Harley-Davidson Inc (HOG) 2024 Q4 法說會逐字稿

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

感謝您的支持，歡迎參加哈雷戴維森 2024 年第四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，今天的會議正在錄音。

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

現在我想將會議移交給肖恩柯林斯。

Thank you.

謝謝。

Please go ahead, sir.

先生，請繼續。

Thank you.

謝謝。

Good morning.

早安.

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

我是哈雷戴維森投資者關係總監肖恩·柯林斯。

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。

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收益報告中和向美國證券交易委員會提交的最新文件中指出的事項等。

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

參加今天上午電話會議的還有哈雷戴維森執行長 Jochen Zeitz；還有財務長喬納森·魯特 (Jonathan Root)；還有 LiveWire 的執行長 Karim Donnez。

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

現在，讓我將話題轉交給我們的執行長 Jochen Zeitz。

Jochen?

約亨？

Thank you, Shawn.

謝謝你，肖恩。

Good morning, everyone, and thank you for joining today's call.

大家早安，感謝大家參加今天的電話會議。

In the fourth year of our hardwire strategy, we saw our performance being significantly impacted by continued cyclical headwinds for discretionary products, including the high interest rate environment affecting consumer confidence and creating affordability issues for our customers.

在我們實施硬線策略的第四年，我們發現我們的業績受到非必需品持續週期性逆風的嚴重影響，包括高利率環境影響消費者信心並給客戶帶來負擔能力問題。

While we were unable to achieve our original guidance of '24, given the overall environment, we continue to make progress in the execution of the key elements of our strategic plan that we believe will set the business up best for future profitable growth when the market turns.

雖然我們未能實現最初對 24 年的預期，但考慮到整體環境，我們在執行戰略計劃的關鍵要素方面繼續取得進展，我們相信，當市場轉向時，這將為業務未來的盈利增長奠定最佳基礎。

That said, in the fourth quarter, the macro environment contributed to a decline of 15% in global retail sales, our seasonally lowest quarter of the year, with North America posting a 13% decline and our other international regions declining a combined 17%.

儘管如此，在第四季度，宏觀環境導致全球零售額下降 15%，這是我們今年季節性最低的季度，其中北美下降 13%，其他國際地區下降 17%。

For the full year, we ended '24 with a global retail sales decline of 7%.

就全年而言，我們24年的全球零售額下降了7%。

In the face of industry headwinds, the launch of our new model year '24 Street Glide and Road Glide touring motorcycles contributed to near 5% growth in the US touring segment and drove Harley-Davidson share to almost 75%, an increase of 3.5% since 2023.

面對業界逆風，我們推出的新款 24 款 Street Glide 和 Road Glide 旅行摩托車推動美國旅行摩托車市場成長近 5%，並推動哈雷戴維森的份額達到近 75%，自 2023 年以來增長了 3.5%。

It's worth noting that over the year, Harley-Davidson was the only manufacturer to gain meaningful touring segment market share in the US with our share of the overall 601+ cc market being slightly up based on the segment that we completed.

值得注意的是，在過去一年中，哈雷戴維森是唯一一家在美國旅行摩托車市場獲得有意義份額的製造商，並且根據我們完成的細分市場，我們在整個 601+ cc 市場的份額略有上升。

Nearly 12 months after the launch of our model year '24 touring motorcycles, we continue to receive very positive feedback from customers, media and dealers.

在我們的 24 款旅行摩托車推出近 12 個月後，我們繼續收到來自客戶、媒體和經銷商的非常正面的回饋。

In December, Cycle World voted the CVO Road Glide ST the best cruise of '24.

12 月，《Cycle World》將 CVO Road Glide ST 評為 '24 年度最佳巡航車。

Also in December, motorcycle.com voted the Street Glide as the best bike of '24.

此外，在 12 月，motorcycle.com 將 Street Glide 評選為 '24 年度最佳摩托車。

The launch of these touring motorcycles was one of the primary product strategies within our profit-focused pillar of hardwire.

這些旅行摩托車的推出是我們以利潤為中心的硬線支柱中的主要產品策略之一。

And our volume and financial results would have been dramatically impacted negatively without them.

如果沒有他們，我們的銷售和財務表現就會受到極大的負面影響。

Through the fourth quarter, we continued to trim inventory by reducing the motorcycle production wholesale significantly, ending the year slightly below '23 year-end levels.

在整個第四季度，我們繼續大幅減少摩托車生產批發以削減庫存，年底庫存略低於 23 年年底水準。

We believe this has set us up well for further significant inventory reduction, especially in the first half of the year that Jonathan will walk you through in a little bit.

我們相信，這為進一步大幅減少庫存奠定了基礎，特別是在上半年，喬納森稍後會向您詳細介紹。

Providing more detail on our delivery against our Hardwire pillars for the year, tying to profit focus, we've continued to emphasize our core products while investing in key product segments for the future.

為了更詳細地說明我們今年按照 Hardwire 支柱實現的目標，並聚焦利潤，我們繼續強調我們的核心產品，同時投資於未來的關鍵產品領域。

These actions are underpinned by our belief that focusing on our most profitable categories and geographies, emphasizing innovation and evolving the customer experience with our dealers, will continue to yield benefits to the business that set the business up for long-term value creation.

這些措施都基於我們的信念：專注於我們最賺錢的類別和地區，強調創新，並不斷改善我們經銷商的客戶體驗，將繼續為企業帶來利益，為企業的長期價值創造奠定基礎。

'24 can be seen as the year of two halves.

'24 可以看作是兩個半的一年。

Retail sales of the touring segment was up 18% in the first half of the year, led by the redesigned touring platform in North America.

在北美重新設計的巡迴平台的帶動下，上半年巡迴部門的零售額成長了 18%。

And despite a decline of 4% for overall retail sales in North America for the full year, retail sales of the touring segment finished the year up more than 8%.

儘管北美全年整體零售額下降了 4%，但旅遊零售額卻增加了 8% 以上。

As mentioned earlier, we've taken share within touring with Harley-Davidson achieving 74.5% market share in the touring segment in the US, the highest number since 2019.

如前所述，我們在旅行車領域佔據了份額，哈雷戴維森在美國旅行車領域的市佔率為 74.5%，這是自 2019 年以來的最高數字。

Touring is the heart of Harley-Davidson and our mission of the timeless pursuit of adventure.

旅行是哈雷戴維森的核心，也是我們永恆追求冒險的使命。

Remember, back in 2020, there was no plan for touring nor for any other core product segment.

請記住，在 2020 年，還沒有巡迴計劃，也沒有其他核心產品部門的計劃。

We quickly took the decision to change that, with touring becoming part of the first pillar of our hardwire strategic plan.

我們很快就決定改變這種狀況，將巡迴作為我們硬線戰略計劃的第一大支柱。

Through '24, we continue to invest in our strongest and most profitable motorcycle segments, and we are planning for more impactful and new products to hit the market every year from here on that were originated as part of our strategy.

到2024年，我們將繼續投資於我們最強大和最賺錢的摩托車領域，我們計劃從現在開始每年都有更多具有影響力的新產品進入市場，這些都是我們策略的一部分。

It's important to recognize that the decisions we've taken as part of our hardwire strategy have allowed us to reestablish our profitability while ensuring we have the right product pipeline for years to come.

重要的是要認識到，我們作為硬體策略的一部分所做的決策使我們能夠重建盈利能力，同時確保我們在未來幾年擁有正確的產品線。

Without the hardwire priorities, we would currently be faced with a portfolio of uncompetitive products with a vast majority of our motorcycles achieving negative operating income margins with the motor company likely having little to no profitability.

如果沒有硬體優先，我們目前將面臨缺乏競爭力的產品組合，其中絕大多數摩托車的營業收入利潤率為負，而摩托車公司的獲利能力可能很弱甚至為零。

Selective expansion redefinition underpins our desire to win in attractive markets and motorcycle segments, where we are focused on building our leadership.

選擇性擴張的重新定義鞏固了我們在有吸引力的市場和摩托車領域中獲勝的願望，我們專注於建立我們的領導地位。

We are investing and have ambitions for our entry-level motorcycle offering in select markets and the small cruiser segment starting next year.

我們正在投資並計劃從明年開始在特定市場和小型巡洋艦市場推出入門級摩托車。

Adventure touring was also a new segment for the company, aligned to this strategic initiative.

與此策略舉措一致的探險旅遊也是公司的一個新業務領域。

We believe this segment has future growth potential for us, and we are committed to continue to innovate with the platform.

我們相信這一領域具有未來的成長潛力，我們致力於繼續利用該平台進行創新。

A proof point being the recently launched Pan America ST that will be landing dealerships shortly, ahead of its debut in the Marvel Studios Thunderbolts film, premiering May 2.

一個證明點是最近推出的 Pan America ST，它將在 5 月 2 日首映的漫威影業雷霆特工隊電影中首次亮相之前，很快就登陸經銷商處。

Turning to growth beyond bikes, we are committed to creating products, services, and experiences that inspire our customers to discover adventure and live the Harley-Davidson Lifestyle.

除了摩托車之外，我們還致力於創造新產品、新服務和新體驗，激勵我們的客戶探索冒險，體驗哈雷戴維森的生活方式。

'24, so build-out of capabilities for our custom-build apparel, ensuring that our dealers are able to access the best in customer power from Harley-Davidson.

'24，從而增強我們訂製服裝的能力，確保我們的經銷商能夠從哈雷戴維森獲得最好的客戶支援。

Looking ahead, we expect for these capabilities to reach our international network this year.

展望未來，我們預計這些功能將在今年涵蓋我們的國際網路。

Leveraging the power of the Harley-Davidson brand in '24, we are also proud to partner with Champion for the second time in the company's history.

借助24年哈雷戴維森品牌的實力，我們也非常榮幸能夠在公司歷史上第二次與冠軍合作。

Looking forward, we will continue to look for brand collaborations that will connect with our customers and communities, while at the same time expanding on our licensing opportunities globally as a brand.

展望未來，我們將繼續尋求能夠與我們的客戶和社群建立聯繫的品牌合作，同時擴大我們作為品牌在全球範圍內的授權機會。

Creating integrated customer experiences ensures our customers have a seamless experience with our brand.

創造全面的客戶體驗可確保我們的客戶獲得無縫的品牌體驗。

In '24, we've continued our digital investments, adding more impactful features and benefits on new models, combined with an all-new digital experience on hd.com, focused on improving engagement, lead capture, and ultimately with the intention of driving more traffic to our dealers.

在 24 年，我們繼續進行數位投資，在新車型上增加了更多有影響力的功能和優勢，並結合 hd.com 上的全新數位體驗，專注於提高參與度、潛在客戶獲取，最終旨在為我們的經銷商帶來更多流量。

These efforts led to a 177% increase in the number of engagements with motorcycle paces for the model year '25 launch.

這些努力使得 25 年車型的發表會上與摩托車車隊的接觸次數增加了 177%。

Turning to the physical experience that is integral to the brand, we've continued to invest in our experiences and offering by strengthening our events across the globe and better aligning our efforts with those of our dealers. '24, we held our second annual homecoming event in Milwaukee with over 60,000 riders, fans, and motor enthusiasts joining us to celebrate the Harley Davidson brand.

談到對品牌至關重要的實際體驗，我們透過加強全球活動並更好地協調我們的努力與經銷商的努力，繼續投資我們的體驗和產品。 '24，我們在密爾瓦基舉辦了第二屆年度返校活動，超過 60,000 名騎手、粉絲和摩托車愛好者參加了此次活動，共同慶祝哈雷戴維森品牌。

We are looking forward to homecoming '25 this July with an incredible talent lineup.

我們期待今年 7 月與一群才華橫溢的藝術家一起參加 '25 回家活動。

The Harley-Davidson Riding Academy, or HDRA, is an important initiative for the company, operating in 225 dealerships across 43 states, making it the largest rider training network in the US and the only nationwide rider licensing program sponsored by a motorcycle manufacturer. '24, we were proud to hit 1 million riders trained, celebrating the 25th anniversary this year.

哈雷戴維森騎行學院（HDRA）是該公司的一項重要舉措，該學院在 43 個州擁有 225 家經銷店，是美國最大的騎手培訓網絡，也是唯一由摩托車製造商贊助的全國性騎手授權計劃。 '24，我們很榮幸能夠達到訓練有素的騎手人數100萬人，今年是第25週年。

Promoting rider education and training for both experience and new riders is an important part of the overall riding ecosystem.

促進對有經驗的騎手和新騎手的教育和培訓是整個騎行生態系統的重要組成部分。

In Harley-Davidson, we are committed to building ridership and deepening our connection with customers, ultimately reinforcing our position as the most desirable motorcycle brand in the world.

在哈雷戴維森，我們致力於擴大客戶群並加深與客戶的聯繫，最終鞏固我們作為全球最受歡迎摩托車品牌的地位。

Turning to cost productivity.

轉向成本生產力。

As we covered with Q3 earnings, we've taken further steps to tighten OpEx across the organization without negatively impacting demand driving initiatives for our core segment.

正如我們在第三季收益中所述，我們已採取進一步措施，在整個組織內收緊營運支出，同時不會對核心部門的需求驅動計畫產生負面影響。

One example of this is difficult choices we've made in headcount.

其中一個例子就是我們在員工人數所做的艱難選擇。

Comparing end of Q4 '24 to the end of Q4 '23, salaries head count is down by 7%.

與 2023 年第四季末相比，2024 年第四季末的薪資人數下降了 7%。

Slide 24 includes employee severance expense.

投影片 24 包括員工遣散費。

This run rate favorability will display itself more fully in '25.

這種運行率的有利因素將在 25 年更充分地體現出來。

In addition, Jonathan will cover our cost productivity performance for the year and we continue to execute very well in that area.

此外，喬納森將負責我們今年的成本生產力表現，我們在該領域繼續表現優異。

Since announcing that focus, we achieved $257 million in productivity savings.

自宣布這一重點以來，我們已實現了 2.57 億美元的生產力節約。

Cost productivity continued to be a positive contributor to cash flow.

成本生產力持續對現金流產生正面影響。

We remain pleased with the cash flow generation of Harley-Davidson delivering operating cash flow of well over $1 billion in '24, nearly a 40% increase from prior year.

我們對哈雷戴維森的現金流產生感到滿意，24年的營運現金流遠超10億美元，比前一年增長了近40%。

'25, we plan to display further cost progress across the P&L.

'25，我們計劃在損益表中展示進一步的成本進展。

We believe OpEx productivity will allow us to run with flat to slightly down OpEx even after an increased focus on marketing continued product investments.

我們相信，即使在更重視行銷和持續產品投資後，營運成本生產力也能讓我們的營運成本保持穩定或略有下降。

Additionally, we expect our cost productivity target to deliver approximately $100 million of additional savings in '25.

此外，我們預計我們的成本生產力目標將在25年帶來約1億美元的額外節省。

I would like to now comment on our new model year launch.

我現在想對我們新車型的年度發布會進行評論。

For the '25 model year campaign, we revealed all new and refreshed motorcycles for this year's lineup, with products released sitting squarely within our product focus and selective expansion strategic focus.

對於'25 車型年活動，我們展示了今年系列的所有新款和改進型摩托車，發布的產品完全符合我們的產品重點和選擇性擴展戰略重點。

Harley-Davidson cruiser motorcycle lineup includes six new models with significantly improved performance in technology.

哈雷戴維森巡洋艦摩托車系列包括六款新車型，技術性能顯著提升。

Additionally, for '25, we updated the powerful Sportster S model.

此外，針對'25 年，我們更新了強大的 Sportster S 車型。

For its 26th year, we introduced the collection of limited-production CVO motorcycles that includes four models.

在 26 週年之際，我們推出了包含四種型號的限量生產 CVO 摩托車系列。

Lastly, new for this year are the Street Glide Ultra, a fully equipped long-haul touring model complementing our new touring lineup, as well as the previously mentioned Pan America's 1250 ST Venture Sport motorcycle.

最後，今年的新產品是 Street Glide Ultra，這是一款配備齊全的長途旅行車型，補充了我們的新旅行陣容，以及前面提到的 Pan America 的 1250 ST Venture Sport 摩托車。

Both incredible machines with [wider down] suggesting that the Harley-Davidson Street Glide Ultra might be the most capable American tourer on the market.

兩款令人難以置信的機器都具有 [更寬的] 尺寸，表明哈雷戴維森 Street Glide Ultra 可能是市場上最強大的美國旅行車。

We also continue to be excited about the adventure sport category and its application to racing.

我們也繼續對冒險運動類別及其在賽車中的應用感到興奮。

January, we celebrated Joan Pedrero's extraordinary performance in the Africa Eco Race where he secured first place in the 1,000 cc+ category.

一月份，我們慶祝了瓊·佩德雷羅 (Joan Pedrero) 在非洲生態賽中的出色表現，他在 1,000 cc+ 級別比賽中奪得第一名。

This win is a ground breaking moment that showcases the Harley-Davidson Pan America capability and versatility in a class of its own.

這場勝利是一個突破性的時刻，展現了哈雷戴維森泛美公司獨一無二的能力和多功能性。

Additionally, we were pleased to see Team settlement Harley-Davidson rider Cory West take the 24 Super Holigen Championship on his race prepared Pan America 1250, showing the versatility of the platform.

此外，我們很高興看到哈雷戴維森車隊車手科里·韋斯特 (Cory West) 駕駛他駕駛的 Pan America 1250 賽車奪得第 24 屆超級霍利根錦標賽冠軍，這展示了該平台的多功能性。

Performance in racing continued to be key differentiators across our product portfolio, and we'll continue to expand on our racing efforts in the US and beyond.

賽車性能仍然是我們產品組合的關鍵差異化因素，我們將繼續在美國及其他地區擴大我們的賽車努力。

To support our model year launch, we've adapted our marketing approach specifically to drive dealership traffic and improve alignment on key messages within our dealer channel rather than spending significant funds on teasing and pushing the global launch as we did before.

為了支持我們今年的車型發布，我們專門調整了行銷方式，以推動經銷商流量並改善經銷商通路內關鍵資訊的一致性，而不是像以前一樣花費大量資金進行預告和推動全球發布。

For this reason, we launched the marketing development fund, a new initiative designed to drive leads, foot traffic, and customer transactions and conversions in our network.

為此，我們推出了行銷發展基金，這是一項旨在推動我們網路中的銷售線索、客流量以及客戶交易和轉換的新舉措。

Driven by a desire to complement dealer marketing spend, adding additional financial support from the motor company, we believe the marketing development fund will not only strengthen collaboration between the motor company and the dealer network, but also for the effective change management to drive growth.

為了補充經銷商的行銷支出，增加汽車公司的額外資金支持，我們相信行銷發展基金不僅可以加強汽車公司和經銷商網路之間的合作，而且還可以透過有效的變革管理來推動成長。

This commitment by Harley-Davidson represents the single largest marketing investment on behalf of the company on a per unit and absolute basis in our history.

哈雷戴維森的這項承諾代表了公司歷史上單位數量和絕對數量的最大單筆行銷投資。

While it has only just been launched, we've seen strong uptake through the network.

雖然它才剛剛推出，但我們已經看到網路的強勁成長。

As we have said previously, the health of the dealer network remains critical.

正如我們之前所說，經銷商網路的健康仍然至關重要。

We've taken many steps throughout '24 to support the network through this challenging environment, and we're taking further actions into '25 to continue our support for the network.

我們在24年採取了許多措施來支持網路度過這一充滿挑戰的環境，我們將在25年採取進一步行動繼續為網路提供支援。

Jonathan will provide more detail on guidance.

喬納森將提供更多指導細節。

We are realistic and cautious not having reliable signals yet in either direction as we start the year.

在新的一年伊始，我們保持現實和謹慎，尚未收到任何方向的可靠訊號。

Hence, our guidance to flat retail sales for the year, positive performance skewed towards the second half.

因此，我們預計今年零售額將持平，下半年將出現正面表現。

I know that the decisions we've made and the bold actions we have taken as part of our hardwire strategy are continuing to strengthen our foundation for the future.

我知道，我們所做的決定和作為硬線策略一部分的大膽行動將繼續加強我們未來的基礎。

The industry has faced many headwinds over the past couple of years, impacting at all levels from OEM to dealer to customer, but we believe we are best positioned to take advantage of any uptick in consumption.

過去幾年，該行業面臨許多阻力，影響到從原始設備製造商到經銷商到客戶的各個層面，但我們相信，我們最有能力利用消費的成長。

Additionally, we will continue to explore any and all opportunities for transformational change, and we are committed to achieving our hardwire profit targets over time soon as we are seeing tailwinds in consumption of discretionary products in the two-wheel and overall power sports industry.

此外，我們將繼續探索一切轉型變革的機會，並致力於很快實現我們的硬性利潤目標，因為我們看到兩輪車和整體動力運動產業非必需產品消費的順風。

Assuming a slightly improved outlook in '26, we expect to deliver solid improvement in margin performance.

假設26年的前景略有改善，我們預期利潤率表現將大幅改善。

The actions that we've taken in '24, coupled with expectations for '25, in '26, we expect to balance retail, production, and wholesale.

我們在24年採取的行動，加上對25年和26年的預期，我們預計將能夠平衡零售、生產和批發。

We now expect that this will allow us to deliver double-digit margin in '26, climbing to our 15% target in the years following due to a combination of factors, including expected slight volume growth supported through exciting product portfolio launches every year.

我們現在預計，這將使我們在26年實現兩位數的利潤率，並在接下來的幾年裡攀升至15％的目標，這得益於多種因素，包括每年令人興奮的產品組合推出所支持的預期輕微銷量增長。

Lastly, tariffs are on everybody's mind.

最後，每個人都關心關稅問題。

Not having a clear view of what is to come, when, and for how long, we've not yet incorporated any new tariffs in our outlook.

由於不清楚接下來會發生什麼、什麼時候發生、持續多久，我們尚未將任何新的關稅納入我們的展望中。

We believe we have and are continuing to take all possible actions to mitigate the impact of tariffs and will continue to take precautionary measures where possible.

我們相信我們已經並將繼續採取一切可能的行動來減輕關稅的影響，並將在可能的情況下繼續採取預防措施。

That said, we have neither production in Canada or Mexico and 100% of our bikes in our core product segments are manufactured in the US.

話雖如此，我們在加拿大和墨西哥都沒有生產基地，我們核心產品領域的自行車 100% 都是在美國製造的。

Those motorcycles manufactured in our US plants and in partnership with our skilled union workforce account for the vast majority of our profits in the US business and most of our sourcing also being US-centric.

我們在美國工廠生產的摩托車以及與我們熟練的工會勞動力合作生產的摩托車佔了我們在美國業務的絕大部分利潤，而且我們的大部分採購也以美國為中心。

We'll provide more detail once we have a more complete tariff picture.

一旦我們獲得更完整的關稅情況，我們將提供更多細節。

Any discriminatory tariffs against Harley Davidson, the great American icon, returning in Europe, we [pontified] aggressively with all means available and call for reciprocal treatment for all motorcycles imported into the US.

我們會不遺餘力地反對任何針對美國偉大標誌哈雷戴維森返回歐洲徵收的歧視性關稅，並呼籲對進口到美國的所有摩托車實行互惠待遇。

Thank you, and I'll now hand it over to Karim for more detail on LiveWire.

謝謝，現在我將把話題交給 Karim，讓他提供更多有關 LiveWire 的詳細資訊。

Thanks, Jochen.

謝謝，約亨。

Good morning, everyone.

大家早安。

LiveWire concluded '24 with an operating loss of $110 million and 612 revenue units, both within the range of our revised guidance.

LiveWire 24 財年的營業虧損為 1.1 億美元，營收單位為 612 個，皆在我們修訂後的指引範圍內。

In the electric motorcycle segment, LiveWire global retail performance grew by 46% year over year with LiveWire maintaining its leadership position with a 65% market share in the US 50-plus horsepower on road EV segment.

在電動摩托車領域，LiveWire 全球零售業績年增 46%，在美國 50 匹馬力以上道路電動車領域保持 65% 的市場份額，保持領先地位。

Turning to our StaCyc segment.

轉向我們的 StaCyc 部門。

Despite the decrease in StaCyc total unit sales in '24, driven largely by reduced sales to third-party distributors, the US market saw significant growth.

儘管 24 年 StaCyc 總銷量有所下降，主要原因是對第三方分銷商的銷售額減少，但美國市場仍實現了顯著增長。

StaCyc recorded a 21% increase in US dealer sales and a 20% increase in US online sales.

StaCyc 的美國經銷商銷售額成長了 21%，美國線上銷售額成長了 20%。

Strategic initially implemented during the year enabled the company to achieve a cash burn below target for '24.

年內最初實施的策略使公司24年的現金消耗低於目標。

We expect these efforts to reduce 2025 total cash used by operating and investing activities by about 40%, which we expect to be $60 million or less.

我們預計，這些措施將使 2025 年營運和投資活動所用現金總額減少約 40%，即 6,000 萬美元或更少。

Looking ahead to '25, LiveWire entered the year with four models in the market, including three bids on [IS2] platform and as announced at EICMA in Q4, plans for an electric maxiscooter in the first half of '26 with a primary focus on the European market.

展望 25 年，LiveWire 在年初已在市場上推出了四款車型，其中包括 [IS2] 平台上的三款車型，並且正如在第四季度的 EICMA 上宣布的那樣，計劃在 26 年上半年推出一款電動 maxiscooter，主要關注歐洲市場。

The company's commitment to innovation and market expansion would be evident by planned new products on both the electric motorcycles and StaCyc segments designed to appeal to a broader global customer base.

該公司致力於創新和市場擴張的承諾從計劃推出的電動摩托車和 StaCyc 領域的新產品中可見一斑，這些產品旨在吸引更廣泛的全球客戶群。

We believe these initiatives position the company to enter new market segments and enhance its competitive edge.

我們相信這些舉措將使公司進入新的細分市場並增強其競爭優勢。

Now I'll hand it over to Jon.

現在我將它交給喬恩。

Thank you, Karim, and good morning to all.

謝謝你，卡里姆，大家早安。

I plan to start on Page 4 of the presentation, where I will briefly summarize the financial results for the fourth quarter and full year of 2024.

我計劃從簡報的第 4 頁開始，簡要總結 2024 年第四季和全年的財務表現。

Subsequently, I will go into further detail on each business segment.

隨後，我將對每個業務部門進行更詳細的介紹。

Let me start with consolidated financial results for the fourth quarter of 2024.

首先，我來介紹一下 2024 年第四季的綜合財務表現。

Consolidated revenue in Q4 was down 35%, driven mainly by HDMC revenue being down 47% and partially offset by HDFS revenue growth of 4%.

第四季綜合營收下降 35%，主要原因是 HDMC 營收下降 47%，但 HDFS 營收成長 4% 部分抵銷了這一下降。

Consolidated operating loss in Q4 was $193 million, which compares to an operating loss of $21 million in Q4 of 2023.

第四季綜合營業虧損為 1.93 億美元，而 2023 年第四季的營業虧損為 2,100 萬美元。

This was driven by an operating loss of $214 million at HDMC while HDFS operating income of $46 million was unfavorable by $12 million relative to a year ago.

這是由於 HDMC 的營業虧損為 2.14 億美元，而 HDFS 的營業收入為 4,600 萬美元，較去年同期減少 1,200 萬美元。

The operating loss at LiveWire was $26 million, which was in line with our expectations and $9 million favorable relative to a year ago.

LiveWire 的營業虧損為 2,600 萬美元，符合我們的預期，比去年同期減少了 900 萬美元。

As a reminder, we expected the fourth quarter to be a reduced quarter from a profit standpoint at the Harley-Davidson Motor Company segment.

提醒一下，我們預計從哈雷戴維森摩托車公司部門的利潤角度來看第四季將會下降。

This is a result of the intentional reduced wholesale shipments in Q4 as part of preparation for the new model year product launch in January of this year and our commitment to not grow dealer inventory year over year.

這是因為，為了準備今年 1 月推出的新車型，我們有意減少第四季的批發出貨量，並承諾不讓經銷商庫存逐年增加。

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

再次，我計劃在下一節中進一步詳細介紹每個業務部門的獲利和虧損驅動因素。

In Q4, earnings per share was a loss of $0.93 which is down from a profit of $0.18 in Q4 of 2023.

第四季每股收益虧損 0.93 美元，低於 2023 年第四季的利潤 0.18 美元。

Turning to full-year 2024 financial results on Page 5.

請參閱第 5 頁的 2024 年全年財務表現。

Consolidated revenue of $5.2 billion was 11% lower compared to last year, while consolidated operating income of $417 million was 47% lower than last year.

綜合收入為 52 億美元，較去年下降 11%，綜合營業收入為 4.17 億美元，較去年下降 47%。

Full-year 2024 consolidated revenue performance was as follows: at HDMC revenue decreased by 15%; at HDFS, revenue increased by 9%; and at LiveWire, revenue declined by 31%.

2024 年全年綜合收入表現如下：HDMC 收入下降 15%； HDFS 收入增加了 9%； LiveWire 的營收下降了 31%。

Full-year 2024 consolidated operating income of $417 million compares to $779 million of consolidated operating income in 2023.

2024 年全年綜合營業收入為 4.17 億美元，而 2023 年綜合營業收入為 7.79 億美元。

Business segment performance was as follows: at HDMC, operating income of $278 million was 58% lower than prior year; at HDFS, operating income of $248 million was 6% higher than prior year; and at LiveWire, an operating loss of $110 million was 6% favorable to prior year.

業務部門表現如下：HDMC 的營業收入為 2.78 億美元，較上年下降 58%； HDFS 的營業收入為 2.48 億美元，較上年成長 6%； LiveWire 的營業虧損為 1.1 億美元，較上年同期下降 6%。

For the full-year 2024, earnings per share was $3.44 and compares to $4.97 in 2023.

2024 年全年每股收益為 3.44 美元，而 2023 年為 4.97 美元。

Now turning to Page 6, an HDMC retail performance.

現在轉到第 6 頁，這是 HDMC 零售表演。

As Jochen already mentioned, in Q4, global retail sales of new motorcycles were down 15% versus the prior year.

正如 Jochen 所提到的，第四季全球新摩托車零售量較前一年下降了 15%。

This is a continuation of the trend that began at the start of Q3 and continued to play out through the second half of 2024, where we saw an increasingly difficult global market environment in our and other big-ticket discretionary sectors.

這是從第三季初開始並持續到 2024 年下半年的趨勢的延續，我們看到我們和其他高價非必需品產業的全球市場環境日益艱難。

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

宏觀經濟的不確定性、持續的通膨壓力以及高利率壓力影響了我們的產業和客戶，尤其是在我們的核心市場。

In North America, Q4 retail sales declined by 13%, while international retail sales, excluding Canada, declined by 17% year over year.

北美地區第四季零售額較去年同期下降13%，除加拿大以外的國際零售額較去年同期下降17%。

In EMEA, Q4 retail sales declined by 7%, driven by weakness in Germany and the surrounding region.

在歐洲、中東和非洲地區，受德國及週邊地區經濟疲軟影響，第四季零售額下降 7%。

EMEA continued to be adversely impacted by overall macroeconomic conditions.

歐洲、中東和非洲地區持續受到整體宏觀經濟狀況的不利影響。

For the full-year 2024, EMEA retail sales were down 11%, where a majority of the retail weakness was in noncore motorcycles.

2024 年全年，EMEA 地區零售額下降 11%，其中大部分零售疲軟發生在非核心摩托車上。

The touring category was up 10% on the year.

巡演類別較上年增長了 10%。

In Asia Pacific, Q4 retail sales declined by 26% as the region has remained weak since the second half of 2023.

在亞太地區，第四季度零售額下降了 26%，因為該地區自 2023 年下半年以來一直保持疲軟。

The Q4 retail sales decline was driven by weakness in Japan and China, with Australia and New Zealand turning in a positive Q4.

第四季零售額下降是由於日本和中國的疲軟，而澳洲和紐西蘭第四季零售額則出現正成長。

For the full-year 2024, Asia Pacific retail sales were down 18%, with market characteristics broadly consistent with that seen in Q4.

2024年全年，亞太地區零售額下降18%，市場特徵與第四季大致一致。

The softness was most acute in Japan and China, whereas both Australia and New Zealand as well as India were up modestly.

日本和中國的疲軟最為明顯，而澳洲、紐西蘭和印度均小幅上漲。

In Latin America, Q4 retail sales declined by 7% where both Brazil, our largest Latin American market, and Mexico were down, while other Latin American countries were up year over year in Q4.

在拉丁美洲，第四季零售額下降了 7%，其中我們最大的拉丁美洲市場巴西和墨西哥均下滑，而其他拉丁美洲國家第四季則較去年同期成長。

For the full-year 2024, Latin American retail sales were flat, where Brazil was down marginally and Mexico was up marginally.

2024 年全年，拉丁美洲零售額持平，其中巴西小幅下降，墨西哥小幅上漲。

For the full-year 2024, global retail sales of new motorcycles were down 7% versus the prior year, where North America retail sales declined by 4% and international retail sales declined by 13%.

2024年全年，全球新摩托車零售額較前一年下降7%，其中北美零售額下降4%，國際零售額下降13%。

Dealer inventory at the end of Q4 was down by 19% sequentially relative to the end of Q3 as we executed on our plan to reduce inventory levels in the second half of 2024, both domestically and internationally.

由於我們執行了 2024 年下半年降低國內外庫存水準的計劃，第四季末的經銷商庫存較第三季末環比下降了 19%。

Dealer inventory globally was at a level below where we ended the prior year.

全球經銷商庫存水準低於去年年底的水準。

Specifically, Harley-Davidson Dealer inventory levels were down over 4% year over year.

具體而言，哈雷戴維森經銷商的庫存水準年減了 4% 以上。

We continue to prioritize support for our dealers as we start 2025 and the upcoming spring riding season and work to balance dealer inventory at healthy and appropriate levels.

隨著 2025 年和即將到來的春季騎行季節的到來，我們將繼續優先為經銷商提供支持，並努力將經銷商庫存平衡在健康和適當的水平。

We are investing in our grassroots marketing activations, which we expect will reap benefits in improved dealer and motor company profitability beginning in 2025 and lasting beyond.

我們正在投資基層行銷活動，預計從 2025 年開始並持續到以後，這將帶來經銷商和汽車公司獲利能力的提高。

Also, as Jochen mentioned, we are pleased with the initial reaction to the redesigned Softail motorcycles.

此外，正如 Jochen 所提到的，我們對重新設計的 Softail 摩托車的初步反應感到非常滿意。

We will talk further about our expectations for both retail and wholesale motorcycles for the full year of 2025 in just a few minutes.

我們將在幾分鐘內進一步討論我們對 2025 年全年摩托車零售和批發的期望。

Now turning to Page 7 and HDMC revenue performance.

現在轉到第 7 頁和 HDMC 收入表現。

In Q4, HDMC revenue decreased by 47%, coming in at $420 million, which was driven largely by a 53% decrease in wholesale units shipped.

第四季度，HDMC 營收下降 47%，至 4.2 億美元，主因是批發出貨量下降 53%。

Looking closer at the key drivers for Q4, 43 points of decline was as a result of decreased wholesale volume at HDMC where motorcycle shipments were down meaningfully when compared with retail sale of motorcycles.

仔細觀察第四季度的主要驅動因素，43 個點的下降是由於 HDMC 的批發量下降，與摩托車零售量相比，摩托車出貨量大幅下降。

Specifically, we shipped less than half the motorcycles we did in Q4 prior year.

具體來說，我們出貨的摩托車數量還不到去年第四季的一半。

We delivered 14,000 motorcycles in Q4 '24 relative to 30,000 in Q4 of 2023.

我們在 2024 年第四季交付了 14,000 輛摩托車，而 2023 年第四季交付了 30,000 輛。

In Q4, our wholesale shipment decrease was even more pronounced than the typical impact as we worked to reduce dealer inventory levels by year-end.

在第四季度，由於我們努力在年底前降低經銷商的庫存水平，我們的批發出貨量下降幅度比典型影響更為明顯。

Five points of growth came from pricing, which includes the net impact of pricing actions on 2024 model year motorcycles and overall sales incentives.

五個成長點來自定價，其中包括定價行動對 2024 年摩托車的淨影響和整體銷售激勵。

Nine points of decline came from mix as we were more focused on touring shipments in the first half of the year, and we rounded out the rest of the motorcycle portfolio shipments in the second half of the year.

由於我們上半年更加重視巡迴出貨量，而下半年我們完成了其餘摩托車組合的出貨量，因此混合出貨量下降了 9 個百分點。

And finally, foreign exchange was largely flat in Q4.

最後，第四季外匯匯率基本持平。

For the full year of 2024, HDMC revenue decreased by 15%, coming in at $4.1 billion.

2024 年全年，HDMC 營收下降 15%，至 41 億美元。

Looking more closely at the key drivers for full-year 2024, 15 points of decline, which came from decreased wholesale volume at HDMC, which was driven by an overall decrease in wholesale motorcycle unit shipments as we prioritize appropriate inventory levels and driving improved financial outcomes for our dealer partners.

更仔細地觀察 2024 年全年的關鍵驅動因素，下降 15 個百分點，來自 HDMC 的批發量下降，這是由於我們優先考慮適當的庫存水平並推動改善經銷商合作夥伴的財務業績導致摩托車批發單位出貨量整體下降。

One point of decline, which came from pricing, net of incentives, reflecting difficult year-over-year comparisons in the first half and actions to help support retail in the 2024 calendar year for the remaining 2023 model dealer inventory.

一個點的下降來自於扣除激勵措施後的定價，反映了上半年同比困難以及為支持 2024 日曆年剩餘的 2023 年款經銷商庫存零售而採取的行動。

Mix contributed a little more than 1 point of growth as we continue to prioritize our most profitable models and markets especially in the first half of 2024.

由於我們繼續優先考慮最賺錢的模式和市場，尤其是在 2024 年上半年，Mix 貢獻了略高於 1 個百分點的成長。

And finally, foreign exchange, which resulted in an $18 million headwind or less than 50 basis points of decline as the dollar strengthened for the full year.

最後是外匯，由於美元全年走強，導致外匯損失 1,800 萬美元，降幅不到 50 個基點。

Now turning to Page 8 and HDMC margin performance.

現在轉到第 8 頁和 HDMC 利潤表現。

In Q4, HDMC gross profit came in at a loss of $3 million compared to a gross profit of $181 million or 22.9% gross margin in Q4 of 2023.

第四季度，HDMC 毛利虧損 300 萬美元，而 2023 年第四季的毛利為 1.81 億美元，毛利率為 22.9%。

Again, Q4 is typically our lowest gross margin quarter of the year.

再次，第四季通常是我們一年中毛利率最低的季度。

The year-over-year decrease was driven by the negative impacts from significantly lower volumes, unfavorable mix, unfavorable foreign exchange, including hedging, and negative operating leverage.

年比下降主要是由於銷售大幅下降、產品組合不利、外匯不利（包括對沖）以及負經營槓桿造成的負面影響。

There were some positives in the quarter, including favorable net pricing and lower raw material and supply chain management costs.

本季度有一些積極因素，包括有利的淨定價以及較低的原材料和供應鏈管理成本。

In Q4, operating expenses totaled $210 million which was $15 million lower compared to prior year or 7% lower as we continued to maintain the overall cost discipline and increased our efforts to manage OpEx productivity at HDMC.

第四季度，營運費用總計 2.1 億美元，比上年減少 1,500 萬美元，降幅為 7%，這得益於我們繼續保持總體成本控制，並加強管理 HDMC 的營運支出生產力。

In Q4, HDMC had an operating loss of $214 million, which compares to an operating loss of $44 million in the prior year period.

第四季度，HDMC 的營業虧損為 2.14 億美元，而去年同期的營業虧損為 4,400 萬美元。

Turning our attention to full-year 2024 margins.

將注意力轉向 2024 年全年利潤率。

For the full-year 2024, HDMC gross margin was 28%, which compares to 32.3% in the prior year.

2024 年全年，HDMC 毛利率為 28%，而前一年為 32.3%。

The decrease of 430 basis points was driven by the negative impact from lower volumes, unfavorable net pricing, unfavorable mix, which was largely driven by increased costs related to all [maturing] motorcycles and ANL more than offsetting favorable family mix.

430 個基點的下降是由於銷量下降、淨定價不利、產品組合不利造成的負面影響，這主要是由於與所有[到期]摩托車和 ANL 相關的成本增加超過了抵消有利的家庭產品組合的影響。

Additionally, we experienced a benefit in the first half of the year from shipping higher-margin CVO products in 2024, which reversed in the second half as we lapped the introduction of our touring CVOs in 2023.

此外，2024 年上半年，我們因出貨利潤率較高的 CVO 產品而獲益，但隨著 2023 年巡迴 CVO 的推出，下半年的情況出現逆轉。

Our hardwire two profit focus has produced a meaningful mix margin expansion since 2020, but was muted in 2024 as we invested behind our core product segments and lab tire comparison periods.

自 2020 年以來，我們對硬線兩項利潤的關注產生了有意義的混合利潤率擴張，但由於我們在核心產品部門和實驗室輪胎比較期方面進行了投資，因此在 2024 年該利潤率有所下降。

Unfavorable foreign exchange, including hedging and negative operating leverage, these impacts were partially offset by the positive impact from lower raw material costs and lower logistics expenses as we executed well against our cost productivity targets, which helped offset the 2% rate of inflation fee during the full year of 2024.

不利的外匯，包括對沖和負經營槓桿，這些影響被原材料成本降低和物流費用降低帶來的正面影響部分抵消，因為我們很好地執行了成本生產力目標，這有助於抵消 2024 年全年 2% 的通貨膨脹率。

Lastly, for the full year of 2024, operating expenses came in at $877 million which were lower by $28 million as we maintained overall cost discipline due to actions that we began to take in late Q2 of 2024.

最後，2024 年全年的營運費用為 8.77 億美元，下降了 2,800 萬美元，因為我們在 2024 年第二季末開始採取的行動保持了整體成本紀律。

Full-year 2024 HDMC operating income was $278 million, which was $383 million lower than prior year due to the factors mentioned previously.

2024 年全年 HDMC 營業收入為 2.78 億美元，由於前面提到的因素，比上年下降 3.83 億美元。

For the full-year 2024, HDMC operating margin was 6.7%, which compares to 13.6% for the full-year 2023.

2024 年全年，HDMC 營業利益率為 6.7%，而 2023 年全年為 13.6%。

Before we turn to the next slide, as I did in October, let me give a brief update on our productivity cost program, one of the initiatives identified as part of the hardwire strategy, where we were expecting to drive $400 million of improvement in productivity by 2025.

在我們翻到下一張投影片之前，就像我在 10 月所做的那樣，讓我簡要介紹一下我們的生產力成本計劃，這是作為硬線戰略的一部分確定的舉措之一，我們預計到 2025 年將推動 4 億美元的生產力提升。

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

提醒一下，我們現在排除了槓桿的影響，同時保持我們之前公佈的 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.

不包括槓桿的影響，我們在 2022 年的營收約為 2,400 萬美元，2023 年的營收約為 1.23 億美元。

In 2024, we delivered a further $110 million for the full year.

2024 年，我們將全年再實現 1.1 億美元收入。

This is a total of $257 million to date.

截至目前，總額已達 2.57 億美元。

We expect to achieve another $100 million in 2025 and again in 2026, exceeding our hardwire dollar target by over 10%, but doing so one year later than anticipated.

我們預計在 2025 年和 2026 年將再實現 1 億美元的目標，超出我們的實際目標 10% 以上，但比預期晚了一年。

Now turning to Slide 9 and 10 and the Financial Services segment.

現在轉到投影片 9 和 10 以及金融服務部分。

At Harley-Davidson Financial Services, Q4 revenue came in at $257 million, an increase of $11 million or 4% compared to last year.

哈雷戴維森金融服務公司第四季營收 2.57 億美元，較去年同期增加 1,100 萬美元，增幅為 4%。

The Q4 increase was driven by lower retail finance receivables at higher average yields as the portfolio continued to reset over time with higher interest rates driving higher interest income.

第四季的成長主要是由於零售金融應收帳款減少而平均收益率上升，因為隨著投資組合不斷重置，更高的利率推動了更高的利息收入。

HDFS' operating income was $46 million, down 20% compared to the prior year.

HDFS 的營業收入為 4,600 萬美元，較上年下降 20%。

The Q4 decline was driven by a higher provision for credit losses and higher borrowing costs. which were partially offset by higher interest income.

第四季的下滑是由於信貸損失準備金增加和借貸成本上升。但部分抵銷了更高的利息收入。

Operating expenses were largely flat.

營業費用基本持平。

The provision for credit loss expense was $16 million higher, primarily as a result of an unfavorable reserve change and slightly higher realized credit losses.

信用損失準備金費用增加了 1,600 萬美元，主要原因是準備金變動不利以及已實現信用損失略有增加。

The reserve change was $13 million unfavorable as compared to Q4 of 2023, primarily on an increase in the retail reserve rate to ensure we are well positioned for subsequent periods.

與 2023 年第四季相比，儲備金變化不利 1,300 萬美元，主要是因為零售儲備金率增加，以確保我們為後續期間做好充分準備。

Total interest expense was up $6 million or up 7% versus the prior year.

總利息支出比前一年增加了 600 萬美元，增幅為 7%。

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

由於低利率債務到期並被當前市場利率債務取代，導致資金成本上升，推動了這一增長。

For the full year of 2024, HDFS revenue was $1 billion, up 9% from prior year, while HDFS operating income was $248 million, up 6% from prior year.

2024年全年，HDFS 營收為 10 億美元，較上年成長 9%，而 HDFS 營業收入為 2.48 億美元，較上年成長 6%。

The full-year 2024 operating income margin was 24%.

2024年全年營業收入利潤率為24%。

Now turning to Slide 11.

現在轉到投影片 11。

At the end of 2024, HDFS' annualized retail credit loss ratio was 3.3%, which compares to an annualized retail credit loss ratio of 3% at the end of 2023.

截至 2024 年底，HDFS 的年化零售信貸損失率為 3.3%，而 2023 年底的年化零售信貸損失率為 3%。

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

零售信貸損失的增加是由與宏觀經濟環境以及客戶和行業動態相關的幾個因素所推動的。

Across the portfolio, we have seen that more loans have become delinquent as customers have been impacted by higher bike payments and general inflationary pressures.

在整個投資組合中，我們發現，由於客戶受到更高的自行車付款和普遍的通膨壓力的影響，更多的貸款出現拖欠。

The average loss increased due to higher loan balances and continuing normalization of used bike prices, which have led to lower recovery values at auction.

由於貸款餘額增加和二手自行車價格持續正常化，導致拍賣時的回收價值下降，平均損失增加。

That said, we believe we have begun to see stabilization in used values after many quarters of decline, following a rapid value escalation in the period immediately following COVID.

儘管如此，我們相信，在經歷了新冠疫情爆發後立即出現的快速價值上漲之後，二手車價值在經歷了多個季度的下滑之後，已經開始趨於穩定。

The retail allowance for credit losses for Q4 2024 ticked up to 5.7%.

2024 年第四季的零售信貸損失準備金小幅上升至 5.7%。

This is up from 5.5% in Q3 2024 and up from 5.4% at year-end of '23.

這一數字高於 2024 年第三季的 5.5% 和 23 年底的 5.4%。

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 Q4 were down 16%, while commercial financing activities were down 5% to $1 billion.

第四季零售貸款發放總額下降 16%，商業融資活動下降 5% 至 10 億美元。

Total quarter end net financing receivables, including both retail loans and commercial financing, was $7.3 billion, a 3% decline versus prior year-end.

本季末，包括零售貸款和商業融資在內的淨融資應收帳款總額為 73 億美元，較上年末下降 3%。

Now turning to Slide 13.

現在轉到投影片 13。

For the LiveWire segment, electric motorcycles revenue decreased in the fourth quarter of 2024 compared to the prior year period due to lower unit sales of EV motorcycles in the quarter.

對 LiveWire 部門而言，2024 年第四季電動摩托車的營收與去年同期相比有所下降，原因是本季電動摩托車的單位銷售量下降。

At basic, the electric [balance bike] business, revenue was up modestly compared to the prior year.

整體而言，電動平衡車業務的收入與去年相比略有成長。

Selling, administrative and engineering expenses were down $9 million or down 31% in Q4 compared to prior year.

第四季銷售、管理和工程費用與去年同期相比下降了 900 萬美元，降幅為 31%。

Fourth-quarter LiveWire operating loss of $26 million, $9 million less than a year ago, was in line with our expectations as LiveWire continued to invest in new motorcycle models and continues their action initiatives to reduce the overall cost of sales per EV motorcycles.

LiveWire 在第四季營業虧損為 2,600 萬美元，比去年同期減少 900 萬美元，這符合我們的預期，因為 LiveWire 繼續投資新的摩托車車型，並繼續採取行動降低每輛電動摩托車的總銷售成本。

For the full-year 2024 results of the LiveWire segment, revenue was $26 million, down 31% from the prior year.

LiveWire 部門 2024 年全年業績顯示，營收為 2,600 萬美元，較上年下降 31%。

For the full-year 2024 period, LiveWire sold 612 of electric motorcycles which compares to 660 electric motorcycles in 2023.

2024 年全年，LiveWire 銷售了 612 輛電動摩托車，而 2023 年則銷售了 660 輛電動摩托車。

For the period, LiveWire operating loss was $110 million, which was in line with our expectations.

本期間，LiveWire 的營業虧損為 1.1 億美元，符合我們的預期。

Now turning to Slide 14.

現在轉到投影片 14。

Wrapping up with consolidated Harley-Davidson, Inc.'s, financial results, we delivered $1.1 billion of operating cash flow in 2024 which was an increase of $309 million and up from $755 million in 2023.

總結哈雷戴維森公司的綜合財務業績，我們在 2024 年實現了 11 億美元的營運現金流，比 2023 年的 7.55 億美元增加了 3.09 億美元。

The increase in operating cash flow was influenced by a favorable change in wholesale finance receivables and by a positive change in working capital as we continue to focus on cost productivity and tight inventory management, including over a 20% reduction in finished goods inventory.

營運現金流的增加受到批發融資應收帳款的有利變化和營運資本的積極變化的影響，因為我們繼續專注於成本生產率和嚴格的庫存管理，包括將成品庫存減少 20% 以上。

Total cash and cash equivalents ended at $1.6 billion, which was $56 million higher than a year ago.

總現金和現金等價物最終達到 16 億美元，比一年前高出 5,600 萬美元。

This consolidated cash number includes $64 million at LiveWire.

這一合併現金數字包括 LiveWire 的 6,400 萬美元。

Additionally, as part of our capital allocation strategy and in line with our commitment to return capital to our shareholders, in Q4, we bought back 3 million shares of our stock at a cost of $100 million.

此外，作為我們資本配置策略的一部分，並按照我們向股東返還資本的承諾，在第四季度，我們以 1 億美元的成本回購了 300 萬股股票。

This brings our total amount of shares bought back in full year of 2024 to 12.5 million shares of Harley-Davidson common stock at a total value of $450 million, which is 9% of shares outstanding at the beginning of 2024.

這意味著我們在 2024 年全年回購的股份總數將達到 1,250 萬股哈雷戴維森普通股，總價值為 4.5 億美元，佔 2,024 年初流通股的 9%。

Since the company announced a $1 billion share repurchase plan on July 25, 2024, we have repurchased 7.1 million shares at a cost of $250 million.

自公司於 2024 年 7 月 25 日宣布 10 億美元的股票回購計畫以來，我們已回購了 710 萬股，耗資 2.5 億美元。

Now turning to Slide 16.

現在轉到投影片 16。

As we look to our financial outlook for '25, we remain pleased with our leading market share position in the US, new model year '25 launch, including an important new entrant in the Pan American family, all coupled with our still new and redesigned touring lineup.

展望25年的財務前景，我們仍然對我們在美國領先的市場份額、25年新車型的推出感到滿意，包括泛美家族中一個重要的新成員，再加上我們仍然全新和重新設計的旅行陣容。

Yet as Jochen already mentioned, we are mindful of overall macroeconomic uncertainties and greater softness in high-ticket consumer discretionary spend, particularly after the second half of '24 slowdown.

然而，正如約亨已經提到的那樣，我們注意到整體宏觀經濟的不確定性以及高價位消費者可自由支配支出的進一步疲軟，特別是在 2024 年下半年經濟放緩之後。

At HDMC, we expect retail units to be flat in 2025 with positive performance skewed towards the second half, as Jochen mentioned.

正如 Jochen 所說，在 HDMC，我們預計零售單位在 2025 年將保持平穩，並且下半年將出現積極的表現。

We expect wholesale units to be flat to down 5% in 2025 as we continue to be mindful of dealer inventory management.

由於我們將繼續關注經銷商的庫存管理，我們預計到 2025 年批發單位數量將持平或下降 5%。

We expect global inventory levels to come down by more than 10% by the end of 2025.

我們預計到 2025 年底全球庫存水準將下降 10% 以上。

The impact of this will be most evident in the first half where we expect a reduction of more than 30%.

其影響將在上半年最為明顯，我們預計降幅將超過 30%。

As a result, we expect HDMC revenue to be flat to down 5%.

因此，我們預計 HDMC 收入將持平或下降 5%。

We expect revenue to align with the timing of wholesale shipments, and year-over-year revenue comparisons will exhibit a different seasonal cadence versus prior year as we are not building dealer inventory for all new touring as was done in 2024.

我們預計收入將與批發出貨的時間保持一致，由於我們不會像 2024 年那樣為所有新旅行車建立經銷商庫存，因此同比收入比較將顯示出與前一年不同的季節性節奏。

We expect operating income margin to come in between 7% and 8%.

我們預計營業收入利潤率將在7%至8%之間。

The drivers of our margin performance expectations include slightly negative operating leverage due to lower volumes, FX headwind from unfavorable shifts in foreign currencies, mix which we expect to be slightly unfavorable due to higher overall portfolio makeup of the new Softails, pricing up as we continue to fine-tune our pricing strategy, and operating expense down due to the full year benefit of lower head count and anticipated warrants and savings.

我們對利潤率業績預期的驅動因素包括：由於銷售較低導致的輕微負營業槓桿、外幣不利變動帶來的外匯逆風、由於新款 Softail 的整體投資組合構成較高而預計會略微不利的組合、隨著我們繼續調整定價策略而導致的價格上漲，以及由於全年員工人數減少和預期認股權證和儲蓄而導致的營業費用下降。

In addition, at the earnings per share level, we expect EPS to be flat to down 5% relative to $3.44 reported in 2024.

此外，在每股盈餘水準上，我們預計每股盈餘將與 2024 年的 3.44 美元持平或下降 5%。

The drivers of this include tax rate, which was unusually low in 2024 due to onetime impacts from tax credits and reduced withholding taxes on earnings we expect to be repatriated; interest income down year over year as we lap higher short-term interest rates; other income, lower pension income, and lapping gains on changes in LIBOR and warrant value in 2024; and EPS will benefit from lower weighted average shares outstanding as well.

造成此現象的驅動因素包括稅率，由於稅收抵免的一次性影響和我們預計將匯回的收益的預扣稅減少，2024 年的稅率異常低；由於短期利率上升，利息收入較去年同期下降；其他收入、較低的退休金收入以及 2024 年 LIBOR 和認股權證價值變化帶來的重疊收益；且每股盈餘也將受益於較低的加權平均流通股數。

At HDFS, we expect operating income to be down 10% to 15% in 2025.

在 HDFS，我們預計 2025 年營業收入將下降 10% 至 15%。

This forecast is based on higher borrowing costs year over year as we refinance a portion of the portfolio in a higher interest rate environment, a stable loss rate as consumers settle into the existing macroeconomic backdrop where lower tier credit continue to experience some stress, but offset with recent levels of higher prime mix originations, and lower assets as we reduced dealer inventory and wholesale levels, driving lower commercial balances, and as retail levels decrease due to lower origination volumes in recent years.

這項預測基於以下因素：由於我們在較高利率環境下對部分投資組合進行再融資，導致借貸成本逐年上升；由於消費者適應了現有的宏觀經濟背景，損失率保持穩定，較低層級的信貸繼續承受一定的壓力，但被近期較高的優質組合貸款發放水平所抵消；由於我們減少了經銷商庫存和批發水平，導致商業餘額下降，導致零售額下降。

At LiveWire, LiveWire is forecasting unit sales of between 1,000 to 1,500 units and an operating loss in the range of $70 million to $80 million.

LiveWire 預測其銷量將在 1,000 至 1,500 台之間，營業虧損將在 7,000 萬至 8,000 萬美元之間。

Actions were taken in 2024 to reduce 2025 total cash used by operating and investing activities.

我們於 2024 年採取行動，減少 2025 年經營投資活動所用現金總額。

For 2025, we expect this will be a reduction of approximately 40% and a spend of $60 million or less.

到 2025 年，我們預計這一數字將減少約 40%，支出為 6,000 萬美元或更少。

And lastly, for total HDI, we expect capital investments in the range of $225 million to $250 million.

最後，就 HDI 總額而言，我們預計資本投資在 2.25 億美元至 2.5 億美元之間。

This is the same forecast as in 2024 and 2023 where we plan to continue to invest in product development and capability management.

這與 2024 年和 2023 年的預測相同，我們計劃繼續投資於產品開發和能力管理。

Our investment focus remains driven by core product innovation investments in manufacturing to automate and reduce costs as part of our productivity journey as well as planned investments for LiveWire.

我們的投資重​​點仍然是製造業的核心產品創新投資，以實現自動化和降低成本，這是我們生產力之旅的一部分，也是對 LiveWire 的計劃投資。

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.

提醒一下，我們的資本配置重點仍然是資助 Hardwire 計劃的獲利成長，其中包括資本支出、支付股息和繼續執行自由裁量股票回購。

As covered previously, in the three-year period from 2022 through '24, we returned $1.4 billion in capital to our shareholders, including $1.1 billion of shares repurchased.

如前所述，從 2022 年到 2024 年的三年期間，我們向股東返還了 14 億美元的資本，其中包括 11 億美元的回購股票。

As we begin 2025, we are planning to buy back $350 million of our common shares, demonstrating our ongoing commitment to delivering $1 billion in share repurchases as announced in July.

2025 年伊始，我們計劃回購價值 3.5 億美元的普通股，以履行我們在 7 月宣布的 10 億美元股票回購的持續承諾。

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

接下來，我們將開始問答環節。

(Operator Instructions) Megan Clapp, Morgan Stanley.

（操作員指示）摩根士丹利的梅根·克拉普（Megan Clapp）。

Jonathan, have a lot of helpful detail there, so thank you.

喬納森，這裡有很多有用的細節，所以謝謝你。

I appreciate it.

我很感激。

Wanted to just follow up on your commentary around the first quarter in particular and just how to think about the cadence of the year overall.

只是想跟進您對第一季的評論，以及如何看待今年的整體節奏。

I think you mentioned you're expecting an inventory reduction of more than 30% in the first quarter.

我記得您提到預計第一季庫存減少 30% 以上。

And from a revenue comparison perspective, you're not going to be building dealer inventory for touring as you did in '24.

從收入比較的角度來看，您不會像1924年那樣為巡迴演出建立經銷商庫存。

So maybe a hard comparison on touring plus still taking some shipments out of the channel.

因此，也許在巡迴演出和仍將一些貨物運出管道方面進行嚴格的比較。

So can you just maybe put a finer point on what that means for your expectations for the first quarter?

那麼您能否更詳細地說明一下這對您對第一季的預期意味著什麼？

Sure.

當然。

So we'll probably talk more, I think, in sort of front half and back half of the year rather than get into quarters specifically.

因此，我認為，我們可能會更多地談論上半年和下半年，而不是具體討論各個季度的情況。

But Megan, your question's, I think, a really good one that we feel is important to make sure that you do have an understanding on.

但是梅根，我認為你的問題非常好，我們認為確保你理解這一點很重要。

But as we look at where dealer inventory globally kind of lands across 2025, we expect to end the year down 10% or a little bit over from a total dealer inventory perspective.

但當我們展望 2025 年全球經銷商庫存情況時，我們預計從經銷商總庫存角度來看，今年年底的庫存將下降 10% 或略高一些。

As we think about what that looks like across the quarters, again, front half would be down a little over 30%.

當我們思考各個季度的情況時，我們會發現前半部分將下降 30% 多一點。

And so obviously, as we flow through that and think about some of the dealer impacts related to that, we have dealers who run the year down probably about call it, a 35-ish percent average across the entire year.

顯然，當我們回顧這個過程並思考與此相關的一些經銷商的影響時，我們的經銷商可能將全年銷售額平均下降了 35% 左右。

But obviously, it kind of trails off because of the actions that we took in 2024 to bring down inventory in Q4.

但顯然，由於我們在 2024 年採取了降低第四季庫存的行動，這一趨勢有所減弱。

So with that, you see a more pronounced decrease in inventory in the front half than the back half.

因此，你會發現前半年的庫存下降比後半年更明顯。

So 30% plus and then 10% plus kind of year-end.

因此，年末會成長 30% 以上，然後成長 10% 以上。

As we think about the wholesale related impacts to that, it does mean that front half of the year wholesale will be down versus where we were in 2024.

當我們考慮與批發相關的影響時，這確實意味著今年上半年的批發量將比 2024 年下降。

So front half probably down in the kind of double-digit range from a percentage standpoint.

因此從百分比的角度來看，前半部可能會下降兩位數。

And then as we move towards the back half of the year, up quite a bit in the back half in order to make sure that we end the year appropriately positioned from an inventory standpoint.

然後，隨著我們進入下半年，我們將在下半年大幅增加庫存，以確保我們在年底從庫存的角度獲得適當的定位。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

I guess I try to squeeze in a couple of questions if I could.

如果可以的話，我想嘗試提出幾個問題。

I guess, first on the quarter, where was the big margin surprise because revenue was in line, shipments were maybe slightly below expectations.

我想，首先就本季而言，利潤率大的驚喜是什麼，因為收入符合預期，但出貨量可能略低於預期。

So first question is where the big margin surprise was in Q4.

所以第一個問題是第四季最大的利潤驚喜在哪裡。

And then maybe to follow up on that, the retail outlook were flat in '25, maybe your thinking there, given that you're lapping a touring refresh this year.

然後也許是為了跟進這一點，25 年的零售前景持平，也許你是這麼想的，因為你今年正在進行巡迴演出的更新。

All right.

好的。

Thanks, Joe. I'll start with the sort of margin piece from a Q4 perspective.

謝謝，喬。我將從第四季的角度開始介紹利潤部分。

And then between Jochen and I, we'll cover the retail piece.

然後我和約亨將討論零售部分。

So on the Q4 margin, we have a margin walk that I think was Page 8 of the deck.

因此，在第四季度的利潤率上，我們有一個利潤率調整，我認為這是簡報的第 8 頁。

And as you take a look at that from a full-year perspective, you can see the impacts associated with volume as well as sort of manufacturing and other related expense.

從全年的角度來看，您可以看到與產量以及製造和其他相關費用相關的影響。

So we're pretty pleased in terms of some of the positives that we delivered on.

因此，我們對所取得的一些正面成果感到非常滿意。

I think you heard Jochen's commentary and my commentary around productivity and the productivity that we drove in 2024.

我想您聽到了約亨的評論和我關於生產力以及我們在 2024 年推動的生產力的評論。

I think that overall was a good news.

我認為這總體來說是一個好消息。

But as we think about some of the things from a 2024 perspective, obviously, we were a little bit off from an overall retail perspective.

但是，當我們從 2024 年的角度思考一些事情時，顯然我們從整體零售角度來看有些偏差。

We made the commitment that we would manage retail and wholesale in alignment with each other throughout the year.

我們承諾全年將協調管理零售和批發。

So as we got to the back part of 2024, there were a number of down days that we used to manage inventory and make sure that we are managing production in the right way.

因此，當我們進入 2024 年後半段時，我們利用了一些停工日來管理庫存並確保以正確的方式管理生產。

We also had a little bit of cost associated with retooling for new Softail and kind of getting everything aligned from a overall line rate design perspective within there.

我們也花了一些成本來重新裝備新的 Softail 並從整體線路速率設計角度對所有內容進行調整。

And then obviously, the volume that I just talked about, that hits from an absorption or deleverage perspective.

然後顯然，我剛才談到的交易量是從吸收或去槓桿的角度產生的。

So as we add up those elements, that kind of creates the challenge in terms of the overall mix from an operating income margin standpoint.

因此，當我們把這些因素加在一起時，從營業利潤率的角度來看，這對整體組合帶來了挑戰。

And then, Jochen, do you want to take Joe's question from a retail outlook standpoint?

然後，約亨，你想從零售前景的角度來回答喬的問題嗎？

Sure.

當然。

I think if you look at the first and the second half of last year, we had a stronger performance in the first half versus the second half not just because -- only because of the touring launch, but in general, we've seen a drop-off in the second half, which is pretty much in line with what other industries or related industries have seen.

我想，如果你看看去年上半年和下半年，我們上半年的表現比下半年要好，這不僅僅是因為巡演的推出，而且總體而言，我們看到下半年出現了下滑，這與其他行業或相關行業的情況基本一致。

So therefore, we expect a better performance in the second half versus the first half.

因此，我們預計下半年的表現會比上半年更好。

We also think from a macroeconomic point of view, it's probably going to be more choppy in the first half than the second half.

我們也認為，從宏觀經濟的角度來看，上半年的經濟狀況可能比下半年更加動盪。

You mentioned the touring launch.

您提到了巡迴演出的啟動。

I think what's important to note is that we have beyond touring a lot of innovation in our product lineup, which is reflected in our guidance.

我認為值得注意的是，除了巡迴演出之外，我們的產品陣容還有很多創新，這反映在我們的指導下。

And then the touring product that we've launched is still very new to many of our customers.

我們推出的旅遊產品對許多客戶來說仍然很新穎。

We have 1.6 million touring riders just across the United States.

我們在美國各地有 160 萬名旅遊騎士。

With last year's sales of new touring bikes, we still have a customer base of the 95% that haven't looked or purchased our product.

儘管去年新款旅行自行車的銷售量很大，但仍有 95% 的客戶群從未看過或購買過我們的產品。

This means that's 1.5 million that can potentially upgrade to the new product platform.

這意味著有 150 萬人可能升級到新的產品平台。

And if you look at previous launches that we're not as comprehensive in terms of remodel as our tooling launch now is, that benefit came over several years, not just the first year.

如果你看看以前的發表會，你會發現我們在改造方面的進展並不像現在的工具發布會那麼全面，這種好處是經過幾年才實現的，而不僅僅是第一年。

And data shows that 30% of our customers are very aware of our new touring product features, but that makes 70% that are not fully aware yet.

數據顯示，30% 的客戶非常了解我們新的旅遊產品功能，但 70% 的客戶尚未完全了解。

So there's definitely a lot of potential in the coming years to convince customers, and some are just holding off and don't want to buy the first generation and want to familiarize themselves more.

因此，未來幾年肯定有很大的潛力說服客戶，有些人只是推遲購買，不想購買第一代產品，而想進一步熟悉它。

So we still think touring has opportunity for growth in the future, for sure.

所以我們仍然認為，巡迴在未來肯定還有成長的機會。

And this platform should run for many years, given that it's all new compared to our Rushmore products in the past.

而且這個平台應該可以運行很多年，因為與我們過去的 Rushmore 產品相比，它是全新的。

But in terms of comps, certainly, we believe the first half is going to be slower than the second half.

但就同類產品而言，我們當然認為上半年的成長速度將比下半年慢。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼 (James Hardiman)。

So maybe help with the sort of margin bridge.

所以也許有助於彌補某種保證金差距。

You're guiding revenues to be flat to down modestly, but operating margin to be up, and it looks like on the OpEx front, it sounds like that's going to basically track revenue, so maybe pretty flat as a percentage of sales.

您預計收入將持平或略有下降，但營業利潤率將上升，而且看起來在營運支出方面，聽起來基本上會追蹤收入，因此佔銷售額的百分比可能相當持平。

So I assume we're to model gross margins to be up pretty materially in 2025.

因此，我預計到 2025 年毛利率將大幅上升。

Now you gave us a lot of the negatives, right?

現在你給了我們很多負面訊息，對嗎？

FX is going to be a negative.

FX 將會產生負面影響。

It sounds like mix is going to be a negative.

聽起來混合會產生負面影響。

I guess, how do we get to that motor company margin growth that you're guiding to?

我想，我們如何達到您所期望的汽車公司利潤成長？

All right, James.

好的，詹姆斯。

So I can start.

那我可以開始了。

So I think as we go through and we take a look from an overall volume perspective, obviously, as you talked about, we're pretty flat.

因此，我認為，當我們從整體數量角度來看時，顯然，正如你所說的那樣，我們相當平穩。

So as we think about walking off of 6.7% for 2024, we end up with a relatively flat guide from a volume perspective.

因此，當我們考慮 2024 年的 6.7% 成長率時，從交易量角度來看，我們最終會得到一個相對平穩的指導。

From a pricing standpoint, we expect a little bit of favorability that's in there as we look at the actions that we've taken across the portfolio.

從定價的角度來看，當我們審視我們在整個投資組合中採取的行動時，我們預計會出現一些有利因素。

There's a little bit of a negative impact in 2025 from FX, so probably a little bit greater than the negative impact that you saw in the '23 to '24 walk.

2025 年 FX 會產生一些負面影響，所以可能比 23 年至 24 年步行期間看到的負面影響更大。

A little bit of a challenge from a mix standpoint because we have the new Softails that are hitting.

從混合角度來說，這是一個小小的挑戰，因為我們有新的 Softail 車款。

Obviously, the touring are higher margin motorcycle.

顯然，旅行摩托車的利潤率較高。

So there's a little bit of a mix dynamic in there.

因此這裡面有一點混合動態。

We don't think that we're going to see sort of the same level of unfavorability from manufacturing and other.

我們認為，我們不會看到製造業和其他領域出現同樣程度的不利影響。

And then we think we have a little bit of favorability that falls in there from an OpEx perspective.

然後我們認為，從營運支出 (OpEx) 的角度來看，我們有一點有利因素。

Those are for the reasons that Jochen talked about in his remarks.

這就是約亨在演講中談到的原因。

And so with that, you kind of add up to the 7% to 8% guide that we provided.

這樣，您就可以達到我們提供的 7% 到 8% 的指導。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

I wanted to just clarify.

我只是想澄清一下。

With your guidance for motorcycle revenue flat to down 5%, I think you said price would be positive for the year.

您預計摩托車收入將持平或下降 5%，因此我認為您說今年的價格將呈現積極勢頭。

So does that imply percent of units down a bit more than that flat to 5%?

那麼，這是否意味著單位數量百分比的下降幅度會略大於持平至 5%？

And then just on retail, I know you gave some color sort of first half versus second half.

然後就零售而言，我知道您給了上半年和下半年的一些對比。

But assuming that if you're trying to clear inventory, you're shipping below your retail expectations, what should we kind of think about as the rough range of your retail expectation for the year, just so we can kind of -- as we move through the year, kind of see how it's tracking versus your guidance and maybe kind of adjust our expectations accordingly.

但假設你試圖清理庫存，而你的出貨量低於你的零售預期，那麼我們應該如何看待你今年的零售預期大致範圍，這樣我們就可以——隨著這一年的推進，我們可以看到它與你的指導相比的跟踪情況，並可能相應地調整我們的預期。

Okay.

好的。

Thank you, Robin.

謝謝你，羅賓。

So I think from a wholesale perspective, we probably think flat to down a little bit.

因此，我認為從批發角度來看，我們可能會認為價格持平或略有下降。

So as we look at that, that's a little bit of the volume -- there will be a little bit of volume challenge in there that is offset by the pricing piece that I talked about.

所以當我們看一下這一點時，這就是一小部分的數量——其中會有一點數量挑戰，但這會被我談到的定價部分所抵消。

And then I think relative to your question on retail, overall, for right now from the commentary that we talked about, we think of retail as being flat in 2025.

然後我認為相對於您關於零售業的問題，總體而言，就目前我們討論的評論而言，我們認為零售業在 2025 年將持平。

So certainly, a little bit difficult to predict as we think about macroeconomic situation and where we are.

因此，當我們考慮到宏觀經濟情勢和我們所處的位置時，當然有點難以預測。

But overall, we are thinking about an environment globally that gets us to flat retail; wholesale, maybe off a little bit; and then pricing a little bit favorable.

但總體來說，我們正在考慮一個能讓我們實現零售平穩的全球環境；批發，可能會便宜一點；然後定價稍微優惠一點。

And hopefully, that answers your question around how we manage through that.

希望這能回答您關於我們如何解決這個問題的問題。

Fred Wightman, Wolfe Research.

懷特曼（Fred Wightman），沃爾夫研究公司。

I was hoping you could just give us a sense for where the mix of current versus noncurrent product dealers have on lots today stands.

我希望您能讓我們了解一下目前經銷商在地段上現有產品和非現有產品的組合情況。

If we look back last year, you called out some incremental dealer support to clear through noncurrent.

如果我們回顧去年，您呼籲一些增量經銷商支援來清除非當前問題。

So I think there was a $40 million number initially and then you upsized that down the road.

所以我認為最初的數字是 4,000 萬美元，然後你後來又增加了這個數字。

So are you assuming incremental dealer support year over year?

那麼您是否假設經銷商的支援會逐年增加？

Does that wind up being favorable?

這最終會有好處嗎？

How do you sort of think about that?

您對此有什麼看法？

All right.

好的。

Thank you, Fred.

謝謝你，弗雷德。

So I'll start.

那我就開始了。

And I think in terms of the mix, we obviously have just started shipping in 2025 model year motorcycles.

我認為就產品組合而言，我們顯然剛開始推出 2025 年摩托車。

So literally, just hitting within the last week or so.

確切地說，是在上週左右發生的。

So as we look at dealer inventory in terms of what's out there, we've covered the fact that we're down a little bit from where we ended 2020 -- it's kind of same period a year ago.

因此，當我們查看經銷商庫存時，我們已經了解到，與 2020 年底的庫存相比，庫存略有下降——與去年同期差不多。

As we look at how we're managing through inventory in 2025, we've covered sort of the conservatism that we expect in the first half of the year, how we're shipping pretty carefully from that standpoint.

當我們展望 2025 年如何管理庫存時，我們已經涵蓋了我們預計上半年的保守主義，以及從這個角度來看我們如何非常謹慎地進行運輸。

So we think that dealers are pretty well positioned from an overall inventory perspective.

因此我們認為，從整體庫存角度來看，經銷商的地位相當有利。

The other thing that is a tremendous difference in 2025 calendar year versus 2024 calendar year is -- the way that I would define it this kind of quality of inventory, right?

2025 日曆年與 2024 日曆年的另一個巨大差異是——我如何定義這種庫存質量，對嗎？

So as we think about the mix of touring bikes that dealers have on their floor, they have the redesigned touring bikes that are out there.

因此，當我們考慮經銷商處所售旅行自行車的組合時，我們會發現他們已經重新設計了旅行自行車。

Jochen talked about market receptivity and market reaction to those which were positive in 2024.

Jochen 談到了市場接受度和市場反應，其中 2024 年表現積極。

So overall, with that, we think the health of the dealer inventory is better.

因此總體而言，我們認為經銷商庫存的健康狀況較好。

We think the quality of the dealer inventory is better.

我們認為經銷商庫存的品質更好。

The piece that I think we are doing that's a little bit different in 2025 versus 2024 is being more surgical in where we look for dealer support.

我認為，2025 年與 2024 年我們所做的有點不同，即我們在尋求經銷商支援方面更有針對性。

So rather than sort of applying support across a family like we did a year ago, we actually now kind of look at specific models within that family and provide the support a little bit more carefully from that standpoint.

因此，我們並不是像一年前那樣向整個家庭提供支持，而是實際上根據家庭內部的具體模式，從這個角度更加謹慎地提供支持。

Again, something that we think we're able to do because of the mix of dealer inventory that's out there in the network.

再次，我們認為我們能夠做到這一點，是因為網路中存在多種經銷商庫存。

Just to add one point, also, please look at pricing, how we've strategically priced our products going into '25 versus '24.

另外再補充一點，請看一下定價，看看我們在2025年和2024年的產品定價策略上是如何制定的。

So I think that is an important factor and has been received very positively.

所以我認為這是一個重要因素，而且得到了非常積極的迴響。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

I actually wanted to ask about LiveWire.

我實際上想問有關 LiveWire 的問題。

So thinking about LiveWire more longer term, how do you think about managing that business and sort of managing the operating losses there?

那麼從更長遠的角度考慮 LiveWire，您如何考慮管理該業務以及如何管理那裡的營運損失？

I guess, if demand and adoption of electric does not materialize meaningfully over the next few years, how are you thinking about LiveWire longer term would be great.

我想，如果未來幾年對電動車的需求和採用沒有實現有意義的實現，那麼您如何看待 LiveWire 的長期發展呢？

Yes, Alex, good question.

是的，亞歷克斯，好問題。

I think we are continuously evaluating from a Harley-Davidson perspective, how to achieve the best performance for Harley Davidson and for LiveWire.

我認為我們正在從哈雷戴維森的角度不斷評估如何使哈雷戴維森和 LiveWire 實現最佳性能。

And we are obviously considering mid- and long-term perspectives in this evaluation.

我們在這次評估中顯然考慮了中期和長期的觀點。

Beyond what we've said today, there's little to nothing that I want to comment on, but the first significant step Karim has already mentioned, we are reducing our operating losses from $110 million last year to $70 million to $80 million, and cash burn by at least 40% or more to $60 million.

除了我們今天所說的內容之外，我幾乎沒有什麼想評論的，但卡里姆已經提到的第一個重要步驟是，我們將把營運虧損從去年的 1.1 億美元減少到 7,000 萬美元至 8,000 萬美元，現金消耗減少至少 40% 或更多，至 6,000 萬美元。

So the team has taken under Karim's leadership a lot of significant actions to downsize the organization, refocus the product portfolio and ensure that the cash burn and the operating losses are being reduced.

因此，在 Karim 的領導下，團隊採取了許多重大舉措，縮減組織規模，重新調整產品組合，確保減少現金消耗和營運損失。

So that is an indication of how we are streamlining the business in light of the new realities.

這表明了我們如何根據新的現實精簡業務。

Beyond that, I can't really comment, but rest assured that we are continuously evaluating the development of LiveWire from a Harley-Davidson perspective as well, the benefits it brings versus the costs that we incur by being invested in that business.

除此之外，我無法發表評論，但請放心，我們也在從哈雷戴維森的角度不斷評估 LiveWire 的發展，以及它帶來的好處與我們投資該業務所產生的成本。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

This is Joe Nolan on for David.

這是喬諾蘭 (Joe Nolan) 代替大衛。

Just briefly, I wanted to touch on your outlook for some of your international end markets, if you could provide any detail there.

簡單來說，我想談談您對一些國際終端市場的展望，如果您可以提供任何細節的話。

Okay.

好的。

Joe, so I think as we sort of take a look at where we are from an international perspective, probably looking back is a little bit of an important perspective in terms of trying to look forward.

喬，所以我認為，當我們從國際視角審視我們所處的位置時，回顧過去可能是展望未來的一個重要視角。

So as we think about 2024, there were some markets in the international that were positive, some markets that were a little bit down.

因此，當我們展望 2024 年時，國際上有些市場表現積極，有些市場略有下滑。

So as we think, China and Japan improved a little bit of a challenge as we look back.

因此，我們認為，回顧過去，中國和日本在應對挑戰方面有所進步。

Australia and New Zealand exhibited some nice strength in the Asia Pacific region.

澳洲和紐西蘭在亞太地區表現出不俗的實力。

As we think about Europe, Germany, and the surrounding markets there, we're a little bit challenged.

當我們考慮歐洲、德國及其周邊市場時，我們面臨一些挑戰。

There were a couple of specific markets that we've had some strength for a while.

有幾個特定市場我們已經有一段時間佔據優勢。

Spain, Portugal, Italy, in particular, over time have been solid and performing really nicely.

尤其是西班牙、葡萄牙和義大利，長期以來一直表現穩定，非常出色。

As we move forward and really take a look at where we think 2025 is going, overall, globally, we kind of view as pretty flat.

隨著我們繼續前進並真正審視 2025 年的發展方向，總體而言，從全球來看，我們認為這一趨勢相當平穩。

So as we think about international markets in 2025, pretty flat.

因此，當我們考慮 2025 年的國際市場時，我們會發現它相當平穩。

So in the prior periods, Joe, we've kind of walked through and covered what we've seen from Asia Pacific and the way that that market has performed over time.

因此，喬，在之前的時期中，我們已經回顧並介紹了亞太地區的情況以及該市場隨時間的表現。

We feel like that, for example, is overall slight growth in 2025.

例如，我們感覺到 2025 年整體會略有成長。

But for the most part, again, we're guiding to a flat global environment from a retail standpoint.

但在大多數情況下，從零售的角度來看，我們仍引導著一個平穩的全球環境。

Noah Zatzkin, KeyBanc.

諾亞·扎茨金（Noah Zatzkin），KeyBanc。

Maybe just a couple on HDFS.

也許只是 HDFS 上的幾個。

I guess, first, how are you feeling about the health of the book?

我想，首先，您對這本書的健康狀況有何感想？

And then in light of SOFR declining, I know you guys have variable rate debt, but what are kind of the big moving pieces on the expense or the income side that's driving the decline in the guide?

然後，鑑於 SOFR 下降，我知道你們擁有浮動利率債務，但在費用或收入方面，哪些重大變動因素導致了指南的下降？

And then is there some expected credit loss baked in their conservatism.

那麼，他們的保守主義中是否也包含一些預期的信貸損失呢？

I'm just trying to better understand that.

我只是想更好地理解這一點。

Okay.

好的。

Great.

偉大的。

Thank you, Noah.

謝謝你，諾亞。

So as we look at HDFS, I think overall health of the book, a couple of things.

因此，當我們看一下 HDFS 時，我認為這本書的整體健康狀況有幾件事。

So as we think through some of the some of the sort of historical originations, there's a little bit of pressure as we think about some of the variability in motorcycle values over time.

因此，當我們思考某些歷史起源時，我們會面臨一點壓力，因為我們會考慮摩托車價值隨時間的變化。

So as we look towards the final quarter of 2024 and forward, we feel like -- if you remember, there is a tremendous rise up in used values in the period following COVID.

因此，當我們展望 2024 年最後一個季度及未來時，我們感覺——如果您還記得的話，在 COVID 之後的時期，二手價值出現了巨大的上升。

There's a little bit of normalization.

有一點點正常化。

As we go through and we look at statistics and kind of performance over the last few months, we feel like there's probably stability in where used values are.

當我們回顧並查看過去幾個月的統計數據和表現時，我們感覺使用價值可能會比較穩定。

So that's a positive.

這是積極的。

From a consumer perspective, again, with recent originations, we've been originating at very, very high credit quality.

從消費者的角度來看，最近我們的貸款發放品質非常非常高。

So the overall kind of mix of the portfolio is looking pretty strong and pretty healthy.

因此，投資組合的整體組合看起來非常強勁且健康。

So I think that's a positive.

所以我認為這是積極的。

When we kind of look at things in an absolute dollar perspective, we feel good from a percentage standpoint, some things pop out a little bit.

當我們從絕對美元角度看待事物時，從百分比的角度看我們會感覺良好，有些事情會稍微突出一些。

So as we work with our dealer network to really bring down wholesale inventory levels, you see that reflected negatively in HDFS results.

因此，當我們與經銷商網路合作以真正降低批發庫存水準時，您會發現這對 HDFS 的結果產生了負面影響。

So that's a big part of what you're seeing on a year-over-year basis relative to what we guide, is wholesale asset levels from a year-over-year standpoint that come down.

因此，與我們預期的相比，您在同比基礎上看到的很大一部分情況是，批發資產水準從同比角度來看有所下降。

We also recognize that as we've had a little bit of a challenged sales environment in comparison to where we were in kind of the year or years immediately following COVID, that puts a little bit of pressure on asset levels as those customers continue to pay down their loans.

我們也意識到，與新冠疫情爆發後的一年或幾年相比，我們面臨的銷售環境有些挑戰，隨著這些客戶繼續償還貸款，這給資產水準帶來了一些壓力。

So overall, I would say that we're pretty pleased with the health of the book.

總的來說，我想說我們對這本書的健康狀況非常滿意。

We feel like it's being managed in a way that's pretty positive.

我們感覺它的管理方式非常正面。

Percentages can throw things off a little bit just because of numerator denominator effect.

由於分子分母效應，百分比可能會使事情稍微偏離。

And then when we think about Fed rate, as we look at the parts of our portfolio that are actually tied to a variable rate, that's the wholesale business.

然後，當我們考慮聯準會利率時，我們會發現我們的投資組合中實際上與浮動利率掛鉤的部分就是批發業務。

So our dealers will continue to see savings in wholesale rate between units that aren't being delivered at the same level and where Fed rates are going, but that does put a little bit of pressure on HDFS.

因此，我們的經銷商將繼續看到，在交付水平不同且聯準會利率不同的單位之間的批發利率有所節省，但這確實給 HDFS 帶來了一點壓力。

So for the most part, it's a story of kind of assets, the story of some benefit that accrues to the dealers rather than the HDFS business.

因此，在很大程度上，這是一個關於資產的故事，是一個關於經銷商而非 HDFS 業務獲​​得某種利益的故事。

And then the other piece that we always consistently work to manage is that as we bring on any new debt, that's at a higher debt level than where we were three, four years ago.

我們始終努力管理的另一個問題是，當我們產生任​​何新債務時，其債務水平都會比三、四年前的水平更高。

So we just have a little bit of sort of short-term normalization around that.

因此，我們只是對此進行了一點短期正常化。

But overall, continue to be very pleased with that business.

但總體而言，我對這項業務仍然非常滿意。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (BMO 資本市場)。

Got housekeeping questions.

有一些家務問題。

I believe you mentioned growing to HDMC operating income margin target in the future.

我相信您提到了未來 HDMC 營業收入利潤率目標的成長。

Is that still 15%?

那還是15%嗎？

And then just quickly following up on Noah's question.

然後快速回答一下諾亞的問題。

Was there any CECL accounting change embedded in the HDFS guidance?

HDFS 指南中是否存在任何 CECL 會計變更？

Yes, Tristan.

是的，特里斯坦。

As I've mentioned, we continue to believe the 15% target is achievable.

正如我所提到的，我們仍然相信 15% 的目標是可以實現的。

And if we assume '26 balanced retail production and wholesale business or shipments and then think about achieving a double-digit margin in '26, if we can achieve that with this year's outlook, the 15% target is still achievable.

如果我們假設 26 年零售生產和批發業務或出貨量實現平衡，然後考慮在 26 年實現兩位數的利潤率，如果我們能夠按照今年的前景實現這一目標，那麼 15% 的目標仍然是可以實現的。

But obviously, that requires us get a slight volume growth that is support -- and that we believe is going to be supported through exciting new products that we are launching.

但顯然，這需要我們獲得輕微的銷售成長作為支持——我們相信這將透過我們即將推出的令人興奮的新產品來支持。

I've mentioned in my opening remarks that we are also having entry-level motorcycle in select markets, starting off next year and the small Cruiser segment in following years.

我在開場白中提到，我們也將從明年開始在特定市場推出入門級摩托車，並在接下來的幾年中推出小型巡洋艦市場。

So supported with product launches, we believe the 50% is possible, but it's hard to give you a time line on that other than the double-digit operating profit that we believe is achievable, assuming that we achieve this year's levels.

因此，在產品發布的支持下，我們相信實現 50% 的增幅是可能的，但除了我們認為可以實現的兩位數營業利潤（假設我們達到今年的水平）之外，很難給你一個時間表。

So yes, we feel comfortable.

是的，我們感覺很舒服。

I think we are positioned well.

我認為我們處於有利地位。

But obviously, we need some tailwinds, slightly improved retail environment in power sports industry, which we haven't seen now for two years in a row.

但顯然，我們需要一些順風，需要動力運動產業的零售環境略有改善，這是我們連續兩年沒有看到的。

So I think that has to happen.

所以我認為這必然會發生。

We need some tailwinds overall, not significant, but certainly not a depressed market as we've seen in all of power sports, RVs, marine, pretty much anything that's discretionary.

總體而言，我們需要一些順風，雖然不是很明顯，但肯定不是低迷的市場，就像我們在動力運動、房車、船舶以及幾乎所有可自由支配的領域看到的那樣。

So that will have to happen for us to achieve those 15% operating margin.

所以我們必須這樣做才能達到 15% 的營業利益率。

And then really quickly, just on Tristan's CECL change question.

然後很快地就 Tristan 的 CECL 變更問題進行討論。

So from an HDFS perspective, we did adjust reserves up a little bit.

因此從 HDFS 的角度來看，我們確實稍微調整了儲備。

As we think about, again, to your point, CECL lifetime loss valuation, we did add a small amount to make sure that we are covered from that standpoint.

當我們再次思考您所指出的 CECL 終身損失估值時，我們確實增加了少量金額以確保從這個角度來看我們得到保障。

Brandon Rollé, D.A. Davidson.

布蘭登·羅萊（Brandon Rollé），地區檢察官戴維森。

Just a quick one on LiveWire.

關於 LiveWire 我只是簡單介紹一下。

How far away are we from seeing a profit on the LiveWire business?

我們距離 LiveWire 業務獲利還有多遠？

It's been a headwind to earnings for years now.

多年來，這一直是企業獲利的阻力。

And I guess I'm wondering, clients are wondering, is there anything that would change your mind about continuing down this path with LiveWire?

我想知道，顧客也想知道，有什麼事情會改變您繼續使用 LiveWire 這個想法嗎？

And how committed are you to this business?

您對這項事業有多投入？

(multiple speakers) take part with the outlook, and then I'm going to comment from a Harley perspective.

（多位發言者）參與討論展望，然後我將從哈雷的角度發表評論。

Yes.

是的。

Thank you, Jochen.

謝謝你，約亨。

Thanks, Brendan.

謝謝，布倫丹。

Look, from a [library] perspective, as you saw, we are reducing our expenses quite significantly year over year.

你看，從（圖書館）的角度來看，正如你所看到的，我們的開支逐年大幅削減。

We do work on accelerating our path to profitability.

我們確實致力於加快實現盈利。

We have an internal program very aggressive on reducing our bond cost.

我們有一個非常積極的內部計劃來降低債券成本。

We do see actually an opportunity to have contribution margin positive by the end of the year between all of the work we've done on [one] cost, on conversion costs, et cetera.

我們確實看到了一個機會，即透過我們在[一項]成本、轉換成本等方面所做的所有工作，在年底前實現貢獻利潤率為正值。

That would be the first step before we actually break even the business.

這是我們真正實現收支平衡之前的第一步。

Obviously, it was mentioned before, I think by Alex, that it's a demand adoption challenge right now, but down segments and markets were EV is having some traction, especially if you look at Europe, the MAXI scooters, the other type of mobility segment, which we announced back at EICMA.

顯然，我認為亞歷克斯之前就提到過，現在面臨的是需求採用方面的挑戰，但在細分市場和市場中，電動車正在獲得一定的發展動力，尤其是如果你看看歐洲，MAXI 踏板車，另一種類型的移動細分市場，我們在 EICMA 上宣布了這一點。

And we really believe that we're working towards where the market is putting when EV bring additional value and so we'll keep working on this.

我們確實相信，我們正在努力讓電動車帶來額外的價值，從而滿足市場需求，因此我們會繼續努力。

We do have a plan to accelerate our path to profitability.

我們確實有一個計劃來加速我們的獲利之路。

You start seeing some very significant improvement this year, and you should expect to continue seeing some improvements.

今年你會開始看到一些非常顯著的改善，你應該期待繼續看到一些改善。

For the second part of your question, I'll let Jochen comment.

對於你問題的第二部分，我將讓約亨發表評論。

Yes, Brandon.

是的，布蘭登。

As I said, we are evaluating the business performance of LiveWire very carefully.

正如我所說，我們正在非常謹慎地評估 LiveWire 的業務表現。

There are a lot of benefits that LiveWire bring beyond electrification to Harley as well.

除了電氣化之外，LiveWire 還為哈雷帶來了許多好處。

But obviously, we are not achieving the targets that we've set out for many different reasons.

但顯然，由於各種原因，我們未能實現所設定的目標。

EV adoption being a slower pace of EV adoption, obviously being a contributing factor.

電動車的採用速度較慢，顯然是促成因素。

So we will watch this very carefully.

因此我們將密切關注此事。

LiveWire needs to perform, and we've invested a significant amount of money, and that performance needs to happen.

LiveWire 需要發揮其性能，我們已經投入了大量資金，而且它必須發揮其性能。

Otherwise, we'll obviously have to look at some optionalities here.

否則，我們顯然必須在這裡考慮一些可選方案。

But we are committed to the business at this point, but we need to see improvements in the business performance.

但我們目前致力於業務，但我們需要看到業務績效的改善。

Based on Karim, what he's mentioned, I think using the losses continuously and really focusing hard on reducing the cash flow is critical, and then adoption and sales obviously need to show up.

根據 Karim 所提到的，我認為持續利用損失並真正集中精力減少現金流是至關重要的，然後顯然需要採用和銷售。

And this year, we'll need to prove that.

今年，我們需要證明這一點。

Jaime Katz, Morningstar.

晨星公司的 Jaime Katz。

I just want to stay on that electric topic.

我只是想繼續討論電氣話題。

I guess I'm thinking about this new product that you guys are launching.

我想我是在考慮你們即將推出的這款新產品。

And given the strain or lack of support from a retail perspective or demand, what was the strategic purpose of rolling out a new product where there's low demand in the segment?

並且考慮到零售角度或需求的壓力或缺乏支持，在需求較低的細分市場推出新產品的策略目的是什麼？

And I guess, where does the incremental investment lie with that?

我想問一下，增量投資在哪裡呢？

And what does the profit margin opportunity look like for that new unit?

那麼新部門的利潤率機會是什麼樣的呢？

Just trying to think about that profit progression.

只是想思考一下利潤的成長。

Just to clarify, are you talking about the Alpinista launch that we just had on the S2 platform?

只需澄清一下，您說的是我們剛剛在 S2 平台上推出的 Alpinista 嗎？

The MAXI scooter that I assume is going into the P&L of LiveWire.

我認為 MAXI 踏板車將進入 LiveWire 的損益表。

Yes, it is correct.

是的，正確。

Okay.

好的。

Thank you for clarifying.

感謝您的澄清。

So that scooter is expected to hit market in 2026.

因此該踏板車預計將於 2026 年上市。

We are right now working diligently on the development of it.

我們現在正努力地開發它。

There is a strategic rationale for it, which is pretty strong for us.

這其中有其戰略依據，對我們來說非常有力。

It does leverage two key things.

它確實利用了兩個關鍵因素。

The first one is the S2 platform, which is fully developed in market right now and know-how and expertise of our second largest shareholder, Kimco, who are already in this market segment.

第一個是 S2 平台，目前已在市場上充分開發，並且擁有我們第二大股東 Kimco 的專業知識和技能，他們已經進入這個細分市場。

So when you take the combination of the two, we feel that we have everything [in deck] to come and have a value proposition for this specific segment that will be extremely [competing] not in terms of performance, but in terms of market positioning as well.

因此，當將兩者結合起來時，我們覺得我們已經做好了一切準備，並且對這一特定領域有一個價值主張，這一領域不僅在性能方面，而且在市場定位方面都將極具競爭力。

There is a push, and there is actually growth in this MAXI scooter segment, EV right now in Europe, in particular.

目前，MAXI 踏板車市場，尤其是在歐洲，尤其是在電動車市場，確實出現了成長。

So we are clearly targeting this segment next year.

因此我們明年將明確瞄準這一領域。

If I just may add from a Harley-Davidson perspective, the LiveWire has not invested into a new platform, but it's using the existing S2 platform to launch line extensions.

我從哈雷戴維森的角度補充一點，LiveWire 並未投資新平台，而是使用現有的 S2 平台來推出產品線擴展。

And that is one of the major reasons why we are also operating with a smaller engineering team at this point, not investing into a new platform or bigger platform, which was originally planned, which is the reason why LiveWire is able to reduce the operating loss significantly to between $70 million and $80 million and the cash burn as well.

這也是我們目前採用較小工程團隊營運、不按原計劃投資新平台或更大平台的主要原因之一，這也是 LiveWire 能夠將營運損失大幅減少至 7,000 萬至 8,000 萬美元之間以及減少現金消耗的原因。

And therefore, the focus right now is really getting [pump] costs out, reducing cost of sales, and reducing the loss per bike.

因此，目前的重點是真正降低[泵浦]成本，降低銷售成本，並減少每輛自行車的損失。

But as I said, we are watching this very carefully with a mid- to long-term perspective in mind and look at the risk and rewards going forward to decide how the business is going to be positioned in the future.

但正如我所說，我們正從中長期角度密切關注這個問題，考慮未來的風險和回報，以決定未來的業務定位。

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。