(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description |
HARLEY-DAVIDSON, INC. | ||||||||||||||||||||
Date: April 27, 2023 | /s/ Paul J. Krause | |||||||||||||||||||
Paul J. Krause | ||||||||||||||||||||
Secretary |
$ in millions (except EPS) | 1st quarter | ||||||||||
2023 | 2022 | Change | |||||||||
Revenue | $1,789 | $1,495 | 20% | ||||||||
Operating Income | $370 | $289 | 28% | ||||||||
Net Income | $304 | $223 | 37% | ||||||||
Diluted EPS | $2.04 | $1.45 | 41% |
$ in millions | 1st quarter | ||||||||||
2023 | 2022 | Change | |||||||||
Motorcycle Shipments (thousands) | 62.2 | 54.7 | 14% | ||||||||
Revenue | $1,558 | $1,293 | 21% | ||||||||
Motorcycles | $1,302 | $1,057 | 23% | ||||||||
Parts & Accessories | $168 | $165 | 1% | ||||||||
Apparel | $71 | $51 | 39% | ||||||||
Licensing | $6 | $6 | -4% | ||||||||
Other | $10 | $13 | -19% | ||||||||
Gross Margin | 35.8% | 31.5% | 4.2 pts. | ||||||||
Operating Income | $336 | $219 | 53% | ||||||||
Operating Margin | 21.6% | 16.9% | 4.6 pts. |
Motorcycles (thousands) | 1st quarter | ||||||||||
2023 | 2022 | Change | |||||||||
North America | 26.0 | 31.2 | -17% | ||||||||
EMEA | 5.9 | 6.3 | -6% | ||||||||
Asia Pacific | 6.9 | 6.7 | 3% | ||||||||
Latin America | 0.6 | 0.8 | -25% | ||||||||
Worldwide Total | 39.4 | 45.0 | -12% |
$ in millions | 1st quarter | ||||||||||
2023 | 2022 | Change | |||||||||
Revenue | $223 | $192 | 16% | ||||||||
Operating Income | $58 | $86 | -32% |
$ in millions | 1st quarter | ||||||||||
2023 | 2022 | Change | |||||||||
Electric Motorcycle Shipments (units) | 63 | 97 | -35% | ||||||||
LiveWire ONE (units) | 63 | 72 | -13% | ||||||||
Harley-Davidson LiveWire (units) | -- | 25 | NM | ||||||||
Revenue | $8 | $10 | -25% | ||||||||
Operating Loss | ($25) | ($16) | NM |
Three months ended | |||||||||||
March 31, 2023 | March 27, 2022 | ||||||||||
HDMC Revenue | $ | 1,557,829 | $ | 1,292,770 | |||||||
Gross profit | 557,026 | 407,582 | |||||||||
Selling, administrative and engineering expense | 221,290 | 188,776 | |||||||||
Restructuring benefit | — | (128) | |||||||||
Operating income from HDMC | 335,736 | 218,934 | |||||||||
LiveWire revenue | 7,762 | 10,401 | |||||||||
Gross profit | 1,264 | 53 | |||||||||
Selling, administrative and engineering expense | 25,811 | 16,112 | |||||||||
Operating loss from LiveWire | (24,547) | (16,059) | |||||||||
HDFS revenue | 223,095 | 192,015 | |||||||||
HDFS expense | 164,675 | 105,658 | |||||||||
Operating income from HDFS | 58,420 | 86,357 | |||||||||
Operating income | 369,609 | 289,232 | |||||||||
Non-operating income, net | 22,401 | 1,340 | |||||||||
Income before income taxes | 392,010 | 290,572 | |||||||||
Income tax provision | 90,181 | 68,070 | |||||||||
Net income | $ | 301,829 | $ | 222,502 | |||||||
Less: Loss attributable to noncontrolling interests | 2,261 | — | |||||||||
Net income attributable to Harley-Davidson, Inc. | $ | 304,090 | $ | 222,502 | |||||||
Earnings per share: | |||||||||||
Basic | $ | 2.08 | $ | 1.46 | |||||||
Diluted | $ | 2.04 | $ | 1.45 | |||||||
Weighted-average shares: | |||||||||||
Basic | 146,048 | 152,819 | |||||||||
Diluted | 148,931 | 153,924 | |||||||||
Cash dividends per share: | $ | 0.1650 | $ | 0.1575 |
(Unaudited) | (Unaudited) | ||||||||||||||||
March 31, 2023 | December 31, 2022 | March 27, 2022 | |||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,561,200 | $ | 1,433,175 | $ | 1,393,731 | |||||||||||
Accounts receivable, net | 333,533 | 252,225 | 254,286 | ||||||||||||||
Finance receivables, net | 2,245,628 | 1,782,631 | 1,699,642 | ||||||||||||||
Inventories, net | 830,521 | 950,960 | 714,259 | ||||||||||||||
Restricted cash | 164,965 | 135,424 | 142,812 | ||||||||||||||
Other current assets | 154,660 | 196,238 | 182,527 | ||||||||||||||
5,290,507 | 4,750,653 | 4,387,257 | |||||||||||||||
Finance receivables, net | 5,328,095 | 5,355,807 | 5,121,911 | ||||||||||||||
Other long-term assets | 1,410,983 | 1,386,016 | 1,385,472 | ||||||||||||||
$ | 12,029,585 | $ | 11,492,476 | $ | 10,894,640 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 1,029,710 | $ | 998,947 | $ | 1,074,841 | |||||||||||
Short-term deposits, net | 144,854 | 79,710 | 65,049 | ||||||||||||||
Short-term debt | 501,243 | 770,468 | 816,016 | ||||||||||||||
Current portion of long-term debt, net | 1,408,777 | 1,684,782 | 1,327,357 | ||||||||||||||
3,084,584 | 3,533,907 | 3,283,263 | |||||||||||||||
Long-term debt, net | 5,275,169 | 4,457,052 | 4,470,086 | ||||||||||||||
Other long-term liabilities | 573,983 | 594,709 | 632,190 | ||||||||||||||
Shareholders’ equity | 3,095,849 | 2,906,808 | 2,509,101 | ||||||||||||||
$ | 12,029,585 | $ | 11,492,476 | $ | 10,894,640 |
Three months ended | |||||||||||
March 31, 2023 | March 27, 2022 | ||||||||||
Net cash provided by operating activities | $ | 46,677 | $ | 139,321 | |||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (45,114) | (27,999) | |||||||||
Finance receivables, net | (26,293) | (93,271) | |||||||||
Other investing activities | 821 | 135 | |||||||||
Net cash used by investing activities | (70,586) | (121,135) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of medium-term notes | 693,276 | 495,785 | |||||||||
Repayments of medium-term notes | (350,000) | (550,000) | |||||||||
Proceeds from securitization debt | 547,706 | — | |||||||||
Repayments of securitization debt | (310,640) | (271,499) | |||||||||
Net (decrease) increase in unsecured commercial paper | (270,119) | 64,521 | |||||||||
Borrowings of asset-backed commercial paper | — | 62,455 | |||||||||
Repayments of asset-backed commercial paper | (62,634) | (56,634) | |||||||||
Net increase in deposits | 51,822 | 57,660 | |||||||||
Dividends paid | (24,123) | (24,056) | |||||||||
Repurchase of common stock | (96,767) | (261,737) | |||||||||
Other financing activities | 69 | — | |||||||||
Net cash provided (used) by financing activities | 178,590 | (483,505) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,820 | (1,743) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 158,501 | $ | (467,062) | |||||||
Cash, cash equivalents and restricted cash: | |||||||||||
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,579,177 | $ | 2,025,219 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 158,501 | (467,062) | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 1,737,678 | $ | 1,558,157 | |||||||
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows: | |||||||||||
Cash and cash equivalents | $ | 1,561,200 | $ | 1,393,731 | |||||||
Restricted cash | 164,965 | 142,812 | |||||||||
Restricted cash included in Other long-term assets | 11,513 | 21,614 | |||||||||
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows | $ | 1,737,678 | $ | 1,558,157 |
Three months ended | |||||||||||
March 31, 2023 | March 27, 2022 | ||||||||||
HDMC REVENUE (in thousands) | |||||||||||
Motorcycles | $ | 1,302,378 | $ | 1,057,005 | |||||||
Parts & Accessories | 167,671 | 165,320 | |||||||||
Apparel | 71,391 | 51,404 | |||||||||
Licensing | 6,210 | 6,497 | |||||||||
Other | 10,179 | 12,544 | |||||||||
$ | 1,557,829 | $ | 1,292,770 | ||||||||
HDMC U.S. MOTORCYCLE SHIPMENTS | 42,588 | 35,819 | |||||||||
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS | |||||||||||
Grand American Touring(a) | 32,219 | 26,012 | |||||||||
Cruiser | 21,258 | 15,563 | |||||||||
Sportster® / Street | 5,544 | 9,654 | |||||||||
Lightweight | 1,041 | — | |||||||||
Adventure Touring | 2,175 | 3,517 | |||||||||
62,237 | 54,746 |
LiveWire Motorcycle Shipment Data | 63 | 97 |
Three months ended | |||||
2022 gross profit | $ | 408 | |||
Volume | 44 | ||||
Price and sales incentives | 104 | ||||
Foreign currency exchange rates and hedging | (23) | ||||
Shipment mix | 29 | ||||
Raw material prices | 7 | ||||
Manufacturing and other costs | (12) | ||||
149 | |||||
2023 gross profit | $ | 557 |
Three months ended | |||||||||||
March 31, 2023 | March 27, 2022 | ||||||||||
Balance, beginning of period | $ | 358,711 | $ | 339,379 | |||||||
Provision for credit losses | 52,364 | 28,822 | |||||||||
Charge-offs, net of recoveries | (52,644) | (27,728) | |||||||||
Balances, end of period | $ | 358,431 | $ | 340,473 |
Three months ended | |||||||||||
March 31, 2023 | March 27, 2022 | ||||||||||
United States | 24,277 | 29,344 | |||||||||
Canada | 1,744 | 1,869 | |||||||||
Total North America | 26,021 | 31,213 | |||||||||
EMEA | 5,917 | 6,290 | |||||||||
Asia Pacific | 6,881 | 6,699 | |||||||||
Latin America | 606 | 809 | |||||||||
Total worldwide retail sales | 39,425 | 45,011 |
Cover Page |
Apr. 27, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 27, 2023 |
Entity Registrant Name | Harley-Davidson, Inc. |
Entity Incorporation, State or Country Code | WI |
Entity File Number | 1-9183 |
Entity Tax Identification Number | 39-1382325 |
Entity Address, Address Line One | 3700 West Juneau Avenue |
Entity Address, City or Town | Milwaukee |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53208 |
City Area Code | 414 |
Local Phone Number | 342-4680 |
Title of 12(b) Security | COMMON STOCK, $0.01 par value per share |
Trading Symbol | HOG |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000793952 |
Amendment Flag | false |
Document Information [Line Items] | |
Document Period End Date | Apr. 27, 2023 |
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