Harley-Davidson Inc (HOG) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2025 third 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.

感謝您的耐心等待，歡迎參加哈雷戴維森2025年第三季投資者和分析師電話會議。請注意，今天的會議正在錄影。現在我將把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 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.這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查看今天電話會議的相關幻燈片。正如您所預料的，我們的評論將包含前瞻性陳述，這些陳述存在風險，可能導致實際結果與預期結果有重大差異。這些風險包括我們在今天的收益報告中以及我們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, Artie Starrs; and Chief Financial Officer and President of Commercial, Jonathan Root, who is also the Chairman of LiveWire Group, Inc. And will be available to address any questions about LiveWire during the Q&A portion of today's call.

今天早上與我一同參加電話會議的有哈雷戴維森首席執行官阿蒂·斯塔爾斯；以及首席財務官兼商業總裁喬納森·魯特，他同時也是LiveWire集團的董事長。他們將在今天電話會議的問答環節回答有關LiveWire的任何問題。

With that, let me turn it over to Harley-Davidson, CEO, Artie Starrs.

接下來，我將把麥克風交給哈雷戴維森執行長阿蒂·史塔爾斯。

Thank you, Shawn, and good morning, everyone. I'm excited to be with you today and thrilled to be partnering with our Board, Jonathan and our leadership team, with the broader team here at Harley-Davidson, and of course, with the Harley-Davidson dealer network. Over the past month, I've been truly energized by what I've experienced across the motor company, at HDFS and dealerships and with the broader rider community.

謝謝你，肖恩，大家早安。今天能與大家見面，我感到非常興奮，也很激動能與我們的董事會、喬納森和我們的領導團隊、哈雷戴維森的全體團隊以及哈雷戴維森經銷商網絡合作。在過去的一個月裡，我在整個摩托車公司、HDFS 和經銷商以及更廣泛的騎士群中的經歷，讓我倍感振奮。

I'd like to take a moment to thank all the riders. I've had the pleasure of meeting at dealerships and dealer events since joining the company. Your passion and connection to the brand are truly inspiring. On October 1, I started my HD chapter with the dealer network right here in Milwaukee at our annual dealer forum, where over 1,500 of our global dealers came together in celebration of Harley-Davidson.

我想藉此機會感謝所有騎手。自從加入公司以來，我很高興有機會在經銷商和經銷商活動中與大家見面。你對品牌的熱情和投入真的非常鼓舞人心。10 月 1 日，我在密爾瓦基的年度經銷商論壇上正式開啟了我的哈雷戴維森之旅。來自全球 1500 多家經銷商齊聚一堂，共同慶祝哈雷戴維森的輝煌成就。

During our time together, we reviewed our product launches and marketing strategies for 2026, celebrated the valuable role our dealers play in our business, and most importantly, began our planning and alignment to deliver successfully on the year ahead. Since then, I've been working with our team of employees at Juno Avenue and have visited company facilities in Wisconsin and Pennsylvania, I've been impressed with the level of talent, craftsmanship and the unwavering commitment to the brand from employees at all levels across the company. That resilience is part of what makes Harley-Davidson so special.

在我們共處的這段時間裡，我們回顧了 2026 年的產品發布和行銷策略，讚揚了經銷商在我們業務中發揮的重要作用，最重要的是，我們開始規劃和調整，以期在未來一年取得成功。從那時起，我一直在與 Juno Avenue 的員工團隊一起工作，並參觀了該公司在威斯康辛州和賓夕法尼亞州的工廠。我對公司各級員工的才華、工藝水平以及對品牌堅定不移的承諾印象深刻。這種韌性正是哈雷戴維森如此特別的原因之一。

On the road, I was pleased to meet with over 260 dealers from corner to corner across the country, listening and learning and beginning to shape our shared future together. It's clear that Harley-Davidson has the opportunity to improve dealer health across the network, and I'm committed to addressing it quickly. A healthy Harley depends on a healthy dealer network. And right now, we have work to do to strengthen that foundation starting with dealer profitability. I've already made some quick decisions aimed at supporting the network in the immediate term.

在旅途中，我很高興能與全國各地的 260 多位經銷商會面，傾聽他們的想法，學習他們的意見，並開始共同塑造我們的未來。很明顯，哈雷戴維森有機會改善整個經銷商網路的健康狀況，我致力於盡快解決這個問題。哈雷摩托車的健康發展離不開健康的經銷商網路。而現在，我們需要做很多工作來鞏固這個基礎，首先要提高經銷商的獲利能力。我已經迅速做出了一些決定，旨在短期內支持該網絡的發展。

First, we're accelerating our focus on improving motorcycle inventory management. Jonathan will share more details in a moment, but our focus is on reducing overall inventory levels at dealerships, particularly in the touring and CVO segments to ensure a healthier, more balanced mix across the network.

首先，我們將加快步伐，並專注於改善摩托車庫存管理。喬納森稍後會分享更多細節，但我們的重點是降低經銷商的整體庫存水平，尤其是在旅行車和 CVO 細分市場，以確保整個網路中更健康、更均衡的產品組合。

Second, we're introducing market responsive customer-facing promotions. These are designed to drive traffic to our dealers, help close more sales and support the reduction of touring inventory by moving units through retail. But this is especially important given the challenging macro environment we're operating in.

其次，我們將推出以市場為導向、以客戶為導向的促銷活動。這些措施旨在為我們的經銷商帶來客流量，幫助促成更多銷售，並透過零售通路減少巡迴庫存。但鑑於我們所處的宏觀環境充滿挑戰，這一點尤其重要。

Third, we're assessing alternative approaches to e-commerce, working closely with our US dealer advisory council. The goal here is to better meet the expectations of today's consumer while maintaining the right balance with the needs of the dealer network.

第三，我們正在評估電子商務的替代方案，並與我們的美國經銷商顧問委員會密切合作。其目標是在更好地滿足當今消費者期望的同時，與經銷商網路的需求保持適當的平衡。

And fourth, we're reviewing fuel facility guidelines to provide more flexibility for dealers. While that review is underway, penalties for non-compliance will be suspended for 12 months. These are immediate actions, but they're also an important step towards strengthening our relationship with dealers, while setting us up for a stronger, more resilient future together.

第四，我們正在審查燃油設施指南，以便為經銷商提供更大的靈活性。在審查進行期間，對不合規行為的處罰將暫停 12 個月。這些都是立竿見影的措施，但也是加強我們與經銷商關係的重要一步，同時為我們共同創造一個更強大、更有韌性的未來奠定了基礎。

Jonathan will get into more details on the quarter, and while we are disappointed by the results of the Motor Company, our Q3 results positively reflect the HDFS transaction, demonstrating the strategic value of HDFS as part of the overall business. Aligned to what you've seen in the numbers, I'd like to share some initial observations about the strengths and opportunities that I've seen since joining the company. Starting with the (inaudible).

Jonathan 將詳細介紹本季的情況，雖然我們對汽車公司的業績感到失望，但我們的第三季業績積極反映了 HDFS 交易，證明了 HDFS 作為整體業務一部分的戰略價值。根據您從數據中看到的情況，我想分享我加入公司以來看到的關於公司優勢和機會的一些初步觀察。從…開始（聽不清楚）

First, brand and community. As someone new to the sport of riding into the Harley-Davidson community, having earned my motorcycle license this year, I'm blown away by the incredible comradery that surrounds the brand. The support, passion and shared spirit among riders make it feel like more than just a community, it's a family. That passion is one of our greatest assets. a key driver of future growth for both the brand and business.

首先是品牌和社群。作為一名今年剛拿到摩托車駕照、初涉摩托車騎行運動並加入哈雷戴維森大家庭的新人，我被這個品牌所展現出的令人難以置信的友誼深深震撼。騎士之間的支持、熱情和共同精神，讓這裡不僅僅是一個社群，更像一個大家庭。這種熱情是我們最大的財富之一，也是品牌和業務未來發展的關鍵驅動力。

Second, our product. Harley-Davidson is building the best bikes in the world. We'll continue to focus on delivering the best products for our customers and on strengthening our manufacturing capabilities to ensure excellence in every bike that leaves our facilities.

其次，我們的產品。哈雷戴維森正在製造世界上最好的摩托車。我們將繼續專注於為客戶提供最好的產品，並加強我們的製造能力，以確保從我們工廠出廠的每一輛自行車都品質卓越。

Third, our dealer network. It's clear to me that the exclusive HD dealer network is a unique and powerful differentiator. As I said a moment ago, we need to build on that foundation. We'll continue to invest in supporting and strengthening the network as we all navigate the evolving commercial environment.

第三，我們的經銷商網路。在我看來，專屬的HD經銷商網路是一個獨特而強大的差異化優勢。正如我剛才所說，我們需要在此基礎上繼續發展。我們將繼續投資，支持和加強網路建設，以應對不斷變化的商業環境。

And fourth, HDFS. The HDFS business continues to be a significant strength and asset to the company and to the HD dealer network. Post transaction, this will continue to be the case. Now turning to the opportunities.

第四，HDFS。HDFS 業務仍然是公司和 HD 經銷商網路的重要優勢和資產。交易完成後，情況仍將如此。現在來說說機遇。

First, given the continued interest rate environment, affordability will be critical in winning in the market. Our product portfolio must balance aspiration with accessibility. Finding the right mix across our future portfolio will ensure we don't over-index on one product family while continuing to appeal to new writers.

首先，鑑於當前的利率環境，購屋能力將是贏得市場的關鍵。我們的產品組合必須在滿足消費者的期望和提升產品可及性之間取得平衡。在未來的產品組合中找到合適的組合，可以確保我們不會過度依賴某一類產品，同時繼續吸引新的作家。

Second, we must improve our speed to market. We're building the best bikes, but we need to move faster to bring innovation to market and capture new riders. That won't happen overnight, but the competencies and talent exist within Harley-Davidson to accelerate how quickly we bring new products and experiences to customers.

其次，我們必須加快產品上市速度。我們正在打造最好的自行車，但我們需要加快步伐，將創新推向市場，吸引新的騎士。這不會一蹴而就，但哈雷戴維森內部具備相應的能力和人才，可以加快我們為客戶帶來新產品和新體驗的速度。

Lastly, in the current demand environment, we must sharpen our focus on cost and capital efficiency. Before I hand it over to Jonathan, I want to say a few words on LiveWire. I want to congratulate Karim and the team for the successful launch of the S4 Honcho last month. The product has been met with a lot of positivity, and we look forward to seeing the bikes in the street next year.

最後，在當前的需求環境下，我們必須更加重視成本和資本效率。在把麥克風交給喬納森之前，我想先簡單談談 LiveWire。我要祝賀 Karim 和他的團隊上個月成功發布了 S4 Honcho。這款產品獲得了許多好評，我們期待明年在街上看到這些自行車。

And with that, Jonathan, over to you.

那麼，喬納森，接下來就交給你了。

Thank you, Artie, and good morning to all. I'd like to start with an update on what we refer to as the HDFS transaction. On July 30, Harley-Davidson announced a strategic partnership with KKR and PIMCO to transform Harley-Davidson Financial Services into a capital-light derisked business model. The transaction includes three key components.

謝謝你，Artie，大家早安。我想先更新我們所說的 HDFS 事務。7 月 30 日，哈雷戴維森宣布與 KKR 和 PIMCO 建立策略合作夥伴關係，將哈雷戴維森金融服務轉型為資本輕、風險降低的商業模式。該交易包含三個關鍵組成部分。

Back book sales, sales of approximately $6 billion of existing HDFS loan receivables, forward flow agreement, sale of future HDFS loan originations, and sale of equity interest, sale of a 9.8% common equity interest in HDFS to KKR and PIMCO. At the end of October, we signed and completed agreements for each of these three components. I will go into each of these in more detail.

出售現有 HDFS 貸款應收款約 60 億美元，遠期交易協議，出售未來 HDFS 貸款發放額，以及出售股權，將 HDFS 9.8% 的普通股股權出售給 KKR 和 PIMCO。10 月底，我們簽署並完成了這三個組成部分的協議。我將更詳細地探討這些內容。

First of all, the back book sale. In Q3, HDFS sold the majority of its residual interest, resulting in a gain of $27 million, and the derecognition of $1.9 billion of net finance receivables, and $1.7 billion of related debt, among other assets and liabilities. HDFS classified $4.1 billion of finance receivables as held for sale during Q3, resulting in the reversal of the related allowance for credit losses and driving the $301 million benefit in the provision for credit losses.

首先是舊書促銷。第三季度，HDFS 出售了其大部分剩餘權益，從而獲得 2,700 萬美元收益，並終止確認 19 億美元的淨融資應收款和 17 億美元的相關債務，以及其他資產和負債。HDFS 在第三季將 41 億美元的融資應收款歸類為持有待售，導致相關的信用損失準備金被沖回，並推動了信用損失準備金 3.01 億美元的收益。

In Q4, the $4.1 billion of finance receivables previously classified as held for sale were sold on October 30 to strategic partners, KKR and PIMCO. After the loan sale, HDFS plans to continue the management of all finance receivables sold to the strategic partners, where HDFS will receive a servicing fee of 1% for prime-rated retail finance receivables, and 2.5% for subprime rated retail finance receivables.

第四季度，先前歸類為持有待售的 41 億美元融資應收款於 10 月 30 日出售給了戰略合作夥伴 KKR 和 PIMCO。貸款出售後，HDFS計畫繼續管理所有出售給策略夥伴的應收帳款，HDFS將收取優質零售應收帳款1%的服務費，以及次級零售應收帳款2.5%的服務費。

Secondly, the forward flow agreement. Starting in Q4, on a monthly basis, HDFS expects to sell approximately two-thirds of retail loan originations over the course of its five-year agreement. This did not have an impact on the Q3 financial statements. The continued management of the finance receivables sold to the strategic partners will result in servicing fees for HDFS, where HDFS will receive a servicing fee of 1% for prime rated retail finance receivables, and 2.5% for subprime rated retail finance receivables.

其次，是正向流動協議。從第四季開始，HDFS 預計在其五年協議期內，每月將出售約三分之二的零售貸款發放。這並未對第三季財務報表產生影響。繼續管理出售給策略夥伴的應收帳款，將為 HDFS 帶來服務費，其中 HDFS 將獲得優質零售應收帳款 1% 的服務費，以及次級零售應收帳款 2.5% 的服務費。

And finally, the sale of equity interest. HDFS has sold a 9.8% common equity interest in the fourth quarter to investment vehicles managed by KKR and PIMCO, 4.9% to each, based on a 1.75 times post-transaction book value. We expect KKR and PIMCO to participate in 9.8% of future HDFS equity activity, including earnings and equity raises, with strategic partners holding an exchange right into (inaudible) after seven years.

最後，還有股權出售。HDFS在第四季向KKR和PIMCO管理的投資工具分別出售了9.8%的普通股股權，其中KKR和PIMCO各出售了4.9%，交易後帳面價值為1.75倍。我們預期 KKR 和 PIMCO 將參與 HDFS 未來 9.8% 的股權活動，包括收益和股權融資，策略夥伴將在七年後持有（聽不清楚）的交換權。

Taking a step back, by executing these three components, including selling approximately $6 billion of loans in the back book sale at a premium to par, and then with a portion of the proceeds paying off the HDFS debt that corresponds of the loans over the balance of Q4 and into Q1 of '26, this will rightsize the debt structure at HDFS. And as a result, the company expects the transaction to unlock $1.2 billion to $1.25 billion in discretionary cash through Q1 of 2026.

退一步講，透過執行這三個組成部分，包括以高於面值的價格出售約 60 億美元的貸款，然後在第四季度剩餘時間和 2026 年第一季度用部分收益償還 HDFS 與這些貸款對應的債務，這將使 HDFS 的債務結構更加合理。因此，該公司預計該交易將在 2026 年第一季釋放 12 億美元至 12.5 億美元的可支配現金。

In addition, as HDFS transforms to a capital-light model, HDFS will have reduced capital requirements as the KKR and PIMCO investment vehicles will be funding these assets. In return, we expect this will result in a higher return on equity for the HDFS business. At the HDI level, or parent level, HDI expects to use the proceeds, first of all, to reduce HDI indebtedness; secondly, to buy back Harley-Davidson shares; and thirdly, for other corporate purposes. We expect that Artie will provide more details on these uses by spring of 2026.

此外，隨著 HDFS 向輕資本模式轉型，HDFS 的資本需求將會降低，因為 KKR 和 PIMCO 的投資工具將為這些資產提供資金。作為回報，我們預計這將為 HDFS 業務帶來更高的股本回報率。在 HDI 層面，或者說母公司層面，HDI 預計首先將所得款項用於減少 HDI 的債務；其次，用於回購哈雷戴維森的股票；第三，用於其他公司用途。我們預計 Artie 將在 2026 年春季之前提供有關這些用途的更多細節。

Stepping away from the numbers, we are excited to unlock some of the significant value of HDFS for our shareholders through the sale of a minority stake, while transforming HDFS into a capital-light financing business. In addition, beginning in 2026, the transaction creates a path that we believe will grow HDFS operating income over the coming years through new loan origination fees and loan servicing fees. And with this transaction, we retain full control and majority ownership of HDFS, where there is absolutely no change to how our dealers, or customers transact with, or are serviced by Harley-Davidson and HDFS.

撇開數位不談，我們很高興能夠透過出售少數股權為股東釋放 HDFS 的一些重大價值，同時將 HDFS 轉型為輕資本融資企業。此外，從 2026 年開始，該交易將為 HDFS 在未來幾年透過新的貸款發放費和貸款服務費實現營業收入的成長鋪平道路，我們相信這將推動 HDFS 的營業收入成長。透過此交易，我們保留了對 HDFS 的完全控制權和多數股權，我們的經銷商或客戶與哈雷戴維森和 HDFS 進行交易或獲得服務的方式絕對不會發生任何變化。

Now I will turn to Q3 results at Harley-Davidson. I plan to start on Page 6 of the presentation, where I will briefly summarize the consolidated financial results for the third quarter of 2025 and subsequently, I'll go into further detail on each business segment.

現在我將轉向哈雷戴維森第三季業績。我計劃從簡報的第 6 頁開始，簡要概述 2025 年第三季的合併財務業績，隨後，我將詳細介紹每個業務部門。

Consolidated revenue in the third quarter was up 17%, largely driven by the increase in revenue of 23%, or up $198 million versus prior year at HDMC. HDFS revenue was down 3%, while LiveWire revenue was up 16%. Consolidated operating income in the third quarter was $475 million, primarily driven by HDFS operating income, which was favorably impacted by the HDFS transaction. At HDMC, operating income was down 2% relative to prior year.

第三季綜合營收成長 17%，主要得益於 HDMC 營收成長 23%，比上年同期成長 1.98 億美元。HDFS 收入下降了 3%，而 LiveWire 收入成長了 16%。第三季綜合營業收入為 4.75 億美元，主要得益於 HDFS 的營業收入，而 HDFS 交易對該收入產生了有利影響。HDMC的營業收入比上年下降了2%。

The LiveWire segment had an operating loss of $18 million. Consolidated operating income margin in the third quarter came in at 35.4%, up significantly, relative to 9.2% in the third quarter a year ago, primarily due to the impacts associated with the HDFS transaction. I plan to go into further detail on each business segment's profit and loss drivers in the next section.

LiveWire業務部門的營業虧損為1800萬美元。第三季綜合營業利潤率為 35.4%，較去年同期的 9.2% 大幅成長，這主要是由於 HDFS 交易帶來的影響。我計劃在下一節中更詳細地探討每個業務部門的損益驅動因素。

Third quarter earnings per share was $3.10. In Q3, Global Retail was down 6%, with the North American market being down 5%, and international markets down 9%, reflecting continued soft demand amidst unfavorable consumer confidence, high relative interest rates and inflation concerns.

第三季每股收益為 3.10 美元。第三季度，全球零售業務下降 ​​6%，其中北美市場下降 5%，國際市場下降 9%，反映出在消費者信心不足、利率相對較高和通膨擔憂的背景下，需求持續疲軟。

In North America, our dealers continued to experience lower customer traffic. We experienced this in a more dramatic manner in the first half of 2025 but adjusted our consumer marketing and go-to-market strategies at the end of Q2 and into Q3, which had a positive impact in Q3, evidenced by the sequential improvement in North America retail performance.

在北美，我們的經銷商客流量持續下降。我們在 2025 年上半年經歷了更劇烈的變化，但在第二季末和第三季初調整了我們的消費者行銷和市場推廣策略，這在第三季產生了積極的影響，北美零售業績的連續改善就證明了這一點。

On a positive note, the Softail family delivered strong growth of 9%, reflecting the strength of the revised product lineup. Non-core motorcycles in North America, including adventure tutoring, and (inaudible) model motorcycles also saw solid gains. Specifically, adventure touring bikes were up 4% in Q3 of 2025, driven by the refreshed 2025 Adventure Touring lineup where the [Pan America 1250 FT] was newly introduced.

從積極的方面來看，Softail 系列車款實現了 9% 的強勁成長，反映了改進後的產品陣容的強大實力。北美非核心摩托車市場（包括探險家教）和（聽不清楚）模型摩托車市場也取得了穩健成長。具體來說，2025 年第三季探險旅行摩托車銷量成長了 4%，這主要得益於 2025 年探險旅行系列的更新換代，其中新推出了 [Pan America 1250 FT]。

In EMEA, retail was down 17% after a comparatively strong first half. Core families, [Touring], [Trike] and Softail were down more than non-core motorcycles, reflecting affordability and inflationary concerns in EMEA. This was partially offset by strong positive growth in noncore segments, including adventure touring and night secure model motorcycles. From a country perspective, within EMEA, the cluster of Spain, Portugal and Italy performed strongest versus the rest of Europe, although it was still down modestly in Q3 of '25 versus prior year.

在歐洲、中東和非洲地區，零售業在經歷了相對強勁的上半年之後，下半年下降了 17%。核心系列摩托車（包括 Touring 系列、Trike 系列和 Softail 系列）的銷量下滑幅度大於非核心摩托車，反映出 EMEA 地區的消費者對價格承受能力和通貨膨脹的擔憂。非核心領域的強勁成長部分抵消了這一影響，其中包括探險旅行摩托車和夜間安全型摩托車。從國家角度來看，在歐洲、中東和非洲地區，西班牙、葡萄牙和義大利這三個國家表現最為強勁，儘管與去年同期相比，2025 年第三季仍略有下降。

In APAC, retail was down 3%, which is a relative improvement from the first half of 2025. The Softail family was up 6% as consumers responded positively to the updated Softtail portfolio. There continues to be intense competition in the lightweight and smaller motorcycle segments. From a country perspective, we welcomed Japan turning in positive growth for the first time since Q4 of 2023. In addition, we saw positive retail performance in Thailand, Malaysia and Taiwan.

亞太地區零售業下降了 3%，與 2025 年上半年相比有所改善。由於消費者對更新後的 Softail 產品系列反應積極，Softail 系列銷售量上漲了 6%。輕型和小型摩托車市場的競爭仍然十分激烈。從國家層級來看，我們歡迎日本自 2023 年第四季以來首次實現正成長。此外，我們在泰國、馬來西亞和台灣的零售業也取得了積極的業績。

In Latin America, retail was up 16%, where both Brazil and Mexico were up significantly in the quarter. This is the first quarter of growth for the region since Q3 of 2024 after three quarters of declines. Softails were the big positive standout in the region, while on the other hand, touring bikes were down low double-digit percentage points.

拉丁美洲零售業成長了 16%，其中巴西和墨西哥的零售業在本季均實現了顯著成長。這是該地區自 2024 年第三季以來首次實現成長，此前連續三個季度出現下滑。軟尾摩托車是該地區最大的亮點，而旅行摩托車的銷量則下降了兩位數百分比。

In Q3, on a global basis, the Softail family delivered positive growth versus prior year, and as I mentioned earlier, Softails were up 9% in North America alone, reflecting the strength of the revised product portfolio, and it's a field of core riders. In the U.S., market share for HD in the large cruiser category expanded from 61% in Q3 of 2024, to 68% in Q3 of 2025, underscoring the momentum behind our updated lineup. Moving on to dealer inventory.

第三季度，在全球範圍內，Softail 系列車款實現了比去年同期的正成長，正如我之前提到的，光是在北美，Softail 的銷量就成長了 9%，這反映了修訂後的產品組合的強勁表現，而且它吸引了一群核心騎士。在美國，HD 在大型巡航摩托車類別中的市佔率從 2024 年第三季的 61% 擴大到 2025 年第三季的 68%，凸顯了我們更新產品陣容的強勁勢頭。接下來查看經銷商庫存。

Global dealer motorcycle inventories were down 13% at the end of Q3 of 2025, compared to the end of Q3 of 2024. We continued to prioritize reducing global dealer inventory, and we are committed to supporting a significant year-over-year dealer inventory reduction by year-end with the continued goal of better matching inventory with demand.

2025 年第三季末，全球經銷商摩托車庫存比 2024 年第三季末下降了 13%。我們繼續優先減少全球經銷商庫存，並致力於在年底前實現經銷商庫存同比大幅下降，繼續努力使庫存與需求更好地匹配。

Looking at revenue. HDMC revenue increased by 23% in Q3. Focusing on the key drivers for the quarter, 20 points of increase came from increased wholesale volume at HDMC where motorcycle shipments in the quarter were up 33%, coming in at 36,500 units. Pricing net of sales incentives, was flat in Q3. 2 points of increase came from mix as we balance out the delivery of motorcycle models and markets. And finally, foreign exchange impacts resulted in 1 point of growth to Q3 revenue relative to prior year.

看看營收情況。HDMC第三季營收成長23%。聚焦本季的關鍵驅動因素，HDMC批發量的成長帶來了20個百分點的成長，其中摩托車出貨量在本季成長了33%，達到36,500輛。扣除銷售激勵措施後，第三季價格持平。由於我們平衡了摩托車車型和市場的交付，產品組合增加了 2 個百分點。最後，外匯波動導致第三季營收比上年同期成長 1 個百分點。

In Q3, HDMC gross margin was 26.4%, which compares to 30.1% in the prior year. Third quarter gross margin was down 3.7 points versus prior year due to unfavorable operating leverage as higher unit costs is derived from production levels experienced in Q2 of 2025 but sold in Q3 of 2025. The cost of new, or increased tariffs, implemented this year, which came in at $27 million in Q3 of 2025, and unfavorable foreign currency impact.

第三季度，HDMC的毛利率為26.4%，而上年同期為30.1%。由於較高的單位成本源自於 2025 年第二季的生產水平，但卻在 2025 年第三季售出，導致經營槓桿效應不利，第三季毛利率較上年同期下降 3.7 個百分點。今年實施的新關稅或提高的關稅的成本，到 2025 年第三季將達到 2,700 萬美元，並且會產生不利的外匯影響。

These factors were partially offset by the favorable impact of net pricing and mix. Third quarter operating income margin was down 1.3 points due to the factors above, while operating expense was $20 million higher than a year ago, due in part to higher marketing spend at the dealer level. Turning to Slide 11.

這些不利因素部分被淨定價和產品組合的有利影響所抵消。由於上述因素，第三季營業利潤率下降了 1.3 個百分點，而營業支出比去年同期增加了 2,000 萬美元，部分原因是經銷商層面的行銷支出增加。翻到第11張幻燈片。

In the year-to-date period, HDMC gross margin was 28.0%, which compares to 31.3% in the prior year-to-date period. The decrease of 320 basis points was driven primarily by the negative impacts of lower operating leverage, and the cost of new or increased tariffs implemented in 2025.

今年迄今，HDMC 的毛利率為 28.0%，而去年同期為 31.3%。下降 320 個基點主要是由於經營槓桿降低的負面影響，以及 2025 年實施的新關稅或提高關稅的成本。

On their own, the cost of new or increased tariffs in 2025 resulted in $45 million of incremental costs in the year-to-date period, creating a headwind of 140 basis points for the year-to-date gross margin. This excludes operational costs of $7 million to mitigate tariff impacts.

僅 2025 年新增或增加的關稅成本就導致今年迄今增加了 4,500 萬美元的成本，對今年迄今的毛利率造成了 140 個基點的不利影響。這不包括為減輕關稅影響而產生的 700 萬美元營運成本。

The year-to-date results include modest cost inflation of about 1%. The negative impacts I outlined are partially offset by the positive impacts to gross margin of pricing, mix and foreign currency. Operating expense in the year-to-date period came in approximately flat relative to prior year at $665 million, which resulted in a HDMC operating margin of 7.2%, which compares to 13.3% in the prior year-to-date period.

今年迄今的業績包括約 1% 的溫和成本上漲。我所列出的負面影響部分被定價、產品組合和外匯帶來的毛利率正面影響所抵銷。今年迄今的營運支出與去年同期基本持平，為 6.65 億美元，導致 HDMC 的營運利潤率為 7.2%，而去年同期為 13.3%。

Before we turn to the next slide, I would like to provide an update on our ongoing productivity cost program. We achieved $75 million of productivity year-to-date, primarily from logistics and supply chain initiatives, and continue to expect to achieve $100 million for all of 2025. As a reminder, for the cumulative three-year period of 2022 through 2024, we have achieved productivity savings of $257 million with another $100 million expected for full year 2025. In 2026, we have plans to achieve another $100 million, exceeding our target by over 10%, as mentioned last quarter. Turning to Slide 12.

在進入下一張投影片之前，我想先介紹我們正在進行的生產力成本控制計畫的最新進展。今年迄今為止，我們已實現 7,500 萬美元的生產力提升，主要得益於物流和供應鏈舉措，我們繼續預計到 2025 年全年將實現 1 億美元的生產力提升。提醒大家，在 2022 年至 2024 年這三年累計期間，我們已實現生產力節約 2.57 億美元，預計 2025 年全年還將再節約 1 億美元。2026年，我們計劃再實現1億美元的收入，比上季提到的目標高出10%以上。翻到第12張投影片。

The global tariff environment remains uncertain, but we wanted to provide an update. In Q3 of 2025, the cost of new or increased tariffs was $27 million. As mentioned earlier, the cost of new or increased tariffs in 2025 through the end of Q3 was $45 million. This includes direct tariff exposure Harley-Davidson importing and exporting products, as well as indirect tariff exposure from suppliers. This excludes pricing mitigation actions as well, as operational costs related to new or increased tariffs.

全球關稅環境依然不明朗，但我們想提供最新情況。2025 年第三季度，新增或提高關稅的成本為 2,700 萬美元。如前所述，到 2025 年第三季末，新增或增加的關稅成本為 4,500 萬美元。這包括哈雷戴維森公司進出口產品所面臨的直接關稅風險，以及供應商帶來的間接關稅風險。這不包括價格緩解措施，也不包括與新增或提高關稅相關的營運成本。

Harley-Davidson is a business very centered in and around the US. 3 of 4 manufacturing plants are US-based and 100% of our US core product is manufactured in the US. We also have a US-centric approach to sourcing with approximately 75% of component purchasing coming from the US. With that in mind, we estimate our full year 2025 impact from the direct cost of new, or increased, tariffs to be in the range of $55 million to $75 million. We have a number of actions underway to mitigate the impact, and we expect this situation will remain fluid given the uncertainty that still exists. Turning to Slides 13, 14 and 15 to touch on HDFS and its financial results.

哈雷戴維森的業務主要集中在美國及其周邊地區。其四家製造工廠中有三家位於美國，而且我們100%的美國核心產品都是在美國製造的。我們在採購方面也採取以美國為中心的策略，大約 75% 的零件採購來自美國。考慮到這一點，我們估計 2025 年全年新增或增加的關稅直接成本對我們的影響將在 5,500 萬美元至 7,500 萬美元之間。我們正在採取多項措施來減輕影響，鑑於目前仍存在許多不確定因素，我們預計這種情況仍將瞬息萬變。接下來請看第 13、14 和 15 張投影片，以了解 HDFS 及其財務表現。

At Harley-Davidson Financial Services, Q3 revenue came in at $261 million, a decrease of 3%, where interest income was down $35 million, and other income was up $26 million for a net result of down $8 million in Q3 of 2025, relative to Q3 of 2024. Interest income was down due to lower retail loan receivables at a higher average yield and lower wholesale receivables at a lower average yield. Q3 2025 other income includes a $27 million gain on the sale of 95% of HDFS' certificate interest in certain securitization residual interest, which closed in late August.

哈雷戴維森金融服務公司第三季營收為 2.61 億美元，下降 3%，其中利息收入下降 3,500 萬美元，其他營收增加 2,600 萬美元，淨結果為 2025 年第三季營收比 2024 年第三季下降 800 萬美元。利息收入下降，原因是零售貸款應收款減少但平均收益率較高，以及批發應收款減少但平均收益率較低。2025 年第三季其他收入包括出售 HDFS 持有的某些證券化剩餘權益的 95% 的證書權益所獲得的 2,700 萬美元收益，該交易於 8 月下旬完成。

HDFS' operating income increased by $362 million in the third quarter, or 472% versus prior year, driven by the impact of the HDFS transaction. The increase was primarily due to a lower provision for credit losses and higher other income, partially offset by lower net interest income and higher operating expenses. The provision for credit loss expense was favorable primarily due to the reversal of the allowance for credit losses on held-for-sale retail finance receivables, which drove a $301 million benefit in Q3 of 2025, compared with an expense of $58 million recorded in the provision for credit losses in Q3 of 2024. In Q3, HDFS' annualized retail credit loss ratio was 3.2%, which compares to 3.1% in the year-ago period. Retail credit losses were $35 million in Q3 of 2025.

受HDFS交易的影響，HDFS第三季營業收入成長了3.62億美元，比去年同期成長了472%。成長的主要原因是信貸損失準備金減少和其他收入增加，但部分被淨利息收入減少和營運費用增加所抵消。信貸損失準備金支出主要得益於待售零售融資應收款信貸損失準備金的衝回，這在 2025 年第三季帶來了 3.01 億美元的收益，而 2024 年第三季信貸損失準備金支出為 5,800 萬美元。第三季度，HDFS的年化零售信用損失率為3.2%，去年同期為3.1%。2025年第三季零售信貸損失為3,500萬美元。

Total finance receivables at the end of Q3 of 2025 were $6 billion, a decline of 24% versus prior year, primarily due to the HDFS transaction. The $6 billion of quarter-end finance receivables included $4.1 billion of finance receivables classified as held for sale which resulted in the reversal of the associated allowance for credit losses during Q3 of 2025. The held-for-sale finance receivables were sold in October as part of the HDFS transaction. Total retail loan originations in Q3 of 2025 came in at $757 million, roughly in line with the $754 million of retail loan originations in Q3 of 2024.

截至 2025 年第三季末，融資應收款總額為 60 億美元，比上年下降 24%，主要原因是 HDFS 交易。在季度末的 60 億美元融資應收款中，有 41 億美元融資應收款被歸類為持有待售，這導致 2025 年第三季相關的信貸損失準備金被沖回。10 月份，作為 HDFS 交易的一部分，持有待售的融資應收款被出售。2025 年第三季零售貸款發放總額為 7.57 億美元，與 2024 年第三季零售貸款發放總額 7.54 億美元大致持平。

For the LiveWire segment, which is on Page 16, consolidated revenue increased in Q3 of 2025 compared to the prior year period, driven by an increase in electric balance like and electric bike revenue for the quarter year over year. Selling, administrative and engineering expense was also lower by $9 million for the quarter year over year.

在第 16 頁的 LiveWire 業務板塊中，2025 年第三季的合併收入較上年同期有所成長，這主要得益於電動平衡車和電動自行車收入年增。本季銷售、管理和工程費用也比去年同期減少了 900 萬美元。

In Q3, Livewire delivered a 30%, or $8 million improvement in consolidated operated loss and reduced its use of cash and cash equivalents through Q3 of 2025 by 39%, or $31 million, compared to Q3 of 2024. We now expect LiveWire's full year operating loss to come in between $72 million and $77 million. On a unit basis, LiveWire reported sales of 184 units in Q3, compared to 99 units sold in the prior Q3. This increase in unit sales for the quarter was driven by the Twist & Go promotion, which began on August 28.

第三季度，Livewire 的合併經營虧損減少了 30%，即 800 萬美元；到 2025 年第三季度，其現金及現金等價物的使用量比 2024 年第三季度減少了 39%，即 3,100 萬美元。我們現在預計 LiveWire 全年營運虧損將在 7,200 萬美元至 7,700 萬美元之間。以單位計算，LiveWire 第三季銷售量為 184 台，而去年同期銷售量為 99 台。本季銷售成長主要得益於 8 月 28 日開始的 Twist & Go 促銷活動。

Wrapping up with consolidated Harley-Davidson in Q3 financial results, we delivered $417 million of operating cash flow in the Q3 2025 year-to-date period, compared to $931 million in the Q3 2024 year-to-date period. The decline was due to new originations of retail finance receivables that were classified as held for sale, which is a change as this is classified as an operating activity under US. GAAP. As a result, the originations outflows reduced cash flow from operations as there were no comparative retail finance receivable originations classified as held for sale in the prior year.

最後總結哈雷戴維森第三季的財務業績，我們在 2025 年第三季至今實現了 4.17 億美元的經營現金流，而 2024 年第三季至今則為 9.31 億美元。下降的原因是新增的零售金融應收款被歸類為持有待售，這與美國規定下的經營活動有所不同。GAAP。因此，由於前一年沒有可比較的零售融資應收款被歸類為持有待售，貸款發放流出減少了營業活動現金流。

Total cash and cash equivalents ended at $1.8 billion, which was $469 million lower than at the end of Q3 prior year. This consolidated cash number includes $16 million at LiveWire. Additionally, as part of our capital allocation strategy, we remain committed to returning capital to shareholders. In Q3 of 2025, we bought back 3.4 million shares of our stock at a value of $100 million. For the Q3 2025 year-to-date period, we have bought back 6.8 million shares of our stock at a value of $187 million. Slide 18 outlines our aggregate capital returns.

截至季末，現金及現金等價物總額為 18 億美元，比去年同期第三季末減少了 4.69 億美元。該合併現金數字包括 LiveWire 的 1,600 萬美元。此外，作為我們資本配置策略的一部分，我們始終致力於向股東返還資本。2025 年第三季度，我們以 1 億美元的價格回購了 340 萬股股票。截至 2025 年第三季末，我們已回購 680 萬股股票，價值 1.87 億美元。第 18 頁概述了我們的整體資本回報。

Since the start of 2022, we have returned an aggregate of $1.7 billion through discretionary share repurchases and cash dividends. Given that the global tariff situation remains ongoing and uncertain, we continue to withhold our full year 2025 financial outlook for HDMC and HDI. We continue to expect HDFS to come in at approximately $525 million to $550 million of operating income for 2025.

自 2022 年初以來，我們透過自主股票回購和現金分紅累計返還了 17 億美元。鑑於全球關稅情勢仍持續且不明朗，我們繼續暫時發布HDMC和HDI 2025年全年財務展望。我們仍預期 HDFS 在 2025 年的營業收入約為 5.25 億至 5.5 億美元。

As we move into Q4 of 2025 and with the noted closing of the HDFS transaction, I will summarize the intended use of proceeds, which will support Harley-Davidson's capital allocation priorities. Cash is expected to be used for the following.

隨著我們進入 2025 年第四季度，以及 HDFS 交易的完成，我將總結所得款項的預期用途，這些款項將支持哈雷戴維森的資本配置優先事項。預計現金將用於以下用途。

First, approximately $450 million of debt reduction at the HDI level. Second, investment in HDMC and organic growth initiatives. And finally, continued share repurchases, evidenced by today's announcement where Harley-Davidson announced its plans to enter into an accelerated share repurchase agreement with Goldman Sachs to repurchase $200 million of shares of the company's common stock. This announcement is part of the previously announced plan to repurchase $1 billion in shares by the end of 2026. The company expects the transactions under the ASR agreement to complete it by no later than the first quarter of 2026.

首先，在人類發展指數（HDI）層級減少約 4.5 億美元的債務。其次，投資HDMC和有機成長計劃。最後，持續的股票回購也證明了這一點，今天哈雷戴維森宣布計劃與高盛達成加速股票回購協議，回購價值 2 億美元的公司普通股。這項公告是先前宣布的計畫的一部分，該計畫旨在 2026 年底回購價值 10 億美元的股票。該公司預計，根據 ASR 協議進行的交易最遲將於 2026 年第一季完成。

And with that, I'll turn it back to Artie.

好了，現在我把麥克風交還給阿蒂。

Thank you, Jonathan. Before we head to Q&A, I want to share some final observations of where we're at, and what you can expect from us. We'll have much more to say about our go-forward strategy by next spring, both in terms of actions we are taking and our expectations about when those actions will deliver results. We're going to work quickly. But I fully expect that a number of the actions we will take will play out throughout '26 as we reset the company's trajectory for the future.

謝謝你，喬納森。在進入問答環節之前，我想分享一些關於我們目前狀況以及你們可以對我們抱有期待的最終看法。到明年春天，我們將就未來的策略發表更多意見，包括我們正在採取的行動以及我們對這些行動何時能取得成效的預期。我們將加快速度。但我完全相信，我們將採取的許多行動將在 2026 年逐步落實，以此重塑公司的未來發展軌跡。

In the meantime, there are several key focus areas that you can expect from us. First, dealers as our customer orientation. We succeed when our dealers succeed. Our efforts will prioritize dealer health, engagement and long-term profitability as the foundation of Harley-Davidson success.

同時，您可以期待我們在以下幾個重點領域開展工作。首先，經銷商是我們的客戶導向者。經銷商成功，我們才能成功。我們將優先考慮經銷商的健康發展、參與度和長期獲利能力，因為這是哈雷戴維森成功的基礎。

Second, celebrating the joy of ridership and the experience of riding of Harley-Davidson. We need to bring more riders into the community while retaining those we already have. The emotion of being a Harley-Davidson Rider is unmatched. And it's our job as a company to make that experience easier, more accessible and frictionless.

其次，慶祝騎行的樂趣和騎乘哈雷戴維森摩托車的體驗。我們需要吸引更多騎士加入社區，同時留住現有騎士。成為哈雷戴維森騎士的那種感覺是無與倫比的。而我們公司的職責就是讓這種體驗更輕鬆、更方便、更順暢。

Third, more simplified marketing programs, which will support local activations and events. Ensuring that marketing investments hit nationally and drive local door swings. And lastly, fourth, analyzing and actioning our cost base for capital-efficient growth. We must ensure that every dollar we invest and every penny we spend drives value growth and sustainability for the long term.

第三，更簡化的行銷方案，將支援本地活動和活動。確保行銷投資在全國範圍內取得成效，並帶動本地銷售成長。最後，第四點，分析並採取措施降低我們的成本，以實現資本高效的成長。我們必須確保我們投資的每一美元、花的每一分錢都能帶來長期的價值成長和永續性。

Since joining the community, one thing has become abundantly clear to me. There is no other brand that inspires the same level of passion, pride and pure enthusiasm as Harley-Davidson. I'm truly excited to begin this journey and look forward to what lies ahead.

自從加入這個社區以來，有一件事我變得非常清楚。沒有其他品牌能像哈雷戴維森一樣激發人們同樣的熱情、自豪感和純粹的熱情。我非常興奮能夠開啟這段旅程，並期待未來的發展。

Thank you for your time this morning. And with that, we'll take your questions.

感謝您今天上午抽出時間。接下來，我們將回答您的問題。

(Operator Instructions) Craig Kennison, Baird.

（操作說明）克雷格·肯尼森，貝爾德。

Good morning. Thanks for taking my questions. Your second priority you mentioned was the joy of ridership and bringing more riders into the Harley-Davidson brand. Just as you've done, you're listening tour and some of the due diligence you did before taking the job, what were your thoughts around the demographic headwind that Harley faces, and ways that you can overcome what feels like a fundamental issue for the brand?

早安.謝謝您回答我的問題。您提到的第二個優先事項是騎乘的樂趣，以及吸引更多騎士加入哈雷戴維森品牌。就像你之前所做的那樣，你進行了巡迴傾聽和一些在接受這份工作之前進行的盡職調查，你對哈雷面臨的人口結構逆風有什麼看法？你認為可以如何克服這個對品牌來說似乎是一個根本性的問題？

Sure, Craig. Great to be connected, and thanks for your question. I'm super excited to be here. And getting riders into the brand and onto our bikes is -- I sort of have a unique perspective because I just went through that journey myself. I'll tell you that the inside of this brand when you get into a dealership and you meet our people and they introduce you the bikes is extremely warm and welcoming. And having gone through Rider Academy, it was an amazing experience.

當然可以，克雷格。很高興能聯絡你，謝謝你的提問。我非常興奮能來到這裡。讓騎士們了解我們的品牌並騎上我們的自行車——我對此有一些獨特的見解，因為我自己就經歷過這個過程。我可以告訴你，當你走進我們經銷店，遇到我們的員工，他們會向你介紹摩托車時，你會感受到這個品牌內部極其熱情友善的氛圍。在萊德學院的經驗非常棒。

I think there's an opportunity that it can be a bit more fun. Young people are looking for something that's fun and maybe has seriousness to it, but maybe not as serious as we're currently presenting it. But some of the -- I think, the imagery that people have of Harley we're reinforcing the fact that some of our riders are a bit more mature. And the legacy -- if you look back at the 30, 40, 50 years of advertising that we put out -- and I had Bill Davidson do this for me recently, and he sent me a real, which is just unbelievably inspiring, and we were attracting young riders.

我認為有機會讓它變得更有趣一些。年輕人想要的是既有趣又有深度的東西，但可能不像我們目前呈現的那麼嚴肅。但我認為，人們對哈雷的一些印象——我們正在強化這樣一個事實：我們的一些騎手更加成熟一些。回顧我們過去 30 年、40 年、50 年的廣告宣傳，你會發現，比爾戴維森最近為我做了這件事，他寄給我一份真實的資料，這真是令人難以置信地鼓舞人心，我們當時正在吸引年輕的騎手。

There is immense joy. There was a tongue-in-cheek attitude. There was a playfulness in the work, and you can expect some of that to come back, and that's sort of on the brand front. Practically speaking, the product line that we have coming and specifically the [Sprint] bike coming in the second half of next year, I think, addresses two things. One is a bike that's lighter and easier to maneuver. And the second thing is the bike that's more affordable.

喜悅之情難以言喻。這是一種半開玩笑的態度。作品中有一種玩樂的氛圍，你可以期待這種氛圍會再次出現，這在品牌方面也是一種體現。從實際角度來看，我們即將推出的產品線，特別是明年下半年即將推出的[Sprint]自行車，我認為，解決了兩個問題。其中一款是更輕、更容易操控的自行車。第二點是價格較實惠的自行車。

So if you look in the -- if you walked into a Harley dealership right now, the price point is pretty high for a young rider to be interested in Harley. And I think the combination of brand, product and some augmentation to the experiential elements that make it more fun, I think we have a recipe to do that.

所以，如果你現在走進一家哈雷摩托車經銷店，你會發現哈雷的價格對於一個年輕的騎士來說相當高，很難讓他們對哈雷感興趣。我認為，將品牌、產品與一些能使其更有趣的體驗元素結合，我們就有了實現這一目標的秘訣。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Thank you for taking my questions. In your interim remarks, Artie, you had talked about market responsive customer-facing promotions. I was wondering if you could just elaborate on how you're thinking about that? Is that through specific channels? Or are there any kind of investments that you need to make around technology or otherwise, to be more responsive?

謝謝您回答我的問題。阿蒂，你在之前的演講中談到了以市場為導向、面向客戶的促銷活動。我想請您詳細解釋一下您是怎麼考慮這個問題的？是透過特定管道嗎？或者，您是否需要在技術或其他方面進行任何投資，以提高反應速度？

Yeah, Stephen, thank you so much. I'll say a few words, and then I'll let Jonathan go into some of the specifics that we've actioned.

是的，史蒂芬，非常感謝你。我先簡單說幾句，然後讓喬納森詳細介紹我們已經採取的具體行動。

I think the first thing I'd say is our inventory levels at dealers are too high right now. So it's something that we need to do and need to mobilize quickly against. I think as Jonathan mentioned in his remarks, specifically on the touring side. So we have some promotional activity that is communicated at the local level that's been in place. And then just this past weekend, we put in some more as it relates to touring specifically.

我認為首先要說的是，我們經銷商目前的庫存水準太高了。所以，這是我們必須採取的行動，需要迅速動員起來應對。我認為正如喬納森在他的演講中提到的那樣，尤其是在巡迴演出方面。因此，我們已經在地方層級開展了一些宣傳活動。就在上週末，我們又加入了一些與巡迴相關的內容。

And Jonathan, I'll let you go through some of the details.

喬納森，細節部分就交給你處理吧。

Okay. Sounds good. And Stephen, thank you for joining us. So I think a couple of details on that. As Artie talked about, as we go through and we take a look at sort of a pinpointed view on where do we have a concern from an inventory standpoint, one of the places that we have are probably the primary place that we have a little bit of concern is just around some pockets of buildup throughout the United States as we look at touring and maybe a couple of select places here or there from a [CBO] standpoint.

好的。聽起來不錯。史蒂芬，感謝你加入我們。所以我覺得還有一些細節要補充。正如 Artie 所說，當我們仔細審視庫存方面存在的問題時，我們主要關注的可能是美國各地的一些庫存積壓問題，尤其是在巡演方面，以及從 CBO 的角度來看，可能還有一些特定的地點。

We are making sure that we're passing along tools that support dealers in the way that they have the ability to move through those. There are things that we think that we can do that really inspire consumers that kind of drive door swings to our dealers. We know that when we get customers inside of our dealers, our dealers do an exceptional job, of really engaging with that consumer, converting it through to a sale. And so I think some of the important elements are areas that we think are sort of building the brand and building the experience for customers.

我們正在確保向經銷商提供必要的工具，以便他們可以順利地使用這些工具。我們認為，我們可以做一些事情來真正激勵消費者，促使他們光顧我們的經銷商。我們知道，當顧客來到我們的經銷商時，我們的經銷商會非常出色地與顧客互動，最終促成交易。所以我認為，一些重要的因素是我們認為能夠打造品牌和提升客戶體驗的領域。

So looking at lower APR programs for consumers, making sure that those are programs that are extended out to 60, 72 months, to really allow a customer to be able to get on to the bike and really address the affordability dynamic that you heard Artie talk about. So that's probably one of the best sort of near-term examples of some things that we are doing to make sure that we're driving sales.

因此，我們正在研究面向消費者的較低年利率方案，確保這些方案的期限延長至 60 或 72 個月，以便真正讓客戶能夠騎上自行車，並真正解決您聽到 Artie 談到的負擔能力問題。所以，這可能是我們為確保促進銷售而採取的一些措施中，近期最好的例子之一。

The last piece I'll touch on really quickly is that from a longer-term perspective, in 2025 calendar year and with the 2025 model year, we have experimented with some different price points to understand the impact that had from a consumer standpoint. So I think kind of magical price points of [99.99, 14.9, 19.9]. And we do know that our customers have a psychological barrier around different price points for what they're willing to pay. That is something that you actually will see demonstrated a little bit more fully in what we're introducing in the 2026 model here.

最後我想快速提一下，從長遠來看，在 2025 年日曆年和 2025 年車型中，我們嘗試了一些不同的價格點，以了解這對消費者的影響。所以我認為價格點有點神奇…[99.99, 14.9, 19.9].我們也知道，我們的客戶對於他們願意支付的不同價格點存在心理障礙。這一點，您將在我們即將推出的 2026 年車型中看到更充分的體現。

With that, I'll hand it back to Artie.

就這樣，我把它還給阿蒂。

I think the only thing I would add is what we put into market with the financing support and some of the financial support on these bikes, I was in response to direct feedback from dealers. So we incorporated precisely what dealers thought they needed, and that's what Jonathan referenced.

我覺得唯一要補充的是，我們針對這些自行車提供的融資支援和一些財政支持，是為了回應經銷商的直接回饋而推出的。因此，我們準確地採納了經銷商們認為他們需要的東西，而這正是喬納森所提到的。

Noah Zatzkin, KeyBanc.

Noah Zatzkin，KeyBanc。

Thanks for taking my question. I guess, one, just on the impact of the transaction in the quarter. I think previously, you had kind of talked about expecting $275 million to $300 million of operating income benefit in the second half. I guess, I suspect most of that, if not all of that impacted the third quarter. So just any thoughts around kind of the cadence of P&L impacts related to the transaction? And then just any color on how you're thinking about next year would be great. Thanks.

謝謝您回答我的問題。我想，首先，就該交易對本季的影響而言。我認為之前您曾提到預計下半年營業收入將增加 2.75 億美元至 3 億美元。我猜想，即便不是全部，大部分因素都對第三季產生了影響。那麼，對於與此交易相關的損益影響的節奏，大家有什麼想法嗎？然後，如果你能用任何顏色來表達你對明年的想法，那就太好了。謝謝。

Okay. Great. Noah. So as we look, I think as we laid out sort of three main elements to the HDFS transaction. The back book sale, the forward flow and the equity elements. We are super, super excited to partner on this with both KKR and PIMCO investment vehicles. We're excited about getting some of their thoughts and thought leadership into the way that we run the business.

好的。偉大的。諾亞。所以，當我們審視時，我認為我們已經列出了 HDFS 事務的三個主要要素。舊書銷售、未來書款流動和股權要素。我們非常非常興奮能與 KKR 和 PIMCO 這兩家投資機構合作這個計畫。我們很高興能將他們的一些想法和思想領導力融入我們的業務運作方式中。

The good news, I think, as we look at this transaction is that we have the structure in place where from a dealer and a consumer perspective. They'll see no sort of day-to-day impact in the way that any of that is run, yet at the same time, we get some of the really solid thinking from a couple of market leaders inside of our business in a fairly thoughtful way that helps us understand credit dynamics across the consumer industry with a little bit more depth than where we are today.

我認為，就這筆交易而言，好消息是我們已經建立了一個對經銷商和消費者都有好處的結構。他們不會在日常營運中看到任何影響，但與此同時，我們以相當深思熟慮的方式從公司內部的幾位市場領導者那裡獲得了一些非常紮實的想法，這有助於我們比現在更深入地了解整個消費行業的信貸動態。

As you talked about, this transaction really does close over multiple quarters. So there's some Q3 kind of accounting preparation work that you saw in place that occurred in the quarter, and you'll see more details as we kind of get our final releases out over the next few days. And then we have some other elements that closed over the coming quarters.

正如你所說，這筆交易確實需要跨越多個季度才能完成。所以，你們在本季看到了一些第三季會計準備工作，隨著我們在接下來的幾天裡發布最終版本，你們將會看到更多細節。然後，在接下來的幾個季度裡，我們還有一些其他項目也陸續完成了。

So a little bit of kind of carryover from one quarter to the next. But you are right, we do still feel very committed to that $275 million upside figure that we talked about. And then in addition, as you think through some of the interesting dynamics, there's a lot that gets freed up from a balance sheet perspective. So all of the $275 million is the upside from an operating income standpoint. I just want to reinforce that we do have the $1.2 billion that gets freed up in cash by the time we get through Q1 of next year.

所以，上一季到下一季之間有點延續。但你說得對，我們仍然非常相信我們之前提到的 2.75 億美元的潛在收益目標。此外，當你仔細思考一些有趣的動態時，從資產負債表的角度來看，很多東西都會被釋放。因此，這 2.75 億美元全部都是從營業收入角度來看的收益。我只想強調，到明年第一季結束時，我們將釋放出 12 億美元的現金。

And so with that, that obviously affords a tremendous amount of flexibility as Harley-Davidson, Inc. thinks about how to place priorities, where our smart capital investments where are some smart areas of spend, what are some ways that we can really look at driving the business for growth as we move forward. So really, really excited about the optionality that the transaction enjoys. I hope that helps.

因此，這顯然為哈雷戴維森公司提供了極大的靈活性，使其能夠思考如何確定優先事項，哪些是明智的資本投資領域，哪些是明智的支出領域，以及在未來的發展中，我們可以真正考慮哪些方法來推動業務成長。所以，我對這筆交易所擁有的選擇權感到非常興奮。希望對您有幫助。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thanks. Thinking about next year and what shipments could look like for 2026. I know you had a lot of inventory cleared at the dealers this year, but it sounds like you want to do more of that. So if we're thinking about -- so first of all, I don't know if you have a thought on where retail -- how retail might look going forward.

偉大的。謝謝。思考明年以及2026年的出貨量可能會是什麼樣子。我知道你們今年已經從經銷商那裡清理了很多庫存，但聽起來你們還想做更多這樣的事。所以，如果我們在思考──首先，我不知道你對零售業的未來發展方向有什麼想法。

And if you don't, even if you thought that was flat, if we were trying to think about, you're comping some inventory reductions, so that could mean shipments up, but it sounds like you want to see further inventory reduction. So if you could help us quantify whether that will be a greater amount year over year, just again, kind of thinking about so we can all translate this into kind of shipment expectations for next year. Thank you.

即使你認為情況已經穩定，如果我們考慮一下，你正在抵消一些庫存減少的影響，這可能意味著出貨量增加，但聽起來你希望看到庫存進一步減少。所以，如果您能幫助我們量化一下這個數字是否會比去年更大，那就太好了，這樣我們就可以把這個數字轉化為明年的出貨量預期。謝謝。

Okay. All right. Thank you, Robin. So I'll just walk through a little bit of where we are and kind of what we've done on a year-to-date basis and provide a little bit of colored commentary, and then I'll pass it over to Artie for some thoughts.

好的。好的。謝謝你，羅賓。那麼，我將簡單介紹我們目前的狀況以及今年迄今為止我們所做的事情，並提供一些有見地的評論，然後我會把麥克風交給 Artie，聽聽他的想法。

(inaudible) obviously, he's done a coast-to-coast kind of north, south, east, west tour across the United States with a tremendous amount of feedback from our dealers. So overall, as we think about the progress that we've made on inventory throughout the year, in Q1, dealer inventory was down 19% versus same quarter prior year. Q2 down 28%. Q3 down 13%. And that's after last year, where we actually worked things down a little bit to kind of across the full year spectrum.

（聽不清楚）顯然，他已經在美國進行了一次橫跨東西海岸的巡迴演出，並從我們的經銷商那裡獲得了大量的反饋。總的來說，回顧我們全年的庫存管理進展，第一季經銷商庫存比去年同期下降了 19%。第二季下降28%。第三季下降13%。而這還是在去年之後，去年我們實際上已經把事情簡化了一些，使其涵蓋了全年的範圍。

So if you recall, obviously, we've withdrawn guidance. But as we go through and look at some of the original guide, we had a 10% plus target of being down. We would envision being at that level, or maybe slightly improved.

所以，如果你還記得的話，很顯然，我們已經撤回了指導。但當我們回顧一些原始指南時，發現我們的目標是下降 10% 以上。我們設想達到那個水平，或略有提升。

One of the really important pieces that I think is there for us as we take a look at this. It's Artie kind of talked through the actions that we're taking to support the move through and sell down of touring. As we look at dealer inventory by family, in Q3 of '25 versus Q4, every family is down by 20% to up to 45%, with the exception of (inaudible), which is pretty flat. And so there certainly was some uniqueness as we look at 2024 due to the product launch of touring that came out.

我認為，在我們審視這個問題時，其中一個非常重要的因素是…Artie 大致上談到了我們為支持巡迴的搬遷和出售而採取的行動。從經銷商的庫存來看，2025 年第三季與第四季相比，除（聽不清楚）外，每個系列的庫存都下降了 20% 到 45%，而（聽不清楚）系列的庫存則基本持平。因此，展望 2024 年，由於巡迴產品的推出，確實存在一些獨特之處。

So as we think through where we are from an inventory position, we're in a very, very healthy perspective across virtually all of the families. The one that in an era with slightly higher interest rates, with a little bit more challenged consumer and the consumer affordability dynamic that Artie spoke about is really the touring side of things as we think through how we move people through that product in a way that works for them.

因此，從庫存角度來看，我們幾乎所有家庭的庫存狀況都非常非常健康。在利率略高的時代，消費者面臨更大的挑戰，正如 Artie 所談到的，消費者的購買力動態也發生了變化，而這正是巡演方面需要考慮的問題，我們需要思考如何以一種適合人們的方式引導他們體驗該產品。

So a little bit more color, I hope, helps understand the inventory position rather than just looking at our (inaudible) number. And then relative to 2026, we'll obviously issue 2026 guidance. as we move into the 2026 calendar year. But with that, I'll turn it over to Artie.

所以，我希望，多一些細節描述能夠幫助大家理解庫存狀況，而不僅僅是看我們的（聽不清楚）數字。至於 2026 年，隨著我們進入 2026 年，我們顯然會發布 2026 年的指導意見。接下來，我將把麥克風交給阿蒂。

The only thing I'd add, Robin, is we're optimistic about the pricing ladder that Jonathan referenced earlier start with the (inaudible) start with the [14], starts with the [19], starts with the [24], (inaudible), Softail and (inaudible), coupled with the Sprint bike coming in the second half of next year. So the focus in the building right now is the inventory support and getting that down on the model year '25 so that these '26 models have the opportunity to be really successful.

羅賓，我唯一要補充的是，我們對喬納森之前提到的定價階梯持樂觀態度，從（聽不清楚）開始，從[14]開始，從[19]開始，從[24]開始，（聽不清楚），Softail和（聽不清楚），再加上明年下半年推出的Sprint摩托車。所以，目前工廠的重點是庫存支持，並努力降低 2025 年車型的庫存，以便 2026 年車型有機會取得真正的成功。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

Thanks. Good morning. Just to put a final point on that, Jonathan. So just we're all clear. So you're saying this year, you expect global inventories to end at about 43,000 or so units. And that number comes down a little bit further next year. That was my first question.

謝謝。早安.最後再補充一點，喬納森。所以我們都明白了嗎？所以你的意思是，預計今年全球庫存將達到約 43,000 台左右。明年這個數字還會再下降一些。那是我的第一個問題。

Second question, the HDFS normalized operating income post all of this noise this year. Are you still thinking around, call it, $120 million to $130 million going forward? Thanks.

第二個問題，HDFS在今年所有乾擾因素的影響下，其正常營業收入為何？你還在考慮未來投入約 1.2 億至 1.3 億美元嗎？謝謝。

All right. Hi, Joe. Nice to hear from you. So relative to dealer inventory, I think your math is probably about right. As you look at how that reduction kind of translates through the units. Relative to the next calendar year, we're certainly not guiding on 2026 at this point. I hope that some of the commentary that I provided in terms of what we're seeing by family helps us understand the uniqueness of the situation that we're in.

好的。嗨，喬。很高興收到你的來信。所以相對於經銷商庫存而言，我認為你的計算應該差不多是對的。當你觀察到這種減少是如何透過單位轉換過來的時候。就下一個日曆年而言，我們目前肯定不會對 2026 年做出任何預測。我希望我透過家人向我們提供的一些評論，能夠幫助我們理解我們所處情況的獨特性。

And certainly, probably feels pretty consistent with the macro environment that we're operating in. I think as you look across sectors and across businesses, you see consumers who are sort of trading down rather than trading up in terms of products at this point from an overall consideration perspective. That really leans back into the elements that Artie talked about, the importance of us focusing on the affordability dynamics, really making sure that we are meeting our consumers where they're at. So that's something that you'll see us continue with and something that we're pretty excited about.

當然，這可能與我們所處的宏觀環境相當一致。我認為，縱觀各個行業和各個企業，你會發現，從整體考慮的角度來看，消費者目前傾向於降低產品檔次，而不是升級產品。這其實與 Artie 所談到的要素不謀而合，那就是我們要專注於價格負擔能力，真正確保我們能夠滿足消費者的需求。所以，我們會繼續做這件事，我們也對此感到非常興奮。

Relative to the HDFS transaction, elements that we need to make sure that we're working through from a timing standpoint. So there are certain debt settlement elements that we're working through and contemplating right now. We'll see if we can get all of that squeezed into 2025, or how much of that carries over into 2026. So we'll have more when we're together in the next quarter, but certainly excited about everything that that transaction does, but the affordability that it offers up from a strategic standpoint, and that's something that we'll be talking about more as we get together next time.

相對於 HDFS 事務，我們需要從時間角度確保我們正在處理以下要素。所以，目前我們正在研究和考慮一些債務和解的因素。我們將看看能否在 2025 年完成所有這些目標，或有多少目標會延續到 2026 年。所以，我們下個季度見面時會有更多消息，但我們當然對這筆交易帶來的所有好處感到興奮，尤其是從戰略角度來看，它所帶來的可負擔性，這是我們下次見面時要更多地討論的內容。

James Hardiman, Citigroup.

詹姆斯‧哈迪曼，花旗集團。

This is Sean Wagner on for James Hardiman. I wonder if you can provide any color on how you're thinking about fourth quarter? What are you assuming for fourth quarter retail and how did October retail performed?

這是肖恩·瓦格納替補詹姆斯·哈迪曼上場。我想知道您能否就第四季的情況談談您的看法？您對第四季零售業的預期如何？ 10月零售業表現如何？

Sure. So I think as we look -- great question around what we're seeing from a quarter standpoint, please do pass along our best James too. So I think from a full year perspective, we obviously have withdrawn our guidance a couple of quarters ago. We do feel that it's important that we're sticking with that. The reason for that is obviously an environment that is very, very dynamic and moving and fairly responsive to what we see from an overall approach to tariffs, the environment that's in front of the consumers.

當然。所以我覺得，當我們審視——從季​​度角度來看，這是一個很好的問題，請也把我們最好的詹姆斯轉達給他。所以我認為，從全年來看，我們顯然在幾個季度前就撤回了業績指引。我們確實認為堅持這一點很重要。原因顯然在於當前環境非常、非常動態且變化迅速，並且對我們從整體關稅政策以及消費者所處的環境做出相當及時的反應。

We do see that there's consumer sentiment that bounces around from one month to the next. We are really, really proud of the way that our dealers are out there working with each of the consumers who are walking in. We have seen kind of sequential improvements in traffic that's flowing into our dealers. So one of the biggest things for us is we know that door swings at dealers end up driving sales. We're pleased with a lot of the dynamics and the metrics that we're seeing on that front.

我們確實看到消費者情緒每月都會出現波動。我們為我們的經銷商在服務每位進店顧客方面所展現出的敬業精神感到非常自豪。我們看到，流入我們經銷商的客流量出現了一種循序漸進的改善。對我們來說，最重要的一點是，我們知道經銷商的進店量最終會推動銷售。我們對這方面看到的許多動態和指標都感到滿意。

Something that we haven't talked about in our time together today is around the marketing development fund. As you may recall, we announced that right at the very beginning of this year. We knew that that would take some time to really gain some traction with the dealer body, make sure that collectively, we understand the importance of the spend between where do we go on marketing dollars, where do we go on events and activations and activities.

今天我們還沒有談到市場發展基金的相關事宜。您可能還記得，我們​​在今年年初就宣布了這件事。我們知道這需要一些時間才能真正引起經銷商的重視，確保我們共同理解行銷資金的分配，以及活動和推廣等方面的支出。

We've really kind of honed in on a mix of those elements that drive the best performance. So we're excited about what we're seeing there. But again, probably not in the position that we're actually guiding on the calendar year in total, or in part, unless it's something a little bit with a little more certainty like the HDFS transaction that we've spoken of.

我們已經真正專注於將這些要素結合起來，以實現最佳性能。所以我們對在那裡看到的情況感到很興奮。但同樣，我們可能不會對整個日曆年或部分日曆年做出實際指導，除非是像我們之前提到的 HDFS 交易那樣更有確定性的事情。

Jamie Katz, Morningstar.

Jamie Katz，晨星公司。

Good morning. I have more of a theoretical question. As we think about shipments rising this quarter, what kind of sales growth do you think would be reasonable, or what level of shipments may be for us to really start to see a little bit of motor company margin expansion?

早安.我有一個更偏理論性的問題。考慮到本季出貨量將有所成長，您認為合理的銷售成長幅度是多少？或者說，出貨量要達到什麼水平，我們才能真正開始看到汽車公司利潤率增加？

So a lot to that one as we think through the theoretical possibilities of what you've spoken of. Obviously, as we think about margin expansion dynamics and where we would go on that front, you effectively get there through the inverse of what you've been seeing in 2025. So if you think about the dynamics that we've called out, that have made a year-over-year margin change lineup in the way that it has. It's the flip side of that is how we would end up getting to something where we actually see margin expansion and margin growth.

所以，當我們仔細思考你剛才提到的各種理論可能性時，這個問題就顯得非常重要了。顯然，當我們考慮利潤率擴張的動態以及我們在這方面的發展方向時，實際上，你可以透過與 2025 年所看到的情況相反的方式來實現這一目標。所以，如果你仔細想想我們提到的這些動態因素，就會明白為什麼年際利潤率的變化會是現在這樣。反過來說，我們最終就能實現利潤率擴張和利潤率成長。

Again, one of the elements that I think is really important around there is some of the experimentation work that we've done with the price points. We are enthused about the early read on that and what some of that is done. That's a dynamic that we think will be really helpful across the business.

再次強調，我認為其中非常重要的一個因素是我們對價格點進行的一些實驗性工作。我們對這方面的初步研究成果以及其中一些研究成果感到非常興奮。我們認為這種動態對整個業務發展都非常有幫助。

We're also really, really excited about marketing development fund. And as touched on, really gaining a more detailed understanding of the dynamics between events, activation, digital spend, marketing spend, how to get the different elements of sort of go-to-market balance in the right way, is something that we feel excited about how that can translate through supporting dealers at kind of at their dealership and really driving traffic and helping support sales.

我們對行銷發展基金也感到非常非常興奮。如同前面所提到的，真正深入了解活動、推廣、數位支出、行銷支出之間的動態，以及如何以正確的方式平衡不同的市場推廣要素，讓我們感到非常興奮，因為這可以透過支持經銷商在其經銷店內開展業務，真正地吸引客流並幫助促進銷售來實現。

And then beyond the price points, as we think longer term about this business, product portfolio dynamics are elements that we certainly need to make sure that we're always thinking about. There are some pieces that I think Artie has touched on now and some more that you likely would hear from Artie as we move through spring of next year when you see an update and a refresh from a plan perspective.

除了價格因素之外，當我們從長遠角度考慮這項業務時，產品組合動態是我們當然需要始終考慮的因素。我認為 Artie 現在已經談到了一些方面，而隨著我們進入明年春季，當計劃進行更新和調整時，您可能會從 Artie 那裡聽到更多內容。

Artie, any other thoughts?

阿蒂，你還有什麼想法嗎？

No, I think you covered it well, Jonathan. I think you covered it well.

不，我覺得你已經解釋得很好了，喬納森。我覺得你解釋得很清楚。

We have no further questions. I would like to turn the call back over to Artie Starrs for any closing remarks.

我們沒有其他問題了。我謹將電話交還給阿蒂·史塔爾斯，請他作總結發言。

Great. Well, thanks, everybody, for participating today. I'm super excited to be here and look forward to engaging and meeting so many of you in the coming weeks and months, and we'll see you on the call in February. Thank you.

偉大的。謝謝大家今天的參與。我非常高興來到這裡，期待在接下來的幾週和幾個月裡與大家見面交流，我們二月的電話會議上見。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。