LiveWire Group Inc (LVWR) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2025 second quarter investor and analyst conference call. Please be advised that today's conference is being recorded.

感謝您的支持，歡迎參加哈雷戴維森 2025 年第二季投資者和分析師電話會議。請注意，今天的會議正在錄製。

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

現在我想把會議交給肖恩柯林斯。謝謝。請繼續。

Thank you. Good morning. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. You can access the slides supporting today's call on the Internet at the Harley-Davidson Investor Relations website.

謝謝。早安.我是哈雷戴維森投資者關係總監肖恩·柯林斯。您可以在哈雷戴維森投資者關係網站上存取支援今天電話會議的幻燈片。

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

正如您所料，我們的評論將包括前瞻性陳述，這些陳述存在可能導致實際結果出現重大差異的風險。這些風險包括我們在今天的收益報告和向美國證券交易委員會提交的最新文件中提到的事項。參加今天早上電話會議的還有哈雷戴維森執行長 Jochen Zeitz、財務長 Jonathan Root 以及 LiveWire 執行長 Karim Donnez。

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

現在，請允許我將發言權交給我們的執行長 Jochen Zeitz。約亨？

Thank you, Shawn. Good morning, everyone, and thank you for joining today's call. This morning we're going to start with details on our HDFS transaction that were announced earlier today, before moving on to the Q2 results.

謝謝你，肖恩。大家早安，感謝大家參加今天的電話會議。今天上午，我們將首先介紹今天早些時候宣布的 HDFS 交易的詳細信息，然後再介紹第二季度的業績。

We're very pleased to share that we've entered into strategic partnerships with both KKR and PIMCO for HDFS after completing a rigorous selection process with over a dozen parties bidding for the HDFS business over three rounds. We've consistently spoken about the strategic and financial value of the HDFS business, and we are very excited to announce this transaction that clearly reinforces our view.

我們非常高興地告訴大家，經過三輪競標，十幾家公司對 HDFS 業務進行了嚴格的篩選，我們已與 KKR 和 PIMCO 就 HDFS 建立了戰略合作夥伴關係。我們一直在談論 HDFS 業務的策略和財務價值，我們非常高興地宣布這筆交易，它清楚地強化了我們的觀點。

On our first quarter call, we laid out four key objectives that any transaction involving HDFS would need to achieve. And I'm pleased to say that we are checking the box on all of them, providing the business with a lot of flexibility in the future.

在第一季的電話會議上，我們列出了任何涉及 HDFS 的交易都需要實現的四個關鍵目標。我很高興地說，我們正在檢查所有這些問題，為未來的業務提供很大的靈活性。

First, we said it would have to reflect the significant value HDFS represents to Harley-Davidson and its shareholders. The investment in HDFS equity at approximately 1.75 times post-transaction book valuation for these two world-class investors clearly achieves that goal, illustrating HDFS's class-leading returns and corresponding significantly higher valuation to book value.

首先，我們說它必須反映 HDFS 對哈雷戴維森及其股東的巨大價值。這兩家世界級投資者以交易後帳面估值約 1.75 倍的價格投資 HDFS 股權顯然實現了這一目標，表明 HDFS 擁有一流的回報，且估值與帳面價值相比明顯更高。

Second, the transaction would have to create value over the long term with a strategic partner. We expect this transaction will accomplish that across a range of fronts. Our new strategic partners will purchase about 2/3 of HDFS future retail loan originations at a premium on an annual basis for five years. Going forward, HDFS will retain 1/3 of new consumer loans. And when combined with new fee streams, we expect it will significantly increase HDFS' go-forward ROE to the high 20s.

其次，交易必須與策略夥伴一起創造長期價值。我們預計此次交易將在多個方面實現這一目標。我們的新策略夥伴將在五年內每年以溢價購買 HDFS 未來零售貸款發放的約 2/3。展望未來，HDFS 將保留 1/3 的新增消費貸款。當與新的費用流結合時，我們預計它將顯著提高 HDFS 的未來 ROE 至 20% 的高點。

And with a minority equity ownership of HDFS, KKR and PIMCO are in it for the long term.

由於擁有 HDFS 的少數股權，KKR 和 PIMCO 打算長期持有該股權。

Third, a transaction would have to allow us to maintain or lower our overall cost of funding. With this transaction, we are reducing our overall leverage and the perceived risks highlighted every time the business environment deteriorates, freeing up significant equity on the balance sheet and creating a long-term stable funding mechanism, all of which we believe will contribute to greater funding flexibility and lower borrowing costs.

第三，交易必須允許我們維持或降低整體融資成本。透過此交易，我們正在降低整體槓桿率以及每次商業環境惡化時凸顯的感知風險，釋放資產負債表上的大量權益，並創建一個長期穩定的融資機制，我們相信所有這些都將有助於提高融資靈活性並降低借貸成本。

We expect this transaction to boost HDFS earnings substantially this year by $275 million to $300 million in operating income. On top of the strong HDFS operating results expected this year, we believe there's a clear path to growing HDFS operating income quickly towards pre-transaction levels in an asset-light manner in future years. We plan to achieve this through the retention of only approximately 1/3 of annual consumer originations as well as through new fee streams from loan originations and servicing fees and organic growth, along with the commercial finance, insurance, car products and international partnerships that we'll retain.

我們預計此交易將使 HDFS 今年的營業收入大幅增加 2.75 億美元至 3 億美元。除了今年 HDFS 預計的強勁營運表現之外，我們相信，未來幾年 HDFS 的營運收入將以輕資產的方式快速成長至交易前的水平。我們計劃透過保留大約 1/3 的年度消費者發起費用、透過貸款發起和服務費和有機增長產生的新費用流以及我們將保留的商業金融、保險、汽車產品和國際合作夥伴關係來實現這一目標。

Lastly, but importantly, we were clear that the transaction could not have a negative impact on our customers or dealers. For customers, this transaction will be transparent with HDFS continuing to originate and service both new and existing retail loans. And for our dealers, HDFS will be able to continue providing dealers with service, benefits and flexibility commensurate with what HDFS currently provides. Most importantly, this transaction will free up cash and allow additional flexibility to support demand-driving initiatives.

最後，但重要的是，我們明確表示這筆交易不能對我們的客戶或經銷商產生負面影響。對於客戶來說，此交易將是透明的，HDFS 將繼續發放和服務新的和現有的零售貸款。對於我們的經銷商，HDFS 將能夠繼續為經銷商提供與 HDFS 目前提供的服務、福利和靈活性。最重要的是，這筆交易將釋放現金並提供額外的靈活性來支援需求驅動計畫。

Overall, we believe the new partnership is a big win on all levels. In addition to other significant future benefits, this transaction is expected to generate cash that will allow HDFS to pay a distribution of approximately $1.25 billion to HDI and leave HDFS well positioned to continue to serve our customers and dealers in the best possible ways.

整體而言，我們相信新的合作關係在各個層面上都是巨大的勝利。除了其他重大的未來利益之外，這筆交易預計還將產生現金，使 HDFS 能夠向 HDI 支付約 12.5 億美元的分配，並使 HDFS 能夠繼續以最佳方式為我們的客戶和經銷商提供服務。

With the cash generated from this transaction, we are planning to reduce our debt by about $450 million and to accelerate our $1 billion share buyback program announced last year with the intention to purchase $500 million in the second half of '25. Also we expect this will give us the flexibility to invest up to $300 million of additional funds into future growth opportunities.

利用此交易產生的現金，我們計劃減少約 4.5 億美元的債務，並加快去年宣布的 10 億美元股票回購計劃，計劃在 2025 年下半年購買 5 億美元。我們也預計這將使我們能夠靈活地向未來的成長機會投資高達 3 億美元的額外資金。

The post-transaction book value multiple realized in this transaction is a significant valuation for HDFS and we believe will serve as a major value unlock over time as it clearly highlights the substantial undervaluation of HDMC relative to other comparable companies.

此交易中實現的交易後帳面價值倍數對 HDFS 來說是一個重要的估值，我們相信隨著時間的推移，它將成為主要的價值釋放，因為它清楚地凸顯了 HDMC 相對於其他同類公司而言被嚴重低估。

To summarize, the post-transaction HDFS business' equity has been valued by our partners at around $500 million or approximately 1.75 times post-transaction book value. As a result of this transaction, HDFS intends to distribute $1.25 billion of cash to HDI, representing around 40% of our current market cap. The combined $1.75 billion of HDFS driven value compares to Harley-Davidson current market cap of approximately $3 billion. In addition, HDI was holding $1.6 billion of cash and equivalents at the end of Q2. This transaction implies that HDMS is trading at around 8 times consensus operating income compared to peers at around 14 times.

總而言之，交易後 HDFS 業務的股權已被我們的合作夥伴估價為約 5 億美元，或約為交易後帳面價值的 1.75 倍。作為此次交易的結果，HDFS 打算向 HDI 分配 12.5 億美元現金，約占我們目前市值的 40%。HDFS 帶來的總價值為 17.5 億美元，而哈雷戴維森目前的市值約為 30 億美元。此外，HDI 在第二季末持有 16 億美元的現金及等價物。此交易意味著，HDMS 的交易價格約為市場普遍預期營業收入的 8 倍，而同業的交易價格約為 14 倍。

Turning to HDMC and Q2. In the face of a continuously challenging commercial environment for discretionary products, in particular, consolidated revenue for the second quarter declined 19%, driven primarily by a planned reduction in motorcycle shipments and soft demand. Global motorcycle retail sales were down 15% year over year, reflecting the continued impact of elevated interest rates on customer purchasing behavior, broader demand softness and overall economic uncertainty.

轉向 HDMC 和 Q2。尤其是面對非必需品持續充滿挑戰的商業環境，第二季綜合收入下降了 19%，主要原因是摩托車出貨量計畫減少和需求疲軟。全球摩托車零售額年減 15%，反映出利率上升對顧客購買行為的持續影響、更廣泛的需求疲軟以及整體經濟的不確定性。

In response to the ongoing uncertainty and persistently higher-than-expected interest rates, the company will look to introduce a new efficiency program and enhance and, where possible, accelerate its existing productivity initiatives. Any efforts will leverage technology, including AI, which we expect will deliver substantial cost savings and drive further productivity gains across the business.

為了應對持續的不確定性和持續高於預期的利率，該公司將尋求推出一項新的效率計劃，並在可能的情況下加強並加速其現有的生產力計劃。任何努力都將利用包括人工智慧在內的技術，我們預計這將帶來大幅的成本節約並進一步提高整個企業的生產力。

Across our portfolio, performance was mixed depending on the segment. Touring continued to face headwinds as we lapped strong model year '24 launch of the redesigned Touring platform. That said, through the quarter, we remained disciplined in motor company-led promotions, even as competitors leaned heavily on promotional activity, an area where we have exercised greater restraint, including on our '25 models.

在我們的投資組合中，不同細分市場的表現不盡相同。當我們在 24 款車型年推出重新設計的 Touring 平台時，Touring 繼續面臨逆風。儘管如此，整個季度，我們在汽車公司主導的促銷活動中仍然保持紀律，即使競爭對手嚴重依賴促銷活動，我們也在這一領域採取了更大的克制，包括在我們的 25 款車型上。

The newly refreshed Softail lineup is performing better in the market. Additionally, our RevMAX platform, including both Adventure Touring and Sportster models, grew 16% year over year in North America. This growth was driven by several factors, including the strategic repricing of Nightster to below $10,000 and increasing consumer appreciation for the platform. Overall, in the US, while market share for Touring declined, we saw an increase in our overall cruiser business as well as a modest increase in our Adventure Touring offering in a challenging overall market.

全新升級的 Softail 系列在市場上表現更佳。此外，我們的 RevMAX 平台（包括 Adventure Touring 和 Sportster 車型）在北美年增 16%。這一增長受到多種因素的推動，包括將 Nightster 的策略性定價調整至 10,000 美元以下以及消費者對該平台的認可度不斷提高。總體而言，在美國，雖然旅行車的市場份額有所下降，但我們的巡洋艦業務總體有所增長，同時在充滿挑戰的整體市場中，我們的探險旅行車業務也略有增長。

As promised, during the quarter, we continued to reduce dealer inventory with global levels down 28% compared to Q2 '24. This aligns with our ongoing commitment to rightsize inventory and better match demand. The fluid global tariff environment and negative consumer sentiment remains a challenge for the business. However, our ongoing engagement with various governments gives us cautious optimism that future trade agreements may help limit the overall impact on our operations. The EU agreement announced this past weekend looks to be a positive step forward.

正如承諾的那樣，在本季度，我們繼續減少經銷商庫存，全球庫存水準與 2024 年第二季度相比下降了 28%。這符合我們持續致力於調整庫存規模和更好地滿足需求的承諾。不穩定的全球關稅環境和負面的消費者情緒仍然是該企業面臨的挑戰。然而，我們與各國政府的持續接觸使我們謹慎樂觀地認為，未來的貿易協定可能有助於限制對我們營運的整體影響。上週末宣布的歐盟協議看起來是向前邁出的積極一步。

In the meantime, our teams are working diligently to manage the near-term effects on '25 while also implementing longer-term mitigation strategies to minimize potential impacts on the business. Additionally, following productive engagement with the US administration, we are pleased that Harley-Davidson motorcycles have been included in the recently signed automotive tax reduction legislation part of the broader economic bill. Under the new law, interest paid on loans for new US built motorcycle purchases up to $10,000 annually is tax deductible when all vehicles and customer eligibility criteria are met.

同時，我們的團隊正在努力應對 25 年的短期影響，同時實施長期緩解策略，以盡量減少對業務的潛在影響。此外，在與美國政府進行富有成效的接觸後，我們很高興哈雷戴維森摩托車已被納入最近簽署的汽車減稅法案，該法案是更廣泛的經濟法案的一部分。根據新法律，在滿足所有車輛和客戶資格標準的情況下，購買美國新摩托車的貸款利息每年最高可達 10,000 美元，可免稅。

We believe this will have a positive effect and stimulate demand as the tax incentive takes hold in the market.

我們相信，隨著稅收激勵措施在市場上紮根，這將產生積極影響並刺激需求。

Turning to Racing. Since '21, we've leaned into our racing heritage both through product development and the revival of Harley-Davidson Factory Racing, competing at the highest level in both the King of the Baggers and Hooligan series, where we are proud to be leading both this year. Drawing inspiration from the track to the street in March, we introduced our first limited production race replica inspired by our King of the Baggers race bikes, the CVO Road Glide RR. This model blends elite performance with the signature craftmanship of Harley-Davidson CVO lineup. As expected, the 131 motorcycle is priced at $110,000, generated an oversubscribed wait list and preorders, underscoring the growing excitement around our racing-inspired offerings, including P&A and Racing Experiences, highlighting new opportunities in the future.

轉向賽車。自 2021 年以來，我們透過產品開發和哈雷戴維森工廠賽車的復興，繼承了我們的賽車傳統，在 King of the Baggers 和 Hooligan 系列賽中都參加了最高水平的比賽，我們很自豪今年能夠在這兩項賽事中領先。今年 3 月，我們從賽道到街頭汲取靈感，推出了首款受 King of the Baggers 賽車啟發的限量生產賽車複製品 CVO Road Glide RR。該車型將頂級性能與哈雷戴維森 CVO 系列的標誌性工藝融為一體。正如預期的那樣，131 型摩托車的售價為 11 萬美元，產生了超額認購的等候名單和預訂單，凸顯了人們對我們的賽車風格產品（包括 P&A 和賽車體驗）日益增長的興趣，突出了未來的新機會。

We remain energized by the power of racing to ignite passion and are committed to leveraging it as a strategic catalyst for brand and product innovation. In that spirit, this May we announced a landmark partnership with MotoGP, the leading global motorcycle racing championship in the world, to launch a new racing series in '26 featuring Harley-Davidson Bagger motorcycles.

我們始終以賽車的力量激發熱情，並致力於將其作為品牌和產品創新的策略催化劑。本著這種精神，今年 5 月，我們宣布與全球領先的摩托車賽車錦標賽 MotoGP 建立具有里程碑意義的合作夥伴關係，並於 26 年推出以哈雷戴維森 Bagger 摩托車為特色的新賽車系列。

The 12-race championship will span six Grand Prixs across Europe and North America, with each round showcasing two races on race-prepared Harley-Davidson Road Glide motorcycles. The grid will feature six to eight teams, each fielding two riders and will be supported by Harley-Davidson Factory Racing. I'm pleased to say that we're in advanced stages of signing various teams following a very strong interest from many race teams.

這項錦標賽共有 12 場比賽，橫跨歐洲和北美的 6 場大獎賽，每輪比賽將展示兩場使用專為比賽準備的哈雷戴維森 Road Glide 摩托車的比賽。參賽車隊將有六至八支，每支車隊派出兩名車手，並由哈雷戴維森工廠賽車隊提供支援。我很高興地說，在眾多賽車隊的強烈興趣下，我們目前已進入與各車隊簽約的後期階段。

With this new series, we will be bringing a bold, high-performance expression of the Harley-Davidson brand to the global stage, celebrating our historic racing legacy while redefining its future. It promises to be a thrilling addition to the world's premier motorcycle racing landscape. Stay tuned for more.

透過這個新系列，我們將把哈雷戴維森品牌的大膽、高性能表達帶到全球舞台，慶祝我們的歷史賽車遺產，同時重新定義它的未來。它有望為世界頂級摩托車賽事增添一抹激動人心的色彩。敬請關注。

Our race team's home will soon be located at Juneau Avenue where we're making substantial investments into our historic headquarters to ensure the site is workforce-ready by year-end, complementing our already remodeled HDU building and newly-built Harley-Davidson Park.

我們的賽車隊總部很快就會落腳朱諾大道，我們正在對我們歷史悠久的總部進行大量投資，以確保該場地在年底前做好員工投入使用的準備，與我們已經改造的 HDU 大樓和新建的哈雷戴維森公園相輔相成。

As mentioned in our previous earnings call, we are planning to introduce new entry-level products in smaller displacements, as well as an iconic classic starting next year. Today I'm pleased to confirm the launch of our first small displacement motorcycle for the US and international markets, which has been in development since '21. Inspired by our heritage and the spirit of the iconic Harley-Davidson Sprint motorcycle, this new bike embodies boldness, irreverence and fun, capturing the rebellious energy that defines the Harley-Davidson experience.

正如我們在先前的財報電話會議上所提到的，我們計劃從明年開始推出排氣量較小的新型入門級產品以及標誌性經典產品。今天，我很高興地確認，我們將推出第一款面向美國和國際市場的小排氣量摩托車，自 21 年開始開發。受到我們的傳統和標誌性哈雷戴維森 Sprint 摩托車精神的啟發，這款新摩托車體現了大膽、不敬和樂趣，捕捉了定義哈雷戴維森體驗的叛逆能量。

Scheduled for release in the first half of '26 and for the presentation to our global dealer network in October of this year, I'm pleased to share that we're targeting an entry price below $6,000. We believe this motorcycle will not only be highly accessible, but also profitable, marking a significant step forward in driving Harley-Davidson's future profitable growth and opening up a new path in motorcycle segment for the company in future years for its key markets.

該車計劃於 26 年上半年上市，並於今年 10 月向我們的全球經銷商網絡進行展示，我很高興地告訴大家，我們的目標是入門價格低於 6,000 美元。我們相信這款摩托車不僅普及度高，而且利潤豐厚，標誌著哈雷戴維森在推動未來盈利增長方面邁出了重要一步，並為公司未來幾年在摩托車領域的關鍵市場開闢了一條新道路。

The new Harley-Davidson Sprint motorcycle will be complemented by an additional and for the first time, in an expected profitable iconic entry price point motorcycle in our traditional cruiser segment planned to follow soon after. All of this will be in addition to other new and exciting products we will be launching next year.

新款哈雷戴維森 Sprint 摩托車將首次推出一款額外的摩托車，預計這款標誌性的入門級摩托車將在我們計劃不久後推出的傳統巡洋艦細分市場中盈利。所有這些都是我們明年將推出的其他令人興奮的新產品的補充。

Lastly, a few words about LiveWire. The company remains committed to significantly reducing cash burn and operating losses, and the LiveWire team has worked diligently to manage operating expenses across the business. In Q2, LiveWire delivered a 34% improvement in consolidated operating loss compared to Q2 '24 and reduced its use of cash and cash equivalents for the six months ended June 30 by 36% compared to the same period in '24. We're encouraged by the progress made and there is more to come.

最後，簡單談談 LiveWire。該公司仍然致力於大幅減少現金消耗和營運損失，LiveWire 團隊一直在努力管理整個業務的營運費用。與 2024 年第二季相比，LiveWire 的第二季合併營業虧損改善了 34%，與 2024 年同期相比，截至 6 月 30 日的六個月的現金和現金等價物使用量減少了 36%。我們對所取得的進展感到鼓舞，未來還會取得更多進展。

LiveWire continues to focus on its strategic pivot, maintaining market presence amid ongoing industry challenges, while staying at the forefront of innovation, adding new high-volume segments. Today we can confirm that LiveWire intends to launch production versions of its two latest concept models that were showcased at Harley-Davidson Homecoming earlier this month.

LiveWire 繼續專注於其策略重點，在持續的行業挑戰中保持市場地位，同時保持創新前沿，增加新的高容量細分市場。今天我們可以確認，LiveWire 打算推出本月稍早在哈雷戴維森歸鄉活動上展示的兩款最新概念車型的量產版本。

These new mini models represent a strategic refocus in the LiveWire's product portfolio, aligning with evolving customer expectations, broader EV adoption trends given the significantly changed consumer and incentive environment since we launched the brand, and fast-growing global demand for lightweight, off-road and urban-friendly mobility solutions.

這些新的迷你車型代表了 LiveWire 產品組合的策略性重新聚焦，符合不斷變化的客戶期望、自我們推出品牌以來消費者和激勵環境發生顯著變化而導致的更廣泛的電動車採用趨勢，以及全球對輕型、越野和城市友好型移動解決方案的快速增長的需求。

These products mark an early step into new segments with more developments expected in the coming months. LiveWire has seen a tremendous response to these bikes over the past few weeks, and we look forward to formally launching them at EICMA in November.

這些產品標誌著我們邁入新領域的第一步，預計未來幾個月將有更多發展。在過去幾週，LiveWire 自行車獲得了巨大的反響，我們期待在 11 月的 EICMA 上正式推出它們。

And with that, Jonathan, over to you.

好了，喬納森，交給你了。

Thank you, Jochen, and good morning to all. While Jochen touched on many of the benefits of our new strategic partnerships with KKR and PIMCO, I wanted to provide a transaction overview before I go into the Q2 results at Harley-Davidson.

謝謝你，約亨，大家早安。雖然 Jochen 談到了我們與 KKR 和 PIMCO 建立的新策略合作夥伴關係的許多好處，但我想在介紹哈雷戴維森第二季業績之前提供一份交易概述。

Harley-Davidson has agreed to sell a common equity interest in HDFS at approximately 1.75 times book value, with each partner acquiring a 4.9% stake. As part of this transaction, HDFS has agreed to sell over $5 billion of existing gross consumer retail loan receivables and residual interest in securitized consumer loan receivables at a premium to par value.

哈雷戴維森已同意以帳面價值約 1.75 倍的價格出售 HDFS 的普通股權，每位合夥人將獲得 4.9% 的股份。作為此交易的一部分，HDFS 同意以高於票面價值的價格出售超過 50 億美元的現有消費零售貸款應收款總額和證券化消費貸款應收款的剩餘權益。

As a result, we will have a benefit from the release of loan loss reserve and sale of consumer loan receivables at a premium to par value. We expect this to contribute $275 million to $300 million incremental to HDFS operating income in fiscal year 2025. This will allow us to execute on our expectations to reduce approximately $4 billion of HDFS debt associated with consumer retail loan receivables.

因此，我們將從釋放貸款損失準備金和以高於票面價值的價格出售消費貸款應收款中獲益。我們預計這將為 2025 財年的 HDFS 營業收入貢獻 2.75 億至 3 億美元的增量。這將使我們能夠實現我們的預期，減少與消費者零售貸款應收款相關的約 40 億美元的 HDFS 債務。

In addition, going forward, on an annual basis, we expect the strategic partners to purchase around 2/3 of HDFS future retail loan originations annually for five years, also at a premium to par value. The partners will pay a fixed servicing fee of 1% and 2.5% for prime and subprime receivables purchased from HDFS, respectively.

此外，展望未來，我們預期策略夥伴將在五年內每年購買 HDFS 未來零售貸款發放量的約 2/3，購買價格也將高於票面價值。合作夥伴將分別對從 HDFS 購買的優質和次級應收帳款支付 1% 和 2.5% 的固定服務費。

Of note, in this transaction, we are not selling any wholesale receivables. There is no direct impact on commercial lending, card products, insurance and protection products or international beyond the equity stake mentioned. And Harley-Davidson retains a controlling interest in HDFS with over 90% ownership. The transaction is expected to close in the second half of this year.

值得注意的是，在此次交易中，我們沒有出售任何批發應收帳款。除了提到的股權之外，對商業貸款、卡片產品、保險和保護產品或國際沒有直接影響。哈雷戴維森保留了對 HDFS 的控股權，擁有超過 90% 的所有權。該交易預計將於今年下半年完成。

In summary, we are excited to unlock significant value of HDFS for our shareholders through the sale of a minority stake, while transforming HDFS into a capital-light financing business. In addition, following 2026, it is creating a path that we believe will grow HDFS operating income in the future through new loan origination fees and loan servicing fees. Naturally, we welcome that with the transaction we will generate $1.25 billion of discretionary cash for Harley-Davidson to use while we retain full control and majority ownership of HDFS.

總而言之，我們很高興透過出售少數股權為我們的股東釋放 HDFS 的巨大價值，同時將 HDFS 轉變為輕資本融資業務。此外，我們相信，2026 年後，它將透過新的貸款發放費和貸款服務費創造一條成長 HDFS 營業收入的道路。當然，我們歡迎這筆交易，因為我們將為哈雷戴維森創造 12.5 億美元的可自由支配現金，同時我們保留對 HDFS 的完全控制權和多數股權。

Now I will turn to the Q2 results at Harley-Davidson. I plan to start on page 7 of the presentation where I will briefly summarize the consolidated financial results for the second quarter of 2025. And subsequently, I will go into further detail on each business segment. Consolidated revenue in the second quarter was down 19%, largely in line with our expectations across HDMC and HDFS, while revenue also decreased at LiveWire. Consolidated operating income in the second quarter was $112 million, driven by a decline of 69% at HDMC.

現在我將談談哈雷戴維森的第二季業績。我計劃從簡報的第 7 頁開始簡要總結 2025 年第二季的合併財務結果。隨後，我將進一步詳細介紹每個業務部門。第二季綜合營收下降 19%，基本上符合我們對 HDMC 和 HDFS 的預期，而 LiveWire 的營收也有所下降。第二季綜合營業收入為 1.12 億美元，受 HDMC 下降 69% 的影響。

Operating income at HDFS came in at down 2% relative to prior year. At the LiveWire segment, the operating loss came in at $19 million. Consolidated operating income margin in the second quarter came in at 8.6% relative to 14.9% in the second quarter a year ago, representing a 629 basis points decline primarily due to the impacts associated with lower volume as we deliver on our commitment to help bring down dealer inventories. I plan to go into further detail on each business segment's profit-and-loss drivers in the next section. Second quarter earnings per share was $0.88.

HDFS 的營業收入較上年同期下降了 2%。LiveWire 部門的營業虧損為 1,900 萬美元。第二季綜合營業利潤率為 8.6%，而去年同期為 14.9%，下降了 629 個基點，這主要是因為我們履行幫助降低經銷商庫存的承諾而導致銷量下降所致。我計劃在下一部分進一步詳細介紹每個業務部門的盈虧驅動因素。第二季每股收益為 0.88 美元。

As said previously, in Q2, global retail was down 15%, with the North American market being down 17% and international markets down 12%. Broadly speaking, customers are continuing to seemingly take a pause or a wait-and-see approach to some extent based on higher interest rates and overall macro uncertainty, both factors having a meaningful impact on our specific customer profile buying patterns.

如前所述，第二季全球零售額下降15%，其中北美市場下降17%，國際市場下降12%。總體而言，由於利率上升和整體宏觀不確定性，客戶似乎繼續採取暫停或觀望的態度，這兩個因素都對我們特定客戶的購買模式產生了重大影響。

In North America, the market continued to experience lower customer traffic coming into Harley-Davidson dealerships. We also experienced this in the first quarter, even though traffic trends improved in Q2. Our conversion rates actually remain fairly solid relative to recent history. Starting in April as greater global tariff uncertainty was introduced, it added to the overall economic uncertainty that we experienced in Q1 and it stayed with us through most of Q2.

在北美，哈雷戴維森經銷店的客流量持續下降。儘管第二季的流量趨勢有所改善，但我們在第一季也經歷了這種情況。與近期歷史相比，我們的轉換率實際上仍然相當穩定。從四月開始，隨著全球關稅不確定性的加大，它加劇了我們在第一季經歷的整體經濟不確定性，而這種不確定性持續了整個第二季。

North America performance for Q2 saw a year over year decline, but was an improvement from the decline experienced in Q1. As we get through July, we are seeing some signs of improvement in customer traffic in dealerships in North America based on some of our most recent go-to-market initiatives such as new marketing initiatives, targeted promotional activity, a renewed approach to strategic price changes in each family, and amplified and more creative rider testing initiatives.

北美第二季的業績年減，但較第一季的下降有所改善。隨著七月份的到來，我們看到北美經銷商的客戶流量有所改善的跡象，這得益於我們最近的一些市場推廣舉措，例如新的營銷舉措、有針對性的促銷活動、對每個系列的戰略價格變化的新方法，以及擴大和更有創意的騎手測試舉措。

We are also seeing our new marketing development fund truly being embraced by our North American dealers with impacts now showing up in market. In EMEA, retail is down 5% and experienced overall volatility due to the global tariff situation. Softail motorcycle retail was positive in Q2, up 4% as the redesigned model year '25 Softails hit the market. From a country perspective, we witnessed growth in the German region and the Benelux and Nordic region. These were offset by declines in France and the UK.

我們也看到，我們的新行銷發展基金真正受到了北美經銷商的歡迎，其影響現已在市場上顯現。在歐洲、中東和非洲地區，零售額下降了 5%，並且由於全球關稅狀況而經歷了整體波動。隨著重新設計的 25 款 Softail 上市，Softail 摩托車零售量在第二季呈現成長，成長了 4%。從國家角度來看，我們見證了德國地區、比荷盧三國和北歐地區的成長。但法國和英國的下滑抵消了這一影響。

In Asia Pacific, retail continued to be soft and was down 21%. This was due to intense competition in the lightweight and smaller motorcycle segments. From a products perspective, our refreshed Softail model year '25 lineup performed fine as it hit the market in Q2, but we are optimistic for a stronger performance in the second half of the year. From a country perspective, the sharpest declines were in Japan and in China due to continued economic uncertainty. In Q2, in the Total Cruiser category, we experienced plus 6% volume growth in the US and gained 3 points of share in the Total Cruiser segment, growing to 53% market share in Q2 of '25 from 50% market share in Q2 of '24.

在亞太地區，零售業持續疲軟，下降了 21%。這是由於輕型和小型摩托車領域的競爭激烈。從產品角度來看，我們更新的 Softail 25 款車款系列在第二季上市時表現良好，但我們對下半年更強勁的表現持樂觀態度。從國家角度來看，由於持續的經濟不確定性，日本和中國的跌幅最大。在第二季度，在 Total Cruiser 類別中，我們在美國經歷了 6% 的銷售成長，並在 Total Cruiser 領域獲得了 3 個百分點的份額，從 2024 年第二季度的 50% 市場份額增長到 2025 年第二季度的 53%。

Moving on to dealer inventory. We believe current dealer inventory and product availability are in an improving and healthier position overall as we are now in the midst of the 2025 riding season. Global dealer motorcycle inventories were down 28% at the end of Q2 compared to the end of Q2 of '24. We are committed to supporting a significant year over year dealer inventory reduction by year-end. We are well on our way to this as already demonstrated in the first quarter and again in the second quarter, which marks our third consecutive quarter of decreasing dealer inventory on an equivalent year over year basis.

轉向經銷商庫存。我們相信，由於我們目前正處於 2025 年騎行季節，因此當前經銷商庫存和產品供應狀況總體上正在改善且更加健康。與 2024 年第二季末相比，全球經銷商摩托車庫存在第二季末下降了 28%。我們致力於在年底前支援經銷商庫存年比大幅減少。我們正在順利實現這一目標，正如第一季和第二季所證明的那樣，這標誌著我們連續第三個季度同比減少經銷商庫存。

Looking at revenue, HDMC revenue decreased by 23% in Q2. Focusing on the key drivers for the quarter. 23 points of decline came from decreased wholesale volume at HDMC where motorcycle shipments in the quarter were down 28%, coming in at 36,000 units, compared to 50,000 units in the year-ago period. This level balances our need to be prepared for the ongoing riding season and balance against any changes in the demand environment given the recent macro headlines and uncertainty.

從營收來看，HDMC第二季營收下降了23%。關注本季的主要驅動因素。 23% 的下降是由於 HDMC 批發量的下降，該季度摩托車出貨量下降 28%，為 36,000 輛，而去年同期為 50,000 輛。這一水平平衡了我們為即將到來的騎行季節做好準備的需要，並平衡了近期宏觀頭條和不確定性導致的需求環境的任何變化。

1 point of growth came from favorable year over year pricing net of sales incentives for 2025 model year product. 1 point of decline came from mix as we balanced out the delivery of motorcycle models and markets. And finally, foreign exchange impacts resulted in 1 point of growth to Q2 revenue relative to prior year. In Q2, HDMC gross margin was 28.6%, which compares to 32.1% in the prior year. The decrease of 350 basis points was driven by the revenue factors I just spoke about, and lower operating leverage, which includes modest cost inflation of less than 1%.

1 個點的成長來自於 2025 年車型的銷售激勵措施扣除後較有利的年比定價。 1 個點的下降來自於產品組合，因為我們平衡了摩托車車型和市場的交付。最後，外匯影響導致第二季營收較上年同期成長 1 個百分點。第二季度，HDMC 毛利率為 28.6%，去年同期為 32.1%。350 個基點的下降是由我剛才談到的收入因素和較低的營運槓桿（包括不到 1% 的適度成本通膨）推動的。

In order to deliver on our commitment to help bring down dealer inventory, production volumes were down commensurate with the lower wholesale shipments in Q2 of 2025. The lower production volumes resulted in a higher fixed cost per unit on motorcycle shipped in Q2 of 2025. The unfavorable impact of lower operating leverage was modestly offset by other productivity savings related primarily to supply management during the quarter. In addition, the cost of new or increased tariffs implemented in 2025 resulted in $13 million of incremental cost in the Q2 period, creating a headwind of 125 basis points to the Q2 2025 operating income margin.

為了履行幫助降低經銷商庫存的承諾，2025 年第二季的產量與批發出貨量的下降相對應。產量較低導致 2025 年第二季出貨的機車單位固定成本較高。本季度，主要與供應管理相關的其他生產力節省略微抵消了較低的經營槓桿的不利影響。此外，2025 年實施的新關稅或增加的關稅成本導致第二季成本增加 1,300 萬美元，對 2025 年第二季的營業收入利潤率造成 125 個基點的阻力。

Operating expenses in Q2 came in $2 million higher than prior year at $237 million, which resulted in an HDMC operating margin of 5.9%, which compares to 14.7% in the prior year period. This higher OpEx was primarily driven by the planned spend for the marketing development fund that I spoke of earlier, and was partially offset by lower people costs which we achieved through robust cost discipline. Turning to slide 12. In the year-to-date period, HDMC gross margin was 28.9%, which compares to 31.7% in the prior year. The decrease of 280 basis points was driven by lower volumes and lower operating leverage, partially offset by the positive impacts of pricing, mix and foreign currency.

第二季的營運費用比去年同期高出 200 萬美元，達到 2.37 億美元，這使得 HDMC 的營運利潤率為 5.9%，而去年同期為 14.7%。這筆較高的營運支出主要是由我之前提到的行銷發展基金的計畫支出所驅動，而我們透過嚴格的成本控制所實現的較低人力成本則部分抵銷了這筆支出。翻到第 12 張投影片。年初至今，HDMC 毛利率為 28.9%，去年同期為 31.7%。280 個基點的下降是由於交易量下降和經營槓桿降低，但被定價、產品組合和外幣的正面影響部分抵消。

The year-to-date results include modest cost inflation of less than 1%. In addition, the cost of new or increased tariffs implemented in 2025 resulted in $17 million of incremental costs in the year-to-date period, creating a headwind of 80 basis points to the year-to-date operating income margin. This excludes costs of $7 million to mitigate tariff impacts. Operating expenses in the year-to-date period came in $21 million lower than prior year at $436 million, which resulted in an HDMC operating margin of 8.4%, which compares to 15.4% in the prior year period.

今年迄今的業績顯示成本通膨率溫和，不到 1%。此外，2025 年實施的新關稅或增加關稅的成本導致年初至今的成本增加 1,700 萬美元，對年初至今的營業利潤率造成 80 個基點的阻力。這還不包括減輕關稅影響的 700 萬美元成本。年初至今的營運費用比去年同期的 4.36 億美元減少了 2,100 萬美元，導致 HDMC 的營運利潤率為 8.4%，而去年同期為 15.4%。

Before we turn to the next slide, I would like to update on our ongoing productivity cost program where we were expecting to drive a $400 million improvement in productivity by 2025. As a reminder, for the cumulative three year period of 2022 through 2024, we have achieved unlevered productivity savings of $257 million. We continue to expect to achieve another $100 million for all of 2025 and again in 2026, exceeding our Hardwire dollar target by over 10%, as mentioned in February. In the first half of 2025, we achieved $48 million of unlevered productivity, split evenly by quarter, primarily from logistics and supply chain initiatives.

在我們翻到下一張投影片之前，我想更新我們正在進行的生產力成本計劃，我們預計到 2025 年將實現 4 億美元的生產力提升。提醒一下，從 2022 年到 2024 年的累計三年期間，我們已實現 2.57 億美元的無槓桿生產力節約。我們繼續期望在 2025 年全年和 2026 年再實現 1 億美元的目標，超越我們的 Hardwire 美元目標 10% 以上，正如 2 月所提到的。2025 年上半年，我們實現了 4,800 萬美元的無槓桿生產力，按季度平均分配，主要來自物流和供應鏈計劃。

Turning to slide 13. The global tariff environment remains uncertain, but we wanted to provide an update. In the first half of 2025, the cost of new or increased tariffs was $17 million. This includes direct tariff exposure, Harley-Davidson importing and exporting product as well as indirect tariff exposure from our suppliers. This excludes pricing mitigation actions as well as any expenses to accelerate product deliveries ahead of tariffs.

翻到第 13 張投影片。全球關稅環境仍然不確定，但我們希望提供最新消息。2025年上半年，新增或增加關稅的成本為1,700萬美元。這包括直接關稅風險、哈雷戴維森進出口產品以及來自我們供應商的間接關稅風險。這不包括價格緩解措施以及在關稅實施前加速產品交付的任何費用。

We do expect that the direct tariff costs will increase in the second half of the year, but the environment remains volatile. Harley-Davidson is a business very centered in and around the US Three of four manufacturing plants are US-based, including final assembly in York, Pennsylvania, and powertrain operations and injection-molding with class-leading paint application each in Wisconsin. We also have a US-centric approach to sourcing with approximately 75% of component purchasing coming from the US And all of our core products sold in the US are proudly assembled in the US.

我們確實預計下半年直接關稅成本將會增加，但環境仍不穩定。哈雷戴維森是一家以美國及其周邊地區為中心的企業，其四家製造廠中有三家位於美國，包括位於賓夕法尼亞州約克市的總裝廠，以及位於威斯康辛州的動力總成運營和注塑成型廠，以及一流的噴漆應用廠。我們也採取以美國為中心的採購方式，大約 75% 的零件採購來自美國，並且我們在美國銷售的所有核心產品均在美國組裝。

With that in mind, we estimate our full year 2025 impact from the direct costs of new or increased tariffs to be in the range of $50 million to $85 million. This has been reduced from $130 million to $175 million at Q1 release on May 1. We have a number of actions underway to mitigate the impact and we expect this situation will remain fluid given the uncertainty that still exists.

考慮到這一點，我們估計，2025 年全年新關稅或增加關稅的直接成本將對我們造成 5,000 萬美元至 8,500 萬美元的影響。在 5 月 1 日發布的第一季財報中，這一數字已從 1.3 億美元降至 1.75 億美元。我們正在採取一系列措施來減輕影響，鑑於仍然存在的不確定性，我們預計這種情況仍將持續不穩定。

Turning back to HDFS and its performance. At Harley-Davidson Financial Services, Q2 revenue came in at $257 million, a decrease of only 2%, driven by modestly lower retail receivables and commercial receivables. HDFS operating income was $70 million, down less than $2 million or 2% compared to last year. The small Q2 decrease was driven by lower net interest income and higher operating expenses, partially offset by lower provision for credit losses and higher other income. The provision for credit loss expense was $6 million lower as a result of a favorable reserve change, partially offset by higher credit losses.

回到 HDFS 及其效能。哈雷戴維森金融服務公司第二季營收為 2.57 億美元，僅下降 2%，原因是零售應收帳款和商業應收帳款略有下降。HDFS 營業收入為 7,000 萬美元，與去年相比下降不到 200 萬美元，降幅為 2%。第二季的小幅下降是由於淨利息收入下降和營運費用增加造成的，但信貸損失準備金減少和其他收入增加部分抵消了這一下降。由於儲備金變動有利，信用損失費用準備金減少了 600 萬美元，但被信用損失增加部分抵銷。

Our reserve change was $7 million favorable as compared to Q2 2024, primarily driven by a smaller increase in retail receivables during Q2 '25 compared to Q2 of 2024.

與 2024 年第二季相比，我們的儲備金變動為 700 萬美元，主要是因為 2025 年第二季的零售應收帳款增幅小於 2024 年第二季。

In Q2, HDFS's annualized retail credit loss ratio was 3.25%, which compares to 3.12% in the year-ago period. Retail credit losses were $1 million higher than a year ago. In addition to the small increase in credit losses, the June 2025 annualized retail credit loss ratio was further negatively impacted by a decline in retail receivables. While delinquencies remained elevated as customers continue to be impacted by higher bike payments and general inflationary pressures, the retail credit losses moderated, thanks to improved repossession success rates and stabilizing recovery values at auction. There were no commercial finance credit losses during Q2 2025.

第二季度，HDFS 的年化零售信用損失率為 3.25%，去年同期為 3.12%。零售信貸損失比一年前增加了100萬美元。除了信貸損失小幅增加外，2025年6月零售信貸損失年化率也受到零售應收帳款下降的進一步負面影響。由於客戶繼續受到更高的自行車付款和普遍通膨壓力的影響，拖欠率仍然很高，但由於收回成功率的提高和拍賣回收價值的穩定，零售信貸損失有所緩和。2025 年第二季沒有商業金融信用損失。

In addition, the retail allowance for credit losses for the second quarter remained flat at 5.7% from Q1 of 2025. Total retail loan originations in Q2 were down 15%, while commercial financing activities were also down, decreasing 20% to $1.1 billion as a result of the significant reduction in motorcycle inventories at our Harley-Davidson dealerships. Total quarter-end net financing receivables, including both retail loans and commercial financing, was $7.3 billion, which was down 9% versus prior year.

此外，第二季零售信貸損失準備金與2025年第一季持平，為5.7%。第二季零售貸款總額下降了 15%，而商業融資活動也下降了 20%，至 11 億美元，因為我們的哈雷戴維森經銷商的摩托車庫存大幅減少。季末淨融資應收帳款總額（包括零售貸款和商業融資）為 73 億美元，較上年下降 9%。

For the LiveWire segment, which is on page 17, electric motorcycles revenue decreased in the second quarter of 2025 compared to the prior year period, driven by lower unit sales of LiveWire electric motorcycles. Selling, administrative and engineering expenses were $8 million lower compared to the prior year. LiveWire operating loss of $19 million in Q2 of 2025 was in line with expectations and compares to an operating loss of $28 million in the prior Q2. We now expect LiveWire's full year operating loss to come in between $59 million and $69 million. On a unit basis, LiveWire reported sales of 55 units in Q2, compared to 158 units sold in the prior Q2.

對於第 17 頁的 LiveWire 部門，2025 年第二季的電動摩托車收入與去年同期相比有所下降，原因是 LiveWire 電動摩托車的單位銷量下降。銷售、管理和工程費用比前一年減少了 800 萬美元。LiveWire 2025 年第二季的營業虧損為 1,900 萬美元，符合預期，而上一季的營業虧損為 2,800 萬美元。我們現在預計 LiveWire 全年營運虧損將在 5,900 萬美元至 6,900 萬美元之間。按單位計算，LiveWire 報告第二季銷售量為 55 台，而上一季銷售量為 158 台。

The uncertain macroenvironment and the lack of any incentive continued to weigh on the consumers' discretionary appetite for bigger motorcycles in early-stage EV products.

不確定的宏觀環境和缺乏任何激勵措施繼續影響消費者對早期電動車產品中大型摩托車的自由選擇興趣。

Wrapping up with consolidated Harley-Davidson Q2 financial results, we delivered $509 million of operating cash flow, which was down $68 million from the prior period. The decrease in operating cash flow was due to lower net income and due to working capital activity, partially offset by lower net cash outflows related to wholesale finance receivables in the first six months of 2025 as compared to the same period last year.

總結哈雷戴維森第二季的財務業績，我們實現了 5.09 億美元的經營現金流，比上一季減少了 6,800 萬美元。營運現金流量減少是由於淨收入減少和營運資本活動減少，但與去年同期相比，2025 年前六個月與批發融資應收款相關的淨現金流出減少部分抵消了這一減少。

Total cash and cash equivalents ended at $1.6 billion, which was $261 million lower than at the end of Q2 prior year. This consolidated cash number includes $29 million at LiveWire. Additionally, as part of our capital allocation strategy, we remain committed to returning capital to shareholders. Given the unexpected operating environment since early April due to the sudden and unpredictable changes in global tariff policy, we moved to the sidelines in Q2 and did not buy back any Harley-Davidson shares during Q2. We did buy back 3.4 million shares of our stock at a value of $87 million in Q1 of 2025.

現金及現金等價物總額最終為 16 億美元，比去年同期第二季末減少 2.61 億美元。這一合併現金數字包括 LiveWire 的 2900 萬美元。此外，作為我們資本配置策略的一部分，我們仍然致力於向股東返還資本。鑑於自4月初以來全球關稅政策突然且不可預測的變化導致的經營環境意外，我們在第二季度採取了觀望態度，並且在第二季度沒有回購任何哈雷戴維森股票。我們確實在 2025 年第一季回購了 340 萬股股票，價值 8,700 萬美元。

Given that the global tariff situation remains ongoing and uncertain, we continue to withhold our full year 2025 financial outlook for HDMC and HDI. Following today's announcement, we expect HDFS should come in at approximately $525 million to $550 million of operating income for 2025.

鑑於全球關稅狀況持續且不確定，我們繼續保留對 HDMC 和 HDI 的 2025 年全年財務展望。根據今天的公告，我們預計 HDFS 2025 年的營業收入將達到約 5.25 億至 5.5 億美元。

As we move into the second half of 2025 and with the noted closing of the HDFS transaction, I will again summarize the intended uses of proceeds. We plan to increase the pace of buybacks and are working hard to deliver on our $1 billion commitment in share repurchases we announced in July of 2024. Our plan is to purchase $500 million of shares during the second half of the year, as mentioned earlier.

隨著我們進入 2025 年下半年並隨著 HDFS 交易的結束，我將再次總結收益的預期用途。我們計劃加快回購步伐，並正在努力兌現我們在 2024 年 7 月宣布的 10 億美元股票回購承諾。如同前面提到的，我們的計畫是在今年下半年購買價值 5 億美元的股票。

We also plan to reduce our debt by $450 million and have a meaningful balance remaining to invest into the business. We expect this will give us the flexibility to invest up to $300 million of additional funds into future growth opportunities.

我們還計劃減少 4.5 億美元的債務，並留下足夠的餘額用於投資業務。我們預計這將使我們能夠靈活地向未來的成長機會投資高達 3 億美元的額外資金。

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

接下來，我們將開始問答環節。

(Operator Instructions) Craig Kennison, Baird.

（操作員指示）Craig Kennison，Baird。

Hey, good morning. Thanks for taking my questions. One on the HDFS transaction. What are the components you are using to calculate that 1.75 times book value marker? I'm just not seeing it clearly in the numbers.

嘿，早安。感謝您回答我的問題。一個是關於 HDFS 事務的。您使用哪些組成部分來計算 1.75 倍帳面價值標記？我只是沒有從數字上清楚地看到這一點。

Sure. Hi. Craig, it's Jonathan. Great question. So as we look at where the 1.75 times lands, it's actually the derivative of the proceeds that come in from KKR and PIMCO for their equity investment in the business. And as you would flow through and you would take a look at kind of where the book value of the business would come in and then how the equity is associated with that book value, it kind of lines up to a 1.75 multiple.

當然。你好。克雷格，我是喬納森。好問題。因此，當我們查看 1.75 倍的落點時，它實際上是 KKR 和 PIMCO 對該業務進行股權投資所得收益的衍生性商品。當你瀏覽並查看企業的帳面價值時，你會發現股權與帳面價值之間的關係，它大致相當於 1.75 倍。

So we'll have more disclosure in our Ks and Qs that are coming that will kind of help outline all of this, but it's effectively the relationship between the premium that they pay versus the post-transaction book value of HDFS.

因此，我們將在即將發布的 Ks 和 Qs 中進行更多披露，這將有助於概述所有這些，但它實際上是他們支付的溢價與 HDFS 交易後帳面價值之間的關係。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey guys, good morning. So a couple of questions on HDFS. I guess, first, the underlying profitability of that business looks like it got better than you guys originally anticipated. What's driving that?

謝謝。大家好，早安。關於 HDFS 有幾個問題。我想，首先，該業務的潛在獲利能力看起來比你們最初預期的要好。是什麼原因導致的呢？

And then post-transaction, I know you mentioned that you expect that business to grow and get back to its normal profitability over time. But what is the normalized profitability for that business under this new arrangement in 2026, for example?

交易後，我知道您提到您預計業務會隨著時間的推移而增長並恢復正常盈利能力。但是，在新的安排下，2026 年該業務的正常獲利能力是多少？

Okay. Hi. Joe, so just answering a couple of your questions. So from an HDFS profit standpoint, as we think about your first question around 2025. 2025, we have seen from an overall HDFS standpoint, we disclosed what you're seeing going on relative to delinquency. We covered some of the drivers and the characteristics from a loss standpoint.

好的。你好。喬，我只回答你的幾個問題。因此，從 HDFS 利潤的角度來看，當我們思考您在 2025 年左右提出的第一個問題時。 2025 年，從整體 HDFS 的角度來看，我們揭露了您所看到的與拖欠有關的情況。我們從損失的角度介紹了一些驅動因素和特徵。

So we're pretty pleased in terms of the stabilization and slight improvement in used values. So we use the source that we find is the most consistent and most reliable in terms of used values is black book data. So as we kind of go through and parse the black book data and take a look at that, a comfort that we're seeing a slight improvement in used values. That's helping us as we think about what the overall HDFS business looks like.

因此，我們對穩定性和使用價值的輕微改善感到非常滿意。因此，我們使用的來源是我們認為在使用價值方面最一致、最可靠的數據，即黑皮書數據。因此，當我們仔細分析黑皮書數據並進行查看時，令人欣慰的是，我們看到二手價值略有改善。這有助於我們思考整個 HDFS 業務的情況。

We're really pleased with what we're seeing from our dealers in terms of dealers showing up at our auctions. So when we do have to repossess a unit, the dealer participation at auction for us is very helpful. That helps us from both a value perspective and then also as we think about kind of giving us another swing to have another contact point with those customers. When the used motorcycles get retailed through our Harley-Davidson dealers that helps us too.

就參加我們拍賣會的經銷商而言，我們對於所看到的情況感到非常高興。因此，當我們確實需要拿回一個單位時，經銷商參與拍賣對我們來說非常有幫助。這對我們既有價值方面的幫助，也有幫助我們與客戶建立另一個接觸點的幫助。當二手摩托車透過我們的哈雷戴維森經銷商零售時，這也對我們有幫助。

So we've seen some really nice stabilization in terms of Harley-Davidson dealer control of use. We've seen some nice stabilization and slight up in used values. And then we've also been very pleased about repossession rates. The HDFS team is doing a wonderful job of really driving the repossession rate in a direction that's favorable. So as we put all of those underlying factors together in terms of kind of loss characteristics, we're very pleased with the way that the business is performing on that front.

因此，我們看到哈雷戴維森經銷商對使用情況的控制確實非常穩定。我們看到了一些良好的穩定性和使用價值的輕微上升。我們對收回率也感到非常滿意。HDFS 團隊在推動回收率朝著有利的方向發展方面做得非常出色。因此，當我們將所有這些潛在因素放在一起來考慮損失特徵時，我們對業務在這方面的表現感到非常滿意。

And that's been a trend that's improved as we've moved through the months in the year. So pretty pleased with base level there. Sorry, go ahead, Jochen.

隨著時間的推移，這一趨勢有所改善。所以對那裡的基礎水準非常滿意。抱歉，請繼續，約亨。

Sorry, go ahead.

抱歉，請繼續。

Yes. No, just to add to what Jonathan said, it's not just the stabilization of used values or slight improvement, it's also that the used motorcycle business actually grew in Q2 compared to the new business. And obviously, HDFS finances both used and new. So that's an additional factor.

是的。不，我只是想補充喬納森所說的，這不僅僅是二手價值的穩定或略有改善，而且與新業務相比，二手摩托車業務在第二季度實際上有所增長。顯然，HDFS 既支持二手的，也支持新的。所以這是一個額外的因素。

Okay. Thanks Jochen. And then one last point, Joe, on your question around kind of normalized earnings. If you take a look at what we've provided on Page 24 of our earnings deck, so we have a little longer earnings deck this quarter to try to cover details of the transaction. But if you would walk through that, it starts to tell you kind of the time that things take from a normalization standpoint.

好的。謝謝約亨。喬，關於你關於正常化收益的問題，我還有最後一點想說。如果您看一下我們在收益報告第 24 頁上提供的內容，您會發現本季我們的收益報告會更長一些，以盡量涵蓋交易的細節。但是如果你仔細觀察，它就會開始告訴你從規範化的角度看事情需要的時間。

And we think of normalized HDFS earnings, to answer your question directly, of about $240 million, $250 million a year in operating income.

我們認為 HDFS 的正常化收益，直接回答您的問題，每年的營業收入約為 2.4 億美元、2.5 億美元。

Tristan Thomas Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (Tristan Thomas Martin)，BMO 資本市場。

Hey, good morning, I know you mentioned that consumer traffic picked up in July, but has that translated to improved retail performance?

嘿，早上好，我知道您提到 7 月份消費者流量有所回升，但這是否意味著零售業績有所改善？

Yes, Tristan, I can't give you the final number for July yet, but we've seen a sequential significant improvement if you look at the North American figures. In fact, if you look back all the way from February, retail trends for new motorcycle unit sales improved every month. And we expect that to continue in July as well, significant improvement expected.

是的，特里斯坦，我還不能給你七月份的最終數字，但如果你看看北美的數據，我們已經看到了連續顯著的改善。事實上，如果回顧二月的情況，新摩托車銷售的零售趨勢每個月都在改善。我們預計 7 月這種情況還將持續，預計會有顯著改善。

And then going forward for the rest of the year, we believe we can actually come positive given the measures that we've taken in the market and easier comps compared to last year and some of the measures we've taken Jonathan has already highlighted. So July, another improvement in the US, and we expect that to continue until the end of the year.

然後展望今年剩餘的時間，我們相信，考慮到我們在市場上採取的措施以及與去年相比更容易的比較以及喬納森已經強調過的一些措施，我們實際上可以取得積極進展。因此，7 月美國的情況又有所改善，我們預計這種情況將持續到年底。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Yeah, hi, thanks for taking my questions here just a two parted question. Can you just talk through about how you feel about current dealer inventories and sort of what the target is for year-end? And then the timing of the model launch shift, can you just talk about how you're going to sort of sequence that in? Are you planning to launch bikes this fall? Just wanted to get more color on how you're thinking about new model launch timing. Thanks.

是的，嗨，謝謝你回答我的問題，這只是一個兩部分的問題。您能否談談您對目前經銷商庫存的看法以及年底的目標是什麼？然後，對於模型發佈時間的變化，您能否談談如何安排其順序？您計劃今年秋天推出自行車嗎？只是想進一步了解您對新車型發佈時間的看法。謝謝。

Yes, I'll take the first question in terms of dealer inventory. You've seen the commitment that we've made earlier in the year to significantly reduce the dealer inventory, and that has happened across the world including the US with the market decline that we had mentioned earlier today.

是的，我將回答有關經銷商庫存的第一個問題。您已經看到我們在今年稍早所做的承諾，即大幅減少經銷商庫存，並且隨著我們今天早些時候提到的市場下滑，這項承諾已在世界各地發生，包括美國。

As Jonathan mentioned earlier, we expect that to continue and expect a significant reduction. To what extent, it's difficult to say right now. It, of course, also depends on retail sales. But definitely double-digit decline should be target considering that last year, last quarter of last year, we already saw a decline of about 4% in our inventory -- dealer inventory, and that then accelerated in terms of decline in the first and second quarter. And so overall, we think that we are ending the year with very healthy levels of dealer inventory.

正如喬納森之前提到的，我們預計這種情況將繼續下去，並預計將大幅減少。至於程度如何，現在還很難說。當然，這也取決於零售額。但考慮到去年，也就是去年最後一個季度，我們的庫存——經銷商庫存——已經下降了約 4%，而且在第一季度和第二季度，下降速度加快，因此絕對應該以兩位數的下降為目標。因此，總體而言，我們認為今年年底經銷商庫存水準將非常健康。

And Alex, I'll take the piece on model year shift. So from a model year shift perspective, we're still working through some of the details with our dealer network in terms of exactly what it means and the timing. And truthfully, as we look at some of these things, there are differences between model year launch in the United States or North America and the rest of the globe, just as we think about where we have a preponderance of manufacturing.

亞歷克斯，我將負責有關車型年份轉變的部分。因此，從車型年份轉變的角度來看，我們仍在與經銷商網路討論其具體含義和時間安排等一些細節。說實話，當我們審視這些事情時，我們會發現美國或北美與世界其他地區推出的車型年份存在差異，就像我們思考哪裡的製造業佔優勢一樣。

And so as we look at that carryover, kind of -- so think sort of a refresh of our touring bikes, our softails, that all takes place beginning this fall. And then we have the ability to kind of continue to drop some exciting intros throughout the year as you have seen us do over the last couple of years.

因此，當我們回顧這一延續時，可以認為這是我們旅行自行車和軟尾車的更新，這一切都將在今年秋天開始。然後，我們就有能力在全年繼續推出一些令人興奮的介紹，就像您在過去幾年中看到的那樣。

I think a great example of that is as we look at this year, our Gray Ghost softail, for example, that product has sold very, very well. That is something that has generated a lot of buzz, a lot of enthusiasm and a lot of excitement across the dealer body. So you'll continue to see some special iterations and special vehicles drop throughout the year. So we will always be driving excitement and freshness into the dealer body. But we are excited to be able to pull the model year shift forward and back into the fall.

我認為一個很好的例子就是，看看今年，我們的 Gray Ghost softail 產品就賣得很好。這一消息在經銷商群中引起了很大的轟動、極大的熱情和極大的興奮。因此，您將在全年繼續看到一些特殊的迭代和特殊的車輛。因此，我們將始終為經銷商注入活力和新鮮感。但我們很高興能夠將車型年份的轉變提前到秋季。

For us, that does a couple of things. It really helps us as we think about throughput and how we get everything through our network into our dealers and prepared for the coming season. It also helps us to extend the season a little bit by keeping some excitement showing up in our dealerships toward the end of the calendar year. And so full details, we're working through with our dealer partners, but you will see that excitement come back into the fall. Thanks so much.

對我們來說，這有幾件事要做。當我們考慮吞吐量以及如何透過我們的網路將所有東西運送到我們的經銷商並為即將到來的季節做好準備時，它確實對我們有幫助。透過在年底前保持經銷店的熱情，這也有助於我們稍微延長銷售季。我們正在與經銷商合作夥伴討論詳細的細節，但您會看到這種興奮感在秋季再次出現。非常感謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hi, thanks. This is a bit of a multi-parter on the HDFS transaction. Why was the 4.9% equity sale the right level sold. Are there any tax ramifications to think through that are incorporated into that $1.25 billion in cash unlocked? Or is that a gross number? And then also, how is the exchange rate in the HOG stock set that's in the presentation? Thank you.

你好，謝謝。這是 HDFS 事務中的多部分內容。為什麼 4.9% 的股權出售是正確的出售水準？這 12.5 億美元解鎖現金中是否涉及任何稅務影響需要考慮？或者這是一個總數？那麼，簡報中的 HOG 股票匯率是如何設定的呢？謝謝。

Okay. Thank you, Stephen. So I'll start with the 4.9% question. So a really good one. Why 4.9%?

好的。謝謝你，史蒂芬。因此，我將從 4.9% 的問題開始。所以這確實是一個好主意。為什麼是4.9%？

As we go through and we take a look at the HDFS business, it is a pretty complex little business. We're super proud of the way that, that business runs and what it generates across Harley-Davidson. One of the elements that we have to factor in from an HDFS standpoint is the fact that we have an industrial loan corporation, so Eaglemark Savings Bank. ESB is FDIC regulated. And so from an FDIC perspective, there are caps and covenants around ownership, the percentage of it that we would own and then investment into the business.

當我們仔細研究 HDFS 業務時，我們發現它是一個相當複雜的小型業務。我們對哈雷戴維森的經營方式以及它所產生的效益感到非常自豪。從 HDFS 的角度來看，我們必須考慮的因素之一是我們有一家工業貸款公司，即 Eaglemark 儲蓄銀行。ESB 受 FDIC 監管。因此，從 FDIC 的角度來看，所有權、我們擁有的百分比以及對業務的投資都有上限和契約。

So the 4.9% threshold is something that the FDIC has a comfort level with in terms of any sort of additional owner. So we limited around the 4.9%, to a high degree, because of regulatory ease. And when we start moving beyond that, it's not that it can't be done, it's just a little more complex in terms of the hoops that you have to jump through. So that's really why the limit KKR with their 4.9% ownership and then PIMCO with their 4.9% ownership. That's the rationale for the 4.9% limit.

因此，對於任何類型的額外所有者而言，4.9% 的門檻是 FDIC 能夠接受的水平。因此，由於監管寬鬆，我們將利率限制在 4.9% 左右。當我們開始超越這一點時，並不是說它無法做到，只是在你必須跨越的障礙方面稍微複雜一些。這就是為什麼 KKR 和 PIMCO 的持股比例分別限制為 4.9% 和 4.9%。這就是 4.9% 限制的理由。

As we think about the $1.25 billion, the $1.25 billion that flows up from a distribution from HDFS to the parent company, that is a pretax figure. So obviously, we will end up having to sort of flow through all of our normal tax planning and tax management on that front. I think in the latest quarter, you saw us probably low 20s from a tax rate perspective that we've been running at on a year-to-date basis.

當我們考慮 12.5 億美元時，這 12.5 億美元是從 HDFS 分配給母公司的，這是一個稅前數字。因此，顯然，我們最終將不得不在這方面完成所有正常的稅務規劃和稅務管理。我認為，從稅率角度來看，最近一個季度我們的稅率可能處於 20% 以下，這是我們年初至今的稅率。

And then as we think about your last question around exchange, right? I think as you flow through that piece, we probably need to have a follow-up conversation with you just to make sure that we understand the detailed nature of your query on that front. I don't quite know what the question is, so I'll struggle to answer that one.

然後我們再思考一下您關於交流的最後一個問題，對嗎？我認為，當您瀏覽該部分內容時，我們可能需要與您進行後續對話，以確保我們了解您在這方面的查詢的詳細性質。我不太清楚這個問題是什麼，所以我很難回答。

And the business is primarily the US business that we're talking about, so there shouldn't be any significant exchange effects. But we'll get back to that, Stephen. Just to add to what Jonathan said, so the reasons you highlighted are, I think, important reasons why we've limited to say that 4.9% from both perspectives, from the partners' perspective and our perspective. And as we mentioned earlier, we had more than a dozen bids that ranged from all the way from long-term committed purchases of loan receivables but also to an outright sale of the majority of the business.

我們談論的業務主要是美國業務，因此不應該有任何重大的匯率影響。但我們會回到這個問題上，史蒂芬。我只是想補充喬納森所說的內容，所以我認為，你強調的原因正是我們從伴侶的角度和我們的角度來看，將比例限制在 4.9% 的重要原因。正如我們之前提到的，我們收到了十多個投標，從長期承諾購買貸款應收款到直接出售大部分業務。

And we actually could have so the majority or all at significant premium to book value. But given the four key objectives that I had mentioned, that any transaction involving HDFS would need to achieve that we set out already earlier in the year, we feel that this was the best possible outcome, at least complex -- requiring least complexity, and a big win really on all these levels.

我們實際上可以以高於帳面價值的價格獲得大部分或全部股份。但考慮到我提到的四個關鍵目標，即任何涉及 HDFS 的交易都需要實現我們在今年早些時候制定的目標，我們認為這是最好的結果，至少是複雜的——需要最少的複雜性，並且在所有這些層面上都是一個巨大的勝利。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great, thank you. I also wanted to ask about the HDFS transaction, kind of 2-part question, I guess. One is, is the transaction assuming any kind of growth in retail sales of Harley or growth in receivables? Or any kind of guarantee at all along those lines that's coming with the sale where the terms might change if certain sales or receivable or operating income thresholds aren't hit?

太好了，謝謝。我還想問 HDFS 事務，我想這個問題可以分成兩個部分。一是，這筆交易是否假設哈雷的零售額或應收帳款會有所成長？或者在銷售過程中是否有任何形式的擔保，如果未達到某些銷售額或應收帳款或營業收入門檻，條款可能會有所變動？

And then also, just thinking about that, what you're giving up in exchange for the 1.25%. Just looking historically, financial services I think last year was more than 40% of the total company earnings, maybe would be more than 50% this year. I know there's no guidance for the full year. So just trying to think about, can you help us quantify what earnings come out of your go-forward number in exchange for those proceeds? Thanks.

然後，想想看，為了獲得 1.25% 的回報，你要放棄什麼呢？從歷史上看，我認為去年金融服務占公司總收益的 40% 以上，今年可能會超過 50%。我知道沒有全年的指導。所以，試想一下，您能否幫助我們量化從這些收益中可以獲得哪些收益？謝謝。

Okay. Thank you. Okay. Robin, so let's start with the first part in terms of guarantees. So as you would imagine, both KKR and PIMCO are pretty highly-esteemed, pretty savvy investors. There are no guarantees around maintaining a certain growth rate, maintaining certain loss levels. So as we take a look at the way that that's done, there aren't guarantees of any nature, sort of kind of in answer to your question and the pieces that go into that.

好的。謝謝。好的。羅賓，讓我們從保證的第一部分開始。因此，正如您所想像的，KKR 和 PIMCO 都是非常受人尊敬、非常精明的投資者。沒有任何保證能夠維持一定的成長率、維持一定的損失水準。因此，當我們看一下這樣做的方式時，我們發現沒有任何性質的保證，這在某種程度上可以回答您的問題以及其中涉及的部分。

The great news is that, as Jochen touches on, we had -- as we go through this process, we kind of began with a pretty wide range of parties that were interested in the business. We narrowed that down to about a dozen or so as we got into more serious negotiations, and then came down to the final two in terms of KKR and PIMCO.

好消息是，正如約亨所提到的，在我們經歷這個過程時，我們開始接觸到對這項業務感興趣的各方。隨著我們進行更嚴肅的談判，我們將範圍縮小到大約十幾個，然後就 KKR 和 PIMCO 確定了最後兩個。

They have a super high degree of comfort in terms of the way that the business is run, the prudence with which the team underwrites the business, collects on everything. And I think it really is a testament to the leadership that we have at HDFS and the way that, that business runs. So there aren't any sort of guarantees in terms of performance where we have risk or exposure from that standpoint.

他們對業務運作方式、團隊承保業務的謹慎程度以及收取一切費用的方式都非常放心。我認為這確實證明了 HDFS 的領導力以及業務運作方式。因此，從這個角度來看，我們不存在任何有關業績的保證，因為我們面臨風險或暴露。

There's a high degree of comfort that we will continue to run the business in the way that we have where it runs profitably kind of through cycles. And obviously, when we look at the strength of the partners and what it means from a liquidity standpoint and a comfort level as to how we actually fund that business going forward, we are extremely happy to have each of them as engaged partners in the business.

我們非常放心，我們將繼續以現有方式經營業務，使業務在整個週期內都能獲利。顯然，當我們從流動性的角度和舒適度來審視合作夥伴的實力以及我們如何為未來業務提供資金時，我們非常高興他們每個人都能成為我們業務的積極合作夥伴。

As we think about what we're giving up, the main thing is that, with what we have outlined, we end up with about 1/3 of the annual originations on our balance sheet for the retail business rather than 3/3 that we would have had previously. In exchange for the 1/3 that goes to KKR and the 1/3 that goes to PIMCO, they are obviously paying, as we have outlined, a premium to par on the retail loans that we originate. And then they also pay the servicing fees that we outlined in the conversation. But you can see that there is a little bit of curve to the earnings. So we have the tremendous benefit from an earnings standpoint that we've outlined for 2025.

當我們思考我們要放棄什麼時，最主要的是，根據我們所概述的內容，我們最終在資產負債表上得到的零售業務年度起源約為 1/3，而不是之前的 3/3。作為給 KKR 的三分之一和給 PIMCO 的三分之一的交換，他們顯然要為我們發放的零售貸款支付高於票面價值的溢價，正如我們所概述的。然後他們還支付我們在談話中概述的服務費。但你可以看到，收益有一點曲線。因此，從獲利角度來看，我們將獲得 2025 年所概述的巨大收益。

And then on page -- again, let me check the exact page. But on Page 24 of our earnings deck, we outline what happens from an overall capital perspective and then what happens from an earnings standpoint. So on the right of that page, you'll see sort of a directional earnings curve. We'll get into more detail later. And then on the left, you see the significantly reduced capital levels inside of the business as we move forward.

然後在第 — — 頁面，讓我再檢查一下確切的頁面。但在我們的收益報告第 24 頁，我們概述了從整體資本角度發生的情況，然後從收益角度概述了發生的情況。因此，在該頁面的右側，您將看到一種方向性的收益曲線。我們稍後會詳細介紹。然後在左側，您可以看到隨著我們前進，企業內部的資本水準顯著降低。

That's what drives the ROE benefit that Jochen spoke of.

這就是 Jochen 所說的 ROE 收益的驅動因素。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. So just a quick clarification, Jochen. I think you said that you expected retail to be positive in the second half. Just maybe clarify that and how do we get there. But my bigger picture question, the small displacement bike, right? There was some discussion of that in the prepared remarks. There's a lot that you guys are working through today. That seems like a really big deal, particularly as we think about what's been elusive to Harley historically, right? An entry-level bike that's both popular and profitable.

嘿，早安。所以，Jochen，我只是想快速澄清一下。我想您說過您預計下半年零售業將呈現積極態勢。也許只是澄清一下，以及我們如何實現這一目標。但我更大的問題是，小排氣量自行車，對嗎？準備好的發言稿中對此進行了一些討論。你們今天要處理很多事情。這似乎是一件大事，特別是當我們思考哈雷歷史上難以捉摸的事情時，對吧？一款既受歡迎又有利可圖的入門級自行車。

And so if you're successful with that, that could really move the needle, but maybe speak a little bit more about how that's possible, right? That profitability component in particular, how have you been able to accomplish that, whereas previous generations of Harley management has not and what that profitability should look like going forward?

因此，如果您成功了，那將真正起到推動作用，但也許可以再多講講這是如何實現的，對嗎？特別是獲利部分，您是如何實現這一目標的，而前幾代哈雷管理層卻未能實現這一目標？未來的獲利能力應該是什麼樣子的？

Thanks James, yes, going forward, we expect retail sales certainly in North America to be positive, for the given reasons that we had mentioned. That's confirmed. And as we've seen the trends in February improve, it won't take much to achieve that considering also the easier comps as of August. In terms of [HDV], I completely agree with you. This is a big step for the company, not only with our [HDV] but also with the iconic cruiser that we are working on that we are going to launch thereafter and both for the first time in a manner that we believe that we can actually make money on both of them.

謝謝詹姆斯，是的，展望未來，我們預計北美的零售額肯定會呈正增長，原因我們已​​經提到過了。已確認。如我們所見，二月的趨勢有所改善，考慮到八月的比較結果更容易，實現這一目標並不需要花費太多精力。關於[HDV]，我完全同意你的看法。這對公司來說是一大步，不僅對我們的 [HDV] 來說如此，對於我們正在研發的標誌性巡洋艦也同樣如此，我們相信，這兩款車都是我們首次以一種能夠盈利的方式推出。

And a price point starting at $6,000 and then adding additional price points over future years that will allow us to play in a segment which, especially when you look through this year, but even last year, is the only area that really shows growth right now, which very much is a result of affordability issues that our core customers have, that we need to take into consideration.

起價為 6,000 美元，未來幾年還會增加其他價格點，這將使我們能夠在一個細分市場中佔有一席之地，特別是當你回顧今年，但即使是去年，這也是目前唯一真正顯示增長的領域，這很大程度上是我們核心客戶的負擔能力問題的結果，我們需要將其考慮在內。

This bike has been in development since '21. It's taking time. But we feel confident that it can achieve a profitable margin. And from there, obviously, we can build a profitable business in various segments that we have not -- or partly not competed in the cruiser segment, that we had competed in before. But as you know, that has never been a profitable business for many decades. We believe that how we've engineered this product, it will be profitable.

這款自行車自 21 年開始研發。這需要時間。但我們有信心它能夠獲利。由此，顯然，我們可以在以前沒有參與過（或部分沒有參與過）巡洋艦領域競爭的各個領域建立盈利業務。但正如你所知，幾十年來這從來都不是一個盈利的生意。我們相信，我們設計的這款產品將會帶來利潤。

So that's a significant unlock, which is why we've mentioned it. We've mentioned it also on this call because we are going to present the small displacement vehicle to our dealers in early October. And as you are very well connected, we thought we'd give you a heads-up already now rather than wait until October. But that's -- I don't want to go into specifics of how we feel we've accomplished that. But we have worked very hard over a long period of time and believe this is absolutely possible.

這是一個重要的解鎖，這就是我們提到它的原因。我們在這次電話會議上也提到了這一點，因為我們將在 10 月初向我們的經銷商展示小排氣量車。由於您人脈廣泛，我們認為現在就應該通知您，而不是等到十月。但那是——我不想詳細談論我們如何感覺我們已經實現了這一目標。但我們經過長期的努力，相信這是絕對可能的。

And we learned a lot in the last five years, in particular, to be confident that we can achieve this finally for the company. So yes, agree, significant unlock for the business and especially in the current business environment. So if you at some point, see the business returning in the big bike segment, which has been challenged over the last almost two years, and in addition, the new fuel that we will be put on the fire with these bikes over the next few years, coupled with new product developments that will come out starting next year, this is, I think, all good news.

特別是在過去的五年裡，我們學到了很多東西，我們有信心最終能夠為公司實現這一目標。是的，我同意，這對企業來說是一次重大的解鎖，特別是在當前的商業環境下。因此，如果您在某個時候看到大型自行車領域的業務復甦（該領域在過去近兩年中一直面臨挑戰），此外，未來幾年我們將透過這些自行車為行業注入新的活力，再加上明年將推出的新產品開發，我認為這都是好消息。

Jaime Katz, Morningstar.

晨星公司的 Jaime Katz。

Hey, good morning. Just a clarification to start. The $300 million that's going into HDFS, should we dump that into 3Q or 4Q? Because it's going to swing the earnings significantly whenever it goes in, I suppose. And the other thing you guys talked about that wasn't mentioned was a new efficiency program. Is there any intel on the magnitude of that impact? Are you in the early stages? And what might you be focusing on? Thanks.

嘿，早安。只是先澄清一下。投入 HDFS 的 3 億美元，我們應該在第三季還是第四季投入？因為我想，只要它投入使用，就會對收益產生巨大影響。你們討論過但沒有提到的另一件事是新的效率計劃。有沒有關於影響程度的情報？您處於早期階段嗎？您可能關注的重點是什麼？謝謝。

Okay. Thank you, Jaime. So as we look at the $300 million upside that you referenced from an HDFS perspective, we will likely end up closing -- I think we've announced we're closing in the second half of the year. Due to the sort of complexity of this as we settle different elements of the transaction, there will probably be some elements that close in Q3 and then also some elements that close in Q4. So I think as we look at different tranches of the loans and some different buckets, it's kind of broken into those two quarters.

好的。謝謝你，傑米。因此，當我們從 HDFS 的角度來看您提到的 3 億美元的上漲空間時，我們很可能會最終完成交易 - 我認為我們已經宣布將在下半年完成交易。由於我們在解決交易的不同要素時存在一定的複雜性，因此可能會有一些要素在第三季結束，也可能有一些要素在第四季結束。因此，我認為，當我們查看貸款的不同部分和一些不同的類別時，它就會被分成這兩個季度。

We are going to make sure that we are clearly working with our partners, KKR and PIMCO, on the settlement of each of those pieces. So more to come on that front. And Jochen, I'll hand it over to you from an efficiency standpoint.

我們將確保與我們的合作夥伴 KKR 和 PIMCO 就每個問題的解決方案進行明確的合作。關於這方面還有更多內容。約亨，從效率的角度來說，我會把它交給你。

Yes. Jonathan already talked about our $400 million productivity gain commitment that we've made that we will be overachieving by about 10%. We have identified new opportunities to further those productivities and increase those productivity gains, but we also see significant opportunity in a new efficiency program, details of which will be outlined in future earnings calls.

是的。喬納森已經談到了我們所做的 4 億美元生產力提升承諾，我們將超額完成約 10%。我們已經發現了進一步提高生產力和增加生產力收益的新機會，但我們也看到了新效率計劃中的重大機遇，該計劃的細節將在未來的收益電話會議上概述。

And we believe that, especially technology, including AI, will really help drive substantial cost savings for the business and will affect the overall structure of the business going forward to drive further productivity gains across the entire business.

我們相信，尤其是包括人工智慧在內的技術，將真正幫助企業大幅節省成本，並將影響未來的整體業務結構，進一步提高整個企業的生產力。

Rest assured, the decisions that we are taking in this regard will be aligned -- closely aligned with the Board and then the incoming CEO, so there's full alignment in the handover process and the transition process with regards to this efficiency program as well. But we're not going to go into detail, but we feel confident that there are a number of activities that we can start immediately and many more to follow by -- until the end of the year to really change the model quite significantly, also with the help of AI.

請放心，我們在這方面所做的決定將與董事會以及即將上任的執行長保持一致，因此，在與該效率計劃有關的交接過程和過渡過程中也將完全保持一致。但我們不會詳述，但我們相信，我們可以立即啟動一系列活動，並將繼續進行更多活動——直到今年年底，在人工智慧的幫助下，真正顯著地改變這一模式。

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

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