Harley-Davidson Inc (HOG) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2024 third-quarter investor and analyst conference call.

感謝您的耐心等待，歡迎參加哈雷戴維森 2024 年第三季投資者和分析師電話會議。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Shawn Collins.

我現在想把會議交給肖恩柯林斯。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning.

早安.

This is Shawn Collins, the Director of Investor Relations at Harley-Davidson.

我是肖恩‧柯林斯 (Shawn Collins)，哈雷戴維森投資者關係總監。

You can access the slides supporting today's call on the internet at the Harley-Davidson Investor Relations website.

您可以在哈雷戴維森投資者關係網站上透過網路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.

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。

Those risks include, among others, matters we have noted in today's earnings release and in our latest filings with the SEC.

這些風險包括我們在今天的財報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。

Joining me for this morning's call are Harley-Davidson's Chief Executive Officer, Jochen Zeitz; also, Chief Financial Officer, Jonathan Root.

與我一起參加今天早上電話會議的是哈雷戴維森首席執行官 Jochen Zeitz；此外，財務長喬納森·魯特(Jonathan Root)。

And we have LiveWire's Chief Executive Officer, Karim Donnez.

我們還有 LiveWire 的執行長 Karim Donnez。

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

接下來，讓我將其交給我們的執行長 Jochen Zeitz。

Jochen?

約亨？

Thank you, Shawn.

謝謝你，肖恩。

And good morning, everyone.

大家早安。

Thank you for joining us for our Q3 2024 results.

感謝您關注我們的 2024 年第三季業績。

In Q3, we saw an increasingly difficult global market environment in our and other big-ticket discretionary sectors.

在第三季度，我們看到我們和其他大宗非必需品產業的全球市場環境日益困難。

Macroeconomic and political uncertainty and the pressure of high interest rates affected both our industry and customers, especially in our core markets.

宏觀經濟和政治的不確定性以及高利率的壓力影響了我們的產業和客戶，特別是在我們的核心市場。

This impact contributed to a decline of 13% in global retail sales of new motorcycles for Q3, with North America posting a 10% decline, compared to 18% across international regions.

這一影響導致第三季全球新摩托車零售額下降 13%，其中北美地區下降 10%，而國際地區則下降 18%。

For the US, through the end of Q3, Harley-Davidson retail was down 1%, which was better than the overall motorcycle industry.

在美國，截至第三季末，哈雷戴維森零售額下降了 1%，優於整個摩托車產業。

Overall, we continue to see greater spend from higher- than lower-income customers, as evidenced by motorcycle mix, where our CVO motorcycles continue to be up double-digit percentages throughout the year.

總體而言，我們繼續看到高收入客戶的支出高於低收入客戶，摩托車組合證明了這一點，我們的 CVO 摩托車全年繼續以兩位數百分比成長。

In the US specifically, through the end of Q3, driven by our new touring lineup, our touring segment was up almost 10%, and we gained more than 4 percentage points of market share, outperforming the category, our other segments, and the market as a whole.

特別是在美國，到第三季末，在我們新的巡迴陣容的推動下，我們的巡迴細分市場增長了近10%，我們的市場份額增加了超過4 個百分點，表現優於該類別、我們的其他細分市場和市場作為一個整體。

In EMEA, Q3 retail sales declined 23%, with mixed performance on a country-by-country basis.

在歐洲、中東和非洲地區，第三季零售額下降了 23%，各國表現不一。

EMEA continued to be adversely impacted by macroeconomic conditions and geopolitical uncertainty, which has led to sluggish economic growth.

歐洲、中東和非洲地區繼續受到宏觀經濟狀況和地緣政治不確定性的不利影響，導致經濟成長低迷。

From a motorcycle family perspective, touring, CVOs, and trike motorcycles performed strongest in the region.

從摩托車家族的角度來看，旅行摩托車、CVO 摩托車和三輪摩托車在該地區表現最強。

In Asia-Pacific, Q3 retails were down 16%, with larger-than-expected softness in Japan, partially offset by growth in Australia and New Zealand.

在亞太地區，第三季零售額下降 16%，其中日本的疲軟程度超出預期，但部分被澳洲和紐西蘭的成長所抵消。

Lastly, in LatAm, Q3 retails were up 4%.

最後，拉丁美洲第三季零售額成長 4%。

Despite the challenging overall operating environment, given the outstanding feedback we received from our customers, media, and our network, we continue to be enthusiastic about our new lineup of touring motorcycles to redesign in all new road and street lines.

儘管整體營運環境充滿挑戰，但鑑於我們從客戶、媒體和網路收到的出色回饋，我們仍然對我們的新旅行摩托車系列充滿熱情，以便在所有新道路和街道線路上進行重新設計。

We believe that our highly differentiated touring offering is well placed to set the company up for future success in years to come, in addition to our other plans in the motorcycle development lineup.

我們相信，除了我們在摩托車開發陣容中的其他計劃之外，我們高度差異化的旅行產品也為公司在未來幾年的成功奠定了良好的基礎。

Looking ahead, as Jonathan will detail, given the lower-than-expected retail demand in Q3, we are revising our full-year 2024 outlook.

展望未來，正如喬納森將詳細介紹的那樣，鑑於第三季的零售需求低於預期，我們正在修改 2024 年全年展望。

In Q3, we continue to support the reduction of dealer inventory levels, reducing our production units as retail softens.

第三季度，我們繼續支持經銷商降低庫存水平，並隨著零售疲軟而減少生產單位。

At the end of the quarter, dealer inventory was down 13% relative to the end of Q2 of this year.

截至本季末，經銷商庫存較今年第二季末下降了13%。

We are committed to continue to reduce inventory levels and support dealer health, both in North America and in our international markets, as we prepare for our new model year launch in '25 with a range of new exciting bikes, but by a strong marketing push in collaboration with our dealer network.

我們致力於繼續降低庫存水平並支持北美和國際市場經銷商的健康發展，因為我們正在為 25 年推出一系列令人興奮的新自行車做準備，但透過強有力的營銷推動與我們的經銷商網絡合作。

Turning briefly to HDFS, with Harley-Davidson Financial Services, we believe that we have a best-in-class effort to support our dealers and our customers in both economically strong and more challenging times.

簡單地談談 HDFS，透過哈雷戴維森金融服務公司，我們相信，無論是在經濟強勁還是更具挑戰性的時期，我們都會盡一流的努力來支持我們的經銷商和客戶。

With a strong performance for the quarter, driven by higher retail and commercial finance receivables, HDFS continues to be an invaluable asset for all of our stakeholders.

在零售和商業金融應收帳款增加的推動下，本季表現強勁，HDFS 仍然是我們所有利害關係人的寶貴資產。

With regards to LiveWire, as Karim will detail shortly, we continue to adjust to the overall and EV environment, increasing LiveWire's focus on driving cost efficiencies and productivity across the business.

至於 LiveWire，正如卡里姆很快將詳細介紹的那樣，我們將繼續根據整體和電動車環境進行調整，使 LiveWire 更加重視提高整個企業的成本效率和生產力。

Overall, despite the challenges facing the industry that have also impacted our business in the second half of the year to date, we've made progress towards our Hardwire II ambitions.

總體而言，儘管行業面臨的挑戰也影響了我們今年下半年的業務，但我們在實現 Hardwire II 目標方面取得了進展。

We believe that in addition to our new touring lineup that is by far the best product in the industry, we also have the right product in the pipeline in the coming years to drive profitable growth.

我們相信，除了我們迄今為止業內最好的新巡迴陣容之外，我們還在未來幾年準備合適的產品來推動利潤成長。

We are committed to ensuring that our dealers receive that product at the right time and at the right price, in addition to providing strong marketing and sales support, which we expect to drive profitability across the company and our network.

我們致力於確保我們的經銷商在正確的時間以正確的價格收到該產品，此外還提供強大的營銷和銷售支持，我們希望這將提高整個公司和我們網絡的盈利能力。

We're working hard to set ourselves up for a solid '25 and are positive in our ability to make sound progress in the new year.

我們正在努力為堅實的 25 年做好準備，並對我們在新的一年取得良好進展的能力充滿信心。

The combination of our best-in-class product and brand, coupled with a best-in-class dealer network, is a powerful pairing for success.

我們一流的產品和品牌與一流的經銷商網路相結合，是成功的強大組合。

However, we are mindful of the external factors, including interest rate reductions and improved consumer confidence that are required to provide the industry with the needed tailwind.

然而，我們注意到外部因素，包括降息和消費者信心的提高，這些因素是為產業提供所需的推動力所必需的。

Both cost control and cost productivity gains, combined with tight capital allocation, are front of mind as we close out the year.

當我們結束這一年時，成本控制和成本生產力的提高，加上嚴格的資本配置，都是我們要考慮的首要問題。

We believe we have the right strategy with the Hardwire, especially compared to others in the market and that the decisions we make to invest in innovation and our core category that we know our customers and dealers love, were the right ones to both fuel the Harley-Davidson culture and business for years to come.

我們相信，我們對Hardwire 採取了正確的策略，特別是與市場上的其他產品相比，並且我們做出的投資於創新和我們知道客戶和經銷商喜愛的核心類別的決策是正確的，可以為哈雷提供動力-戴維森未來幾年的文化和商業。

Thank you, and now I'll hand over to Karim.

謝謝，現在我將把工作交給卡里姆。

Thanks, Jochen.

謝謝，喬亨。

Good morning, everyone.

大家早安。

In Q3, the market proved to be challenging for EV products with slower-than-anticipated adoption amidst global political and economic uncertainty.

第三季度，在全球政治和經濟不確定性的背景下，電動車產品的市場面臨挑戰，採用速度慢於預期。

In this context, year to date, LiveWire retains more on-road electric motorcycles in the US than any other brand in the market.

在此背景下，今年迄今為止，LiveWire 在美國保留的公路電動摩托車比市場上任何其他品牌都多。

Within the CC-plus HD on-road EV segment, LiveWire continued its leadership position in the quarter and in 2024 with 69% of the market share year to date.

在 CC+ HD 公路電動車細分市場中，LiveWire 在本季和 2024 年繼續保持領先地位，年初至今佔據 69% 的市場份額。

In Q3, LiveWire had several notable exposure events, including the Del Mar being awarded Best 2024 Electric Bike by MCN in September.

第三季度，LiveWire 發生了幾起引人注目的曝光事件，包括 Del Mar 在 9 月被 MCN 授予「2024 年最佳電動自行車」獎。

In addition, this August in Paris, we enjoyed a global moment for the S2 Del Mar, making LiveWire a household name.

此外，今年 8 月，我們在巴黎享受了 S2 Del Mar 的全球時刻，使 LiveWire 成為家喻戶曉的名字。

Despite retail outpacing wholesale for a third consecutive quarter, we still ended short of our expectations.

儘管零售業連續第三個季度超過批發業，但我們的業績仍低於我們的預期。

As a result, we are revising our full-year guidance to 600 to 1,000 motorcycle units.

因此，我們將全年指導方針修改為 600 至 1,000 輛摩托車。

Operating loss guidance remains unchanged for the full year.

全年營業虧損指引維持不變。

Our focus is on rightsizing the business given the market environment; delivering the best EV products out with a unique LiveWire look, sound, and feel; and preparing for future growth as the EV market expands.

我們的重點是根據市場環境調整業務規模；提供具有獨特 LiveWire 外觀、聲音和感覺的最佳電動車產品；隨著電動車市場的擴大，為未來的成長做好準備。

Looking ahead, we expect to diligently manage expenses and significantly improve our EV motorcycle product cost, reducing cash burn by an expected 40% next year compared to 2024.

展望未來，我們預計將努力管理費用並顯著提高電動摩托車產品成本，與 2024 年相比，明年的現金消耗預計將減少 40%。

Actions have already been taken this year in anticipation of 2025, with the completed centralization of our lab operations in Milwaukee and the move to Juneau Avenue.

今年我們已經採取了預計 2025 年的行動，完成了密爾瓦基實驗室運營的集中化並搬到了朱諾大道。

We've also streamlined our organization, leading to an approximately 30% headcount reduction heading into 2025 compared to the start of 2024.

我們也精簡了組織，到 2025 年，員工人數將比 2024 年初減少約 30%。

Recognizing that the performance of our existing product offering is directed to enthusiasts, LiveWire is also actively looking at expanding its addressable market and increasing overall access to the EV experience.

LiveWire 認識到我們現有產品的性能是針對愛好者的，因此也積極尋求擴大其潛在市場並增加對電動車體驗的整體訪問。

To that end, I'm pleased to confirm that we are planning to announce a new product segment at EICMA in November that we believe will bring additional revenue streams to the company in the medium term while meaningfully expanding our current addressable market.

為此，我很高興地確認，我們計劃於 11 月在 EICMA 上宣布一個新產品領域，我們相信這將在中期內為公司帶來額外的收入來源，同時有意義地擴大我們當前的目標市場。

Stay tuned for more.

請繼續關注更多內容。

Thank you, and now I'll hand it over to Jon.

謝謝你，現在我將把它交給喬恩。

Thank you, Karim, and good morning to all.

謝謝你，卡里姆，祝大家早安。

I plan to start on page 4 of the presentation where I will briefly summarize the consolidated financial results for the third quarter of 2024.

我計劃從簡報的第 4 頁開始，簡要總結 2024 年第三季的合併財務表現。

Consolidated revenue in the third quarter was down 26%, given by HDMC revenue down 32%, and partially offset by HDFS revenue growth of 10%.

第三季的綜合收入下降了 26%，其中 HDMC 收入下降了 32%，但 HDFS 收入成長 10% 部分抵消了這一影響。

Consolidated operating income in the third quarter was $106 million, down 49% from the prior-year period, given by a decrease of $120 million at HDMC.

第三季綜合營業收入為 1.06 億美元，比上年同期下降 49%，其中 HDMC 減少了 1.2 億美元。

At HDFS, operating income was up $17 million, while the operating loss of the LiveWire segment was up by $1 million compared to a year ago.

HDFS 的營業收入比一年前增加了 1,700 萬美元，而 LiveWire 部門的營業虧損則比一年前增加了 100 萬美元。

The consolidated operating margin in the third quarter was 9.2%, which compares to 13.5% in the prior-year period, where HDMC operating income margin was down 720 basis points year over year and HDFS operating margin was improved by 410 basis points.

第三季綜合營業利益率為 9.2%，去年同期為 13.5%，其中 HDMC 營業利潤率年減 720 個基點，HDFS 營業利潤率提高 410 個基點。

I plan to go into further detail on each business segment's profit and loss drivers in the next section.

我計劃在下一節中進一步詳細介紹每個業務部門的損益驅動因素。

Third-quarter earnings per share was $0.91, which is down 34% from $1.38 last year.

第三季每股收益為 0.91 美元，比去年的 1.38 美元下降了 34%。

As we flip the page to our year-to-date results, total consolidated HDI revenue of $4.5 billion was down 6% compared to last year.

當我們翻到年初至今的表現時，HDI 綜合收入總額為 45 億美元，與去年相比下降了 6%。

The components of this were, at HDMC, revenue decreased by 9%; at HDFS, revenue increased by 11%; and at LiveWire, revenue declined by 30%.

其中 HDMC 的收入下降了 9%； HDFS 的營收成長了 11%； LiveWire 的營收下降了 30%。

Total consolidated HDI operating income was $610 million, which was $190 million lower than the prior year.

綜合 HDI 營業收入總額為 6.1 億美元，較上年減少 1.9 億美元。

The components of this were, at HDMC, operating income of $491 million was 30% lower than prior year, reflecting an operating margin of 13.3% in the year-to-date period; at HDFS, operating income of $202 million increased by 14% in the year-to-date period; and at LiveWire, an operating loss of $83 million was in line with our expectations.

其中，HDMC 的營業收入為 4.91 億美元，較上年下降 30%，反映出年初至今營業利潤率為 13.3%； HDFS 的營業收入今年迄今成長了 14%，達到 2.02 億美元； LiveWire 的營運虧損為 8,300 萬美元，符合我們的預期。

Year-to-date earnings per share was $4.27, down 8%, and compares to $4.65 in the same period in 2023.

今年迄今每股收益為 4.27 美元，下降 8%，而 2023 年同期為 4.65 美元。

As Jochen said in his introductory comments, in Q3, the global consumer has seemingly taken a pause from big-ticket consumer discretionary spend based on different dynamics in each region.

正如 Jochen 在介紹性評論中所說，第三季度，由於每個地區的不同動態，全球消費者似乎暫停了大額消費者可自由支配支出。

As Jochen mentioned, dealer inventory at the end of Q3 is down by 13% relative to the end of Q2 of this year, as we focus on reducing inventory levels in the second half of 2024, both domestically and internationally.

正如 Jochen 所提到的，由於我們專注於在 2024 年下半年降低國內和國際庫存水平，因此第三季末經銷商庫存較今年第二季末下降了 13%。

We are prioritizing support for our dealers in their attempts to reduce their inventory for the remainder of '24.

我們將優先支持我們的經銷商在 2024 年剩餘時間嘗試減少庫存。

We expect dealer inventory to be down around 20% from the end of Q3 2024 levels so that dealers will come into 2025 with inventory at similar levels to the start of 2024.

我們預計經銷商庫存將比 2024 年第三季末的水準下降約 20%，因此經銷商到 2025 年的庫存水準將與 2024 年初相似。

We look forward to a healthier 2025 environment, where, as Jochen mentioned earlier, we are focused on improving profitability throughout the Harley-Davidson dealer network and partnering more heavily with our dealers to develop and grow our grassroots marketing activations.

我們期待2025 年有一個更健康的環境，正如Jochen 之前提到的，我們專注於提高整個哈雷戴維森經銷商網絡的盈利能力，並與我們的經銷商更緊密地合作，以開發和發展我們的基層行銷活動。

We continue to prioritize availability and inventory of touring, trike, softail, and CVO motorcycles.

我們繼續優先考慮旅行摩托車、三輪摩托車、軟尾摩托車和 CVO 摩托車的可用性和庫存。

We will talk further about our expectations for both retail and wholesale motorcycles for the balance of 2024 in just a few minutes.

我們將在幾分鐘內進一步討論我們對 2024 年剩餘時間摩托車零售和批發的期望。

Looking at revenue, HDMC revenue decreased by 32% in Q3.

從營收來看，HDMC第三季營收下降了32%。

This was largely a result of the 39% decrease in wholesale units shipped in Q3, where we shipped [27,500] motorcycles in Q3 of '24 versus shipping [45,300] motorcycles in Q3 of 2023.

這主要是因為第三季批發銷量下降了 39%，我們在 24 年第三季出貨了 [27,500] 輛摩托車，而 2023 年第三季出貨了 [45,300] 輛摩托車。

Focusing on the key drivers for the quarter from a revenue contribution standpoint, 32 points of decline was as a result of decreased wholesale volume at HDMC, where motorcycle shipments down 39% in the quarter were meaningfully lower than retail sales of motorcycles.

從營收貢獻的角度來看，本季的主要驅動因素是，HDMC 批發量下降了 32 個百分點，本季摩托車出貨量下降了 39%，明顯低於摩托車零售額。

1 point of growth came from pricing, which includes the net impact of pricing actions on 2024 model year motorcycles and overall sales incentives. 1 point of decline came from mix, as we compare to the prior-year introduction of all new CVO motorcycles, focus more on touring shipments in the first half of the year, and we round out the rest of the motorcycle portfolio shipments in the second half of the year.

1 個百分點的成長來自定價，其中包括定價行為對 2024 年摩托車的淨影響和整體銷售激勵措施。下降 1 個百分點來自混合，因為我們與去年推出的所有新款 CVO 摩托車相比，上半年更多地關注旅行車出貨量，下半年我們將其餘摩托車組合的出貨量進行了比較半年。

And finally, foreign exchange was largely flat in the third quarter.

最後，第三季外匯交易基本上持平。

In Q3, HDMC gross margin was 30.1%, which compares to 31.7% in the prior year.

第三季度，HDMC 毛利率為 30.1%，去年同期為 31.7%。

The decrease of 160 basis points was driven by the negative impacts from lower volume and negative operating leverage.

下降 160 個基點是由於交易量下降和負營運槓桿的負面影響。

There were some positives in the quarter, including favorable net pricing; favorable foreign exchange, including hedging; and lower raw materials and supply chain management costs as we begin to accelerate our manufacturing and supply chain savings, which helps offset the 2% rate of inflation seen during the quarter.

本季度存在一些積極因素，包括有利的淨定價；有利的外匯，包括對沖；隨著我們開始加速製造和供應鏈節約，降低原材料和供應鏈管理成本，這有助於抵消本季 2% 的通貨膨脹率。

On the operating expense side, expenses were $27 million lower relative to prior year or 11%, as we continue to maintain overall cost discipline and increase our efforts to manage OpEx productivity at HDMC.

在營運支出方面，由於我們繼續維持整體成本紀律並加大努力管理 HDMC 的營運支出生產力，因此支出比上年減少了 2,700 萬美元，即 11%。

HDMC operating income was $55 million, which was $120 million lower than prior year due to the significant reduction in wholesales.

HDMC營業收入為5,500萬美元，較上年減少1.2億美元，原因是批發量大幅減少。

HDMC operating margin came in at 6.3% in Q3 from 13.5% in the prior year.

HDMC 第三季營業利益率為 6.3%，而去年同期為 13.5%。

For the year-to-date period, HDMC gross margin was 31.3%, which compares to 34.2% in the prior year.

今年迄今，HDMC 毛利率為 31.3%，而前一年為 34.2%。

The decrease of 290 basis points was driven by the negative impacts from lower volumes, negative operating leverage, moderate inflation, and less-favorable net pricing, which includes overall sales incentives.

下降 290 個基點的原因是銷售下降、負營運槓桿、溫和通膨以及不利的淨定價（包括整體銷售激勵措施）的負面影響。

These impacts were partially offset by the positive impacts from favorable motorcycle mix and lower raw material costs and lower supply chain and manufacturing expenses, which I will discuss more deeply in comments regarding productivity.

這些影響部分被有利的摩托車組合、較低的原材料成本以及較低的供應鏈和製造費用的積極影響所抵消，我將在有關生產力的評論中更深入地討論這些影響。

Lastly, in the first nine months, operating expenses were lower by $13 million or 2%, as we maintained overall cost discipline due to actions that we began to take in the late Q2 of this year.

最後，在前 9 個月，營運費用減少了 1,300 萬美元或 2%，因為我們在今年第二季末開始採取的行動保持了整體成本紀律。

HDMC operating income was $491 million, which was $214 million lower than prior year.

HDMC 營業收入為 4.91 億美元，比上年減少 2.14 億美元。

HDMC operating margin was 13.3% through the first nine months, compared to 17.4% in the prior-year period.

前九個月 HDMC 營業利益率為 13.3%，而去年同期為 17.4%。

Before we turn to the next slide, as I did in July, let me give a brief update on our productivity cost program, one of the initiatives identified as part of the Hardwire strategy.

在我們轉向下一張投影片之前，就像我在 7 月所做的那樣，讓我簡要介紹一下我們的生產力成本計劃，這是硬線策略的一部分。

We are expecting to drive a $400 million improvement in productivity.

我們預計生產力將提高 4 億美元。

As a reminder, we are now excluding the impact of leverage while holding our previously communicated multi-year target of $400 million.

提醒一下，我們現在排除了槓桿的影響，同時保持先前傳達的 4 億美元的多年目標。

Excluding the impact of leverage, we delivered approximately $24 million in 2022 and $123 million in 2023.

排除槓桿的影響，我們在 2022 年交付了約 2,400 萬美元，在 2023 年交付了 1.23 億美元。

In 2024, we have delivered $84 million through Q3 of this year.

2024 年，截至今年第三季度，我們已交付 8,400 萬美元。

Turning to slide 10 now and the financial services segment, at Harley-Davidson Financial Services, Q3 revenue increased by $26 million or 10%, driven by higher retail and commercial finance receivables, as well as higher average yields as the portfolio continues to reset over time with changes in Fed-based interest rates, which is currently driving higher interest income.

現在轉向幻燈片10 和金融服務部門，在哈雷戴維森金融服務公司，第三季度收入增長了2600 萬美元，即10%，這得益於零售和商業金融應收賬款的增加，以及投資組合持續重置帶來的平均收益率的提高。

HDFS operating income was $77 million, up $17 million or up 29% compared to last year.

HDFS 營業收入為 7,700 萬美元，比去年增加 1,700 萬美元，增幅 29%。

The Q3 increase was driven by higher interest income and lower provision for credit losses, which were partially offset by increased borrowing costs, while operating expenses were largely flat.

第三季的成長是由利息收入增加和信貸損失撥備減少所推動的，這部分被借貸成本增加所抵消，而營運費用基本上持平。

Total interest expense was up $10 million, or up 12% versus the prior year.

利息支出總額比上年增加 1,000 萬美元，即 12%。

The increase was driven by a higher cost of funds as lower interest rate debt matured and was replaced with current market rate debt.

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所致。

In Q3, HDFS' annualized retail credit loss ratio was 3.1%, which compares to an annualized retail credit loss ratio of 2.7% in Q3 of 2023.

第三季度，HDFS 的年化零售信貸損失率為 3.1%，而 2023 年第三季的年化零售信貸損失率為 2.7%。

The increase in credit losses was driven by several factors relating to the current macroeconomic environment and the related customer and industry dynamics.

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 retail allowance for credit losses for the third quarter came in at 5.5%, virtually flat compared to 5.4% at both prior year end and Q2 of 2024.

此外，第三季零售信貸損失準備金率為 5.5%，與去年年底和 2024 年第二季的 5.4% 幾乎持平。

This reflects our best estimate of the current and future retail lending environment.

這反映了我們對當前和未來零售貸款環境的最佳估計。

Total retail loan originations in Q3 were down 11%, while commercial financing activities were up 18% to $1.2 billion.

第三季零售貸款發放總額下降 11%，而商業融資活動成長 18%，達到 12 億美元。

Total quarter end net financing receivables, including both retail loans and commercial financing, was $7.8 billion, which was up 2% versus prior year.

季末應收融資淨額（包括零售貸款和商業融資）總額為 78 億美元，比去年同期成長 2%。

Turning to slide 11 and to year-to-date results at HDFS, revenue increased by $74 million or 11%.

轉向幻燈片 11 和 HDFS 今年迄今的業績，收入增加了 7,400 萬美元，即 11%。

HDFS operating income was $202 million, up $25 million or up 14% compared to last year.

HDFS 營業收入為 2.02 億美元，比去年增加 2,500 萬美元，成長 14%。

The year-to-date increase was driven by higher interest income, which more than offset higher borrowing costs, higher provision for credit losses, and higher operating expenses.

年初至今的成長是由利息收入增加所推動的，這遠遠抵消了較高的借貸成本、較高的信貸損失撥備和較高的營運費用。

For the LiveWire segment, electric motorcycles revenue increased in the third quarter of 2024, compared to the prior-year period, due to higher unit sales of EV motorcycles in the quarter.

對於 LiveWire 細分市場，由於該季度電動摩托車銷量增加，電動摩托車收入在 2024 年第三季較上年同期有所增加。

At STACYC, the electric balance bike business, revenue was down compared to the prior year, which we expected due to a reduction in third-party branded distributor volumes.

電動平衡車業務 STACYC 的收入較上年下降，我們預計這是由於第三方品牌經銷商銷量的減少。

Selling, administrative, and engineering expenses were down $2 million or down 6% in Q3 compared to prior year.

第三季的銷售、管理和工程費用與去年同期相比減少了 200 萬美元，即 6%。

LiveWire operating loss of $26 million, $1 million more than a year ago, was in line with our expectations as LiveWire continued to invest in new motorcycle models and also actioned initiatives to reduce the overall cost of sales for EV motorcycles.

LiveWire 營運虧損為 2,600 萬美元，比一年前增加 100 萬美元，符合我們的預期，因為 LiveWire 繼續投資新摩托車型號，並採取措施降低電動摩托車的整體銷售成本。

For the year-to-date results of the LiveWire segment, revenue was $16 million, down 30% from the prior year, as a result of revenue at STACYC.

LiveWire 部門今年迄今的業績，由於 STACYC 的收入，收入為 1600 萬美元，比上年下降 30%。

For the year-to-date period, LiveWire sold 374 electric motorcycles, which is a triple-digit increase over the prior-year period.

今年迄今，LiveWire 售出了 374 輛電動摩托車，比去年同期成長了三位數。

For the period, LiveWire operating loss was $83 million, which was in line with our expectations.

期內，LiveWire 營運虧損為 8,300 萬美元，符合我們的預期。

Wrapping up with consolidated Harley-Davidson Inc. financial results, we delivered $931 million of operating cash flow in the first nine months of 2024, which was up from $707 million in the same period last year.

總結哈雷戴維森公司的綜合財務業績，我們在 2024 年前 9 個月實現了 9.31 億美元的營運現金流，高於去年同期的 7.07 億美元。

The increase in operating cash flow was influenced by positive changes in working capital as we focus on tight inventory management, as well as a change in wholesale finance receivables.

營運現金流的增加受到營運資金的正面影響，因為我們專注於嚴格的庫存管理，以及批發金融應收帳款的變化。

Total cash and cash equivalents ended at $2.2 billion, which was $366 million higher than at end of Q3 prior year.

現金和現金等價物總額最終達到 22 億美元，比去年第三季末增加 3.66 億美元。

This consolidated cash number includes $88 million at LiveWire.

這一綜合現金數字包括 LiveWire 的 8,800 萬美元。

Additionally, as part of our capital allocation strategy, and in line with our commitment to return capital to our shareholders, in Q3, we bought back 4 million shares of our stock at a cost of $150 million.

此外，作為我們資本配置策略的一部分，並根據我們向股東返還資本的承諾，我們在第三季以 1.5 億美元的成本回購了 400 萬股股票。

This brings our total amount of shares bought back in the nine months of 2024 to 9.5 million shares of Harley-Davidson common stock at a total value of $350 million, which is 7% of shares outstanding at the beginning of 2024.

這使得我們在 2024 年前 9 個月回購的哈雷戴維森普通股總數達到 950 萬股，總價值 3.5 億美元，佔 2024 年初已發行股票的 7%。

This compares to 6.1 million shares at a cost of $226 million in the first nine months of 2023.

相較之下，2023 年前 9 個月的成本為 2.26 億美元，發行了 610 萬股。

Given the lower-than-expected retail demand we experienced in the first nine months of the year, which we expect to continue into Q4, we are revising our full-year 2024 outlook.

鑑於我們今年前 9 個月的零售需求低於預期（我們預計這種情況將持續到第四季度），我們正在修改 2024 年全年展望。

At HDMC, we continue to expect that retail units sold and wholesale unit shipments will be broadly balanced by the end of 2024, and we now expect retail and wholesale to be in the range of 149,000 to 153,000 units, which is a change from 163,000 to 168,000 units at Q2 earnings.

HDMC 繼續預計，到 2024 年底，零售銷售和批發銷售將大致平衡，目前預計零售和批發銷售將在 149,000 至 153,000 之間，即從 163,000 變為 163,000。

We expect retail to be in the range of down 6% to 8% for the full year, which is a change from flat to up 3% for the full year, and we expect wholesale shipments to be in the range of down 16% to 17% for the full year, which is a change from down 7% to 10% for the full year.

我們預計全年零售出貨量將在下降 6% 至 8% 的範圍內，即全年由持平變為增長 3%，我們預計批發出貨量將在下降 16% 至 16% 的範圍內。年下降17%，由全年下降7%變為10%。

These lower revised top-line inputs result in a change to our full-year HDMC revenue and HDMC operating income targets.

這些較低的修訂後的頂線投入導致我們的全年 HDMC 收入和 HDMC 營業收入目標發生變化。

We now expect revenue to be down in the range of 14% to 16% for the full year, which is a change from down 5% to 9% for the full year at Q2 earnings.

我們現在預計全年營收將下降 14% 至 16%，這與第二季收益的全年下降 5% 至 9% 有所不同。

We now expect operating income margin to come in between 7.5% and 8.5% for the full year, which is a change from 10.6% to 11.6% range for the full year that we had previously guided to.

我們現在預計全年營業利潤率將在 7.5% 至 8.5% 之間，這與我們先前指導的全年營業利潤率 10.6% 至 11.6% 範圍發生了變化。

The downward revision is due to production and wholesale reductions and the resulting impact of leverage.

向下修正是由於產量和批發減少以及由此產生的槓桿影響。

We believe these reductions position the company more appropriately for 2025.

我們相信這些削減將使公司在 2025 年處於更合適的位置。

At HDFS, guidance for the full year of 2024 is revised upward, where we now expect operating income to be up 5% to 10% for the full year, which is a change from flat to up 5% for the full year at Q2 earnings.

在 HDFS，2024 年全年指引向上修正，我們現在預計全年營業收入將成長 5% 至 10%，這與第二季收益中的全年成長 5% 相比持平。

At LiveWire, guidance for full-year 2024 is revised.

LiveWire 修訂了 2024 年全年指引。

We now expect to deliver between 600 and 1,000 electric motorcycle units, while operating loss in the range of $105 million to $115 million is unchanged.

我們現在預計交付 600 至 1,000 輛電動摩托車，而營運虧損在 1.05 億至 1.15 億美元之間保持不變。

And we continue to expect capital investment in the range of $225 million to $250 million, which is unchanged.

我們仍然預計資本投資在 2.25 億美元至 2.5 億美元之間，這一數字沒有變化。

As a reminder, our capital allocation priorities remain to fund profitable growth of the Hardwire initiative, which includes the capital expenditures, paying dividends, and continuing to execute discretionary share repurchases as outlined in the previous quarter.

提醒一下，我們的資本配置優先事項仍然是為 Hardwire 計劃的盈利增長提供資金，其中包括資本支出、支付股息以及繼續執行上一季度所述的酌情股票回購。

We feel this highlights our operating discipline, overall cash flow generation and long-term earnings power, and is supported by our continued commitment to deliver a 15% HDMC operating income margin by the end of 2025.

我們認為這凸顯了我們的營運紀律、整體現金流產生和長期獲利能力，並得到我們持續承諾到 2025 年底實現 15% HDMC 營業利潤率的支持。

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

至此，我們將開放問答。

(Operator Instructions) Craig Kennison, Baird.

（操作員說明）Craig Kennison，Baird。

Hey.

嘿。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Jochen, I'm wondering if you could share any themes that may have come up through your recent dealer conversations and what your message is to dealers.

Jochen，我想知道您是否可以分享您最近與經銷商對話中可能出現的任何主題以及您對經銷商的資訊。

It feels like that has changed a little bit.

感覺好像有點改變了。

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

Obviously and understandably, dealer profitability is front of mind.

顯然且可以理解的是，經銷商的獲利能力是首要考慮因素。

And as you've seen this week, it's a tough time for the industry as much as it is for any discretionary business, whether you are in the marine business, RV business, or motorcycles.

正如您本週所看到的，對於該行業和任何可自由支配的業務來說，這都是一個艱難的時期，無論您是從事船舶業務、房車業務還是摩托車業務。

We held, as you mentioned, our annual dealer forum in October, and it was a really good barometer and opportunity to engage with our dealers, obviously, to the many interactions that we have throughout the year with our leadership team.

正如您所提到的，我們在10 月舉辦了年度經銷商論壇，這確實是一個很好的晴雨表，也是與我們的經銷商互動的機會，顯然，對於我們全年與領導團隊進行的許多互動而言。

And at the forum, we presented the way in which we as a motor company are going to support the network in '25, and I think the outcome is probably what dealers came away feeling good about, what is in store for us collectively in '25, and overwhelmingly rated the outcomes and the success of the forum with almost 75% rating.

在論壇上，我們介紹了我們作為一家汽車公司將在 25 年支持該網絡的方式，我認為結果可能是經銷商們感到滿意的，也是我們在 20 年共同期待的。和成功給予了壓倒性的評價，幾乎達到了75%的評價。

It is very good to exceptional.

這是非常好的到傑出的。

That's a good indication of a network, even the very difficult environment that we're in with dealer profitability, obviously, at a level that we don't want to see going forward.

這是網路的一個很好的跡象，即使我們所處的環境非常困難，經銷商的獲利能力顯然也達到了我們不希望看到的水平。

So the measures we put, a new product lineup for next year, and in particular, the co-marketing investments that we're going to make in addition to other internal measures that we put in the forum will go up next year in strong force.

因此，我們採取的措施，明年的新產品陣容，特別是我們將進行的聯合營銷投資，以及我們在論壇上採取的其他內部措施，明年將會強勁增長。

As I mentioned earlier, there's a lot of strength in a single-brand network, and we are proud to have the best network in the industry.

正如我之前提到的，單一品牌網絡具有很大的優勢，我們為擁有業內最好的網絡而感到自豪。

And we want to make sure it continues to be the most profitable network as well, and we're working hard.

我們希望確保它仍然是最賺錢的網絡，我們正在努力工作。

And that said, I would say other networks are probably more challenged than our network, but I'll say that we will certainly continue to work very hard as a dealer network in terms of profitability.

也就是說，我想說其他網路可能比我們的網路面臨更大的挑戰，但我會說我們肯定會繼續作為經銷商網路在獲利能力方面非常努力。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hi.

你好。

Good morning.

早安.

Thanks for taking our question.

感謝您提出我們的問題。

I wanted to ask a couple of questions, if that's okay, on retail.

我想問幾個關於零售的問題，如果可以的話。

The down 13% in 3Q, obviously, I think, there was some well-telegraphed noise, particularly perhaps in August.

我認為，第三季下跌 13% 顯然是有一些明顯的噪音，尤其是在 8 月。

I think you talked about maybe July off to an okay start last quarter.

我想你談到上個季度七月可能會有一個好的開始。

So first, can you just talk about maybe the trend of retail over the third quarter, how you exited the third quarter, and then how that informed your outlook for 4Q?

首先，您能否談談第三季度零售業的趨勢，您如何退出第三季度，以及這如何影響您對第四季度的展望？

Obviously, a wide range for the fourth quarter seems to be implied.

顯然，第四季的波動似乎很大。

But it looks relatively similar, I guess, to what you reported in 3Q.

但我想，它看起來與您在第三季報告的情況相對相似。

So maybe you can just kind of help us understand the puts and takes around that?

那麼也許您可以幫助我們了解有關此問題的看跌期權和索取期權？

Sure, Megan.

當然，梅根。

So Q3 started out with a strong July, and we ended weaker than expected, especially in late September, which we think is pretty much in line with what we've heard from most powersports competitors and industries as a whole, and not just the US, but across the globe.

因此，第三季以7 月的強勁表現開始，但我們最終的表現弱於預期，尤其是在9 月下旬，我們認為這與我們從大多數動力運動競爭對手和整個行業（而不僅僅是美國）聽到的情況非常一致，但在全球範圍內。

So we believe and we assume that the greater macro and geopolitical uncertainty is expected with changes in interest rates, especially in North America and EMEA, as well as the upcoming US elections, some weather events in the US (technical difficulty)

因此，我們相信並假設，隨著利率的變化，特別是在北美和歐洲、中東和非洲，以及即將到來的美國大選、美國的一些天氣事件，預計宏觀和地緣政治的不確定性將會更大（技術難度）

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning.

嘿，早安。

Thanks for taking my question.

感謝您提出我的問題。

So it sounds like the general outlook here for 2024 assumes retail in line with wholesale.

因此，2024 年的整體前景似乎是假設零售業與批發業保持一致。

I guess in light of the retail weakness, why do you think that's still the right target at this point?

我想鑑於零售疲軟，您為什麼認為目前這仍然是正確的目標？

And I guess the bigger question is, as we think about 2025, what's your level of confidence that you won't have to destock even more as we look to next year?

我想更大的問題是，當我們考慮 2025 年時，您對明年不需要進一步去庫存的信心有多大？

Sure.

當然。

Hi, James.

嗨，詹姆斯。

This is Jonathan.

這是喬納森。

Happy to start out and take this one.

很高興開始並接受這個。

So I think as -- it sounds like your questions are really primarily around dealer inventory, how that relates to retail.

所以我認為——聽起來你的問題實際上主要圍繞著經銷商庫存，這與零售有何關係。

So I think a good question in there.

所以我認為這是一個很好的問題。

Dealer inventory at the end of Q3 is down by about 13% relative to the end of Q2.

三季末經銷商庫存較第二季末下降約13%。

We will continue to focus on continuing to reduce dealer inventory levels in the final quarter of 2024.

我們將繼續致力於在 2024 年最後一個季度繼續降低經銷商庫存水準。

So as we look at that, the question that obviously you'll probably ask is, where will you be?

因此，當我們看到這一點時，顯然您可能會問的問題是，您會在哪裡？

Well, we aim to be down about another 20% from today's levels, which gets us to about the same levels as the end of last year.

嗯，我們的目標是比今天的水平再下降 20% 左右，這使我們達到與去年年底大致相同的水平。

Certainly, from our standpoint, we continue to prioritize availability inventory of touring, trike, softail, and CVO motorcycles.

當然，從我們的角度來看，我們繼續優先考慮旅行摩托車、三輪摩托車、軟尾摩托車和 CVO 摩托車的可用庫存。

We look at our core categories, and we know that our core categories are key to the Hardwire strategy.

我們審視我們的核心品類，我們知道我們的核心品類是硬線策略的關鍵。

They're key to the share growth that we've seen within the industry.

它們是我們在行業內看到的份額成長的關鍵。

So we want to make sure that our dealers are appropriately positioned to keep that going.

因此，我們希望確保我們的經銷商處於適當的位置，以保持這一勢頭。

And then, again, as you referenced, you do have our commitment that we really are, by the end of the year, ensuring that we're doing all that we can to get retail and wholesale to move in alignment, which is something that we've talked about since the beginning of the year as part of our 2024 guidance.

然後，正如您所提到的，我們確實承諾，到今年年底，我們將盡一切努力使零售和批發保持一致，這是作為 2024 年指導的一部分，我們從今年年初就開始討論這一問題。

So I hope that helps.

所以我希望這會有所幫助。

Well, I don't know if I have time for, I don't know, a follow up here.

嗯，我不知道我是否有時間，我不知道，在這裡跟進。

But I guess, my question is, why is that the right level, right?

但我想，我的問題是，為什麼這是正確的水平，對吧？

Flat inventories for a year in which retail is going to be down mid-single digits.

今年庫存持平，零售業將下降中個位數。

Normally, in that sort of environment, we would assume that inventories would need to come down even further, right, versus at the start of the year to keep those inventory turns flat.

通常，在這種環境下，我們會假設庫存需要比年初進一步下降，以保持庫存週轉率持平。

And so does this create an incremental potential overhang as we think about reductions for next year?

那麼，當我們考慮明年的減排時，這是否會造成增量潛在的過剩？

James, I don't know if you can hear me better.

詹姆斯，我不知道你能否聽得更清楚。

I seem to have had some issues with the line here.

我這裡的線路似乎有一些問題。

We don't think so, and we believe that we would be -- although we have seen a weaker third quarter, we believe that the adjustments we are making this year and the shipments that we are planning in the four quarters of next year will address that in the right way.

我們不這麼認為，而且我們相信我們會的——儘管我們看到了第三季度的疲軟，但我們相信我們今年所做的調整以及我們計劃在明年四個季度的出貨量將以正確的方式解決這個問題。

So we feel confident that this is the right thing to do and pretty significant adjustment throughout the year.

因此，我們相信這是正確的做法，並且是全年相當重大的調整。

Got it.

知道了。

Thank you.

謝謝。

Joseph Altobello, Raymond James.

約瑟夫·阿爾托貝洛，雷蒙德·詹姆斯。

Thanks.

謝謝。

Hey, good morning.

嘿，早安。

Just to follow up on James's question, so if I have my math right, you ended 2023 with 49,000 bikes in the channel, and you were anticipating retail this year of 163,000 to 178,000 bikes.

為了跟進 James 的問題，如果我的數學正確的話，截至 2023 年，渠道中的自行車數量為 49,000 輛，而您預計今年的零售量為 163,000 至 178,000 輛自行車。

Now you're saying you're going to end this year at 49,000 bikes in the channel flat year over year.

現在，您說今年年底通路內的自行車數量將達到 49,000 輛，與去年持平。

And I can't imagine you're anticipating that same retail level next year.

我無法想像您預計明年會有同樣的零售水準。

So how do we square those two numbers?

那我們要如何計算這兩個數字的平方呢？

All right.

好的。

Thanks, Joe. We probably don't want to get too much into 2025 at this point.

謝謝，喬。目前我們可能不想對 2025 年進行太多討論。

So I don't think we certainly feel like this probably isn't the right time to be giving full '25 guidance on where we're going.

因此，我認為我們肯定覺得現在可能不是就我們的發展方向提供完整的 25 年指導的合適時機。

But overall, as we think about what we've laid out and where we're going, we obviously expect that we're going to be in the range of 150,000 to 153,000 retail units and the same from an overall wholesale unit perspective.

但總體而言，當我們考慮我們已經佈局的內容和前進方向時，我們顯然預計我們的零售單位數量將在 150,000 至 153,000 個範圍內，從整體批發單位的角度來看也是如此。

So moving those to an alignment.

因此，將它們移動到對齊位置。

And we think positioning our dealers pretty well for where we're ending the year and then where we're beginning Q1 of 2025.

我們認為，我們的經銷商在今年年底和 2025 年第一季開始時的定位非常好。

And again, we don't want to get too far into 2025, but as we do move into that period, you probably will see some adjustments in terms of the way that we end up distributing throughout the quarters in 2025 that we'll make sure that we are covering in more detail with next quarter's earnings.

再說一次，我們不想距離 2025 年太遠，但當我們確實進入這個時期時，您可能會看到我們最終在 2025 年各個季度的分配方式上進行一些調整確保我們將更詳細地介紹下季度的收益。

Okay.

好的。

That's helpful.

這很有幫助。

Maybe just a follow up, you mentioned the cadence of retail in the quarter.

也許只是後續行動，您提到了本季零售業的節奏。

Any pickup in October post the Fed's rate cut

聯準會降息後 10 月任何回升

[temporarily]?

[暫時地]？

Yes.

是的。

Well, as we said previously, we are going to be prudent.

嗯，正如我們之前所說，我們會保持謹慎。

And as an overall perspective, I'm not going to comment on the running quarter in that case on October retail until we release Q3, and we will continue with this practice in the future.

從整體角度來看，在我們發布第三季之前，我不會對 10 月零售情況下的運行季度發表評論，我們將來將繼續這種做法。

Just coming back to your inventory question, I think what you should bear in mind is that the big change in touring obviously is not going to happen again.

回到你的庫存問題，我認為你應該記住的是，巡演中的巨大變化顯然不會再次發生。

We have fantastic touring bikes in the market, and we will carry them over into the new year.

我們在市場上有很棒的旅行自行車，我們將把它們帶入新的一年。

So bear that in mind in terms of the quality and inventory that we're carrying over -- rather than having an old platform that gets carried into the new year.

因此，請牢記這一點，即我們要保留的品質和庫存，而不是將舊平台帶入新的一年。

We have the new platform carrying into the new year.

我們以新的平台迎接新的一年。

So the quality of the touring inventory is a lot better than it was previous year.

所以巡迴庫存的品質比去年好很多。

So as a qualifying factor as well to bear in mind.

因此，作為一個資格因素也要牢記在心。

Okay.

好的。

Super.

極好的。

Thank you.

謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great.

偉大的。

Thanks.

謝謝。

I guess I had similar question about slapping your inventory level and I don't know what you can tell us about your expectations for things turning around for next year retail.

我想我對提高你的庫存水準也有類似的問題，我不知道你能告訴我們你對明年零售業好轉的預期。

Maybe I'll throw in a second question just in case there's nothing more to add to that first one.

也許我會提出第二個問題，以防萬一沒有什麼可以補充第一個問題了。

It sits on the LiveWire business.

它位於 LiveWire 業務上。

Obviously, it's a challenging environment for electric vehicle sales broadly.

顯然，對於整個電動車銷售來說，這是一個充滿挑戰的環境。

I guess just thinking about your commitment to that business long term, is there a point at which if it doesn't meet your expectations for another year?

我想只要考慮一下您對該業務的長期承諾，是否會出現某個點，如果它不能滿足您對下一年的期望？

When we think about your sort of multi-year plan, a point at which you would reevaluate, how long it might take to be profitable there and kind of how long you'd be willing to have those additional losses?

當我們考慮您的多年計劃時，您會重新評估需要多長時間才能實現盈利，以及您願意承受這些額外損失多長時間？

I guess just trying to get a sense of, if you didn't hit these targets, are you fine with sort of similar losses to this year and for how long?

我想只是想了解一下，如果您沒有達到這些目標，您是否可以接受與今年類似的損失以及持續多久？

Just thinking about it like that.

只是這麼想而已。

Thank you.

謝謝。

Yes.

是的。

Thanks, Robin.

謝謝，羅賓。

I think in terms of '25 expectations, there's not much more I can add other than reemphasize that we're really working very hard to set ourselves up for a solid '25 and we are positive in our ability to make sound progress in the new year.

我認為，就「25 年」的期望而言，除了再次強調我們確實非常努力地為自己的「25 年」做好準備之外，我沒有什麼可以補充的，而且我們對在新的領域取得良好進展的能力充滿信心。

Now call that cautiously optimistic.

現在稱之為謹慎樂觀。

We think that the combination of our best-in-class products and best-in-class dealer network are a true powerful pairing for success.

我們認為，我們一流的產品和一流的經銷商網路的結合是成功的真正強大的組合。

But of course, we have to be mindful that external factors, including interest rate reductions and improved consumer confidence, are required to provide the industry with a needed tailwind -- a tailwind that we've not had for a couple of years now.

但當然，我們必須注意外部因素，包括降息和消費者信心的提高，需要為該行業提供所需的順風——我們已經好幾年沒有這種順風了。

So our focus in addition, of course, is to continue our cost control measures, our cost productivity gains.

當然，我們的重點當然是繼續我們的成本控制措施，提高我們的成本生產力。

Jonathan highlighted them, and we expect to achieve our goal of productivity gains in total of $400 million combined with a tight capital allocation.

喬納森強調了這些目標，我們預計將實現生產力提高總計 4 億美元並結合緊張的資本配置的目標。

And we continue to believe that we have the right strategy, especially compared to others in the market and that the decisions we've made early on in 2020 and 2021 to invest in innovation and in our core categories that we know our customers, our dealers favor have been the right decisions.

我們仍然相信我們擁有正確的策略，特別是與市場上的其他公司相比，並且我們在 2020 年和 2021 年初做出的投資創新和我們了解客戶、經銷商的核心類別的決定贊成是正確的決定。

So I think that's as much color as I can give for '25.

所以我想這就是我能為《25》提供的盡可能多的色彩了。

In terms of LiveWire, I think we have taken -- or LiveWire has taken under Karim's leadership significant actions and has reduced our cash burn significantly going into next year.

就 LiveWire 而言，我認為我們已經採取了——或者說 LiveWire 在 Karim 的領導下採取了重大行動，並在明年大幅減少了我們的現金消耗。

He mentioned that we are taking the cash burn down by 40% next year.

他提到我們明年的現金消耗將減少 40%。

The operating costs are coming down.

營運成本正在下降。

We are working -- the team is working very hard to improve margin and manufacturing costs so that we can get to a much lower number of units that need to be sold in order to achieve a breakeven or positive gross profit margin.

我們正在努力——團隊正在非常努力地提高利潤率和製造成本，以便我們能夠減少需要銷售的單位數量，從而實現盈虧平衡或正毛利率。

So the actions have been taken, and Karim, if you want to repeat them, please do.

因此，我們已經採取了行動，卡里姆，如果您想重複這些行動，請這樣做。

But we do believe at this point in time, given what we know, that it is important to continue to invest, but very prudently for sure, in comparison to when we started this venture.

但鑑於我們所知道的情況，我們目前確實相信，與我們開始這項投資時相比，繼續投資很重要，但肯定要非常謹慎。

And the EV adoption was a very different one, certainly in auto and also in other spaces.

電動車的採用是一種非常不同的情況，當然在汽車和其他領域也是如此。

We believe that it is important to position us and LiveWire as the leader in electrification of the sport to ensure that Harley-Davidson, at the appropriate time, has access to this technology, whenever that might be.

我們認為，將我們和 LiveWire 定位為這項運動電氣化領域的領導者非常重要，以確保哈雷戴維森在適當的時候能夠獲得這項技術（無論何時）。

But of course, we take one year at a time and see how business develops.

當然，我們會花一年的時間來觀察業務的發展。

For now, these are the actions that we are taking.

目前，這些是我們正在採取的行動。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Fred Wightman, Wolfe Research.

弗雷德‧懷特曼，沃爾夫研究公司。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Jonathan, I think you made a comment to sort of reaffirming that 15% operating margin target for 2025.

喬納森，我認為您發表評論是為了重申 2025 年 15% 的營業利潤率目標。

I'm wondering if you could just help us think about the big sort of building blocks from this year's operating margin performance.

我想知道您是否可以幫助我們思考今年營業利潤率表現的主要組成部分。

I know that there's a lot of deleverage from the lower volumes, but if you could just sort of help us think about the chunky pieces to get to that mid-teens target, that would be helpful.

我知道較低的銷售量會產生很多去槓桿作用，但如果你能幫助我們考慮大塊的部分以達到十幾歲左右的目標，那將會很有幫助。

Thanks.

謝謝。

Okay, sounds good.

好吧，聽起來不錯。

And good morning, Fred.

早上好，弗雷德。

So I think good question around 15% OI margin.

所以我認為 15% 的 OI 利潤率是個好問題。

We've talked about that by the end of 2025.

我們已經在 2025 年底討論過這個問題。

So think sort of full-year 2026.

所以想想 2026 年全年吧。

We are pretty pleased with the actions that we're taking and the way that we're managing things inside of the four walls of Harley and how that really drives some improvement.

我們對我們正在採取的行動以及我們在哈雷四牆內管理事物的方式以及這如何真正推動一些改進感到非常滿意。

This year, certainly, is unusual in terms of how much we're taking down shipments in the second half of the year.

就我們下半年的出貨量而言，今年確實是不尋常的。

We also have some -- I think we've talked about this a little bit, probably more this year than we ever thought that we would in terms of some of the differences between production and wholesale.

我們也有一些——我想我們已經對此進行了一些討論，今年可能比我們想像的更多，就生產和批發之間的一些差異而言。

And so, as we move forward into 2025 and 2026, we begin to line up the relationship between production, wholesale, and retail.

因此，當我們進入 2025 年和 2026 年時，我們開始理順生產、批發和零售之間的關係。

So with that, you obviously see some of the benefits that we enjoy from a leverage standpoint.

因此，您顯然可以從槓桿的角度看到我們享受的一些好處。

So there's a pretty meaningful impact from that standpoint.

所以從這個角度來看，這是一個非常有意義的影響。

Cost productivity for us is something that we feel really drives a pretty significant amount of improvement.

對我們來說，成本生產力確實能帶來相當大的改善。

So you obviously have our commitment to $400 million of cost productivity, and as you may recall from earlier in this year, we actually removed leverage from that calculation.

因此，顯然我們承諾實現 4 億美元的成本生產率，而且您可能還記得今年早些時候，我們實際上從該計算中刪除了槓桿。

So that's like a real $400 million, not something that's dependent upon units.

所以這相當於真正的 4 億美元，而不是取決於單位。

So you stack those two in order to see improvement.

因此，您將這兩者疊加起來以看到改進。

And then, in addition, as we have portfolio changes and product changes and tweaks, there are some things that we think we can do pretty surgically from a pricing standpoint.

此外，隨著我們進行投資組合變化、產品變化和調整，我們認為從定價的角度來看，我們可以像外科手術一樣做一些事情。

So that helps.

所以這有幫助。

And then, the other piece that I would just touch on is we have pretty strong operating discipline around OpEx, and you actually see that really show up in this quarter.

然後，我要談的另一件事是我們在營運支出方面有相當嚴格的營運紀律，你實際上會看到這一點在本季度真正顯現出來。

So with some of the actions that we took last quarter that you end up kind of hitting the P&L in a positive way within this quarter, you see OpEx down $27 million, for example, in Q3.

因此，透過我們上季採取的一些行動，您最終會在本季以積極的方式實現損益，例如，您會看到第三季的營運支出下降了 2700 萬美元。

So down 11% due to the actions that we took.

由於我們採取的行動，下降了 11%。

So I think if you look across the P&L, there are a number of contributing factors that give us confidence in that 15% OI margin target.

因此，我認為，如果你縱觀損益表，就會發現有許多影響因素讓我們對 15% 的 OI 利潤率目標充滿信心。

Okay.

好的。

Thanks.

謝謝。

And then, there were a couple mentions about dealer support.

然後，有幾個提到了經銷商支援。

I'm wondering, when you say that, are you just talking about the cut to shipments, helping dealers out, or is there actually a different mechanism for that?

我想知道，當你這麼說時，你只是在談論削減出貨量，幫助經銷商擺脫困境，還是實際上有不同的機制？

Well, there are many measures that we have taken to set our dealers up for a successful '25.

嗯，我們採取了許多措施來幫助我們的經銷商取得成功的 25 週年。

And in my speech, I mentioned the market -- significant marketing investment as a marketing development fund that would benefit the dealers on the ground as they execute in 2025.

在我的演講中，我提到了市場——作為行銷發展基金的大量行銷投資，將使當地經銷商在 2025 年執行時受益。

And there are many other initiatives that we have presented to our network, including retail targets for next year that are achievable from our perspective, adjustments to how we digitally drive more traffic and leads to our network, how we see the evolution of our fuel facility upgrades evolving over the next couple of years.

我們也向我們的網路提出了許多其他舉措，包括從我們的角度來看可以實現的明年零售目標、調整我們如何以數位方式推動更多流量並引導我們的網路、我們如何看待燃料設施的發展升級將在未來幾年內不斷發展。

So there was a number of activities that are not just based around inventory reduction, which, of course, is critical as well, especially going into next year.

因此，有許多活動不僅僅是基於減少庫存，這當然也很重要，特別是在明年。

We feel that with rates coming down and all the other activities that we've announced, the dealer network should be able to see a strong improvement in overall profitability in 2025; in addition, of course, to the product that we've launched at the same time as well.

我們認為，隨著費率的下降以及我們宣布的所有其他活動，經銷商網路應該能夠在 2025 年看到整體獲利能力的強勁改善；當然，此外還有我們同時推出的產品。

Great, thanks.

太好了，謝謝。

Alex Perry, Bank of America.

亞歷克斯·佩里，美國銀行。

Hi.

你好。

Thanks for taking my questions here.

感謝您在這裡提出我的問題。

I just wanted to ask how we should be thinking about HDMC gross margins in the fourth quarter.

我只是想問我們應該如何考慮 HDMC 第四季的毛利率。

Will you be leveraging promos to work down dealer inventory?

您會利用促銷活動來減少經銷商庫存嗎？

And then a little bit of the follow up from the last quarter, any help on sort of how we should be thinking about gross margins for next year, especially given some of the production shifts that you've announced and taking some increased costs out of the business?

然後是上個季度的一些後續行動，對我們應該如何考慮明年的毛利率有任何幫助，特別是考慮到您已經宣布的一些生產轉移並消除了一些增加的成本業務？

Thanks.

謝謝。

Let me start briefly on promos.

讓我先簡單介紹一下促銷活動。

Right now, we are offering select promotional support, mainly, however, in the way of interest rate assistance in a manner that we believe is in line with the market.

目前，我們正在提供選擇性的促銷支持，但主要是透過我們認為符合市場的利率援助方式。

In our core markets, however, we are less promotional than our competition, where our promo -- competitors are offering promotions that are more aggressive.

然而，在我們的核心市場，我們的促銷活動比我們的競爭對手少，我們的促銷活動—競爭對手正在提供更積極的促銷活動。

But that said, we want to make sure that we achieve our retail targets for the fourth quarter.

但話雖如此，我們希望確保實現第四季的零售目標。

And Jonathan can highlight some of the promos we're having in market right now.

喬納森可以重點介紹我們目前在市場上推出的一些促銷活動。

Yes, okay.

是的，好的。

Thanks, Jochen.

謝謝，喬亨。

And good morning, Alex.

早安，亞歷克斯。

So I think for my -- Alex, as you think about Q4, a couple of pieces.

所以我認為我的——亞歷克斯，就像你想到第四季一樣，有幾件事。

As you asked the question around margin and what does margin look like in Q4, we have a pretty sizable reduction in the wholesale shipments.

當您詢問有關利潤率的問題以及第四季度利潤率如何時，我們的批發出貨量大幅減少。

So obviously, we've provided you with where we think retail and wholesale are going to range, and you can see from that that it's a pretty sizable cut in shipments.

顯然，我們已經向您提供了我們認為零售和批發的範圍，您可以從中看到出貨量的大幅削減。

So Q4 margin will certainly be quite challenged.

因此，第四季的利潤率肯定會受到很大的挑戰。

As we go through and we take a look at answering the question around promos, as we go through and we take a look at promos, what we have seen is that from a consumer perspective, we feel like our consumers are more responsive to rate promo than anything else.

當我們回顧並回答有關促銷的問題時，當我們回顧並審視促銷時，我們看到的是，從消費者的角度來看，我們覺得我們的消費者對利率促銷更加敏感比其他任何事情都重要。

A number of our competitors have rate promos and cash out there.

我們的許多競爭對手都有利率促銷和現金優惠。

We've been pretty thoughtful in terms of really being focused in on primarily rate promos, particularly if you look at what we have from a current model year standpoint.

我們在真正專注於主要利率促銷方面考慮得非常周到，特別是如果您從當前車型年份的角度來看我們所擁有的內容。

So we'll continue with some form of that, perhaps, as we look at the balance of the year to make sure that we are, again, supporting our dealers at retail.

因此，當我們審視今年的剩餘時間時，也許我們會繼續採取某種形式，以確保我們再次支持我們的零售經銷商。

We feel like it's critical to ensure that we're giving them campaigns that allow them to drive consumer traffic, help close sales, and kind of deliver something that's fair to our consumers and good for our dealers.

我們認為，確保我們為他們提供的行銷活動能夠增加消費者流量、幫助完成銷售，並提供對消費者公平、對經銷商有利的產品，這一點至關重要。

And so I think you'll see a continuation of much of what we've been doing.

因此，我認為您會看到我們一直在做的大部分工作的延續。

Perfect, very helpful.

完美，非常有幫助。

Best of luck going forward.

祝你好運。

Noah Zatzkin, KeyBanc.

諾亞·扎茨金 (Noah Zatzkin)，KeyBanc。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I guess, first, just on LiveWire, not to put too fine a point on it, but I think you made the comment that you're working to stem cash burn by 40% next year.

我想，首先，只是在 LiveWire 上，不要說得太過分，但我認為你曾說過，你正在努力阻止明年 40% 的現金消耗。

Is it fair to assume that that translates directly to operating expenses, meaning just trying to figure out if there's a potential for $40 million to $50 million less loss from LiveWire next year?

假設這直接轉化為營運費用（意味著只是想弄清楚明年 LiveWire 是否有可能減少 4,000 萬至 5,000 萬美元的損失）是否公平？

Sure.

當然。

So I can start, and then Karim can jump in.

這樣我就可以開始了，然後卡里姆就可以加入了。

So I think Karim is very, very focused on how he's managing the LiveWire business pretty tightly.

因此，我認為卡里姆非常非常專注於如何嚴格管理 LiveWire 業務。

There's a little bit of a difference between what you see from a cash perspective and where you end up seeing their operating income, as obviously, there's depreciation and some compensation-related elements that flow into that side of the equation.

從現金角度看到的結果與最終看到的營業收入之間存在一點差異，很明顯，折舊和一些與薪酬相關的因素流入了等式的這一側。

Karim, I'll hand it over to you for the -- to paint a little color on some of that.

卡里姆，我會把它交給你——給其中一些塗上一點顏色。

But I think, Noah, the critical thing is that cash burn represents one part of their P&L.

但我認為，諾亞，關鍵在於現金消耗是他們損益表的一部分。

In addition, they do have some depreciation that they work through, as well as some compensation-related elements.

此外，他們確實需要處理一些折舊，以及一些與薪資相關的因素。

But with that, Karim?

但這樣一來，卡里姆？

Yes.

是的。

Thanks, Noah.

謝謝，諾亞。

So as Jonathan explained, yes, the cash burn obviously has a direct impact in the operating loss performance from next year.

正如喬納森所解釋的那樣，是的，現金消耗顯然對明年的經營虧損表現有直接影響。

So we do expect a significant reduction in operating loss as well next year.

因此，我們預計明年的營運虧損也會大幅減少。

Having said this, we've taken most of the actions already to be set up for a significant reduction next year.

話雖如此，我們已經採取了大部分行動，為明年的大幅削減做好準備。

We've relocated entirely the lab from California to Milwaukee.

我們已將實驗室從加州完全遷至密爾瓦基。

We don't have anything left in California at this point, which obviously was a fairly expensive place to operate from.

目前我們在加州已經沒有任何東西了，這顯然是一個營運成本相當昂貴的地方。

And we've reduced our overall workforce by 30% compared to the beginning of the year.

與年初相比，我們的員工總數減少了 30%。

Everything is done now.

現在一切都完成了。

We've streamlined our organization in a way that we still keep a key focus on innovation and make sure that we can continue working on introducing products that are fit for market.

我們精簡了我們的組織，但仍將重點放在創新上，並確保我們能夠繼續致力於推出適合市場的產品。

One of them will be announced in 10 days at EICMA, and again, we believe that those products will significantly expand the horizons for LiveWire.

其中一款產品將於 10 天內在 EICMA 上發布，我們再次相信這些產品將顯著拓展 LiveWire 的視野。

So we recognize the tough EV environment we're under right now, but it is not true for all segments.

因此，我們認識到我們目前面臨的嚴峻的電動車環境，但並非所有細分市場都是如此。

And if you look at different types of EV segments, there are actually pockets of good traction in the EV market, especially in Europe.

如果你觀察不同類型的電動車細分市場，你會發現電動車市場其實有一些很好的吸引力，尤其是在歐洲。

So more to come on this one.

關於這一點還有更多內容。

But the overall LiveWire business right now is already set up for '25 to have a very significant reduction in cash burden operating loss compared to the 2024 performance.

但目前整個 LiveWire 業務已經為 25 年做好了準備，與 2024 年的業績相比，現金負擔營運損失將大幅減少。

Thank you.

謝謝。

If I could just squeeze maybe one more in on HDFS, I guess first, how do you feel about the health of the book?

如果我能再在 HDFS 上再擠一點，我想首先，您對這本書的健康狀況有何看法？

And then, obviously, nice performance this quarter.

然後，顯然，本季表現不錯。

How are you thinking about kind of the interplay between expected rate cuts and the ability to drive growth there next year?

您如何看待預期降息與明年推動經濟成長的能力之間的相互作用？

Thanks.

謝謝。

Great question, Noah.

好問題，諾亞。

So we'll start with this year and then move into a quick question on next year.

我們將從今年開始，然後快速回答明年的問題。

So as we look at what we're seeing from a 2024 perspective, consumer certainly is a little bit stressed.

因此，當我們從 2024 年的角度來看我們所看到的情況時，消費者肯定有點壓力。

The HDFS team is doing a wonderful job of managing losses, managing the consumer and ensuring that they stay sort of on track, which I think you see with a fairly limited change in our reserve, and we were virtually flat in reserve versus prior quarter and prior year.

HDFS 團隊在管理損失、管理消費者和確保他們保持在正軌方面做得非常出色，我認為您在我們的儲備金變化相當有限的情況下看到了這一點，而且我們的儲備金與上一季相比幾乎持平，前一年。

So the outlook, I think, from a consumer health standpoint is pretty good.

因此，我認為，從消費者健康的角度來看，前景相當不錯。

That's what allows us to increase our outlook on the HDFS business for the year.

這讓我們提高了今年 HDFS 業務的展望。

As we move into 2025, as we've talked about, we're probably not ready to guide in detail on 2025 yet.

正如我們所討論的，隨著我們進入 2025 年，我們可能還沒有準備好詳細指導 2025 年。

But we are in an interesting place where I think we'll probably see -- we're actually working through budget and things of that nature, so speaking a little bit off the cuff.

但我們正處於一個有趣的地方，我想我們可能會看到——我們實際上正在製定預算和類似性質的事情，所以可以即興發言。

But we're in a place where I think we will end up seeing a little bit of the debt portfolio resetting before we have an equivalent reset in the retail portfolio.

但我認為，在零售投資組合進行同等重置之前，我們最終會看到債務投資組合進行一些重置。

So things have moved in a really nice direction for 2024.

所以 2024 年事情會朝著一個非常好的方向發展。

I think we get a little bit of a challenging 2025 in front of us before we move forward into subsequent years.

我認為，在進入接下來的幾年之前，我們面前的 2025 年會充滿挑戰。

But more to come on that front.

但在這方面還有更多的事情要做。

But I don't expect that 2025 for HDFS will look as strong as 2024.

但我預計 2025 年 HDFS 不會像 2024 年那麼強勁。

Thank you.

謝謝。

David MacGregor, Longbow Research.

大衛‧麥格雷戈，長弓研究中心。

Yes.

是的。

Good morning.

早安.

Thanks for taking the questions.

感謝您提出問題。

I guess a pretty disruptive quarter from a weather standpoint.

從天氣的角度來看，我認為這是一個相當破壞性的季度。

What do you think that did to your retail numbers?

您認為這對您的零售數字有何影響？

Is there any way to parse out how much that down 13% might have been attributable to just disruptive weather?

有什麼辦法可以分析出 13% 的下降在多大程度上是由於破壞性天氣造成的嗎？

And then secondly, I would just love to get your sense -- and I realize it's still a little bit early to be talking about 2025, but how are you thinking about motor company market share in 2025?

其次，我很想聽聽您的看法——我意識到現在談論 2025 年還為時過早，但您如何看待 2025 年汽車公司的市場份額？

Thanks.

謝謝。

David, weather has certainly led to a tougher retail environment, especially towards the end of September.

大衛，天氣無疑導致零售環境變得更加嚴峻，尤其是在九月底。

That's when also Helene hit on the East Coast and we saw some impact -- significant impact towards the end with dealers then having to close their dealership to prepare and not being able to open immediately thereafter.

就在那時，海倫也襲擊了東海岸，我們看到了一些影響——到最後經銷商們不得不關閉他們的經銷店以進行準備，並且之後無法立即開業，產生了重大影響。

So that certainly has been an impact in the US, not so much internationally, but certainly in the US.

因此，這肯定對美國產生了影響，雖然不是國際上的影響，但肯定是在美國。

And then the market share in '25?

那麼25年的市佔率呢？

Well, we're not going to really comment much more on '25 at this point in time.

好吧，目前我們不會對 '25 做出更多評論。

We feel we have a strong product lineup for next year in touring to continue.

我們認為明年的巡迴我們將繼續擁有強大的產品陣容。

Our CVO segment, as I mentioned earlier, has been doing particularly strong.

正如我之前提到的，我們的 CVO 部門表現尤其強勁。

We've seen double-digit growth throughout the quarters in our strong CVO touring offering, including a CVO that we've offered in the adventure touring market.

我們看到我們強大的 CVO 旅遊產品在整個季度實現了兩位數的成長，其中包括我們在冒險旅遊市場提供的 CVO。

We have a good lineup for next year.

明年我們有一個很好的陣容。

But beyond that, I think we'll have to wait until February before we can give some indication.

但除此之外，我認為我們必須等到二月才能給一些跡象。

We certainly believe that we are well-positioned to defend market share, maybe gain in some segments, but we shall see.

我們當然相信，我們有能力捍衛市場份額，也許在某些領域獲得收益，但我們將拭目以待。

And of course, that's also impacted by the overall environment.

當然，這也受到整體環境的影響。

As you've seen, we've taken market share in touring and have been most quarters up and outperformed the industry significantly in that segment, which is a great indication of innovation as part of our Hardwire strategy, really having a positive effect, even in tough times.

正如您所看到的，我們在巡迴演出中佔據了市場份額，並且在該領域的大部分季度都取得了增長，並且顯著優於行業，這很好地表明了創新作為我們硬線戰略的一部分，確實產生了正面的影響，甚至在艱難時期。

So we continue to be confident that other innovations that we have in the pipeline for '25 will have a similar positive effect going forward, in addition to additional actions that we are taking together with our dealer network to make sure that they are ready for it, and we generate leads and traffic to the dealer network.

因此，我們仍然相信，除了我們與經銷商網絡一起採取的其他行動以確保他們做好準備之外，我們在 25 年計劃中的其他創新也將在未來產生類似的積極影響，我們為經銷商網絡產生潛在客戶和流量。

Got it.

知道了。

Thanks very much.

非常感謝。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁，BMO 資本市場。

Hey.

嘿。

Good morning.

早安.

I have a question about your broader product portfolio.

我對你們更廣泛的產品組合有疑問。

As you pointed out, you got a lot of success with the update to touring.

正如您所指出的，您在巡演更新中取得了巨大的成功。

I was just wondering, given some of the headwinds for big-ticket items, just kind of general consumer affordability concerns, is there any thoughts maybe revisiting some more affordable bikes?

我只是想知道，考慮到大件商品的一些阻力，以及一般消費者負擔能力的擔憂，是否有任何想法可能會重新考慮一些更實惠的自行車？

Thanks.

謝謝。

Could you repeat the -- revisit what?

你能重複一遍——重新審視什麼嗎？

I'm sorry?

對不起？

More affordable bikes.

更實惠的自行車。

So things maybe under $10,000, for example.

例如，價格可能低於 10,000 美元。

Yes.

是的。

We're not going to talk about pricing of our entry-level product next year.

我們不會談論明年入門級產品的定價。

But rest assured, we are addressing that in particular with our RevMax products going into '25.

但請放心，我們正在解決這個問題，特別是我們的 RevMax 產品將進入 25 年。

But with that said, we need to wait until the new year until the prices are out.

但話雖如此，我們需要等到新年，價格才會出來。

Thank you.

謝謝。

Jaime Katz, Morningstar.

海梅·卡茨，晨星。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

Good morning.

早安.

I'm hoping you can clarify your market share comments.

我希望你能澄清你的市場份額評論。

I believe you had said that you gained 4% market share.

我相信你說過你獲得了 4% 的市場份額。

But when you look on slide 6 in your deck, it looks like both year over year and sequentially the market share in total touring Cruiser has not increased 4%.

但當你查看幻燈片 6 時，你會發現，巡洋艦總市場份額同比和連續增長都沒有增加 4%。

So what exactly have you gained market share in?

那麼您到底在哪些方面獲得了市場佔有率呢？

Well, we've gained market share primarily in the touring segment, which was the primary focus of our new product lineup this year.

嗯，我們主要在旅遊領域獲得了市場份額，這是我們今年新產品陣容的主要焦點。

Throughout every quarter, we've outperformed the industry significantly in terms of market share.

在每個季度，我們的市佔率都明顯優於產業。

The overall -- and then if you look at the overall business, our retail sales were down less than the overall industry.

整體而言，如果你看看整體業務，我們的零售額下降幅度小於整個產業。

So even in the big context, in the overall context, we've improved market share slightly.

所以即使在大的背景下，在整體的背景下，我們的市場佔有率也略有提高。

So that -- but that then considers all the segments.

那麼——但是接下來會考慮所有的細分市場。

But from a touring perspective, in every quarter, we've been doing better -- significantly better than the market in touring.

但從巡迴的角度來看，每個季度我們都做得更好——明顯好於巡迴市場。

Yes.

是的。

I understand that.

我明白這一點。

It's just on the slides, it doesn't indicate that.

它只是在幻燈片上，並沒有表明這一點。

It just indicates 73% market share this quarter and [73%] last quarter.

它僅顯示本季的市佔率為 73%，上季的市佔率為 [73%]。

That's correct.

這是正確的。

The other question I have is on reassessing the structural operating profile of the business.

我的另一個問題是重新評估公司的結構性營運狀況。

It's been quite a while since there's been a big change, but it's clear that the level of shipments is significantly different than maybe it would have been a decade ago.

自從發生重大變化以來已經有一段時間了，但很明顯，出貨量水平與十年前有很大不同。

So what sort of trigger would you look for to think about whether or not your -- maybe your capacity or labor utilization or manufacturing footprint should really be re-evaluated on a much higher level?

那麼，您會尋找什麼樣的觸發因素來考慮您的產能、勞動力利用率或製造足跡是否真的應該在更高的水平上重新評估？

Thanks.

謝謝。

Well, rest assured that we are looking at that constantly.

好吧，請放心，我們正在不斷關注這一點。

And as we're in the process of putting our budget together, this is a key consideration, of course, which is why we've emphasized so much that OpEx and cost productivity are a key driver.

當我們正在製定預算時，這當然是一個關鍵考慮因素，這就是為什麼我們如此強調營運支出和成本生產力是關鍵驅動因素。

And we're going to make sure that we are basing those operations on a conservative outlook going forward.

我們將確保我們的這些業務是基於保守的未來前景。

So that will be the case.

所以情況就會如此。

We have made adjustments to our OpEx base already over the last 18 months and we will continue to do so with an anticipated market environment that has certainly been challenged this year, no question about it.

在過去 18 個月裡，我們已經對營運支出基礎進行了調整，毫無疑問，今年預期的市場環境肯定會受到挑戰，我們將繼續這樣做。

That said, I think what we have in our plans for next year is realistic, conservative.

也就是說，我認為我們明年的計畫是現實的、保守的。

And that makes us be confident, as Jonathan highlighted, that with the cost productivity measures that we are taking and a tight OpEx structure going into next year, we will see the improvement that we want to see in order to achieve our Hardwire Stage II goals in terms of operating market.

正如喬納森所強調的那樣，這讓我們充滿信心，透過我們正在採取的成本生產力措施和明年嚴格的營運支出結構，我們將看到我們希望看到的改進，以實現我們的硬線第二階段目標從經營市場來看。

Yes.

是的。

And Jaime, I would just add that, obviously, we remain very, very committed to delivering the $400 million in cost productivity, and that certainly doesn't come without a great deal of work on the side of things relative to ensuring that we have everything optimized from a manufacturing perspective.

Jaime，我想補充一點，顯然，我們仍然非常非常致力於實現 4 億美元的成本生產率，而且如果沒有在確保我們擁有一切都從製造角度進行了優化。

So we appreciate the relationship that we have with our unions.

因此，我們重視與工會的關係。

We think that they have displayed a level of flexibility and support that we certainly are appreciative of.

我們認為他們表現出了一定程度的靈活性和支持，我們當然對此表示讚賞。

And I think together, we've partnered to drive something that we feel is very sustainable in the future.

我認為，我們共同合作推動了我們認為未來非常永續的發展。

And again, you have our strong commitment to delivering the $400 million that we've been talking about.

我們再次堅定地承諾交付我們一直在談論的 4 億美元資金。

Thanks for the color.

謝謝你的顏色。

There are no further questions at this time.

目前沒有其他問題。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。