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. Please be advised that today's conference is being recorded. I would now like to hand the call to Shawn Collins.

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。請注意，今天的會議正在錄製中。我現在想把電話轉給肖恩柯林斯。

Thank you. Good morning. This is Shawn Collins Director of Investor Relations at Harley Davidson. You can access the slides supporting today's call are Internet at the Harley Davidson Investor Relations website. As you might expect, our comments will include forward-looking statements that are subject to risks that could cause actual results to be materially different are 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, Neocon site, also chief financial officer group, and we have live wires, Chief Executive Officer, Cary dinners. With that, let me turn it over to our CEO., Jochen Zeitz. Jochen?

謝謝。早安.我是哈雷戴維森投資者關係總監肖恩柯林斯 (Shawn Collins)。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。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和我們向美國證券交易委員會提交的最新文件中指出的事項等。和我一起參加今天早上電話會議的是哈雷·戴維森 (Harley Davidson)，Neocon 網站的首席執行官，也是首席財務官團隊，我們的首席執行官卡里 (Cary) 晚宴正在進行中。接下來，讓我將其交給我們的執行長 Jochen Zeitz。約亨？

Thank you, Shawn, and good morning, everyone. Thank you for joining us for our Q3 2024 results. Q2 saw an increasingly difficult global market environment were and other big ticket discretionary sectors, macroeconomic and political uncertainty, and the pressure of high interest rates affected both our industry and customers, especially in our core markets. This impact contributed to a decline of 13%. The global retail sales of new motorcycles for q three with North America posting a 10% decline compared to 18%. Of course, international regions for the US through the end of Q. three, Harley-Davidson retail was down 1%, which was better than the overall motorcycle industry. Overall, we continue to see great higher than lower income customers, as evidenced by motorcycle mix where we see the automotive side, we've continued to be up double-digit percentages throughout the year in the U.S., specifically through the end of Q3, driven by our looting lineup, our toy segment was up almost 10% and we gained more than four percentage points of market. For me, the category segments and the market as a whole. In the media Q. three, retail sales declined 2% with mixed performance on a country-by-country basis. India continued to be adversely impacted by macroeconomic conditions and geopolitical uncertainty, which has led to sluggish economic. So motorcycle family perspective to a CDOs and tried motorcycles performed strongly in the region. The Pacific Q2, you retails were down 16% with larger than expected softness in Japan, partially offset by growth in Australia and New Zealand. Lastly, in the 10 Q three, retail was up 4% despite challenging overall operating environment. Given the outstanding feedback we receive from our customers, media and our network, we continue to be enthusiastic about the new lineup of touring motorcycles, redesigning Roadside and street light with our highly differentiated touring offering is well placed to set the company up for future success years to come. In addition to our other plants in the motorcycle development lineup. Looking ahead, as Jonathan will detail, given the lower than expected retail demand in Q3, we are revising our 24 outlook. In Q3, we continued to support the reduction levels, reducing our production unit as retail softgoods. At the end of the quarter, dealer inventory was down 13% relative to the end of Q2 of this year. We are committed to continue to reduce inventory levels and supporting telehealth, both in North America and in our international markets as we've our new model year launch in 25 with a range of new exciting bikes for by a strong marketing push in collaboration with our dealer network. Turning briefly to HDFS with Harley-Davidson Financial Services. We believe that we have a best-in-class asset to support our and our customers in both economically strong and more challenging times with a strong performance for the quarter, driven by higher retail and commercial finance receivables. HD. continue to be an invaluable asset for all of our stakeholders. With via, as Kevin will detail shortly, we continue to adjust to the overall any the environment increasing likewise, focus on driving cost efficiencies and productivity across business overall fringes facing the industry that has also impacted our business in the second half of the year to date, we've made progress towards our hardware too ambitious. We believe that in addition to unload 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. We are committed to ensuring that our dealers received product at the right time and at the right price. In addition to providing strong marketing and sales support, expect to drive profitability across the Company and our network. We are working hard to set ourselves up for a solid 25 and a positive in our ability to make solid progress in the new year. The combination of our best in class product and brand, coupled with a best-in-class The network is a powerful pairing for success. However, we are mindful of the external sector include the interest rate reductions and improved consumer confidence that are required to provide the industry with a nice tailwind. Both cost control and cost productivity gains combined with tight capital allocation are front of mind as we close out the year, we believe we are the right strategy with the Hotwire, especially compared to others in the market decisions we made to invest in innovation and our core categories that we know our customers and dealers love where the right ones to fuel the Harley-Davidson culture and business for years to come. Thank you. And now I'll hand over to Karim.

謝謝你，肖恩，大家早安。感謝您關注我們的 2024 年第三季業績。第二季度，全球市場環境和其他大宗非必需品產業日益困難，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。這一影響導致下降 13%。第三季全球新摩托車零售額，其中北美下降 10%，去年同期下降 18%。當然，在美國國際地區，截至第三季末，哈雷戴維森零售額下降了 1%，這比整個摩托車行業要好。總體而言，我們繼續看到收入高於低收入客戶的情況，正如我們在汽車方面看到的摩托車組合所證明的那樣，我們在美國全年繼續保持兩位數的百分比增長，特別是到第三季末，在我們的掠奪產品陣容的推動下，我們的玩具細分市場成長了近 10%，並且我們獲得了超過 4 個百分點的市場份額。對我來說，是細分品類和整個市場。在媒體通報的第三季中，零售額下降了 2%，各國表現不一。印度繼續受到宏觀經濟狀況和地緣政治不確定性的不利影響，導致經濟低迷。因此，從摩托車家族的角度來看，CDO 和嘗試的摩托車在該地區表現強勁。太平洋地區第二季零售額下降 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。最後，儘管整體營運環境充滿挑戰，但第三季零售業仍成長了 4%。鑑於我們從客戶、媒體和網路中收到的出色回饋，我們繼續對新的旅行摩托車系列充滿熱情，透過我們高度差異化的旅行產品重新設計路邊和路燈，為公司未來的成功做好準備未來幾年。除了我們的摩托車開發陣容中的其他工廠。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 24 年的展望。第三季度，我們繼續支持削減水平，減少零售紡織品的生產單位。截至本季末，經銷商庫存較今年第二季末下降了13%。我們致力於繼續降低北美和國際市場的庫存水平並支持遠距醫療，因為我們在 25 年推出了新車型，透過與我們合作進行強有力的營銷推廣，推出了一系列令人興奮的新自行車。商網絡。簡單介紹一下 Harley-Davidson Financial Services 的 HDFS。我們相信，在零售和商業金融應收帳款增加的推動下，我們擁有一流的資產，可以在經濟強勁和更具挑戰性的時期為我們和我們的客戶提供支持，並在本季度表現強勁。高畫質.繼續成為我們所有利害關係人的寶貴資產。正如凱文很快將詳細介紹的那樣，我們將繼續根據同樣增長的整體環境進行調整，專注於提高整個業務邊緣的成本效率和生產力，這也影響了我們下半年的業務迄今為止，我們在硬件方面取得的進展過於雄心勃勃。我們相信，除了卸載旅行陣容之外，那是迄今為止業界最好的產品。我們也在未來幾年準備合適的產品來推動利潤成長。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產品。除了提供強大的行銷和銷售支援外，還期望提高整個公司和我們網路的獲利能力。我們正在努力為自己打下堅實的25分，並積極爭取在新的一年裡取得紮實的進步。我們一流的產品和品牌的結合，再加上一流的網絡，是成功的強大組合。然而，我們注意到外部部門，包括降息和消費者信心的提高，這是為該行業提供良好推動力所必需的。當我們結束這一年時，成本控制和成本生產力的提高與嚴格的資本配置相結合是首要考慮的，我們相信我們的Hotwire 策​​略是正確的，特別是與我們為投資創新和我們的市場決策而做出的其他人相比。謝謝。現在我將把工作交給卡里姆。

Thank you and good morning, everyone. In Q3, the market proved to be challenging for ED. products grew slower than anticipated mid-dose from MS, global political and economic uncertainty in this context, nine, where you retain more on rural electric motorcycles in the U.S. than any other brand in the market. Within the 15 plus HPROGD. segment, Nigeria continued its leadership position in the quarter and in 2024 with 69 for the market share to date insurance, the Niobrara had several notable exposure events, including who want the best 2020 for electric bike by MC. in September. In addition, this August, we enjoyed a global momentum. We have to Denmar making library on household name despite retail outpacing wholesale for the third consecutive quarter with give any short of our expectation. As a result, we are revising our full-year guidance to 600 to 1,000 motorcycles units. Operating loss guidance remain unchanged for the full year. Focus is on rightsizing the business, given the market environment delivering the best TV products. Now there was a unique now when you look down and seen and preparing for future growth as the market expands. Looking ahead, we expect to diligently manage expenses and significantly improve our Easy motorcycle product costs. Reducing cash burn by an expected 40% next year compared to 2024 shows have already been taken this year in anticipation of 22 site with a completely centralization of our novel provisions in Milwaukee and the move to Gino others. We've also streamlined organization, leading to an approximately 30% headcount reduction heading into 2025 compared to the start of 2024, recognizing that the performance of our existing product offering is directly to end to year. Nigeria is also actively expanding is not addressable market and increasing overall asset to easy experience. Today, I'm pleased to confirm that we are planning to announce a new product segment at Peak Mine, November that we believe will bring additional revenue streams in the company in the medium term, while meaningfully expanding our current addressable market. Stay tuned for more. Thank you. And now I hand it over to Jon.

謝謝大家，早安。第三季度，市場對 ED 來說充滿挑戰。產品成長速度低於預期的中等劑量，在這種背景下，全球政治和經濟的不確定性，九，您在美國農村電動摩托車上的保留量比市場上任何其他品牌都多。在15加HPROGD之內。在細分市場中，尼日利亞在本季度繼續保持領先地位，到 2024 年，迄今為止保險市場份額為 69，Niobrara 發生了幾起值得注意的曝光事件，包括誰希望 MC 推出 2020 年最好的電動自行車。九月。此外，今年八月，我們享受了全球勢頭。儘管零售業連續第三個季度超過批發業，但我們仍必須在丹麥建立一個家喻戶曉的品牌庫，但沒有達到我們的預期。因此，我們將全年指導方針修改為 600 至 1,000 輛摩托車。全年營運虧損指引維持不變。考慮到提供最佳電視產品的市場環境，重點是調整業務規模。現在，當您向下看並看到並為市場擴張的未來成長做好準備時，這是一個獨特的時刻。展望未來，我們預計將努力管理費用並顯著提高 Easy 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%，今年已經採取了行動，預計將在 22 個地點完全集中我們在密爾瓦基的新供應品，並轉移到吉諾其他地區。我們也精簡了組織，與 2024 年初相比，到 2025 年的員工人數將減少約 30%，因為我們認識到我們現有產品的效能直接影響到年底。奈及利亞也積極拓展不可尋址市場，並增加整體資產以實現輕鬆體驗。今天，我很高興地確認，我們計劃於 11 月在 Peak Mine 宣布推出一個新產品部門，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潛在市場。請繼續關注更多內容。謝謝。現在我把它交給喬恩。

Thank you, Karim, and good morning to all. 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. Consolidated revenue in the third quarter was down 26%, driven by HD. and C. revenue, down 32%, Kent and partially offset by HDFS revenue growth of 10%. Consolidated operating income in the third quarter was $106 million, down 49% from the prior year period, driven by a decrease of $120 million and a CMC at HDFS. Operating income was up $17 million average, while the operating loss at the LiveWire segment was up by $1 million compared to a year ago. The consolidated operating margin in the third quarter was 9.2%, which compares to 13.5% in the prior year period, where HTMC. operating income margin was down 720 basis points year over year, and HDFS operating margin was improved by 410 basis points. I plan to go into further detail on each business segment profit and loss drivers in the next section. Third quarter earnings per share was $0.91, which is down 34% or $1.38 last year. As we flip the page to our year to date results, total consolidated HCI. revenue of $4.5 billion were down 6% compared to last year. The components of this work. At HTMC., revenue decreased by 9% at HDFS, revenue increased by 11% and a lot while revenue declined by 30%. Stated, HDI. operating income was $610 million, which was $190 million lower than the prior year. The components of this work at HTMC. 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 that LiveWire an operating loss of eight. It was in line with our expectations. Year to date, earnings per share was $4.27, down 8% and compares to $4.65 in the same period in 2023. As noted in his introductory comments in Q3, the global consumer has seemingly taking a pause from big consumer discretionary spend based on different dynamics in each region. 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 retail levels in the second half of 2020 for both domestically and internationally, we are prioritizing support for our dealers in their attempts to reduce their inventory for the remainder of 24, we expect dealer inventory to be down around 20%, February 24 levels, so that the dealers will come into 2025 with inventory at similar levels to the standard of 2024. 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 nations. We continue to prioritize availability and inventory to bring Trich Softail and CVL motorcycles. We will talk further about our expertise for both retail and wholesale motorcycles for the balance of 2024 in just a few minutes. Looking at revenue, HDMC. revenue decreased by 32% in Q3. This was large 39% decrease in wholesale units shipped in Q3, where we shipped 27,500 motorcycles in Q3 of 24 versus shipping 45,330 cycles in Q3 of 23. 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 HTMC., where motorcycle shipments down 39% in the quarter and full year lower than in retail sales of motorcycles. one point of growth came from pricing, which includes the net impact of pricing actions on 2024 model year motorcycles and overall sales incentives. one point of decline came from mix as we compare to the prior year. Introduction of all new CTO motorcycles focus more on touring shipments in the first half of the year, and we round out the rest of the earlier shipments in the second half of the year. And finally, foreign exchange was largely flat in the third quarter. In Q. three, HD. and C. gross margin was 30.1%, which compares to 31.7% in the prior year. The decrease 160 basis points was driven by the negative impacts from lower volumes and negative operating leverage. There were some positives in the quarter include favorable net pricing, favorable foreign exchange, including hedging and lower raw material and supply chain management cash as we begin to accelerate our menu factory and supply chain savings to offset the 2% rate of inflation in during the quarter. 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 HT. and CHCMC. operating income was $55 million, which was $120 million lower than prior year due to the significant reduction in wholesales. HDMC. operating margin came in at 6.3% in Q. 3% from 13.5% from the prior year. For the year to date period, HDMC. gross margin was 31.3%, which compares to 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. These impacts were partially offset by the positive impacts from favorable motor cycle mix and lower raw material cost and lower supply chain and manufacturing expenses, which I will discuss more deeply in comments regarding productivity. Lastly, the first nine months operating expenses were lower by $13 million or 2% as we maintain the overall cost discipline due to the actions that we began to take in the late Q2 this year. Apmc operating income was $491 million, which was $214 million lower than prior year. HCMC. operating margin was 3% through the first nine months compared to 17.4% in the prior year end. Before we turn to the next slide, I didn't let me give a brief update on our productivity cost program. one of the initiatives identified as part of The Hardwire strategy, we are expecting to drive a $400 million improvement in productivity. As a reminder, we are now excluding the impact of leverage by holding our previously community stated multiyear target of $400 million. Excluding the impact of leverage, we delivered approximately $24 million in 2022 and $123 million in 2023 in 2024, we have delivered $84 million through Q3 of this year. Turning to slide 10 now and the Financial Services segment at Harley-Davidson Financial Services due three 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 the interest rate, which is currently driving high net income. Hdfs operating income was $77 million, up $17 million or up 29% compared to last year. 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. Poland's was up $10 million or up 12% 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. In QCT, HDFS's Annualized retail credit loss ratio was 3.1%, which compares to a nice retail credit loss ratio of 2.7% in Q3 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 allowances for the third quarter came in at 5.5%, virtually flat compared to fund it both prior year and Q2 of 2010. The Board. This reflects our best estimate of the current and future retail and management. Total retail loan originations in Q three were down 11%, while commercial financing activities were up 18% to $1.2 billion. Total quarter end. Net financing receivables, including both retail loans and commercial financing, was $7.8 billion, which was up 2% versus prior year. Turning to slide 11 and a year to date results at HDFS revenue increased by $74 million or 11%. Hdfs operating income was $202 million, up $25 million or up 14% compared to last year. 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. For the LiveWire segment cycles, revenue increased in the third quarter of 2024 compared to the prior year period due to higher unit sales of EV motorcycles. It stays at the electric balanced by business. Revenue was down compared to the prior year, which we expected due to a reduction in third-party brand and distributor volumes. Selling, administrative and engineering expenses for down 6% in Q3 compared to prior year. Flywire 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 modules, so actioned initiatives to reduce the overall cost of sales for EV motorcycles for the year to date results at the LiveWire segment revenue was $16 million, down 1% from the prior year as a result of lower revenue. It's basic for the year to date to live wire sold 374 electric motorcycles, which is a triple digit increase over the prior year period. For the period, LiveWire operating loss was $83 million, which was in line with our expectations. Wrapping up with consolidated Harley-Davidson, Inc. financial results. We delivered $931 million of operating in the first nine months of 2024, which was up from $787 million in the same period last year. The increase in operating cash flow was influenced by positive changes in working capital as we focus on tight inventory management change at wholesale finance receivables, total cash and cash equivalents ended at $2.2 billion, which was $366 million higher than at the end of Q2. Consolidated cash number includes $88 million at LiveWire. Additionally, as part of our capital allocation strategy and in line with our commitment to our shareholders. In Q3, we bought back $4 million shares of our stock at a cost of $150 million. 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. This compares to $6.1 million shares at a cost of $226 million in the first nine months of 2023. Given the lower than expected retail The variance in the first nine months of the year, which we expect to continue into Q4, we are raising our full year 2024 outlook at HTMC. We continue to expect the 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 a Q2 earnings. 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. These lower revised top line inputs result in a change to our full year HD. and C. revenue and HTMC. operating income targets. We now 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, 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. The downward revision is due to production and wholesale reduction and the resulting impact of leverage. We believe these reduction has positioned the Company more appropriate 2025 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 at LiveWire guidance for full year 2020 for is revised to deliver between 601,000 electric motorcycle unit, while U.S. in the range of $105 million to $115 million is unchanged. And we continue to expect capital investment in the range of $225 million to $250 million, which is unchanged. As a reminder, our capital allocation priorities remain to fund profitable growth of The Hardwire initiatives, which includes the capital expenditures, paying dividends and continuing to execute discretionary share repurchases. As outlined in the previous quarter. We feel that highlight our operating discipline, overall cash flow generation and the long-term earnings power and is supported by our continued commitment to deliver a 15% HDMC. operating income margin by the end of 2025. And with that, we will open it up to Q&A.

謝謝你，卡里姆，祝大家早安。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。 C. 營收下降 32%，Kent 和 HDFS 營收成長 10% 部分抵銷。第三季合併營業收入為 1.06 億美元，較上年同期下降 49%，主要原因是減少了 1.2 億美元以及 HDFS 的 CMC。營業收入平均成長 1,700 萬美元，而 LiveWire 部門的營業虧損較去年同期增加 100 萬美元。第三季的綜合營業利潤率為 9.2%，而去年同期，HTMC 的綜合營業利潤率為 13.5%。營業利益率年減 720 個基點，HDFS 營業利益率提升 410 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利潤和虧損驅動因素。第三季每股收益為 0.91 美元，比去年同期下降 34%，即 1.38 美元。當我們翻到今年迄今為止的結果時，綜合 HCI 總額。營收為 45 億美元，比去年下降 6%。這項工作的組成部分。在 HTMC，HDFS 的收入下降了 9%，收入增加了 11%，而收入下降了 30%。指出，人類發展指數。營業收入為6.1億美元，較上年減少1.9億美元。該組件在 HTMC 工作。營業收入為 4.91 億美元，比上年同期下降 30%，反映出年初至今營業利潤率為 13.3%，而 HDFS 營業收入為 2.02 億美元，較年初至今增長了 14%，LiveWire 和營業虧損八。這符合我們的預期。今年迄今為止，每股收益為4.27 美元，與2023 年同期的4.65 美元相比下降了8%。了巨額消費者可自由支配支出在每個地區。正如Jochen所提到的，第三季末經銷商庫存較今年第二季末下降了13%。由於我們將重點放在 2020 年下半年的國內和國際零售水平，因此我們將優先支持經銷商在 24 剩餘時間內嘗試減少庫存，我們預計經銷商庫存將下降 20% 左右，2 月份24 個級別，這樣經銷商到2025 年的庫存水準將與2024 年的標準相似。經銷商更緊密地合作，以發展和壯大我們的草根國家。我們繼續優先考慮可用性和庫存，以引進 Trich Softail 和 CVL 摩托車。我們將在幾分鐘內進一步討論 2024 年剩餘時間我們在零售和批發摩托車方面的專業知識。從收入來看，HDMC。第三季營收下降 32%。第三季的批發單位出貨量大幅下降了39%，我們在24 年第三季出貨了27,500 輛摩托車，而在23 年第三季出貨了45,330 輛摩托車。關鍵驅動因素。從收入貢獻的角度來看，下降32個百分點是由於HTMC的批發量下降，該季度和全年的摩托車出貨量下降了39%，低於摩托車零售額。其中一個成長點來自定價，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。與前一年相比，有一個下降點來自於混合。所有新款CTO摩托車的推出，上半年更集中在旅行車的出貨量上，下半年我們將完成剩下的早期出貨量。最後，第三季外匯交易基本上持平。在第三個問題中，HD。 C. 毛利率為 30.1%，上年度為 31.7%。下降 160 個基點是由於銷售下降和負營運槓桿的負面影響。 There were some positives in the quarter include favorable net pricing, favorable foreign exchange, including hedging and lower raw material and supply chain management cash as we begin to accelerate our menu factory and supply chain savings to offset the 2% rate of inflation in during the四分之一.在營運費用方面，由於我們繼續保持整體成本紀律並加強管理營運支出生產力的力度，因此費用比上年減少了 2,700 萬美元，即 11%。在HT。和CHCMC。營業收入為 5,500 萬美元，比前一年減少 1.2 億美元，原因是批發量大幅減少。 HDMC。本季營業利益率為 6.3%，較上年同期的 13.5% 下降 3%。今年迄今，HDMC。毛利率為31.3%，去年同期為34.2%。下降 290 個基點的原因是銷售下降、負營運槓桿、溫和通膨和較不利的淨定價（包括整體銷售激勵措施）的負面影響。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。最後，由於我們在今年第二季末開始採取的行動，我們維持了整體成本紀律，因此前 9 個月的營運費用減少了 1,300 萬美元或 2%。 Apmc 營業收入為 4.91 億美元，比前一年減少 2.14 億美元。胡志明市。前 9 個月的營業利益率為 3%，而去年年底為 17.4%。在我們轉向下一張投影片之前，我沒有讓我對我們的生產力成本計劃進行簡短的更新。作為 The Hardwire 策​​略一部分的舉措之一，我們預計將推動生產力提高 4 億美元。提醒一下，我們現在排除槓桿的影響，保持社區先前設定的 4 億美元的多年目標。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，到 2024 年，我們在今年第三季交付了 8,400 萬美元。現在轉向投影片10，哈雷戴維森金融服務公司的金融服務部門由於零售和商業金融應收帳款增加以及隨著投資組合隨著時間的推移不斷重置而提高的平均收益率，三季度收入增長了2600 萬美元或10%。 Hdfs 營業收入為 7,700 萬美元，比去年增加 1,700 萬美元，增幅 29%。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，但藉貸成本增加部分抵消了這一影響。而營運費用基本持平。波蘭的收入比前一年增加了 1,000 萬美元，即 12%。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。在QCT中，HDFS的年化零售信貸損失率為3.1%，而2023年第三季零售信貸損失率為2.7%，表現不錯。個因素推動的以及產業動態。此外，第三季的零售津貼率為 5.5%，與去年和 2010 年第二季的資金水準相比幾乎持平。這反映了我們對當前和未來零售和管理的最佳估計。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。季度末總計。應收融資淨額（包括零售貸款和商業融資）為 78 億美元，比上年增長 2%。轉向幻燈片 11，年初至今，HDFS 收入成長了 7,400 萬美元，即 11%。 Hdfs 營業收入為 2.02 億美元，比去年增加 2,500 萬美元，成長 14%。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。對於 LiveWire 細分市場週期，由於電動摩托車銷量增加，2024 年第三季營收較上年同期增加。它保持業務的電力平衡。與前一年相比，收入有所下降，這是我們預期的原因，因為第三方品牌和分銷商數量減少。第三季的銷售、管理和工程費用比去年同期下降 6%。 Flywire 營運虧損 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 繼續投資新的摩托車模組，因此採取了降低電動摩托車總體銷售成本的舉措，今年迄今為止，LiveWire 部門收入為 1600 萬美元由於收入下降，較上年下降1%。今年迄今基本已銷售電動摩托車374輛，比去年同期成長了三位數。期內，LiveWire 營運虧損為 8,300 萬美元，符合我們的預期。總結哈雷戴維森公司的綜合財務表現。 2024 年前 9 個月，我們實現了 9.31 億美元的營運收入，高於去年同期的 7.87 億美元。營運現金流的增加受到營運資金的正面影響，因為我們專注於批發金融應收帳款的嚴格庫存管理變化，現金和現金等價物總額最終達到 22 億美元，比第二季末增加 3.66 億美元。 LiveWire 的合併現金數字包括 8,800 萬美元。此外，作為我們資本配置策略的一部分，並符合我們對股東的承諾。第三季度，我們以 1.5 億美元的成本回購了價值 400 萬美元的股票。這使得我們在2024 年前9 個月回購的哈雷戴維森普通股總額達到950 萬美元，總價值3.5 億美元，佔2024 年初已發行股票的7%。為6.1 美元2023 年前9 個月以2.26 億美元的成本購買了100 萬股。年全年展望上調為HTMC。我們仍然預計，到 2024 年底，零售銷售和批發銷售將大致平衡，目前我們預計零售和批發銷售將在 149,000 至 153,000 輛之間，即 163,000 輛至 168,000 輛之間的變化。我們預計全年零售額將下降 6% 至 8%，即全年成長 3%。我們預計全年批發出貨量將下降 16% 至 17%，較全年下降 7% 至 10% 有所變動。這些較低的修訂後的收入投入導致我們全年的 HD 發生變化。 C. 收入和 HTMC。營業收入目標。我們現在全年營收將下降 14% 至 16%，這與第二季收益的全年下降 5% 至 9% 之間發生了變化，我們現在預計營業利潤率將在 7.5% 之間全年增長8.5 % 和8.5%，這與我們先前指導的全年增長10.6% 到11.6% 的範圍發生了變化。向下修正是由於產量和批發量的減少以及由此產生的槓桿影響。我們認為，這些削減使公司在 2025 年更加合適，HDFS 對 2024 年全年的指導向上修正，我們現在預計全年營業收入將增長 5% 至 10%，從持平變為第二季度全年增長5 %。 LiveWire 的 2020 年全年獲利指引已修訂為交付 601,000 輛電動摩托車，而美國則保持在 1.05 億至 1.15 億美元之間。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。提醒一下，我們的資本配置優先事項仍然是為 The Hardwire 計劃的獲利成長提供資金，其中包括資本支出、支付股息和繼續執行酌情股票回購。正如上一季所述。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提供 15% HDMC 的支持。到 2025 年底的營業利潤率。

(Operator Instructions) Craig Kennison, Baird.

（操作員說明）Craig Kennison，Baird。

Hey, good morning. Thanks for taking my question on York, and I'm wondering if you could share any themes that may have come up to your recent conversations and what your messages to dealers. It feels like that has changed a little bit.

嘿，早安。感謝您提出有關約克的問題，我想知道您是否可以分享您最近談話中可能出現的任何主題以及您向經銷商傳達的信息。感覺好像有點改變了。

Thanks, Greg. Obviously and understandably dealer profitability in front of mind and have you seen this? We it's a tough time for the industry as much as it is for any discretionary business, whether that you are in the marine business, RV business for motorcycles held, as you mentioned, our annual dealer formula of Volvo. And it was a really good barometer, an opportunity to engage with our dealers. Obviously, in its actions that we have throughout the year with our leadership team and at the Forum has entered the way in which we had the Motor Company are going to support the network and 25. And I think the outcome is probably would 30 dealers came away, feeling good about what is in store for us collect and overwhelmingly rated the outcomes and the success over form with almost 75% reading. It is very good. two exceptional. That's a good indication of a sudden the network, given the very difficult environment that we're in with dealer profitability, obviously, ever that we don't want to see going forward sort of the measures. We've put a new product lineup for next year and in particular, the core marketing investments that we're going to make in addition to other internal measures forum. So we'll fill up next year in strong fourth quarter. It was mentioned earlier, innovated a lot of strength in the single branch network. And we are proud to have our network in the industry and want to make sure it continues a post profitable network as well. And we're working hard. And that said, I would say other networks are probably more challenged for network fit, but say that will certainly continue to work very hard. Has the dealer network in terms of profitability.

謝謝，格雷格。經銷商獲利能力顯然是可以理解的，您看到了嗎？對於這個行業來說，就像對於任何可自由支配的業務一樣，這都是一個艱難的時期，無論您是從事船舶業務，還是摩托車房車業務，正如您所提到的，我們的沃爾沃年度經銷商公式。這是一個非常好的晴雨表，一個與我們的經銷商互動的機會。顯然，在我們的領導團隊全年採取的行動以及論壇上，我們已經進入了汽車公司將支持網絡和 25 個的方式。感覺良好，收集並以壓倒性的方式對結果和成功進行了評價，閱讀率接近75%。這是非常好的。兩個例外。這是網路突然出現的一個很好的跡象，考慮到我們所處的經銷商盈利能力非常困難的環境，顯然，我們不希望看到未來採取此類措施。我們已經為明年推出了新的產品陣容，特別是除了其他內部措施論壇之外，我們還將進行核心行銷投資。因此，我們將在明年強勁的第四季實現填補。前面提到，在單一分支網路方面創新了許多力量。我們很自豪能夠在業界擁有我們的網絡，並希望確保它也能繼續維持獲利後的網絡。我們正在努力工作。也就是說，我想說其他網路可能在網路適應性方面面臨更大的挑戰，但我想說這肯定會繼續非常努力。在獲利方面擁有經銷商網絡。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hi, good morning. Thanks for taking my question. I wanted to ask a couple of questions on retail. The on the down 13% in 3Q. Obviously, I think there were some well telegraphed noise, particularly in our perhaps in August, and I think you talked about maybe July off to it and Okay. So last quarter, 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 fourth Q? Obviously, a wide range for the fourth quarter seems to be implied back. It looks right, relatively similar, I guess, to what you've reported and in 3Q. So maybe you can kind of help us understand the puts and takes around that.

嗨，早安。感謝您提出我的問題。我想問幾個關於零售的問題。第三季下降13%。顯然，我認為有一些明顯的噪音，特別是在我們可能在八月的時候，我想你談到了可能在七月的情況，好吧。那麼上個季度，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，然後這如何影響您對第四季度的展望？顯然，第四季的寬幅波動似乎已經暗示回來了。我想，它看起來是正確的，與您在第三季報告的內容相對相似。所以也許你可以幫助我們理解圍繞這個問題的看跌期權和拿走期權。

So Megan. So crude three 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 in power sports competitors and industries as a whole and not just first But post the globe. So we believe, and we assume that the greater macro and geopolitical uncertainty expected with changes in interest rates, especially in North America anemia, as well as the upcoming U.S. elections from weather events in the US.

所以梅根.因此，原油三號以強勁的 7 月開局，而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強力體育競爭對手和整個行業（而不僅僅是首先但是發布地球儀。因此，我們相信，並且我們假設隨著利率的變化，尤其是北美貧血，以及美國天氣事件即將到來的美國大選，預計宏觀和地緣政治的不確定性將會更大。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning and thanks for taking my question. So it sounds like the general outlook here for 24 assumes rail in line with wholesale, I guess, in light of the retail weakness from what do you think that's still the right on the right target at this point? And I guess the bigger question is, as we think about 2025, what's your confidence that that you won't have to destock even even more as we look to next year?

嘿，早上好，感謝您提出我的問題。因此，聽起來 24 的總體前景假設鐵路與批發一致，我想，鑑於零售疲軟，您認為目前這仍然是正確的目標？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削減庫存有何信心？

Sure. Hi, Jim. This is Jonathan, and happy to happy to start out and take this one. So I think as you said, sounds like your question is I really primarily around dealer inventory, the how that relates to, I think a good question and their dealer inventory at the end of Q3 is down by about 13% relative to the end of Q2. We will continue to focus on continuing to reduce dealer inventory levels in the final 24. So as we look at that, the question that obviously probably ask is when will you be what we aim to be down about another 20% from today's levels, which gets us to about the same level since the end of last year. Certainly from our standpoint, we continue to prioritize availability, inventory of touring, Trich Softail and CBO motor. We look at our core categories and we know that our core categories or are key to The Hardwire strategy. They're key to the share growth that we've seen within the industry. So we want to make sure that our dealers are appropriately positioned to do. And then some again, as you referenced, you do have our commitment that that we really are by the end of the year, ensuring that 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 to hope that out. Well, I don't I don't know if I have time for us, but I don't know a follow up here, but I guess my question is why is that the right level for healthy flat inventory is for a year in which retail is going to be down mid single digits. Normally in that sort of environment, we would assume that inventories would need to come out even further freight versus at the start of the year to keep those inventory turns flat.

當然。嗨，吉姆。我是喬納森，他很高興能夠開始並接受這個。因此，我認為正如您所說，聽起來您的問題實際上主要是圍繞經銷商庫存，這與我認為是一個很好的問題有關，他們在第三季度末的經銷商庫存相對於去年末下降了約13% Q2。我們將繼續專注於在最後24 場比賽中繼續降低經銷商庫存水平。再下降約20%，這自去年年底以來，我們達到了大致相同的水平。當然，從我們的角度來看，我們繼續優先考慮旅行車、Trich Softail 和 CBO 引擎的可用性和庫存。我們審視我們的核心類別，我們知道我們的核心類別是 The Hardwire 策​​略的關鍵。它們是我們在行業內看到的份額成長的關鍵。因此，我們希望確保我們的經銷商有適當的定位來做到這一點。然後，正如您所提到的，我們確實承諾到今年年底，確保我們正在盡一切努力使零售和批發保持一致，這是一些事情我們從今年年初就一直在談論這個問題。作為我們 2024 年的一部分，希望這一點能夠實現。好吧，我不知道我是否有時間陪伴我們，但我不知道這裡的後續情況，但我想我的問題是為什麼健康的公寓庫存的正確水平是一年內零售業將下降中個位數。通常在這種環境下，我們會假設庫存需要比年初更高，才能維持庫存週轉率相同。

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？

Yes, James, I don't know if you can hear me better now seem to have had some some issues with the line here. We don't think so. And we believe that we will be, although we have seen a weaker third quarter, we believe that the adjustments we're making this year and the shipments that we are planning in the four quarters of next year, we'll address that in the right way. So we feel confident that this is the right thing to do, and we're pretty significant adjustment throughout the year.

是的，詹姆斯，我不知道你是否能聽得更清楚，現在線路似乎有些問題。我們不這麼認為。我們相信，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，我們將在正道。因此，我們相信這是正確的做法，而且我們全年都會進行相當重大的調整。

Got it. Thank you.

知道了。謝謝。

Joseph Altobello, Raymond James.

約瑟夫·阿爾托貝洛，雷蒙德·詹姆斯。

Thanks, good morning. Just a 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 or 63 to 178,000 bikes. Now you're saying you're going to end the this year were at 49,000 bikes in the channel flat year over year. And I can't imagine you're anticipating that same retail level next year. So how do we square those two numbers?

謝謝，早安。只是詹姆斯問題的後續。因此，如果我的數學正確的話，到 2023 年年底，渠道中的自行車數量為 49,000 輛，而您預計今年的零售量為 63 至 178,000 輛自行車。現在你說今年年底通路內的自行車數量將達到 49,000 輛，與去年同期持平。我無法想像您預計明年會有同樣的零售水準。那我們要如何計算這兩個數字的平方呢？

All right. Thanks, Joe. We don't want to get too much into 2025 at this point. 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. But overall, as we've out what we've laid out and where we're going, we obviously expect that we're going to be in the range of 150 to 153,000 retail units in the same from an overall wholesale unit perspective. So moving now to an alignment and we think positioning our dealers pretty well for where we're ending the year and then where we're beginning in Q1 of 25. And you know, again, we don't want to get too far into 2025. But as we as we do move move into that period, you probably will see some adjustments in terms of that the way that we end up distributing throughout the quarters in 2025. That will make sure that we are covering in more detail with next quarter's earnings.

好的。謝謝，喬。目前我們不想對 2025 年進行太多討論。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 25 指導的合適時機。但總體而言，當我們列出了我們的佈局和發展方向時，我們顯然預計從整體批發單位的角度來看，我們的零售單位數量將在 150 至 153,000 個範圍內。因此，現在要進行協調，我們認為我們的經銷商在今年結束時和 25 年第一季開始時的位置都很好 而且你知道，我們不想走得太遠2025 年。在一期時，您可能會看到一些調整，即我們最終在2025 年各個季度的分配方式。

Okay, that's helpful. And maybe just a follow-up. You mentioned the cadence of retail in the quarter. Any pickup in October post the Fed's rate cuts still too early?

好的，這很有幫助。也許只是後續行動。您提到了本季零售業的節奏。聯準會降息後 10 月經濟回升還為時過早嗎？

Well, as we said previously, we are going to be prudent and as an overall perspective, I'm not going to comment on the running quarter in that case into until we release Q2 three and two. We will continue with this practice in the future. Just coming back to your inventory question, I think what you should bear in mind is that the big change in touring own obviously is not going to happen again. We have a fantastic touring bikes in the market and will carry them over into the new year. So bear that in mind in terms of the quality and move the inventory that we're carrying over, Roger, having a an old platform that gets carried into the new year, we have the new platform carrying into the new year. So the quality of the touring inventory is a lot better than than it was previous year. So as a qualifying factors route to bear in mind.

好吧，正如我們之前所說，我們將保持謹慎態度，從整體角度來看，在我們發布第二季第三和第二季之前，我不會對這種情況下的運行季度發表評論。今後我們也會繼續這種做法。回到你的庫存問題，我認為你應該記住的是，巡迴演出自己的重大變化顯然不會再次發生。我們在市場上有很棒的旅行自行車，並將把它們帶入新的一年。因此，請記住，在品質方面並轉移我們正在結轉的庫存，羅傑，有一個舊平台可以帶入新的一年，我們有新的平台可以帶入新的一年。所以巡迴庫存的品質比去年好很多。因此，作為一條晉級路線的因素要牢記在心。

Okay, super. Thank you.

好吧，超級。謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thanks. I guess a similar question about the right inventory level. And I don't know what you can tell us about your expectations for switching in turning around for next year and we count on tenant. And as shown in the second question, just in case, there's nothing more to add to that first one on the lifeline, our business and obviously, it's a challenging environment for electric vehicle sales primarily from I guess just thinking about your commitment to that business long term, is there a point at which is is it doesn't meet your expectations for another year when we think about your multiyear plan to 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? I guess just trying to get incentives, you know, if you didn't hit these targets are fine with sort of similar losses to this year and for how long just thinking about like. Thank you.

偉大的。謝謝。我想關於正確的庫存水準也有類似的問題。我不知道您能告訴我們您對明年扭虧為盈的期望，我們依靠租戶。正如第二個問題所示，為了以防萬一，我們的業務生命線上的第一個問題沒有什麼可補充的，顯然，這對電動車銷售來說是一個充滿挑戰的環境，主要是因為我想只是考慮一下您對該業務的承諾從長遠來看，當我們考慮您的多年計劃時，是否有一個點不符合您對下一年的期望，您將在這個點上重新評估可能需要多長時間才能實現盈利，以及您需要多長時間願意承受這些額外的損失嗎？我想只是想獲得激勵，你知道，如果你沒有達到這些目標，也可以接受與今年類似的損失，並且考慮一下會持續多久。謝謝。

Yes. Thanks, Robin. I think in terms of 25 expectations, there's not much more I can add other than reemphasize that we are really working very hard to set ourselves up for a solid 25 and we are positive in our ability to make solid progress in the new year. Now call that cautiously optimistic, you know, we see and that the combination of all best in class products and spacing car dealer network are a true power preparing for success. But of course, we have to be mindful that external factors, including interest rate with consumer confidence are are required to provide the industry with a nice tailwind, a tailwind that we have not had for a couple of years now. So our focus, in addition, of course, is to continue our cost control measures. Our cost productivity gains are Jonathan highlighted them, and we expect to achieve our goal of productivity gains gains in total of $400 million of those, combined with tight capital allocation and continue to believe that we have the right strategy, especially compared to others in the market and the in that the decisions we've made early on in 2020 and 21 to invested in it, Avation ending agrees that we know you know, our customers, our dealer favor in the right decisions. So I think that's as much color as I can give for 25 in terms of live, why I think until we have taken a lifeline has taken on the Koreans leadership to significant actions and has we reduced our cash burn significantly going into next year? You mentioned that we are that we are taking the cash burn down by 40% next year. The operating costs coming down. We're 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 would in order to achieve a breakeven or positive gross profit margin. So the actions have been taken and under the ticker M., if you want to repeat them, please two on. 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 comparison to what we started this adventure. And the EV adoption was a very different one, certainly in auto and also in other spaces. And we believe that it is important to position us and LiveWire certification of the sport to ensure that Harley-Davidson at the appropriate time has access to this technology whenever that might be. But of course, we take one year at a time and see our business develops for now. These are the actions we're taking.

是的。謝謝，羅賓。我認為，就25 的期望而言，除了再次強調我們確實非常努力地為實現25 的目標做好準備之外，我沒有什麼可以補充的，並且我們對在新的一年中取得紮實進展的能力充滿信心。現在稱之為謹慎樂觀，你知道，我們看到，所有一流產品和間隔汽車經銷商網路的結合是為成功做好準備的真正力量。但當然，我們必須注意，需要外部因素，包括利率和消費者信心，才能為該行業提供良好的順風，這是我們幾年來從未有過的順風。當然，我們的重點當然是繼續採取成本控制措施。喬納森強調了我們的成本生產力收益，我們預計將實現生產力收益總計 4 億美元的目標，再加上嚴格的資本配置，並繼續相信我們擁有正確的戰略，特別是與其他國家相比市場以及我們在2020 年初和21 年初的投資決定，Avation 結局同意我們知道你知道，我們的客戶、我們的經銷商都支持正確的決定。所以我認為這就是我能為 25 場直播提供的盡可能多的色彩，為什麼我認為在我們採取生命線之前韓國領導層已經採取了重大行動，並且我們是否在明年大幅減少了現金消耗？您提到我們明年的現金消耗將減少 40%。營運成本下降。我們的團隊正在非常努力地提高利潤率和製造成本，以便我們能夠獲得更少的單位數量，從而實現損益兩平或正毛利率。因此，這些行動已採取，並在代碼 M. 下，如果您想重複這些行動，請點兩下。但鑑於我們所知道的，繼續投資很重要，但我們在此時確實相信，但要非常謹慎地與我們開始這次冒險的情況進行比較。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。我們認為，讓我們和 LiveWire 對運動進行認證非常重要，以確保哈雷戴維森在適當的時候能夠在任何可能的情況下使用這項技術。但當然，我們需要一年的時間才能看到我們的業務目前的發展。這些是我們正在採取的行動。

Great. Thank you.

偉大的。謝謝。

Fred Wightman, Wolfe Research.

弗雷德‧懷特曼，沃爾夫研究公司。

Hey, guys. Good morning. Jonathan, I think you made a comment tick up sort of in that 15% operating margin target for 25. And I'm wondering if you could just help us think about the big sort of building blocks from this year's operating margin performance? 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 that mid-teens target might be helpful. Thanks.

嘿，夥計們。早安.喬納森，我認為您對 25 的 15% 營業利潤率目標做了評論。我知道成交量下降帶來了很大的去槓桿化。但如果你能幫助我們思考青少年目標的粗塊可能會有所幫助。謝謝。

Okay. Sounds good. And good morning, friends. So I think good question around 15% OI margin. We've talked about that by the end of 2025. So I think things start a full year 2026. We are pretty pleased with the actions that we're taking and the way that we're managing things inside of the the four walls of Harley and how that really drive some improvement this year certainly is unusual in terms of how much we're taking down shipments in half of the year. We also have some I think we've talked about this a little bit, probably more in the theater than we ever thought that we that we would in terms of some of the differences between production and wholesale. And so as we move forward into 2025, in 2026, we begin to line up a relationship between production and wholesale and retail. So with that, obviously, see some of the benefits that we enjoy from a leverage standpoint, a meaningful impact from that standpoint. Cost productivity for us is something that we feel really drives a pretty significant amount of improvement. So you obviously have our $400 million of cost productivity. And as you may recall from earlier in this year, we actually removed leverage from that calculation. So that's like a real $400 million is not something dependent upon units. So you have those two in order to see improvement. 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. So that helped. And then the other piece that I will just touch on is we have pretty strong operating discipline around OpEx, and you actually see that really show up in this quarter. So with some of the actions that we took last quarter, you end up kind of seeing hitting the P&L in a positive way within this quarter. You see OpEx down $27 million, for example, in Q 3% due to the actions that we took. 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.

好的。聽起來不錯。早安，朋友們。所以我認為 15% 的 OI 利潤率是個好問題。我們已經在 2025 年底討論過這個問題。中減少的出貨量而言，哈雷及其如何真正推動今年的一些改進無疑是不尋常的。我們也有一些，我想我們已經在劇院中討論過一些，可能比我們想像的更多，我們會討論生產和批發之間的一些差異。因此，當我們進入2025年、2026年時，我們開始理順生產和批發和零售之間的關係。因此，顯然，從槓桿的角度來看，我們享受了一些好處，從這個角度來看，這是有意義的影響。對我們來說，成本生產力確實能帶來相當大的改善。因此，您顯然擁有我們 4 億美元的成本生產率。正如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。所以這就像真正的 4 億美元並不取決於單位。所以你擁有這兩個才能看到進步。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，我們可以透過手術來完成一些事情。所以這有幫助。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。因此，透過我們在上個季度採取的一些行動，您最終會看到本季的損益表出現正面的變化。例如，由於我們採取的行動，您會看到營運支出在第三季下降了 2700 萬美元。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, thanks. And then the there were a couple of mentions about dealer support. I'm wondering is when you say that, are you just talk about the cut to shipments helping dealers out, or is there actually a different mechanism for that?

好的，謝謝。然後還有一些關於經銷商支援的提及。我想知道，當你這麼說時，你只是在談論減少出貨量來幫助經銷商擺脫困境，還是實際上有不同的機制？

While there are many measures that we have taken to set, our steel is up for a successful 25. And I'm in my speech, I mentioned the marked a significant marketing investment. As I said, marketing development funds that would benefit the dealers on the ground as they execute in 25. And there are many other initiatives that we all know that we have presented to our network, including retail target for next year that are achievable from our perspective adjustments to how we digitally drive more traffic leads to our network, how we see the evolution of our fuel facility upgrades evolving over the next couple of years. 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 Nika. And we feel that with rates coming on and all the other activities that we've announced, the dealer network should should be able to see a strong improvement in overall profitability in 25. In addition, of course, to the product that we've launched at the same time as well.

雖然我們採取了許多措施來製定，但我們的鋼鐵有望成功進入 25 週年。正如我所說，行銷發展資金將使當地經銷商在 25 年執行時受益。以數位方式推動更多流量的視角調整會影響我們的網絡，以及我們如何看待未來幾年燃料設施升級的演變。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 Nika 領域。我們認為，隨著利率的提高以及我們宣布的所有其他活動，經銷商網路應該能夠在 25 年中看到整體獲利能力的強勁改善。

Great. Thanks.

偉大的。謝謝。

Alex Perry, Bank of America.

亞歷克斯·佩里，美國銀行。

Hi, thanks for taking my questions here. I just wanted to ask how we should be thinking about your HDMC. gross margins in the fourth quarter will be leveraging promos, work-down dealer inventory and then a little bit of a follow-up from the last quarter. Any help on the 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 business? Thanks.

您好，感謝您在這裡提出我的問題。我只是想問我們應該如何考慮你們的 HDMC。第四季的毛利率將利用促銷、經銷商庫存削減以及上一季的一些後續行動。對於我們應該如何考慮明年的毛利率有什麼幫助，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？謝謝。

That they stopped briefly on promos. Right now, we are offering select promotional support, mainly. However, in the way of interest rate assistance, you may know that we believe is in line with the market or in our core markets. However, we are less promotional than our competition where our promote competitors as our offering promotions that are more aggressive. But that said, sure that we achieve our retail targets for the fourth quarter. And Jonathan can highlight some of the progress we have a market right now.

他們短暫停止了促銷活動。目前，我們主要提供精選的促銷支援。然而，在利率援助的方式上，你可能知道我們認為是符合市場的，或是符合我們的核心市場的。然而，我們的促銷活動比我們的競爭對手要少，我們的競爭對手的促銷活動比我們的促銷活動更積極。但話雖如此，我們肯定會實現第四季的零售目標。喬納森可以強調我們目前市場所取得的一些進展。

Yes. Okay. Thanks, Jochen, and good morning, Alex. So I think for me, some pilots, as you think about as you think about Q4, a couple of pieces to ask the question around margin and what does margin look like in Q4, we have a pretty sizable reduction in the home sales shipments. So obviously, we provided you with where we think retail and wholesale, they're going to range and you can see from that, but it's a pretty sizable cuts in shipments. So Q4 margins quite challenged, Tom, as we as we go to look at answering the question around Pro house as we go through and we take a look at promos, but we have seen from is that from a consumer perspective, we feel like our consumers are more responsive to rate promo than anything else. A number of our competitors have rate promos and cash out there. We've been pretty thoughtful in terms of really being focused in on on primarily rate promos, particularly if you look at what we have from a current model year standpoint. So we'll continue with some 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, we feel like it's critical to ensure that we're giving them campaigns that allow them to drive consumer traffic, health club sales and kind of deliver something that start to our consumers and good for our dealers. And so I think you'll see a continuation of much of what we've been doing.

是的。好的。謝謝，喬亨，早上好，亞歷克斯。因此，我認為對我來說，一些飛行員，當你思考第四季度時，有幾篇文章要問有關利潤率的問題，以及第四季度的利潤率是什麼樣的，我們的房屋銷售出貨量出現了相當大的減少。顯然，我們向您提供了我們認為零售和批發的範圍，您可以從中看到，但出貨量的削減相當大。因此，湯姆，第四季度的利潤率面臨很大的挑戰，當我們在瀏覽和查看促銷活動時，我們會考慮回答有關Pro house 的問題，但我們看到，從消費者的角度來看，我們覺得我們的消費者對利率促銷的反應比其他任何事情都更敏感。我們的許多競爭對手都有利率促銷和現金優惠。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。所以我們將繼續採取某種形式。也許當我們審視今年的剩餘時間以確保我們再次支持零售經銷商時，我們認為確保我們為他們提供的活動至關重要，使他們能夠推動消費者流量、健身俱樂部銷售和種類提供對我們的消費者有利、對我們的經銷商有利的東西。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 t hus far going forward.

完美的。對未來的發展非常有幫助。

Noah Zatzkin, KeyBanc.

諾亞·扎茨金 (Noah Zatzkin)，KeyBanc。

Hi, thanks for taking my question. I guess first, just on Live Wire of massive put too fine a point on it, but I think you made the comment on the year. You're kind of work into stem cash burn by 40% next year. It's fair to assume that that translates directly to operating expenses. Yes. Meaning trying to figure out if there is potential for $40 million to $50 million kind of less loss from LiveWire next year?

您好，感謝您提出我的問題。我想首先，只是在大規模的Live Wire上提出了太細的觀點，但我認為你對這一年做出了評論。明年你的現金消耗將減少 40%。可以公平地假設這直接轉化為營運費用。是的。意思是想弄清楚明年 LiveWire 是否有可能減少 4000 萬至 5000 萬美元的損失？

Sure. So I mean, I can start and then Karim can jump in. So I think it's very, very focused on how he's managing the Live Wire business pretty pretty tightly. 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 some depreciation and some compensation related elements that go into that side of the equation. Karim, I'll hand it over to you for today.

當然。所以我的意思是，我可以開始，然後卡里姆可以介入 所以我認為這非常非常關注他如何非常嚴格地管理 Live Wire 業務。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，因為顯然等式的這一側存在一些折舊和一些與薪酬相關的因素。卡里姆，今天我就把它交給你了。

And for the sale of contango around some of that. But I think I know it's a critical critical thing is that cash burn represents one part of their P & L. In addition, they do have some depreciations. They work through as well as some compensation related elements. But with that, Karim?

以及圍繞其中一些進行期貨溢價的出售。但我想我知道至關重要的一點是，現金消耗是其損益表的一部分。他們負責處理一些與薪酬相關的要素。但這樣一來，卡里姆？

Thanks, Jon. So that's the next 10 years, the cash burn oversee has a direct impact in the operating loss performance will make sales. So we do expect a significant reduction in operating assets when texture Having said this, we've taken most of the actions already to be set up for a significant reduction next year with five relocated entirely the lab from California to Milwaukee. We don't have anything anything left in California at this point, which obviously was a fairly expensive place to operate from. And we've reduced our workforce by 30% compared to the beginning of the year. And so everything is done now. 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. one of them will be announced in 10 days at Eclat. And again, we believe that those products will significantly expand the horizon for life area. So we recognize the the test EVM environment where under right now, but it is not true for all segments. And if you look at different type of EV segments, dog CDO, buckets of costs, good, good fun and easy market, especially in Europe. So more to come on this one. But the overall library, our business right now is already set up for 25 to have a very significant, really got an operating loss compared to 2020 for performance.

謝謝，喬恩。所以說，未來10年，現金消耗的監督將直接影響營業虧損，業績將令銷售收入下降。因此，我們確實預計，當紋理發生時，營運資產將大幅減少。 。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。與年初相比，我們的員工人數減少了 30%。現在一切都完成了。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。其中一項將於 10 天內在怡亨公佈。我們再次相信這些產品將大大拓展生活領域的視野。因此，我們認識到目前的測試 EVM 環境，但並非所有細分市場都如此。如果你看看不同類型的電動車細分市場，狗 CDO，大量的成本，很好，很有趣，而且市場很容易，尤其是在歐洲。關於這一點還有更多內容。但整個圖書館，我們現在的業務已經設定為 25 個，與 2020 年相比，業績確實出現了非常顯著的營運虧損。

Thank you. If I could just squeeze maybe one more in on HDFS. I guess first, how are you feeling about the health of the book and then obviously nice performance this quarter. How are the interplay between expected rate cuts and the ability to drive growth there next year?

謝謝。如果我能在 HDFS 上再擠一點就好了。我想首先，您對這本書的健康狀況感覺如何，然後是本季的明顯良好表現。預期降息與推動明年經濟成長的能力之間的交互作用如何？

I know it. So we'll start with this year and then and then move into a quick question on next year. So as we look at what we're seeing from a 2024 perspective, consumer consumer certainly is a little asked. The HDFS. team is is doing a wonderful job of managing blossom, managing the consumer and ensuring that they that they stay sort of on track, which I think you see with a fairly limited chain, our reserve earlier virtually flat versus prior quarter and prior year. So the outlook, I think from a consumer health standpoint is pretty good. That's what allows us to increase our outlook in each on the HDFS business a year as we move into 2025, as we've talked about, we're probably not ready to guide in detail on 2025 yet. So 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 cost, 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 room portfolio. So things have moved in a really nice direction for 2024. I think we get a little bit of a challenging 2025 in front of us before we move forward into subsequent years as more and more to come on that front. But I don't I don't expect that 2025 for HDFS will look as strong at 2024.

我知道這。因此，我們將從今年開始，然後再快速討論明年的問題。因此，當我們從 2024 年的角度來看我們所看到的情況時，消費者肯定會受到一些詢問。 HDFS。團隊在管理開花、管理消費者並確保他們保持在正軌方面做得非常出色，我認為您在相當有限的連鎖店中看到了這一點，我們早些時候的儲備與上一季度和上一年相比幾乎持平。因此，我認為從消費者健康的角度來看，前景相當不錯。這使得我們能夠在進入 2025 年時每年提高對 HDFS 業務的展望，正如我們所討論的，我們可能還沒有準備好詳細指導 2025 年。因此，我們處於一個有趣的地方，我認為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。所以說，成本有點低，但我認為我們最終會看到債務組合的一些重置，然後我們在房間組合中進行同等的重置。因此，2024 年事情已經朝著一個非常好的方向發展。發生。但我不認為 2025 年 HDFS 會像 2024 年那樣強勁。

Thank you.

謝謝。

David MacGregor, Longbow Research.

大衛‧麥格雷戈，長弓研究中心。

Good morning and thanks for taking the questions. I guess, pretty disruptive quarter from a weather standpoint. What do you fix that did to your retail numbers to this the right way to parse out how much of that down 13 might have been attributable to just disrupt? Secondly, I just would 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 banks?

早上好，感謝您提出問題。我想，從天氣的角度來看，這是一個相當具破壞性的季度。您如何解決這對您的零售數據造成的影響，以正確的方式解析出 13 的下降中有多少可能歸因於中斷？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。

David, it has certainly led to a tougher retail environment to especially towards the end of September. That's when also Helane hit on the East Coast. And we saw some impact significant impact to within with dealers and having to close the dealership to prepare and not being able to open immediately thereafter. So that certainly has has been an impact in the U.S. and not so much internationally, but certainly in the US and then the market share 25, well, we're not going to really comment much more than 25 at this point in time. We feel we have a strong product lineup touring to continue. Our CVO. segment, as I mentioned earlier, has been doing particularly strong. We've seen double-digit growth through the quarters in our strong CVO touring offering, including a CVO. that we've operated independently in the Adventure Touring market with good lineup for next year. But beyond that, I think we'll have to wait until February before we can give some indication. We certainly believe that we are well positioned to be to defend market share, maybe gain in some segments, but you know that we should see. And of course, that's also impacted by the overall environment. 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, is part of our hardware strategy, really having a positive effect even in tough times. So we continue to be confident that other we have in the pipeline for 25, we have a similar positive effect going forward in addition to additional actions were taken together with our dealer network to make sure that they are ready for it and read generate leads and traffic to the dealer network.

大衛，這無疑導致了零售環境更加嚴峻，尤其是在九月底。就在那時，赫蘭也襲擊了東海岸。我們看到經銷商內部受到了一些重大影響，不得不關閉經銷商進行準備，但此後無法立即開業。因此，這肯定對美國產生了影響，在國際上影響不大，但肯定是在美國，然後市場份額為 25，好吧，我們目前不會真正評論超過 25 的市場份額。我們覺得我們有一個強大的產品陣容可以繼續巡迴演出。我們的 CVO。正如我之前提到的，該細分市場的表現尤其強勁。我們看到我們強大的 CVO 巡演產品（包括 CVO）在各個季度實現了兩位數的成長。我們在冒險旅遊市場上獨立運營，明年有良好的陣容。但除此之外，我認為我們必須等到二月才能給一些跡象。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，但你知道我們應該看到這一點。當然，這也受到整體環境的影響。正如您所看到的，我們在巡迴領域佔據了市場份額，並且在該領域的大部分季度都取得了增長，並顯著超越了行業，這是創新的一個很好的標誌，是我們硬體策略的一部分，甚至確實產生了積極的影響在艱難時期。因此，我們仍然相信，我們正在準備的25 個產品中，除了與我們的經銷商網路一起採取額外行動以確保他們做好準備並閱讀產生潛在客戶和資訊之外，我們還將產生類似的積極影響。

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。

I'm wondering from a question about your broader product portfolio. What you've pointed out, you've got a lot of success with the uptake story, but I was just wondering, given some of the headwinds for big ticket items, just on general consumer affordability concerns, is there any thought to maybe rebuilding revisiting some more affordable by? Thanks.

我想知道有關你們更廣泛的產品組合的問題。正如你所指出的，你在吸收故事方面取得了很大的成功，但我只是想知道，考慮到大件商品的一些不利因素，僅就一般消費者的承受能力問題而言，是否有任何想法可能會重建重溫一些更實惠的？謝謝。

Could you repeat the revisit what I'm sorry?

你能再說一次我很抱歉嗎？

Far more affordable bikes.

更實惠的自行車。

So things may be under the 10 grams, for example. Yes, we are we're not going to talk about pricing of our entry-level product next year or should we are addressing that in particular with our ready-mix products going into 25. But to With that said, we need to wait until the new into the process out.

例如，物品的重量可能會低於 10 克。是的，我們不會談論明年入門級產品的定價，或者我​​們是否應該解決這個問題，特別是我們的預拌產品將進入 25 年。

Jamie Katz, Morningstar.

傑米·卡茨，晨星。

Hi, thank you for taking my questions. Good morning. I'm hoping you could clarify your market share comments. I believe that you gained 4% market share. But when you look at it on slide 6, in your gas looks like year-over-year and sequentially, the market share in total to bring greater has not increased 2%. So what exactly have you gained market share?

你好，謝謝你回答我的問題。早安.我希望你能澄清你的市場份額評論。我相信你們獲得了 4% 的市佔率。但當你看第 6 張投影片時，你會發現，與去年同期相比，市佔率總體上並沒有增加 2%。那麼您到底獲得了什麼市佔率呢？

In that where we've gained market share, primarily in the touring segment, which was the primary focus of our new product lineup this year throughout the every quarter, we've outperformed the industry segment in terms of market share the overall. And then if you look at the overall business outlook, our retail sales were down less than the overall industry. So even in the context of the overall context, we've improved market share from. So that but that's it then consider this all the segments. But from a tourism perspective and every quarter, we've been doing better significantly better than the mark.

在我們獲得市場份額的過程中，主要是在旅遊領域，這是我們今年每個季度新產品陣容的主要焦點，我們在整體市場份額方面的表現優於行業領域。然後，如果你看一下整體業務前景，我們的零售額下降幅度小於整個產業。因此，即使在整體背景下，我們也提高了市場份額。就這樣，然後考慮所有的部分。但從旅遊業的角度來看，每季我們的表現都比預期好得多。

Good Intuit. Yes, I understand that it just on the slides it up to indicate that it just indicates, you know, 73% gas area nice quarter and 73 last quarter. On the other question I have is on sort of reassessing the structure of the business. 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, maybe it would have been a decade ago. So what sort of trigger when should we look forward to think about whether or not you are on maybe your capacity or and labor utilization or manufacturing footprint should really be reevaluated on a much higher level of? Thanks.

好直覺。是的，我知道它只是在幻燈片上顯示它只是表明，你知道，本季天然氣面積為 73%，上季度為 73%。我的另一個問題是重新評估業務結構。距離發生大的變化已經過去了很長一段時間，但很明顯出貨量水平已經明顯不同，也許是十年前的事了。那麼，什麼時候我們應該期待什麼樣的觸發因素來考慮您的產能是否充足，或者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？謝謝。

Well, rest assured that we are looking at that constantly, and that's when 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 per EBIT, our key driver. And we're going to make sure that we are facing goes up operations on a conservative outlook going forward. So that will be the case. We have. We have made adjustments to our OpEx base already over the last 18 months, and we were going to continue to do so. And with anticipated market environment that, you know, it has certainly been challenged this year. No question about it. That said, I think what we have in our plans for next year is realistic conservative, and that makes us 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 hardware Stage two goals in terms of operating margin. And Jamie, I would just add to 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 that side of things. You know, to ensuring that we have everything optimized from a manufacturing perspective. So we appreciate the relationship that we have with our unions. We think that they have displayed a level of flexibility and support that. We certainly are appreciative of. And I think together, we've partnered to Dr. something that we've stainable in the future. And again, you have our strong commitment to delivering the $400 million that we've been talking about this conference call.

好吧，請放心，我們會不斷關注這一點，這就是我們制定預算的過程。當然，這是一個關鍵的考慮因素，這就是為什麼我們如此強調營運支出和每息稅前利潤成本，這是我們的關鍵驅動因素。我們將確保我們在未來保守的前景下面臨著增加營運的情況。所以情況就會如此。我們有。在過去 18 個月裡，我們已經對我們的營運支出基礎進行了調整，並且我們將繼續這樣做。考慮到預期的市場環境，你知道，今年它肯定會受到挑戰。毫無疑問。也就是說，我認為我們明年的計劃是現實保守的，正如喬納森所強調的那樣，這讓我們有信心，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，我們將看看我們希望看到的改進，以便在營業利潤方面實現我們的硬體第二階段目標。 Jamie，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，如果沒有在這方面進行大量工作，這當然是不可能實現的。你知道，為了確保我們從製造角度優化一切。因此，我們重視與工會的關係。我們認為他們表現出了一定程度的靈活性並對此表示支持。我們當然很感激。我認為，我們與 Dr. 的合作是我們在未來可以實現的目標。我們再次堅定承諾交付我們在本次電話會議上討論的 4 億美元資金。

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

目前沒有其他問題。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。