Harley-Davidson Inc (HOG) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson First Quarter 2024 Conference Call. Please be advised that today's conference is being recorded. I would now like to turn the call over to Shawn Collins. Mr. Collins. Please go ahead.

感謝您的支持，歡迎參加哈雷戴維森 2024 年第一季電話會議。請注意，今天的會議正在錄音。現在我想將電話轉給肖恩·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. You can access the slides supporting today's call on the internet at the Harley-Davidson Investor Relations website.

謝謝。早安.我是哈雷戴維森投資者關係總監肖恩·柯林斯。您可以在哈雷戴維森投資者關係網站上存取支援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 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. Joining me for this morning's call are Harley-Davidson, Chief Executive Officer, Jochen Zeitz; also Chief Financial Officer, Jonathan Root, and we have LiveWire's Chief Executive Officer, Karim Donnez.

正如您所料，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收益報告中和向美國證券交易委員會提交的最新文件中指出的事項等。參加今天上午電話會議的還有哈雷戴維森執行長 Jochen Zeitz；還有財務長喬納森·魯特 (Jonathan Root) 和 LiveWire 的執行長 Karim Donnez。

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

現在，讓我將話題轉交給我們的執行長 Jochen Zeitz。約亨？

Thank you, Sean, and good morning, everyone. Thank you for joining us for our Q1 2024 results. Harley-Davidson delivered a good start to the year, in line with our expectations. Looking at retail for the quarter, we are pleased with our delivery of 6% growth in North America, our largest and most important region. In Q1, we continued to see the impacts of the higher interest rate environment on both consumer confidence and affordability. However, it is positive to see customer enthusiasm for motorcycles despite this challenging environment.

謝謝你，肖恩，大家早安。感謝您加入我們 2024 年第一季的業績。哈雷戴維森今年取得了良好的開局，符合我們的預期。縱觀本季的零售情況，我們很高興看到北美地區（我們最大、最重要的地區）實現了 6% 的成長。在第一季度，我們繼續看到高利率環境對消費者信心和負擔能力的影響。然而，儘管環境充滿挑戰，但看到顧客對摩托車的熱情仍然令人欣慰。

Outside of North America, both the Europe and APAC regions were soft, mainly due to regional macroeconomic conditions. However, it is also worth noting that our '24 product only started to arrive in the international regions in March and is just now making its way into most international markets. And as the riding season is starting to get into gear, we are excited for our riders and fans, both inside and outside of North America to get to experience the next era of Harley-Davidson touring motorcycles.

除北美外，歐洲和亞太地區均表現疲軟，主要原因是區域宏觀經濟狀況。然而，值得注意的是，我們的'24產品在3月才開始登陸國際地區，現在才剛進入大多數國際市場。隨著騎行季節即將到來，我們很高興看到北美內外的騎手和粉絲能夠體驗哈雷戴維森旅行摩托車的下一個時代。

As usual, I will now briefly address select Hardwire strategic pillars and our delivery of them, starting with Pillar 1, profit focus. When we announced our hardware strategy back in 2021, we made a commitment to invest in our core categories. And building on that commitment this year, we ushered in a new area of motorcycle touring by reimagining in two of the most iconic motorcycles in history, the Harley-Davidson Street and Road Glide with the most comprehensive product redevelopment in well over 10 years. Overall, we are very pleased with our new model year launch and in particular, our new touring lineup, which is being received very positively by customers, dealers and media like. One outlet summarized the launch particularly well.

像往常一樣，我現在將簡要介紹 Hardwire 的部分策略支柱以及我們對這些支柱的實施情況，首先是支柱 1，即利潤重點。當我們在 2021 年宣布硬體策略時，我們承諾投資於我們的核心類別。今年，我們秉承這一承諾，對歷史上最具標誌性的兩款摩托車——哈雷戴維森街道版和路滑版進行了重新設計，並進行了 10 多年來最全面的產品重新開發，開創了摩托車旅遊的新領域。總體而言，我們對今年推出的新車型感到非常滿意，尤其是我們的新旅行系列，它受到了客戶、經銷商和媒體的一致好評。有一家媒體對此次發表會做了非常好的總結。

The motor company took the motorcycling world by surprise with the release of the revamped versions of the Road Glide and Street Glide completely different from their predecessors, a more modernized approach that made them superior to the previous generation in nearly every facet. The all new Street Glide and Road Glide models have set a new standard for the industry and the future of touring and adventure on 2-wheels with exceptional performance, cutting-edge innovation and bold new design, representing the largest investment made by the motor company into a single platform.

該摩托車公司發布了 Road Glide 和 Street Glide 的改良版，令摩托車界大吃一驚。全新的 Street Glide 和 Road Glide 車型以出色的性能、尖端的創新和大膽的新設計為行業和未來的兩輪旅行和冒險設定了新標準，代表了該汽車公司對單一平台的最大投資。

We believe that by elevating every aspect of performance, technology, comfort and style we have, without question, created the most enticing touring motorcycles ever offered by Harley-Davidson. We continue to see significant positivity for the product across the network and are excited for our riders to have full access to the lineup as the riding season gets underway. Included in our '24 launch and designed to celebrate 25 years of custom vehicle operations. Our CVO lineup expanded with the introduction of the all-new CVO Road Glide ST, representing the pinnacle of Becker Performance and the CVO Pan America fully kitted out for extraordinary adventures.

我們相信，透過提升性能、技術、舒適度和風格的各個方面，我們毫無疑問地打造出了哈雷戴維森有史以來最誘人的旅行摩托車。我們繼續看到整個網路對該產品的積極評價，並且很高興我們的騎手能夠在騎行季節開始時全面享受該產品陣容。包含在我們的'24發布會中，旨在慶祝定制車輛運營 25 週年。隨著全新 CVO Road Glide ST 的推出，我們的 CVO 產品線進一步擴大，它代表了 Becker Performance 的巔峰，而 CVO Pan America 則完全裝備好以應對非凡冒險。

The CVO Road Glide ST is the lightest fastest and most sophisticated performance bagger ever produced by Harley-Davidson. Taking from our popular low ride AST offering, the CVO Road Glide ST combines West Coast custom style, and the performance trend that we've been feeling with the King of the Bagger Racing series. To quote another outlet, the CVO ST is the best motorcycle Harley-Davidson has ever put out. For '24, we also repriced both the CVO Street and Road Glide models that we introduced during Homecoming last year in exciting new color options.

CVO Road Glide ST 是哈雷戴維森迄今為止生產的最輕、最快、最先進的高性能旅行車。 CVO Road Glide ST 借鑒了我們廣受歡迎的低底盤 AST 產品，融合了西海岸客製化風格以及我們在 King of the Bagger Racing 系列中感受到的性能趨勢。引用另一家媒體的說法，CVO ST 是哈雷戴維森迄今為止推出的最好的摩托車。針對'24 年，我們也對去年返校節期間推出的 CVO Street 和 Road Glide 車型重新定價，並提供了令人興奮的新顏色選擇。

The CVO Pan America is another new vehicle and the CVO program's first adventure touring motorcycle. All of the features that have made the Pan America 1250 specially a leading choice among discerning global adventure touring riders have been retained with the CVO Pan America being kitted out with an additional host of rugged accessories selected to enhance the journey.

CVO Pan America 是另一款新車，也是 CVO 計畫的第一款探險旅行摩托車。保留了 Pan America 1250 的所有功能，使其特別成為全球冒險旅行車手的首選，CVO Pan America 還配備了一系列精選的堅固配件，以增強旅程體驗。

With the Hardwire, we also made a commitment to introduce a series of motorcycles that align with our strategy to increase desirability and to drive the legacy of Harley-Davidson. With that in mind this February during Daytona Bike Week, we revealed the latest additions to our limited edition Harley-Davidson icons and the limited run enthusiast collection. For the '24 icons models, this year, we launched the Hydra-Glide Revival, celebrating the 75th year of this iconic motorcycle. The release was inspired by the look of the motorcycles written in the area of the upcoming film, The Bikeriders, which follows the rise of a Midwestern Motorcycle Club as seen through the lights of its members. Coming to your screens, this summer the film is scheduled to be released in the United States on June 21.

透過推出 Hardwire，我們也承諾推出一系列符合我們策略的摩托車，以增加消費者的吸引力並弘揚哈雷戴維森的傳統。考慮到這一點，在今年 2 月的戴通納摩托車週期間，我們推出了限量版哈雷戴維森標誌和限量版愛好者係列的最新產品。對於 24 款標誌性車型，今年我們推出了 Hydra-Glide Revival，慶祝這款標誌性摩托車誕生 75 週年。這部作品的靈感來自即將上映的電影《摩托騎士》中摩托車的外觀，該片透過成員的視角講述了美國中西部摩托車俱樂部的崛起。該片將於今年夏天 6 月 21 日在美國上映。

For the '24 enthusiast offering, we celebrated both music and motorcycles with the release of the Tobacco Fade Enthusiast motorcycle collection available across 3 models, the Low Rider ST, the Ultra limit and the Tri Glide Ultra. Again, we've seen a very positive response from customers to these offerings just in time for the rising season to get well underway.

對於 '24 愛好者產品，我們推出了 Tobacco Fade Enthusiast 摩托車系列來慶祝音樂和摩托車，該系列共有 3 種型號，分別是 Low Rider ST、Ultra limit 和 Tri Glide Ultra。我們再次看到，在葡萄生長季節到來之際，顧客對這些產品的反應非常正面。

Pillar 3, leading in electric. LiveWire continued to pioneer the EV segment with the launch of the S2 Mulholland, all new electric cruiser, the second bike on the S2 platform. The bike has been met with a very positive response in the industry as Karim will detail shortly. We're also very pleased that LiveWire has become the market leader for on-road EV motorcycles in the U.S. this past quarter. And with the company increasing its focus on vehicle and operational costs, it will also consolidate its operations in Milwaukee at Harley-Davidson's historic headquarter at Juno Avenue.

支柱3，電力領先。 LiveWire 繼續開拓電動車領域，推出了 S2 Mulholland，這是一款全新電動巡洋艦，也是 S2 平台上的第二款摩托車。這款自行車在業界獲得了非常積極的反響，卡里姆稍後會詳細介紹。我們也非常高興 LiveWire 在過去一個季度已成為美國道路電動摩托車的市場領導者。隨著公司越來越關注車輛和營運成本，它還將把其在密爾瓦基朱諾大道哈雷戴維森歷史總部的業務整合到一起。

Turning to Pillar 4, growth beyond bikes. In February, through HDFS, we launched Harley-Davidson Flex Financing. For the first time in our history, this innovative loan option provides an alternate way to purchase a Harley-Davidson motorcycle. By combining the benefits of attractive monthly payments, shorter terms and greater flexibility throughout the loan period. The product offers customers the ability to return the motorcycle at the end of the term, ready to replace or upgrade into the next Harley-Davidson purchase. We are committed to putting customers at the forefront of our products and experiences, HD Flex does just that, while providing them with another innovative financing option to make Harley-Davidson motorcycle ownership fit the individual budget and lifestyle.

轉向支柱四，超越自行車的成長。在二月，我們透過 HDFS 推出了 Harley-Davidson Flex Financing。在我們的歷史上，這是第一次，這種創新的貸款選擇提供了購買哈雷戴維森摩托車的另一種方式。透過結合有吸引力的每月付款、更短的期限和整個貸款期間更大的靈活性等優勢。該產品讓客戶能夠在到期時退回摩托車，以便在下次購買哈雷戴維森摩托車時進行更換或升級。我們致力於將客戶放在我們產品和體驗的最前沿，HD Flex 正是這樣做的，同時為他們提供另一種創新的融資選擇，使哈雷戴維森摩托車的所有權符合個人預算和生活方式。

Pillar 5 customer experience. We are just under 100 days to go, our second annual homecoming event will be taking place July 25 to 28. And last week, we announced the full roster of performance with headliners, including the Red Hot Chili Peppers, Jelly Roll and Hardy. Tickets are now on sale and we look forward to coming together with our community of fans, riders and their families to celebrate our brand of motoculture and music. And I hope to see many of you there.

支柱 5：顧客體驗。還有不到 100 天，我們的第二屆年度返校活動將於 7 月 25 日至 28 日舉行。門票現已開始發售，我們期待與我們的粉絲、騎士和他們的家人一起慶祝我們的摩托車文化和音樂品牌。我希望在那裡見到你們。

And lastly, on Pillar 6, inclusive stakeholder management. We are looking forward to formally unveiling the new community park at our Juno Avenue headquarters on June 24. The project, which has been pioneered by the Harley-Davidson Foundation, we look to further connect the company our brand and our employees to the local community, reinforcing our commitment to our home town Milwaukee. We could not be more excited to show you our neighborhood on the near West side.

最後，關於第六個支柱，包容性利害關係人管理。我們期待著 6 月 24 日在朱諾大道總部正式揭幕新的社區公園。我們非常高興向您展示我們位於西側附近的社區。

Before I hand over to Karim to cover Lightwire, I would like to cover our outlook for the rest of the year. As we said earlier in the year for HDMC we expect retail units to be flat to up 9%. From an inventory point of view, we believe these are appropriately positioned with the riding season getting into swing, and we continue to expect that wholesale unit shipments will move together with dealer retail sales on a balanced basis by the end of '24. This range would equate to wholesale unit shipments being down between 1% and 10% versus prior year. This was result in HDMC revenue coming in flat to down 9%. We expect HDMC operating income margin of 12.6% to 13.6%. This is flat to down 100 basis points from the '23 level.

在將 Lightwire 的話題交給 Karim 之前，我想先介紹一下我們對今年剩餘時間的展望。正如我們今年早些時候對 HDMC 所說的那樣，我們預計零售單位數量將持平或上漲 9%。從庫存的角度來看，我們認為，隨著騎行季節的到來，這些庫存的定位是合適的，我們繼續預計，到24年底，批發單位出貨量將與經銷商零售額一起平衡增長。這個範圍相當於批發單位出貨量比上年下降 1% 到 10%。這導致 HDMC 收入持平或下降 9%。我們預期 HDMC 營業收入利潤率為 12.6% 至 13.6%。這比 23 年的水準持平至下降 100 個基點。

Let me mention the specific drivers of this again, negative operating leverage due to lower wholesale volumes. Foreign currency, which we expect to be a headwind. Mix, which we expect to be slightly favorable. Pricing, which we expect to be slightly down as we eliminated the surcharge and fine-tuned our pricing strategy. And 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 motorcycles. At HDFS, we expect operating income led to up 5%, reflecting retail and wholesale portfolios and customers settling into the existing macroeconomic backdrop.

讓我再次提一下這個問題的具體驅動因素，即批發量下降導致的負經營槓桿。我們預計外幣將會是阻力。混合，我們預計它會略有有利。由於我們取消了附加費並微調了定價策略，我們預計定價將略有下降。最後，由於我們在新 Street Glide 和 Road Glide 摩托車生產的第一年重新調整了工廠流程，因此我們預計會產生一些額外的製造成本。在 HDFS，我們預計營業收入將成長 5%，這反映了零售和批發投資組合以及客戶對現有宏觀經濟背景的適應。

As you will hear from Karim now, for the full year, LiveWire is revising its operating loss guidance and now expects an improved operating loss of $105 million to $115 million from previous guidance of an operating loss of $115 million to $125 million.

正如您現在將從 Karim 那裡聽到的那樣，對於全年而言，LiveWire 正在修改其營業虧損預期，目前預計營業虧損將從之前預期的 1.15 億美元至 1.25 億美元改善至 1.05 億美元至 1.15 億美元。

Lastly, I would like to reinforce our commitment to returning excess free cash flow to our shareholders. We plan to continue to optimize our returns through share repurchases and appropriate dividend payments. You can see our commitment to capital returns since 2022 on Page 15. Since the beginning of '22 and through Q1 '24, we've bought back $773 million in shares and paid out $214 million in dividends. This equates to almost $1 billion in capital returned to shareholders since '22 and a share buyback amounting to 14% of our outstanding shares. We are planning to remain on a similar trajectory to this annualized rate throughout '24.

最後，我想強調我們向股東返還超額自由現金流的承諾。我們計劃透過股票回購和適當的股利支付繼續優化我們的回報。您可以在第 15 頁看到我們自 2022 年以來對資本回報的承諾。這相當於自 22 年以來向股東返還近 10 億美元的資本，並回購了占我們已發行股票 14% 的股票。我們計劃在整個24年內保持與這一年化率類似的軌跡。

Thank you. And now I'll hand it over to Karim.

謝謝。現在我將它交給卡里姆。

Thank you, Jochen. Good morning, everyone. We are happy to report on a successful launch of the S2 Mulholland in both the United States and Canada. This is the second model cycle built on the LiveWire developed S2 platform following the S2 Del Mar. This brings our lineup to feedback expanding the choices available to LiveWire riders. The response from the market has been positive with riders, retailers and media responding to the Mulholland timing and the option to choose the bike with a lower riding position.

謝謝你，約亨。大家早安。我們很高興地報告 S2 Mulholland 在美國和加拿大成功上市。這是繼 S2 Del Mar 之後，基於 LiveWire 開發的 S2 平台打造的第二款車型。市場反應非常積極，騎士、零售商和媒體都對穆赫蘭道計時以及選擇較低騎行位置的自行車的選項做出了回應。

In the first quarter, LiveWire reported sales of 117 units, an 86% increase over the first quarter of 2023. Our retail sales outpaced wholesale as Del Mar made its way into the channel, making, as Jochen mentioned, LiveWire, the #1 onboard electric motorcycles in the U.S. In Europe, we began shipping S2 Del Mar to our 4 priority countries at the end of the quarter, with products now available across our network in the region. We have similar plans for (inaudible) with the first bike being shipped to Europe as we speak.

第一季度，LiveWire 報告銷量為 117 輛，比 2023 年第一季度增長了 86%。我們也有類似的計畫（聽不清楚），第一輛自行車正在運往歐洲。

While we plan to expand our market leadership, our teams are working on design engineering and sourcing initiatives to reduce the cost of our products. We are also planning to reduce spend and closely manage cash across the operations to get the most out of our strategic investments. To that effect, we will centralize all of our operations in Juno Avenue in Milwaukee including the relocation of LiveWire lab operations from California to enable energy and efficiency. We will take this opportunity to streamline and revisit the organization structure to achieve simplicity in everything we do.

在我們計劃擴大市場領導地位的同時，我們的團隊正在致力於設計工程和採購計劃，以降低產品成本。我們還計劃減少開支並嚴格管理整個營運的現金，以最大限度地利用我們的策略投資。為此，我們將把所有業務集中在密爾瓦基朱諾大道，包括將 LiveWire 實驗室業務從加州遷至密爾瓦基，以提高能源和效率。我們將藉此機會精簡和重新審視組織結構，以實現我們所做的一切的簡化。

While we maintain the outlook for the revenue units, we now expect a $10 million improvement in operating while continuing to focus the larger portion of expenses on product innovation and market development. LiveWire is fully committed to the electrification of the sport by building the best product and delivering an unmatched customer experience.

在我們維持對收入部門的預期的同時，我們現在預計營運收入將增加 1000 萬美元，同時繼續將大部分支出集中在產品創新和市場開發上。 LiveWire 致力於打造最好的產品並提供無與倫比的客戶體驗，推動運動的電氣化。

Thank you. And now I'll hand it over to Jonathan.

謝謝。現在我將把麥克風交給喬納森。

Thank you, Karim, and good morning to all. I plan to start on Page 5 of the presentation, where I will briefly summarize the consolidated financial results for the first quarter of 2024, and subsequently, I will go into further detail on each business segment. Consolidated revenue in the first quarter was down 3%, driven by HDMC revenue decrease of 5% and which was partially offset by HDFS revenue growth of 12%. Consolidated operating income in the first quarter performed in line with our expectations and was down 29%, driven by a decline of 29% at HDMC, a decline of 8% at HDFS and an operating loss of $29 million in the LiveWire segment.

謝謝你，卡里姆，大家早安。我計劃從簡報的第 5 頁開始，簡要總結 2024 年第一季的綜合財務業績，隨後，我將進一步詳細介紹每個業務部門。第一季綜合營收下降 3%，其中 HDMC 營收下降 5%，但被 HDFS 營收成長 12% 部分抵銷。第一季綜合營業收入符合我們的預期，下降 29%，其中 HDMC 下降 29%，HDFS 下降 8%，LiveWire 部門營業虧損 2,900 萬美元。

Consolidated operating income margin in the first quarter was 15.2%, representing a 545 basis point decline versus Q1 of 2024. The lower consolidated margin is largely due to a lower Q1 margin at HDMC driven by lower volumes, pricing and associated throughput. I plan to go into further detail on each business segment's profit and loss drivers in the next section. First quarter earnings per share was $1.72. In Q1, global retail sales of new motorcycles were flat versus the prior year. In North America, Q1 retail sales were up 6% and driven primarily by the redesigned and all new Street Glide and Road Glide touring motorcycles, which were introduced at the end of January.

第一季綜合營業收入利潤率為 15.2%，較 2024 年第一季下降 545 個基點。我計劃在下一節中進一步詳細介紹每個業務部門的獲利和虧損驅動因素。第一季每股收益為 1.72 美元。第一季度，全球新摩托車零售量與去年持平。在北美，第一季零售額成長 6%，主要得益於 1 月底推出的重新設計的全新 Street Glide 和 Road Glide 旅行摩托車。

In EMEA, Q1 retail sales declined by 11% due to weakness in Germany and France. Overall, EMEA continues to be adversely impacted by macroeconomic conditions and geopolitical uncertainty, which has led to sluggish economic growth. In Asia Pacific, Q1 retail sales declined by 12%, driven by weakness primarily in China. This is the third quarter in a row where we have experienced declines in the region after 6 sequential quarters of solid year-over-year growth in Asia Pacific.

在歐洲、中東和非洲地區，由於德國和法國經濟疲軟，第一季零售額下降了 11%。總體來看，歐洲、中東和非洲地區持續受到宏觀經濟狀況和地緣政治不確定性的不利影響，導致經濟成長緩慢。在亞太地區，第一季零售額下降了 12%，主要原因是中國經濟疲軟。在亞太地區連續 6 個季度實現同比穩步增長之後，這是該地區連續第三個季度出現下滑。

In Latin America, Q1 retail sales experienced modest growth in both Mexico and Brazil. Dealer inventory at the end of Q1 was up approximately 26% as compared to the end of Q1 in 2023. We believe current dealer inventory and product availability are in healthy positions overall as we approach the spring 2024 riding season. This is important with the recent launch of new model year 2024 motorcycles, especially with the positive reception to our new Street Glide and Road Glide touring models.

在拉丁美洲，墨西哥和巴西第一季的零售額均出現小幅成長。與 2023 年第一季末相比，第一季末的經銷商庫存增加了約 26%。我們相信，隨著 2024 年春季騎行季節的臨近，當前經銷商庫存和產品供應總體上處於健康狀態。這對於最近推出的 2024 年新摩托車來說非常重要，尤其是我們的新 Street Glide 和 Road Glide 旅行車型受到了積極的反響。

Looking at revenue, HDMC revenue decreased by 5% in Q1. Focusing on the key drivers for the quarter, 7 points of decline came from decreased wholesale volume at HDMC largely due to the fact that dealers were rebuilding dealer inventory in Q1 2023 after the lows they experienced following the pandemic. Motorcycle shipments in the quarter, while below prior year, were slightly ahead of 2021 and 2022 levels. 3 points of decline came from pricing, which includes the impacts of the pricing surcharge elimination, other pricing actions on 2024 model year and sales incentives. Mix contributed 4 points of growth as we continue to prioritize our most profitable models and markets. And finally, foreign exchange was flat to Q1 prior year.

從營收來看，HDMC第一季營收下降了5%。關注本季的關鍵驅動因素，7 個點的下降來自於 HDMC 的批發量下降，這主要是由於經銷商在經歷了疫情後的低谷後，於 2023 年第一季度重建了經銷商庫存。本季摩托車出貨量雖然低於去年同期，但略高於 2021 年和 2022 年的水準。 3 個百分點的下降來自定價，其中包括取消定價附加費、對 2024 車型年的其他定價行動以及銷售激勵的影響。由於我們繼續優先考慮最賺錢的模式和市場，Mix 貢獻了 4 個成長點。最後，外匯匯率與去年同期持平。

In Q1, HDMC gross margin was 31.2%, which compares to 35.8% in the prior year. The decrease of 450 basis points was driven by lower operating leverage and the revenue factors I just spoke about as well as continued modest cost inflation of 1% to 2%. The majority of the units shipped in the first quarter of 2024 and 2023 were produced in the preceding fourth quarters in advance of the new model year launch. Production volumes were down 24% in the fourth quarter of 2023 compared to the fourth quarter of 2022, which resulted in a higher fixed cost per unit on motorcycles shipped in Q1 of 2024 compared to Q1 of 2023.

第一季度，HDMC毛利率為31.2%，去年同期為35.8%。 450 個基點的下降是由於較低的營運槓桿和我剛才談到的收入因素，以及持續 1% 至 2% 的適度成本通膨。 2024 年和 2023 年第一季出貨的大部分車輛是在新車型年推出之前的第四季生產的。 2023 年第四季的產量與 2022 年第四季相比下降了 24%，導致 2024 年第一季出貨的摩托車每單位固定成本高於 2023 年第一季。

The unfavorable impact of lower operating leverage was offset by other productivity savings related primarily to logistics during the quarter. HDMC operating margin came in at 16.2%, which is above our full year expectations and in line with expectations for the quarter. At Harley-Davidson Financial Services, Q1 revenue increased by $26 million or 12%, driven by higher retail and commercial finance receivables as well as higher average yields as the portfolio resets over time due to higher base rates, which are driving higher interest income.

較低的營運槓桿帶來的不利影響被本季主要與物流相關的其他生產力節省所抵消。 HDMC 營業利益率為 16.2%，高於我們的全年預期，並符合本季的預期。哈雷戴維森金融服務公司第一季的收入增加了 2,600 萬美元，增幅為 12%，這得益於零售和商業金融應收帳款的增加，以及平均收益率的提高（由於基準利率的提高，投資組合隨著時間的推移而重置，從而推動了更高的利息收入）。

HDFS operating income was $54 million, down $5 million or 8% compared to last year. The Q1 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 $15 million or 21% 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.

HDFS 營業收入為 5,400 萬美元，較去年同期下降 500 萬美元，降幅為 8%。第一季的下滑是由於借貸成本上升、信貸損失準備金增加以及營運費用上升。這些增加的成本被更高的利息收入部分抵消。總利息支出比上年增加 1,500 萬美元，或 21%。由於低利率債務到期並被當前市場利率債務取代，導致資金成本上升，推動了這一增長。

In Q1, HDFS' annualized retail credit loss ratio was 3.7% which compares to an annualized retail credit loss ratio of 3.2% in Q1 of 2023. The increase in credit losses was driven by several factors relating to the current macroeconomic environment and the related customer and industry dynamics. In addition, the retail allowance for credit losses for the first quarter remained flat at 5.4% from Q4 of 2023. Total retail loan originations in Q1 were up 2% while commercial financing activities were up 22% to $1.5 billion. Total quarter end net financing receivables, including both retail loans and commercial financing was $7.9 billion, which was up 4% versus prior year.

第一季度，HDFS 的年化零售信貸損失率為 3.7%，而 2023 年第一季的年化零售信貸損失率為 3.2%。此外，第一季零售信貸損失準備金與 2023 年第四季持平，為 5.4%。季末淨融資應收帳款總額（包括零售貸款和商業融資）為 79 億美元，較上年增加 4%。

For the LiveWire segment, electric motorcycles revenue decreased in the first quarter of 2024 compared to the prior year period despite higher unit sales in the quarter. The lower revenue was due primarily to product mix and the onetime adjustment relating to a change in their retail partner strategy. Selling, engineering and administrative expenses remained relatively flat compared to the prior year. As expected, basic revenue was down compared to Q1 of 2023, primarily due to a reduction in third-party brand and distributor volumes.

對於 LiveWire 部門而言，儘管 2024 年第一季的電動摩托車銷量較高，但其收入與去年同期相比有所下降。收入下降主要歸因於產品組合以及與零售合作夥伴策略變化相關的一次性調整。銷售、工程和管理費用與去年相比保持相對穩定。正如預期的那樣，基本收入與 2023 年第一季相比有所下降，主要是由於第三方品牌和分銷商數量減少。

LiveWire operating loss of $29 million was in line with our expectations as LiveWire continued to invest in new motorcycle models and action initiatives to reduce EV costs. In addition, SG&A was flat to prior year. Wrapping up with consolidated Harley-Davidson, Inc. full year financial results, we delivered $104 million of operating cash flow in Q1, which was up from $47 million in the prior period. The increase in operating cash flow was due primarily to lower net cash outflows for wholesale financing and favorable changes in working capital compared to Q1 of 2023.

LiveWire 2900 萬美元的營業虧損符合我們的預期，因為 LiveWire 繼續投資新的摩托車車型和行動計劃以降低電動車成本。此外，銷售、一般及行政開支與上年度持平。總結哈雷戴維森公司全年財務業績，我們在第一季實現了 1.04 億美元的營運現金流，高於上一期的 4,700 萬美元。經營現金流的增加主要是由於與 2023 年第一季相比批發融資的淨現金流出減少以及營運資本的有利變化。

Total cash and cash equivalents ended at $1.5 billion, which was $97 million lower than at the end of Q1 prior year. This consolidated cash number includes $141 million at LiveWire. Additionally, as part of our capital allocation strategy and in line with our commitment to return capital to our shareholders, we bought back 2.5 million shares of our stock at a value of $98 million in Q1 of 2024. As we look to the rest of 2024, we remain excited about our new 2024 motorcycle lineup, and as Jochen discussed, we are reaffirming our full year guidance with the exception of the improvement noted in LiveWire operating loss.

總現金和現金等價物最終為 15 億美元，比去年同期第一季末減少 9,700 萬美元。這一合併現金數字包括 LiveWire 的 1.41 億美元。此外，作為我們資本配置策略的一部分，並按照我們向股東返還資本的承諾，我們在 2024 年第一季回購了 250 萬股股票，價值 9,800 萬美元。

I would like to put some unit numbers to our 2024 outlook that Jochen cited earlier, and these are in line with what we said on our last earnings call, which took place in February. At HDMC we expect that retail units sold and wholesale unit shipments will move together on a balanced basis in 2024. We expect 163,000 to 178,000 retail and wholesale units. This results in HDMC revenue coming in flat to down 9% versus prior year.

我想將 Jochen 之前提到的一些 2024 年展望納入其中，這些數字與我們在 2 月舉行的上一次財報電話會議上所說的一致。在 HDMC，我們預計零售單位銷售和批發單位出貨量將在 2024 年平衡發展。這導致 HDMC 收入與上年相比持平或下降 9%。

Last, I will touch on a couple of additional items in terms of capital investments and capital allocation. We continue to expect total HDI capital investments in the range of $225 million to $250 million. As we look at capital allocation in 2024, our priorities remain to fund profitable growth of the hardwire initiatives, which includes the capital expenditures mentioned previously, paying dividends and continuing to execute discretionary share repurchases.

最後，我將談談資本投資和資本配置的幾​​個其他事項。我們繼續預期 HDI 資本投資總額將在 2.25 億美元至 2.5 億美元之間。當我們審視 2024 年的資本配置時，我們的首要任務仍然是資助硬體計畫的獲利成長，其中包括前面提到的資本支出、支付股利和繼續執行自由裁量股票回購。

And with that, we will open it up to Q&A.

接下來，我們將開始問答環節。

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

（操作員指示）我們的第一個問題來自貝爾德的 Craig Kennison。

I'm wondering if you can speak to the health of the dealer network. We've seen kind of across our powersports and marine coverage that dealers have been struggling with too much inventory and skinny margins and then rates are moving against them as well, which hurts on the floor plan side. Nothing really unique to Harley-Davidson, but there is a lot of macro stress. I'm just wondering how you feel about the health of the dealer network and whether you're hearing anything different from your new Chief Commercial Officer, Luke Mansfield.

我想知道您是否可以談談經銷商網路的健康狀況。我們從動力運動和船舶報道中看到，經銷商一直在努力應對庫存過多和利潤微薄的問題，而且利率也對他們不利，這對平面圖方面造成了損害。哈雷戴維森並沒有什麼獨特之處，但卻承受著很大的宏觀壓力。我只是想知道您對經銷商網路的健康狀況有何看法，以及您是否從新任首席商務官盧克·曼斯菲爾德那裡聽到了不同的意見。

Craig, it's Jonathan. Thank you for your question. I'll start. And so I think relative to dealers, if we look at dealers today, certainly, certainly, from a Harley-Davidson perspective, there's enthusiasm for what's out there. And I think a recognition that customers are showing up, taking a look at our new Street Glide and Road Glide motorcycles and then obviously the other 24 model years. So as you look at the start to the year, I think we're pretty pleased with what that looks like. And I think the dealer sentiment generally goes with that.

克雷格，我是喬納森。感謝您的提問。我先開始。因此我認為相對於經銷商，如果我們今天從哈雷戴維森的角度來看經銷商，肯定會發現他們對市場上的產品充滿熱情。我認為，客戶意識到，他們紛紛前來參觀我們的新 Street Glide 和 Road Glide 摩托車，當然，他們還會參觀其他 24 款車型。因此，當你回顧今年年初時，我想我們對目前的情況感到非常滿意。我認為經銷商的情緒大致上也與此一致。

The one concern that probably is worth being open and honest about is that in an environment where interest rates have moved up a little bit, that certainly has an impact on dealers and dealer health. So from our perspective, we do pay a lot of attention to kind of the position that our dealers are in the health of the entire network. We think that's something to be very important to key in on. And so from their perspective, a little bit of concern around what they see from a floor plan perspective.

值得坦誠討論的一個問題是，在利率略有上升的環境下，這肯定會對經銷商及其健康產生影響。因此從我們的角度來看，我們確實非常關注經銷商在整個網路的健康中所處的地位。我們認為這是非常重要的一點。因此，從他們的角度來看，他們對於從平面圖角度看到的東西有一點擔憂。

For us, as you heard Jochen talk about on some of his introductory comments. We are paying attention to that balance between what we're putting into the channel in retail over the course of 2024. So we are supporting them through paying attention to that. As you know, we do also have some selective interest rate subvention for customers on customer-facing programs only for a 2023 model year product. At this point, that obviously helps drive dealer traffic that helps attract the more rate-sensitive customers and really help them move through their inventory.

對我們來說，正如你們聽到 Jochen 在他的一些介紹評論中所談論的那樣。我們正在關注 2024 年期間在零售通路投入的平衡。如您所知，我們確實也為面向客戶計劃的客戶提供一些選擇性利率補貼，但僅限於 2023 年產品。此時，這顯然有助於推動經銷商流量，有助於吸引對價格更敏感的客戶，並真​​正幫助他們消化庫存。

And then obviously, as an organization, we make sure that we have some dealer-facing programs that are out there that really support and bolster their overall health. And so from that perspective, I think something that we do stay attuned to, something that we certainly make sure that we take a look at and something that -- I think we need to make sure that, as an industry, we're sensitive to as we move through 2024.

然後顯然，作為一個組織，我們確保我們有一些經銷商的計劃，這些計劃可以真正支持和增強他們的整體健康。因此，從這個角度來看，我認為我們確實需要關註一些事情，我們一定會確保對其進行關注，而且我認為我們需要確保，作為一個行業，我們在邁向 2024 年時能夠對此保持敏感。

Just as a quick follow-up, do you have any metrics to share on how fresh or current year inventory as compared to prior periods.

作為一個快速的跟進，您是否有任何指標可以分享與前期相比新鮮或當年的庫存情況？

Sure. So as we take a look at the mix that we have from a unit perspective, it does look a little bit different as you look across the globe. So some different answers, I think, that vary when you look at North America versus EMEA versus Asia Pacific and Latin America. So obviously, as we roll out the new model year, it hits our North American dealers before it sort of touches the international dealers. So if we look at where we were in North America, for example, about 35% of dealer inventory was comprised of 2023 model year or noncurrent model year bikes. As you sort of move around the globe, it looks a little bit different.

當然。因此，當我們從單位角度審視我們的組合時，從全球來看，它確實有點不同。所以我認為，當你觀察北美、歐洲、中東和非洲、亞太地區和拉丁美洲時，答案會有所不同。因此顯然，當我們推出新車型時，它會先在北美經銷商處銷售，然後才接觸國際經銷商。因此，如果我們看看北美的情況，大約 35% 的經銷商庫存由 2023 年或非當前的自行車組成。當你環遊世界時，它看起來有點不同。

So from an EMEA perspective, we get the 2024s into market because of shipping times homologation, et cetera, a little bit later. So from an EMEA standpoint, it would look more like 70% -- same thing with Asia Pacific and Latin America. So they're probably more like 70%, 75% at the end of Q1 that are 2023 or prior. So obviously, there's sort of a cadence that flows around the globe. But probably, if you are talking with North American dealers, is there probably is a little more conversation there, you would see that it's somewhere around 1/3 that are '23 and older.

因此，從 EMEA 的角度來看，由於運輸時間認證等原因，我們將 2024 年車型推向市場的時間稍晚。因此，從 EMEA 的角度來看，這個數字更像是 70%——亞太地區和拉丁美洲的情況也是如此。因此，到第一季末，2023 年或之前的比例可能更可能是 70%、75%。顯然，全球範圍內存在著一種節奏。但是，如果你正在與北美經銷商交談，可能會有更多的對話，你會發現大約有三分之一的人是 23 歲及以上。

Yes, Craig, Jochen here. Just a little bit more color here. We expect model year '23 to be more or less gone by the end of the second quarter. The rate with which the '23s are selling down in the U.S. is as planned. And as Jonathan said, with the new product coming in, the '23s are reducing nicely. So by the end of the second quarter, we should be pretty much -- I don't want to say out of there's always going to be 1 or 2 left the dealer, but a significant portion of the '23s will be going based on what we are seeing now.

是的，Craig，我是 Jochen。這裡顏色稍微多一點。我們預計 23 款車型將在第二季末基本結束。 23 款車型在美國的銷售速度符合預期。正如喬納森所說，隨著新產品的推出，23 款的價格正在大幅下降。因此到第二季末，我們應該差不多——我不想說總會有 1 或 2 輛汽車離開經銷商，但根據我們現在看到的情況，很大一部分 23 輛汽車將會售出。

And as you look at how we expect wholesale and retail to move, obviously, in the first quarter, getting ready for riding season, we shipped more motorcycles than we retailed in advance of the riding season. You should expect Q2 to be more in equilibrium retail wholesale. And then in the second half, we would expect retail to overtake wholesale. So just sort of a little bit of color of how we expect the year to unfold.

當您看到我們預計批發和零售情況如何時，顯然，在第一季度，為了迎接騎行季節，我們在騎行季節之前運送的摩托車比零售的多。您應該預期第二季的零售批發將更加均衡。我們預計下半年零售額將超過批發額。這只是我們對今年發展前景的一點預測。

Our next question comes from Joe Altobello from Raymond James.

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

Just wanted to follow up on Craig's question. Not so much inventory, but more retail. If I look at North America, the retail growth of 6% you had in the first quarter, could you give us a sense for how that might have broken down between the model year '23s versus the new model year '24s.

只是想跟進 Craig 的問題。庫存不是那麼多，但零售更多。如果我看一下北美，第一季零售額成長了 6%，您能否告訴我們 23 年款車型和 24 年款新車型之間的差異如何？

Sure. Thank you, Joe. Good question. Obviously, as you look throughout the first quarter and you think about the impact that model year had on sort of sales trajectory and sales path. As you started the quarter in January, we were heavily 2023 since we didn't get the 2024s out there until we got into -- partway into Q1. So from a January perspective, it was probably in the range of 75%, 80% that were '23 or prior. And then as we moved through the quarter, that percentage increase to the majority by March were obviously 2024 related.

當然。謝謝你，喬。好問題。顯然，當你回顧整個第一季並思考車型年份對銷售軌跡和銷售路徑的影響時。當您在 1 月開始本季時，我們將重點放在 2023 年，因為直到第一季中途我們才推出 2024 年的產品。因此從 1 月的角度來看，23 年或之前的比例可能在 75% 到 80% 之間。然後，隨著我們進入本季度，到 3 月份大多數的百分比增長顯然與 2024 年有關。

There's also a little bit of a difference as you look at some of those dynamics by family. So as we look within touring, for example, a somewhat higher percentage of customer interest in North America that was focused on the all-new Street Glide and Road Glide motorcycles. From the commentary that we just talked about, if you look outside of the U.S., it certainly was a significantly smaller percentage of '24s. And then as you would imagine, we see that increasing meaningfully as we get into Q2 and beyond.

如果你從家庭的角度來觀察一些動態，你會發現一些差異。以旅行車為例，我們發現北美顧客對全新 Street Glide 和 Road Glide 摩托車的興趣增加。從我們剛才談到的評論來看，如果你看看美國以外的地方，‘24’ 的比例肯定要小得多。然後正如您所想像的那樣，隨著進入第二季度及以後，我們看到這一數字顯著增加。

Very helpful. Just a follow-up on that. Maybe sort of give us a sense for how trends progressed throughout the quarter, maybe here in April. I know January was a tough month from a weather perspective and the model year 24s haven't launched yet. But what are you seeing so far as the weather is getting warmer. And I guess just to kind of clarify, was flat Global Retail in Q1 in line with what you guys were expecting going in?

非常有幫助。這只是對此的後續行動。或許可以讓我們了解整個季度（也許是四月）的趨勢如何發展。我知道從天氣角度來說，一月是一個艱難的月份，而且 24 款車型尚未上市。但就天氣漸暖而言你看到了什麼？我想澄清一下，第一季全球零售額持平是否符合你們的預期？

Jochen here. Yes, based on the fact that, as Jonathan and I mentioned earlier, we only get our international '24 model year into markets starting in March, some regions, some margins -- some markets only even got the '24s at the end of March. So if you now look at the U.S. market or North America, January, the first 3 weeks were very -- was very little or actually no new product in market. And overall, it was a poor start to the quarter. as we had already highlighted in our February call and with the new product flowing into the market, we saw a significant uptick, which continued throughout March.

這裡是約亨。是的，正如喬納森和我之前提到的，基於這樣的事實，我們只是從 3 月份開始將我們的 24 款國際車型推向市場，在某些地區、某些地區 - 某些市場甚至要到 3 月底才收到 24 款車型。因此，如果你現在看看美國市場或北美，一月份的前三週，市場上的新產品很少，甚至沒有。總體而言，本季的開局不佳。正如我們在二月電話會議上所強調的那樣，隨著新產品湧入市場，我們看到了顯著的上升趨勢，而這種趨勢持續了整個三月。

And we are expecting that we see positive impact of the new model year now flowing into the international market, while recognizing that the touring segment has -- while it's important, is not having the same impact on overall sales as it does in the United States where it's the dominant category.

我們預期新車型將對國際市場產生正面影響，同時也意識到旅行車市場雖然很重要，但對整體銷售的影響並不像在美國那麼大，在美國旅行車占主導地位。

Looking into April, early days, but I would say all things considered overall, I would call it so far so good. And certainly a lot better than what we've seen at the beginning of the first quarter. So we are overall positive for the quarter, and that's also reflected in our unchanged guidance.

展望四月，雖然還只是初期，但我想說，綜合考慮所有因素，我認為到目前為止一切都很好。肯定比我們在第一季初看到的情況要好得多。因此，我們總體上對本季持樂觀態度，這也反映在我們不變的指引中。

Our next question comes from Fred Wightman from Wolfe Research.

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

I just wanted to ask another one about the difference as far as '23 versus '24. I know in the past, you guys have targeted sort of plus or minus 2% in terms of MSRP realization. Is what you're seeing for '24 is sort of in line with that so far?

我只是想問另一個人關於 '23 和 '24 的區別。我知道，過去你們的目標是製造商建議零售價實現的上下浮動 2%。到目前為止，您對 24 年的看法是否與此一致？

That is correct. Yes.

正確。是的。

Okay. And I know that you guys had made a reserve for dealer support at the end of last year. I think it was $40 million. Is that still something that you think is sufficient to clear through the rest of those '23s?

好的。我知道你們在去年年底已經為經銷商支持預留了資金。我認為是 4,000 萬美元。您仍然認為這足以清除剩餘的 23 個嗎？

Yes. So Fred, this is Jonathan. Good question. So as we as we take a look at financials relative to support to move through those units at retail, obviously, the majority of the dollars were reserved for in Q4. There were some select segments where we made the offer a little bit more attractive from a rate standpoint. And with that, we took a dollar amount that hit our Q1 financials of about $18 million in Q1, and that's reflected as you take a look at our price walks that we put out there. But overall, we feel like the majority of the dollars obviously have been reserved. And then from what we talked about in the prior question, as that inventory sells through and moves down, obviously, from our perspective, the exposure decreases as the units decrease.

是的。弗雷德，這是喬納森。好問題。因此，當我們查看與支持這些零售單位的財務狀況相關的資訊時，顯然大部分資金都是在第四季度保留的。對於某些特定細分市場，我們從價格角度提供了更具吸引力的優惠。這樣一來，我們在第一季的財務報表中就產生了約 1800 萬美元的金額，這在我們公佈的價格變動中就有所反映。但總體而言，我們感覺大部分資金顯然已被保留。然後從我們在上一個問題中討論的內容來看，隨著庫存銷售完畢並下降，顯然，從我們的角度來看，隨著單位數量的減少，曝光率也會降低。

(inaudible) impact you should expect in the first quarter and the units are now going down. So that is reduced and the majority has been budgeted for in anticipation.

（聽不清楚）你應該預料到第一季會產生影響，而且現在單位數量正在下降。因此，這筆金額減少了，大部分都已預先編入預算。

Our next question comes from Alex Perry from Bank of America.

下一個問題來自美國銀行的亞歷克斯·佩里。

I think maybe a follow-up on that last question, but could you just talk about how HDMC gross margins played out versus your expectations when you sort of put all the pieces together. And I guess as we move through the year, would you expect to start to see year-over-year expansion in HDMC gross margins? Or how much should we be expecting from pressure from pricing and incentives.

我想也許是對最後一個問題的後續回答，但您能否談談將各個部分放在一起後，HDMC 的毛利率與您的預期相比如何。我想，隨著時間的流逝，您是否預期會看到 HDMC 毛利率逐年擴大？或者我們應該對定價和激勵措施的壓力抱有多大的期待。

Yes. I'll let Jonathan take or explain the details. But overall, first quarter played out the way we've expected it and we held our margin guidance firm. So we feel that the next quarters will go also as expected with improvements in gross profit margin along the line. So overall, we -- there's nothing that surprised us in the first quarter the way that gross margin played out, and we think we can achieve our targets that we've set in terms of guidance. Jonathan?

是的。我會讓喬納森來講解或解釋細節。但整體而言，第一季的表現符合我們的預期，我們維持了利潤率預期。因此，我們認為接下來的幾季也將如預期那樣，毛利率將隨之提高。因此總體而言，第一季的毛利率表現並沒有什麼令我們感到驚訝的，我們認為我們可以實現我們在指導方面設定的目標。喬納森？

Okay. Thanks Jochen. Alex, just to add a little bit more color on your question. I think in Q1, gross margin came in at 31.2%, which compares to 35.8% in the prior year. So obviously, as you look at that, a decrease of about 450 basis points, that was driven by lower operating leverage and the revenue factors that we walk through on Page 7 in the deck. So we have some more materials on that. We obviously -- as we look at the gross margin, as we move forward, we do envision modest cost inflation of something that's around 2%. So about where we were last year, maybe up a tiny bit from an inflation standpoint, certainly down pretty meaningfully from 2022.

好的。謝謝 Jochen。亞歷克斯，我只是想對你的問題做一些補充。我認為第一季的毛利率為 31.2%，而去年同期為 35.8%。因此顯然，正如您所看到的，下降了約 450 個基點，這是由於較低的經營槓桿和我們在第 7 頁介紹的收入因素所致。因此我們還有更多有關這方面的資料。顯然，當我們展望毛利率時，我們確實預期成本通膨率將溫和上升至 2% 左右。因此，與去年的情況相比，從通膨的角度來看可能略有上升，但與 2022 年相比肯定會大幅下降。

And hang with me here, as I explain some of this, but the majority of the units that we ship in the first quarters. So think about 2024 and 2023, those were produced in the preceding fourth quarters in advance of the new model year launch. As we sort of try to put this into perspective, production volumes in the fourth quarter of '23 were down about 24% compared to the fourth quarter of 2022, which results in a higher fixed cost per unit on motorcycles that end up getting shipped in, in the respective quarters.

請耐心等待，我會解釋其中的一些內容，但大多數產品都是在第一季發貨的。想想 2024 年和 2023 年，它們是在新車型年推出之前的第四季度生產的。我們試著從某個角度來看待這一點，2023 年第四季的產量與 2022 年第四季相比下降了約 24%，這導致最終在相應季度運入的摩托車的單位固定成本更高。

That unfavorable impact of the lower operating leverage is offset through productivity savings in the latest quarter were primarily related to logistics. There was also a little bit of mix noise in this quarter between motorcycle, P&A and A&L. And so the kind of complexion or makeup between motorcycle P&A and A&L causes some uniqueness as we analyze the dollars, so favorable dollars and unfavorable percent that really expresses the additional dollars from the motorcycle mix with a decreasing mix from A&L and P&A which have typically favorable margins.

較低經營槓桿帶來的不利影響透過最新季度主要與物流相關的生產力節約而被抵消。本季摩托車、P&A 和 A&L 之間也出現了一些混合噪音。因此，當我們分析美元時，摩托車 P&A 和 A&L 之間的狀況或組​​成會導致一些獨特性，因此有利的美元和不利的百分比實際上表達了來自摩托車組合的額外美元，而來自 A&L 和 P&A 的組合減少，而這通常具有有利的利潤率。

So good question. I think, a unique situation in terms of where we are. And then as Jochen touched on, when we sort of flow that gross margin guidance, all the way through to sort of OI margin and what we envision on that front. We came in at 16.2%, which is above our full year expectations, and as Jochen touched on, in line with expectations for the quarter. So hopefully, a little more color probably than you asked for, but hopefully, that helps explain where we are.

真是好問題。我認為，就我們目前所處的情況而言，這是一種獨特的情況。然後，正如 Jochen 所提到的，當我們將毛利率指導一直延伸到 OI 利潤率以及我們對此的設想時。我們的成長率達到了 16.2%，高於我們的全年預期，正如 Jochen 所提到的，符合本季的預期。因此，希望您能提供比您要求的更多細節，但希望這有助於解釋我們所處的位置。

Our next question comes from James Hardiman from Citi.

下一個問題來自花旗銀行的詹姆斯哈迪曼。

I wanted to dig just a little bit more on the retail front and sort of how the first quarter plays into the full year. Obviously, worldwide retail flat for the first quarter. Your full year guidance is based on 0 to 9. I think a lot of us -- or at least the way I thought about it was that you had bunch of new products in the first quarter, easy comps there and then a lot of promotional dollars. So I sort of assume that the first quarter will be the strongest of the year. Maybe walk us through how you guys think about the quarterly cadence of what retail is ultimately going to look like? What it sort of needs to look like to get to your guide? And do you need any macro help to sort of get to where you think you need to be?

我想進一步深入了解零售方面的情況以及第一季對全年的影響。顯然，第一季全球零售業持平。您的全年指引是基於 0 到 9。因此我認為第一季將是今年以來表現最強勁的季度。或許你可以向我們介紹一下你們對零售業最終季度節奏的看法？要到達你的指南需要看起來是什麼樣子？您是否需要任何巨集幫助來達到您認為需要的目標？

Thanks, James. It is always hard to predict retail, but I think one factor in the first quarter do consider is the '24 is not coming into the international market until very late in the quarter or not at all in some markets, as I mentioned earlier. And that should help pull some of at least the EMEA region out of the negative that we've seen in the first quarter to something that's more balanced going forward. So that's helpful.

謝謝，詹姆斯。預測零售業總是很難，但我認為第一季要考慮的一個因素是，正如我之前提到的，'24 直到本季末才進入國際市場，或者在某些市場根本沒有進入。這應該有助於至少使歐洲、中東和非洲地區擺脫第一季出現的負面局面，走向更平衡的發展狀態。這很有幫助。

I think if you look at the Asia market with the weakness in China, although we expect some improvement. I would say that's unlikely to turn significantly positive. We'll have to see how that pans out. But I'm more skeptical about the Asian market, but we've budgeted accordingly. Latin America has been positive. And the U.S., if you look at the second quarter, the comp versus prior year is a little tougher than the back half of the year.

我認為，如果你看看亞洲市場，你會發現中國市場較為疲軟，儘管我們預期會有所改善。我想說的是，這種情況不太可能產生顯著的正面影響。我們將拭目以待事情結果如何。但我對亞洲市場持懷疑態度，但我們已經制定了相應的預算。拉丁美洲一直表現積極。而如果你看美國第二季的情況，你會發現與去年同期相比，美國的情況比下半年稍微艱難一些。

So you should possibly expect that the North American market -- we don't know if it's going to be positive or how positive is we feel really confident about the market. But if you just look at comps, the back half is much simpler, easier comps than the second quarter. I hope that helps a little bit to contextualize.

所以你可能應該預料到北美市場——我們不知道它是否會是正面的，或者我們對這個市場有多有信心。但如果你只看比較，後半部比第二季簡單很多，也容易得多。我希望這能對理解背景有所幫助。

But in the first quarter, we certainly didn't have any help with the exception of Latin America that was positive albeit in small numbers from the international market. We hope that, that changes at least in EMEA, and we are confident for the rest of the year, which is -- but we also have to recognize that we're really just entering the writing season as we speak now, and a lot depends on the second quarter, which is why we have not changed our guidance at this point in time. other than confirming our 0 or flat to 9%. But we feel comfortable about that. And hopefully, we'll have more to say at the end of the second quarter.

但在第一季度，我們確實沒有得到任何幫助，除了拉丁美洲，儘管國際市場對拉丁美洲的幫助很小，但還是有正面作用的。我們希望，至少在歐洲、中東和非洲地區，這種情況會有所改變，我們對今年剩餘時間的表現充滿信心，但我們也必須認識到，我們現在才剛剛進入寫作季節，很多事情都取決於第二季度，這就是為什麼我們目前還沒有改變我們的指導方針。除了確認我們的 0 或持平至 9% 之外。但我們對此感到很安心。希望我們在第二季末能有更多消息可說。

That's great color. Maybe just a point of clarification. So is it safe to assume that given the touring focus of the new products that the U.S. market is going to outperform the rest of the world pretty meaningfully. Any way to think through that for the year.

顏色真棒。也許只是為了澄清一點。因此，我們可以安全地假設，鑑於新產品的巡迴演出重點，美國市場的表現將相當顯著地優於世界其他地區。有什麼方法可以考慮這一年的問題嗎？

Well, I don't want to predict what the international markets are going to say or are able to deliver. But I would say there's likely some outperformance in North America for the entire year. I think that's realistic to assume.

嗯，我不想預測國際市場將會說什麼或能夠帶來什麼。但我想說，北美全年的表現可能會略有優異。我認為這是現實的假設。

Our next question comes from Tristan Thomas-Martin from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Tristan Thomas-Martin。

Just going to -- two questions. One, just kind of curious. I know weather, it seems like in some dealer checks has had some impact in dealers in some regions and some regions have had better weather. So anything you can maybe call out there in terms of just kind of overall normalized good weather retail. I'm also just curious about Flex financing. Have you seen any adoption? And do you have any targets for that?

我只想問兩個問題。第一，只是有點好奇。我知道天氣，似乎在一些經銷商檢查中對某些地區的經銷商產生了一些影響，而有些地區的天氣則更好。因此，就整體正常的良好天氣零售而言，您可以隨意呼喊。我對 Flex 融資也很好奇。您有看過任何收養嗎？您對此有什麼目標嗎？

Yes, good weather retail, I'll put that into my vocabulary. That's a good one. Unfortunately, there's never all good weather retail, I'm afraid. And we've certainly seen some of the bad weather throughout the quarter in all markets. Take California as an example. It's been terrible weather with floods and rains pretty much throughout the quarter. So that hasn't helped to kick California into GEA. And then sporadically, winter storms and everything (inaudible) either.

是的，好天氣零售，我會把它放入我的詞彙表中。那很好。不幸的是，恐怕零售業永遠不會有萬事如意的局面。我們確實看到本季所有市場都出現了一些惡劣天氣。以加州為例。整個季度天氣都非常惡劣，洪水和降雨頻繁。因此，這並沒有幫助加州加入 GEA。然後偶爾會有冬季風暴和一切（聽不清楚）的事情。

But I don't want to sort of play the weatherman here. I would say, overall, it's certainly not been supportive. And that's why now really counts in terms of writing season. We are pleased that overall, where there was good weather, we saw strong momentum, and we hope that, that momentum continues. But overall, I don't think it's been supportive and when the weather was bad, the numbers were not that great when the weather was good, the numbers were great. So -- and it certainly played out that way throughout North America in the first quarter.

但我不想在這裡扮演天氣預報員的角色。我想說，總體而言，它肯定沒有提供支持。這就是為什麼現在對於寫作季節來說真的很重要。我們很高興，總體而言，在天氣好的地方，我們看到了強勁的發展勢頭，我們希望這種勢頭能夠持續下去。但總體而言，我認為它並沒有起到什麼支持作用，當天氣不好時，數字就不會那麼大，而當天氣好時，數字就會很大。所以 — — 而且第一季整個北美的情況確實是這樣的。

Yes. And Tristan, I'll take your question on HDFS Flex financing. So from a flex financing perspective, we recognize that as we roll out anything that's significant from a product perspective, it does sort of require an entire retraining of the dealer body and the sales process. And so as we think through that, our expectations are fairly muted in terms of the impact that, that would have on 2024. And we really think it will take us 12, 18, even up to 24 months to kind of get the full dealer network behind it, fully embracing and then salespeople across the entire United States really understanding how to insert that into the sales process, how to have the right conversation with the customer.

是的。特里斯坦，我將回答您關於 HDFS Flex 融資的問題。因此，從彈性融資的角度來看，我們認識到，當我們推出任何對產品而言重要的產品時，它確實需要對經銷商和銷售流程進行全面的再培訓。因此，當我們仔細考慮這一點時，我們對這對 2024 年的影響的預期是相當低的。

So we want to be sensitive to the fact that we don't want to prolong the sales experience for our consumers, but we do want them to understand optionality. I think the good news is that it is a triple number -- triple-digit number of dealers who have who have already executed one of those products and kind of sold that through to the consumer. So uptake will take some time. But we're pretty pleased with what we're starting to see and the response that we're getting so far from the dealer body.

因此，我們要意識到，我們不想延長消費者的銷售體驗，但我們希望他們理解可選性。我認為好消息是，已經有三位數的經銷商生產了其中一種產品並將其銷售給消費者。因此吸收還需要一些時間。但我們對目前看到的結果以及經銷商的回饋感到非常滿意。

Our next question comes from Noah Zatzkin from KeyBanc.

下一個問題來自 KeyBanc 的 Noah Zatzkin。

Most of my questions have been asked and answered. Maybe just one on HDFS. How are you feeling about the health of the book? And then in terms of the annualized retail credit losses during the quarter, any reason to believe retail credit losses wouldn't kind of track with kind of normal seasonality from here? And then just anything to (inaudible).

我的大部分問題都已得到解答。也許只是 HDFS 上有一個。您覺得這本書的健康狀況如何？那麼就本季的年度零售信貸損失而言，有什麼理由相信零售信貸損失不會與現在的正常季節性走勢一致呢？然後就可以做任何事了（聽不清楚）。

Okay. As we take a look at the HDFS business, we certainly recognize the uniqueness of that, the seasonality within our financial services business is certainly a little bit unique as you look across financial services. Overall, we actually feel like it's following the curve that we expected that it would from a loss perspective. As we think a little bit about the -- trying to answer your specific question on what are we thinking by quarter. We do think it's going to look pretty normal from a seasonality perspective. So as you would expect, Q1 being the highest quarter and then you start to see it come down in Q2, Q3 and then pop back up in Q4. So that sort of normal curve is something that we would expect that we'll end up seeing throughout the year.

好的。當我們審視 HDFS 業務時，我們當然認識到它的獨特性，從整個金融服務來看，我們的金融服務業務中的季節性肯定有點獨特。總體而言，我們實際上感覺它正在遵循我們從損失角度預期的曲線。我們稍微思考一下—試著回答您關於按季度考慮什麼的具體問題。我們確實認為從季節性的角度來看這看起來相當正常。因此，正如您所預料的，第一季是最高的季度，然後您會看到它在第二季度、第三季度下降，然後在第四季度回升。因此，我們預計全年都會看到這種正常曲線。

As you move that across to what does that mean from an overall loss provision perspective, certainly something for us to watch pretty carefully in terms of a number of dynamics. So as we look at that portfolio, we factor in a whole bunch of characteristics, right? As we think about customer delinquency, the percentage of those customers who end up moving through to loss and some other statistics that surround that. But overall, we feel like that is tracking in the way that we would expect it to. So first quarter looks a little bit more -- a little bit higher as you move into Q2, Q3. You see sort of normalization that follows that period. And then as you flow out of the year, we expect that we're well reserved from an overall loss provision perspective.

當您將其轉移到從整體損失準備角度來看這意味著什麼時，我們當然需要從一系列動態方面非常仔細地觀察。因此，當我們審視該投資組合時，我們會考慮許多特徵，對嗎？當我們考慮客戶拖欠時，最終造成損失的客戶百分比以及一些其他相關統計數據。但總體而言，我們感覺到事情的發展正如我們所預期的。因此，隨著進入第二季和第三季度，第一季的業績看起來會更高一些。您會看到，這段時期之後，情況會逐漸正常化。然後，隨著一年的結束，我們預計從整體損失準備金的角度來看，我們將有充足的儲備。

So we feel confident with that. And that sort of helps us inform and hold the guidance that we've provided previously for HDFS.

因此我們對此充滿信心。這有助於我們告知並保留我們先前為 HDFS 提供的指導。

Next question comes from Megan Alexander from Morgan Stanley.

下一個問題來自摩根士丹利的梅根亞歷山大。

Similarly, most of my questions have been answered. So maybe just a bit of a housekeeping one. I know you don't guide EPS. You did have some nice favorability below the line versus at least what I think Street was expecting. So can you help us at all with just kind of how to think about some of those lines, tax rate, interest income going forward? Is 1Q the right run rate for a lot of those? Or was there some timing benefit with any of those? Any help you can give us would be great.

同樣，我的大部分問題也得到了解答。所以也許只是一點家事。我知道你不指導EPS。與我認為 Street 所期望的相比，您確實獲得了良好的好感度。那麼您能否幫助我們思考一下未來的稅率、利息收入等問題呢？對於其中的許多項目來說，1Q 是否是合適的運行率？或者其中任何一個是否存在時間上的優勢？如果您能給予我們任何幫助我們將非常感激。

Okay. I can start. And Megan, welcome. So I think we're pleased to have you beginning to cover us. So welcome to team Harley-Davidson. As we take a look and we think about the below-the-line items, we certainly had some tax favorability from a Q1 perspective. So as we think a little bit about what that complexion looked like, a little bit of favorability in Q1. We probably won't run quite that favorable from a tax rate perspective all year. So a little bit of caution around that. I think you saw that, that was 2 to 3 points below where we were prior year.

好的。我可以開始了。歡迎梅根。所以我認為我們很高興你能開始報道我們。歡迎加入哈雷戴維森團隊。當我們觀察並思考線下專案時，從第一季的角度來看，我們確實獲得了一些稅收優惠。因此，當我們稍微思考一下這種情況是什麼樣的時，就會發現第一季的情況稍微有利一些。從全年的稅率角度來看，我們可能不會表現得那麼有利。因此對此要稍微謹慎一點。我想你已經看到了，這比去年同期低了 2 到 3 個百分點。

And then as you look at other items within there, certainly, as we think about the assets that we have to support retirement and some of that other sort of thing that ends up in that below-the-line item. Higher interest rates and higher for longer could end up being a little bit more favorable than what we originally budgeted. And so we'll see how that plays out based upon the course of action that the Fed takes. But those are probably the biggest -- kind of the 2 biggest drivers within that space.

然後，當您查看其中的其他項目時，當然，當我們考慮我們必須支持退休的資產以及最終成為低於標準項目的其他一些東西時。更高的利率和更長的更高利率最終可能會比我們最初預算的更有利。因此，我們將根據聯準會採取的行動方針，觀察情況將如何發展。但這很可能是該領域內最大的兩個驅動因素。

And Megan, welcome from my side too. And on behalf of Jonathan, I promise that as of next year, we are giving EPS guidance.

還有梅根，我也代表我向你表示歡迎。我代表喬納森承諾，從明年開始，我們將提供每股盈餘指引。

Maybe just to put a finer point on that, I guess, so maybe net-net, the impact to 1Q was neutral and when -- tax rate is going to move in one direction going forward. But the pension stuff might be a little bit more favorable than what you thought?

我想，也許只是為了更準確地闡述這一點，所以也許淨值對第一季的影響是中性的，並且稅率將在未來朝著一個方向發展。但退休金方面可能比你想像的要優惠一些？

Yes. So we think there could be a little bit of an impact from that standpoint, yes.

是的。因此，我們認為從這個角度來看可能會有一點影響，是的。

Last question will come from Jaime Katz from Morningstar.

最後一個問題來自晨星的 Jaime Katz。

I'm hoping you guys can give us a little bit of an update on the change in the operating loss expectation from LiveWire if 1Q was as expected, what is expected to be better over the rest of the year?

我希望你們能為我們提供一些有關 LiveWire 營業虧損預期變化的最新消息，如果第一季符合預期，那麼預計今年剩餘時間的情況會好轉嗎？

So with the relocation of the lab from California to Milwaukee, we're going to centralize all of the LiveWire operations in Wisconsin. And this is going to deliver a fair bit of synergies and efficiencies across the business. So we're anticipating being able to remove about 10% of the head count and 15% of the costs related to employees. So all of this will essentially support the revised operating loss, which would be improved by $10 million in terms of guidance for the rest of the year.

因此，隨著實驗室從加州遷至密爾瓦基，我們將把 LiveWire 的所有業務集中在威斯康辛州。這將為整個企業帶來相當大的綜效和效率。因此，我們預計能夠減少約 10% 的員工人數和 15% 的員工相關成本。因此，所有這些都將從本質上支持修正後的營業虧損，根據今年剩餘時間的指導，虧損將改善 1,000 萬美元。

Okay. And then I know the -- one of the union contracts was just ratified. Is there any information on what we should expect for increased labor costs or anything like that going through the SG&A line over 2024 and ahead?

好的。然後我知道——其中一份工會合約剛剛獲得批准。有沒有關於 2024 年及以後勞動成本或銷售、一般及行政費用（SG&A）增加情況的預期資訊？

Well, the contract is more or less in line with what we've planned and hoped for. And overall, we are really pleased that this passed on the first round, which shows really broad alignment with our union leadership and workforce. It's a 5-year contract. So nothing out of the extraordinary that we didn't anticipate. So we are pleased with the outcome.

嗯，合約基本上符合我們的計劃和期望。總的來說，我們非常高興該法案在第一輪就獲得通過，這表明我們的工會領導層和員工隊伍高度一致。這是一份五年的合約。所以並沒有什麼我們沒有預料到的異常事情。因此我們對結果很滿意。

And with the ratification of our new contract in New York last year and this year now with Wisconsin with Tomahawk and PDC, we are all set for 5 years. So we're very pleased with that outcome. And again, that this vote -- Union vote passed on the first pass, we're very pleased with that. But nothing unexpected, I think -- and that really shows broadly alignment with our union leadership and our workforce, which is great.

隨著去年我們在紐約的新合約的批准，以及今年與威斯康辛州、Tomahawk 和 PDC 簽訂的新合同，我們已經為 5 年合約做好了準備。因此我們對這個結果非常滿意。再說一次，工會投票第一次就通過了，我們對此感到非常高興。但我認為這並不意外——這確實表明我們的工會領導層和勞動力大致一致，這很好。

We have no further questions. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

我們沒有其他問題了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。