LiveWire Group, Inc. (LVWR) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Harley-Davidson 2026 second quarter Investor and Analyst conference call. Please be advised that today's conference is being recorded.

感謝各位稍候，歡迎參加哈雷戴維森（Harley-Davidson）2026 年第二季投資人與分析師電話會議。請注意，今天的會議將被錄音。

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

接下來我想把會議交給 Shaw Collins。謝謝。請開始。

Thank you. Good morning. This is Shaw 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。各位早安。我是 Shaw Collins，哈雷戴維森投資人關係總監。您可以在網路上取得支援今天電話會議的簡報投影片。請至哈雷戴維森投資人關係網站。

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.

如各位所預期，我們的發言將包含前瞻性陳述，並受各項風險影響，可能導致實際結果與預期有重大差異。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）提交的文件中所提及的事項。

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

今天早上的電話會議與我一同出席的有：哈雷戴維森執行長 Arthur Starrs，以及財務與商務長 Jonathan Root。

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

接下來，讓我把時間交給哈雷戴維森執行長 Arthur Starrs。

Thank you, Shaw. Good morning, everyone, and thank you for joining us today for our second quarter 2026 results. Before I get into the quarter, I want to start by thanking our Harley-Davidson employees and our dealers around the world.

謝謝你，Shaw。各位早安，也感謝各位今天加入我們，參與 2026 年第二季業績說明。在我進入本季內容之前，我想先感謝全球的哈雷戴維森員工以及我們的經銷商。

The progress we are beginning to see is the direct result of your focus, your urgency, and your commitment to this brand. I also want to thank our riders and the broader motorcycle community for continuing to support Harley-Davidson and for holding us to the high standard this company has earned over more than 120 years.

我們開始看到的進展，直接來自各位的專注、緊迫感，以及對這個品牌的承諾。我也要感謝我們的騎士以及更廣泛的機車社群，持續支持哈雷戴維森，並以這家公司 120 多年來所建立的高標準來要求我們。

Last quarter, we introduced our new strategic plan Back to the Bricks. We said that 2026 would be a transition year as we reset the business, rebuild dealer confidence, improve execution, and position Harley-Davidson for stronger, more durable performance over time.

上一季，我們推出了新的策略計畫「Back to the Bricks」。我們表示，2026 年將是過渡的一年，我們將重整業務、重建經銷商信心、提升執行力，並讓哈雷戴維森在未來具備更強、更持久的表現。

We also said that the work would not happen overnight, but that we would move with urgency and discipline.

我們也說過，這些工作不會一蹴可幾，但我們會以緊迫感與紀律推進。

In the second quarter, we are pleased with the early progress we made against that plan. At the motor company, our results reflect a business that we believe is beginning to stabilize and a team that is executing with greater focus.

在第二季，我們對照該計畫所取得的初步進展感到滿意。在機車公司（Motor Company）方面，我們的結果反映出我們相信業務正開始趨於穩定，團隊也以更聚焦的方式在執行。

Domestic retail remains strong with North America retail up 3%, the third consecutive year-over-year quarter of retail growth in North America. That continued strength is important. It shows that when we have the right motorcycles, the right dealer engagement and the right marketing support in the market, riders respond.

國內零售仍然強勁，北美零售成長 3%，這是北美連續第三個年對年零售成長的季度。這樣的持續強勢很重要。這顯示當我們在市場上提供正確的機車、正確的經銷商投入，以及正確的行銷支援時，騎士會有所回應。

We are pleased with the overall domestic market share year-to-date and continued strength in Touring in Q2. We also made continued progress on one of the most important priorities when I joined the company, dealer inventory health.

我們對今年迄今的國內整體市占表現感到滿意，且第二季在 Touring 車系持續展現強勢。我們也在我加入公司時最重要的優先事項之一——經銷商庫存健康度——上持續取得進展。

At the end of the quarter, dealer inventory position was meaningfully improved. And over 85% of dealer inventory was model year 2026 product. That is the healthiest inventory position global dealers have had in years, an improvement year-over-year for the past seven quarters.

在本季末，經銷商庫存水位已明顯改善。且超過 85% 的經銷商庫存為 2026 年式產品。這是全球經銷商多年來最健康的庫存狀況，並且已連續七個季度呈現年對年改善。

This matters because a healthier dealer network is foundational to Harley-Davidson's long-term earnings power. When dealers have the right inventory at the right time with the right margin profile, they can focus on what they do best, serving riders, building community and growing the brand in their markets.

這很重要，因為更健康的經銷商網路是哈雷戴維森長期獲利能力的基石。當經銷商在正確的時間擁有正確的庫存，並具備合適的毛利結構時，他們就能專注於最擅長的事：服務騎士、建立社群，並在其市場中成長品牌。

Dealer health was a central theme in our Q4 and Q1 discussions, and I want to be very clear that it remains non-negotiable. Based on current trends, we expect domestic dealer profitability to double in 2026. We are continuing our focus on aligning wholesale activity with retail demand, improving the quality of inventory in the channel and continuing to take actions that strengthen dealer economics.

經銷商健康度是我們在第四季與第一季討論的核心主題，我要非常清楚地表示，這仍然是不容妥協的。根據目前趨勢，我們預期 2026 年國內經銷商獲利能力將倍增。我們將持續聚焦於讓批發活動與零售需求一致、提升通路庫存品質，並持續採取強化經銷商經濟效益的行動。

Those actions can create short-term pressure in certain areas, but they are the right actions for the long-term health of the business. We are also experiencing encouraging signs from our product and brand work. In the past few months, we released two new motorcycles that reflect the direction of Back to the Bricks, blank canvas motorcycles that are true to Harley-Davidson and bike customization and give riders a stronger emotional connection to the brand.

這些行動可能在某些面向帶來短期壓力，但對於業務的長期健康而言是正確的作法。我們也從產品與品牌工作中看到令人鼓舞的跡象。過去幾個月，我們推出了兩款新機車，體現「Back to the Bricks」的方向——如同「空白畫布」般的機車，忠於哈雷戴維森與改裝文化，並讓騎士與品牌建立更強的情感連結。

While we are highlighting the launch of the new Super Glide in our Q2 materials, both the new Super Glide and Deadwood models have generated meaningful enthusiasm across the community. These are motorcycles with real Harley-Davidson character. They are designed so riders can make them their own, and that is exactly where this brand has always been strongest.

雖然我們在第二季資料中著重介紹全新 Super Glide 的上市，但全新 Super Glide 與 Deadwood 兩款車型都在社群中引發了顯著的熱情。這些機車具有真正的哈雷戴維森性格。它們的設計讓騎士能打造專屬於自己的車，這正是這個品牌一向最強的地方。

The early reaction from riders and dealers reinforces our confidence in the product direction. Sell-through on Super Glide has been strong, dealer enthusiasm has been high, and MSRP realization is among the strongest we have seen in some time.

騎士與經銷商的早期反應，強化了我們對產品方向的信心。Super Glide 的銷售動能（sell-through）表現強勁，經銷商熱情高昂，而建議售價（MSRP）實現率也屬於我們一段時間以來所見最強之一。

That is an important signal. It tells us the market is responding to motorcycles that are authentic, desirable, and supported by a clearer go-to-market approach.

這是一個重要訊號。它告訴我們，市場正在回應那些真實、令人嚮往，並由更清晰的上市策略（go-to-market approach）所支援的機車。

Deadwood Motorcycles are hitting dealerships in the US as we speak. The reactions from motorcycle media and riders on social have been overwhelmingly positive and enthusiastic, with many referencing iconic Harley-Davidson personality, the opportunity to customize and the compelling price point for a large displacement Softail.

Deadwood 機車正陸續進駐美國各地經銷據點。機車媒體以及社群平台上的騎士反應極為正面且充滿熱情，許多人提到其經典的哈雷戴維森個性、可改裝的機會，以及對於大排氣量 Softail 而言具吸引力的價格定位。

Our marketing is also beginning to work harder for the business. We've been more focused, more local and more connected to the rider community. I specifically want to call out the grassroots partnerships with custom bike builders and bike shop owners around the Super Glide and Deadwood launches.

我們的行銷也開始更有效地為業務帶來助力。我們更聚焦、更在地化，也與騎士社群連結得更緊密。我特別想點出，圍繞 Super Glide 與 Deadwood 上市，我們與客製改裝車打造者及車行店主建立的草根合作夥伴關係。

These partnerships are important because they put the brand back into the hands of the people who live motorcycle culture every day. That is where Harley-Davidson belongs.

這些合作很重要，因為它們讓品牌回到那些每天都活在機車文化中的人手上。哈雷戴維森就應該在那裡。

If you haven't seen the advertising for these two launches, I'd encourage you to do so. Our team has done a fantastic job maintaining the joy and swagger of our ride marketing platform while celebrating riding and the riding community.

如果你還沒看過這兩次上市的廣告，我鼓勵你去看看。我們的團隊在維持「Joy and Swagger」騎乘行銷平台的樂趣與自信風格之餘，也精彩地讚頌了騎乘以及騎乘社群。

As we begin our strategic journey, we're also encouraged by the internal progress toward restoring our parts and accessories business. We've appointed a GM of the business, have identified the key accessory categories we will be focused on in the near term and are actively preparing for model year 2027 parts and accessories launch alongside our motorcycle launch.

在我們展開策略旅程之際，我們也對內部在恢復零件與配件（P&A）業務方面的進展感到鼓舞。我們已任命該業務的總經理（GM），已辨識出短期內將聚焦的關鍵配件品類，並正積極為 2027 年式零件與配件上市做準備，將與我們的機車上市同步推進。

The team is demonstrating early green shoots as P&A is tracking ahead of our beginning-of-year plans. This is a critical part of the back-to-the-brick strategy and our riders and dealers are excited to see us refocusing on customization.

團隊已展現初步的回溫跡象，因為 P&A 的表現正追蹤在我們年初計畫之上。這是「Back to the Bricks」策略的關鍵一環，而我們的騎士與經銷商也很期待看到我們重新聚焦於改裝。

Customization is not an add-on to the Harley-Davidson experience. It is core to the Harley-Davidson experience. It drives rider connection, it creates important opportunities for our dealers and it supports a stronger and more diversified revenue model for the motor company.

改裝並不是哈雷戴維森體驗的附加項。它是哈雷戴維森體驗的核心。它能驅動騎士連結、為我們的經銷商創造重要機會，並支持機車公司更強且更多元的營收模式。

At HDFS, the business continued to advance ahead of our plans, including progress on forward flow activity. HDFS remains a strategic asset for Harley-Davidson and a critical enabler for our dealers and customers. The changes we have made to the business are designed to create a more capital-efficient model, while preserving the important role HDFS plays in supporting retail sales, dealer financing, and the rider experience.

在HDFS方面，業務持續超前於我們的計畫推進，包括在前向流（forward flow）活動上的進展。HDFS仍是哈雷戴維森的策略性資產，也是我們經銷商與客戶的重要推動者。我們對該業務所做的變革，旨在打造更具資本效率的營運模式，同時保留HDFS在支援零售銷售、經銷商融資以及騎士體驗方面所扮演的重要角色。

Taken together, the progress in retail, dealer inventory, product launches, P&A. Apparel and licensing, and HDFS give us confidence to increase our guidance for the year across retail, HDMC operating income, and HDFS operating income.

綜合來看，零售、經銷商庫存、產品上市，以及P&A（零配件與精品）、服飾與授權業務，以及HDFS的進展，讓我們有信心上調本年度在零售、HDMC營業利益與HDFS營業利益方面的財測指引。

Jonathan will provide more detail on the financial results and updated outlook, but from my perspective, the headline is simple. We are still early in the work, but the business is moving in the right direction.

Jonathan將就財務結果與更新後的展望提供更多細節，但就我而言，重點很簡單。我們仍處於這項工作的早期階段，但業務正朝著正確方向前進。

That said, we also have areas where we need to improve. In areas where the operating environment remains uncertain. First, Europe remains a challenging market. We are not satisfied with our performance there.

話雖如此，我們也有需要改善的領域。在營運環境仍不確定的部分。第一，歐洲仍是具挑戰性的市場。我們對當地的表現並不滿意。

We are making portfolio adjustments that we expect will significantly help over time, and we are applying the same discipline in Europe that we are applying across the broader business, better alignment between product, price, customer demand, dealer economics and local market needs. One prime example of that is the return of the Sportster 883 in 2027, which our European dealers are particularly excited about.

我們正在進行產品組合調整，預期隨時間推移將帶來顯著助益；同時，我們在歐洲也採取與整體業務一致的紀律——更好地在產品、價格、客戶需求、經銷商經濟性與當地市場需求之間取得一致。其中一個重要例子是Sportster 883預計於2027年回歸，歐洲經銷商對此特別振奮。

Second, we are working through a couple of domestic supplier challenges. Our team has done an excellent job managing through these issues, but they have had an impact on margins in 2026. We are focused on improving reliability, reducing friction in the supply chain, and ensuring that our manufacturing and product teams have the support they need to deliver with consistency and quality.

第二，我們正在處理幾項國內供應商的挑戰。我們的團隊在管理這些問題上表現出色，但它們已對2026年的毛利率造成影響。我們專注於提升可靠性、降低供應鏈摩擦，並確保製造與產品團隊獲得所需支援，以一致性與品質交付成果。

Third, tariff uncertainty remains an ongoing factor. We remain committed to further strengthening our US manufacturing, and our employees and dealers are particularly excited about our recent announcement to move RevMax production for North American motorcycles back to the United States.

第三，關稅不確定性仍是持續存在的因素。我們仍致力於進一步強化美國製造，而我們的員工與經銷商對我們近期宣布將北美市場機車的RevMax引擎生產移回美國感到特別振奮。

The tariff environment continues to evolve, and we will continue to be transparent with our investors on the impact of tariffs on our financial results. The most critical actions as we confront these challenges remain in driving a more balanced portfolio of motorcycles in service of our riders' needs, alongside effective inventory management that promotes dealer profitability improvements.

關稅環境持續演變，我們也將持續就關稅對財務結果的影響，對投資人保持透明。在面對這些挑戰時，最關鍵的行動仍是：以騎士需求為核心，推動更均衡的機車產品組合，同時進行有效的庫存管理，以促進經銷商獲利能力的提升。

I am very pleased with our initial results and getting back to the Bricks. Now, I will turn it over to Jonathan to go through the specifics, which include taking our full-year guidance up. For fiscal year 2026 in a number of areas. Jonathan, over to you.

我對我們的初步成果以及回歸基本功（Back to the Bricks）感到非常滿意。接下來我把時間交給Jonathan，請他說明具體細節，其中包括上調我們的全年財測指引。針對2026會計年度在多個領域。Jonathan，交給你。

Thank you, Artie, and good morning to all. I plan to start on Page 6 of the presentation, where I will start on HDMC retail performance.

謝謝你，Artie，各位早安。我將從簡報第6頁開始，先談HDMC的零售表現。

In Q2, North American retail sales of new motorcycles were up 3% versus prior year, with approximately 30,000 motorcycles sold. In Q2, all regions, with the exception of EMEA, achieved small retail growth. Retail sales of new motorcycles outside of North America were down 5% versus prior year, with approximately 13,000 motorcycles sold, resulting in Q2 global retail sales of new motorcycles being up 1% versus the prior year, with a total of approximately [42,500] retails.

第二季，北美新車機車零售銷量較去年同期成長3%，約售出30,000輛。第二季除EMEA外，各區域皆實現小幅零售成長。北美以外的新車機車零售銷量較去年同期下滑5%，約售出13,000輛，使得第二季全球新車機車零售銷量較去年同期成長1%，總計約[42,500]輛零售。

We remain relatively pleased with the start to the year. Particularly in the US 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.

我們對今年開局仍相對滿意。尤其在美國，我們仍留意全球可選消費（消費者非必需支出）環境，該環境仍不均衡。我們也注意到，在目前的全球情勢下，定價仍是客戶最關心的議題之一，因為其中包含通膨壓力、利率仍高於近期歷史低點，以及全球地緣政治不確定性。

In North America, Q2 retail sales were up 3%. This followed the very strong year-over-year retail growth of 14% we demonstrated in Q1. Results were driven by continued strength in our redesigned trike models as consumers reacted well to all of the advancements in this redesign.

在北美，第二季零售銷量成長3%。這是在第一季我們展現14%強勁年增零售成長之後的延續。成果主要來自我們重新設計的三輪車（trike）車款持續強勁，消費者對此次改款的各項提升反應良好。

In addition, North America saw strength across the portfolio, in particular in both our sport and adventure touring families, with a positive response to our 2026 motorcycle lineup and through increasingly targeted customer incentives.

此外，北美在整體產品組合上也呈現強勢，特別是在運動與冒險旅行（adventure touring）兩大車系；市場對我們2026年機車產品陣容反應正面，且我們提供更具針對性的客戶激勵措施。

This translated into continued significant market share, with Harley-Davidson reaching 32% of the US 601+ CC market. Dealer inventory in North America declined 15% year-over-year, reflecting a more balanced setup as we are in the midst of the riding season.

這也轉化為持續顯著的市占率，哈雷戴維森在美國601+cc市場的市占達到32%。北美經銷商庫存較去年同期下降15%，反映在騎乘旺季期間，我們的配置更為均衡。

In EMEA, Q2 retail sales posted a decline of 9%, which was more challenged than what we saw in Q1. In the quarter, overall performance reflected a subdued economic environment in Europe, although the region did experience positive results in the touring, sport and trike family categories.

在EMEA，第二季零售銷量下滑9%，挑戰程度高於第一季。本季整體表現反映歐洲較為低迷的經濟環境，儘管該區在旅行、運動與三輪車（trike）車系類別仍取得正面成果。

In addition, from a market share standpoint, after growing share year over year in Q1, in Q2 we moved from 4% to 3% in the European market compared to the prior year. In Asia Pacific, Q2 retail sales were up very slightly. This marked a nice improvement from the Q1 year-over-year change. From a retail standpoint, Australia and New Zealand led APAC with growth of more than 20% versus prior year.

此外，就市占率而言，在第一季年增市占之後，第二季我們在歐洲市場的市占由去年同期的4%降至3%。在亞太地區，第二季零售銷量非常小幅成長。相較第一季的年增變化，這是一項不錯的改善。就零售表現而言，澳洲與紐西蘭帶領APAC，較去年同期成長超過20%。

At the motorcycle level, the region experienced positive results in the sport, trike, touring, and CVO family categories. In Latin America, Q2 retail sales delivered another strong quarter with retail sales up 4%. After being up 21% in Q1, which is four quarters in a row of year-over-year growth.

在機車層級，該區在運動、三輪車（trike）、旅行，以及CVO車系類別皆取得正面成果。在拉丁美洲，第二季零售銷量再度交出強勁一季，年增4%。此前第一季年增21%，已連續四個季度呈現年增成長。

From a country perspective, Mexico was up significantly, while Brazil, our largest Latin American market, was down. Touring was the standout category in market.

以國家來看，墨西哥大幅成長，而巴西（我們在拉丁美洲最大的市場）則下滑。旅行車系是市場中表現最突出的類別。

Turning to Page 7, dealer inventory at the end of Q2 of '26 was down 17% versus the end of Q2 of '25. And down 7% versus the end of Q1 of '26. Specifically, North America dealer inventory was down 15% and dealer inventory outside of North America was down 24%.

翻到第7頁，2026年第二季末的經銷商庫存較2025年第二季末下降17%。且較2026年第一季末下降7%。具體而言，北美經銷商庫存下降15%，北美以外的經銷商庫存下降24%。

This has allowed Harley-Davidson dealers to continue throughout the 2026 riding season with what we believe is a largely appropriate or balanced 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.

這使哈雷戴維森經銷商得以在2026年騎乘季期間持續營運，並維持我們認為大致適當或均衡的配置。此外，經銷商庫存的品質較一年前更健康，因為就車款年度而言更為新穎、更新。

At the end of Q2, in North America, 85% of dealer inventory was comprised of current model year 2026 motorcycles. This compares to the prior year period where less than 75% of all dealer inventory was current model year. We expect this combination of lower total inventory levels and healthier inventory. Year mix to pay dividends in future periods and to set Harley-Davidson and our dealers up for greater success.

在第二季末，北美地區經銷商庫存中有85%為當年度2026年式機車。相較之下，去年同期所有經銷商庫存中，當年度車款占比不到75%。我們預期，較低的總庫存水位與更健康的庫存年度組合，將在未來期間帶來效益，並讓哈雷戴維森與我們的經銷商為更大的成功做好準備。

This dealer inventory discipline is also demonstrated in our motorcycle finished goods company inventory, which was at its lowest Q2 level since Q2 of 2021. As we think about dealer inventory longer-term, we must recognize that as we broaden our product portfolio and aim to achieve our back-to-the-brick strategy metrics, inventory levels will need to adjust accordingly.

這項經銷商庫存紀律也反映在我們的機車成品公司庫存上，其在第二季降至自2021年第二季以來的最低第二季水準。在我們思考經銷商庫存的長期走向時，必須認知到，隨著我們擴大產品組合並力求達成「回歸核心（back-to-the-brick）」策略指標，庫存水位將需要相應調整。

With that, before we get into revenue, let's conclude with some information on wholesale shipments. From a wholesale shipment perspective, in Q2 of 2026, we delivered [39,200] units compared to [35,800] units in Q2 of 2025, which is up 9% year-over-year.

在此之前，在我們進入營收討論前，先以一些批發出貨的資訊作結。從批發出貨角度來看，2026年第二季我們交付了[39,200]台，較2025年第二季的[35,800]台增加，年增9%。

As we are now underway in the prime riding season in North America, we have begun to hear from our dealers that they could benefit from more inventory with regard to particular locations, models, and trim levels.

隨著北美主要騎乘旺季已經展開，我們開始聽到經銷商反映，在特定地點、車型與配備等級方面，他們若能取得更多庫存將會受益。

This is a good signal from our dealers, and inventory management and discipline continues to remain very important to all of us. As such, we expect that we will ship a similar number of units in Q3 of '26 as we did in Q3 of '25. Yet in Q4 of '26, we expect to ship more motorcycle units, largely due to the reduction of shipments that occurred in Q4 of '25.

這對我們而言是來自經銷商的良好訊號，而庫存管理與紀律仍對我們所有人都非常重要。因此，我們預期2026年第三季的出貨台數將與2025年第三季相近。然而在2026年第四季，我們預期將出貨更多機車台數，主要原因是2025年第四季曾出現出貨量下調。

Also, as we work to pull model year timing forward from January into the fall, we expect to ship a greater proportion of model year 2027 motorcycles in Q4 of 2026 than the proportion we did in Q4 of 2025.

此外，隨著我們致力於將車款年度（model year）的時程從1月提前到秋季，我們預期2026年第四季出貨的2027年式機車占比，將高於2025年第四季的占比。

Now turning to Page 8 and HDMC revenue performance. In Q2, HDMC revenue increased by 6%, coming in at $1.1 billion. From a business line standpoint, motorcycle revenue came in at $848 million, P&A came in at $177 million compared to $187 million in the prior-year period, apparel and licensing came in at $62 million compared to $61 million in the prior-year period.

接著請看第8頁，HDMC營收表現。第二季HDMC營收成長6%，達11億美元。以業務線來看，機車營收為8.48億美元；零配件與配件（P&A）為1.77億美元，較去年同期的1.87億美元下降；服飾與授權為6,200萬美元，較去年同期的6,100萬美元略增。

And other came in at $17 million compared to $18 million in the prior-year period. The drivers of overall revenue at HDMC in Q2 of 2026 were increased unit shipments and favorable foreign exchange effects, partially offset by net pricing.

其他項目為1,700萬美元，較去年同期的1,800萬美元下降。2026年第二季HDMC整體營收的驅動因素為出貨台數增加與有利的外匯影響，但部分被淨定價所抵銷。

Now, turning to Page 9 and 10 and HDMC margin performance. In Q2, HDMC gross profit came in at 27.5%, which compares to 28.6% in the prior year or down 108 basis points versus prior year. Gross profit was impacted favorably by manufacturing and other costs, including a tariff recovery that benefited gross profit. The favorability was offset by the following unfavorable impacts product mix, net pricing, raw materials and foreign exchange effects.

接著請看第9頁與第10頁，HDMC毛利率表現。第二季HDMC毛利率為27.5%，相較去年同期28.6%，年減108個基點。毛利率受到製造與其他成本的有利影響（包含關稅回收，對毛利率有正面貢獻）。上述有利因素被以下不利影響所抵銷：產品組合、淨定價、原物料以及外匯影響。

Second quarter operating income margin was 6.6% compared to 5.9% in the prior year quarter. In Q2, operating expenses totaled $232 million, which was $6 million lower compared to prior year, driven by lower labor costs and lower professional services on a year-over-year basis. This amount includes $3 million in restructuring expense in Q2 related to the company's new strategy.

第二季營業利益率為6.6%，高於去年同期的5.9%。第二季營業費用合計2.32億美元，較去年同期減少600萬美元，主要受惠於人力成本下降以及專業服務費用年減。此金額包含第二季與公司新策略相關的300萬美元重整費用。

Before restructuring expense, Q2 operating expenses would be $8 million lower compared to prior year. In Q2, HDMC had operating income of $72 million for an operating income margin of 6.6%, which compares to operating income of $61 million in the prior-year period and a margin of 5.9%.

若不計重整費用，第二季營業費用將較去年同期少800萬美元。第二季HDMC營業利益為7,200萬美元，營業利益率6.6%；相較去年同期營業利益6,100萬美元、營業利益率5.9%。

This amount includes $3 million in restructuring expense in Q2 related to the company's new strategy. Before consideration of restructuring, Q2 HDMC operating income would be $75 million for an operating income margin of 6.8%.

此金額包含第二季與公司新策略相關的300萬美元重整費用。若不考量重整影響，第二季HDMC營業利益將為7,500萬美元，營業利益率為6.8%。

At the EBITDA level at HDMC in Q2, HDMC adjusted EBITDA came in at $115 million for an adjusted EBITDA margin of 10.4%, which compares to an adjusted EBITDA of $97 million in the prior-year period. And an adjusted EBITDA margin of 9.3%.

在HDMC第二季的EBITDA層級，HDMC調整後EBITDA為1.15億美元，調整後EBITDA利潤率為10.4%，相較去年同期調整後EBITDA為9,700萬美元。去年同期調整後EBITDA利潤率為9.3%。

Some brief comments on tariffs in Q2 and the full year 2026. You can see on Slide 20, we continue to expect the cost of new or increased tariffs to be in a range of $75 million to $90 million, same as what we expected at our last earnings.

簡要說明第二季以及2026年全年的關稅情況。如第20頁所示，我們仍預期新增或提高關稅的成本將落在7,500萬至9,000萬美元區間，與上次法說會的預期相同。

In Q2, before recoveries, we incurred $22 million in tariff expense. We also benefited from tariff recovery in Q2 of '26, primarily surrounding IEFA recoveries. We were not planning for any additional meaningful tariff recoveries for the balance of 2026, although we note the overall complexity and fluidity of the tariff environment that we all find ourselves in.

第二季在回收前，我們認列2,200萬美元的關稅費用。我們也在2026年第二季受惠於關稅回收，主要與IEFA回收相關。對於2026年剩餘期間，我們未規劃任何額外具重大意義的關稅回收；不過我們也注意到，整體關稅環境的複雜性與變動性仍然很高。

Turning to HDFS and Page 11. At Harley-Davidson financial services, Q2 revenue came in at $117 million, a decrease of 55% driven by lower interest income due to the decline in retail receivables related to the sale of loan assets as part of the HDFS transaction that was completed last year.

接著看HDFS與第11頁。在哈雷戴維森金融服務（HDFS），第二季營收為1.17億美元，年減55%，主因為利息收入下降；而利息收入下降係因零售應收款減少，與去年完成的HDFS交易（出售部分貸款資產）相關。

Other income within HDFS revenue was favorable year-over-year due primarily to new servicing fees. HDFS operating income was $22 million in Q2, representing an operating income margin of 18.5%. 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.

HDFS營收中的其他收入年增表現有利，主要來自新的服務費收入。HDFS第二季營業利益為2,200萬美元，營業利益率為18.5%。在費用端，利息費用與信用損失準備費用均顯著下降，原因是零售貸款組合規模及相關負債較去年同期縮小，且符合與HDFS交易相關的策略調整預期。

HDFS operating expenses came in at $47 million for Q2, which was $3 million higher than the prior year's amount due to unfavorable insurance captive-related expenses and higher employee costs, partially offset by lower depreciation expense.

HDFS第二季營業費用為4,700萬美元，較去年同期增加300萬美元，主因為保險自保公司（insurance captive）相關費用不利以及員工成本較高；部分被折舊費用下降所抵銷。

Turning to Page 12. In Q2, HDFS's annualized retail credit loss ratio on managed loans was 3.0%, which compares to 3.3% in the year-ago period. We are pleased with HDFS loan origination activities as total retail loan originations in Q2 were up 10%, coming in at $940 million in Q2.

接著看第12頁。第二季HDFS受管理貸款（managed loans）的年化零售信用損失率為3.0%，相較去年同期為3.3%。我們對HDFS的放款承作表現感到滿意，因為第二季零售放款總承作額年增10%，達9.40億美元。

Total gross financing receivables were $2.7 billion at the end of Q2, where retail receivables were $1.7 billion and commercial receivables were $1.0 billion.

第二季末融資應收款總額（gross financing receivables）為27億美元，其中零售應收款為17億美元，商業應收款為10億美元。

Now, turning to Slide 13 for the LiveWire segment. During the second quarter, LiveWire began production of the S4 Honcho with the first units expected to arrive at authorized LiveWire retail locations later this summer. LiveWire also completed the acquisition of Dust Motorcycles, which they expect to accelerate their expansion into the growing off-road category and strengthen their long-term product strategy.

接著看第13頁，LiveWire部門。第二季期間，LiveWire開始生產S4 Honcho，預計首批車輛將於今年夏末抵達授權的LiveWire零售據點。LiveWire也完成對Dust Motorcycles的收購，預期將加速其在成長中的越野（off-road）類別擴張，並強化其長期產品策略。

For the second quarter of 2026, consolidated revenue increased 52% over prior year same quarter, driven by increased unit sales of both electric motorcycles and STACYC brand electric balance bikes. LiveWire continued to reduce its use of cash with an 18% improvement in net cash used by operating activities through 30 June, 2026 as compared to the prior year.

2026年第二季，合併營收較去年同期成長52%，主要由電動機車與STACYC品牌電動平衡車的銷量增加所帶動。截至2026年6月30日，LiveWire持續降低現金使用，營業活動淨現金流出較去年改善18%。

Now, turning to Slide 14 and 15, wrapping up with Consolidated Harley-Davidson, Inc. Financial results, we had net cash. Use of $59 million from operating activities in Q2, which compares to $509 million of operating cash in the prior year period.

現在轉到第14與第15頁，最後總結哈雷戴維森公司（Harley-Davidson, Inc.）合併財務結果，我們呈現淨現金狀況。第二季（Q2）營運活動現金流出5,900萬美元，相較去年同期營運活動現金流入5.09億美元。

Operating cash flow was lower than the prior year due to reduced cash inflows at HDFS under its new capital-light model. Also, at HDFS, the operating cash flow decreased 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 US GAAP.

營運現金流較去年同期下降，主要因HDFS在新的輕資本模式下現金流入減少。此外，在HDFS，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），使營運現金流下降；依照美國通用會計準則（US GAAP），此項分類屬於營運活動。

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 half of the prior year.

因此，將出售給策略合作夥伴的承作量（originations）或相關現金流出，降低了營運活動現金流，因為去年上半年並無可比較、被分類為待售的零售融資應收款承作量。

This was partially offset by 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.

此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所抵銷。由於HDFS交易於2025年下半年期間完成，這將在我們邁向2026年的過程中，持續成為一項明顯的年對年差異項目。

The outflow from retail originations demonstrates the growth in retail sales and HDFS's strong retail loan penetration in the domestic market. As part of our share buyback strategy, in Q2 of '26, we repurchased a total of 1.3 million shares worth $30 million on a discretionary basis and therefore have purchased 7.9 million shares worth $158 million in the first half of 2026.

零售承作的現金流出顯示零售銷售成長，以及HDFS在國內市場強勁的零售貸款滲透率。作為我們庫藏股回購策略的一部分，2026年第二季我們以酌情方式回購共130萬股、金額3,000萬美元；因此，2026年上半年累計已回購790萬股、金額1.58億美元。

Returning capital to shareholders continues to be a top priority at Harley-Davidson, especially via share buybacks in this moment.

將資本回饋股東仍是哈雷戴維森的首要優先事項之一，尤其是在此時透過股票回購。

We believe the company's strong balance sheet. Allows for the support of our capital allocation priorities. At the end of Q2 of '26, we had $1.9 billion of cash and equivalents. This compares to $1.6 billion a year ago at the end of Q2 of '25.

我們相信公司強健的資產負債表，足以支持我們的資本配置優先事項。截至2026年第二季末，我們持有19億美元的現金及約當現金。相較之下，2025年第二季末為16億美元。

Turning to slide 15, we point out the unique balance sheet of each business segment. For the HDMC balance sheet, cash on its balance sheet is $1.2 billion at the end of Q2 versus total debt of $297 million at the end of Q2, resulting in a very attractive net cash position at HDMC.

轉到第15頁，我們指出各業務部門各自獨特的資產負債表結構。就HDMC資產負債表而言，截至第二季末其帳上現金為12億美元，而截至第二季末總負債為2.97億美元，使HDMC呈現非常具吸引力的淨現金部位。

For the HDFS balance sheet, net debt is $1.8 billion at the end of Q2 versus total finance receivables that are held for investment of $2.1 billion. At the parent level or HDI level, we point out that total debt plus total deposit levels of $2.8 billion at the end of Q2 of 2026 compares to $7.4 billion at the end of Q2 of 2025. This is a result of the HDFS transaction that we announced about one year ago and closed in Q4 of 2025.

就HDFS資產負債表而言，截至第二季末淨負債為18億美元，而持有供投資（held for investment）的融資應收款總額為21億美元。在母公司層級或HDI層級，我們指出截至2026年第二季末，總負債加上總存款水位為28億美元，相較2025年第二季末的74億美元。這是我們約一年前宣布、並於2025年第四季完成交割的HDFS交易所致。

As a reminder, the HDFS transaction was a strategic partnership that HDFS entered into with KKR and PIMCO that reduces the capital intensity of the HDFS business and converted some of HDFS's economics from interest spread to income from servicing fees and gains or losses on sale of finance receivables.

提醒一下，HDFS交易是一項策略合作夥伴關係：HDFS與KKR及PIMCO合作，降低HDFS業務的資本密集度，並將HDFS部分經濟利益由利差（interest spread）轉為服務費收入，以及出售融資應收款的處分損益。

Now, turning to slide 16 of the presentation. I will briefly summarize consolidated financial results for the second quarter at the Harley-Davidson, Inc or HDI level.

現在轉到簡報第16頁。我將簡要總結哈雷戴維森公司（Harley-Davidson, Inc.，或HDI）層級的第二季合併財務結果。

Consolidated revenue in the second quarter was down 6%, driven primarily by HDFS revenue being down 55% 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.

第二季合併營收下滑6%，主要受HDFS營收下滑55%所驅動；在HDFS交易完成後，HDFS轉向新的輕資本模式，我們出售了零售貸款組合中的相當部分，並同意一項遠期流轉安排，預期將出售未來約三分之二的新承作量。

Consolidated operating income in the second quarter came in at $76 million, compared to operating income of $112 million in Q2 of 2025. In Q2, earnings per share was $0.75, which compares to $0.88 in Q2 of 2025.

第二季合併營業利益為7,600萬美元，相較2025年第二季營業利益1.12億美元。第二季每股盈餘為0.75美元，相較2025年第二季的0.88美元。

Turning to page 17. In North America, we are in the main riding season, where we remain pleased with our dealer inventory levels and leading market share position in the US. In addition, we are pleased with the market's reception to our new model year '26 motorcycle lineup, including the new limited Touring motorcycles and especially the all-new redesigned trike models, along with our recent introductions of the Super Glide and Deadwood models.

轉到第17頁。在北美，我們正處於主要騎乘季節；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。此外，我們也對市場對我們2026年式新車系的反應感到滿意，包括新的限量版Touring旅行車款，尤其是全新改款的三輪車（trike）車型，以及我們近期推出的Super Glide與Deadwood車型。

As a result of this, at HDMC and HDFS, we are increasing our financial guidance for 2026. We continue to remain pleased with the pace of recovery of our overall business, and we are also pleased with the early actioning of our cost reduction work.

因此，在HDMC與HDFS，我們上調2026年的財務指引。我們對整體業務復甦速度仍感到滿意，也對成本削減工作的早期推進成果感到滿意。

For the full year 2026, the company now expects, at HDMC, retail units of 133,500 units to 138,500 units. This is up from our previous range of 130,000 units to 135,000 units and wholesale units of 133,500 units to 138,500 units. This is up from our previous range of 130,000 units to 135,000 units.

就2026年全年而言，公司目前預期HDMC零售銷量為133,500至138,500台。此較先前130,000至135,000台的區間上調；批發出貨量為133,500至138,500台。此亦較先前130,000至135,000台的區間上調。

We believe that global dealer inventory levels are at healthy levels, and therefore, we expect retail and wholesale to continue to have a largely one-to-one relationship for the rest of 2026. In line with my earlier comments versus prior year, we expect shipments to be relatively flat to those shipped in Q3 and then up in Q4 on a year-over-year basis.

我們認為全球經銷商庫存水位處於健康水準，因此預期2026年剩餘期間零售與批發將大致維持一比一的關係。呼應我先前相較去年同期的評論，我們預期第三季出貨量與去年同期大致持平，而第四季則將在年對年基礎上成長。

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. Before 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.

同時，我們仍預期2026年HDMC的生產台數將低於批發出貨台數，以審慎管理公司整體庫存水位。在2026年之前，我們預期這將帶來去槓桿（deleverage）影響，對營運槓桿與營業利益率造成壓力，但我們預期明年可回到一致水準。

At HDMC, we now expect operating income of $10 million to $50 million. This is up from our previous range of positive $10 million to a loss of $40 million. At HDFS, we now expect operating income of. $55 million to $70 million. This is up from our previous range of $45 million to $60 million.

在HDMC方面，我們目前預期營業利益為1,000萬至5,000萬美元。此較先前預估的正1,000萬美元至虧損4,000萬美元區間上調。在HDFS方面，我們目前預期營業利益為5,500萬至7,000萬美元。此較先前4,500萬至6,000萬美元區間上調。

As a reminder, the new business model at HDFS given the HDFS transaction, where HDFS now employs a capital-light de-risk business model and has a new baseline financial earnings profile, which is expected to grow over the coming years.

提醒一下，HDFS在HDFS交易後採用新的商業模式；HDFS目前採行輕資本、降風險的商業模式，並形成新的基準獲利輪廓，預期未來數年將持續成長。

For LiveWire, we continue to forecast an operating loss in the range of $70 million to $80 million. There is no change to financial guidance here.

至於LiveWire，我們仍預估營業虧損介於7,000萬至8,000萬美元。此處財務指引沒有變動。

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

以上，我把時間交回給Arti。

Thanks, Jonathan. Before we go to Q&A, I'm pleased with our results in the quarter and year-to-date, specifically on North American retail and dealer profitability, two key tenets of our Back-to-the-Bricks strategy.

謝謝你，Jonathan。在進入問答之前，我對本季以及年初至今的表現感到滿意，特別是在北美零售與經銷商獲利能力方面，這兩項是我們「Back-to-the-Bricks」策略的關鍵支柱。

Our recent motorcycle launches of Super Glide in Q2 and Deadwood in Q3, while early, have our community highly engaged. The Super Glide sell-through is encouraging, and Deadwood is hitting dealerships as we speak.

我們近期在第二季推出 Super Glide、第三季推出 Deadwood 的新車款，雖然仍在早期階段，但已讓我們的社群高度投入。Super Glide 的終端銷售表現令人鼓舞，而 Deadwood 也正如我們所說，正在進入各經銷據點。

We believe we're on track for the $150 million of fixed cost savings in 2027 and the $350 million-plus of HDMC. EBITDA target we referenced in our last call. With the Sprint and Sportster motorcycles coming, we are very excited about 2027.

我們相信，我們正按計畫在 2027 年達成 1.5 億美元的固定成本節省，以及 HDMC。我們在上次電話會議中提到的 EBITDA 目標 3.5 億美元以上。隨著 Sprint 與 Sportster 車款即將到來，我們對 2027 年感到非常振奮。

Our leadership team is looking forward to seeing many of you at Sturgis this year. Sturgis is always a powerful reminder of what makes this brand special, the riders, the roads, the freedom, the community and the unmistakable look, sound and feel of Harley-Davidson.

我們的領導團隊期待今年在 Sturgis 與各位中的許多人見面。Sturgis 一向強而有力地提醒我們這個品牌之所以特別的原因：騎士、道路、自由、社群，以及 Harley-Davidson 無可錯認的外觀、聲浪與騎乘感受。

Thank you. Now we'll turn it over for questions.

謝謝。接下來我們將開放提問。

(Operator Instructions)

(接線員指示)

Craig Kennison, Baird.

Craig Kennison，Baird。

Hey, good morning. Thanks for taking my question. Just first a point of clarification. Does guidance for HDMC include the $20 million IEPA refund? And then the main question is, I think you mentioned the Sportster and Sprint would launch in 2027. Can you confirm that and maybe give some color on what a reasonable.

嗨，早安。謝謝讓我提問。首先想釐清一點。HDMC 的財測指引是否包含 2,000 萬美元的 IEPA 退費？然後主要問題是，我想你提到 Sportster 與 Sprint 會在 2027 年上市。你能確認一下，並且也許補充一些合理的

Shipment expectation could be. I know at one point, you sold over 40,000 Sportsters, but that may be aggressive in year one.

出貨量預期嗎？我知道你們曾經一度賣出超過 40,000 台 Sportster，但第一年可能會太積極。

Hey, Craig, thanks. It's Artie. I'll take the second first, and I'll let Jonathan cover the guidance. As it relates to Sprint and Sportster, restating we expect to Sprint to ship Sprint end of this year and Sportster, we're not giving a date yet, but it will be in '27.

嗨，Craig，謝謝。我是 Artie。我先回答第二個問題，然後讓 Jonathan 說明指引。關於 Sprint 與 Sportster，重申一下，我們預期 Sprint 會在今年底開始出貨；Sportster 我們目前還不給確切日期，但會在 2027 年。

In terms of the volume expectations, I think you're referencing the [40,000] on Sportster, we'll just go back to the retail targets that we put forward of mid-single-digits. We think those are prudent and judicious there are obviously some upside in those numbers vis-a-vis the number that you mentioned.

至於量的預期，我想你指的是 Sportster 的 [40,000] 台；我們會回到先前提出的零售目標，也就是中個位數百分比成長。我們認為這些目標是審慎且合理的；當然，相較於你提到的數字，這裡面也存在一些上行空間。

But the enthusiasm we're hearing from riders and dealers about both motorcycles, which dealers have now seen. Has us very energized and the focus is just appropriate and exciting launches with great marketing around them. So more to come next quarter where we'll update you a little bit further, but we don't have anything to add at this point. Jon, if you want to cover the guidance.

但我們從騎士與經銷商那裡聽到對這兩款車的熱情（經銷商現在也都看過了），讓我們非常振奮；我們的重點就是以適當且令人興奮的方式推出，並搭配強而有力的行銷。所以後續還會有更多資訊；下季我們會再多更新一些，但目前沒有其他補充。Jon，如果你想說明一下指引。

Sure. So, Craig, nice to hear from you. I think if you go through and take a look, we obviously, from a guidance standpoint, updated in a couple of different areas. So from a unit standpoint, we are up 3,500 units from a guide perspective versus where we were previously, operating income for motor company increased from where it was to a positive 10 to a positive 50, and then we also increased financial services operating income up about $10 million from where it was in the range.

好的。Craig，很高興聽到你的聲音。我想如果你回頭看，我們在指引方面確實在幾個不同領域做了更新。以台數來看，與先前的指引相比，我們上調了 3,500 台；機車公司（Motor Company）的營業利益從原先的水準提高到正 10 到正 50；另外我們也把金融服務的營業利益區間上調了約 1,000 萬美元。

Relative to the IEPA refund, the dollars that we have in the quarter that we disclosed of about $20 million are included in the updated guidance figures.

至於 IEPA 退費，我們在本季揭露約 2,000 萬美元的金額，已包含在更新後的指引數字中。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，Morgan Stanley。

Just to follow-up on a couple of the questions there around inventory. So you're talking about inventory levels adjusting accordingly for the Back to Bricks. Can you just maybe, one, elaborate on the magnitude of that?

想追問幾個關於庫存的問題。你提到為了 Back to Bricks，庫存水位會相應調整。你能否先就其幅度多做一些說明？

And two, have you done anything at this point in terms of the strategy to improve the response time and forecasting with the dealers as they think about ramping up some of the new models?

第二，你們目前在策略上是否做了任何事情，以改善與經銷商之間的反應時間與需求預測，因為他們在思考如何拉升一些新車型的供應？

If you can maybe clarify the first question here as it relates to inventory, I'm not entirely following it. I'm sorry, Stephen.

如果你能先釐清第一個關於庫存的問題，我沒有完全理解你的意思。抱歉，Stephen。

So in your intro remarks, I think you said as you broaden our product portfolio and achieve Back to Bricks, inventory levels will need to adjust accordingly. So just looking for more color on that.

所以在你開場談話中，我想你說到，當你們擴大產品組合並達成 Back to Bricks 時，庫存水位將需要相應調整。所以只是想多了解一些細節。

Yeah, I think I'm really calling out what we've done to date, which I think has been tremendously successful. If you talk to dealers and look at MSRP realization and things, we're restoring, I think, a more appropriate supply and demand framework.

是的，我其實是在強調我們迄今為止所做的事情，而我認為那非常成功。如果你和經銷商聊、並看 MSRP 實現率等指標，我們正在重建一個我認為更為適當的供需框架。

So I wasn't intending to forecast a material change from where we are obviously, we're expecting retail volumes to continue to grow as we expand the portfolio and meet rider needs a bit more overtly. But. What's happened over the last two to three quarters is we've gotten inventory to levels that we think are appropriate against current retail demand.

所以我並不是要預測我們會在目前水準上出現重大的變化；顯然，隨著我們擴大產品組合並更直接地滿足騎士需求，我們預期零售量會持續成長。但是。過去兩到三個季度發生的事情是，我們已把庫存調整到我們認為相對於目前零售需求而言合適的水位。

When I talk to dealers, if I look back to the fourth quarter versus today, quite a seismic shift. In the fourth quarter, the vast majority of dealers, their primary concern was too much inventory. And at this point in time, I'm getting more phone calls that many would like more bikes.

當我和經銷商談、把第四季與現在相比，這是一個相當劇烈的轉變。在第四季，絕大多數經銷商最主要的擔憂是庫存太多。而在目前這個時間點，我接到更多電話是很多人希望能有更多車。

And so I think we're at an appropriate place right now when we look at the Super Glide and Deadwood launches, which just occurred over the last four or five weeks. We've got some nice an accessible price point, blank canvas motorcycles entering the channel and soft tail, which is news that I think that was needed, these bikes are selling through.

因此我認為就目前而言，我們處在一個合適的位置；再看 Super Glide 與 Deadwood 的上市，這些都發生在過去四到五週。我們有一些價格帶相當不錯、容易入手、可高度客製化的「空白畫布」車款進入通路，以及 Softail，這是我認為市場需要的消息；這些車款的終端銷售正在消化。

So I think we feel good about where the inventory levels are right now and relative to retail, we would deem it broadly appropriate.

所以我認為我們對目前的庫存水位感到滿意；相對於零售需求，我們會認定整體而言是適當的。

To your second question, we can always get better at improving mix, color scheme, family by dealership, by region. And I would tell you that's an active conversation with our Dealer Advisory Council, in particular here in the US and around the world. We actually have a meeting next week with them specifically on continued improvement in the modeling there.

至於你的第二個問題，我們永遠可以在改善配比、配色方案、依經銷商與依區域的車系配置方面做得更好。我可以告訴你，這是我們與經銷商諮詢委員會（Dealer Advisory Council）正在積極討論的議題，特別是在美國以及全球各地。我們其實下週會和他們開會，專門討論在建模方面持續改進。

So I think we have upsides. In making sure that we got even at current inventory levels of having the right bike in the right place at the right time, and it's, I'd say, a natural extension of the work we started earlier this year.

所以我認為我們還有上行空間。即使在目前的庫存水位下，也要確保在正確的時間、把正確的車放在正確的地方；我會說，這是我們今年稍早開始的工作之自然延伸。

Yeah, and Stephen, the only pieces that I would add is, as you look at dealer inventory and expectations as we flow forward over the next couple of quarters, broadly speaking, as you triangulate to our guides and what we've laid out from a retail and wholesale perspective, you can see that continuing to move broadly in line with each other.

是的，Stephen，我唯一想補充的是，當你看經銷商庫存以及未來幾季的預期時，整體而言，若你把我們的指引與我們在零售與批發層面所揭露的內容交叉比對，你會看到兩者將持續大致同步變動。

So that obviously would imply, as I already talked about, we feel pretty good about where inventory is in total. So don't expect that you're going to see an increase in dealer inventory. Inventory in any significance or any numbers over the coming quarters. What we do want to make sure that we are talking about a little bit is that as we get to model proliferation in the portfolio, we're really excited about that.

因此這顯然也意味著，正如我剛才提到的，我們對整體庫存所在的位置感到相當不錯。所以不要預期你會看到經銷商庫存增加。在未來幾季，庫存不會出現任何顯著的增加，或任何顯著的數量變化。我們確實想稍微談一下的是，隨著產品組合中的車型增加，我們對此感到非常興奮。

And so as you heard Artie say, as we serve our customers better, give them more options, we do want to make sure that our dealers are appropriately inventoried. And that's something that we will certainly be working on very actively with them.

因此，正如你們聽到 Artie 所說，當我們更好地服務客戶、提供更多選擇時，我們確實希望確保經銷商的庫存配置是適當的。而這也是我們接下來一定會與他們非常積極合作推進的事項。

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

I do have a question, but just one quick clarification. Jonathan, a moment ago when you were answering your question, you mentioned about the $20 million of tariff refund. You said it's included in updated guidance, but that was also in your previous guidance, right?

我確實有個問題，但先快速釐清一下。Jonathan，剛才你在回答問題時提到約 2,000 萬美元的關稅退稅。你說這已包含在更新後的指引中，但那其實也在你們先前的指引裡，對吧？

I mean, I feel like we knew about that. That was in your guide already previously, correct? I just want to make sure. That you're not saying there's a change in that in your updated guidance?

我的意思是，我覺得我們已經知道這件事了。那在你們之前的指引裡就已經包含了，對嗎？我只是想確認一下。你不是在說更新後的指引在這部分有變動吧？

Yes, no. I mean, if you look at our tariff slide from current quarter and then what we had previous quarter, you can put those two side by side, and it's very clear in terms of where we are, as well as kind of what timing of a lot of the tariff impact has looked like over time. And we can certainly walk through that in more detail.

是的，沒有。我的意思是，如果你看我們本季的關稅投影片，再對照上一季的內容，把兩者並排比較，就能很清楚看到我們目前所處的位置，以及許多關稅影響隨時間推移的時點分布。我們當然也可以更詳細地帶你們走一遍。

No, great. I thought the slide was clear. It was unchanged. It was just your comment a minute ago saying it was included in updated guidance. That's what it sounded like. So just -- no, that's helpful. Thanks. Just confirming, obviously, that was in previous guidance too. Thank you.

不，太好了。我覺得那張投影片很清楚。內容沒有變。只是你剛才的評論提到它包含在更新後的指引裡。聽起來像是那樣。所以只是——不，這樣很有幫助。謝謝。只是確認一下，很明顯它也在先前的指引裡。謝謝。

And then my question is, looking at the results here and thinking about your expectations for 2027, I think you kind of reiterated what you've previously given as '27 targets, but just wanted to ask sort of on the plus and minus side of that, because I've already called out this domestic supplier challenge, but it sounds like you don't expect that to change your 2027 in terms of cost saves or anything regarding margins.

然後我的問題是，看看這裡的結果並思考你們對 2027 年的預期，我想你們算是重申了先前給出的 2027 年目標；但我想從正反兩面問一下，因為我已經提到這個國內供應商的挑戰，但聽起來你們不預期它會在成本節省或任何與利潤率相關的部分影響你們的 2027 年。

And then also on the plus side of '27, some of the targets you've given for '27, you're kind of already hitting here in Q2 in terms of like the motor company EBITDA margin and the gross margin for the motor company. So just any thoughts about that doing better than the targets you've given already for '27?

另外在 2027 年的正面因素上，你們給出的部分 2027 年目標，其實在第二季就已經達到了，例如機車公司（Motor Company）的 EBITDA 利潤率以及機車公司的毛利率。所以，對於目前表現優於你們先前給出的 2027 年目標，你們有什麼看法？

Thank you, Robin. Let me first take the supplier topic. So our team's done an outstanding job on the first six months of this year. We're not alone many OEMs in auto and motorcycling have dealt with similar issues. And the reference is really to things that had happened year-to-date.

謝謝你，Robin。我先談供應商這個議題。我們團隊在今年前六個月做得非常出色。我們並不孤單，汽車與機車領域的許多 OEM 都遇到過類似問題。而這裡的提及主要是指年初至今已經發生的事情。

And we're not forecasting anything beyond than what's happened, but we'll be prepared. So no impact at this point in time in terms of how we're thinking about '27. I'm just calling out that there has been an impact to date, and our team has done an exceptional job in managing through it, evidenced by raising guidance today and I think the overall performance year-to-date versus what our initial expectations were.

我們並沒有在預測中納入超出既有發生情況之外的內容，但我們會做好準備。因此，就目前而言，對我們思考 2027 年的方式沒有影響。我只是指出截至目前確實有影響，而我們團隊在管理與應對上表現卓越，這也反映在我們今天上調指引，以及年初至今整體表現相較於我們最初預期更好。

As it relates to broadly on '27 and the performance in Q2, I think you're right, we are seeing performance ahead of the initial plans that we put forward, I'm not prepared to adjust any of the 2027 targets at this time. We're super focused on the top priorities of the business and dealer profitability and keeping the inventory level stable and frankly, the launch of these two motorcycles.

至於更廣泛的 2027 年以及第二季的表現，我認為你說得對，我們確實看到表現領先於我們提出的初始計畫；但我目前還不準備調整任何 2027 年目標。我們非常專注於業務的最優先事項：經銷商獲利能力、維持庫存水位穩定，以及坦白說，這兩款機車的上市。

Has our whole community super excited and galvanized. So we'll update you on '27 later this year, certainly, but at this point in time, we all feel very optimistic about how some of the metrics are coming through.

這讓我們整個社群都非常興奮並凝聚起來。所以我們當然會在今年稍晚更新你們對 2027 年的看法，但就目前而言，我們都對一些指標的表現感到非常樂觀。

And Robin, I would just add, just to make sure that we are lined up on the tariff piece, we obviously disclosed the $20 million in recoveries from a tariff perspective. Our $75 million to $90 million for the year that we have guided to both last quarter and this quarter highlight the fact that we exclude the recovery from that amount.

Robin，我再補充一下，為了確保我們在關稅部分的理解一致：我們確實已揭露從關稅角度來看約 2,000 萬美元的回收（recoveries）。我們對全年給出的 7,500 萬至 9,000 萬美元指引（上季與本季皆相同）強調的是：該金額不包含這筆回收。

So we are making sure that we are disclosing what the gross tariffs look like. The $20 million in recoveries wasn't in there, and you'll see that in the, just if it helps, in the third footnote that's on page 20. Yeah, page 20 to help with that.

因此，我們是要確保揭露的是關稅的總額（gross tariffs）看起來如何。那 2,000 萬美元的回收並未包含在其中；如果有幫助的話，你會在第 20 頁的第三個註腳看到。對，第 20 頁可協助釐清。

Anthony Bonadillo, Wells Fargo.

Anthony Bonadillo，富國銀行（Wells Fargo）。

Thanks for taking our question. So I just wanted to talk a little bit more about the retail environment more broadly. I guess some of our intra-quarter checks suggested demand picked up somewhat across the industry in Q2. I guess, one, would you agree with that?

謝謝讓我們提問。我想更廣泛地談一下零售環境。我想我們在季度內的一些查核顯示，第二季整個產業的需求似乎有所回升。第一，你們會同意這個看法嗎？

And then, two, just thoughts on drivers there and maybe help us parse out how much of the growth that you've seen is coming from that versus maybe some of the measures that you guys have implemented to get momentum going?

第二，想請教背後的驅動因素，以及能否幫我們拆解一下：你們看到的成長有多少來自這個產業需求回升， versus 你們為了帶動動能所採取的一些措施所帶來的效果？

Yes. So I assume you're specifically talking about North America?

是的。所以我猜你特別是在談北美市場？

Yes, that's right.

是的，沒錯。

Yes. So I think we would characterize the retail environment as good. Obviously, the second quarter was up 3%. The first quarter was up double-digits. We had more promotion in the first quarter. The second quarter, I think, was more consistent with a more normalized promotional environment.

是的。所以我認為我們會把零售環境形容為良好。很明顯，第二季成長 3%。第一季是雙位數成長。第一季我們做了更多促銷。第二季我認為更符合較正常化的促銷環境。

So the fact that we're able to grow in that environment has us pleased. And when we look at the balance of your guidance where the midpoint of what we put forward imply plus 1% in the second-half, it's a pretty meaningful change on a two-year basis from where we were in the first half to the second-half.

因此，我們能在那樣的環境下仍然成長，讓我們感到滿意。而當我們看你們指引的其餘部分，我們提出的中位數意味著下半年成長約 1%，以兩年基礎來看，從上半年到下半年的變化相當顯著。

So when I look at the second-half, even though the overall growth in North America would imply it'd be slightly lower. That global number of one has -- it's a pretty strong change in the first half, second-half on a two-year basis.

所以當我看下半年，即便北美整體成長意味著會略低一些，那個「全球成長 1%」的數字——以兩年基礎來看——從上半年到下半年的變化仍然相當強勁。

What we're seeing from a market share perspective, which is probably at the core of your question, market share year-to-date, market share in the second quarter was good, second quarter particularly good on touring.

從市占率的角度來看——這可能是你問題的核心——年初至今的市占率、以及第二季的市占率表現都不錯；第二季在旅行車（touring）品類尤其好。

The portfolio adjustments that we're making, I think, are evidenced by Super Glide and Deadwood, which are iconic Harley-Davidson motorcycles that are at price points and use cases that more motorcyclists can access.

我們正在進行的產品組合調整，我認為可從 Super Glide 和 Deadwood 看出端倪；這兩款都是經典的 Harley-Davidson 機車，定價帶與使用情境讓更多騎士能夠負擔並使用。

So we feel quite good about our position in the second quarter and going into the third quarter. The portfolio adjustments are certainly helping. One thing that we haven't really touched on with much specificity, even though the numbers are a little smaller, but Nightster continues to be a successful motorcycle for us this year.

所以我們對第二季的定位以及進入第三季的狀況感到相當不錯。產品組合調整確實有所幫助。另外一點我們還沒有很具體地談到——雖然數字規模小一些——但 Nightster 今年持續是我們一款成功的機車。

Once again it's a smaller bike, the price point is a little more accessible, and it meets the needs of non-long haul touring, which is an area that we see room for us to grow. But I think overall, the business in the second quarter, retail business in the second quarter in North America, we feel good.

再一次，這是一款較小的車款，價格帶也更容易入手，並且能滿足非長途巡航旅遊的需求，而這正是我們看到仍有成長空間的領域。但我認為整體而言，第二季的業務表現、北美第二季的零售業務表現，我們感覺良好。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

Thanks. Hey, guys. Good morning. I have questions, if I could. Good morning. So first, Jonathan, could you quantify the impact of production units being below shipments this year? And maybe secondly, give us a sense for how retail cadence was throughout the quarter? Our checks seem to indicate that things slowed a little bit in June. I'm curious if you saw the same thing and what's going on in July. Thanks.

謝謝。各位好。早安。如果可以的話，我有幾個問題。早安。首先，Jonathan，你能量化一下今年產量（production units）低於出貨量（shipments）的影響嗎？其次，能否讓我們了解一下本季整體零售節奏（retail cadence）如何？我們的調查似乎顯示 6 月稍微放緩了一些。我想知道你們是否也看到同樣情況，以及 7 月的狀況如何。謝謝。

Sure. So, Joe, how about I take the production unit piece, I already can provide some additional commentary on Q2 again for points that we may not have touched on. So from an impact of the production unit, I would certainly highlight a lot of what we covered last quarter from an overall back-to-brick strategy standpoint.

當然。Joe，關於產量（production units）那一塊我來回答，同時我也可以就第二季再補充一些我們可能尚未提到的觀點。就產量的影響而言，我會特別強調我們上季談到的許多內容，從整體「Back-to-Brick」策略的角度來看。

So within that, we talked about our excitement as we get into 2027 of getting alignment between production, what we're wholesaling, and what we're retailing. You've heard Artie talk pretty excitedly about the work that's in process to make sure we get right bike to the right place at the right time.

在這個框架下，我們談到，隨著邁入 2027 年，我們很期待能在生產、批發（wholesaling）以及零售（retailing）之間達成一致性。你們也聽到 Artie 非常興奮地談到目前正在進行的工作，以確保我們能在正確的時間把正確的車款送到正確的地方。

That shows up in 2027 in our guide in a number of different areas. So as you heard already talk about, we remain committed to the targets that we put out in Back to Bricks, and certainly, the leverage benefit is contemplated within there.

這些會在我們 2027 年的指引中，於多個不同面向呈現出來。因此，如同你們已聽到 Artie 提到的，我們仍然致力於達成我們在「Back to Bricks」中提出的目標，當然，其中也已納入槓桿效益（leverage benefit）的考量。

And then on the quarter specifically, we're not going to give July guidance. I think what we saw in the quarter was the overall quarter was in line with what we were expecting. The beginning of the quarter was maybe a little bit stronger and the end of the quarter was a little bit stronger the middle was a little bit softer.

至於本季本身，我們不會提供 7 月的指引。我認為我們在本季看到的是：整體季度表現符合我們的預期。季度初可能稍微強一些，季度末也稍微強一些，中間則稍微偏弱。

But you got weather, you got timing of events and rallies, you got our own timing of when we launched motorcycles. So I wouldn't read too much into that other than to say the overall quarter performed in line with our expectations. And once again, we're really excited. The two bikes that we just launched.

但這裡面有天氣因素、有活動與車聚（rallies）時點因素，也有我們自身機車上市時點的因素。所以我不會對此過度解讀；只要說整體季度表現符合我們的預期即可。而且再一次，我們真的很興奮。我們剛推出的兩款車。

James Hardiman, Citi.

James Hardiman，Citi。

Just a real quick clarification. Artie, you had made a point about sort of second-half retail being up a little bit in terms of the guidance. And then there was something about the two-year basis. I'm not sure everybody caught that. Could you just walk us through that real quick and--

我想快速釐清一下。Artie，你提到過，指引中下半年零售（retail）在某種程度上會小幅成長。然後你又提到兩年基期（two-year basis）的概念。我不確定大家是否都聽清楚了。你能不能很快帶我們走一遍，然後——

Then -- Yes, if we go back to '24 and we look at the first half of the year versus the second-half of the year, the second-half of the year is stronger on a two-year basis than the first half. That was all I was saying.

然後——是的，如果我們回到 2024 年，並比較上半年與下半年，那麼以兩年基期來看，下半年比上半年更強。我想表達的就只有這個。

To the question, and it didn't seem that you thought there was too much to read into it, but sort of the cadence within the quarter, sort of strong at the start and the end and then maybe a little bit weaker in the middle, but maybe overlay that with the promotional piece.

回到那個問題，你似乎認為不需要過度解讀，但就季度內的節奏而言，開頭和結尾偏強、中間可能偏弱；不過也許可以把促銷（promotional）因素疊加進來看。

My guess is that April probably looked a little bit more like the first quarter where you were elevated promo, and then that tailed off towards the end of the quarter. I don't know. Maybe I'm trying to make two and two--

我猜 4 月看起來可能更像第一季，因為你們當時促銷力度較高，然後到季度末逐漸減弱。我不確定。也許我是在把兩件事硬湊在一起——

There was an elevated promo. The promotional -- the more significant promotional activity ended in March in North America. There wasn't an ending in April. There's no promotional noise in that.

確實有較高的促銷。但更顯著的促銷活動在北美於 3 月就結束了。4 月並沒有一個「結束點」。這裡面沒有任何促銷雜訊（promotional noise）。

But ultimately, the strong finish to the quarter was at a normalized promotional rate and that's the most reasonable--

但最終，季度末的強勁收尾是在促銷率正常化（normalized promotional rate）的情況下達成的，這才是最合理的——

So overall, we're not going to get into the months, but I would tell you that I'll say two things. The overall month or the overall quarter was normalized and we launched two motorcycles. One at the end of Q2 and one just recently at the beginning of Q3.

所以整體而言，我們不會逐月拆解，但我可以告訴你兩件事。整體月份或整體季度是正常化的，而且我們推出了兩款機車。一款在第二季末，另一款則是在第三季初、也就是最近才推出。

And I think if you talk to dealers on sell-through rates on Super Glide, which has been in dealerships the last few weeks, you'd hear very high sell-through rates and very high MSRP realization.

而且我認為，如果你去跟經銷商談 Super Glide 的銷售出清率（sell-through rates）——這款車在過去幾週已進到經銷商展間——你會聽到非常高的出清率，以及非常高的建議售價（MSRP）實現率。

Yeah, and I think there are a couple of other pieces that I would highlight, too, James. If you look at where we are from a -- you can see this in the marketplace. In terms of where we are from a consumer promo, obviously, as Artie came in, he really prioritized making sure that we were focused on improving dealer health, getting models moving through in the right way. You saw us action that kind of through what he had outlined in both Q4 and Q1.

是的，James，我想我也可以再補充幾點。如果你看我們目前所處的位置——你在市場上也看得到——就消費者促銷（consumer promo）而言，顯然在 Artie 上任後，他非常優先確保我們聚焦於改善經銷商健康度（dealer health），讓各車型以正確的方式流動與去化。你也看到我們依照他在第四季與第一季所概述的內容採取了行動。

So promo certainly was a factor in driving the pretty exceptional results that you saw in Q1 from a retail perspective. As we moved into Q2, our Q2 consumer promo year-over-year is actually down from a spend perspective, even with the sales growth that we talked about in North America.

因此，促銷確實是推動你們在第一季零售端看到相當亮眼成果的一個因素。進入第二季後，即便我們談到北美銷售成長，我們第二季的消費者促銷在支出角度（spend perspective）上，年對年其實是下降的。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc Capital Markets。

Maybe just to drill down a bit on the tariff front, I think there was a recovery in 1Q as well, so just wondering if that's kind of included in the guide. And then with [122] expiring tomorrow, if you could just kind of walk through how you're thinking about 2Q, sorry, second-half from a tariff perspective, any kind of investigations that are ongoing or just any thoughts about kind of what's embedded in the 75% to 90% versus kind of what's uncertain?

我想再深入問一下關稅（tariff）方面。我認為第一季也有回收（recovery），所以想確認這是否已包含在指引中。另外，[122] 明天到期，能否請你們說明一下你們如何看待第二季——抱歉，是下半年——在關稅方面的影響？是否有任何正在進行的調查（investigations），或是你們對於 75% 到 90% 之間已反映了哪些內容、以及哪些仍屬不確定，有沒有任何想法？

So I'll take that -- So from a tariff standpoint, really good questions around that. So in Q1, we had a fairly long-dated EMEA tariff recovery. So if you go back a number of years, that's something that we've been working on and there was a sizable benefit that showed up in Q1 associated with very kind of historic tariff activity. So something that was from a number of years ago.

我來回答——關於關稅的部分，這些問題問得很好。第一季我們有一筆期限較長的 EMEA 關稅回收（tariff recovery）。如果你回溯到數年前，這是我們一直在處理的事項，而第一季出現了一筆相當可觀的利益，與非常歷史性的關稅活動相關。也就是數年前的事情。

As we take a look at what we saw within the quarter, about $20 million within Q2, we obviously continue to make sure that we're scrubbing the environment, looking for any kind of recovery that could make sense and that we're do. So that's something that we continue to be really focused on.

至於本季我們看到的情況，第二季約有 2,000 萬美元；我們顯然會持續確保我們在環境中進行檢視（scrubbing the environment），尋找任何合理且我們應得的回收機會（recovery）。因此，這也是我們持續高度聚焦的事項。

But relative to the total year guide, as we talk about our gross recoveries, and we see that on the slide that I referred Robin to a little bit earlier, you'll see that that total tariff amount remains unchanged from what we put in the prior quarter. So no change in tariff expectations versus what we put out there.

但相較於全年指引總體而言，當我們談到總回收金額（gross recoveries）時，並且如同我稍早請 Robin 參考的那張投影片所示，你會看到總關稅金額與我們在上一季所提出的數字相比維持不變。因此，關稅預期相較於我們先前對外發布的內容沒有變化。

And then we also break out the recovery amount at the bottom of the page in the footers from a clarity standpoint, and you can also see what prior year timing looked like. So as we think about some of the quarters and quarterly cadence, certainly within this year, the Q1 tariff amount is greater than what we both envision and experience in the balance of the quarters.

接著，為了更清楚起見，我們也在頁面底部的註腳中把回收金額拆分列示，你也可以看到前一年度的時間點分布情況。因此，當我們思考各季以及季度節奏時，當然在今年之內，第一季的關稅金額高於我們在其餘各季所預期與實際經歷的水準。

Tristan Thomas-Martin, BMO Capital Markets.

Tristan Thomas-Martin，BMO Capital Markets。

I'm just still a little confused about tariffs in relation to guidance, like tariffs in relation to like your guided tariff amount. Was the combined $61 million, was that included in the original guidance or is that part of the benefit and the reason for some of the guidance increase?

我對關稅與指引之間的關係仍有點困惑，像是關稅相對於你們所指引的關稅金額。合計 6,100 萬美元是否已包含在原先的指引中，還是這是帶來效益、也是指引上調部分原因之一？

Sure. So when we guided originally, we obviously have -- I'll start with the guidance piece. So when we guided from a previous negative 40 to positive 10.

當然。所以我們最初給出指引時，顯然我們有——我先從指引的部分開始說明。當時我們的指引是從先前的負 4,000 萬到正 1,000 萬。

We hadn't contemplated tariff recoveries. As we look at the business today, we've had some tariff recoveries clearly that have flowed in we're now guiding to the positive 10 to positive 50. From a guidance perspective, we don't envision that there are any further tariff recoveries that are coming into the business for the balance of the year from a guide standpoint.

我們當時並未將關稅回收（tariff recoveries）納入考量。以目前業務來看，我們確實已經有一些關稅回收流入，因此我們現在把指引調整為正 1,000 萬到正 5,000 萬。就指引而言，從全年剩餘期間的指引角度來看，我們不預期還會有任何進一步的關稅回收進入業務。

And so we've left our gross unchanged. We obviously have some recovery benefits that flowed into Q1 and into Q2. That certainly gives us confidence in terms of where our operating income guide comes in at $10 million to $50 million for motor companies.

因此我們的總額（gross）維持不變。我們顯然有一些回收效益已在第一季與第二季反映。這也確實讓我們對於機車公司（motor companies）營業利益指引落在 1,000 萬至 5,000 萬美元區間更有信心。

Brandon Rolle, Loop Capital Markets.

Brandon Rolle，Loop Capital Markets。

Thank you for taking my question. I just wanted to circle back on the Back to Brick's strategic plan for '27. Just talking about that $150 million in cost savings.

謝謝讓我提問。我想回到你們 2027 年「Back to Brick」策略計畫。主要是談到那 1.5 億美元的成本節省。

How do you feel about that number now a quarter in to the strategic plan and any other details on initiatives to achieve that cost savings for next year?

在策略計畫推行一季之後，你們現在對這個數字的看法如何？另外，是否能提供更多關於為了在明年達成該成本節省所採取的措施細節？

I think we feel very good the team is super focused on it. We did have some headcount reductions earlier this year. We have significant work just in getting focused on the key tenants of the Back to the Brick strategy, so our portfolio, P&A. I highlighted in my remarks that we've got a GM of our P&A business, which is extremely exciting and seeing that team come together.

我認為我們感覺非常好，團隊也非常專注在這件事上。我們今年稍早確實進行了一些人力精簡。我們也在大量投入工作，聚焦於「Back to the Brick」策略的關鍵支柱，例如我們的產品組合（portfolio）、P&A。我在發言中也提到，我們已為 P&A 業務任命一位總經理（GM），這非常令人振奮，也看到那個團隊正在成形。

We do have some things on the cost of goods front that will impact it as well as broadly some things we're not going to do anymore. We're not going to provide additional detail at this time, but I can tell you that our leadership team, it is a top priority area of focus we've got a dedicated group working on this every day, and we'll keep you updated when we get into firmer 2027 guidance.

在銷貨成本（cost of goods）方面我們也有一些事項會帶來影響，此外更廣泛地說，也有一些事情我們將不再繼續做。目前我們不會提供更多細節，但我可以告訴你，我們的領導團隊把這視為最優先的聚焦領域之一；我們有一個專責小組每天都在推進，等到我們對 2027 年指引更為明確時，會再向各位更新。

But at this point in time, like other parts of the business, either on track or slightly ahead, frankly, we feel quite good about the $150 million.

但就目前而言，和業務的其他部分一樣，進度不是按計畫推進就是略為超前；坦白說，我們對 1.5 億美元這個目標相當有信心。

John Healy, Northcoast Research.

John Healy，Northcoast Research。

I wanted to go back to one of the first things you said on the call where you said dealer profitability has roughly doubled compared to last year, which I think is a pretty great thing for the company and the network.

我想回到你在電話會議一開始提到的一點：你說經銷商獲利能力相較去年大約翻倍，我認為這對公司與通路網絡來說都是非常好的事情。

Curious your thoughts on what dealers, though, are telling you about just the long-term right inventory levels. I know you guys have talked about working those down, and I don't want to say we're at a point of completion, but we're in a strong spot.

我想了解你對於經銷商所回饋的、關於長期而言合理庫存水位的看法。我知道你們談過要把庫存降下來，我不想說我們已經完成，但我們目前處於很強的位置。

So we'd love to hear what dealers are saying that they think the right inventory turn levels are in the business. I'm curious if you could also maybe expound upon any sort of retail trends they might be observing on the used bike side of things.

因此很想聽聽經銷商怎麼說：他們認為業務中合理的庫存周轉水準應該是多少。另外也想請你或許再多談一些，他們在二手車（used bike）端可能觀察到的任何零售趨勢。

Yes, let me start with your second one. The used bike market residuals are extremely strong. And it's an exciting thing to see how significantly that's evolved over the last year, and when we look at residuals on used Harley-Davidson sold two, three, four years ago, the trends are extremely encouraging and you balance that with MSRP realization on our new motorcycles, those two things are contributing significantly to dealer profitability, no doubt about it.

好的，我先回答你第二個問題。二手機車市場的殘值（residuals）非常強勁。看到過去一年這方面的演變幅度之大令人振奮；當我們看兩、三、四年前售出的二手 Harley-Davidson 的殘值時，趨勢非常令人鼓舞。再把這點與我們新車的建議售價（MSRP）實現程度相結合，這兩者毫無疑問都對經銷商獲利能力有顯著貢獻。

I'd rather not sort of say specific inventory turns because there's seasonal elements to it and so on. I'd rather put it in this way. If I think about the conversations and the data that we're looking about in the fourth quarter, nearly every dealer was telling me and us that they had too much inventory.

我不太想給出具體的庫存周轉數字，因為其中有季節性因素等等。我更想用這樣的方式來表達。如果我回想第四季我們所看的對話與數據，幾乎每一位經銷商都告訴我、也告訴我們，他們的庫存太多了。

And I would tell you today, the vast majority believe it's either just right or they're asking for more bikes and that's about the right place, frankly. I think there was a saying at one point in time that we want to make one less bike than there might be demand for it to have appropriate supply-demand tension. And I think on an aggregate basis, we're in that general vicinity.

而我可以告訴你，今天絕大多數經銷商認為庫存不是剛剛好，就是在要求更多車款；坦白說，這大致就是我們希望達到的位置。過去曾有一句話說，我們希望生產的車比市場需求少一台，以維持適當的供需張力。我認為就整體而言，我們大致就在那個範圍附近。

But I want to be clear that we have opportunities to improve in mix and model management by dealer, by region of the world and certainly here in the United States. So I think we can get better at improving turns and even with the existing overall inventory levels and sell more bikes.

但我想說清楚的是，我們仍有機會在車款組合與型號管理上做得更好——按經銷商、按全球各地區，當然也包括美國本土。因此我認為，即使在現有的整體庫存水位下，我們也能透過提升周轉做得更好，並賣出更多車。

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

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。