增加導致 HDMC 銷量下降。

3 points of increase, which came from pricing net of incentives through both global motorcycle MSRP increases and price increases across the parts and accessories and apparel businesses and the aforementioned actions to help support retail in the 2024 calendar year for the remaining 2023 model-year dealer inventory mix, which contributed 4 points of growth, as we continue to prioritize our most profitable models and markets.

成長3 個百分點，這是由於全球摩托車建議零售價上漲、零件和服裝業務價格上漲以及上述為幫助支持其餘2023 車型年經銷商在2024 日曆年的零售而採取的行動所帶來的扣除激勵措施的定價庫存組合貢獻了 4 個百分點的成長，因為我們繼續優先考慮最有利可圖的模式和市場。

And finally, foreign exchange, which resulted in 1 point of negative impact, as the dollar strengthened for the full year. In Q4, typically our lowest gross margin quarter of the year, gross margin of 22.9% was down 360 basis points behind the impacts of lower volumes, pricing and incentive spend, which I covered in my earlier comments and manufacturing costs more than offsetting the benefit of shipment mix and lower raw material costs.

最後是外匯，由於美元全年走強，造成了 1 個百分點的負面影響。第四季度通常是我們一年中毛利率最低的季度，由於產量、定價和激勵支出下降的影響，毛利率為22.9% 下降了360 個基點，我在之前的評論中對此進行了介紹，而製造成本遠遠抵消了收益運輸組合和降低原材料成本。

Operating income margin fell by 210 basis points, due to the factors above, in addition to operating expense favorability of 18% in the quarter. We continued to experience more moderate cost inflation, relative to what we experienced in 2022. In Q4, cost inflation came in at a rate between 1% and 2%. For the full year 2023, HDMC gross margin came in at 32.3%, which was 110 basis points better than a year ago despite lower volumes. Mix and pricing were positive for the year and were partially offset by lower volumes, supply chain and manufacturing costs and foreign currency.

除本季 18% 的營運費用優惠外，由於上述因素，營運利潤率下降了 210 個基點。與 2022 年相比，我們繼續經歷更溫和的成本通膨。第四季度，成本通膨率在 1% 到 2% 之間。 2023 年全年，HDMC 毛利率為 32.3%，儘管銷量較低，但比一年前高出 110 個基點。今年的產品組合和定價都是正面的，但部分被銷售、供應鏈、製造成本和外匯的下降所抵消。

For the full year 2023, HDMC operating margin came in at 13.6% and compared to 13.9% in full year 2022, which is approximately 20 basis points lower after accounting for rounding. The small decrease in operating margin was due to the factors just mentioned and largely due to higher operating expenses from earlier in the year.

2023 年全年，HDMC 營業利益率為 13.6%，而 2022 年全年營業利益率為 13.9%，考慮四捨五入後，營業利益率下降約 20 個基點。營業利潤率小幅下降是由於剛才提到的因素，主要是因為今年早些時候營業費用增加。

At Harley-Davidson Financial Services, in Q4, revenue increased by 15%, driven by higher commercial finance receivables and higher interest income. HDFS operating income was $58 million, down 10%, compared to last year and an improvement to trends seen earlier in the year. The Q4 decline was driven by higher borrowing costs, a higher provision for credit losses and higher operating expenses. These increased costs were partially offset by higher interest income. Total interest expense was up $22 million or 32% versus the prior year. The increase was driven by a higher cost of funds, as lower interest rate debt matured and was replaced with current market rate debt.

在哈雷戴維森金融服務公司，第四季的營收成長了 15%，這得益於商業金融應收帳款和利息收入的增加。 HDFS 營業收入為 5,800 萬美元，比去年下降 10%，比今年稍早的趨勢有所改善。第四季的下降是由於借貸成本上升、信貸損失準備金增加以及營運費用增加造成的。這些增加的成本被利息收入的增加部分抵消。總利息支出比前一年增加了 2,200 萬美元，即 32%。這一增長是由於較低利率債務到期並被當前市場利率債務取代而導致資金成本上升。

The provision for credit loss expense increased $6 million in the fourth quarter as a result of higher realized credit losses, partially offset by a favorable reserve change in absolute dollars. For the full year 2023, HDFS' annualized retail for credit loss ratio came in at 3%, which compares to 2.7% through Q3 '23. These levels compare to an annualized loss of 1.9% in full year 2022. The increase in credit losses was driven by several factors relating to the current macroeconomic environment and the related customer and industry dynamics.

由於已實現的信用損失增加，第四季度信用損失費用準備金增加了 600 萬美元，但部分被絕對美元準備金的有利變化所抵消。 2023 年全年，HDFS 的年化零售信貸損失率為 3%，截至 23 年第三季為 2.7%。相較之下，2022 年全年年化損失為 1.9%。信貸損失的增加是由與當前宏觀經濟環境以及相關客戶和產業動態相關的多個因素所推動的。

In addition, the allowance rate for credit losses for Q4 remained flat at 5.4% from Q3, but up from 5.1% during fiscal 2022, as we prudently calculate our loan loss reserves in accordance with CECL methodology. Total retail loan originations in Q4 were down slightly by 1%, while commercial lending receivables were up 42% to $1.06 billion behind stronger product availability, compared to the prior year. Total quarter end net financing receivables, including both Retail loans and Commercial lending receivables were $7.5 billion, which was up 5% versus prior year.

此外，由於我們根據 CECL 方法審慎計算貸款損失準備金，第四季度的信貸損失準備金率與第三季度持平，為 5.4%，但高於 2022 財年的 5.1%。與去年相比，第四季零售貸款發放總額小幅下降 1%，而商業貸款應收帳款則增加 42%，達到 10.6 億美元，原因是產品供應能力較去年同期有所增強。季末淨融資應收帳款總額（包括零售貸款和商業貸款應收帳款）為 75 億美元，比去年同期成長 5%。

For the full year 2023, operating income at HDFS came in at $235 million or down 26%, relative to full year 2022, which compares to our financial guidance of down 20% to 25% for the year. Through the end of Q4, we raised approximately $2.5 billion in the capital markets for all of 2023. Cash in committed bank and conduit facilities resulted in an HDFS liquidity position of $2.2 billion as of year-end. This approach has put HDFS in a very strong position from both a funding and liquidity perspective.

2023 年全年，HDFS 的營業收入為 2.35 億美元，較 2022 年全年下降 26%，而我們當年的財務指引則下降 20% 至 25%。截至第四季末，我們在 2023 年全年在資本市場籌集了約 25 億美元。截至年底，承諾銀行和管道設施中的現金導致 HDFS 流動性頭寸達到 22 億美元。從資金和流動性的角度來看，這種方法使 HDFS 處於非常有利的地位。

For the LiveWire segment, fourth quarter revenue increased from $9 million in the fourth quarter of $22 million to $15 million in the fourth quarter of 2023 due in part to higher unit sales of Del Mar electric motorcycles. As Karim mentioned, in Q3, LiveWire began shipping Del Mar, the first motorcycle on their S2 platform, and they are pleased with the successful rollout in Q4 with 482 units shipped. LiveWire operating loss of $35 million in Q4 was in line with expectations and driven by planned development costs to advance EV systems and activities around Del Mar.

對於 LiveWire 部門，第四季營收從第四季的 900 萬美元增加到 2023 年第四季的 2,200 萬美元至 1,500 萬美元，部分原因是 Del Mar 電動摩托車的銷量增加。正如 Karim 所提到的，LiveWire 在第三季度開始發貨 Del Mar，這是其 S2 平台上的第一輛摩托車，他們對第四季度的成功推出感到高興，已發貨 482 輛。 LiveWire 第四季的營運虧損為 3500 萬美元，符合預期，並受到推動德爾馬周圍電動車系統和活動的計畫開發成本的推動。

For full year 2023, the operating loss of $117 million was in line with guidance, given the early stage nature of the business and the electric motorcycle market as a whole. Wrapping up with consolidated Harley-Davidson, Inc. full year financial results, we delivered $755 million of operating cash flow, which was up $207 million from the prior year. The increase in operating cash flow was due to positive working capital activity at HDMC, driven by a decrease in inventory in 2023, as compared to an increase in inventory in 2022.

鑑於該業務和整個電動摩托車市場的早期階段性質，2023 年全年營運虧損為 1.17 億美元，符合預期。在總結哈雷戴維森公司全年綜合財務表現時，我們實現了 7.55 億美元的營運現金流，比前一年增加了 2.07 億美元。營運現金流的增加是由於 HDMC 積極的營運資本活動，這是由於 2023 年庫存減少（與 2022 年庫存增加相比）所致。

Total cash and cash equivalents ended at $1.5 billion, which was $100 million higher than at the end of 2022. This consolidated cash number includes $168 million from LiveWire. During the full year 2023, as part of our capital allocation strategy, we bought back 10.2 million shares of our stock at a value of $350 million. This was greater than the $324 million, we repurchased in 2022, and these years combined, amount to nearly $675 million worth of share buybacks in the last 2 years. This represents 12% of our shares outstanding.

現金和現金等價物總額最終達到 15 億美元，比 2022 年底增加 1 億美元。這個綜合現金數字包括來自 LiveWire 的 1.68 億美元。 2023 年全年，作為我們資本配置策略的一部分，我們以 3.5 億美元的價格回購了 1,020 萬股股票。這高於我們在 2022 年回購的 3.24 億美元，而這些年的股票回購總額在過去兩年中總計達到近 6.75 億美元。這占我們已發行股票的 12%。

We have also paid out $189 million in dividends over the last 2 years. These combined actions both demonstrate the strong cash flow generated by Harley-Davidson, Inc, as well as the commitment we have to returning capital to shareholders. As we look to our financial outlook for 2024, as Jochen discussed, we are excited about our new 2024 motorcycle lineup, but we recognize that the overall macro environment, including high interest rates, add complexity to our customers' decisions to purchase discretionary products.

過去兩年我們還支付了 1.89 億美元的股息。這些聯合行動既證明了哈雷戴維森公司產生的強勁現金流，也證明了我們向股東返還資本的承諾。正如Jochen 所討論的，當我們展望2024 年的財務前景時，我們對2024 年全新摩托車系列感到興奮，但我們認識到，包括高利率在內的整體宏觀環境增加了客戶購買非必需產品決策的複雜性。

At HDMC, we expect retail units to be flat to up 9%, which results in 163,000 to 178,000 retail units. Currently, we believe dealers are appropriately positioned from an inventory standpoint. Thus, we expect that retail units sold and wholesale unit shipments will move together on a balanced basis in 2024. This range would result in wholesale unit shipments to be down between 1% and 10% versus 2023, which equates to 163,000 to 178,000 wholesale units. This results in HDMC revenue coming in flat to down 9%.

HDMC 預計零售單位將持平至成長 9%，即 163,000 至 178,000 個零售單位。目前，我們認為從庫存角度來看，經銷商的定位是適當的。因此，我們預計 2024 年零售銷售和批發銷售將均衡成長。這個範圍將導致批發銷售量比 2023 年下降 1% 至 10%，相當於 163,000 至 178,000 個批發銷售。這導致 HDMC 收入持平或下降 9%。

We expect HDMC operating income margin of 12.6% to 13.6% in 2024. This is flat to down 100 basis points from the 2023 level. The drivers of margins include negative operating leverage due to lower wholesale volumes. Foreign currency, which is expected to be a headwind, mix, which is expected to be slightly favorable, pricing, which will be slightly down as we eliminated the surcharge and fine-tuned our pricing strategy.

我們預計 2024 年 HDMC 營業利潤率為 12.6% 至 13.6%。這與 2023 年水準持平或下降 100 個基點。利潤率的驅動因素包括批發量下降導致的負營運槓桿。外幣預計將成為逆風，混合預計將略有有利，定價將略有下降，因為我們取消了附加費並微調了我們的定價策略。

Lastly, we expect some additional manufacturing costs as we realign factory processes in the initial year of production of the new Street Glide and Road Glide motorcycle. At HDFS, we expect HDFS operating income to be flat to up 5%. We expect the business to stabilize as it comes to higher interest rate environment that began in 2022 with our borrowing costs moderating based upon the anticipated Fed action. We also expect the retail and wholesale portfolios to come into balance and more in line with the higher rate environment as the retail portfolio resets, thus driving greater revenue. And we expect consumers to settle into the existing macro backdrop, and therefore, we expect the loss rate will begin to moderate in the second half of 2024 as compared to the second half of 2023.

最後，由於我們在生產新 Street Glide 和 Road Glide 摩托車的第一年重新調整工廠流程，預計會產生一些額外的製造成本。對於 HDFS，我們預計 HDFS 營業收入將持平至成長 5%。我們預計，隨著 2022 年開始的利率上升環境，業務將趨於穩定，並且我們的借貸成本將根據預期的聯準會行動而放緩。我們也預計，隨著零售投資組合的重置，零售和批發投資組合將達到平衡，並更符合更高的利率環境，從而推動收入成長。我們預期消費者將適應現有的宏觀背景，因此，與 2023 年下半年相比，我們預計 2024 年下半年的損失率將開始放緩。

At LiveWire, LiveWire is forecasting unit sales between 1,000 and 1,500 units and an operating loss in the range of $115 million to $125 million. This is consistent with the 2023 guidance range while delivering between 50% and 125% more motorcycles. And lastly, for total HDI, we expect capital investments in the range of $225 million to $250 million. This is the same forecast as in 2023, where we plan to continue to invest behind product development and capability enhancement.

LiveWire 預計銷量將在 1,000 至 1,500 台之間，營運虧損將在 1.15 億至 1.25 億美元之間。這與 2023 年指引範圍一致，同時摩托車交付量增加 50% 至 125%。最後，對於 HDI 總額，我們預計資本投資在 2.25 億至 2.5 億美元之間。這與 2023 年的預測相同，我們計劃繼續在產品開發和能力增強方面進行投資。

Our investment focus remains 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. One of our 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. In 2023, we delivered approximately $70 million additional towards that goal, where we focused on reducing expedited costs among other actions. 2024 is expected to deliver approximately $100 million incremental cost productivity towards this goal with a focus on production efficiency, logistics network optimization and supplier cost optimization through consolidation and regionalization.

我們的投資重​​點仍然是核心產品創新、對製造自動化和降低成本的投資（作為我們生產力之旅的一部分）以及對 LiveWire 的計劃投資。我們確定為 Hardwire 策​​略一部分的舉措之一是提高生產力，以消除自 2020 年以來產生的 4 億美元增量供應鏈成本。2022 年，我們為實現這一目標交付了約 5000 萬美元。 2023 年，我們為實現這一目標額外提供了約 7,000 萬美元，其中重點是減少加急成本以及其他行動。預計到 2024 年，將實現約 1 億美元的成本生產率增量，重點關註生產效率、物流網路優化以及透過整合和區域化來優化供應商成本。

As we look at capital allocation in 2024, our priorities remain to fund the profitable growth of the hardware initiatives, which includes the capital expenditures mentioned previously, paying dividends and continuing to execute discretionary share repurchases. As covered previously, in 2022 and 2023, we returned nearly $865 million in capital to our shareholders. In 2024, at this point in time, we are planning to buy back a similar dollar amount of our common shares as we did in 2023. And with that, we'll open it up to Q&A.

當我們審視 2024 年的資本配置時，我們的首要任務仍然是為硬體計畫的獲利成長提供資金，其中包括前面提到的資本支出、支付股息和繼續執行酌情股票回購。如前所述，2022 年和 2023 年，我們向股東返還了近 8.65 億美元的資本。 2024 年，此時，我們計劃回購與 2023 年類似金額的普通股。在此之後，我們將進行問答。

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

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

Jonathan, thanks for the additional commentary. That was very helpful. My question goes to dealer sentiment. It's a tough time to be a dealer. It's got skinny margin and high floor plan interest rates. You all have had success with Project Fuel in some cases, but that capital investment is a very big ask for dealers that are struggling with cash flow. So I'm just wondering with the leadership change, like how might you reimagine your relationship with the dealer and are there opportunities to partner with them in different ways?

喬納森，感謝您的補充評論。這非常有幫助。我的問題涉及經銷商的情緒。現在是經銷商的艱困時期。它的利潤微薄，但平面圖利率很高。在某些情況下，你們都在 Project Fuel 上取得了成功，但對於現金流困難的經銷商來說，資本投資是一個很大的要求。所以我只是想知道領導層的變動，例如你如何重新構想與經銷商的關係，以及是否有機會以不同的方式與他們合作？

Thank you, Craig. Well, as you said, we have to recognize that last year has been a tough year for dealers. The overall interest rate rise that affected the demand has certainly led to a much lower profitability. If you look at '21, '22, we had record profitability in our network, which is what's great and at least it helps many of our dealers to buffer the decline that we had seen. But we obviously take that into consideration with all actions and decisions we take in terms of new product launch, in terms of pricing, in terms of fuel and all the projects that we are putting into the network.

謝謝你，克雷格。嗯，正如您所說，我們必須認識到去年對經銷商來說是艱難的一年。影響需求的整體利率上升肯定會導致獲利能力大幅下降。如果你看看'21'、'22年，我們的網路獲利能力創歷史新高，這是很棒的，至少它可以幫助我們的許多經銷商緩衝我們所看到的下滑。但顯然，我們在新產品發布、定價、燃料以及我們投入網路的所有項目方面採取的所有行動和決策都考慮到了這一點。

That said, I would say, the dealer sentiment overall has improved significantly, and that is very much a result of a new product launch, model-year launch that excites the network and the dealers. And as I had mentioned, that has already led to quite positive feedback from the media from influencers from customers that have come in early to buy the product. So we are trying to find the right balance here of making sure that facilities are being upgraded, recognizing that many facilities have not been upgraded for 20, sometimes even 30 years. And there's never a perfect time to do this, but we certainly take financial difficulties into consideration as much as we can. -- comes to the Fuse facility or upgrade.

也就是說，我想說的是，經銷商的情緒總體上有了顯著改善，這在很大程度上是新產品發布、車型年發布的結果，這讓網路和經銷商興奮不已。正如我所提到的，這已經引起了來自媒體的積極反饋，這些反饋來自提前購買該產品的客戶的影響者。因此，我們認識到許多設施已經 20 年，有時甚至 30 年沒有升級，因此試圖在這裡找到適當的平衡點，以確保設施升級。這樣做從來沒有完美的時機，但我們當然會盡可能地考慮財務困難。 ——來到保險絲設施或升級。

Overall, we've completed 20 facilities so far. We expect about 75% to be completed by the end of '25. We have over 100 dealerships in process across all levels of completion from agreement to full build in North America alone. So overall, you could say good success. And please recognize that this program will be in place for over 10 years. So we don't expect all of this to happen. So some dealers are ready and want to go and they come certainly first in line. Some might have a tougher time to do that, and we would take that into consideration and it's a 10-year program.

總的來說，到目前為止我們已經建造了 20 個設施。我們預計到 25 年底將完成約 75%。光是在北美地區，我們就有 100 多家經銷商正在處理從協議到全面建設的各個完成階段。總的來說，你可以說是取得了巨大的成功。請注意，該計劃將持續 10 多年。所以我們並不期望這一切都會發生。因此，一些經銷商已經準備好並想要離開，他們肯定是排在第一位的。有些人可能會遇到困難，我們會考慮到這一點，這是一個為期 10 年的計畫。

So we expect dealer profitability should be improving. And overall, the sentiment has improved. I think the model-year launch certainly has helped. And now we are all preparing and ready for the riding season.

因此我們預計經銷商的獲利能力將會改善。整體而言，情緒有所改善。我認為車型年的推出肯定有所幫助。現在我們都在為騎行季節做好準備。

Our next question comes from the line of Alex Perry with Bank of America.

我們的下一個問題來自美國銀行的 Alex Perry。

I just wanted to ask how we should be thinking about mix in '24. Do you expect to be heavier on Touring and Trike shipments this year and lower on Sportsters. And how long do you expect the promo in sales in those headwinds that you saw in 4Q impacting the motorcycle gross margins?

我只是想問我們應該如何考慮 24 年的混合。您預計今年旅行車和三輪車的出貨量會增加，而運動者的出貨量會減少嗎？您預計第四季度出現的影響摩托車毛利率的不利因素對銷售的促進作用會持續多久？

Well, we've adjusted our pricing according to our new model-year launch, in particular in Touring, it's important to make sure that the carryover products that our dealers have in inventory are priced competitively to our new products and which is why we've taken the action that Jonathan laid out in his presentation. we feel good about what we have taken in terms of action so far. And we just have to recognize that the consumer environment in our industry with discretionary premium product has been challenged due to the high interest rates, and we've taken action accordingly.

嗯，我們已經根據新車型年的推出調整了我們的定價，特別是在旅行車中，重要的是要確保我們的經銷商庫存中的遺留產品的價格與我們的新產品相比具有競爭力，這就是我們的原因我們已​​經採取了喬納森在演講中提出的行動。我們對迄今為止所採取的行動感到滿意。我們必須認識到，由於高利率，我們行業中可自由支配的優質產品的消費環境受到了挑戰，我們已經採取了相應的行動。

So we feel the right pricing at this point in time, but obviously, we will be flexible to adjust whatever is required in the current environment. In terms of mix, our priorities, as you know, we have emphasized as part of the hardware Stage 2 strategy was to shift more towards the high-value products from Cruiser to Trike to Touring and the new product or the new model year launch, I think, is a clear indication of that.

因此，我們認為目前的定價是正確的，但顯然，我們將靈活地調整當前環境下的任何要求。在混合方面，如您所知，我們強調，作為硬體第二階段策略的一部分，我們將更多地轉向高價值產品，從巡洋艦到三輪車再到旅行車以及新產品或新車型年的推出，我認為，這是一個明確的跡象。

Sportster, we still had decent amount of Sportster in the network in '23. We didn't ship any Sportsters until the end -- after '22. So those should anniversary themselves out of the network pretty quickly. But we feel that with the pricing that we have in our entry price point products such as the Nightstar and moving all the way up to our new Touring models we are competitively priced and have an exciting product offering market right now.

Sportster，23 年我們的網路中仍然有相當數量的 Sportster。直到 22 年後，我們才發貨任何 Sportsster。所以這些應該很快就會從網路中消失。但我們認為，透過我們的入門價位產品（例如 Nightstar）的定價以及一直到我們的新旅行車型的定價，我們的價格具有競爭力，並且目前擁有令人興奮的產品供應市場。

But as I said, it's still early in the season. We'll have to see how things go. We want to make sure that the network can move through the '23 as quickly as possible because we want to reduce the inventory in the dealer network, which is why we've emphasized that, and we've taken according actions and will continue to do so if necessary.

但正如我所說，現在還處於賽季初期。我們得看看事情進展如何。我們希望確保網路能夠盡快通過'23，因為我們希望減少經銷商網路中的庫存，這就是我們強調這一點的原因，我們已經採取了相應的行動，並將繼續如有必要，請這樣做。

Our next question is from the line of Fred Wightman with Wolfe Research.

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

I just wanted to follow up on the dealer inventory commentary. I understand that you feel like you're in pretty good shape at this point in the year. But can you just talk about the mix of sort of current versus noncurrent products and how you see that unwinding in the phase of the more meaningful Touring refresh for this model year?

我只是想跟進經銷商庫存評論。我理解您感覺今年這個時候自己的狀態非常好。但是，您能否談談當前與非當前產品的組合，以及您如何看待在本車型年更有意義的旅行更新階段中的放鬆？

Thank you for your question. Yes, as you say, we have, we believe, largely the appropriate level of inventory in our network that is even accounting for some of the early release driven by the logistics considerations in Q1, as we ramped up the major product launch of our Street Glide and Road Glide and Touring platform in general. And that is also accounting for some delays in the arrival of the product in 2023, which we have referenced in our previous conversations. Exactly as you note, we believe that, that inventory is important in Q1 to support Retail.

謝謝你的問題。是的，正如您所說，我們相信，我們的網路中的庫存水準在很大程度上是適當的，甚至考慮到了第一季度物流考慮因素推動的一些早期發布，因為我們加大了Street 的主要產品發布力度滑行和公路滑行和旅行平台的一般情況。這也是我們在先前的談話中提到的該產品在 2023 年上市延遲的原因。正如您所指出的，我們認為，第一季的庫存對於支援零售業非常重要。

Obviously, as we ramp up, there is a period of time until we reach complete dealer fill. So the inventory of 23%, which is the majority at this time of the inventory in the network is appropriately used to support retail as we ramp up '24. And then exactly, as you also note, for us as we move through the early part of the season and more of those '24 come online, the priority for us and where we have directed our financial support, as Jonathan has mentioned, has been working down those levels of '23 to create more and more role '24.

顯然，隨著我們的發展，我們需要一段時間才能達到經銷商的完全飽和。因此，23% 的庫存（目前網路中庫存的大部分）在我們 24 年增加時被適當地用於支援零售。然後，正如您也指出的那樣，對於我們來說，隨著我們進入賽季初期，並且更多的“24”上線，我們的優先事項以及我們所提供的財務支持的方向，正如喬納森所提到的那樣，一直是努力降低「23」的水平，創造越來越多的角色「24」。

We think that '23 will serve as an interesting and entry price point also to customers that prefer some of the features of the older technology. So they have a role to play going forward. And of course, in general, we are watching the levels of inventory. We think as we move through '24, we want to keep it roughly in a 1:1 balance, also accounting for floorplan costs in our dealership. And overall, ensuring we keep a balance and that we work through those 2023 as more of the 2024 is such an important category for us, as Grand American Touring come online.

我們認為，對於喜歡舊技術的某些功能的客戶來說，'23 將成為一個有趣的入門價格點。因此，他們可以在未來發揮作用。當然，總的來說，我們正在關注庫存水準。我們認為，隨著 24 年的到來，我們希望將其大致保持在 1:1 的平衡，同時也考慮到我們經銷店的平面圖成本。總的來說，確保我們保持平衡，並確保我們在 2023 年和 2024 年的更多時間裡努力工作，對我們來說是一個非常重要的類別，因為 Grand American Touring 上線了。

Our next question comes from the line of Joe Altobello with Raymond James.

我們的下一個問題來自喬·阿爾托貝洛和雷蒙·詹姆斯的對話。

So you did mention several HDMC margin puts and takes in 2024. I assume the negative operating leverage you're expecting is the biggest driver of that. So if you could quantify how much of a drag that is on margins this year? And how much is the greater dealer support that you're expecting this year as well, which I guess is included in pricing.

因此，您確實提到了 2024 年 HDMC 的幾次保證金認購和保證金認購。我認為您預期的負營運槓桿是其最大的驅動因素。那麼，您是否可以量化今年利潤率的拖累有多大？今年您所期望的經銷商支援有多少，我想這已經包含在定價中。

Sure. Thanks, Joe. So I think as we take a look at what we saw for 2023, as we've talked about, we put programs in place that certainly were a bit of a drag on what we saw from an overall margin perspective. So obviously, we called that out through the script and the details of that. So we have about $40 million that hit 2023 that really benefits us as we work through kind of clearing the retail in 2024.

當然。謝謝，喬。因此，我認為，當我們審視 2023 年的情況時，正如我們所討論的那樣，我們制定的計劃肯定會對我們從整體利潤率角度看到的情況產生一定的拖累。顯然，我們透過劇本和細節指出了這一點。因此，到 2023 年，我們將獲得約 4,000 萬美元的資金，這對我們真正有利，因為我們將在 2024 年完成零售清理工作。

And so obviously, as we look forward with some of the actions that we have in the marketplace to drive retail in 2024, we made sure that we kind of matched up the revenue associated with delivering those bikes in the marketplace to moving them in 2024. The other piece that I think is worth noting, too, is that as you take a look, I think Edel touched on this a little bit. But as you take a look at our -- as you take a look at where we are from a retail perspective, I think Edel covered that nicely, too, in terms of the model year mix and what's in dealer inventory today. So obviously, more '23 are in the network today, and then we're shipping '24 in as we go.

顯然，當我們期待在 2024 年在市場上採取一些行動來推動零售業時，我們確保我們在 2024 年將與在市場上交付這些自行車相關的收入與移動它們相關的收入相匹配。我認為另一件值得注意的事情是，當你看時，我認為埃德爾觸及了這一點。但當你從零售角度看我們的情況時，我認為 Edel 在車型年份組合和當今經銷商庫存方面也很好地涵蓋了這一點。顯然，今天網路中有更多的 '23，然後我們將繼續運送 '24。

That's very helpful, Jonathan. And maybe just a follow-up on that in terms of promotions and discounts, how much elasticity did you see in retail once you started to increase the amount of spending?

這非常有幫助，喬納森。也許只是促銷和折扣方面的後續行動，一旦你開始增加支出，你在零售業看到了多少彈性？

Well, we -- if you look at the fourth quarter in particular, we saw a nice positive retail increase in the month of December, while and sequential improvement from October, November through December, and that is, I would say, partly correlated to the amount of promotions we had in the market. So we see a reaction in the market when we are putting these promotions in and -- the key will be to have the right mix between carryover and new products, which we try to accomplish and achieve as quickly, as possible in already towards the end of January with a new model year launch so that there's a good mix because not everyone is going to buy new. Some will buy used or carryover product.

嗯，如果你特別看一下第四季度，我們看到 12 月份的零售業出現了良好的正增長，而從 10 月、11 月到 12 月的連續改善，也就是說，我想說，部分與我們在市場上進行的促銷活動的數量。因此，當我們進行這些促銷活動時，我們會看到市場的反應 - 關鍵是在結轉產品和新產品之間進行正確的組合，我們試圖在接近尾聲時盡快完成並實現這一點一月份推出了一款新車型，這樣就有了一個很好的組合，因為並不是每個人都會買新車。有些人會購買二手或結轉產品。

So I think the dealer network is certainly well stock to fulfill any request from our customers. And we hope to move, as we said, through those '23 model year carryovers as quickly as possible, and we have an aggressive shipping schedule for '24. So very early in the year at this point in time, which is, as I mentioned earlier, why our guidance is much broader than it usually would be. And the year started relatively modest for the industry as a whole, not just for us, but since we've shipped our new '24, we've seen a nice a significant improvement, which is a testament to the new product and to our customers being excited about what we have to offer in the -- with the new model year.

因此，我認為經銷商網路肯定有充足的庫存來滿足客戶的任何要求。正如我們所說，我們希望盡快完成 23 年車型的結轉，並且我們為 24 年制定了積極的發貨計劃。因此，在今年年初的這個時間點，正如我之前提到的，這就是為什麼我們的指導比通常要廣泛得多。今年對於整個行業來說相對溫和，不僅對我們來說，而且自從我們推出新的 '24 以來，我們已經看到了一個很好的顯著改進，這證明了新產品和我們的客戶對我們在新車型年提供的產品感到興奮。

Our next question is from the line of James Hardiman with Citigroup.

我們的下一個問題來自花旗集團的詹姆斯哈迪曼。

So a follow-up on the guidance and Jonathan really appreciate that the added color on sort of the wholesale versus retail. I think you said for retail in '24, flat to up 9%. Maybe help us with the major drivers there? I know it's sometimes not very helpful to think about an industry number because you're such a big part of the industry in certain segments. But just trying to tease out the overall sort of how you're thinking about the demand backdrop relative to the benefit from what sounds like an unprecedented new product call?

因此，對指導的後續行動，喬納森真的很欣賞批發與零售之間的附加色彩。我想你說過 24 年零售業成長 9%。也許可以幫助我們解決那裡的主要驅動因素？我知道有時考慮行業數字並不是很有幫助，因為您在某些細分市場中佔據了行業的重要組成部分。但是，只是想梳理一下您對需求背景的整體看法，以及與聽起來前所未有的新產品發表會帶來的好處相關的情況？

And then maybe help us with some of the below-the-line items as well. Obviously, you don't guide to an EPS number, but tax and share count, maybe interest expense, I mean, I think we should be getting to an EPS number in the low to mid-$4 range, but I don't know if that's quite right based on how you're thinking about the below the line?

然後也許還可以幫助我們處理一些線下項目。顯然，你沒有指導 EPS 數字，但稅收和股票計數，也許還有利息費用，我的意思是，我認為我們應該得到 4 美元中低至中的 EPS 數字，但我不知道根據您對底線的看法，這是否完全正確？

Okay. Great. Thanks, James. I'll start with sort of some of your questions on what we saw from below the line. It may be helpful for Jochen or Edel to provide a little bit of commentary in terms of their perspective on retail for 2024. I think if we just start with below the line, obviously, we saw a lot of favorability in 2023, relative to some pension adjustments and things of that nature. So that's the primary driver in terms of what you see from that standpoint.

好的。偉大的。謝謝，詹姆斯。我將首先回答你們關於我們從線下看到的一些問題。 Jochen 或 Edel 對 2024 年零售業的看法提供一些評論可能會有所幫助。我認為，如果我們從線下開始，顯然，我們在 2023 年看到了很多好感，相對於某些養老金調整和類似性質的事情。因此，從您的角度來看，這是主要驅動因素。

Obviously, shareholders are benefiting from an EPS perspective with the focus that we have on share buybacks that we kind of walked through a little bit earlier today. So certainly for us, pretty big consideration point, I think, for how we reward shareholders. Relative to retail, as you said, the flat to up 9% kind of equates to 163,000 to 178,000. Jochen, James, as you flatback kind of touched a little bit on the fact that, that is a wider range than what we normally see for a variety of reasons. But Jochen, do you want to comment any further on that?

顯然，股東正從每股盈餘的角度受益，我們的重點是今天早些時候討論過的股票回購。因此，我認為，對於我們來說，關於如何獎勵股東，這是一個相當大的考慮點。正如您所說，相對於零售業，成長 9% 相當於 163,000 至 178,000 人。約亨（Jochen）、詹姆斯（James），你們平背者有點觸及到這樣一個事實：由於各種原因，這個範圍比我們通常看到的範圍更廣。但是 Jochen，您想對此發表進一步評論嗎？

Well, not much to add to what I already indicated earlier. It's early in the year. We really need to get closer into the riding season at this point in time. We believe, we have an extraordinary product. Early reception is great. But the overall environment, in terms of interest rates is certainly a headwind, which we (inaudible) very much throughout the entire year of '23. And we'll just have to see how it all works out. And our retail guidance is a global guidance. It's not just the U.S. or North America guidance. Touring while we've been able to shift the mix in the International markets, including profitability, more towards our profit focus categories, it has the most significance in the North American market.

好吧，對於我之前已經指出的內容，沒有什麼可補充的。現在是年初。此時此刻，我們確實需要更接近騎乘季節。我們相信，我們擁有非凡的產品。早期的接待很棒。但就利率而言，整體環境肯定是一個逆風，我們（聽不清楚）在 23 年全年都經歷過這種逆風。我們只需要看看這一切是如何進行的。我們的零售指導是全球指導。這不僅僅是美國或北美的指導。巡迴雖然我們已經能夠改變國際市場的組合，包括獲利能力，更多地轉向我們的利潤重點類別，但它在北美市場具有最重要的意義。

So that requires the U.S. market to pull a lot of weight, when it comes to retail growth in '24. And we just have to see what's possible. Early indications right now with our new model year launch are positive, but it's way too early to really give more concrete guidance than what we've said.

因此，在 24 年零售業成長方面，美國市場需要發揮很大的作用。我們只需要看看有什麼可能。目前我們推出的新車型的早期跡像是積極的，但現在真正給出比我們所說的更具體的指導還為時過早。

That's really helpful. If I could just sneak in a clarification, Jonathan. Is there any way to just think about the tax rate and the share count for 2024. Obviously, those are -- those could be some swing factors. I just want to make sure everybody is on the same page.

這真的很有幫助。如果我能偷偷地澄清一下，喬納森。有沒有辦法只考慮 2024 年的稅率和股票數量。顯然，這些可能是一些搖擺因素。我只是想確保每個人都在同一頁上。

Yes. Yes. No, great question. And I think as we think about share count, obviously, we've talked through our commitment to looking at share buybacks, consistent with what we looked at in 2023. So obviously, that cadence will come down over time. So from a share buyback perspective, we'd probably buy back throughout the quarters.

是的。是的。不，很好的問題。我認為，當我們考慮股票數量時，顯然，我們已經討論了我們對股票回購的承諾，這與我們在 2023 年的情況一致。很明顯，隨著時間的推移，這種節奏將會下降。因此，從股票回購的角度來看，我們可能會在整個季度進行回購。

Obviously, not in one big block at time. But I think that's the piece that's worth factoring in is looking at share price movement, looking in the dollar target that we've set and then just thinking through how that will impact across the year.

顯然，當時不在一個大街區。但我認為值得考慮的部分是專注於股價走勢，專注於我們設定的美元目標，然後思考這將如何影響全年。

James, I've given Jonathan and the finance team the challenge to be able to give guidance on EPS as of next year. So mark your calendar will hopefully be able to achieve that.

詹姆斯，我向喬納森和財務團隊提出了挑戰，要求他們能夠從明年開始為每股收益提供指導。因此，標記您的日曆將有望實現這一目標。

Looking forward to it.

期待它。

Our next question is from the line of Tristan Thomas Martin with BMO Capital Markets.

我們的下一個問題來自蒙特利爾銀行資本市場部的特里斯坦·托馬斯·馬丁 (Tristan Thomas Martin)。

I just wanted to kind of get your thoughts on the model year '24 Touring pricing. If I look at, for example, '24 Street Glide, it's more expensive than a base Street Glide for '23. But I think the features are much more comparable to, let's say, like a Street Glide special or '23 is more expensive than a '24. So I just kind of wanted to get your thoughts on kind of some of these changes, the model consolidation? Is this just an overall way to address affordability without just straight up lowering MSRPs or getting too promotional?

我只是想了解一下您對 24 年款旅行車定價的看法。例如，如果我看一下“24 Street Glide”，它比“23”的基礎 Street Glide 更貴。但我認為這些功能更具可比性，例如 Street Glide 特別版或 '23 比 '24 更貴。所以我只是想了解您對其中一些變化（模型整合）的想法？這是否只是解決可負擔性的整體方法，而無需直接降低建議零售價或過度促銷？

Well, we wanted to make sure that our new products are competitive, and we believe that we've accomplished that, for sure, given the early reactions that we've seen in the market. And as you rightly said, we included several key features and benefits that we previously had in our ST and special models in our mid levels now and increased the price from the base level to our base models to reflect the additional content, that now comes as a standard equipment.

嗯，我們希望確保我們的新產品具有競爭力，考慮到我們在市場上看到的早期反應，我們相信我們已經做到了這一點。正如您所說，我們在中級產品中加入了以前在 ST 和特殊型號中擁有的幾個關鍵功能和優點，並將價格從基本級別提高到基本型號，以反映附加內容，現在作為一個標準設備。

In addition, we are offering a lot of P&A packages that allow our customers to essentially get up to a product that is at ST and special pricing level and features level, and that's what we've tried to achieve by reducing at this point, overall complexity of our Touring setup.

此外，我們還提供大量的 P&A 套餐，使我們的客戶基本上能夠獲得 ST 和特殊定價級別和功能級別的產品，這就是我們目前試圖透過減少總體成本來實現的目標。我們的旅行設定的複雜性。

So I think it's the best of all worlds that we're achieving with our new pricing. It's competitive, but it's still '24, [999], and that's while higher than our base model, it's lower than our STs and special. And again, if you look at the pricing actions that we have taken in the fourth quarter and our carryover products that needed to consider the new pricing for our new model.

所以我認為這是我們透過新定價所實現的最好的結果。它具有競爭力，但它仍然是 '24，[999]，雖然高於我們的基本型號，但它低於我們的 ST 和特殊型號。再說一次，如果你看看我們在第四季度採取的定價行動以及我們的結轉產品，需要考慮我們新型號的新定價。

So STs and special needed to -- we needed to give support and continue to give dealer support to price them accordingly in order to move them out and sell them. And I think that's essentially the key decision that we've made. And so far, it's proven very successful and the comments that you will see in online forums, people understand that there's a lot more key features and a lot more benefits that we've previously had in our STs and special now already incorporated in our mid levels.

因此，ST 和特殊產品需求——我們需要提供支持，並繼續向經銷商提供支持，以相應地定價，以便將它們移出並出售。我認為這本質上是我們所做的關鍵決定。到目前為止，它被證明非常成功，您將在線上論壇中看到的評論，人們了解到我們以前在 ST 中擁有更多的關鍵功能和更多的好處，現在已經納入我們的中期水平。

Our next question comes from the line of Noah Zatzkin with KeyBanc.

我們的下一個問題來自 Noah Zatzkin 與 KeyBanc 的對話。

Maybe just one on LiveWire for me. Looking out over the next several years, how are you thinking about the unit profitability ramp there? And has anything changed in terms of your medium-term view for the business and the opportunity?

也許對我來說只有 LiveWire 上的一個。展望未來幾年，您如何看待單位獲利能力的提升？您對業務和機會的中期看法有什麼改變嗎？

Thank you, Noah. But I guess when we look at Livewire right now, our focus is really about product innovation and cost improvement. We want to reach profitability as fast as we can. So we're in a strong position to capture the opportunity as the market develops. So right now, we remain focused on our long-term vision of being the leader in 2-wheel EV industry, driven again by innovation and performance in the short term, a strong internal plan to reach profitability as soon as (inaudible).

謝謝你，諾亞。但我想當我們現在看 Livewire 時，我們的重點實際上是產品創新和成本改進。我們希望盡快實現盈利。因此，隨著市場的發展，我們處於有利地位，可以抓住機會。因此，目前，我們仍然專注於成為兩輪電動車行業領導者的長期願景，短期內再次受到創新和業績的推動，以及盡快實現盈利的強有力的內部計劃（聽不清）。

Our next question is from the line of David MacGregor with Longbow Research.

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

I guess I just wanted to follow up on the LiveWire discussion. Karim, could you dig a little bit deeper into kind of the experience this quarter, the consumer reaction to the S2 Del Mar, you shipped 660 bikes in '23. Could you talk about kind of retail sales and how that may have grown through the year? And you're talking about 126 dealers this year? What are you expecting to grow that to in 2024?

我想我只是想跟進 LiveWire 的討論。 Karim，您能否更深入地了解本季的體驗、消費者對 S2 Del Mar 的反應，您在 23 年售出了 660 輛自行車。您能談談零售額的類型以及這一年的成長嗎？您是說今年有 126 個經銷商嗎？您預計 2024 年將成長到什麼程度？

Yes. Thanks for the question, follow-up question. Well, look, at this stage, we feel pretty good about the Q4 shipments because we have more orders in hand that shipments done so far. So we feel pretty good about retail and the conversion in the short term. Now we're absolutely working really hard on creating a retail engine and supporting our dealers, which is why you saw that we reached 126 retailers globally. Obviously, when you look at the number of banks, it makes it for a very attainable target for retailers to achieve at retail. So our goal is to essentially in 2024, match retail with wholesale. So the team is hard at work to deliver on making retail momentum sustained and to support whole study.

是的。感謝您的提問，後續問題。嗯，看，現階段，我們對第四季度的出貨量感覺非常好，因為我們手上的訂單比迄今為止完成的出貨量還要多。因此，我們對短期內的零售和轉換感到非常滿意。現在，我們絕對非常努力地創建零售引擎並支持我們的經銷商，這就是為什麼您會看到我們在全球擁有 126 家零售商。顯然，當你看看銀行的數量時，你會發現這對零售商來說是一個非常容易實現的零售目標。因此，我們的目標是在 2024 年基本上實現零售與批發的匹配。因此，該團隊正在努力維持零售動能並支持整個研究。

Next question comes from the line of Jaime Katz with Morningstar.

下一個問題來自 Jaime Katz 與 Morningstar 的對話。

I want to focus in on market share, which actually improved quarter-over-quarter. But I'm wondering where you guys are trying to structurally drive that to over time? Or is it something that maybe this 40% level is the new normal given the shift in consumer demand to other types of bikes. Would you help us think about that longer term?

我想重點關注市場份額，該份額實際上比上一季有所提高。但我想知道隨著時間的推移，你們正試圖從結構上推動這一目標走向何方？或者考慮到消費者需求轉向其他類型的自行車，40% 的水平可能是新常態。您能幫助我們考慮更長遠的問題嗎？

Thanks, Jamie. Well, our focus as part of this strategy has been very clear, shifting the mix towards our core focus -- our core categories, right? That's the Tri-cruiser Touring. And that shift has proven extremely successful. We've mentioned earlier, our average unit profitability is up from $1,300 to $3,700.

謝謝，傑米。嗯，作為該策略的一部分，我們的重點非常明確，將組合轉向我們的核心焦點 - 我們的核心類別，對吧？這就是三巡洋艦旅行車。事實證明，這種轉變非常成功。我們之前提到過，我們的平均單位獲利能力從 1,300 美元上升到 3,700 美元。

So not being obsessed by unit sales over the last few years served us well in terms of overall profitability, which has improved from 6.3% to 13.6%, so extraordinary improvement. That said, obviously, we want to grow our business to. We believe that with our new model year '24, we have that opportunity. We have the right foundation, but we also need a more accommodating economic environment.

因此，過去幾年不沉迷於銷售對我們的整體獲利能力很有幫助，整體獲利能力從 6.3% 提高到 13.6%，取得了非凡的進步。也就是說，顯然我們希望將我們的業務發展到。我們相信，憑藉我們的新車型 '24，我們就有了這樣的機會。我們有良好的基礎，但我們也需要更寬鬆的經濟環境。

And when I say economic environment, then I'm talking about our industry and high interest rates that are a tough challenge for many of our core customers. So I don't want to evade the answer to your question, but our focus is on growth and profitable growth. And that's how we will complete our hardwire Stage 2 strategy at the end of '25. If what comes after that, we will address that at the appropriate time.

當我說經濟環境時，我指的是我們的產業和高利率，這對我們的許多核心客戶來說是一個嚴峻的挑戰。所以我不想迴避你問題的答案，但我們的重點是成長和獲利成長。這就是我們在 25 年底完成硬連線第二階段策略的方式。如果之後發生什麼，我們將在適當的時候解決這個問題。

We do look at market shares, but we are not obsessed by market shares. I've never been, never will. But of course, it's pleasing to see that in this tough environment, especially in the fourth quarter, we were able to grow our Touring share back to 75%, large cruiser 80%. I mean that's commanding, give or take 5%, that's always the swing that you're going to see throughout the year, also on a rolling 12-month forward or backward.

我們確實關注市場份額，但我們並不沉迷於市場份額。我從來沒有去過，也永遠不會。但當然，令人高興的是，在這種艱難的環境下，特別是在第四季度，我們能夠將旅行車份額恢復到 75%，大型巡洋艦份額恢復到 80%。我的意思是，這很重要，無論是 5% 還是 5%，這始終是您全年都會看到的波動，也是向前或向後滾動 12 個月的情況。

And I think that's likely where we're going to be, but we believe there is an opportunity to take market share, especially in Touring and through our Trike offering because we have competitive and great product, and that should see a positive development certainly next year, if all our plans come to fruition.

我認為這可能是我們將要達到的目標，但我們相信有機會獲得市場份額，特別是在旅行車和我們的三輪車產品中，因為我們擁有有競爭力的優質產品，接下來肯定會看到積極的發展如果我們所有的計劃都能實現的話。

And hopefully, that will carry through in future years as well, at least until the end of our Hardwire Stage II, which is at the end of '25. The Touring platform, as I mentioned, has been in development since 2020. And it's the first refresh. And in fact, it's not a refresh. It's a complete rebuild from the bottom up in every respect, and I think the positive reactions give us that opportunity, but it's a little early to comment how lasting that is going to be, but we feel very good about it.

希望這在未來幾年也能持續下去，至少到我們的 Hardwire Stage II 結束為止，也就是 25 年底。正如我所提到的，Touring 平台自 2020 年以來一直在開發。這是第一次更新。事實上，這並不是一次刷新。從各個方面來說，這都是一次自下而上的徹底重建，我認為積極的反應給了我們這個機會，但現在評論這將有多持久還為時過早，但我們對此感覺非常好。

And we have a final question for today from the line of Brandon Rolle with D.A. Davidson.

今天我們還有一個來自布蘭登·羅爾 (Brandon Rolle) 和 D.A. 的最後一個問題。戴維森。

Just a question on your margin guidance. I think you had called out additional manufacturing costs as being a headwind to guidance this year. Could you size up the amount of headwind from those additional manufacturing costs and then provide any additional color on feedback you're receiving for the model year '24 lineup.

只是關於您的保證金指導的問題。我認為您已經指出額外的製造成本是今年指導的阻力。您能否評估這些額外製造成本的不利影響，然後根據您收到的 24 年車型陣容的回饋提供任何其他資訊。

All right. Thank you, Brandon. We'll start with your sort of question on what we're seeing from a manufacturing perspective and some of the noise that we have within there. So obviously, we've put a $400 million price target out there from a productivity perspective. We walked through what we've seen over the last couple of years and where we envision 2024 landing.

好的。謝謝你，布蘭登。我們將從您提出的問題開始，了解我們從製造角度看到的情況以及我們內部的一些噪音。顯然，從生產力的角度來看，我們設定了 4 億美元的價格目標。我們回顧了過去幾年的所見所聞以及我們對 2024 年著陸的設想。

So about $100 million of positivity that lands in 2024, to help offset what we see from an inflationary perspective. As you look at that movement over time, we obviously feel pretty positive about that. When you kind of talk through some of the headwinds that we see, as we take a look at what this means from a margin perspective, obviously, depending upon where we fall from an overall volume perspective with our fairly wide ranges, we want to make sure that we are looking at moving our retail and wholesale in concert with each other.

因此，到 2024 年將產生約 1 億美元的正面影響，以幫助抵消我們從通膨角度看到的情況。當你隨著時間的推移觀察這項變化時，我們顯然對此感到非常積極。當你談論我們看到的一些不利因素時，當我們從利潤角度來看這意味著什麼時，顯然，這取決於我們從整體成交量角度來看，範圍相當廣泛，我們希望確保我們正在考慮協調零售和批發業務。

We obviously have a lot that we have to pay attention to from a structural cost and as you think through sort of a leverage or deleverage impact. And so I think from that standpoint, certainly, a little bit of noise as we just try to work through what that could mean from an overall leverage or deleverage impact. And then as we think about manufacturing optimization, supply chain efficiency, as Jochen talked about, this is a transformative launch as you look at the significance of what we have with Street Glide and Road Glide that are now hitting our dealers.

顯然，從結構性成本以及槓桿或去槓桿影響的角度來看，我們有很多需要關注的地方。因此，我認為從這個角度來看，當然會產生一些噪音，因為我們只是試圖從整體槓桿或去槓桿影響的角度來研究這可能意味著什麼。然後，當我們考慮製造優化、供應鏈效率時，正如 Jochen 所說，這是一次變革性的發布，因為您會看到我們現在正在向我們的經銷商推出的 Street Glide 和 Road Glide 的重要性。

Obviously, as you have sort of a very, very major change that occurs all the way from your suppliers through to what we end up moving into our dealership. There's just a lot of change and a lot of variability that can occur with that. We feel like it's been a fairly smooth launch so far. But we certainly always want to make sure that we have -- are living in a world where we're not overpromising to anyone. And I think beyond that, you open and Edel, do you have a question on -- or I'm sorry, do you have some comments relative to the '25 model year reception?

顯然，從您的供應商到我們最終進入我們的經銷商，整個過程中都發生了非常非常重大的變化。隨之而來的是許多變化和變化。我們覺得到目前為止，發布相當順利。但我們當然總是希望確保我們生活在一個不會對任何人過度承諾的世界。我認為除此之外，Edel，您對 25 款車型年的接待有什麼疑問嗎？或者抱歉，您有什麼意見嗎？

You're ahead of time of your time, '24. Well, look, not much more to add. Maybe overall, I would say, there's really positive reaction to our overall pricing strategy, when it comes to the carryover product and our new product. I think the decisions we've taken in the fourth quarter will help us in '24. And I think unilaterally positive reactions to our new Street Glide, Road Glide, lots of excitement about our new CVO ST.

你領先於你的時代，'24。好吧，看吧，沒什麼好補充的了。我想說，也許總的來說，當涉及結轉產品和我們的新產品時，我們的整體定價策略確實得到了積極的回應。我認為我們在第四季所做的決定將對我們 24 年有所幫助。我認為我們的新 Street Glide、Road Glide 得到了單方面的積極反應，我們的新 CVO ST 也令人興奮。

We've started the trend with performance and picked up on a trend that we saw years ago developing, especially on the West Coast, but on other parts of America as well. And we've -- as I mentioned in my speech, we've tried to push that hard with our King of the Bagger Race Series and our Race Bikes, so really bringing a performance aspect into our product is now shown with our CVO Road Glide ST, Fantastic product, very well priced and lots of excitement. I've been riding with a big group of influencers in Las Vegas. And I mean, there was just a lot of excitement around our new Touring bikes.

我們從性能開始了這一趨勢，並抓住了我們幾年前看到的發展趨勢，特別是在西海岸，但在美國其他地區也是如此。正如我在演講中提到的，我們試圖透過我們的 King of the Bagger Race Series 和我們的競賽自行車來努力推動這一目標，所以真正將性能方面引入我們的產品現在透過我們的 CVO Road 展示出來Glide ST，非常棒的產品，價格非常實惠，令人興奮。我在拉斯維加斯和一大群有影響力的人一起騎車。我的意思是，我們的新旅行自行車令人興奮不已。

I don't want to forget our first CVO ever outside of the Touring category with our Adventure Touring bike, also a testament to our development on continuous focus in developing the venture Touring market. So overall, we feel good about it. And also the pricing in our entry product, Nightstar, that we've adjusted accordingly, great product, especially for new riders as well as an entry bike.

我不想忘記我們的冒險旅行自行車在旅行類別之外的第一輛 CVO，這也證明了我們持續專注於開發冒險旅行市場的發展。總的來說，我們對此感覺良好。我們的入門產品 Nightstar 的價格也進行了相應調整，這是一款很棒的產品，特別是對於新騎士和入門自行車而言。

So we should see some positive development overall in the year. But as I said, it's early days. We don't want to get overly excited here. '23 was a tough year, and interest rates haven't changed, and the outlook certainly doesn't suggest that that's going to happen in the prime riding season. So we'll have to balance our excitement for the new product with realities of the market.

因此，我們今年總體上應該會看到一些積極的發展。但正如我所說，現在還為時過早。我們不想在這裡過於興奮。 23 年是艱難的一年，利率沒有變化，前景當然不會表明這種情況會在黃金騎行季節發生。因此，我們必須平衡對新產品的興奮與市場的現實。

And if I could just follow up on the manufacturing cost question. Would you be able to break out the initial start-up costs for the new Touring production line versus just additional manufacturing costs throughout the year?

如果我能跟進製造成本問題。您能否將新旅行車生產線的初始啟動成本與全年額外的製造成本進行比較？

I think all we can say is in the largest investment in a single platform that Harley-Davidson ever made.

我想我們只能說這是哈雷戴維森有史以來對單一平台的最大投資。

Yes. And I think, Brandon, the good news is that you will hear more from us as we move through the year and talk about our financials and do our kind of year-over-year comp. So in sort of our -- in our standard fashion, we'll make sure that we're continuing to provide breakouts that we're seeing from a revenue perspective, we'll obviously walk through and talk through the P&L.

是的。我認為，布蘭登，好消息是，隨著我們度過這一年，您會從我們那裡聽到更多信息，談論我們的財務狀況並進行我們的年度比較。因此，以我們的標準方式，我們將確保我們繼續提供從收入角度看到的突破，我們顯然會遍歷並討論損益表。

So that the promise that we do make is that throughout 2024, we certainly will be talking about this. And as you would imagine, 2024 is a little bit noisy. When you look at some things quarter-over-quarter and some of the changes that we envision that we'll see in terms of things shipping units into the dealer network. And as Jochen talked about throughout his prepared comments, and I talked about through mine obviously, getting that match between retail and wholesale is something that we feel is very important. But yes, we'll be excited to talk about that with you throughout this year.

因此，我們所做的承諾是，在整個 2024 年，我們肯定會討論這個問題。正如你所想像的那樣，2024 年有點吵鬧。當您查看每個季度的一些情況以及我們設想的一些變化時，我們將在將單位運送到經銷商網路方面看到一些變化。正如 Jochen 在他準備好的評論中所說的那樣，顯然我也透過我的評論談到了這一點，我們認為零售和批發之間的匹配非常重要。但是，是的，我們將很高興在今年與您討論這個問題。

Thank you. To close out today, I'd like to hand the call back over to CEO, Jochen Zeitz, for any closing comments.

謝謝。最後，我想將電話轉回給執行長 Jochen Zeitz，以徵求結束意見。

Yes. Well, thank you again to everyone for joining us today. Before we sign off, I just wanted to take the opportunity to thank Edel O'Sullivan for her many contributions to the company over the past 3 years and to wish you very well on her future endeavors. So thank you very much, Edel, and thank you all for joining us this morning.

是的。好的，再次感謝大家今天加入我們。在我們結束之前，我想藉此機會感謝 Edel O'Sullivan 在過去 3 年裡為公司做出的許多貢獻，並祝福您在未來的努力中一切順利。非常感謝你，艾德爾，也感謝大家今天早上加入我們。

Thank you.

謝謝。

Thank you. And ladies and gentlemen, this does conclude today's conference call. Thanks for joining. You may now disconnect. Have a great day.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。祝你有美好的一天。