Harley-Davidson, Inc. (HOG) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Harley-Davidson 2026 first quarter investor and analyst conference call. Please be advised that today's conference call is being recorded.

各位女士、先生，感謝您稍候，歡迎參加哈雷戴維森（Harley-Davidson）2026 年第一季投資人與分析師電話會議。請注意，今天的電話會議將被錄音。

I would now like to hand the call over to Shawn Collins. Thank you. Please go ahead.

現在我想將電話交給 Shawn Collins。謝謝。請開始。

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. 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。各位早安。我是 Sean Collins，哈雷戴維森投資人關係總監。您可透過網際網路至哈雷戴維森投資人關係網站，取得支援本次電話會議的簡報投影片。如您所預期，我們的發言將包含前瞻性陳述，並受可能導致實際結果與預期有重大差異之風險影響。這些風險包括但不限於我們在今日財報新聞稿以及近期向美國證券交易委員會（SEC）提交之文件中所揭露的事項。

Joining me for this morning's call are Harley-Davidson, Chief Executive Officer, Artie Starrs; and Chief Financial and Commercial Officer, Jonathan Root.

與我一同參與今天早上電話會議的有：哈雷戴維森執行長 Artie Starrs，以及財務與商務長 Jonathan Root。

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

接下來，讓我把時間交給哈雷戴維森執行長 Artie Starrs。

Thank you, Shawn, and good morning, everyone, and thank you for joining us today for our Q1 2026 financial results as well as an introduction to our new strategic plan, which we're calling back to the bricks. I'll begin with an overview of our Q1 performance. Jonathan will then provide additional financial commentary before we turn to our strategy. Before I get into it, I'd like to take a moment to acknowledge our deeply committed and passionate Harley-Davidson employees, who worked tirelessly to bring Harley-Davidson alive across the world. Thank you, Team HD.

謝謝你，Shawn。各位早安，也感謝各位今天加入我們，一同聆聽 2026 年第一季財務結果，以及我們全新策略計畫的介紹，我們稱之為「回到磚牆（back to the bricks）」。我將先概述第一季的表現。接著 Jonathan 會在我們進入策略討論前，提供更多財務面評論。在開始之前，我想花點時間向我們投入且充滿熱情的哈雷戴維森員工致意，他們不懈努力，讓哈雷戴維森在全球各地持續發光發熱。謝謝你們，HD 團隊。

Starting with retail sales. We're pleased with our performance this quarter. North America delivered a 14% increase versus the prior year, contributing to global retail sales growth of 8% in what remains a challenging consumer environment. These results reflect the impact of the actions we've taken to drive demand and improve execution. As noted on the Q4 earnings call, dealer health and inventory levels remain a key focus for the company.

先從零售銷售談起。我們對本季表現感到滿意。北美較去年同期成長 14%，帶動全球零售銷售在仍具挑戰的消費環境下成長 8%。這些成果反映了我們為推動需求與提升執行力所採取行動的成效。如同在第四季財報電話會議中所提到的，經銷商健康度與庫存水位仍是公司關注的重點。

During the quarter, we reduced global inventory by 22% year-over-year as we continued to prioritize dealer inventory sell-through and aligning wholesale shipments with retail demand. We'll share more detail on this in our strategy discussion. Strengthening dealer relationships has also remained a priority. We recognize the critical role our dealer network plays in the Harley-Davidson ecosystem, and we're encouraged by the renewed sense of partnership and momentum across the network. This will be an important driver as we move forward into our next chapter.

本季我們將全球庫存較去年同期降低 22%，持續優先推動經銷商庫存去化（sell-through），並使批發出貨與零售需求對齊。我們會在策略討論中分享更多細節。強化經銷商關係同樣是我們的優先事項。我們了解經銷商網路在哈雷戴維森生態系中扮演關鍵角色，也很鼓舞地看到整個網路重新建立起更強的夥伴關係與動能。這將是我們邁向下一篇章的重要推力。

During the quarter, we also formally reopened our Juno Avenue headquarters in Milwaukee, Wisconsin. Affectionately referred to by our Harley-Davidson Community as the bricks with our employees at headquarters returning to the office for the first time since 2020. Finally, we've been encouraged by the early reception to our new marketing platform, Ride. I'll speak more about the brand platform and the value we believe it will bring as part of our strategy presentation.

本季我們也正式重新開放位於威斯康辛州密爾瓦基的 Juno Avenue 總部。哈雷戴維森社群親切地稱其為「磚牆（the bricks）」，而總部員工也自 2020 年以來首次回到辦公室。最後，我們也對全新行銷平台「Ride」的初期反應感到振奮。我會在策略簡報中進一步說明此品牌平台，以及我們相信它將帶來的價值。

With that, I'll turn it over to Jonathan.

接下來我把時間交給 Jonathan。

Thank you, Artie, and good morning to all. I plan to start on page 4 of the presentation, where I will briefly summarize the financial results for the first quarter. Subsequently, I will go into further detail on each business segment.

謝謝你，Artie，各位早安。我將從簡報第 4 頁開始，先簡要總結 2026 年第一季的財務結果，之後再針對各事業部門提供更進一步的說明。

Let me start with our consolidated financial results for the first quarter of 2026. Consolidated revenue in the first quarter was down 12% and driven primarily by HDFS revenue being down 54% as it moved into a new capital-light model after the closing of the HDFS transaction, where we sold a significant part of the retail loan book and agreed to a forward flow in which we expect to sell approximately two thirds of future originations.

先看 2026 年第一季的合併財務結果。第一季合併營收年減 12%，主要原因是 HDFS 營收年減 54%；在 HDFS 交易完成後，HDFS 轉向新的輕資本（capital-light）模式，我們出售了相當大部分的零售貸款資產組合，並同意採用前瞻性流轉（forward flow）安排，預期將出售約三分之二的未來承作（originations）。

Consolidated operating income in the first quarter came in at $23 million compared to operating income of $160 million in Q1 of 2025. This was driven by a significant year-over-year decline in operating income at both HDMC and HDFS as we expected. The operating loss at LiveWire was $18 million which was in line with our expectations and $2 million favorable to a year ago. In Q1, earnings per share was $0.22, which compares to $1.07 in Q1 of 2025.

第一季合併營業利益為 2,300 萬美元，相較於 2025 年第一季的 1.60 億美元營業利益。這主要是因為 HDMC 與 HDFS 的營業利益皆如預期出現顯著的年減。LiveWire 的營業損失為 1,800 萬美元，符合我們的預期，且較去年同期改善 200 萬美元。第一季每股盈餘為 0.22 美元，相較於 2025 年第一季的 1.07 美元。

Now turning to page 5 and HDMC retail performance. In Q1, North American retail sales of new motorcycles were up 14% versus prior year with approximately 24,000 motorcycles sold.

接著看第 5 頁與 HDMC 的零售表現。第一季北美新車零售銷售較去年同期成長 14%，約售出 24,000 輛機車。

In Q1, retail sales of new motorcycles outside of North America were down 4% versus prior year with approximately 10,000 motorcycles sold resulting in Q1 global retail sales of new motorcycles being up 8% versus the prior year with a total of approximately 34,000 motorcycles retailed.

第一季北美以外地區的新車零售銷售較去年同期下滑 4%，約售出 10,000 輛機車，使得第一季全球新車零售銷售較去年同期成長 8%，合計約零售 34,000 輛機車。

While we are relatively pleased with the start to the year, particularly in the U.S., we remain mindful of the global consumer discretionary landscape, which remains uneven. We are aware that pricing continues to be on the top of customers' minds given the current global setup that includes inflationary pressures, interest rates that continue to run above recent historical lows and global geopolitical uncertainty.

雖然我們對今年開局相對滿意，尤其是在美國市場，但我們仍留意全球非必需消費（consumer discretionary）環境依舊不均衡。我們也注意到，在目前全球情勢下，價格仍是客戶最關心的議題之一；此情勢包含通膨壓力、利率仍高於近年歷史低點，以及全球地緣政治不確定性。

In North America, Q1 retail sales were up 14%, where U.S. retail sales were up 16% and Canada retail sales were down 8%. Results were driven by continued strength in our Touring and Trike models as consumers reacted well to our new 2026 Motorcycle Launch and targeted customer incentives. This translated into a significant market share gain with Harley-Davidson reaching 38% of the U.S. 601 CC+ market, up two percentage points year-over-year. Dealer inventory in North America declined 21% year-over-year, reflecting a more balanced setup as we enter the main riding season.

在北美，第一季零售銷售年增 14%，其中美國零售年增 16%，加拿大零售年減 8%。表現主要受我們 Touring 與 Trike 車款持續強勁帶動，消費者對我們全新的 2026 年機車上市（Motorcycle Launch）以及精準的客戶激勵方案反應良好。這也轉化為顯著的市占提升：哈雷戴維森在美國 601cc 以上市場的市占達 38%，較去年同期提升 2 個百分點。北美經銷商庫存年減 21%，反映在進入主要騎乘季節前，整體供需配置更為平衡。

In EMEA, Q1 retail sales posted a modest decline of 3%. In the quarter, performance reflected a subdued economic environment in Europe, although supported with early model year 2026 product momentum across the continent, as evidenced by the quick sell-through of new units that began arriving later in Q1. The Rev Max platform continued to outperform the broader portfolio led by adventure touring, which showed strong growth year-over-year.

在 EMEA（歐洲、中東與非洲），第一季零售銷售小幅下滑 3%。本季表現反映歐洲較為低迷的經濟環境，但也受到 2026 年式產品在歐陸的早期動能支撐，從第一季後段新車到港後迅速售罄（sell-through）即可見一斑。Rev Max 平台持續優於整體產品組合，其中以冒險旅行（adventure touring）領軍，年增表現強勁。

In addition, from a market share standpoint, we moved from 2% to 4% of share in the European market in Q1. In Asia Pacific, Q1 retail sales declined by 9%. In the quarter, we experienced modest declines in the core portfolio, including touring, strike and soft tail reflecting broad-based pressure across Japan, Australia and China, partially offset by positive results in our noncore motorcycle portfolio with strength in adventure touring. In Latin America, Q1 retail sales delivered another strong quarter with retail up 21%, where both Brazil, our largest Latin American market and Mexico were up, while other Latin American countries were down modestly year-over-year.

此外，就市占而言，我們在第一季於歐洲市場的市占由 2% 提升至 4%。在亞太地區，第一季零售銷售下滑 9%。本季我們在核心產品組合出現小幅下滑，包括 touring、strike 與 soft tail，反映日本、澳洲與中國普遍承壓；但部分被非核心機車產品組合的正向表現所抵銷，其中冒險旅行車款表現強勁。在拉丁美洲，第一季零售銷售再度繳出強勁一季，零售年增 21%；其中巴西（我們在拉丁美洲最大的市場）與墨西哥均成長，而其他拉丁美洲國家則較去年同期小幅下滑。

Touring and Trike were the standout categories in the market. Dealer inventory at the end of Q1 of 26 was down 22% versus the end of Q1 of '25. Specifically, North American dealer inventory was down 21% and dealer inventory outside of North America was down 23%. This has allowed Harley-Davidson dealers to start the upcoming 2026 writing season with a largely appropriate setup. In addition, the quality of dealer inventory is healthier today than one year ago as it is more current from a model year standpoint. At the end of Q1, North America dealer inventory was comprised of approximately two thirds of current model year 2026 motorcycles.

Touring 與 Trike 是市場中最突出的類別。2026 年第一季末的經銷商庫存較 2025 年第一季末下滑 22%。其中，北美經銷商庫存下滑 21%，北美以外經銷商庫存下滑 23%。這使哈雷戴維森經銷商能以大致適當的配置迎接即將到來的 2026 年騎乘季節。此外，經銷商庫存的品質也較一年前更健康，因為就年式而言更為新穎。第一季末，北美經銷商庫存約有三分之二為 2026 年式的當年度車款。

In comparison, in the prior year period, a little less than one-half of all dealer inventory was current model year. We expect this improvement in healthy dealer inventory to pay dividends in future periods and believe it sets Harley-Davidson and our dealers up for greater success. Before we get into revenue, let's conclude with some information on wholesale shipments. From a wholesale shipment perspective, in Q1 of 2026 and we delivered approximately 37,300 units compared to 386,000 units in Q1 of 2025, which is down 3% year-over-year.

相較之下，在去年同期，經銷商總庫存中略低於一半為當年度年式。我們預期這項更健康的經銷商庫存改善將在未來期間帶來效益，並相信這能讓哈雷戴維森與我們的經銷商更具成功基礎。在我們進入營收之前，先以批發出貨的資訊作結。就批發出貨而言，2026 年第一季我們交付約 37,300 輛，相較於 2025 年第一季的 386,000 輛，年減 3%。

As we are now beginning the prime riding season in North America, we have recently heard from dealers that they could benefit for more inventory with regard to particular places, models, entrant levels. This is a good sign, and we expect to ship more units on a year-over-year basis in Q2 and Q4, while running lower in Q3 in comparison to the prior year period. We expect this will get us to a more even shipment cadence across the quarters in comparison to what we have delivered in recent years.

由於我們目前正進入北美的主要騎乘旺季，近期我們從經銷商處得知，在特定地區、車型與入門級產品方面，他們若能取得更多庫存將會受益。這是一個正面訊號，我們預期在第二季與第四季的出貨量將較去年同期增加，而第三季相較去年同期則會較低。我們預期這將使我們在各季度之間的出貨節奏更為均衡，相較於近年來的交付情況更為一致。

Now turning to page 6 and HDMC revenue performance. In Q1, HDMC revenue decreased by 2%, coming in at $1.1 billion. We point out that from a business line standpoint, motorcycles came in at $836 million C&A plus apparel came in at $200 million and licensing and other came in at $20 million. The drivers of overall revenue at HDMC included lower volume or shipments and lower net pricing and incentive spend. These were partially offset by favorable foreign currency.

接著看第 6 頁的 HDMC 營收表現。第一季 HDMC 營收下降 2%，為 11 億美元。我們指出，按業務線來看，機車為 8.36 億美元；C&A（零件與配件）加上服飾為 2 億美元；授權及其他為 2,000 萬美元。HDMC 整體營收的驅動因素包括較低的銷量或出貨量，以及較低的淨定價與促銷激勵支出；部分被有利的外匯因素所抵銷。

Now turning to page 7 and HDMC margin performance. In Q1, HDMC gross profit came in at 25.3%, which compares to 29.1% in the prior year. The year-over-year decrease was driven by the unfavorable impacts of increased tariff costs of $45 million in Q1, which will be covered in more detail in the next slide, net pricing and incentive spend due to effective sell-through of prior model year dealer inventory.

接著看第 7 頁的 HDMC 利潤率表現。第一季 HDMC 毛利率為 25.3%，相較去年同期的 29.1%。年對年下降主要由不利因素所致，包括第一季增加的關稅成本 4,500 萬美元（下一張投影片將更詳細說明），以及因有效去化前一車型年度經銷商庫存而導致的淨定價與促銷激勵支出。

Product mix, lower volumes and higher-than-expected supply management costs as we work through a unique supplier situation. These were partially offset by the positive effects of tariff recovery settlement from prior years and favorable foreign exchange. In Q1, operating expenses totaled $248 million which was $49 million higher compared to prior year. This falls into two broad buckets. The first piece is a restructuring expense of $15 million, driven by costs incurred related to strategic changes, including the company's decision to eliminate certain roles, resulting in onetime employee termination benefits and other recurring charges.

此外，產品組合、較低的出貨量，以及在處理一項特殊供應商狀況時高於預期的供應管理成本，也造成不利影響；部分被前幾年關稅追溯回收和解的正面效果以及有利的外匯所抵銷。第一季營業費用合計 2.48 億美元，較去年同期增加 4,900 萬美元，主要分為兩大類。第一類為 1,500 萬美元的重組費用，源自與策略調整相關的成本，包括公司決定裁撤部分職務，導致一次性員工資遣福利及其他經常性費用。

The second piece consists of $34 million of additional costs in the quarter specifically due to higher warranty spend due to select product recalls, select people costs, primarily related to executive team changes on a year-over-year basis, increased marketing spend as the marketing development fund matures, and limited other discrete expenses to operate the business. In Q1, HDMC had operating income of $19 million, which compares to operating income of $116 million in the prior year period.

第二類為本季額外增加的 3,400 萬美元成本，主要來自：因特定產品召回而提高的保固支出、部分人事成本（主要與管理團隊年對年變動相關）、隨行銷發展基金成熟而增加的行銷支出，以及少量其他營運所需的單項費用。第一季 HDMC 營業利益為 1,900 萬美元，相較去年同期的 1.16 億美元。

Turning to slide 8. In 2026, the overall global tariff regulatory environment continues to evolve. There are a number of factors at play in the space, including the potential for increased tariff recoveries and evolution in the application of IIFA Section 122 and updates to Section 232 steel and aluminum tariffs. In Q1, we saw the most significant year-over-year impact in tariffs we expect to experience this year. This is a result of the increased tariff levels, which were initially put in place beginning in Q2 of 2025.

接著看第 8 張投影片。2026 年，全球整體關稅監管環境仍在持續演變。此領域有多項因素同時作用，包括關稅追溯回收可能增加、IIFA 第 122 條適用方式的演進，以及第 232 條鋼鋁關稅的更新。第一季我們看到今年預期會出現的最顯著年對年關稅影響，這是因為關稅水準提高，而該提高最初自 2025 年第二季起開始實施。

In Q1 of '26, the cost of new or increased tariffs was $45 million. As tariff policy changes, there are lags associated with the various tariff levels as these adjustments work their way through our parts inventory imported prior to the current Section 232 pronouncement. We continue to pursue mitigation actions where possible and pursue tariff recoveries when viable.

在 2026 年第一季，新增加或提高的關稅成本為 4,500 萬美元。隨著關稅政策變動，由於各種關稅水準的調整需要時間，這些調整會逐步反映在我們於目前第 232 條公告之前進口的零件庫存中，因此存在滯後效應。我們將在可行之處持續推動緩解措施，並在具可行性時爭取關稅追溯回收。

We note that recent U.S. administration tariff regulation announced in early April, included an exemption on certain motorcycles and for parts and accessories for the use in the manufacturing promoter cycles. We would note that Harley-Davidson is a business very centered in and around the United States. Three of our four manufacturing centers are U.S.-based and 100% and of our U.S. core product is manufactured in the U.S. This change will serve in helping mitigate the impact to tariffs to Harley-Davidson and enable us to strengthen our commitment to U.S. manufacturing.

我們注意到，美國政府於 4 月初宣布的最新關稅規範，包含對特定機車以及用於製造機車的零件與配件之豁免。我們也要指出，Harley-Davidson 的業務高度以美國為核心。我們四個製造中心中有三個位於美國，且我們在美國的核心產品 100% 於美國製造。此一變更將有助於緩解關稅對 Harley-Davidson 的影響，並使我們得以強化對美國製造的承諾。

At this point in time, we expect the cost of increased tariffs to be in a range of $75 million to $90 million for the full year 2026, which is favorable to what we guided to in our prior quarter. From a cadence perspective, our expected tariff amount will decrease consecutively as we work our way across the remaining quarters in 2026.

就目前而言，我們預期 2026 全年增加關稅的成本將落在 7,500 萬至 9,000 萬美元區間，優於我們在上一季所提供的指引。就節奏而言，隨著我們走過 2026 年剩餘季度，預期的關稅金額將逐季連續下降。

Turning to HDFS on page 9. At Harley-Davidson Financial Services, Q1 revenue came in at $112 million, a decrease of 54% driven by lower interest income due to the decline in retail receivables related to the sale of loan assets as part of the new HDFS transaction. Other income within HDFS revenue was favorable year-over-year due primarily to new servicing fees, investment income and new gains on third-party loan sales. HDFS operating income was $22 million, representing an operating income margin of 19.9%.

接著看第 9 頁的 HDFS。於 Harley-Davidson Financial Services，第一季營收為 1.12 億美元，下降 54%，主因為在新 HDFS 交易中出售貸款資產，使零售應收款下降，進而導致利息收入降低。HDFS 營收中的其他收入年對年表現有利，主要來自新的服務費、投資收益，以及第三方貸款銷售的新收益。HDFS 營業利益為 2,200 萬美元，營業利益率為 19.9%。

On the expense side, interest expense and the provision for credit loss expense were both significantly lower, which was due to the decreased size of the retail loan portfolio and related debt on a year-over-year basis and as expected. With the change in strategy associated with the HDFS transaction. The HDFS team continues to manage expenses prudently with operating expenses decreasing by $1 million versus prior year.

在費用端，利息費用與信用損失準備費用均顯著降低，這是由於零售貸款組合規模及相關負債年對年縮小，且符合預期，並與 HDFS 交易所帶來的策略變更一致。HDFS 團隊持續審慎管理費用，營業費用較去年減少 100 萬美元。

Turning to page 10. In Q1, HDFS' annualized retail credit loss ratio on managed loans was 3.6%, which compares to 3.8% in the year ago period. We are pleased with HDFS loan origination activities as total retail loan originations in Q1 were up 14%, coming in at $671 million in Q1. We Total gross financing receivables were $2.5 billion at the end of Q1, where retail receivables were $1.3 billion and commercial receivables were $1.2 billion.

接著看第 10 頁。第一季，HDFS 管理貸款的年化零售信用損失率為 3.6%，相較去年同期為 3.8%。我們對 HDFS 的放款承作活動感到滿意，第一季零售貸款承作總額年增 14%，達 6.71 億美元。第一季末總融資應收款總額為 25 億美元，其中零售應收款為 13 億美元，商業應收款為 12 億美元。

Now turning to slide 11 for the LiveWire segment. For the first quarter of 2026, LiveWire revenue increased 87% over prior year driven by increases in electric motorcycle and static brand electric balanced bank units. Consolidated operating loss decreased by 11% and resulting from improved gross profit and lower selling, administrative and engineering expenses. In turn, this drove an improvement of over 25% in net cash used by operating activities in Q1 of '26 compared to Q1 of '25.

接著看第 11 張投影片的 LiveWire 部門。2026 年第一季，LiveWire 營收較去年同期增加 87%，主要由電動機車以及靜態品牌電動平衡車（static brand electric balanced bank）單位增加所帶動。合併營業損失下降 11%，源自毛利改善以及銷售、管理與工程費用降低。進而使 2026 年第一季相較 2025 年第一季，營運活動使用的淨現金改善逾 25%。

For 2026, LiveWire's focus is heavily geared around the imminent launch of its F4 Honcho products, in particular, continued network expansion cost savings and improvements and product innovation and development focused on products that will be profitable and positive drivers of cash flow.

2026 年，LiveWire 的重點將高度聚焦於其 F4 Honcho 產品的即將上市，特別是持續擴展通路網絡、成本節省與改善，以及聚焦於可獲利並能正向帶動現金流的產品創新與開發。

Now, turning to slide 12. We wrapping up with consolidated Harley-Davidson Inc financial results. We had net cash use of $228 million from operating activities in Q1 and which compares to $142 million of operating cash in the prior year period.

接著看第 12 張投影片。我們最後總結 Harley-Davidson Inc 的合併財務結果。第一季營運活動淨現金流出為 2.28 億美元，相較去年同期營運現金流入 1.42 億美元。

Operating cash flow was lower than the prior year due to reduced cash inflows at HDMC on lower wholesale shipments. Also at HDFS, the operating cash flow decreased due to reduced interest income and due to new originations of retail finance receivables under the forward flow arrangement that were classified as held for sale, which is classified as an operating activity under U.S. GAAP. As a result, the originations to be sold to our strategic partners or outflows reduced cash flow from operations as there were no comparative retail finance receivable originations classified as held for sale in the first quarter of the prior year.

營運現金流較去年同期下降，原因在於 HDMC 因批發出貨量較低而使現金流入減少。此外在 HDFS，營運現金流亦因利息收入降低而下降，並且由於在遠期流轉（forward flow）安排下新承作的零售融資應收款被分類為待售（held for sale），依美國 GAAP 其被歸類為營運活動，因而造成營運現金流出。結果是，將出售給策略合作夥伴的承作款項（originations）之流出降低了營運現金流，因為去年第一季並無可比較、被分類為待售的零售融資應收款承作。

This was partially offset by the inflows from the proceeds from the sale of retail finance receivables classified as held for sale. This will remain a distinct year-over-year item as we move through 2026 as a result of the HDFS transaction, which concluded throughout the second half of 2025. Total cash and cash equivalents ended Q1 of 2026 at $1.8 billion compared to $1.9 billion a year ago.

上述影響部分被出售分類為待售之零售融資應收款的處分收入流入所抵銷。由於 HDFS 交易於 2025 年下半年期間完成，當我們進入 2026 年時，這將仍是一個明顯的年對年項目。2026 年第一季末現金及約當現金合計為 18 億美元，相較一年前為 19 億美元。

As part of our share buyback strategy, in Q4 of 2025, we entered into an accelerated share repurchase agreement to repurchase $200 million of the company's common stock. As part of the ASR agreement, we received $160 million or 80% of the notional worth of shares or 6.3 million shares delivered to us before December 31, 2025, with the remainder expected to be delivered in early 2026.

作為我們股票回購策略的一部分，我們於 2025 年第四季簽訂加速股票回購（ASR）協議，以回購價值 2 億美元的公司普通股。依據該 ASR 協議，我們在 2025 年 12 月 31 日前已收到名義金額 1.6 億美元（即名義金額的 80%）所對應的股份，或交付給我們的 630 萬股，其餘股份預計將於 2026 年初交付。

On February 12, 2026, our ASR was concluded, and we received an additional 3.1 million shares on February 13 2026. These shares had a value of $64.7 million, considering the share price during the ASRs performance period. Beyond the ASR, the company also repurchased another 3.5 million shares on a discretionary basis for $63.3 million in the first quarter of 2026. Therefore, in Q1, we repurchased a total of 6.6 million shares worth $128 million on a discretionary basis. We note that since our Q2 of 2024 earnings announcement, where we also announced a plan to repurchase $1 billion worth of our shares through 2026 that we have repurchased a total of 26.8 million shares.

2026 年 2 月 12 日，我們的 ASR 已結束，並於 2026 年 2 月 13 日額外收到 310 萬股。按 ASR 執行期間的股價計算，該等股份價值為 6,470 萬美元。除 ASR 之外，公司亦於 2026 年第一季以酌情方式另行回購 350 萬股，金額為 6,330 萬美元。因此，在第一季，我們以酌情方式合計回購 660 萬股，價值 1.28 億美元。我們指出，自 2024 年第二季財報公告（當時亦宣布計畫於 2026 年前回購價值 10 億美元的股份）以來，我們累計已回購 2,680 萬股。

That is a total value of $726 million of Harley-Davidson shares purchased. We are pleased with the performance and have decided to conclude reporting on this program as we look forward to aligning our capital allocation approach with the updated strategy that Ed and I will walk through shortly. Share buybacks remain an important part of our capital allocation strategy, and you will hear more on this, including a refreshed and updated approach to capital return to shareholders.

上述回購的哈雷戴維森股份總價值為 7.26 億美元。我們對其表現感到滿意，並已決定結束對該計畫的報告，因為我們期待將資本配置方法與即將由 Ed 與我稍後說明的更新策略對齊。股票回購仍是我們資本配置策略的重要一環，您也將聽到更多相關內容，包括一套經重新調整與更新的股東資本回饋方式。

As we enter the main riding season, we remain pleased with our dealer inventory levels and leading market share position in the U.S., new model year '26 motorcycle launch, including the new limited touring motorcycles and the all-new redesigned trike models. We are also pleased with the reception to a number of new, more affordable motorcycles, which have a focus on critical price points to help stone demand.

隨著我們進入主要騎乘季節，我們對經銷商庫存水位以及在美國的領先市占地位仍感到滿意；同時也對 2026 年式新車上市感到振奮，其中包括新的限量版旅行車款以及全新改款的三輪車（trike）車型。我們也很高興看到多款更平價新車的市場反應，這些車款聚焦於關鍵價格帶，以協助刺激需求。

While we are not changing our financial guidance, we would note that our optimism on the year has increased. This is due in large part to our retail results in North America, and we are also pleased with the early action of our cost reduction. For the full year 2026, the company reaffirms its guidance and continues to expect at HDMC retail units of $130,000 to $135,000 a and wholesale units of 130,000 to 135,000.

雖然我們不調整財務指引，但我們要指出，對今年的樂觀程度已提高。這主要歸因於北美的零售表現，同時我們也對成本削減的早期成效感到滿意。就 2026 全年而言，公司重申其指引，並持續預期 HDMC 零售台數為 130,000 至 135,000 台，批發台數為 130,000 至 135,000 台。

We believe that global dealer inventory levels are healthy, and therefore, we expect retail and wholesale to have a largely one-to-one relationship in 2026. In line with my earlier comments versus prior year, we expect shipments to be higher in Q2, relatively flat in Q3 and then up again in Q4. At the same time, we continue to expect production units at HDMC to be lower than wholesale units shipped in 2026 as we work to prudently manage overall company inventory levels. For 2026, we expect this will have a deleverage impact, which will put pressure on operating leverage and operating margin, but we expect to come into alignment by next year.

我們認為全球經銷商庫存水位健康，因此預期 2026 年零售與批發將大致呈現一比一的關係。呼應我先前相較於前一年的評論，我們預期第二季出貨較高、第三季相對持平，第四季再度上升。同時，為審慎管理公司整體庫存水位，我們仍預期 2026 年 HDMC 的生產台數將低於批發出貨台數。就 2026 年而言，我們預期這將造成去槓桿效應，對營運槓桿與營業利益率形成壓力，但我們預期將於明年回到一致水準。

In addition, we still expect to face a greater overall cost for incremental tariffs in 2026 compared to 2025 and which we covered in detail previously. As a reminder, in full year 2025, we incurred a cost of $67 million in new or increased tariffs. And in 2026, we forecast a cost of between $75 million to $90 million of new or increased tariffs based upon current tariff levels and versus the 24 baseline. This is an update to the prior range we provided of $75 million to $105 million. At HDMC, we expect operating income of positive $10 million to a loss of $40 million. At HDFS, we expect operating income of $45 million to $60 million.

此外，我們仍預期 2026 年因新增或提高關稅而產生的整體增量成本將高於 2025 年，相關內容我們先前已詳細說明。提醒一下，2025 全年我們因新增或提高關稅而承擔 6,700 萬美元成本。而在 2026 年，基於目前關稅水準並相較於 2024 年基準，我們預估新增或提高關稅的成本介於 7,500 萬至 9,000 萬美元。這是對先前提供之 7,500 萬至 1.05 億美元區間的更新。在 HDMC，我們預期營業利益為正 1,000 萬美元至虧損 4,000 萬美元。在 HDFS，我們預期營業利益為 4,500 萬至 6,000 萬美元。

As a reminder, the new business model at HDFS, given the HDFS transaction, where Harley-Davidson Financial Services now employs a capital-light derisked business model and has significantly changed financial earnings profile relative to before the transaction. For LiveWire, we are forecasting an operating loss in the range of $70 million to $80 million.

提醒一下，鑑於 HDFS 交易，HDFS 的新商業模式使哈雷戴維森金融服務（Harley-Davidson Financial Services）如今採用資本輕量、去風險化的商業模式，其財務獲利結構相較於交易前已發生顯著改變。就 LiveWire 而言，我們預估營業虧損介於 7,000 萬至 8,000 萬美元。

And with that, I'll turn it back to Artie to cover our strategic plan.

接下來我把時間交還給 Artie，由他說明我們的策略計畫。

Now turning to our strategic plan for Harley-Davidson. On behalf of our Harley-Davidson community, Jonathan and I are excited to introduce our Back to the Bricks plan. Designed to reignite brand enthusiasm with riders around the world while driving profitable growth for our dealers and shareholders. It is grounded in the work we've done since October. We've spent significant time assessing the business, engaging deeply with dealers and riders and most recently, through a global road show where we connected directly with the majority of our dealer network in all of our global dealer advisory councils.

現在談到哈雷戴維森的策略計畫。代表我們的哈雷戴維森社群，Jonathan 與我很高興介紹「Back to the Bricks」計畫。該計畫旨在重新點燃全球騎士對品牌的熱情，同時為我們的經銷商與股東帶來獲利成長。此計畫奠基於我們自 10 月以來所做的工作。我們投入大量時間評估業務、深入與經銷商及騎士互動；最近更透過全球巡迴路演，直接與我們全球各地經銷商諮詢委員會中的大多數經銷商網路建立連結。

The Back to the Bricks plan will restore Harley-Davidson and position the company for growth. First, we are intensely focused on leveraging Harley-Davidson's competitive advantages, specifically brand, diversified revenue channels and most notably, P&A and financing products and our dealer network. Second, we are leaning into a true win-win model with our dealer network. Our dealers are not only our retail channel, but the frontline builders of our rider community. They are the true source of strength and a competitive advantage when our dealers win the enterprise wins, and so do our shareholders.

「Back to the Bricks」計畫將重振哈雷戴維森並使公司重回成長軌道。第一，我們高度聚焦於運用哈雷戴維森的競爭優勢，特別是品牌、多元化營收渠道，尤其是 P&A（零配件與服飾）與融資產品，以及我們的經銷商網路。第二，我們將與經銷商網路推動真正的雙贏模式。我們的經銷商不僅是零售通路，更是騎士社群的第一線建構者。他們是真正的力量來源；當經銷商成功，企業就成功，股東也同樣受益。

Third, we have already taken immediate actions to recapture share by better serving the large and community of riders, where Harley-Davidson has a clear right to win. Fourth, we're doing this from a position of strength and plan to leverage our balance sheet, bolstered by cost and restructuring actions to enable both investment in the business and returns to shareholders. We are executing against a clear path to strong and growing free cash flow and EBITDA margin. And lastly, we brought on some great leadership talent to support the business as we enter this new chapter for the company.

第三，我們已採取立即行動，透過更好地服務龐大且具社群性的騎士族群來重新奪回市占，而哈雷戴維森在此領域具備明確的勝出條件。第四，我們是在優勢基礎上推進此計畫，並將運用資產負債表，配合成本與重整措施的強化，以同時支持對業務的投資與對股東的回饋。我們正沿著清晰路徑執行，以實現強勁且成長的自由現金流與 EBITDA 利潤率。最後，隨著公司邁入新篇章，我們也延攬了優秀的領導人才來支持業務發展。

Moving to slide 3. There are really three things that define Harley-Davidson. First, we are a 123-year young brand that designs and manufactures the best motorcycles in the world. combining iconic design, precision engineering and a look, sound and feel that is unmistakably Barley Davidson. Second, through our best-in-class dealer network, we serve a global community across segments.

來到第 3 張投影片。真正定義哈雷戴維森的有三件事。第一，我們是一個「年輕」123 年的品牌，設計並製造世界上最好的摩托車，結合經典設計、精密工程，以及一眼就能辨識的外觀、聲浪與騎乘感受——這就是哈雷戴維森。第二，透過我們同級最佳的經銷商網路，我們服務跨細分市場的全球社群。

We've helped define over decades. Our riders show up in powerful ways through hog chapters, rallies, events and by giving back to their local communities. And third, maybe most importantly, is the culture of riding.

這個社群是我們數十年來協助形塑的。我們的騎士透過 HOG 分會、集會、活動，以及回饋在地社區等方式，展現強大的影響力。第三，也許最重要的是騎乘文化。

Since starting at the company, I've spent time with riders and dealers at events, rallies and swap meats. And what stands out is the emotional connection riders talk about their motorcycles, their rides and their community in deeply personal ways. For them, riding isn't just about getting somewhere. It's about the experience itself. The ride is the destination.

自加入公司以來，我在各種活動、集會與跳蚤市場（swap meets）與騎士及經銷商相處。最令我印象深刻的是那種情感連結：騎士以非常個人的方式談論他們的摩托車、旅程與社群。對他們而言，騎乘不只是為了到達某個地方，而是關於體驗本身。旅程就是目的地。

Turning to slide 4. We're in the midst of a bold restoration of the business to drive value for shareholders. What's clear is that our heritage remains a powerful advantage, not something to preserve, but something to build from. It starts with our portfolio. Taking a step back over the last several years, we leaned heavily into touring and electric.

來到第 4 張投影片。我們正處於一場大膽的業務重塑之中，以為股東創造價值。很清楚的是，我們的傳承仍是一項強大的優勢——不是要被保存的東西，而是要作為建構的基礎。這從我們的產品組合開始。回顧過去幾年，我們在旅行車款與電動化上投入比重很高。

Going forward, we are shifting to a more rider-centric portfolio, one that is more accessible, more customizable and better aligned to the needs of the full spectrum of our riders. Touring will always remain our core. We're building clear pathways into the brand that support long-term touring growth. While also addressing other writing occasions and styles. Importantly, we can do this using our existing platforms, moving from too many of too few to a more balanced lineup.

展望未來，我們將轉向更以騎士為中心的產品組合：更易入手、更可客製化，並更貼近各類騎士全光譜的需求。旅行車款將永遠是我們的核心。我們正在打造清晰的品牌入門路徑，以支持旅行車款的長期成長，同時也涵蓋其他騎乘情境與風格。重要的是，我們可以運用既有平台做到這一點，從「太多款式、每款量太少」轉向更均衡的產品陣容。

We're also adopting an enterprise profitability model, recognizing that our success is directly tied to the success of our dealers. When dealers win, we win. By aligning Harley-Davidson and dealer economics, we can create more value for riders, stronger profitability for dealers and more dependable cash flow for shareholders. I'll come back to this in more detail shortly. Another key pillar is parts and accessories. Customization is at the heart of Harley-Davidson.

我們也正在採用企業獲利能力模型，認知到我們的成功與經銷商的成功直接相連。經銷商贏，我們就贏。透過使哈雷戴維森與經銷商的經濟效益一致，我們可以為騎士創造更多價值、為經銷商帶來更強的獲利能力，並為股東提供更可靠的現金流。我稍後會再更詳細說明。另一個關鍵支柱是零件與配件。客製化是哈雷戴維森的核心。

It's how riders make each bike their own what we often think of as freedom for the sole or more personally freedom for our so. We're reestablishing parts and accessories as a core growth driver, one where we have a clear right to win, and in alignment with dealers as this is an important component of their profitability. We're also reinforcing motor clothes and apparel, growing from the core of the brand.

這正是騎士讓每一台車成為自己專屬座駕的方式——我們常把它視為靈魂的自由，或更個人地說，是屬於我們自我的自由。我們正重新確立零件與配件作為核心成長驅動力，這是我們明確具備勝出權利的領域，並且與經銷商保持一致，因為這也是他們獲利能力的重要組成。我們也在強化機車服飾與服裝業務，從品牌核心出發推動成長。

On promotions, as inventory has normalized, we are shifting to a more targeted and disciplined approach, one that supports volume while protecting margins. An expanded portfolio will play an important role here as well. From an investment standpoint, we continue to see upside in existing platforms, particularly within touring, but our near-term focus is on executing better with the platforms we already have rather than introducing entirely new ones. By leveraging our existing platforms and powertrain to bring new motorcycles to market, we are operating with a more capital-efficient model.

在促銷方面，隨著庫存已恢復正常，我們正轉向更精準且更有紀律的方法，在支持銷量的同時保護毛利率。更擴大的產品組合也將在此扮演重要角色。從投資角度來看，我們仍持續看好既有平台的上行空間，特別是在旅行車（touring）領域；但我們的短期重點，是把既有平台執行得更好，而不是推出全新平台。透過運用既有平台與動力系統將新車推向市場，我們正以更具資本效率的模式運作。

Finally, we've taken important steps to refocus our brand around our community as reflected in the launch of the ride marketing platform. Taken together, we believe these actions position us to revitalize the business by leaning into what has always made Harley-Davidson strong and executing with greater clarity and discipline.

最後，我們已採取重要步驟，重新聚焦品牌於我們的社群——這反映在 ride 行銷平台的推出上。綜合而言，我們相信這些行動使我們能夠振興業務：更深入倚重一直以來讓哈雷戴維森強大的要素，並以更清晰且更有紀律的方式執行。

As you can see on slide 5, a we've experienced a decline in retail volumes, and that's had a direct and meaningful impact on both company and dealer performance. At the core of this is a loss of relevancy with riders, most notably with the exit of iconic motorcycles like the Sportster, which limited accessibility and contributed to lower volumes.

如同投影片 5 所示，我們的零售量已出現下滑，這對公司與經銷商的表現都造成直接且重大的影響。其核心在於我們與騎士之間的關聯性下降，尤其是像 Sportster 這類標誌性車款的退出，降低了可及性並導致銷量下滑。

Additionally, we are excited to introduce Sprint the perfect entry for many to the Harley-Davidson brand. At the same time, as volumes declined, our cost base remained largely fixed putting pressure on margins and driving a greater reliance on broad-based promotions, particularly on higher-priced motorcycles. And importantly, lower throughput at has had a direct impact on our dealers, reducing traffic, compressing profitability and limiting the performance of key revenue streams like parts and accessories and service.

此外，我們也很高興推出 Sprint——對許多人而言，這是進入哈雷戴維森品牌的完美入門選擇。同時，隨著銷量下降，我們的成本基礎仍大致固定，對利潤率造成壓力，並使我們更依賴廣泛性的促銷，特別是在高價位機車上。而且重要的是，較低的產出量也直接影響了我們的經銷商，降低來客量、壓縮獲利能力，並限制了零件與配件及維修等關鍵營收來源的表現。

All of this reinforces a critical point. restoring profitable volume is central to improving overall performance. And that's exactly what our strategy is designed to address, making the brand more accessible through a combination of portfolio changes, more targeted pricing and promotions and improved operational execution.

這一切都再次強化一個關鍵點：恢復具獲利性的銷量，是改善整體表現的核心。而這正是我們策略所要解決的問題——透過產品組合調整、更精準的定價與促銷，以及更佳的營運執行，讓品牌更容易被接觸與選擇。

Moving to slide 6. While recent performance has been impacted, the underlying market opportunity remains significant. We see meaningful white space in existing markets, areas where Harley-Davidson has strong legacy equity and a clear right to win. Across new motorcycles, used motorcycles, parts and accessories and apparel, there is share of wallet that we were capturing as recently as 2019 that we are no longer capturing today.

接著看投影片 6。雖然近期表現受到影響，但底層的市場機會仍然可觀。我們在既有市場中看到大量的「白地」空間——也就是哈雷戴維森擁有深厚歷史品牌資產、且明確具備勝出權利的領域。涵蓋新車、二手機車、零件與配件以及服飾，我們在 2019 年仍能取得、但如今已未能取得的「錢包份額」仍然存在。

That creates a very direct opportunity to regain market share and do so in segments where our brand is already strong. Importantly, this strategy is not about entering new categories where we lack a competitive advantage. It's about doubling down in the categories we know where we have credibility, scale and deep rider connection. We believe this positions us to regain lost share while driving meaningful volume growth over time.

這帶來非常直接的機會：重新奪回市占，並且是在我們品牌本就強勢的細分市場中達成。重要的是，這項策略並非要進入我們缺乏競爭優勢的新類別；而是要在我們熟悉、具備可信度、規模與深厚騎士連結的類別上加倍投入。我們相信，這將使我們能夠收復流失的份額，同時在時間推進下帶動有意義的銷量成長。

Now, turning to our strengths on slide 7. The foundation of Harley-Davidson is its legacy, an unparalleled brand with unique American heritage, as recognized recently by USA TODAY as part of their 50 iconic brands that shaped America Series. Underpinned by a best-in-class dealer experience, deeply committed riders and craftsmanship that delivers something truly unique.

現在，轉到投影片 7 來看我們的優勢。哈雷戴維森的基礎在於其傳承——一個無可匹敵、具有獨特美國血統的品牌；近期也獲《USA TODAY》認可，列入其「塑造美國的 50 個經典品牌」系列。這一切以同級最佳的經銷商體驗、深度投入的騎士，以及能帶來真正獨特感受的工藝為支撐。

When I first joined the company, those advantages were immediately clear. And as we've looked more closely at the data, they've only become more compelling. We are one of the most recognized and esteemed brands in the category and in many ways, we help define it. Our dealer network is a true competitive advantage, consistently delivering a best-in-class customer experience and serving as the frontline of our brand. Our riders have an incredible affinity for Harley-Davidson.

我剛加入公司時，這些優勢立刻就非常明顯。而當我們更深入檢視數據後，這些優勢只變得更具說服力。我們是此類別中最廣為人知且最受尊崇的品牌之一，並且在許多方面，我們協助定義了這個類別。我們的經銷商網絡是真正的競爭優勢，持續提供同級最佳的顧客體驗，並作為品牌的第一線。我們的騎士對哈雷戴維森有著驚人的情感連結。

They don't just buy our products, they live our brand. It's a level of loyalty and engagement that is difficult to replicate. And all of this is anchored in superior craftsmanship and quality that continues to resonate strongly with our riders. Taken together, these strengths provide a powerful foundation as we execute our plan and move the business forward.

他們不只是購買我們的產品，他們是在「活出」我們的品牌。這種忠誠度與參與度很難被複製。而所有這些都建立在卓越的工藝與品質之上，並持續與我們的騎士產生強烈共鳴。綜合而言，這些優勢在我們執行計畫、推動業務向前之際，提供了強而有力的基礎。

Now turning to our strategic road map on slide 8. Against the backdrop we've just discussed, we've developed a plan for the next several years that unfolds in three clear phases. First is the reset. This phase is already underway and focused on taking cost out rightsizing dealer inventory, strengthening our dealer relationships and rolling out the ride marketing platform. We're making progress across all these areas, and today, we'll provide an update on that momentum. Second is the growth phase.

接著看投影片 8 的策略路線圖。基於我們剛才討論的背景，我們制定了未來數年的計畫，並分為三個清晰階段展開。第一階段是「重置」。此階段已在進行中，重點在於降低成本、調整經銷商庫存至適當水位、強化經銷商關係，以及推出 ride 行銷平台。我們在這些領域都取得進展，今天也會更新這股動能。第二階段是「成長」。

Beginning next year, you'll see a more expanded and balanced portfolio designed around what riders want, while leveraging the full life cycle of the motorcycle to unlock additional revenue streams. Parts and accessories will play a much larger role both in dealerships and as a core revenue driver. At the same time, we're refining our promotional approach to be more targeted, driving traffic and volume while preserving profitability. And third is the acceleration of value creation.

從明年開始，你將看到更擴大且更均衡的產品組合，圍繞騎士的需求設計，同時運用機車全生命週期來解鎖額外的營收來源。零件與配件將在經銷商端扮演更大的角色，並成為核心營收驅動力。同時，我們也在精煉促銷方式，使其更具針對性，在維持獲利能力的同時帶動來客與銷量。第三階段則是「價值創造加速」。

As the portfolio becomes more accessible and better aligned to needs of our full spectrum of riders, we see opportunity to deepen ridership engagement. This includes greater participation in the used motorcycle ecosystem as well as further driving adjacent areas like apparel and licensing. With the foundation established in the first two phases, we believe we are well positioned to drive more sustainable enterprise growth in wider economic enterprise benefits.

隨著產品組合變得更易於接觸，並更貼合我們全體騎士光譜的需求，我們看到了加深騎乘者參與度的機會。這包括更深入參與二手機車生態系，以及進一步推動服飾與授權等相鄰領域。在前兩個階段奠定基礎後，我們相信自己已具備良好定位，能推動更可持續的企業成長，並帶來更廣泛的經濟與企業層面的效益。

Turning to slide 9. What are we doing right now? We've already begun putting this plan into action, and we're encouraged by the early momentum. As part of Phase 1, our actions on cost and inventory have been swift and effective. We've moved quickly to reduce head count and take cost out of cost of goods sales, creating room to reinvest in key growth areas like parts and accessories.

轉到投影片 9。我們現在正在做什麼？我們已開始將此計畫付諸行動，並對早期動能感到鼓舞。作為第一階段的一部分，我們在成本與庫存方面的行動迅速且有效。我們快速降低人力規模，並在銷貨成本中去除成本，為在零件與配件等關鍵成長領域再投資創造空間。

As we previously outlined, we expect to deliver at least $150 million in annual run rate cost savings that will impact 2027 and beyond versus 2025 levels. At the same time, we've made meaningful progress on inventory. Global retail inventory is now at a much healthier level, down significantly, 22% year-over-year. So we still see opportunity to improve assortment and allocation at the dealer level. Importantly, these actions are starting to translate into results. we're seeing sales momentum return with retail growth and market share gains, including an 8% increase in global retail sales in Q1 2026.

如同我們先前所說明，我們預期可實現至少 1.5 億美元的年度化（run rate）成本節省，相較於 2025 年水準，將影響 2027 年及以後。同時，我們在庫存方面也取得顯著進展。全球零售庫存目前處於更健康的水位，年減幅度顯著，較去年同期下降 22%。因此，我們仍看到在經銷商層級改善品項組合與配貨的機會。重要的是，這些行動開始轉化為成果。我們看到銷售動能回升，零售成長與市占提升，包括 2026 年第一季全球零售銷售成長 8%。

Now turning to our dealers on slide 10. The Harley-Davidson dealer network is a clear competitive advantage, and our strategy is intentionally designed to support and strengthen their profitability. I firmly believe this company will go only as far as our dealers take us. That's why dealer profitability is a central pillar of our plan. Since joining, I've spent a significant amount of time with dealers, along with the broader leadership team, listening and learning directly from them on the ground.

現在看投影片 10 的經銷商。哈雷戴維森的經銷商網絡是明確的競爭優勢，而我們的策略也刻意設計來支持並強化他們的獲利能力。我堅信，這家公司能走多遠，取決於我們的經銷商能帶我們走多遠。這就是為什麼經銷商獲利能力是我們計畫的核心支柱。自加入以來，我與更廣泛的領導團隊一起，花了大量時間與經銷商相處，直接在第一線傾聽並向他們學習。

Our focus is on earning their trust and ensuring they're confident and excited about the path forward. We've already taken action through inventory rightsizing, better alignment on promotions and structural improvements to dealer programs. And we're not done. There are additional actions ahead that we expect to further strengthen dealer economics.

我們的重點是贏得他們的信任，並確保他們對前進方向有信心且感到振奮。我們已透過調整庫存至適當水位、在促銷上更一致的對齊，以及對經銷商方案的結構性改善採取行動。而我們尚未結束。接下來還有更多行動，我們預期將進一步強化經銷商的經濟效益。

Our objective is clear: to materially improve dealer profitability over time, supporting a stronger, more stable network and enabling long-term growth. As shown on the slide, we are targeting a meaningful step-up in dealer profitability over the next several years. Moving to slide 11. It's important to understand the role dealers play in the Harley-Davidson ecosystem. Dealer profitability is nonnegotiable and ultimately a win for shareholders.

我們的目標很清楚：隨時間推進，實質提升經銷商獲利能力，支持更強健、更穩定的網絡，並促成長期成長。如投影片所示，我們的目標是在未來數年讓經銷商獲利能力出現有意義的躍升。接著看投影片 11。理解經銷商在哈雷戴維森生態系中的角色非常重要。經銷商獲利能力不容妥協，最終也將使股東受益。

At the core, brick-and-mortar economics and frontline enthusiasm are directly linked. When our dealers are profitable, they can invest in their business, delivering a better rider experience at the point of interaction with our brand. Stronger dealer economics also reduced the need for discounting and OEM promotional support, helping preserve the premium positioning and long-term health of the brand. Dealers are not just our primary sales channel.

從根本來看，實體通路的經濟效益與第一線的熱情是直接相連的。當我們的經銷商獲利良好時，他們就能投資於自身業務，在與我們品牌互動的接觸點提供更好的騎士體驗。更強健的經銷商經濟狀況也降低了折扣與 OEM 促銷支援的需求，有助於維持高端定位與品牌的長期健康。經銷商不僅僅是我們的主要銷售通路。

They are a powerful marketing engine, building the brand and local communities at scale. When they are successful, we unlock the ability to invest more in rider growth through initiatives like Riding Academy, HOG engagement and events that deepen connection to the brand. And importantly, healthy dealer profitability attracts capital, bringing more investment into the network and supporting long-term rider-centric growth.

他們更是一具強大的行銷引擎，能以規模化方式打造品牌並凝聚在地社群。當他們成功時，我們就能解鎖更多投資於騎士成長的能力，透過如 Riding Academy、HOG 互動與各類活動等計畫，加深與品牌的連結。更重要的是，健康的經銷商獲利能力會吸引資本，為通路網絡帶來更多投資，並支撐以騎士為中心的長期成長。

Moving to slide 12. I want to spend a moment on the lens through which we're now viewing growth and profitability. We've done significant work to better understand how we make money as one enterprise, Harley-Davidson and our dealers together. What's clear is that focusing solely on wholesale and retail motorcycle margins is an incomplete view. A motorcycle generates value over its entire life cycle across parts and accessories, service finance and insurance and ultimately, the used market.

接著看第 12 張投影片。我想花點時間談談我們現在用來看待成長與獲利的視角。我們已投入大量工作，更深入理解作為一個整體企業——Harley-Davidson 與我們的經銷商共同——我們如何賺錢。很清楚的是，只聚焦於機車的批發與零售毛利是不完整的觀點。一台機車在其整個生命週期中都會創造價值，涵蓋零件與配件、維修保養、金融與保險，並最終延伸到二手市場。

And importantly, Harley-Davidson and our dealers participate in that value at different points in time across multiple revenue streams. So going forward, we're managing the business against this broader enterprise economic model. By increasing new motorcycle volumes, we not only drive profit at the point of sale, we also expand the base of motorcycles in the market, which fuels downstream revenue across all of these channels.

而且重要的是，Harley-Davidson 與我們的經銷商會在不同時間點、透過多元收入來源參與這些價值。因此，未來我們將以更廣義的企業經濟模型來管理業務。當我們提高新車銷量時，不僅能在銷售當下帶動獲利，也能擴大市場上的機車保有量，進而推動上述各通路的下游收入。

We believe this will create a more stable diversified and sustainable earnings profile over time. It also changes how we think about the portfolio. We intend to bring motorcycles to market in a way that supports the full enterprise profit model not just the economics of an individual launch for motorcycle. We expect this to reduce pressure on any single product and lead to more balanced performance across cycles.

我們相信，隨時間推移，這將形成更穩定、更多元且更可持續的獲利結構。這也改變了我們對產品組合的思考方式。我們打算以支持完整企業獲利模型的方式將機車推向市場，而不僅僅著眼於單一車款上市的經濟效益。我們預期這將降低對任何單一產品的壓力，並在景氣循環中帶來更均衡的表現。

And importantly, the portfolio changes we're making, particularly around accessibility and customization play directly into this model by supporting higher volumes and stronger life cycle value. Over time, we plan for this to become a compounding growth engine. The return of Sportster and the introduction of new models like Sprint are great examples of how this approach will create value across the system. We're really excited to announce that our iconic Harley-Davidson Sportster will be returning in 2027. This has been the most requested motorcycle from both our riders and our dealers, and we're bringing it back better than ever.

同樣重要的是，我們正在進行的產品組合調整，特別是在可及性與客製化方面，會直接契合此模型，因為它能支持更高的銷量與更強的生命週期價值。長期而言，我們計畫讓這成為一個複利式的成長引擎。Sportster 的回歸，以及像 Sprint 這樣的新車型導入，都是此方法如何在整個系統中創造價值的絕佳例子。我們非常興奮地宣布，我們的經典 Harley-Davidson Sportster 將於 2027 年回歸。這是騎士與經銷商最常提出的需求之一，我們將以更勝以往的姿態把它帶回來。

Sportster is a perfect embodiment of back to the bricks, and it fits naturally within our enterprise economic model. For context, Sportster has historically been a middle weight highly customizable motorcycle with an air cooled powertrain and accessible starting price point, making it an important entry to the Harley-Davidson brand. While it was discontinued in 2022, it has remained incredibly strong in the used market, often retaining value at or above original MSRP, which speaks to its enduring appeal. With its accessibility, we expect Sportster to drive higher volumes.

Sportster 是「回到實體通路（back to the bricks）」的完美體現，也自然地融入我們的企業經濟模型。作為背景，Sportster 歷來是一款中量級、可高度客製化的機車，採用氣冷動力系統，且入門起始價格更易入手，使其成為進入 Harley-Davidson 品牌的重要入口。雖然它在 2022 年停產，但在二手市場仍然非常強勢，經常能以接近或高於原始建議零售價（MSRP）的價格保值，顯示其持久魅力。憑藉其可及性，我們預期 Sportster 將帶動更高的銷量。

And with its customization potential, we expect strong attachment to parts and accessories as riders personalize their motorcycles. Beyond the motorcycle itself, Sportster also creates opportunity across apparel, licensing in the broader wider ecosystem. Importantly, it demonstrates how our strategy generates value across the full life cycle from the initial sale to entry into the used market. Taken together, Sportster is a critical part of our plan to restore volume, strengthen our portfolio and drive long-term enterprise value. We look forward to sharing more specifics later this year.

而憑藉其客製化潛力，我們也預期騎士在個人化車輛時，對零件與配件會有強勁的搭售（attachment）。除了機車本身，Sportster 也在服飾、授權等更廣泛的生態系中創造機會。重要的是，它展現了我們的策略如何在完整生命週期中創造價值——從首次銷售到進入二手市場。綜合而言，Sportster 是我們恢復銷量、強化產品組合並推動長期企業價值計畫中的關鍵一環。我們期待在今年稍晚分享更多具體細節。

Additionally, we're excited to bring Sprint to market beginning in the back half of 2026. This lightweight, customizable and accessible motorcycle provides a great entry to the brand for many riders. We are excited to be returning to a space that we haven't been in since the 1960s. And we believe that the Sprint will provide a great starting point for riders to enter the brand as they progress through the portfolio. Over the coming periods, we will be providing more detail on how this aligns with our portfolio planning and lifetime value creation.

此外，我們也很興奮將自 2026 年下半年起把 Sprint 推向市場。這款輕量、可客製化且更易入手的機車，為許多騎士提供了進入品牌的絕佳入口。我們很高興能重返一個自 1960 年代以來我們未曾涉足的級距。我們相信，Sprint 將為騎士提供很好的起點，並在他們隨著需求進階時，逐步在產品組合中向上發展。在接下來的期間，我們將提供更多細節，說明其如何與我們的產品組合規劃與終身價值創造相一致。

Moving to slide 15 and zooming out to a broader view of the portfolio, we are taking deliberate steps to realign the portfolio. Making it more rider-centric and better positioned to replicate the value creation cycle we just discussed across more models.

接著看第 15 張投影片，從更宏觀的產品組合角度來看，我們正採取審慎步驟重新校準產品組合，使其更以騎士為中心，並更有利於在更多車型上複製我們剛才討論的價值創造循環。

Over the past few years, pricing and portfolio decisions reduced accessibility for some riders which contributed to lower volumes and ultimately, pressure on profitability. We're addressing that directly. Going forward, you'll see a more balanced lineup across price points. while still maintaining our premium positioning. We're also expanding the use of blank canvas motorcycles, which we know is a key differentiator for Harley-Davidson.

過去幾年，定價與產品組合決策降低了部分騎士的可及性，導致銷量下滑，最終對獲利造成壓力。我們正直接處理這個問題。未來，你將看到在維持高端定位的同時，於不同價位帶提供更均衡的產品線。我們也在擴大「空白畫布（blank canvas）」車款的運用，這是我們知道 Harley-Davidson 的關鍵差異化優勢。

Giving riders more opportunity to personalize their motorcycles through genuine parts and accessories. These changes are informed by deep analysis of the used market, direct dealer engagement and what we've learned from recent promotional activity.

讓騎士有更多機會透過原廠零件與配件來個人化他們的機車。這些調整是基於對二手市場的深入分析、與經銷商的直接互動，以及我們從近期促銷活動中所獲得的學習。

Importantly, we see clear gaps in the portfolio that we can address efficiently without starting from scratch. We're leveraging our existing platforms in Powertrain, where we see significant room for growth, allowing us to expand the lineup without incremental capital investment. Taken together, this positions us to deliver what riders want, improve accessibility and drive stronger volume and life cycle value across the portfolio.

重要的是，我們看到產品組合中存在明確缺口，可在不從零開始的情況下有效補足。我們正運用既有的動力平台（Powertrain），在此我們看見顯著的成長空間，使我們能在不增加額外資本投資的前提下擴充產品線。綜合而言，這讓我們能交付騎士想要的產品、提升可及性，並在整個產品組合中推動更強的銷量與生命週期價值。

Now turning to parts and accessories on slide 16. This is one of our most important revenue channels and a significant growth opportunity. We believe there is a potential to drive 20% to 30% sales growth over time. We also recognize that we've under-invested in this area in recent years. Customization is at the core of the Harley-Davidson experience and a key driver of dealer profitability. No two Harley-Davidson motorcycles on the road are the same and that's exactly how riders want it.

現在看第 16 張投影片的零件與配件。這是我們最重要的收入通路之一，也是重大的成長機會。我們相信，長期而言有潛力推動 20% 到 30% 的銷售成長。我們也認知到，近年來我們在此領域投資不足。客製化是 Harley-Davidson 體驗的核心，也是經銷商獲利的關鍵驅動因素。路上沒有兩台 Harley-Davidson 機車是完全相同的，而這正是騎士所期待的。

So we've laid out a clear road map to rebuild our leadership in parts and accessories, leveraging our dealer network and existing manufacturing and supply chain capabilities. That starts with expanding our assortment, including reinstating approximately 30% of SKUs that were previously eliminated. We're also refocusing on core categories where Harley-Davidson has historically been strong. Like seats, exhaust, lighting, windshields and handlebars and pairing that with an increased emphasis on blank canvas motorcycles that are designed for personalization.

因此，我們已制定清晰的路線圖，透過經銷商網絡以及既有製造與供應鏈能力，重建我們在零件與配件領域的領導地位。首先是擴大產品組合，包括恢復約 30% 先前被刪除的 SKU。我們也重新聚焦於 Harley-Davidson 歷來強勢的核心品類，例如座椅、排氣系統、燈具、風鏡與把手，並搭配更強調為個人化而設計的「空白畫布」車款。

Importantly, we're integrating parts and accessories into the motorcycle launch process, ensuring availability at launch, supported by HDFS financing and aligned dealer incentives. As we execute this, we expect stronger dealer performance, increased attachment rates and ultimately both revenue growth and margin expansion over time.

重要的是，我們正把零件與配件整合進機車上市流程，確保上市即有貨，並由 HDFS 融資支持，且與經銷商激勵機制一致。隨著我們推進執行，我們預期經銷商表現將更強、搭售率提升，並最終在時間推移中同時帶動營收成長與毛利擴張。

Turning to slide 17. We're also refining our approach to promotions. Historically, our promotional activity has been broader and less targeted. More recently, we used promotions to help reset elevated dealer inventory. Which, while necessary, put pressure on profitability. Now with inventory at healthier levels, we're shifting to a more disciplined and targeted approach. Focused on driving traffic and conversion at a lower cost.

接著看第 17 張投影片。我們也在精進促銷策略。過去，我們的促銷活動範圍較廣、目標較不精準。近期我們使用促銷來協助重置偏高的經銷商庫存；雖然有其必要性，但也對獲利造成壓力。如今庫存回到更健康的水位，我們正轉向更有紀律且更精準的做法，著重以更低成本帶動來客與轉換。

An important enabler of this is our expanding portfolio, which allows for more value-based messaging across a broader range of products. rather than relying on heavy discounting on a narrower mix. We're also strengthening our capabilities with recent hires who bring deep experience in performance marketing in automotive retail. And the launch of our marketing development fund in 2025 is a key step in better aligning scale with more effective localized dealer messaging.

促成這一點的重要因素，是我們不斷擴大的產品組合，使我們能在更廣泛的產品範圍中進行以價值為導向的訊息傳遞，而不是在較窄的產品組合上依賴大幅折扣。我們也透過近期招募強化能力，這些新加入的人才在汽車零售的成效型行銷方面具備深厚經驗。此外，我們於 2025 年推出的行銷發展基金，是在規模化資源與更有效的在地化經銷商訊息之間取得更佳一致性的關鍵一步。

Together, these efforts are improving how we manage incentive spend, driving more predictable growth while recognizing that many riders don't require heavy promotion to convert. The result is a more efficient model. which we believe will support volume recovery while protecting margins.

綜合這些努力，我們正在改善對激勵支出的管理方式，在認知許多騎士不需要重度促銷也會轉換的前提下，推動更可預測的成長。結果是一個更有效率的模型，我們相信這將在支持銷量回升的同時，保護毛利。

Now turning to our marketing approach on slide 18. Last month, we launched our new brand platform, Ride, which really brings everything together. It's built on a simple but powerful insight, joy and Swagger. At its core, Ride celebrates the experience of riding and most importantly, our riders themselves. They and their motorcycles are the stars of the show. This reflects a broader shift in how we show up as a brand. We're moving toward more authentic, rider-focused storytelling that reinforces the community and culture at the heart of Harley-Davidson. We're also reallocating our marketing investments.

現在看第 18 張投影片的行銷方法。上個月，我們推出了全新的品牌平台「Ride」，真正把所有元素整合在一起。它建立在一個簡單但強而有力的洞察之上：喜悅與自信風範（Swagger）。在核心上，「Ride」歌頌騎乘的體驗，更重要的是，歌頌我們的騎士本身——他們與他們的機車才是舞台上的主角。這反映了我們作為品牌呈現方式的更廣泛轉變。我們正朝向更真實、以騎士為焦點的敘事，強化 Harley-Davidson 核心的社群與文化。我們也正在重新配置行銷投資。

Moving away from a heavier e-commerce spend and toward top of funnel, brand-building efforts to drive awareness and engagement. You may have even seen us recently on Wheel of Fortune. At the same time, we're making better use of tools like the marketing development fund, while upgrading our digital platforms and programs to support both global scale and local activation. And perhaps most importantly, the power of ride is that it gives us a single unified voice while still allowing flexibility for riders and dealers around the world to bring the brand to life in their own way.

我們正從較重的電商投放轉向漏斗上端（top of funnel），以品牌建立為主的行銷活動來提升知名度與互動。你們甚至可能最近在《幸運輪》（Wheel of Fortune）上看過我們。同時，我們也在更有效運用行銷發展基金（marketing development fund）等工具，並升級我們的數位平台與方案，以同時支援全球規模與在地啟動。或許最重要的是，「騎乘的力量」（the power of ride）在於它讓我們擁有一個單一、統一的聲音，同時仍保有彈性，讓全球各地的騎士與經銷商能以自己的方式讓品牌活起來。

It connects all aspects of Harley-Davidson from product to community to marketing under one cohesive platform. And as you can see on the slide, it creates a clear and flexible framework for how we bring the brand to life across riders, dealers and markets around the world. Over time, we expect this to drive stronger engagement, deeper relevance and ultimately growth.

它把哈雷戴維森（Harley-Davidson）從產品、社群到行銷的各個面向，串連在同一個一致的平台之下。正如你在投影片上看到的，它也為我們如何在全球各地的騎士、經銷商與市場中讓品牌具象化，建立了清晰且具彈性的架構。隨著時間推進，我們預期這將帶來更強的互動、更深的相關性，並最終帶動成長。

Now, I'll hand it over to Jonathan to take you through the financial section. Jonathan, over to you.

接下來我把時間交給 Jonathan，帶各位進入財務部分。Jonathan，交給你。

Thanks, Artie. Now turning to our financials on slide 21. All of the facets of the strategy we've just laid out support our financial growth trajectory over the next few years. We believe we have a clear path to achieving $350 million plus EBITDA in 2027. The path to get there is clear and execution-driven anchored by roughly $150 million in fixed cost reduction, better alignment between wholesale and retail volumes the full impact of Sportster and Sprint, targeted expansion in high-margin parts and accessories and more effective disciplined promotions.

謝謝你，Artie。現在我們看投影片 21 的財務表現。我們剛才所闡述策略的各個面向，都將支撐未來幾年的財務成長軌跡。我們相信在 2027 年達成 3.5 億美元以上 EBITDA 有一條清晰的路徑。達成目標的路徑明確、以執行為導向，並以約 1.5 億美元的固定成本削減為核心，同時更好地對齊批發與零售量、充分釋放 Sportster 與 Sprint 的完整效益、在高毛利的零件與配件（P&A）上進行有針對性的擴張，以及更有效且更有紀律的促銷。

Beyond 2027, the story doesn't stop. We expect continued strong growth driven by further cost absorption, a broader P&A and motorcycle portfolio, incremental product improvement and smarter incentive execution. The bottom line is, this is a structural step change in profitability with clear levers and meaningful upside ahead.

而在 2027 年之後，故事並不會停止。我們預期在進一步的成本吸收、更廣的 P&A 與機車產品組合、漸進式的產品改善，以及更聰明的獎勵（incentive）執行帶動下，仍將持續強勁成長。總結來說，這是獲利能力的結構性躍升，具備清楚的槓桿，且未來仍有可觀的上行空間。

Now on slide 22, we'll take a closer look at how we get there. This bridge outlines the key initiatives that will drive EBITDA improvement. In the near term, the focus will be on cost reduction and operating leverage, which we see as the primary drivers of performance. With these actions already underway, we have a clear line of sight to achieving $350 million or more. Beyond 2027, a Drivers for continued growth will include, but not be limited to, improvements in motorcycle margins and volume supported by growth in parts and accessories.

接著看投影片 22，我們更仔細看看如何達成。這個橋接圖（bridge）概述了推動 EBITDA 改善的關鍵舉措。短期內，重點將放在成本降低與營運槓桿，我們認為這是績效的主要驅動因素。由於這些行動已在進行中，我們對達成 3.5 億美元或以上有清晰的能見度。2027 年之後，持續成長的驅動因素將包括但不限於：在零件與配件成長支撐下的機車毛利與銷量改善。

Turning to our medium-term targets on slide 23. We expect to return to sustainable growth across key metrics. We expect to achieve mid-single-digit retail unit growth over the medium term. As Artie discussed, this return to growth will be driven by the significant actions we are taking across our business. Furthermore, we expect the momentum in retail units and other enabling actions to drive mid-single-digit growth in P&A and AML.

接著看投影片 23 的中期目標。我們預期將在關鍵指標上回到可持續的成長。我們預期中期零售台數將達到中個位數（mid-single-digit）的成長。如 Artie 所述，這次回到成長將由我們在全公司推動的一系列重大行動所驅動。此外，我們也預期零售台數的動能與其他促成行動，將帶動 P&A 與 AML 的中個位數成長。

Combined with the ongoing inventory rightsizing, we expect this return to growth to have a significant impact on dealer health. From a margin standpoint, we expect to drive significant improvement in gross margins approaching 30%, while operating expenses as a percentage of sales decreased to less than 20% and from the 25% in 2025. Over the midterm, we expect CapEx to remain broadly in line with recent expenditure levels. In totality, we expect to deliver attractive top line growth and drive towards a 10% to 12% EBITDA margin over the medium term. These targets reflect a more balanced and resilient business model underpinned by the Back to Brick strategy.

再加上持續進行的庫存規模調整（inventory rightsizing），我們預期這次回到成長將對經銷商健康度帶來顯著影響。從毛利角度來看，我們預期推動毛利率顯著改善、接近 30%；同時營業費用占銷售比重將降至 20% 以下，並自 2025 年的 25% 下滑。中期而言，我們預期資本支出（CapEx）大致維持與近期支出水準一致。整體而言，我們預期能交出具吸引力的營收成長，並在中期推動 EBITDA 利潤率達到 10% 至 12%。這些目標反映出在 Back to Brick 策略支撐下，更平衡且更具韌性的商業模式。

I'll now touch briefly on HDFS on slide 24. We believe that the business remains a highly strategic asset. Following the transaction, we have transitioned to a more capital-light model while maintaining HDFS' role in supporting motorcycle sales and dealer financing. We recently held a call to discuss the HDFS business in greater detail but at a high level, we expect HDFS to see improved returns while reducing capital intensity. We expect to continue to strengthen HDFS' leading position in powersports and intend to expand our high-value finance and insurance product suite with optimized offers supporting motorcycle sales.

我接著簡要談一下投影片 24 的 HDFS。我們相信這項業務仍是高度策略性的資產。交易完成後，我們已轉型為更輕資本（capital-light）的模式，同時維持 HDFS 在支援機車銷售與經銷商融資方面的角色。我們最近也召開電話會議更詳細討論 HDFS 業務；但就高層次而言，我們預期 HDFS 在降低資本密集度的同時，將帶來更佳的報酬。我們預期將持續強化 HDFS 在動力運動（powersports）領域的領先地位，並計畫擴充我們高價值的金融與保險產品組合，透過最佳化的方案來支援機車銷售。

In connection with our enhanced P&A offerings, plans to leverage additional financing to drive P&A sales. Lastly, we are also better training dealers to maintain the best-in-class penetration rate of HDFS. With all this in mind, we are targeting $125 million to $150 million in operating income for the business by 2029.

配合我們強化的 P&A 產品供給，我們也規劃運用額外融資來帶動 P&A 銷售。最後，我們也正在更好地訓練經銷商，以維持 HDFS 同級最佳的滲透率（penetration rate）。綜合以上，我們的目標是在 2029 年讓該業務達成 1.25 億至 1.5 億美元的營業利益。

Turning to capital allocation on slide 25. Our priorities remain consistent. We will reinvest in the business where we see opportunities to drive growth across the key initiatives of our strategy. We also remain committed to returning capital to our shareholders through share buybacks and dividends. Additionally, we remain open to opportunistic value additive M&A.

接著看投影片 25 的資本配置。我們的優先順序維持一致。我們將在看到能推動成長的機會時，針對策略關鍵舉措再投資於業務。我們也持續承諾透過庫藏股回購與股利，向股東返還資本。此外，我們也對機會型、能增添價值的併購（M&A）保持開放態度。

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

接下來我把時間交回給 Artie。

Thank you, Jonathan. To conclude, Harley-Davidson is built on a strong foundation, an iconic brand a deeply loyal rider base and a differentiated dealer network. We're excited about the path forward. Our dealers are energized, and we're seeing real enthusiasm from the rider community around back to the bricks. This strategy is intentionally grounded in our core strengths, and we're doubling down on what makes Harley-Davidson unique, especially our dealer network.

謝謝你，Jonathan。總結來說，哈雷戴維森建立在堅實的基礎之上：一個標誌性品牌、一群極度忠誠的騎士族群，以及差異化的經銷商網絡。我們對前進的道路感到振奮。我們的經銷商士氣高昂，而我們也在騎士社群中看到對 back to the bricks 的真實熱情。這項策略刻意立基於我們的核心優勢，我們正加倍投入哈雷戴維森的獨特之處，尤其是我們的經銷商網絡。

Importantly, execution is already underway and we're seeing early signs that our actions are delivering results. We're doing this from a position of strength with a solid financial foundation to support both investment in the business and returns to shareholders.

重要的是，執行已經展開，我們也看到初步跡象顯示我們的行動正在帶來成果。我們是在強勢位置上推動這些工作，並擁有穩健的財務基礎，能同時支援對業務的投資以及對股東的回報。

And we have the right team in place. energized and equipped with the experience needed to deliver on this plan. We remain committed to working closely with our dealers every step of the way to create value for our riders and ultimately for our shareholders.

而且我們也有合適的團隊到位，充滿幹勁，並具備交付此計畫所需的經驗。我們仍致力於在每一步都與經銷商緊密合作，為騎士創造價值，並最終為股東創造價值。

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

感謝各位今天早上的時間。接下來我們開始回答各位的問題。

(Operator Instructions) Robin Farley, UBS.

（接線員指示）Robin Farley，瑞銀（UBS）。

Two questions, if I may. First is -- just wondering what medium term is 2029 medium term just to kind of put a finer point on thinking about the targets? And then the other question is a little bit with tariffs, some of the bridge to your 2020 EBITDA is from, I guess, lower tariffs lumped in with some other things. And so if you could just help us think about that what you're expecting, what's factored in, in terms of tariff refunds into that? And your full year was unchanged, but tariffs seem a little better, so maybe there's an offset there.

我有兩個問題，如果可以的話。第一個是——想確認一下你們所說的「中期」是指 2029 年嗎？只是想更精準地理解你們對這些目標的時間定義。第二個問題與關稅有關：你們通往 2020 年 EBITDA 的橋接中，有一部分我猜是較低的關稅，並與其他因素一起被歸在同一類。因此，如果你們能協助我們理解你們的預期、已納入哪些因素，特別是關於關稅退稅（tariff refunds）在其中的假設。你們的全年展望沒有改變，但關稅看起來似乎好一些，所以可能有某些抵銷因素。

And then just -- I don't know if the manufacturing for Sprint, if you're assuming tariffs on that, if that's going to be outside the U.S. and potentially tariffs. So I know that's a lot of tariff balled up into one, but just whatever you want to address.

另外——我不確定 Sprint 的製造是否有把關稅納入假設，因為那可能會在美國以外生產，並可能面臨關稅。我知道這把很多關稅問題都揉在一起了，但你們想回應的部分都可以。

Great. Robin, thank you. It's already -- appreciate the questions. I'll take the first one, and then I'll let Jonathan handle the tariff specifics. When we said medium term, we mean three to five years. So hopefully, that helps on the tariff piece of Jonathan?

好的。Robin，謝謝你。這些問題很到位——感謝提問。我先回答第一個，然後讓 Jonathan 來處理關稅的細節。我們所說的中期，是指三到五年。所以希望這能回答你的第一個問題。關稅部分交給 Jonathan？

Yes. So from a -- so thank you, Robin. From a tariff standpoint, I think when you look at our 2026 estimate, we obviously have a midpoint of $83 million on that, if you look within the first quarter, we had $45 million in tariffs that were paid. That leaves $38 million, again, just using the midpoint for simplicity for the balance of the year. Our viewpoint is that, that tariff amount will consecutively decrease by quarter as we benefit from the current tariff structure that we laid out on our slides.

是的。那麼——謝謝你，Robin。就關稅而言，我想當你看我們對 2026 年的估計時，我們的中位數是 8,300 萬美元；如果看第一季，我們已支付了 4,500 萬美元的關稅。這代表全年剩餘部分還有 3,800 萬美元（同樣為了簡化以中位數計）。我們的觀點是，隨著我們受益於投影片中所說明的現行關稅結構，這個關稅金額將會逐季連續下降。

So in effective Q2 as we got into April, there were some changes from an overall tariff philosophy perspective that were put out there. You see the benefits of those. Obviously, that sort of accrues over time. we think that, that sets us up for 2027. We're not providing 2027 guidance at this point.

因此，實際上在第二季、也就是進入四月後，整體關稅政策理念層面出現了一些變化。你們會看到這些變化帶來的好處。當然，這類效益會隨時間累積。我們認為這讓我們在 2027 年處於更有利的位置。不過我們目前不提供 2027 年的指引。

But at 2027, that is arguably more attractive than where we are from a 2026 perspective. So you can infer and use some of your own judgment on where that lands. From a tariff refund perspective, there's obviously a tremendous number of companies large and small across the United States that are working on tariff refund and approach to tariff refund right now.

但到 2027 年，從 2026 年的角度來看，這可能更具吸引力。因此你可以推論並運用你自己的判斷來看它會落在哪裡。從關稅退稅的角度來看，顯然美國各地有大量大大小小的公司目前都在處理關稅退稅以及關稅退稅的因應方式。

Obviously, we will be working and following all of the guidelines that we need to from a tariff refund perspective, but a little difficult for us to talk through some of the specifics on timing. And when all of those dollars will hit throughout the year, we certainly have a little bit of benefit baked into our expectations, but it's not a tremendous driver for us. It's really more as we look, what are the current tariff rules that are in place how do we think that will accrue and you see the benefit that we've put in place from a guide perspective versus what we originally guided to for 2026.

顯然，從關稅退稅的角度，我們會依循所有必須遵守的指引來執行，但要我們詳細說明時點上的一些細節會有點困難，以及這些資金在一年當中何時入帳。我們的預期中確實已經納入一些小幅度的好處，但這並不是我們的重大驅動因素。更重要的是，我們在看目前已生效的關稅規則是什麼、我們認為它將如何累積，並且你也可以看到，從指引的角度，我們相較於原先對 2026 年的指引所納入的效益。

James Hardiman, Citigroup.

James Hardiman，花旗集團。

So two questions on sort of the back to bricks opportunity. I guess, first, when we talk to investors, the 1,000-pound gorilla fair or not is sort of the demographic backdrop, right, specifically lower popularity of motorcycling if you think about younger generations maybe relative to their baby boomer counterparts. Artie, obviously, that's something that you've had to consider how does the back to the Bricks address that?

我有兩個關於「回歸經典（back to bricks）」機會的問題。第一個是，當我們和投資人溝通時，不管公不公平，最大的「千磅大猩猩」其實是人口結構背景，對吧？特別是如果你想到相較於嬰兒潮世代，年輕世代對機車的喜好可能較低。Artie，顯然這是你必須納入考量的事情；「回歸經典」如何因應這點？

Obviously, you've got some market share recapture goals that are pretty aggressive. Is there any concern that market share gains could be offset by category declines if those demographic headwinds persist? And I did have a follow-up if we could.

另外，你們有一些相當積極的市占回收目標。如果這些人口結構的逆風持續，是否會擔心市占提升可能被品類下滑所抵銷？我還有一個追問，如果可以的話。

We can, James, thanks for your question. I think -- the biggest thing in this strategy back to the Bricks is we're prioritizing rider needs in a rider-centric portfolio. So we specifically called out. Two examples of how we're doing that. The Sportster, one of our most iconic motorcycles as recently as five, six years ago, the market for that motorcycle is 35,000 to 40,000 plus on a global basis.

可以的，James，謝謝你的提問。我認為——這個「回歸經典」策略中最重要的一點，是我們在以騎士為中心的產品組合中，優先滿足騎士需求。我們也特別點出兩個我們如何做到這點的例子。Sportster 是我們最具代表性的機車之一，就在五、六年前，這款車在全球的市場規模仍有 35,000 到 40,000 輛以上。

Our riders and many younger riders and our dealers have expressed it is the number one universal request from the motor company to deliver around a great Harley-Davidson Sportster and what we're talking about today is the 83.

我們的騎士、許多年輕騎士以及經銷商都表示，這是他們對機車公司最一致、最普遍的第一大要求：推出一款很棒的 Harley-Davidson Sportster。而我們今天談到的是 83。

And so when I look at the demographics, how young people have always entered our brand, over 123 years. It has been motorcycles like the Sportster and over the last 30 or 40 years, the sports there has been a critical entry point to the brand. The second motorcycle is the Sprint, we have not had a motor cycle like the Sprint in some time. We see it filling an important need in Riding Academy, as someone who recently went through Ride Academy, being able to get on a motorcycle and then buy that same or a similar motorcycle is a gap in our current portfolio, which we're extremely enthusiastic about what this print is going to do.

因此當我看人口結構、看年輕人一直以來如何進入我們品牌——在 123 年的歷史中——他們往往是透過像 Sportster 這樣的車款。在過去 30 到 40 年，Sportster 一直是進入品牌的關鍵入口。第二款車是 Sprint，我們已經有一段時間沒有像 Sprint 這樣的機車了。我們看到它能在騎乘學院（Riding Academy）中填補一個重要需求；以我自己最近剛上完騎乘學院的經驗來說，能夠先騎上一台機車，之後再購買同一台或相近的車款，這在我們目前的產品組合中是一個缺口。我們對這款 Sprint 將帶來的影響感到非常振奮。

And I'd remind you that the number of designations at least in the United States right now, it's quite strong, as strong as it's been. And we see the opportunity for us as we present the brand as you look at the marketing campaign, this concept of Joy and Swager is something that we believe is and will resonate with young people. It's core to bringing young people into the brand over many, many years, which the brand had done successfully. So I'm quite optimistic. And the portfolio of motorcycles we're bringing forward, I think, addresses this well.

另外我也提醒大家，至少在美國，目前的報名／註冊數（designations）相當強勁，幾乎是歷來最強。我們也看到機會：當我們呈現品牌時——你看行銷活動——「Joy and Swager」這個概念，我們相信它會、也將會引起年輕人的共鳴。這是多年來把年輕人帶進品牌的核心，而品牌過去也確實成功做到。因此我相當樂觀。而我們即將推出的機車產品組合，我認為也能很好地回應這點。

That's great. And it's a great sort of dovetail into sort of my follow-up question. Obviously, as we think about your medium-term target, of mid-single-digit retail growth, most specifically, I think if investors felt comfortable with that number alone, this would probably be a $40 or $50 stock, right? But help us understand that target while factoring in the return of sports there and the introduction of Sprint, how much of that retail growth is coming from those items? I'm just trying to understand sort of the organic versus the inorganic contributors to that mid-single-digit retail growth. Can you get to a place where the organic piece is also growing at a nice clip?

很好，這也正好銜接到我的追問。顯然，當我們思考你們中期目標——零售成長中個位數（中段）——更具體地說，我想如果投資人單就這個數字感到安心，股價可能會是 40 或 50 美元，對吧？但請協助我們理解這個目標：把 Sportster 的回歸與 Sprint 的導入納入考量後，這些項目各自貢獻了多少零售成長？我想了解的是，這個中個位數（中段）的零售成長中，有多少來自這些項目、多少是其他「有機」因素。你們能否達到一個狀態：有機的部分也能以不錯的速度成長？

Sure. So thanks for the question. The Sportster is an important part, and Sprint obviously complements it as well. I referenced the volumes on Sportster historically. I'll go back to we feel that if we meet our riders where they're at, we can grow at these levels and beyond.

當然。謝謝你的問題。Sportster 是重要的一環，而 Sprint 顯然也能形成互補。我剛才提到 Sportster 歷史上的銷量。我再回到一點：我們認為，只要我們在騎士所在的位置與他們相遇（meet our riders where they're at），我們就能以這樣的水準、甚至更高的水準成長。

I'm not going to give a specific number in terms of how much Sportster constitutes the amount of growth. But just based on historical numbers of Sportster that have sold and a projected number of Sprint, we believe that a significant portion of the growth will come from there. In addition to that, this concept of decontented or blend canvas motorcycles that we referenced in the presentation is something our dealers have been asking for.

我不會給出一個具體數字來說 Sportster 佔成長的多少比例。但僅就 Sportster 過去的銷售數字，以及 Sprint 的預估數量來看，我們相信相當大一部分的成長將來自於此。除此之外，我們在簡報中提到的「去配備（decontented）或混搭畫布（blend canvas）」機車概念，也是經銷商一直在要求的。

And it does a couple of things. Number one, is it leverages existing platforms and powertrains that we have and provides more accessibility across Touring and soft tail. Which is extremely exciting. And I'll remind everybody that some of these things were in Q4, we took action with things like our solo introduction, they're already working. So some of the retail success that we saw in Q1, we've effectuated in these plants.

它帶來幾個效果。第一，它能運用我們既有的平台與動力系統，並在 Touring 與 Softail 車系上提供更高的可及性／可負擔性，這非常令人振奮。我也提醒大家，其中一些措施我們在第四季就已採取行動，例如我們的 solo 車型導入，現在已經開始見效。因此第一季我們看到的一些零售端成功，正是我們在這些平台上落實的成果。

So I'm very enthusiastic about growth in both cruising and touring with a more distributed and accessible portfolio of motorcycles. Sportster is a big part of it. And given what's sold historically in Sportster, I'm quite confident and what's happening in the used marketplace on Sportster, if you look up in some of the used market channels, it's extremely exciting to see residuals maintain, and it's difficult to get your hands on an 83 right now, which means there's a real need. That's great color.

所以我對於在 Cruising 與 Touring 兩個領域的成長非常有熱情，因為我們有更分散、更容易入手的機車產品組合。Sportster 是其中很大的一部分。考量 Sportster 歷史上的銷售表現，我相當有信心；再加上 Sportster 在二手市場的狀況——如果你去一些二手市場渠道看看——看到殘值維持得非常好，令人非常興奮，而且現在其實很難買到一台 83，這代表確實存在真實需求。這些補充很有幫助。

James, the one piece that I would add to is, as you refer back to what was in the strategy deck, there's a page in there that talks through the multiyear view of motorcycle and the ancillary revenue streams. And so as you listen to Arty talk through changes to that portfolio, some of the kind of early wins that we've been seeing with solo models and some of the benefits that our price point focus is beginning to drive. That obviously has showed up in the first quarter from a retail standpoint.

James，我想補充的一點是：如你回頭看策略簡報，裡面有一頁談到機車本業與周邊（ancillary）營收來源的多年期觀點。因此當你聽 Arty 談產品組合的變化、我們在 solo 車型上看到的一些早期勝利，以及我們聚焦價格帶所開始帶動的一些效益，這些顯然已在第一季的零售表現中反映出來。

So inside of Q1, we've demonstrated the benefit to the approach that has been laid out. And then from an overall strategy standpoint, as we think through a life cycle and lifetime view, we can really envision people moving through the portfolio. We can see the benefit that accrues to both Harley-Davidson and our dealers that aligns with what Art talked through, and that's what gives us so much confidence in where we're going with the midterm targets and what's been laid out there.

因此在第一季內，我們已經證明了所提出方法的效益。從整體策略角度來看，當我們以產品生命週期與終身價值（lifetime view）的方式思考時，我們確實能想像消費者在產品組合中逐步升級／流轉。我們也能看到，這會為 Harley-Davidson 與我們的經銷商帶來累積的效益，並且與 Art 所談的方向一致；這也是為什麼我們對中期目標以及所規劃的路徑充滿信心。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

A couple of questions on the category expansion here. You talked about Sportster talked about Sprint. It sounds like those are smaller bites. Are there other sort of subcategories that you're looking to expand into as well, just beyond smaller CC engines? And then second question, there's a reason why Sports or was discontinued, right? It was hard to make money. So how is the economics of that bike changed?

我有幾個關於品類擴張的問題。你們談到 Sportster、也談到 Sprint，聽起來這些都是比較小的切入點。除了更小排氣量（CC）的引擎之外，還有其他你們也在考慮擴張進入的子品類嗎？第二個問題：Sportster 之所以停產是有原因的，對吧？因為很難賺錢。所以這款車的經濟性（economics）現在有什麼改變？

Great question, Joe. Thank you. Let me take the second one first. So our team has done an extraordinary job over the last couple of years working on this project. And we have the cost at a place that we're extremely comfortable against the expected MSRP that we referenced.

好問題，Joe，謝謝。讓我先回答第二個。我們的團隊在過去幾年為這個專案做了非常出色的工作。我們已把成本控制在一個我們非常有信心的水準，並且能對應我們所提到的預期建議零售價（MSRP）。

More importantly is this enterprise profitability model that has been just a fantastic way for us to communicate with our dealers. And when you think about the value that a motorcycle like Sportster Brings to Bear, it's very exciting when you look at the parts and accessories relevancy and opportunity. When you look at the service revenue that it brings through our dealerships, when you look at the used market that it feeds and maintain such strong residual values.

更重要的是，我們的企業獲利能力模型（enterprise profitability model）一直是我們與經銷商溝通的一個非常棒的方式。當你思考像 Sportster 這樣的機車所能帶來的價值時——從零件與配件的相關性與機會、從它透過經銷體系帶來的維修保養服務收入、以及它對二手市場的供給並維持如此強勁的殘值——你會發現這非常令人振奮。

So we're comfortable with the profitability of the motorcycle itself. However, we're extremely excited about how it juices the economics for the overall enterprise. To your first question, as it relates to other additions inside the portfolio, you can expect to see and the slide in the materials that references some of the current holes in the portfolio, those are examples of where our dealers via our riders have specifically asked for motorcycles from us that they expect. They expect from us and have gotten in the past. Some of these include maybe a little bit more content, and many of them include less content.

所以我們對這款機車本身的獲利能力感到放心。不過，我們對它如何為整體企業帶來更強的經濟效益感到非常興奮。針對你的第一個問題，關於產品組合內的其他新增項目，你可以期待看到——在資料中的投影片也會提到目前產品組合的一些缺口——那些就是例子：我們的經銷商透過騎士明確向我們提出，希望我們提供他們所期待的機車。他們期待我們能提供，而且過去也曾從我們這裡得到過。有些車款可能會增加一些配備內容，而其中許多則是配備更精簡。

But once again, within existing families and with existing platforms and powertrains, and I'll I can't give much more detail than that. I will share one [tease] with you, which you may have seen on social media, which you can expect from us to continue to do, and that's to get feedback from riders at the Mama Tried Show here in Milwaukee, subsequently at Daytona and then the MotoGP race in Austin, we teased a modern expression of our iconic Cafe racer.

但再一次，會是在既有車系之內、使用既有平台與動力系統——我也無法提供比這更多的細節。我可以先跟你分享一個「小預告」，你可能已在社群媒體上看過，而且你也可以期待我們會持續這麼做：我們在密爾瓦基的 Mama Tried Show 先向騎士蒐集回饋，之後在 Daytona，以及在奧斯汀的 MotoGP 賽事上，我們預告了一款以現代手法詮釋我們經典 Cafe racer 的車款。

And it's got an extraordinary buzz and feedback from our riding community. And I think that would be the type of motorcycle that is still large in terms of large displacement powertrain that you can expect us to get feedback from riders, and you might see that from us and the market. But we're very excited about the response to it.

它在我們的騎乘社群中引發了非常熱烈的討論與回饋。我認為那會是你可以期待我們去蒐集騎士意見、並可能推向市場的那類機車：在動力系統排氣量上仍屬於大排量。但我們對它所獲得的反應感到非常興奮。

That's very helpful, Artie. I can just quickly follow up on that. The U.S. market for you has outpaced international for quite some time. Is the sports there is the Sprint part of that strategy to grow your international business?

這很有幫助，Artie。我想快速追問一下。你們在美國市場的表現長期以來都超越國際市場。Sportster——以及 Sprint——是否是你們擴大國際業務策略的一部分？

The Sportster is number one request from global dealers. If you walked into our dealership in Shanghai, if you walked into our dealership in Louisville, Kentucky, if you walked into a dealership in Frankfurt, Germany. And you asked the deal or the sales team lead in those dealerships, what can Harley-Davidson do for you, you would hear bring back to Sportster. So yes, but it's global truth in terms of the enthusiasm around that bike.

Sportster 是全球經銷商的第一大需求。如果你走進我們在上海的經銷店、走進我們在肯塔基州路易維爾的經銷店，或走進我們在德國法蘭克福的經銷店，然後問那裡的經銷商或銷售主管「Harley-Davidson 能為你做什麼？」，你會聽到的答案就是：把 Sportster 帶回來。所以是的——這在全球範圍內都是事實，大家對那台車的熱情就是如此。

Andrew Didora, Bank of America.

Andrew Didora，美國銀行。

Just kind of change gears a little bit to HDFS, Jonathan, the $125 million to $150 million op income target. I guess, what kind of -- I know the business has changed here. I guess what kind of receivables balance you kind of anticipate growing to over. Through that time frame? And then more importantly, just the revenue breakdown of HDFS, how should we think about maybe just interest income contribution versus the more kind of fee-based services income as the segment grows.

我想稍微換個話題談 HDFS，Jonathan，關於 1.25 億到 1.5 億美元的營業利益目標。我想——我知道這項業務已經有所改變——你們預期在那段期間內，應收款餘額大概會成長到什麼水準？另外更重要的是，HDFS 的營收結構應該怎麼看：隨著該部門成長，利息收入的貢獻相較於較偏手續費型的服務收入，比例大概會如何？

Okay. Andrew, thank you for your questions. I'll start with a little session that we put out a couple of weeks ago on HDFS that really walked through that business, the different revenue streams of that business in a little bit more detail. than obviously what we've covered here in earnings. That's probably a good refresher in terms of where that business goes as we move forward and what we're seeing.

好的。Andrew，謝謝你的問題。我先提一下，我們在幾週前針對 HDFS 發布了一段內容，詳細說明了那項業務以及不同的營收來源——比我們在財報電話會議中涵蓋的內容更深入。就我們往前走、以及我們所看到的情況而言，那會是一個很好的複習資料，幫助理解那項業務的走向。

Obviously, from a revenue stream perspective in terms of where we are -- we have -- we did at the end of last year, sell off the back book as we've covered. And then on a go-forward basis, we continue to service those loans, so important that we are continuing to make sure that we are retaining the customer focus on the interaction and then a lot that we think we can do as we think through how we move those customers through the portfolio over time in the way that we're marketing to them.

很明顯地，從營收來源的角度來看——我們在去年年底如先前所說，出售了存量貸款組合（back book）。而在未來的運作上，我們仍會持續為那些貸款提供服務，因此很重要的是，我們要確保持續維持以客戶為中心的互動；同時，當我們思考如何隨時間推進、把這些客戶在產品組合中逐步導引到不同產品，以及我們如何對他們行銷時，我們認為還有很多可以做的事情。

On a near-term basis, we obviously will make sure that for any originations that we have from this point going forward, we retain one third of those originations on our balance sheet and then two thirds, we have the ability to sell off to our partners.

在短期內，對於從現在起所產生的任何新承作（originations），我們會確保將其中三分之一保留在我們的資產負債表上，另外三分之二則有能力出售給合作夥伴。

We continue to service all of those loans. So over time, the fee income associated with servicing is something that continues to grow. We also retain the revenue streams fully relative to protection products we also retain the revenue streams fully relative to card products and what we do from a card perspective, and then we also fully retain everything from a wholesale and commercial loan standpoint. So dial in or tune into the recording that's available on our IR website that will walk through that in more detail. A couple of other pieces that I would call out from an HDFS standpoint, we're really pleased with what we're seeing on our managed annualized retail credit losses.

我們會持續為所有這些貸款提供服務。因此，隨著時間推進，與貸款服務相關的手續費收入會持續成長。我們也會完整保留與保障型產品（protection products）相關的營收來源；也會完整保留與卡片產品相關的營收來源，以及我們在卡片業務上的作為；此外，從批發與商業貸款的角度，我們也會完整保留所有收益。所以請收聽我們投資人關係網站上提供的錄音，裡面會更詳細地說明。從 HDFS 的角度，我還想補充幾點：我們對目前看到的受管理年度化零售信用損失（managed annualized retail credit losses）表現非常滿意。

So we have a page inside of the Q1 deck that highlights the year-over-year-over-year improvement in credit losses. So pretty excited that we have Q1 '26 kind of back below where we were not only in Q1 of '25, but Q1 of '26. So overall, I think the dynamics of the business are performing pretty well. We obviously have provided the $125 million to $150 million guide with the viewpoint that, that is a more capital-light model versus the way that we've run historically. So while the operating income is at a different level.

我們在第一季簡報（Q1 deck）裡有一頁，重點呈現信用損失逐年改善的情況。所以我們相當振奮，因為 2026 年第一季已回到不僅低於 2025 年第一季，也低於 2026 年第一季的水準。整體而言，我認為這項業務的各項動態表現相當不錯。我們也已提供 1.25 億到 1.5 億美元的指引，觀點是：相較於我們過去的運作方式，這是一種更「輕資本」（capital-light）的模式。因此，即使營業利益處在不同的水準。

We're really excited about the return that, that generates for our shareholders and obviously, frees up a lot of capital for us to remain committed to the shareholder priorities that we put out there from a capital allocation standpoint. So hope that helps.

我們對它為股東帶來的報酬感到非常興奮，而且它也釋放了大量資本，讓我們能持續致力於資本配置面向所提出的股東優先事項。希望這能有所幫助。

Okay. And then I know, Jonathan, you mentioned in your prepared remarks, like interested in opportunistic M&A. Just curious kind of what could that entail? Is that more on manufacturing capability or brand side? Just curious there.

好的。另外我知道，Jonathan，你在事先準備的發言中提到，對機會型的併購（opportunistic M&A）有興趣。想請教這可能包含哪些方向？是偏向製造能力，還是品牌面？只是想了解一下。

Yes, Andrew, it's Artie. I think we would look at any M&A as something that would accelerate the core areas of growth that we've laid out in the strategy. So anything that could drive dealer profitability would certainly be of interest. Parts and accessories would certainly be on the table. It was listed as the third thing right now. So it's not a top priority for us. But we do want to call out that anything that would make us stronger and allow us to drive the strategy faster, we would consider.

是的，Andrew，我是 Artie。我認為我們會把任何併購視為能加速我們在策略中所列核心成長領域的手段。因此，任何能提升經銷商獲利能力的項目都會是我們感興趣的；零件與配件也會在考量範圍內。它目前被列為第三項，所以不是我們的最高優先順序。但我們也想強調：任何能讓我們更強、並讓我們更快推進策略的事情，我們都會考慮。

Molly Baum, Morgan Stanley.

Molly Baum，摩根士丹利。

I kind of wanted to ask maybe one or two about the affordability dynamics right now for your customers. You made a comment in the prepared remarks about how many riders aren't requiring have or don't require having promotion to convert. So can you maybe talk about you as it for motorcycle buyers at present and what you were seeing from a promotional standpoint in 1Q and maybe even right after you cleared through some of the heavy inventory levels? And then just how you're thinking about affordability more broadly in the current environment and going forward.

我想問一到兩個關於目前客戶可負擔性（affordability）動態的問題。你在事先準備的發言中提到，有不少騎士在轉換（convert）時並不需要促銷、或不要求有促銷。你能否談談目前機車買家的情況，以及你們在第一季（1Q）從促銷角度看到什麼——甚至在你們清理掉一些偏高的庫存水位之後？另外，也想請你談談在目前環境以及未來，你們如何更廣泛地看待可負擔性。

Thanks, Molly. Yes. On affordability, I really look at it as accessibility. So it's certainly price is a part of it, but also meeting riders where they're at and filling their needs with our portfolio. So when we look at Q1, we were pleased certainly with how the promotions restored the dealer network to healthier inventory levels, and that was focused on model year '25 touring. But we were also pleased with motorcycle sales that weren't promoted. And it demonstrated to us in some of the maybe more modest tweaks we made with the 26 launch an action in Q4.

謝謝，Molly。是的，談到可負擔性，我更把它視為「可及性」（accessibility）。所以價格當然是其中一部分，但也包括在騎士所處的位置與需求上與他們對接，並用我們的產品組合滿足他們的需求。回到第一季，我們對促銷活動讓經銷網路的庫存水位恢復到更健康的水平感到滿意，而那主要聚焦在 2025 年式（model year '25）的旅行車（touring）。但我們也對未促銷車款的銷售表現感到滿意。這向我們證明，在 2026 年式上市（26 launch）以及我們在第四季（Q4）採取的行動中，我們做的一些較溫和的調整是有效的。

And going forward, having more options available to riders is important. Certainly is price, but also features and benefits. The freeze I'm using internally is we've had too many of too few models on dealer floors. And by using and leveraging existing powertrain existing platforms, we can have a much broader assortment of motorcycles to present across, certainly, Sprint and sports are good examples, but even within legacy cruising and touring. And what excites me about this is we're going to be more nimble as it relates to promotional activity.

展望未來，提供騎士更多選擇很重要。當然包含價格，但也包含功能與效益。我在內部使用的一句話是：我們在經銷商展間裡，某些車款太多、而車型種類太少。透過使用並善用既有動力系統與既有平台，我們可以提供更廣泛的機車組合來展示——當然，Sprint 和 Sportster 是很好的例子，但即使在傳統巡航（cruising）與旅行（touring）車系內也是如此。讓我感到興奮的是，這會讓我們在促銷活動上更靈活、更敏捷。

If you think about the promotions in Q1, we had a challenge. We actioned it on a model year '25 touring. But going forward, we will have more diversity within the touring lineup, where we can be a bit more surgical and segmented on which motorcycles we may have to promote at various points in time and maintain healthier margins on the balance, so to speak. It's something dealers have asked for and we're going to be delivering on that as part of our go-forward plans.

如果你回想第一季的促銷，我們面臨一個挑戰：我們把行動聚焦在 2025 年式的旅行車上。但未來，我們的旅行車產品線會有更多樣性，讓我們能更「精準、外科手術式」且更分眾地決定在不同時間點需要促銷哪些車款，同時在其他車款上維持更健康的利潤率。這是經銷商一直要求的事情，而我們也會把它納入未來計畫並加以落實。

Great. And maybe if I could ask one follow-up on the dealer profitability piece. You had talked a little bit about last quarter about some immediate changes you made with the fuel facility model adjustments, changes to e-commerce strategy. you kind of talk about how much of the doubling profitability by '26, doubling again by 2019. How much of that is kind of improving the cost base, getting excess inventory to the system versus how much is structural from these strategy changes that you're making?

很好。也許我可以就經銷商獲利能力這一塊再追問一題。你們在上一季有稍微談到一些你們立即做出的調整，包括燃油融資方案（fuel facility）模型的調整、電商策略的變更。你們也提到到 26 年獲利能力翻倍、到 2019 年再翻倍。這當中有多少是透過改善成本基礎、把過剩庫存導回系統來達成？又有多少是來自你們正在推動的這些策略變更所帶來的結構性影響？

What we put in place in Q4 and what is in place currently we believe is appropriate. There's always the chance that there's small adjustments that we would align with our dealers on. But the Back to the Bricks plan and the targets that we put forward do not contemplate a change in the structural arrangement with our dealers. The e-commerce strategy that we made tweaks to in Q4 as part of the go-forward plans. We instituted a marketing development fund, which is in place right now.

我們在第四季所落實的，以及目前正在執行的做法，我們認為是合適的。當然也總是有可能會有一些小幅調整，我們會與經銷商一起對齊。但「Back to the Bricks」計畫以及我們提出的目標，並未假設要改變我們與經銷商之間的結構性安排。我們在第四季針對電商策略做了一些微調，作為未來推進計畫的一部分。我們也設立了行銷發展基金（marketing development fund），目前已經在運作。

So there's no structural change that no material structural change that's contemplated in driving the profitability. It's inventory. It's the right motorcycles at the right time with a rider-centric portfolio. and certainly, leaning into this marketing campaign, we think is going to pay a lot of dividends.

所以在推動獲利能力方面，並沒有、也未預期會有任何結構性變更，至少沒有重大的結構性變更。關鍵在於庫存：在正確的時間提供正確的機車，並以騎士為中心的產品組合來配置。而且我們確實認為，加大力道投入這個行銷活動，將會帶來很多回報。

I think, Molly, the pieces worth adding on the dealer profitability side of the equation to is that, obviously, volume and throughput makes a pretty meaningful change in their bottom line. So as we think through the -- again, going back to the strategy and the page that we built out that really helps you envision all of the different revenue streams for both Harley-Davidson and our dealers. That's a pretty important page to envision the way that we're running the business as we move forward.

Molly，我覺得在經銷商獲利能力這個等式中，還有一點值得補充：很明顯，銷量與周轉（throughput）會對他們的損益底線帶來相當顯著的影響。所以當我們再回到策略、以及我們製作的那一頁內容——它能幫助你想像 Harley-Davidson 與我們經銷商各自所有不同的收入來源——那是一頁非常重要的內容，有助於理解我們未來將如何經營這門生意。

And so through that, the targets that we have on the mid-single-digit growth rates that you're seeing, are really, really important for us and the benefits that accrue to our shareholders, and they are equally important for our dealers. And then in addition, as you see us really double down on our growth surrounding P&A. Not only do you see P&A benefits from an overall revenue and margin standpoint.

因此，基於這一點，你所看到我們設定的中個位數成長率目標，對我們非常、非常重要；它帶來的效益會回饋給股東，同樣也對經銷商非常重要。此外，當你看到我們在 P&A（零件與配件）成長上加倍投入時，不僅能從整體營收與毛利角度看到 P&A 的好處。

But inside of the dealer side of the equation, it does also drive some really nice service growth. So we're pretty excited about the way that we actually get our dealers back to something that we think is a much healthier and much better way to run their business.

而在經銷商端的等式裡，它也會帶動相當不錯的維修服務成長。所以我們對於能讓經銷商回到一個我們認為更健康、也更好的經營方式感到非常振奮。

Tristan Thomas-Martin, BMO Capital Markets.

Tristan Thomas-Martin，BMO Capital Markets。

I just want to kind of circle back to two questions I was asked previously. First, just in terms of the Sprint, my understanding is it's being built overseas. So how do kind of reason tariff changes regarding imports potentially impact pricing on that? And then have you -- did you provide a breakdown of your medium-term retail CAGR like your expectations for U.S. versus global markets.

我想回到先前我問過的兩個問題。第一，關於 Sprint，我的理解是它是在海外生產。所以，針對進口的關稅變動，可能會如何影響它的定價？第二，你們是否有提供中期零售 CAGR 的拆分，例如你們對美國市場與全球市場的預期？

Sure, Tristan. I'll take -- I guess I'll take both of those. As it relates to Sprint, we're finalizing the specific production plans. We did call out that Sportster, U.S. Sportster will be made in New York and our York, Pennsylvania facility.

當然，Tristan。我來回答——我想我兩題都回答。就 Sprint 而言，我們正在敲定具體的生產規劃。我們也有提到，Sportster（美國版 Sportster）將會在紐約以及我們位於賓州 York 的工廠生產。

And obviously, we're pleased with the revised guidance that we put forward on tariffs for 2016, and we do contemplate based on current expectations that we have some favorability in tariffs going into '27 across the portfolio. And I'm sorry, the second question was the CAGR in terms of CAGR on U.S. versus international, we're not breaking that out.

另外，我們對於 2016 年關稅所提出的修正後指引感到滿意；並且基於目前的預期，我們也認為在整體產品組合上，進入 27 年關稅會有一些有利因素。抱歉，第二個問題是關於 CAGR——就美國與國際的 CAGR 拆分而言，我們不會另外揭露。

I will tell you that there's not a material change, U.S. versus international, primarily because the motorcycles that we're talking about here and the rebalancing of the portfolio and filling in the holes are similar globally. So we generally have the same portfolio around the world right now. As I mentioned, the dealer request and enthusiasm around Sportster in particular, and motorcycles that are raw blank canvas and allow for parts and accessories, genuine parts and accessories additions to them are globally wanted. And so we don't have, I'd say, a material difference in the growth trajectory by market.

我可以補充的是，美國與國際之間並沒有重大的差異，主要因為我們在這裡談的機車、以及產品組合再平衡與補齊缺口的方向，在全球都是相似的。所以我們目前在全球大致上是同一套產品組合。如我提到的，經銷商對 Sportster 尤其是這類「原始、像空白畫布」的車款需求與熱情很高，因為它能讓車主加裝零件與配件、原廠零件與配件，這在全球都很受歡迎。因此，我們不認為各市場的成長軌跡會有實質差異。

Okay. And just one follow-up on kind of the aftermarket plan. I'm not sure if I'm reading between the lines correctly, but are you -- is there going to be more focus on dealership kind of aftermarket add-ons versus factory aftermarket or kind of factor add-on you mean parts and accessories in our dealerships and some customization at the dealership level?

了解。那再追問一題，關於售後市場（aftermarket）計畫。我不確定我是不是讀懂了你們的弦外之音，但你們是否會更聚焦在經銷商端的售後加裝，而不是工廠端的售後或原廠加裝？我的意思是，在經銷商端提供零件與配件，以及在經銷商層級做一些客製化？

Yes. So what we're saying is we expect to have more motorcycles in the portfolio that are maybe more approachable from a price perspective and have less accessories on them. And then our dealerships would be equipped with the P&A to personalize them for the riders which is consistent with what the brand has done over many, many years. So it's frankly leaning into a legacy strength where P&A has maybe not been as a focus for us with many of our motorcycles, in particular large touring motorcycles, having a fair amount of content.

是的。我們的意思是，我們預期產品組合中會有更多車款在價格上更容易入手，且原本搭載的配件較少。接著，我們的經銷商會配備 P&A，讓騎士能夠把車個人化，這也符合這個品牌多年來一貫的做法。坦白說，這是在強化我們的傳統強項；過去在某些車款上，P&A 可能不是我們的重點，特別是大型旅行車本身就已經有相當多的配備內容。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

I guess the question is on LiveWire and just the rules that LiveWire plays in this product portfolio in vision. And just if it is sort of something you can -- are considering staying with just how we should think taking maybe that three- to five-year outlook you'd expressed earlier, just with the use of cash for that business over the next three to five years?

我想問的是 LiveWire，以及 LiveWire 在這個產品組合願景中扮演的角色。還有，如果這是你們可能會考慮持續投入的方向，那我們應該如何看待你先前提到的三到五年展望——就未來三到五年這項業務的現金使用而言？

Yes, David, thank you. This is Artie. The first thing I'll say is we're excited about LiveWire team's efforts this year and the pending launch of the Hangzhou bike, which is, I think, an interesting and exciting addition to the portfolio, and we'll be monitoring that closely rest of the year to see how that does. But we're very excited to see how that comes to market. I'll repeat what I shared on previous earnings as it relates to LiveWire. We funded the loan in the back half of 2025. And that's our outstanding capital commitment, and we don't have intentions to fund the business directly from Harley-Davidson at this point in time.

是的，David，謝謝你。我是 Artie。我先說第一點：我們對 LiveWire 團隊今年的努力，以及即將推出的杭州車款感到很興奮；我認為那會是產品組合中一個有趣且令人期待的新增項目。我們會在今年剩餘時間密切觀察它的表現，看看市場反應如何。但我們非常期待它正式上市。我再重申我在先前法說會對 LiveWire 的說法：我們在 2025 年下半年提供了那筆貸款資金。那就是我們目前尚未履行的資本承諾；而現階段我們沒有打算由 Harley-Davidson 直接為該業務提供資金。

Is there a way that you can influence demand. I mean you're talking about creating a higher level of interest back to James' questions with demographics. And I'm just wondering if there's a way that you can shape demand as well on the electric front or you feel like there's steps you could take to maybe at a higher level of engagement.

你們有沒有辦法去影響需求？我的意思是，你們談到要提高興趣程度，呼應 James 先前關於人口結構的問題。我只是想知道，在電動車這一端，你們是否也有方法去塑造需求，或你們覺得可以採取一些步驟來提升整體參與度？

Yes. We're focused on this back to the Bricks plan and driving dealer profitability and getting the portfolio in a place that we think riders want from us. Cream and his team are focused on the electric side of the house at this time.

有的。我們目前聚焦在「Back to the Bricks」計畫、推動經銷商獲利能力，並讓產品組合回到我們認為騎士想從我們這裡得到的樣子。Cream 和他的團隊此刻則專注在電動業務那一端。

Yes. And David, one piece that I would add, David, on the kind of demand influences that through what you would have seen with what we delivered in Q1 we certainly believe that when we get the right alignment on marketing promo and kind of how we run that, we can drive traffic to dealers, and we can drive higher close rates.

是的。David，我再補充一點，關於你提到的需求影響：從我們在第一季交出的成果來看，我們確實相信，只要在行銷推廣（marketing promo）以及我們執行方式上取得正確的對齊，我們就能把人流帶進經銷商，也能提高成交率（close rates）。

As you heard already talk about, I think one piece that always fits with me from an RD perspective is too many of too few. And you heard him reference that earlier on the call today when we think through where the portfolio is going and some of the pieces that we have, the ability to drive, we're really excited as the product portfolio becomes a little bit more nuanced in terms of what we're putting into market.

如你已經聽到的，我認為從 RD 的角度，有一句話一直讓我很有感：太多的太少（too many of too few）。你也聽到他在今天的電話會議稍早提到這點。當我們思考產品組合要走向哪裡、以及我們手上有哪些要素時，隨著我們把產品推向市場的能力提升，我們對於產品組合在投放市場時變得更細緻、更有層次感到非常興奮。

We can lean into a lot of the strategies that we've really demonstrated some good success with and do that in a much more targeted way. So pretty excited about where we're going from the midterm as we think about both what we've demonstrated within Q4 of last year, Q1 of this year. And then with what we've lined up from a strategy perspective, where we're going. So excited to see that kind of demonstrated ability that we've put in market so far and how that aligns with the strategy that's built out.

我們可以更充分運用許多我們已經證明相當成功的策略，並以更精準的方式去執行。所以，從中期來看，我們對於接下來的方向非常期待——不論是我們在去年第四季、今年第一季所展現的成果，或是從策略面我們已經規劃好的路徑與未來走向。我們很期待看到目前已投放市場的這些已被證明的能力，如何與我們所建立的策略相互對齊。

Do you have goals in place for building dealer support for LiveWire?

你們是否已制定目標，以建立經銷商對 LiveWire 的支持？

The LiveWire team is certainly working on their approach to how they manage their dealer relationships.

LiveWire 團隊當然正在就如何管理其經銷商關係擬定做法。

Brandon Rolle, Loop Capital.

Brandon Rolle，Loop Capital。

First, just on the dealer profitability improvement. Would you be able to size the headwind from maybe a more standardized rebate program to HDMC margins?

首先，關於經銷商獲利能力的改善。你能否量化一下，若採用更標準化的回饋金（rebate）方案，對 HDMC 毛利率可能造成的逆風有多大？

Thanks, Brandon. You're talking about HD-1 rewards in the holdback?

謝謝你，Brandon。你指的是保留款（holdback）中的 HD-1 獎勵嗎？

Yes. I think under the previous management team, they had kind of made the rebate program or rewards program a little more difficult to pull back some margin into the company. So it seems like that's going back out to dealers. And I was wondering if you're able to size the headwind, if any, to or HDMC margins.

是的。我認為在前一個管理團隊任內，他們讓回饋金方案或獎勵方案變得有點更難收回，藉此把部分利潤留在公司。因此看起來現在又把這些回到經銷商那邊。我想問你是否能量化這個逆風（如果有的話）對 HDMC 毛利率的影響。

Yes. I would characterize the headwind as modest over medium-term period. The previous holdback was variable. So it was based on sales targets, and this is fixed. I wouldn't characterize it as it's not the primary driver of the profitability improvements that we're experiencing or forecast. I think it's a small amount on a year-over-year basis, but it's not the primary amount.

是的。我會把這個逆風形容為在中期來看屬於溫和。先前的保留款是浮動的，也就是依銷售目標而定，而現在是固定的。我不會把它形容為——它並不是我們正在經歷或預測的獲利改善的主要驅動因素。我認為以年對年來看影響不大，但不是主要因素。

The larger impact which I heard consistently from our North American dealers, both in the fall and again on a recent road show was the predictability was so important. Predictability of having the fixed holdback was critical in terms of staffing levels, being able to project cash flow throughout the year. And I think it's just an example of us understanding our dealers businesses. and respecting what they need to run their business well and service our riders well. And so I'm pleased where we are and where we are today is precisely what we've modeled going forward.

我從北美經銷商那裡一再聽到、而且在秋季以及最近一次路演中也再次聽到的更大影響是：可預測性非常重要。固定保留款的可預測性，對人力配置水準、以及能夠預估全年現金流都至關重要。我認為這只是我們理解經銷商業務、並尊重他們為了把生意做好、也把我們的騎士服務好所需要的條件的一個例子。因此我對我們目前的狀況感到滿意，而我們今天所處的位置也正是我們對未來所建模的結果。

Okay. Great. And just one last one. On your U.S. dealer network, how do you feel about the current size of the network? Obviously, there's been a lot of dealer consolidation over the last few years. Do you feel like you have the dealer networks at the right size? Or are you going to continue to kind of, I guess, move away from inefficient dealers and, I guess, not shrink the dealer network, but maybe make it stronger.

好的。很好。最後一個問題。關於你們在美國的經銷商網路，你對目前網路規模的看法如何？顯然過去幾年經銷商整併很多。你覺得經銷商網路的規模已經合適了嗎？還是你們會繼續——我想——遠離效率較差的經銷商；也就是說，不一定是縮小經銷商網路，但可能讓它更強健。

We're always looking for ways to make the dealer network stronger, and we love the fact that we have individual maybe smaller dealer owners, dealer principles in certain markets. And we also feel privileged to have some larger entities that own groups of dealerships. And I think the -- the strength of our brand is a balance of both. One of the amazing things about Harley-Davidson dealerships is we have dealerships along these iconic rides. Where families in some cases, have owned these dealerships for decades, in some cases, 70, 80, 90 years and extremely proud of that.

我們一直在尋找讓經銷商網路更強健的方法。我們也很喜歡在某些市場中仍有個別、可能規模較小的經銷商業主、經銷商負責人（dealer principals）。同時，我們也很榮幸能有一些較大型的實體擁有多家經銷據點。我認為——我們品牌的強大在於兩者之間的平衡。Harley-Davidson 經銷商最令人驚嘆的一點是：我們在這些具代表性的經典路線沿線都有經銷據點。有些家庭在某些情況下已經擁有這些經銷商數十年，有些甚至 70、80、90 年，對此感到非常自豪。

And at the same time, we had recent acquirers in the market where some of our largest and some of our most profitable dealer owners are getting bigger in the system and I love them all. We're committed to having a healthy dealer network, and we're not precious about size. We're precious about dealers that are enthusiastic about our brand and serve riders well.

同時，我們也看到市場上近期的收購者，其中一些我們最大、也最獲利的經銷商業主在體系中持續擴大規模，而我都很喜歡。我們致力於維持健康的經銷商網路，我們不會過度在意規模。我們在意的是那些對我們品牌充滿熱情、並能把騎士服務好的經銷商。

Jamie Katz, Morningstar.

Jamie Katz，Morningstar。

I will make it quick. I get most of the profit improvement that you guys have, a lot of it looks like it's coming from leverage within SG&A. But can you talk a little bit more specifically about the top opportunities that are being targeted for cost reduction this year? Just so we can get a better idea of where that low-hanging fruit is coming from.

我簡短問一下。我理解你們大部分的獲利改善，看起來很多是來自 SG&A 的槓桿效益。但你能否更具體談談今年鎖定的成本削減的主要機會有哪些？這樣我們能更清楚了解那些「低垂的果實」是從哪裡來的。

Jamie, thank you for your question. Yes, so it's obviously a balance of some head count and then obviously some non-headcount-related costs and then also some cost of goods related actions. Our teams are -- have done a fantastic job in Q1 at identifying areas. We've obviously done a significant amount of both competitive benchmarking, but also what's the right thing for Harley-Davidson and ensuring that we can grow going forward. We're not going to provide detail beyond that at this time, but we're very confident and the targets that we put forward and specifically the $150 million plus that we've earmarked for 2027 and beyond.

Jamie，謝謝你的問題。是的，這顯然是在部分人力（headcount）、以及一些非人力相關成本，另外也包含一些與銷貨成本（cost of goods）相關的行動之間取得平衡。我們的團隊在第一季在辨識相關領域方面做得非常出色。我們顯然做了大量的同業競爭標竿比較（competitive benchmarking），同時也在思考什麼才是對 Harley-Davidson 最正確的做法，並確保我們未來能夠成長。我們目前不會提供更進一步的細節，但我們對所提出的目標非常有信心，特別是我們為 2027 年及之後所預留的 1.5 億美元以上。

Okay. And then just quickly, I know there was some gross margin impact by pricing and mix. Is there any way to think about how those are trending over the remainder of the year just sort of from where you stand today?

好的。然後再快速問一下，我知道毛利率受到定價與產品組合的影響。就你們目前的觀察，有沒有辦法談談這些因素在今年剩餘期間的趨勢會如何？

Yes, Jamie, I'll let Jonathan take that one.

好的，Jamie，這題我讓 Jonathan 來回答。

Okay. Thank you, Jamie. So as we look at pricing and mix and sort of compare that to relative stability, I think, as we look through Q2, Q3 and Q4, you did hear in the Q1 financial comments, a little bit more information relative to timing. So take a listen to that call in terms of how we talked about year-over-year quarters and what you see there. So from an overall pricing mix perspective, pretty flat to kind of a little bit of favorability in the balance of the year.

好的。謝謝你，Jamie。就定價與產品組合而言，並把它與相對穩定性做比較，我認為當我們看第二季、第三季與第四季時，你確實在第一季財務評論中聽到一些與時點相關的更多資訊。因此請再聽一下那通電話，了解我們如何談年對年各季的比較，以及你會看到什麼。整體而言，從定價/組合角度來看，今年剩餘期間大致持平到略為有利。

As we look at what's coming, we're pretty excited about what we're going to be introducing, and you'll see some of the impacts from that. Please take a listen to what we talked about from a timing standpoint, that will be important as you're thinking through what our trajectory is going to look like for the year. And then you will see a little bit less of an impact from incentive-related activity.

就接下來要推出的內容而言，我們對即將導入的產品相當興奮，你也會看到其中一些影響。請留意我們從時點角度所談到的內容，當你在思考我們今年的走勢時，那會很重要。此外，你也會看到與獎勵/促銷（incentive）相關活動的影響會稍微減少。

So as we've talked about, we were pretty aggressive in what we did from Q1 from a Q1 standpoint, we're really pleased with where we landed dealer inventory. And so we think that really set us up for a very successful balance of the year. And hopefully, that sort of helps address your question.

因此如同我們所說，我們在第一季採取的作法相當積極；就第一季而言，我們對經銷商庫存落點非常滿意。我們認為這確實為今年剩餘期間的成功奠定了很好的基礎。希望這能回答你的問題。

Thank you for your questions. And ladies and gentlemen, that will close down our Q&A session for today. Artie, I would like to turn it back over to you for any closing comments.

謝謝各位的提問。各位女士先生，今天的問答環節到此結束。Artie，我想把時間交還給你，請你做任何結語。

Well, thank you, everybody. I appreciate you participating in today's call. And hopefully, you can tell how enthusiastic our team is, and I am in particular about our path forward, and we look forward to updating you on our progress, and we'll talk to you next earnings. Thank you.

好的，謝謝大家。我很感謝各位參與今天的電話會議。希望你們能感受到我們團隊的熱情，而我個人對我們未來的前進路徑尤其充滿熱忱。我們期待向各位更新我們的進展，我們下次財報再談。謝謝。

Thank you.

謝謝。