Harley-Davidson Inc (HOG) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2025 first quarter investor and analyst Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Shawn Collins. Thank you. Please go ahead.

感謝您的支持，歡迎參加哈雷戴維森 2025 年第一季投資者和分析師電話會議。請注意，今天的會議正在錄音。現在我想將會議交給肖恩柯林斯。謝謝。請繼續。

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

謝謝。早安.我是哈雷戴維森投資者關係總監肖恩·柯林斯。您可以在哈雷戴維森投資者關係網站上存取支援今天電話會議的幻燈片。正如您所料，我們今天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出現重大差異的風險。這些風險包括我們在今天的收益報告和向美國證券交易委員會提交的最新文件中提到的事項。

Joining me for this morning's call are Harley Davidson, Chief Executive Officer, Jochen Zeitz; Also, Chief Financial Officer and President of Commercial, Jonathan Root and we have LiveWire's Chief Executive Officer, Karim Donnez available for questions. With that, let me turn it over to our CEO, Jochen Zeitz. Jochen, over to you.

參加今天早上電話會議的還有哈雷戴維森首席執行官 Jochen Zeitz；此外，首席財務官兼商業總裁喬納森·魯特 (Jonathan Root) 和 LiveWire 首席執行官卡里姆·唐納茲 (Karim Donnez) 也可以回答問題。現在，請允許我將發言權交給我們的執行長 Jochen Zeitz。約亨，交給你了。

Thank you, Shawn. Good morning, everyone, and thank you for joining today's call. HDI operating income margin for the quarter came in at 12.1%. Our bottom line performance was better than expected driven by strong product mix, tight cost control in logistics, supply chain and in our operating expenses as we left significant spend related to our Model 24 touring launch. Global retail sales were down 21% in Q1 and down 24% in North America, softer than we expected primarily in the US market driven by historically low levels of consumer confidence in the uncertain macro environment.

謝謝你，肖恩。大家早安，感謝大家參加今天的電話會議。本季 HDI 營業收入利潤率為 12.1%。由於我們留下了大量與 Model 24 巡迴發布相關的支出，強大的產品組合、嚴格的物流成本控制、供應鏈和營運費用的推動下，我們的底線表現優於預期。第一季全球零售額下降 21%，北美零售額下降 24%，低於我們的預期，主要是因為美國市場在不確定的宏觀環境下消費者信心處於歷史低點。

With the decision to roll out our model year '25 campaign later in the year in the US to be closer to the rising season, -- the majority of our marketing development fund is being allocated in Q2 and beyond to support the network well into and beyond the riding season. The Marketing Development Fund is the more significant co-marketing investment made in the company's history, where we believe this investment will be most effective in the current environment, closest to the sale with our dealers.

由於我們決定在今年稍後在美國推出 25 款車型的宣傳活動，以便更接近騎行季節，因此我們的大部分行銷開發基金將在第二季度及以後進行分配，以支持騎行季節及之後的網絡。市場發展基金是公司歷史上比較重大的聯合行銷投資，我們相信這項投資在目前的環境下是最有效的，最接近與經銷商的銷售。

Outside of North America, EMEA experienced a quarter with overall retail being down just 2%. The APAC region experienced a 28% retail decline driven by softness primarily in China and Japan. And lastly, LATAM saw a 6% decline year-over-year in retail.

在北美以外，歐洲、中東和非洲地區本季整體零售額僅下降了 2%。亞太地區零售額下降了 28%，主要原因是中國和日本經濟疲軟。最後，拉丁美洲的零售額較去年同期下降了 6%。

As we move forward through this macro uncertainty, we remain committed to managing wholesale shipments in order to maintain reduced levels of the inventory. At the end of Q1, global wholesale shipments were down 33% and dealer inventory was down 19% as compared to the end of Q1 last year, with US inventory being down 23%.

在我們克服這種宏觀不確定性的同時，我們仍然致力於管理批發貨運，以保持較低的庫存水準。第一季末，全球批發出貨量較去年第一季末下降33%，經銷商庫存下降19%，其中美國庫存下降23%。

Turning to HDFS. Our Financial Services business delivered a better-than-expected result with an increase of 19% in operating income for the quarter. Jonathan will provide some additional detail on how we believe there are opportunities to further leverage the strength of HDFS to benefit our customers, dealers and shareholders alike.

轉向 HDFS。我們的金融服務業務業績優於預期，本季營業收入成長了 19%。喬納森將提供更多細節，說明我們如何認為有機會進一步利用 HDFS 的優勢，使我們的客戶、經銷商和股東受益。

Looking to product, in addition to our 25 model year launch that we detailed at the last quarterly call, Harley Davidson's Champions on-road performance as a key differentiator for the brand, underpinned by our customers' desire to take inspiration from the track onto the street. As we continue to look to racing for inspiration, in early March, we launched a new limited production Harley Davidson, the CVO World light, setting a new benchmark for street-legal performance bagger as the most powerful and dynamic on roll production motorcycle ever offered in the company's 122-year history. Leveraging knowledge and components developed by the Harley Davidson factory racing team competing in the King of the series. The CBO Road combines exceptional performance with attention to custom detail, a hallmark of Harley-Davidson CBO limited production motorcycles.

就產品而言，除了我們在上次季度電話會議上詳細介紹的 25 年車型發布會之外，哈雷戴維森冠軍公路性能也是該品牌的一個關鍵差異化因素，其基礎是我們的客戶希望從賽道上汲取靈感，並將其運用到街頭。隨著我們繼續從賽車中尋找靈感，我們在 3 月初推出了一款新的限量版哈雷戴維森 CVO World light，為街頭合法性能旅行車樹立了新的標桿，成為該公司 122 年曆史上最強大、最具活力的量產摩托車。利用參加系列之王比賽的哈雷戴維森工廠賽車隊所發展的知識和組件。CBO Road 將卓越的性能與對客製化細節的關注相結合，這是哈雷戴維森 CBO 限量生產摩托車的標誌。

Production of the RR model will be limited to 131 hand-assembled serialized motorcycles available through select authorized Harley-Davidson dealers in the United States this year. We've seen an outstanding response to this launch across the network, and we do expect these to sell out from preorder.

RR 車型的產量將僅限於今年透過美國部分授權哈雷戴維森經銷商發售的 131 輛手工組裝的系列摩托車。我們看到此次發表會在網路上獲得了熱烈的反響，我們預計預購產品將會銷售一空。

Last quarter, we ceased the next installment of entry-level product. something that we are very excited about having been several years in development. Since '21, the strategic pillar of our hardware strategy has been selective expansion and redefinition, expanding our Cruise offering into smaller displacements, including a true entry-level Cruise has been a focus in our clients.

上個季度，我們停止了下一批入門級產品的生產。我們對此感到非常興奮，因為我們已經開發了好幾年了。自 21 年以來，我們的硬體策略的策略支柱一直是選擇性擴展和重新定義，將我們的 Cruise 產品擴展到更小的排氣量，包括真正的入門級 Cruise，一直是我們客戶關注的重點。

I'm pleased to confirm that we are planning to introduce new entry-level products in smaller displacements as well as the introduction of an iconic classic for the US and international markets starting next year. We expect these products to be highly affordable and profitable additions to our portfolio informative to the company's future growth.

我很高興地確認，我們計劃從明年開始推出排氣量較小的新型入門級產品以及面向美國和國際市場的標誌性經典產品。我們預期這些產品能成為我們產品組合中價格實惠且利潤豐厚的補充，為公司的未來成長提供參考。

Turning to LiveWire. As already highlighted in February, the headwinds facing the broader power sports and discretionary leisure industry are even more complicated in the EV segment of the market. All signs are pointing to a much later EV adoption than originally anticipated.

轉向 LiveWire。正如二月所強調的那樣，更廣泛的動力運動和非必需休閒產業面臨的阻力在電動車市場領域更加複雜。所有跡像都表明電動車的普及速度將比最初預期的要晚得多。

Given the lack of incentives and a notably less favorable regulatory environment, combined with a slower expansion of charging infrastructure. In that context, Harley-Davidson is evaluating all options for its investment in LiveWire, while LiveWire will continue valuing all options for its business, including seeking external capital, if and when needed.

由於缺乏激勵措施和明顯較不利的監管環境，再加上充電基礎設施擴張速度較慢。在此背景下，哈雷戴維森正在評估對 LiveWire 的所有投資選擇，而 LiveWire 將繼續評估其業務的所有選擇，包括在需要時尋求外部資本。

In addition, Lifewire plans to continue to drive additional significant cost savings to reduce cash burn and operating losses with the intention to get to a sustainable business model with existing funds available. Harley-Davidson does not plan to provide additional investments into Live beyond the line of credit agreement entered into Q1 '24 of up to $100 million.

此外，Lifewire 計劃繼續大幅節省成本，以減少現金消耗和營運損失，旨在利用現有資金實現永續的商業模式。哈雷戴維森不打算向 Live 提供除 24 年第一季簽訂的最高 1 億美元信貸額度協議之外的額外投資。

With increased focus on cost and cash, LiveWire now expects operating losses of approximately $59 million and a cash burn of $49 million versus previous operating loss guidance of $70 million to $80 million for the full year.

由於更加關注成本和現金，LiveWire 預計全年營運虧損約為 5,900 萬美元，現金消耗為 4,900 萬美元，而先前預計全年營運虧損為 7,000 萬至 8,000 萬美元。

Turning back to Harley-Davidson. With the level of uncertainty we are seeing and the number of changes happening on an ongoing basis in global tariff and trade. It's difficult to predict what policies may impact customers over the course of the year. and how consumer confidence will affect discretionary product purchases. We therefore are withdrawing our previous 2025 guidance until there is more clarity over economy and tariff landscape.

回到哈雷戴維森。我們看到不確定性程度不斷增加，全球關稅和貿易也不斷改變。很難預測一年內哪些政策會對客戶產生影響。以及消費者信心將如何影響非必需產品的購買。因此，我們將撤回先前 2025 年的指導，直到經濟和關稅情況更加明朗。

While the tariff environment remains fluid, our continued engagement with various administrations leads us to be cautiously optimistic that there will be trade deals that will at least limit the overall tariff impact on the company and its operations. That said, our teams are working extremely hard to mitigate the impact on '25 given the fluid tariff environment, while we are also focused on mitigation strategies to minimize potential longer-term impacts to the company.

儘管關稅環境仍然不穩定，但我們與各國政府的持續接觸使我們謹慎樂觀地認為，貿易協定至少會限制關稅對公司及其營運的整體影響。儘管如此，考慮到不斷變化的關稅環境，我們的團隊正在非常努力地減輕對 25 年的影響，同時我們也專注於緩解策略，以盡量減少對公司的潛在長期影響。

And with that, I'll hand it over to Jonathan.

說完這些，我就把麥克風交給喬納森。

Thank you, Jochen, and good morning to all. In my role as President of Commercial, I would like to expand on Jochen's comments regarding the continued development of a very robust product portfolio. In addition to a new small displacement motorcycle and the introduction of an iconic classic cruise starting next year, we also plan to introduce more innovation in our touring and trunk motorcycle platforms. all a reflection of the execution of the hardwire strategy for future years.

謝謝你，約亨，大家早安。身為商業總裁，我想進一步闡述約亨關於持續開發非常強大的產品組合的評論。除了從明年開始推出一款新的小排氣量摩托車和一款標誌性的經典巡航車外，我們還計劃在我們的旅行和後備箱摩托車平台上引入更多創新。這一切都反映了未來幾年硬線戰略的執行情況。

That said, it is important to note that our new touring motorcycles introduced in the last 18 months are a very important factor in differentiating old from new, in look, sound steel and performance and the new large cruisers are delivering excitement capability and performance refreshes to our lineup this year.

話雖如此，值得注意的是，我們在過去 18 個月中推出的新款旅行摩托車在外觀、鋼材強度和性能方面是區分新舊摩托車的一個非常重要的因素，而新款大型巡洋艦今年為我們的產品線帶來了令人興奮的能力和性能更新。

Additionally, based on much feedback, we will begin to shift the model year timing to the fall to create additional selling opportunities later in the year. In order to support dealer health in these challenging times, we have also made changes in our fuel facility program through revised requirements and financial incentives. Of the 594 global dealers identified as requiring a fuel upgrade has either been completed or are in process at this point, which is on track with our original 10-year time horizon.

此外，根據大量回饋，我們將開始將車型年份時間推遲到秋季，以便在今年稍後創造更多的銷售機會。為了在這些充滿挑戰的時期支持經銷商的健康，我們還透過修改要求和財務激勵措施對我們的燃料設施計劃進行了更改。目前，全球 594 家經銷商已確定需要燃油升級，或正在進行燃油升級，這與我們最初的 10 年時間範圍相符。

We have also refined our flexible rewards program to improve its attainability and attractiveness and as you heard from Jochen, we introduced the marketing development fund to put dollars where we believe they have the most effective results.

我們還完善了靈活的獎勵計劃，以提高其可實現性和吸引力，正如您從約亨那裡聽到的，我們引入了行銷發展基金，將資金投入到我們認為最有效的領域。

Before I get into the financial results, I would also like to touch on some speculation in the press surrounding Harley-Davidson Financial Services and its strategic direction. As part of the hardwire, we are pursuing value-enhancing opportunities for all stakeholders, including customers, dealers, lenders, debt holders and shareholders. With that in mind, we can confirm today that we are evaluating an investment into HDFS if the following transaction objectives are met.

在介紹財務結果之前，我還想談談媒體對哈雷戴維森金融服務及其策略方向的一些猜測。作為硬體的一部分，我們正在為所有利害關係人（包括客戶、經銷商、貸方、債權人和股東）尋求增值機會。考慮到這一點，我們今天可以確認，如果滿足以下交易目標，我們正在評估 HDFS 的投資。

First, any arrangements would demonstrate the class-leading returns of HDFS as a driver of value for HOG shareholders by proving out a significant premium valuation versus book value. This is all made possible as HDFS is the highest returning transportation-related captive finance company in America. Secondly, an investment must establish a value-enhancing long-term strategic partnership.

首先，任何安排都將證明 HDFS 的領先回報是 HOG 股東價值的驅動力，證明其估值相對於帳面價值具有顯著的溢價。這一切之所以成為可能，是因為 HDFS 是美國回報率最高的運輸相關自營融資公司。其次，投資必須建立能夠提升價值的長期策略夥伴關係。

Thirdly, an arrangement must lead to securing long-term funding optionality that would maintain and perhaps even lower the overall cost of funding and improve the competitiveness of our offers. Lastly, we commit to maintaining and even improving service levels and support across the range of retail finance, commercial finance card products and insurance and protection products.

第三，該安排必須能夠確保長期融資選擇權，從而維持甚至降低整體融資成本並提高我們的報價的競爭力。最後，我們致力於維持甚至提高零售金融、商業金融卡產品以及保險和保護產品的服務水準和支援。

Later on in my remarks, I will go further into the Q1 financial results and fundamentals of the HDFS business. I plan to start on page 4 of the presentation, where I will briefly summarize the consolidated financial results for the first quarter of 2025. And subsequently, I will go into further detail on each business segment. As Jochen already mentioned, consolidated revenue in the first quarter was down 23%, largely in line with expectations across HDMC and HDFS, while revenue also decreased at LiveWire. Consolidated operating income in the first quarter was $160 million, driven by a decline of 51% at HDMC. This was partially offset by an increase of 19% in operating income at HDFS. At the LiveWire segment, the operating loss came in at $20 million.

稍後在我的發言中，我將進一步探討第一季的財務表現和 HDFS 業務的基本面。我計劃從簡報的第 4 頁開始，簡要總結 2025 年第一季的綜合財務結果。隨後，我將進一步詳細介紹每個業務部門。正如 Jochen 已經提到的，第一季綜合收入下降了 23%，與 HDMC 和 HDFS 的預期基本一致，而 LiveWire 的收入也有所下降。第一季綜合營業收入為 1.6 億美元，受 HDMC 營業收入下降 51% 的影響。但 HDFS 的營業收入成長 19% 部分抵銷了這一影響。LiveWire 部門的營業虧損達到 2,000 萬美元。

Consolidated operating income margin in the first quarter came in better than expected at 12.1% relative to 15.2% in the first quarter a year ago, representing a 310 basis point decline primarily due to the impacts associated with lower volume as we deliver on our commitment to help bring down dealer inventory. I plan to go into further detail on each business segment's profit and loss drivers in the next section. First quarter earnings per share was $1.07.

第一季綜合營業利潤率優於預期，為 12.1%，而去年同期第一季為 15.2%，下降了 310 個基點，主要原因是我們履行幫助降低經銷商庫存的承諾導致銷量下降帶來的影響。我計劃在下一節中進一步詳細介紹每個業務部門的獲利和虧損驅動因素。第一季每股收益為 1.07 美元。

In Jochen's remarks, he addressed retail sales and market share. Note the change in market share, we are now reporting on total cruiser category, given our future product plans in small cruiser and furthermore, there are competitive dynamics on products that shift between large and small cruisers throughout 2024.

約亨在演講中談到了零售額和市場份額。請注意市場份額的變化，鑑於我們未來在小型巡洋艦方面的產品計劃，我們現在正在報告整個巡洋艦類別，此外，在 2024 年期間，大型和小型巡洋艦之間轉換的產品存在競爭動態。

Moving on to dealer inventory. We believe current dealer inventory and product availability are in an improving and healthier position overall as we approach the upcoming spring 2025 riding season. This is important with the recent launch of new model year 2025 motorcycle, especially with the redesigned soft tail motorcycles introduced earlier this year and year two of new touring motorcycles, which were first introduced with model year 2024. We remain committed to a year-end dealer inventory reduction of approximately 10%, and we are well on our way, as already demonstrated in Q1.

轉向經銷商庫存。我們相信，隨著即將到來的 2025 年春季騎行季節的臨近，當前經銷商庫存和產品供應情況總體上將處於改善和更健康的狀況。這對於最近推出的 2025 年款新款摩托車來說非常重要，尤其是今年稍早推出的重新設計的軟尾摩托車以及第二年推出的新型旅行摩托車（2024 年款首次推出）。我們仍然致力於在年底將經銷商庫存減少約 10%，而且我們已經在順利實現這一目標，正如第一季所證明的那樣。

Looking at revenue, HDFC revenue decreased by 27% in Q1. Focusing on the key drivers for the quarter, 30 points of decline came from decreased wholesale volume at HDMC where motorcycle shipments in the quarter were down 33%, coming in at 39,000 units compared to 58,000 units in the year-ago period. This level balances our need to be prepared for the upcoming riding season and the potential for a softer demand environment, given the recent macro headlines and uncertainty.

從營收來看，HDFC 第一季營收下降了 27%。關注本季的主要驅動因素，30 點的下降是由於 HDMC 的批發量下降，該季度摩托車出貨量下降 33%，為 39,000 輛，而去年同期為 58,000 輛。考慮到最近的宏觀新聞和不確定性，這一水平平衡了我們為即將到來的騎行季節做好準備的需要以及需求環境疲軟的可能性。

Two points of growth came from favorable year-over-year pricing for 2025 model year product and net sales incentives. two points of growth came from mix as we continue to prioritize our most profitable model to markets, and finally, foreign exchange impacts resulted in 1 point of decline to Q1 revenue relative to prior year.

兩個成長點來自 2025 年車型的年比優惠定價和淨銷售激勵。由於我們繼續優先考慮最賺錢的模式推向市場，因此兩個成長點來自產品組合，最後，外匯影響導致第一季營收較上年下降 1 個百分點。

In Q1, HDMC gross margin was 29.1%, which compares to 31.2% in the prior year period. The decrease of 210 basis points was driven by the revenue factors I just spoke about and lower operating leverage, which includes modest cost inflation of less than 1%. In order to deliver on our commitment to help bring down dealer inventory, production volumes were down commensurate with the lower wholesale shipments in Q1 2021. The lower production volumes resulted in a higher fixed cost per unit on motorcycle shipped in Q1 2025. The unfavorable impact of lower operating leverage was modestly offset by other productivity savings related primarily to supply management during the quarter.

第一季度，HDMC 毛利率為 29.1%，去年同期為 31.2%。210 個基點的下降是由於我剛才提到的收入因素和較低的營運槓桿（包括不到 1% 的適度成本通膨）所致。為了履行幫助降低經銷商庫存的承諾，2021 年第一季的產量與批發出貨量的下降相對應。產量較低導致 2025 年第一季出貨的摩托車每單位固定成本較高。本季度，主要與供應管理相關的其他生產力節省略微抵消了較低營運槓桿的不利影響。

Operating expenses in Q1 came in $24 million lower than prior year at $199 million, which resulted in an HDMC operating margin of 10.8%, compared to 16.2% in the prior year period, which included fill of the all-new street-wide and motorcycles.

第一季的營運費用為 1.99 億美元，比去年同期低 2,400 萬美元，導致 HDMC 的營運利潤率為 10.8%，而去年同期為 16.2%，其中包括全新的街道和摩托車的填充。

Before we turn to the next slide, I would like to give a brief update on our ongoing productivity cost program. One of the initiatives identified as part of the Hardwire strategy, where we were expecting to drive a $400 million improvement in productivity by 2025. As a reminder, for the cumulative 3-year period of 2022 through 2024, we achieved unlevered productivity savings of $257 million. We expect to achieve another $100 million in 2025 and again, in 2026, exceeding our hardwire dollar target by over 10%, but doing so 1 year later than anticipated, as mentioned in February. In Q1, we achieved $24 million of unlevered productivity, primarily from logistics and supply chain initiatives.

在我們翻到下一張投影片之前，我想先簡單介紹一下我們正在進行的生產力成本計畫。這是 Hardwire 策​​略中確定的其中一項舉措，我們預計到 2025 年將推動生產力提高 4 億美元。提醒一下，從 2022 年到 2024 年的累計 3 年期間，我們實現了 2.57 億美元的無槓桿生產力節約。我們預計在 2025 年和 2026 年將分別實現 1 億美元的收入，超出我們的實際收入目標 10% 以上，但正如 2 月提到的那樣，這比預期晚了 1 年。第一季度，我們實現了 2,400 萬美元的無槓桿生產力，主要來自物流和供應鏈計劃。

Also to address what is on many people's minds, tariffs. The Q1 direct tariff impact for HDMC was limited to $9 million. Harley-Davidson is a business very centered in and around the US Three of 4 manufacturing plants are US-based, including final assembly in York, Pennsylvania, and powertrain operations and injection molding with class leading paint application each in Wisconsin.

也要解決許多人關心的關稅問題。第一季直接關稅對 HDMC 的影響僅限於 900 萬美元。哈雷戴維森是一家以美國及其周邊地區為中心的企業，其四家製造工廠中有三家位於美國，包括位於賓夕法尼亞州約克市的最終組裝廠，以及位於威斯康辛州的動力總成運營和注塑成型廠，並擁有一流的塗裝應用。

We also have a US-centric approach to sourcing with approximately 75% of component purchasing coming from the US and all of our core products sold in the US are assembled in the US With that in mind, we estimate our 2025 impact from new tariffs to be in the range of $130 million to $175 million. We have a number of actions underway to mitigate the impact and the situation will remain fluid given the uncertainty that still exists.

我們也採取以美國為中心的採購方式，大約 75% 的零件採購來自美國，我們在美國銷售的所有核心產品都在美國組裝。考慮到這一點，我們估計 2025 年新關稅對我們造成的影響將在 1.3 億美元至 1.75 億美元之間。我們正在採取一系列措施來減輕影響，但鑑於仍存在的不確定性，情況仍將持續不穩定。

Turning back to HDFS's performance. At Harley-Davidson Financial Services, Q1 revenue came in at $245 million, a decrease of 2%, driven by modestly lower retail receivables and commercial receivables. HDFS operating income was $64 million, up $10 million or 19% compared to last year. The Q1 increase was driven by a lower provision for credit losses and lower operating expenses, while interest expense was flat in the quarter. The provision for credit loss expense was $8 million lower as a result of a favorable reserve change and lower overall credit losses. The reserve change was $7 million favorable as compared to Q1 of 2024, primarily on a decrease in the retail receivables.

回到 HDFS 的性能。哈雷戴維森金融服務公司第一季營收為 2.45 億美元，下降 2%，原因是零售應收帳款和商業應收帳款略有下降。HDFS 營業收入為 6,400 萬美元，比去年同期增加 1,000 萬美元，增幅為 19%。第一季的成長是由於信貸損失準備金減少和營運費用減少，而本季利息支出持平。由於儲備金變動有利且整體信貸損失減少，信貸損失準備金減少了 800 萬美元。與 2024 年第一季相比，儲備金變動有利 700 萬美元，主要原因是零售應收帳款減少。

In Q1, HDFS' annualized retail credit loss ratio was 3.8%, which compares to 3.7% in the year ago period. Retail credit losses were $2 million less year-over-year. However, lower retail receivables resulted in the small increase in the retail credit loss ratio. Retail credit losses continue to be driven by several factors relating to the current macroeconomic environment and the related customer and industry dynamics. In addition, the retail allowance for credit losses for the first quarter remained flat at 5.7% for Q4 of 2024.

第一季度，HDFS 的年化零售信用損失率為 3.8%，而去年同期為 3.7%。零售信貸損失年減 200 萬美元。不過，零售應收帳款減少導致零售信貸損失率小幅上升。零售信貸損失持續受到與當前宏觀經濟環境以及相關客戶和行業動態相關的幾個因素的影響。此外，2024 年第一季零售信貸損失準備金與 2024 年第四季持平，為 5.7%。

Total retail loan originations in Q1 were down 22% while commercial financing activities were also down, decreasing 14% to $1.3 billion. Total quarter end net financing receivables, including both retail loans and commercial financing was $7.4 billion, which was down 6% versus prior year. For the LiveWire segment, electric motorcycles revenue decreased in the first quarter of 2025 compared to the prior year period, driven by lower unit sales of LiveWire electric motorcycles and static electric balance bikes. Selling, engineering and administrative expenses were $7 million lower compared to the prior year. LiveWire operating loss of $20 million was in line with our expectations and compares to an operating loss of $29 million in the prior Q1.

第一季零售貸款發放總額下降 22%，商業融資活動也下降 14% 至 13 億美元。本季末淨融資應收帳款總額（包括零售貸款和商業融資）為 74 億美元，較上年下降 6%。對於 LiveWire 部門，2025 年第一季電動摩托車收入與去年同期相比有所下降，原因是 LiveWire 電動摩托車和靜態電動平衡車的單位銷量下降。銷售、工程和管理費用與去年相比減少了 700 萬美元。LiveWire 的營業虧損為 2,000 萬美元，符合我們的預期，而去年第一季的營業虧損為 2,900 萬美元。

In terms of net cash used during the quarter, LiveWire used $18 million in Q1 of 2020 or $9 million less relative to Q1 of 2024. On a unit basis, LiveWire reported sales of 33 units in Q1 compared to 117 units sold in the prior Q1.

就本季使用的淨現金而言，LiveWire 在 2020 年第一季使用了 1,800 萬美元，與 2024 年第一季相比減少了 900 萬美元。按單位計算，LiveWire 報告第一季銷售量為 33 台，而去年同期銷售量為 117 台。

The uncertain macro environment is weighing on the consumer's discretionary appetite for early-stage EV products. Wrapping up with consolidated Harley-Davidson Inc. Q1 financial results we delivered $142 million of operating cash flow, which was up $38 million from the prior period. The increase in operating cash flow was due largely to lower net cash outflows for wholesale financing compared to Q1 of '24. Total cash and cash equivalents ended at $1.9 billion, which was $467 million higher than at the end of Q1 prior year. This consolidated cash number includes $46 million of LiveWire. Also of note, as Jochen indicated, Harley-Davidson does not plan to provide additional investments into LiveWire beyond the line of credit agreement entered into in Q1 of '24 of up to $100 million.

不確定的宏觀環境正在影響消費者對早期電動車產品的自由選擇興趣。總結哈雷戴維森公司第一季的合併財務業績，我們實現了 1.42 億美元的經營現金流，比上一季增加了 3,800 萬美元。營運現金流的增加主要是由於與 24 年第一季相比批發融資的淨現金流出減少。總現金和現金等價物最終達到 19 億美元，比去年第一季末高出 4.67 億美元。這一合併現金數字包括 4600 萬美元的 LiveWire。另外值得注意的是，正如 Jochen 所指出的，哈雷戴維森不打算向 LiveWire 提供除 2024 年第一季達成的最高 1 億美元信用額度協議之外的額外投資。

Additionally, as part of our capital allocation strategy and in line with our commitment to return capital to our shareholders, we bought back 3.4 million shares of our stock at a value of $87 million in Q1 of 2025. As Jochen already mentioned, we are mindful of the overall macroeconomic and tariff environment uncertainty and significant softness in high-ticket consumer discretionary spend. Although we feel positive about the trajectory of our internal operations and overall operating efficiency displayed in Q1, we are withdrawing our 2025 financial outlook or guidance that we shared in early February.

此外，作為我們資本配置策略的一部分，並按照我們向股東返還資本的承諾，我們在 2025 年第一季回購了 340 萬股股票，價值 8,700 萬美元。正如約亨已經提到的，我們注意到整體宏觀經濟和關稅環境的不確定性以及高價位消費者可自由支配支出的明顯疲軟。儘管我們對第一季的內部營運軌跡和整體營運效率感到樂觀，但我們將撤回 2 月初分享的 2025 年財務展望或指導。

Specifically, the metrics on Slide 15 of our Q4 2020 quarter earnings presentation as covered on February 5, 2025. In regards to items that we can control, we look at capital allocation for the rest of 2025, where our priorities remain to fund profitable growth of the Hardwire initiatives, which includes a slight reduction in capital expenditures which is now a range from $200 million to $225 million, paying dividends and continuing to execute discretionary share repurchases.

具體來說，我們的 2020 年第四季財報第 15 張投影片中的指標於 2025 年 2 月 5 日公佈。對於我們能夠控制的項目，我們考慮了 2025 年剩餘時間的資本配置，我們的優先事項仍然是為 Hardwire 計劃的盈利增長提供資金，其中包括略微減少資本支出（目前在 2 億美元至 2.25 億美元之間），支付股息並繼續執行酌情股票回購。

We will continue to monitor our business performance and cash flow and determine discretionary share repurchases based upon our cash flow. This will be determined in consideration of our plans to deliver on our $1 billion in share repurchases and by the end of 2026, which we announced in July of 2024. As covered previously, in the three-plus year period from 2022 to current, we have returned $1.5 billion in capital to our shareholders, including $1.2 billion of shares repurchased, equivalent to 22% of shares outstanding at the beginning of this period.

我們將繼續監控我們的業務表現和現金流，並根據我們的現金流量確定酌情回購的股票。這將根據我們於 2024 年 7 月宣布的 10 億美元股票回購計畫以及 2026 年底前完成的計畫來確定。如前所述，從 2022 年到現在的三年多時間裡，我們向股東返還了 15 億美元的資本，其中包括 12 億美元的股票回購，相當於本期初流通股的 22%。

While shareholder returns for the US discretionary leisure and powersports peers have been mired in a prolonged cyclical industry downturn over the past several years, we would like to reinforce some recent information we have released. Hog stock has outperformed its peer group. From a total shareholder return basis, which includes dividends. As of mid-April, HOG has outperformed its peer out by 10 percentage points in the past 5 years since May of 2020. The by 3 percentage points over the last three years and by 7 percentage points over the last year.

儘管過去幾年美國非必需休閒和動力運動同行的股東回報一直陷入長期的周期性行業低迷，但我們想強調我們最近發布的一些資訊。生豬股表現優於同類股票。從包括股息在內的股東總回報基礎來看。截至4月中旬，自2020年5月以來的5年中，HOG的表現已超過同業10個百分點。比過去三年提高了 3 個百分點，比去年提高了 7 個百分點。

In wrapping up, as we continue in 2025, a -- we remain committed to delivering on behalf of all of our stakeholders. We are dealing with a challenging macroeconomic environment and dynamic tariff circumstances and we are pleased with the resilience and resources displayed by our Harley-Davidson team members and dealers.

總而言之，隨著我們繼續邁入 2025 年，我們將繼續致力於為所有利害關係人提供服務。我們正面臨充滿挑戰的宏觀經濟環境和動態的關稅環境，我們對哈雷戴維森團隊成員和經銷商所展現的韌性和資源感到滿意。

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)

（操作員指示）

Craig Kennison with Baird.

克雷格·肯尼森 (Craig Kennison) 和貝爾德 (Baird) 在一起。

Regarding HDFS, what might the economics of a long-term strategic partnership look like for Harley-Davidson. .

關於 HDFS，對哈雷戴維森來說，長期策略夥伴關係的經濟效益如何。。

Craig, this is Jonathan. So thank you for your question. Certainly, as we work through anything from an HDFS perspective, we feel like we're in pretty early stages from a discussion standpoint and where we go. I think consistent with the messaging that we've put out relative to the HDFS transaction, we feel like paying attention to questions that we get from investors from time to time around how to value that business. Really ensuring that we have the ability to markedly demonstrate the premium value of that business and its premium to book is something that we feel is very important and something that the market has asked for. So that's our first area of focus.

克雷格，這是喬納森。感謝您的提問。當然，當我們從 HDFS 的角度處理任何事情時，我們感覺從討論的角度以及我們的發展方向來看，我們還處於相當早期的階段。我認為，與我們發布的有關 HDFS 交易的信息一致，我們希望關注投資者不時提出的有關如何評估該業務的問題。真正確保我們有能力明顯地展示該業務的溢價和其帳面溢價是我們認為非常重要的事情，也是市場所要求的。這是我們首先關注的領域。

Second, as we think about sort of long-term strategic partnership that really goes hand-in-hand with the long-term funding optionality that we're looking for. So ensuring that we really do have the ability on an ongoing and consistent basis regardless of the dynamics of the economy and situations that we may be in to really ensure that we can maintain our class-leading returns, maintain really attractive offers for our customers and for our dealers. So that sort of falls into the next piece. And then obviously, as we look, we do envision continuing the product portfolio robustness that HDFS offers.

其次，當我們考慮某種長期策略夥伴關係時，它實際上與我們尋求的長期融資選擇密切相關。因此，無論經濟狀況如何變化，無論我們處在何種境況，我們都要確保我們確實有能力持續、一致地保持我們一流的回報，為我們的客戶和經銷商提供真正有吸引力的優惠。所以這屬於下一部分。然後顯然，正如我們所看到的，我們確實設想繼續保持 HDFS 提供的產品組合穩健性。

So that's something that would continue long term. Relative to how any of the financials could be impacted sort of short-term or long term. We really need to let the process play out a little bit see where we land. And I expect that we'll be able to give a more detailed answer to that question as we come together next quarter.

所以這是會長期持續下去的事情。相對於任何財務狀況可能受到的短期或長期影響。我們確實需要讓這個過程稍微進行一下，看看我們能達到什麼成果。我希望我們在下個季度開會時能夠對這個問題給出更詳細的答案。

And just as a follow-up, Jonathan, like what has changed from, I guess, a prior conclusion from management that HDFS was strategic? Is it that you think you can hang on to some of that strategic value getting a more realistic market valuation of what that business is truly worth? Or was there something else driving this change of heart? .

作為後續問題，喬納森，我猜，管理層先前得出的結論是 HDFS 具有戰略意義，現在有什麼變化嗎？您是否認為您可以保留部分策略價值，從而對該業務的真正價值進行更現實的市場估值？還是有其他原因導致了這種轉變？。

Yes. No, I think that's absolutely it is really ensuring that we can give kind of a market-based view on the value of that business. It is something that we do envision kind of still participating in. So from that standpoint, it's not as if we envision sort of jettisoning the entire business and not having access to HDFS and the strategic importance of that business. So from our perspective, we feel like it's probably good governance, a good approach to be in the market and take a look at that business from time to time. That is, in fact, something that we do every now and again across the business.

是的。不，我認為這絕對可以確保我們能夠對該業務的價值給予基於市場的看法。我們確實設想繼續參與其中。因此從這個角度來看，我們並不是想放棄整個業務，無法存取 HDFS 和該業務的策略重要性。因此，從我們的角度來看，我們認為這可能是良好的治理，一種進入市場並時常審視業務的好方法。事實上，這是我們在整個業務過程中時常做的事情。

We thought that it was worth addressing in our quarter in light of the fact that somebody leaked some news somewhere and we know that it appeared. And so in light of the fact that we knew that we would get questions, we needed to make sure that we are sharing the information equally among all investors.

我們認為，鑑於有人在某處洩露了一些消息，而且我們知道它已經出現，因此值得在本季度解決這個問題。因此，鑑於我們知道會收到問題，我們需要確保與所有投資者平等分享資訊。

Joseph Altobello with Raymond James.

約瑟夫·阿爾托貝洛和雷蒙德·詹姆斯。

So Jonathan, I want to go back to your answer to Craig on the HDFS sale. I don't want to put words in your mouth, but it sounds like the genesis of this is you guys don't feel like you're getting full value of your stock for this business, not that a separation would benefit HDMC. Is that fair?

所以喬納森，我想回到你對克雷格關於 HDFS 銷售的回答。我不想替你們說話，但聽起來這件事的起因是你們覺得你們沒有從這項業務中獲得股票的全部價值，而不是分離會讓 HDMC 受益。這樣公平嗎？

Yes. I think that is fair. Again, we certainly believe in the strategic nature of HDFS. I mean, as you know, it's a business that I ran before I was in my current role. It's a group of people who I love. It's a part of the business that I feel delivers really exceptional value to our dealer body and to our customers. And so as we look forward, certainly, the elements that we've called out a couple of times here are elements that we do envision we would still be able to display going forward.

是的。我認為這是公平的。再次強調，我們確實相信 HDFS 的戰略性質。我的意思是，如你所知，這是我在擔任現職之前經營的業務。這是一群我深愛的人。我認為這是我們業務的一部分，它為我們的經銷商團體和客戶帶來了真正非凡的價值。因此，當我們展望未來時，我們在這裡多次提到的元素確實是我們設想在未來仍然能夠展示的元素。

Got it. And just a follow-up on that. Obviously, Jochen, you've announced that you're looking to retire this year. I guess, first, any update on timing -- and second, would your replacement want or need some input on this decision? .

知道了。這只是對此的後續跟進。顯然，約亨，你已經宣布你打算今年退休。我想，首先，有任何關於時間安排的更新嗎？其次，你的繼任者是否想要或需要對這個決定提供一些意見？。

Well, what we are talking about today has been something or has been part of our hardware strategic evaluation over the last few years. So we're not doing anything that is new. We always look to improve our business outlook and increase shareholder value. This is something that was part of our overall strategic plan. And from that point of view, there's no point in stopping that but continue it. And there is an opportunity now that we believe is worthwhile evaluating.

嗯，我們今天談論的內容是我們過去幾年硬體策略評估的一部分。所以我們並沒有做任何新的事情。我們始終致力於改善我們的業務前景並增加股東價值。這是我們整體策略計劃的一部分。從這個角度來看，停止這種做法是沒有意義的，只能繼續下去。我們認為現在有一個值得評估的機會。

In terms of timing, I can't really talk about it. I'm not part of the committee of independent directors that are running the search. And -- but what I do know is the process is continuing at pace. You might have read led by Heidrick and Struggles. And I'm committed to lead the company until the pseudo-successor is appointed, but exact timing is really at the discretion of the Board.

就時間而言，我實在無法談論它。我不是負責此次搜尋的獨立董事委員會的成員。但我確實知道這一進程正在快速進行。您可能已經讀過由 Heidrick 和 Struggles 領導的書。我承諾領導公司直到繼任者被任命，但具體時間由董事會決定。

James Hardiman with Citi.

花旗銀行的詹姆斯哈迪曼 (James Hardiman)。

In particular, the process of trying to wait through the tariff impact. Maybe we could spend a little bit of time on that slide. I would love a little bit of color on the various tariff sources. I guess, China and Mexico -- well, I guess China is pretty straightforward. Mexico I don't know if there's an opportunity to bring that number down. Obviously, the USMCA ompliance, I think, seems to be the key there. But then Canada and the specifically. Just help us think through some of that.

尤其是試圖等待擺脫關稅影響的過程。也許我們可以花一點時間在那張投影片上。我很想了解各種關稅來源。我想，中國和墨西哥——嗯，我想中國的問題很簡單。墨西哥我不知道是否有機會降低這個數字。顯然，我認為遵守 USMCA 似乎是關鍵。但具體來說，是加拿大。只需幫助我們思考其中的一些問題。

I think the EU is currently on pause in terms of their tariffs on our stuff. But I know it's complicated with you guys, a, as we think about if they do put tariffs on whether Thailand would be tariffed or not? And then b, just how do we think through beyond tariffs, some of the anti-American sentiment that's happening right now and whether you think that's a major risk factor going forward and if you've seen any of that. I know,there's a lot built into there, but obviously, this is an unprecedented situation we find ourselves in.

我認為歐盟目前暫停對我們的產品徵收關稅。但我知道你們的情況很複雜，我們想如果他們確實對泰國徵收關稅，他們是否會被徵收關稅？然後，b，除了關稅之外，我們如何看待目前正在發生的一些反美情緒，以及您是否認為這是未來的一個主要風險因素，以及您是否已經看到了其中的任何一點。我知道，這裡面有很多內容，但顯然，我們正處於前所未有的境地。

Thank you, James question. Let me try and get my hands around the answer here. I think what Jonathan mentioned is important. 100% of our core products are manufactured in the US and 95% of our overall revenues. So manufacturing is from a US perspective, not the issue. Europe is obviously different. We believe, based on what we understand from trade deals that are being negotiated that EU will be part of the trade deal and the sort of highest tariffs that were waived around in the past by the Europeans for liquor and motorcycles will likely not apply, but that's based on the information we have and we will be part of an overall trade deal that is being negotiated.

謝謝詹姆斯的提問。讓我嘗試在這裡找到答案。我認為喬納森提到的很重要。我們的核心產品 100% 均在美國製造，總收入的 95% 也在美國製造。因此，製造業是從美國的角度出發的，而不是問題所在。歐洲顯然有所不同。我們相信，根據我們對正在談判的貿易協議的了解，歐盟將成為貿易協議的一部分，而歐洲過去對酒類和摩托車免除的最高關稅可能不會適用，但這是基於我們掌握的信息，我們將成為正在談判的總體貿易協議的一部分。

So manufacturing into the US plays a minor role. Where the big impact is the sourcing. But that said, 75% of our product that we -- or raw materials and components that we are sourcing are US-based. So we have a very US-centric supply already, which is actually higher than many auto manufacturers in the US And -- but like everybody else, like auto and other peer sectors, we do have exposure primarily to China when you look at the big impact, and that is because of the 145% duties. That's the big impact with EUR 75 million to EUR 100 million potentially out of the EUR 130 million, EUR 175 million that we need to mitigate in '25.

因此，美國製造業的作用很小。其中影響最大的是採購。但話雖如此，我們採購的產品（或原料和零件）的 75% 都來自美國。因此，我們的供應已經非常以美國為中心，實際上比美國的許多汽車製造商都要高——但像其他人一樣，例如汽車和其他同類行業，當你看到巨大的影響時，我們確實主要受到中國的影響，這是因為 145% 的關稅。這會產生巨大的影響，在我們需要在 25 年減輕的 1.3 億歐元、1.75 億歐元中，可能有 7,500 萬至 1 億歐元的影響。

So at some point, a trade deal with China is critical. While our exposure and our overall spend as a company in China is actually -- or through -- coming from China is well below 6%, 145% make it so significant, which is why we've already since 2018 start to move proactively product components out of China, and we are continuing to do so.

因此，從某種程度上來說，與中國達成貿易協議至關重要。雖然我們作為一家公司在中國的業務和總體支出實際上（或通過）來自中國的比例遠低於 6%，但 145% 卻非常重要，這就是為什麼我們自 2018 年以來就已經開始主動將產品零件移出中國，並且我們將繼續這樣做。

That's not a process that happens overnight, but it's certainly part of our script -- so that -- I think that should give you a bit of an indication but we do, of course, need help, especially when it comes to China. Just like everybody else in peer spaces and in auto as well because some components just have been historically very centered around Chinese sourcing and manufacturing. But overall, I think we are in a pretty decent position, all things considered versus some of our competitors.

這不是一朝一夕就能完成的過程，但這肯定是我們劇本的一部分——所以——我認為這應該能給你一點提示，但我們當然需要幫助，特別是涉及中國時。就像同業和汽車業的其他人一樣，因為一些零件歷來都是以中國採購和製造為中心。但總體而言，我認為與我們的一些競爭對手相比，我們處於相當不錯的地位。

Yes. And James, I would just add a couple of points, too. As you go through and you look at what we've included in the picture through 2025 in our little chart that kind of lays out the impact. we've proactively thought through where do we ship products in ahead of time? Where do we try to make sure that we mitigate exposure in the current period, 2025 is the current period. And so as we work through that, that's why that number is contained in the way that it is. And then as Jochen talks about, the situation remains very, very fluid and certainly feels a little bit different from one day to the next, which is really where all of these lands as we start adding up the significant variability that could depending upon where things land.

是的。詹姆斯，我也想補充幾點。當您瀏覽並查看我們在 2025 年小圖表中包含的內容時，您會發現其影響。我們已經提前考慮過要將產品運送到哪裡？我們要如何確保在當前時期減輕風險，2025 年就是當前時期。因此，當我們解決這個問題時，就會發現這個數字是以這個方式包含的。然後，正如約亨 (Jochen) 所說的那樣，情況仍然非常不穩定，而且每天都會感覺有點不同，當我們開始將可能取決於事態發展而產生的顯著變化加起來時，所有這些情況實際上都發生了變化。

Our range could be wider than even what we put on this on our table. But as we really try to fill this down to provide a best picture that we can, we think this is most likely with what we know today, it will probably look different a week or two from now. So this is another one where we do expect that we will provide an update and provide you with more information. We certainly hope for all of us that we have greater clarification over the coming 90 days.

我們的範圍甚至可能比我們桌上擺放的還要廣。但是，當我們真正嘗試填補這一空白以提供我們所能提供的最佳圖像時，我們認為這很可能是我們今天所知道的，但它一兩週後可能會有所不同。因此，我們確實希望能夠提供更新並為您提供更多資訊。我們當然希望我們所有人都能在接下來的 90 天內得到更清晰的解釋。

And James, in terms of sentiment, we haven't really experienced something that we would consider significant, just like some in auto have experienced, but I think people can differentiate between us being Harley-Davidson and tariffs overall that governments impose. So I would say that is, at this point in time, not an issue. People can differentiate very well. And our business in Canada to take an example, has not suffered as a result.

詹姆斯，就情緒而言，我們並沒有真正經歷過我們認為重大的事情，就像一些汽車行業人士所經歷的那樣，但我認為人們可以區分我們是哈雷戴維森公司，還是政府徵收的整體關稅。所以我想說，目前這不是問題。人們可以很好地區分。以我們在加拿大的業務為例，並未因此受到影響。

Okay. That's really helpful. And I guess to that demand question, obviously, you guys -- the guidance was withdrawn. I guess I'm just trying to wrap my head around how much of that is the tariff slide, right, and the movement that we could see in the tariff numbers and sort of the ex tariff business, right? And maybe sort of drawing a distinction between the pre-liberation day environment, right, which was essentially your first quarter and that the post-liberation say environment. So maybe speak to what you've seen in terms of demand trends if you can tell us about April great. But even if not, how you think about sort of where the consumer's head is at with your product?

好的。這真的很有幫助。我想，對於這個需求問題，顯然，你們──指導意見被撤回了。我想我只是想弄清楚其中有多少是關稅下滑造成的，對吧，以及我們可以在關稅數字和不含關稅的業務中看到的變動，對吧？或許可以區分一下解放前的環境，對吧，這基本上是你的第一個季度，以及解放後的環境。因此，如果您能告訴我們四月的情況，請談談您所看到的需求趨勢。但即使不是，您如何看待消費者對您的產品的感受？

Yes. I mean, as we've just completed April, I usually don't talk about the running month, but this is now completed because we are a little later than usual with our earnings. So if you look at February, March, April in North America, we've seen sequential improvement from February to March and April. So April has actually not deteriorated, but slightly improved or you could say, significantly improved versus March, and March looks better than February.

是的。我的意思是，由於我們剛剛度過四月，我通常不會談論運行月份，但現在四月已經結束了，因為我們的收入比平常晚了一點。因此，如果你看看北美 2 月、3 月和 4 月的情況，我們會看到從 2 月到 3 月和 4 月的連續改善。因此，四月的情況實際上並沒有惡化，而是略有改善，或者可以說，與三月相比有顯著改善，而且三月份的情況比二月份要好。

Internationally, it's pretty much the same, as I mentioned in my remarks, opening remarks, the international markets were pretty much in line with maybe 1 exception in Asia, with our expectation. We always said going into the year, our comps get much easier in the second half of the year. And as we are letting our substantial touring launch, in particular, in North America, that -- those are tougher comps to crack, and that will take a little bit of time. But that's basically what we're seeing, especially in the US, our most important market improvement versus March versus February.

從國際上看，情況基本上相同，正如我在開場白中提到的那樣，國際市場基本上符合我們的預期，亞洲可能只有一個例外。我們總是說，進入今年，下半年我們的業績會變得容易得多。隨著我們大規模巡迴的啟動，特別是在北美，這些是更難攻克的難題，需要一點時間。但這基本上就是我們所看到的，尤其是在美國，與 3 月相比，2 月市場出現了最重要的改善。

Robin Farley with UBS.

瑞銀的 Robin Farley。

Just circling back to the financial services topic. I guess over the years, it has seemed like the HFS is sort of the marketing arm for hardly right since he don't go on sale, it's the financing offers. And obviously, the majority of Hagia financed through HDFS and it's been a meaningful part of Harley's overall earnings in any given year. So I guess what's different today that would make that makes sense to sell it with that? Because it seems like all of those factors that were historically reasons why it didn't make sense are still kind of factors that are in play today. So just wondering what has changed in the environment or your expectations that makes it seem like something you wanted to now? .

回到金融服務話題。我想，多年來，HFS 似乎只是一種行銷部門，因為它不進行銷售，而是提供融資服務。顯然，Hagia 的大部分資金都是透過 HDFS 籌集的，它一直是哈雷每年整體收入的重要組成部分。那麼我想問一下今天有什麼不同使得用它來銷售它是有意義的嗎？因為看起來，所有那些在歷史上導致它不合理的因素在今天仍然有效。所以只是想知道環境或您的期望發生了哪些變化，使它看起來像您現在想要的東西？。

Yes. Thanks, Robin. We didn't say that we are planning to sell HDFS. In fact, we wanted to clarify a rumor that's out there that said we would. That's not the case. Having been around a little bit, especially in the times of the financial crisis, there was a lot of pressure on the business to sell HDFS. The Board felt at the time that would not be a good idea, and we all believe that this is still not a good idea. But that said there's significant value that we are not being appreciated for as a business. And if there is a win-win scenario for our customers, for our dealers and for our shareholders, it's something that we need to look into, and that's part of our overall strategy and that's what we were trying to convey with our remarks. So there is no sale of HDFS imminent.

是的。謝謝，羅賓。我們並沒有說我們計劃出售 HDFS。事實上，我們想澄清一個謠言，就是我們會這麼做。事實並非如此。經過一段時間的發展，特別是在金融危機時期，企業面臨銷售 HDFS 的巨大壓力。董事會當時認為這不是一個好主意，而且我們都認為這仍然不是一個好主意。但儘管如此，我們作為一家企業的重要價值尚未受到重視。如果對我們的客戶、經銷商和股東來說有雙贏的局面，那麼我們就需要研究這一點，這是我們整體策略的一部分，也是我們試圖透過我們的言論傳達的內容。因此，HDFS 不會立即出售。

Okay. Okay. And then just 1 follow-up. You mentioned the retail environment in April had maybe improved versus March. -- probably assuming that with the suspension of guidance, it's probably still worse than maybe your expectations for the year when you had given previous guidance. I know you talked about increasing marketing spend. Is there anything else -- I mean, pricing was a net positive in Q1, but is that a lever that you're going to maybe need to pull in this environment? Just kind of thinking about what we should expect here in kind of peak riding season.

好的。好的。然後只需 1 個後續行動。您提到四月的零售環境可能比三月有所改善。 ——可能假設，隨著指導的暫停，情況可能仍然比您之前給出指導時對當年的預期更糟糕。我知道您談到了增加行銷支出。還有什麼嗎——我的意思是，第一季的定價是淨正值，但這是否是您在這種環境下可能需要利用的一個槓桿？只是想看看在騎行旺季我們應該期待什麼。

Right. Yes, I think what I said in my opening remarks is important to bear in mind our touring launch, a very significant launch happened earlier, in the year last year and significant funds were allocated early in the year, whereas we moved our marketing development fund later into the riding season and starting now. So there is a shift that you will need to bear in mind. And I think you've alluded to that already in our February call that we have tough comps to work against due to the touring launch and shift in new products that we've been launching and marketing as of now. So that is definitely a contributing factor.

正確的。是的，我認為我在開場白中所說的很重要，要記住我們的巡迴演出發布會，一次非常重要的發布會發生在去年早些時候，並且在年初分配了大量資金，而我們將營銷發展基金轉移到了騎行季節的後期，從現在開始。因此，您需要牢記這一轉變。我想您在我們二月份的電話會議上已經提到過，由於巡迴演出的啟動以及我們目前推出和營銷的新產品的轉變，我們面臨著嚴峻的競爭形勢。所以這肯定是促成因素。

In terms of the promotional environment, I think it's interesting to see that some of our competitors have blanketing the promotion for '24, some selectively already promoting '25. We had very targeted promotions in market, nothing for '25 as of yet. So the promotional environment of our competitors has certainly been more significant than ours. And that's something, of course, that we need to keep in mind. But that said, we would not draw much of a conclusion of us not giving guidance to better or worse. But as I said earlier, we'll be more or less in line with the international market when it comes to retail sales. Japan has been softer and North America has been softer than anticipated. So that's as much color as we can provide right now with the sequential improvement between February, March and April.

就促銷環境而言，我認為有趣的是，我們的一些競爭對手已經全面開展了 24 年的促銷活動，而一些競爭對手則有選擇地開展了 25 年的促銷活動。我們在市場上進行了非常有針對性的促銷活動，但目前還沒有任何針對 25 年的促銷活動。因此，我們的競爭對手的促銷環境肯定比我們的更重要。當然，我們需要牢記這一點。但話雖如此，我們不會得出「我們沒有給出更好或更壞的指導」的結論。但正如我之前所說，我們的零售額將與國際市場基本保持一致。日本和北美的經濟表現均比預期疲軟。這就是我們目前能夠提供的有關二月、三月和四月之間連續改善的詳細資訊。

Yes. And I would add in, Robin, on your pricing -- your kind of pricing and mix question. As we think about some of the timing of when Soft tails hit, we began shipping those really pretty late in the first quarter as we start to think through what our mix looks like. So from an overall pricing and mix perspective, we probably -- we may see a little bit of pressure on that as we look out in the balance of the year with some mix changes in the way that we price some of the different products. And we are seeing that the consumer is certainly a little bit sensitive on top end, high discretionary.

是的。羅賓，我想補充你的定價問題——你的定價和混合問題。當我們思考軟尾產品上市的時機時，我們在第一季末就開始出貨了，因為我們開始思考我們的產品組合是什麼樣的。因此，從整體定價和組合的角度來看，我們可能會看到一點壓力，因為我們在年度平衡中看到我們對一些不同產品的定價方式發生了一些組合變化。我們發現，消費者對於高階產品確實有點敏感，而且自由裁量權很高。

So for us, it's a pretty close watch, I think, in terms of the overall portfolio sales, what mix looks like as we get to the balance of the year. But I do think, importantly, as Jochen touched on, we have competitors who are already discounting their, that is something that we don't think promotes a lot of help across the business from a long-term standpoint. And so that's something that we certainly are making sure that we're being a lot more disciplined on, but obviously, something that we are going to have to make sure that we watch. But thank you for your question.

因此，我認為，就整體投資組合銷售而言，我們需要密切關註今年餘下時間的投資組合情況。但我確實認為，重要的是，正如約亨所提到的，我們的競爭對手已經在打折了，從長遠來看，我們認為這對整個業務沒有多大幫助。因此，我們當然要確保在這件事上更加自律，但顯然，我們必須確保專注於這件事。但感謝您的提問。

Maybe 1 additional topic of comment is some proprietary research. We talked a bit about ridership in the past. We often do research with our -- with owners and nonowners and currently, what we are getting back as feedback is at 60% of nonowners. And roughly half of our existing owners, they feel that the current economic environment is causing them to delay a purchase, and ride as a nonowner intended side and need to see improvement in the personal financial situation before they consider a purchase. And the primary reason is interest rates and overall economic uncertainty. So that's something that's coming back strongly, which would indicate that we just need to see a change from a cyclical turn into something that's stabilizing ideally interest rates coming down and more consumer confidence coming back, especially for bigger ticket discretionary products.

也許另外 1 個評論主題是一些專有研究。我們過去討論過一些關於乘客人數的問題。我們經常與業主和非業主進行研究，目前，我們收到的回饋來自 60% 的非業主。我們現有的車主中大約有一半認為，當前的經濟環境導致他們推遲購買，並希望以非車主的身份購買，需要看到個人財務狀況有所改善後才會考慮購買。主要原因是利率和整體經濟的不確定性。所以，這是一個強勁復甦的跡象，這表明我們只需要看到經濟從週期性轉變轉變為一種穩定狀態，理想情況下利率會下降，消費者信心會恢復，特別是對於大宗非必需消費品而言。

Alex Perry with Bank of America.

美國銀行的亞歷克斯·佩里 (Alex Perry)。

Just first, I wanted to ask what led the decision to bring back the entry-level bikes? Any sense on the pricing, the sort of look and feel of those units? Will they resemble prior models such as the 8 -- and then on the model launch timing shift, can you just give us a little more color on that? It seems like a pretty significant change in sort of the cadence of the business will model year '26 launch this fall? How do you phase that in, that would be really helpful.

首先，我想問一下，是什麼促使您決定重新推出入門級自行車？對這些單元的定價、外觀和感覺有什麼看法？它們是否會與之前的車型（例如 8）相似 - 然後關於車型發佈時間的變化，您能否向我們提供更多詳細資訊？這似乎是業務節奏的相當大的變化，26 款車型將於今年秋季推出嗎？您如何逐步實施這項措施，這將非常有幫助。

Sure. I'm happy to take the first question in terms of entry level. As part of our strategy, we've always said selective expansion and redefinition is a pillar, which gets additional investment. The first few years of the hardwire, we invested heavily in our core business because there was no investment going whatsoever into our core businesses of touring, soft tail and strike or cruiser and strike. And as time progressed, we had the necessary CapEx to start investing into entry level. That said, historically, if I look at the last 30 years, we've never had an entry model that actually made money for Ally David. And we believe that we have an opportunity now based on how we're engineering these bikes to actually come out with a product that is competitive, that is in look, sound and feel very holiday and profitable. So that's -- and that is something that we feel good about. After having made significant investments in our core business, which carry 80% of our overall profitability.

當然。我很高興回答有關入門級的第一個問題。作為我們策略的一部分，我們一直表示選擇性擴張和重新定義是一個支柱，可以獲得額外的投資。在硬線業務發展的最初幾年，我們對核心業務進行了巨額投資，因為我們在旅行、軟尾和打擊或巡洋艦和打擊等核心業務上沒有任何投資。隨著時間的推移，我們有了必要的資本支出來開始投資入門級。話雖如此，但從歷史上看，如果回顧過去 30 年，我們從來沒有出現過真正能為 Ally David 賺錢的入門模式。我們相信，基於我們對這些自行車的設計方式，我們現在有機會推出一款具有競爭力的產品，其外觀、聲音和感覺都非常適合度假並且有利可圖。所以這是——這是我們感到高興的事。我們對核心業務進行了大量投資，該業務占我們整體盈利的 80%。

Alex, I'll talk a little bit about model year timing. So as you can imagine, as we shift model year timing, it certainly has implications across the entire company. It has some implications for our dealer network as we think through the way that we carry out some activities. So it will be a change that takes us sort of a number of years to get everything fully on track and pulled back into the fall. We have got a lot of feedback from our dealers. We've got a lot of feedback from customers around the fact that they sort of have enthusiasm for some key dates and some special moments that can line up with a fall intro.

亞歷克斯，我將稍微談論一下車型年份時間。因此你可以想像，隨著我們改變車型年份時間，它肯定會對整個公司產生影響。當我們思考進行某些活動的方式時，它對我們的經銷商網路有一定影響。因此，我們需要花幾年的時間才能讓一切完全步入正軌並重新回到秋季。我們從經銷商那裡得到了很多回饋。我們收到了很多來自客戶的回饋，他們對一些可以與秋季介紹相結合的關鍵日期和特殊時刻充滿熱情。

We do also think that it helps us extend the season a little bit. So from a dealer perspective, we think there's a whole lot of benefit of really driving people into the dealer network through the fall and some of the months that we start to see the lease change and lease fall. So we think there's some benefit from that standpoint that our dealers will really appreciate and enjoy. So as we think through the timing associated with that, from an overall sales cadence perspective, the thought is that it helps extend, it really helps our dealer network in a way that they have provided feedback on and it's something that we've listened to.

我們確實也認為這有助於我們稍微延長賽季。因此，從經銷商的角度來看，我們認為在秋季以及我們開始看到租約變化和租約下降的某些月份，真正吸引人們加入經銷商網路會帶來很多好處。因此，我們認為從這個角度來看，我們的經銷商會真正欣賞和享受一些好處。因此，當我們從整體銷售節奏的角度考慮與此相關的時間時，我們認為它有助於擴展，它確實以他們提供反饋的方式幫助我們的經銷商網絡，而我們也聽取了他們的反饋。

But again, your question in terms of what does it look like over -- what does it look like? Is it a multiyear thing? It absolutely is multiyear. It does actually require sort of what I would define as a Herculean effort by engineering, supply chain, manufacturing, as we think through all of the implications for them. We certainly have increased the workload for our marketing and commercial teams as we think about a year where we end up doing a little bit more from an overall marketing dealer education, dealer training standpoint. So it's a heavy lift in the year that you start to make the change, but it will begin this fall for some of our '26 model year motorcycles. So a lot of excitement around there.

但是，再說一次，你的問題是它看起來像什麼——它看起來像什麼？這是一件多年的事嗎？這絕對是多年的。它確實需要工程、供應鏈、製造部門付出我所定義的艱鉅努力，因為我們要仔細考慮對他們的所有影響。我們當然增加了行銷和商業團隊的工作量，因為我們考慮明年從整體行銷經銷商教育、經銷商培訓的角度做更多的事情。因此，今年開始做出改變會是一項艱鉅的任務，但對於我們的一些 26 款摩托車來說，這項改變將於今年秋季開始。那裡非常熱鬧。

Noah Zatzkin with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Noah Zatzkin。

I guess just around some of the LiveWire comments that you made. Can you remind us how you're thinking about kind of like the annual cost savings that you're tracking toward going forward? And then as you look longer term, has anything changed in terms of your thinking around that business? .

我猜只是圍繞您所做的一些 LiveWire 評論。您能否提醒我們一下，您是如何考慮未來每年的成本節省的？那麼從長遠來看，您對該業務的想法有什麼變化嗎？。

Yes. No, as I indicated, last is projecting operating was $59 million and cash burn of $49 million, which is dramatically reduced to previous year and to the original guidance Lifewire gave in February. So we continue to work down the cost and that's on an EBIT level. What has changed is exactly what I've mentioned in my opening remarks. There are headwinds that are facing the broader power sports and discretionary leisure industry, but those sort of difficulties are even more complicated in the EV segment, which is due to the fact -- or is actually leading to EV adoption that's just not happening as originally anticipated.

是的。不，正如我所指出的，最後預計營運成本為 5,900 萬美元，現金消耗為 4,900 萬美元，與去年同期相比大幅減少，也低於 Lifewire 在二月份給出的原始指引。因此，我們繼續努力降低成本，這是在息稅前利潤水準上。發生的變化正是我在開場白中提到的。更廣泛的動力運動和非必需休閒產業都面臨阻力，但這類困難在電動車領域更加複雜，這是由於——或者實際上導致電動車的採用並不像最初預期的那樣發生。

And that is because we have no longer have any incentives for EV purchases for our customers. We have a less favorable regulatory environment, which was a huge risk for Harley-Davidson only a couple of years ago. and the charging infrastructure. And here, we very much rely on auto is expanding much slower than anticipated in some markets around the world, Livewire is selling. And that's led us to look into all options and LiveWire to do the same thing.

這是因為我們不再為客戶提供任何購買電動車的激勵措施。我們的監管環境不太有利，這對幾年前的哈雷戴維森來說是一個巨大的風險。以及充電基礎設施。在這裡，我們非常依賴汽車，但在全球某些市場，汽車的擴張速度比預期的要慢得多，Livewire 正在銷售。這促使我們研究所有選項，並對 LiveWire 做同樣的事情。

And we are driving significant bond cost reductions, bill of material cost reductions, which I'm sure Karim maybe talk a little bit more about an additional cost savings to really reduce the cash burn and the losses in order to be able to get to a sustainable business model with the existing funds that are currently available. Karim, do you want to add anything to that?

我們正在大幅降低債券成本和物料清單成本，我相信卡里姆可能會多談一些額外的成本節約，以真正減少現金消耗和損失，以便能夠利用現有資金實現可持續的商業模式。卡里姆，你還有什麼要補充的嗎？

Sure Thank you, Jochen. So as you said, we've got tremendous progress in our cost savings efforts, and we continue to do so. Now we also recognize that we play in very specific segments of the EV market, and we continue looking at the addressable market that we took that into where EV can better shine. There are plenty of opportunities we're looking at right now, too early to talk about it, but we absolutely want to make the best use of the money available and we've made a ton of progress, and we continue improving on our operating and cash burn going forward.

當然謝謝你，約亨。正如您所說，我們在節省成本方面取得了巨大進展，而且我們會繼續這樣做。現在，我們也意識到，我們在電動車市場中處於非常具體的領域，我們將繼續關注我們能夠讓電動車更好地發揮作用的潛在市場。我們現在正在尋找很多機會，現在談論它還為時過早，但我們絕對希望充分利用現有資金，而且我們已經取得了很大進展，並且我們將繼續改善我們的營運和現金消耗。

David MacGregor with Longbow Research.

長弓研究公司的戴維‧麥格雷戈 (David MacGregor)。

I guess I just wanted to start on tariffs. And I wasn't clear from your answer to James' question. Are we just not talking about mitigating circumstances at this point. There's just too much uncertainty around this whole issue and there's more to come on that? Or is there at least some high-level discussion you can provide in terms of how you'd go about addressing that mitigation need? .

我想我只是想開始討論關稅問題。我對您對詹姆斯問題的回答不太清楚。我們現在不是在談論減輕處罰的情況嗎？整個問題存在太多的不確定性，而且還會出現更多問題？或者您可以就如何解決緩解需求提供至少一些高層次的討論？。

Sure, of course. I think that overall, there are 5 things we are doing. First of all, we are engaging very actively with DC with the administration. -- and actually administration, not just the US administration, but also Europe, in particular, to ensure that there is a good understanding of our position and the impact that those tariffs have on our business. at home and abroad.

當然可以。我認為總體來說，我們正在做五件事。首先，我們正在與華盛頓特區和政府積極合作。 ——實際上，不僅是美國政府，還有歐洲政府，都要確保他們充分了解我們的立場以及這些關稅對我們業務的影響。在國內外。

There's a lot of talk about auto, but we want to make sure that we are part of the discussion and the agenda. So that's critical. And I think there's a pretty good understanding of the impact, number one. So any future tariff deals set up to be made, should be including us, and that's incredibly important. So we are not left out.

關於汽車的討論很多，但我們希望確保我們參與討論和議程。所以這很關鍵。我認為，首先，大家對於其影響已經有了相當好的理解。因此，任何未來達成的關稅協議都應該包括我們，這一點非常重要。所以我們不會被排除在外。

We've also divided mitigation into short term, which Jonathan talked about for '25 and longer term because you can't just shift and change supply chains overnight, and you got to make sure that there's some sort of -- some certainty in terms of tariffs that either they can stay around or might just be temporary. So you don't want to make some big decisions and rash decisions without knowing what the longer-term tariff situation is going to look like. So short term, we've been accelerating or slowing down shipments to navigate the tariff environment during the year, which is why the impact has already been much lower than what we would have seen in the current tariff environment.

我們還將緩解措施分為短期（喬納森談到了 25 年）和長期（因為你不可能在一夜之間轉移和改變供應鏈），你必須確保關稅方面有某種確定性，即它們可以保留或只是暫時的。因此，在不知道長期關稅狀況如何的情況下，您不會做出一些重大決定和草率的決定。因此，短期內，我們一直在加速或減緩出貨量以應對年內的關稅環境，這就是為什麼其影響已經遠低於我們在當前關稅環境下所看到的影響。

We are also making adjustments to our supply chain short term where we can, and that will be diversifying so that we have more options but also reducing and building up new capacity elsewhere, which usually takes a little bit of time. That's nothing that happens over motnight. And the most immediate focus is on our Chinese content given obviously the size of the impact with 145% tariff that are now imposed on it. We're also slowing down expenses overall without compromising product and marketing investments, as Jonathan alluded to, important in this environment.

我們也在盡可能的短期內對供應鏈進行調整，這將是多樣化的，以便我們有更多的選擇，同時也會減少和建立其他地方的新產能，這通常需要一點時間。這不是晚上會發生的事。鑑於目前對中國產品徵收 145% 關稅的影響顯然很大，我們最關注的就是中國產品。正如喬納森所提到的，我們整體也降低開支，同時又不影響產品和行銷投資，這在這種環境下很重要。

And last but not least, we are looking at pricing, but I think we have to also be cognizant of the current recessionary environment for discretionary leisure products and to make sure that we remain competitive. So this is a bit of a trade-off between pricing versus volume in a very sensitive environment. But of course, pricing is a lever that we're also looking at. But not so much at this point in time, maybe selectively without significant price increases, at least in the short term in the making. And that's pretty much what the team is working literally 24/7 on mitigating short term and planning for the long term.

最後但同樣重要的一點是，我們正在考慮定價，但我認為我們還必須認識到當前非必需休閒產品的經濟衰退環境，並確保我們保持競爭力。因此，在非常敏感的環境中，這有點像是價格與數量之間的權衡。但當然，定價也是我們正在考慮的槓桿。但目前還不太多，也許選擇性地不大幅漲價，至少在短期內是如此。這就是團隊全天候工作的目的，旨在緩解短期影響並制定長期計劃。

And I guess you've talked about your US-centric manufacturing footprint, our US-centric sourcing approach. Do you foresee once the dust starts to settle around some of these tariff issues that this could ultimately result in a competitive advantage for you in the United States? And if so, could you talk about the extent to which that might be?

我想您已經談到了以美國為中心的製造足跡和以美國為中心的採購方式。您是否預見到，一旦這些關稅問題開始平息，最終將為您在美國帶來競爭優勢？如果是的話，您能談談這種現象的程度嗎？

Possibly, if tariffs stay high for imported motorcycles, that could be a competitive advantage because what our big disadvantage was that our international competitors were importing bikes essentially with no tariff, while we were very much focused on US manufacturing. And so that could be a positive. That it said would not help is, obviously, we then encounter trade barriers elsewhere in the world, such as Europe because we do not have European manufacturing. So there's a positive that could be potentially negative. And we hope hopefully, we will win in the end.

或許，如果進口摩托車的關稅保持在高位，這可能是一個競爭優勢，因為我們最大的劣勢是，我們的國際競爭對手基本上不徵收關稅就進口摩托車，而我們則非常專注於美國製造。所以這可能是件好事。顯然，它說這無濟於事，因為我們沒有歐洲製造業，所以我們在世界其他地方會遇到貿易壁壘，例如歐洲。因此，有正面因素，也有負面因素。我們滿懷希望地希望，我們最終能夠獲勝。

But from a pure US perspective, trade barriers obviously would be helpful given our US manufacturing base. And then there's a supply chain, the supply chain that is -- happens for everybody to be overstating while we are most -- probably the most US-centric in terms of supply chain was 75%. It's still a big whammy when you have to have even a few components come out of Asia with 145% duty. I mean, there's not much you can do, but you can't just shift these things overnight. So that's something that we're looking at longer term for sure. And we've already started to do that many years ago.

但從純粹的美國角度來看，考慮到我們的美國製造業基礎，貿易壁壘顯然是有幫助的。然後還有供應鏈，這個供應鏈——每個人都可能誇大其詞，而我們最——就供應鏈而言，最以美國為中心的可能佔 75%。當你需要從亞洲進口哪怕是幾個關稅高達 145% 的零件時，這仍然是一個巨大的打擊。我的意思是，你能做的不多，但你不可能在一夜之間改變這些事。所以這是我們肯定會長期關注的事情。我們多年前就已經開始這麼做了。

Tristan Thomas-Martin with BMO Capital Markets. .

蒙特利爾銀行資本市場的 Tristan Thomas-Martin。。

Just 1 for me. So it sounds like with the model or at least some of the model year 26 launches occurring in the fall. How does that change how we should think about kind of quarterly cadence relative to where you were last quarter?

對我來說只要 1 個。因此聽起來該車型或至少 26 款車型中的部分車型將在秋季推出。相對於上一季的情況，這會如何改變我們對季度節奏的看法？

All right. Thank you, Tristan. So from a cadence perspective, we're still working through some of the exact and final details on that. As you probably noticed, we withdrew guidance relative to our unit guidance standpoint. We're probably not going to get into that in terms of appropriateness of having that conversation when it's something that has been withdrawn.

好的。謝謝你，特里斯坦。因此，從節奏的角度來看，我們仍在研究一些確切的最終細節。您可能已經注意到，我們撤回了相對於單位指導立場的指導。當某件事被撤回時，我們可能不會再討論進行這樣的談話是否合適。

I do expect that we'll be able to provide more information 90 days from now, and we do have a little bit of greater certainty around the tariff environment, the kind of second and third order effects that, that ends up having. So more to come on that front. But from our perspective, we certainly do not envision using it as an opportunity to ship a ton of inventory in later in the year, if that's sort of what the question could be implying.

我確實希望我們能夠在 90 天後提供更多信息，並且我們對關稅環境以及最終產生的二階和三階效應有更大的確定性。關於這方面還有更多內容。但從我們的角度來看，我們當然不會考慮利用這個機會在今年稍後運送大量庫存，如果這個問題可能暗示這一點的話。

So from our perspective, we did talk through the importance of making sure that we are paying attention to retail trends in the marketplace, what we're doing from a wholesale perspective and really keeping alignment and balance between those items. So I think when we had originally provided our guidance back in the February time frame, we talked through ensuring that we would that we would really try to manage our dealer inventory very carefully. We do not envision this as an opportunity to load up dealers with inventory or do anything from that standpoint.

因此，從我們的角度來看，我們確實討論了確保關注市場零售趨勢、從批發角度所做的事情以及真正保持這些項目之間的協調和平衡的重要性。因此，我認為，當我們在二月最初提供指導時，我們討論過確保我們會非常謹慎地管理我們的經銷商庫存。我們並不認為這是一個讓經銷商囤積庫存或從這個角度做任何事情的機會。

So we will continue to be very careful in what we ship in and really looking at the retail trends. But -- so nothing -- so all that said, I think agonizing that it is, we are in a certainly a unique period. We don't envision it as something that's tremendously meaningful impact from a volume perspective for 2025. As we move forward into '26, and we think about cadence, we certainly will be able to give you more information as we're getting closer to that time frame. But for right now, we don't envision kind of meaningful movement in overall cadence of the quarters.

因此，我們將繼續非常謹慎地選擇出貨產品，並密切注意零售趨勢。但是——所以沒什麼——所以儘管如此，我認為令人痛苦的是，我們正處於一個獨特的時期。從數量角度來看，我們並不認為它會對 2025 年產生重大影響。隨著我們進入 26 年，我們考慮節奏，隨著我們越來越接近這個時間範圍，我們肯定能夠為您提供更多資訊。但就目前而言，我們預計本季的整體節奏不會有任何有意義的變化。

And I think, Tristan, what we've also said is that we are committed to our inventory reduction in particular, in the US for year-end, but also overall globally. So that stays, right? So that should be giving you a good indication that not much should be changing as a result of the mode shift.

特里斯坦，我認為，我們也說過，我們致力於減少庫存，特別是在美國，年底前，而且在全球範圍內也是如此。所以就保留這個了，對吧？因此，這應該可以很好地表明，模式轉變不會帶來太大的變化。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。

-- thank you for standing by, and welcome to the Harley-Davidson 225 First Quarter Investor and Analyst Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Sean Collins. Thank you. Please go ahead. SP675606536 Thank you. Good morning. This is Sean Collins, the Director of Investor Relations at Harley-Davidson. You can access the slides supporting today's call on the Internet at the Harley-Davidson Investor Relations website.

——感謝您的支持，歡迎參加哈雷戴維森 225 第一季投資者和分析師電話會議。請注意，今天的會議正在錄音。現在我想將會議交給肖恩柯林斯。謝謝。請繼續。 SP675606536 謝謝。早安.我是哈雷戴維森投資者關係總監肖恩·柯林斯。您可以在哈雷戴維森投資者關係網站上存取支援今天電話會議的幻燈片。