0000793952false00007939522024-10-242024-10-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 24, 2024
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin1-918339-1382325
(State or other jurisdiction
of incorporation)		     (Commission
     File Number)		(IRS Employer
Identification No.)
3700 West Juneau Avenue, Milwaukee, Wisconsin 53208
(Address of principal executive offices, including zip code)
(414) 342-4680
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐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)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class  Trading Symbol  Name of exchange on which registered
COMMON STOCK, $0.01 par value per share  HOG  New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02
Results of Operations and Financial Condition.
On October 24, 2024, Harley-Davidson, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s third quarter results for the financial period ended September 30, 2024. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith:
Exhibit No.Description

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HARLEY-DAVIDSON, INC.
Date: October 24, 2024/s/ Paul J. Krause
Paul J. Krause
Secretary



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FOR IMMEDIATE RELEASE

Harley-Davidson Delivers Third Quarter Financial Results


MILWAUKEE (October 24, 2024) – Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”) (NYSE: HOG) today reported third quarter 2024 results.

“We have worked diligently through the quarter to mitigate the impact of high interest rates, and macroeconomic and political uncertainty, that continue to put pressure on our industry and customers, especially in our core markets,” said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. “We are very pleased with the reception of our touring launch with customers and dealers alike and are working hard to set the Company up for a solid 2025. We are optimistic about our ability to make sound progress in the new year, and we are expecting further interest rate reductions and improved consumer confidence will provide the industry with a needed tailwind.”

Third Quarter 2024 Highlights and Related Results

•Delivered diluted EPS of $0.91
•Consolidated operating income of $106 million, down 49 percent in Q3 year-over-year
•North American retail sales down 10 percent in Q3 versus prior year
•Global retail sales down 13 percent in Q3 year-over-year, where international markets have performed weaker than expected
•HDMC gross margin of 30.1 percent in Q3
•HDFS operating income up 29 percent in Q3 year-over-year, while revenue up 10 percent
•Company lowers its full year 2024 financial outlook to reflect the current environment

Year-to-date 2024 Highlights and Related Results

•Delivered diluted EPS of $4.27
•Consolidated operating income of $610 million, down 24 percent year-over-year
•North American retail sales down 1.7 percent versus prior year
•Global retail sales down 5 percent year-over-year
•HDMC gross margin of 31.3 percent
•HDFS operating income up 14 percent year-over-year, while revenue up 11 percent
•U.S. Touring market share of 75 percent, an increase of 4 share points year-over-year1


1 Source: U.S. 601+cc Street Legal Market Share for 2024 year-to-date from Motorcycle Industry Council (MIC).


Third Quarter 2024 Results

Harley-Davidson, Inc. Consolidated Financial Results


$ in millions (except EPS)		3rd quarter
20242023Change
Revenue$1,151$1,549-26%
Operating Income$106$209-49%
Net Income Attributable to HDI$119$199-40%
Diluted EPS$0.91$1.38-34%

Consolidated revenue in the third quarter was down 26 percent, driven primarily by an HDMC revenue decline of 32 percent, and partially offset by an HDFS revenue increase of 10 percent.

Consolidated operating income in the third quarter was $106 million, down 49 percent from prior year period. The result was driven primarily by an HDMC operating income decline of 69 percent, partially offset by an HDFS operating income increase of 29 percent, and a LiveWire operating loss in-line with our expectations. Consolidated operating income margin in the third quarter was 9.2 percent, which compares to 13.5 percent in the third quarter a year ago.

Harley-Davidson Motor Company (HDMC) – Results


$ in millions
3rd quarter
20242023Change
Motorcycle Shipments (thousands)27.545.3-39%
Revenue$876$1,297-32%
   Motorcycles$616$1,023-40%
   Parts & Accessories$174$185-6%
   Apparel$56$4913%
   Licensing$4$10-59%
   Other$27$30-11%
Gross Margin30.1%31.7%-1.6 pts.
Operating Income$55$175-69%
Operating Margin6.3%13.5%-7.2 pts.

Third quarter global motorcycle shipments decreased by 39 percent, as dealers adjust inventory levels for the current retail environment. HDMC revenue was down 32 percent, driven primarily by the significant reduction in wholesale units shipped. Parts & Accessories revenue was down 6 percent due to lower customer traffic than prior year. Apparel revenue was up 13 percent.

Third quarter gross margin was down 1.6 points due to the impacts of lower volumes, negative operating leverage, and less favorable motorcycle mix, partially offset by favorable net pricing, favorable foreign exchange and lower raw material and supply chain management costs. Third quarter operating margin was 6.3 percent, where operating expenses were down 11 percent in the period but offset by the larger decline in revenue at HDMC, resulting in 7.2 points of operating margin decline.


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Harley-Davidson Retail Motorcycle Sales


Motorcycles (thousands)
3rd quarter
20242023Change
North America24.627.3-10%
EMEA6.17.8-23%
Asia Pacific4.85.8-16%
Latin America0.70.74%
Worldwide Total36.241.7-13%

Global retail motorcycle sales in the third quarter were down 13 percent versus prior year. North American retail performance was down 10 percent, as dealers observed a slowdown in customer traffic in the region, as customers assessed the higher interest rate environment and macro uncertainty. U.S. retail performance was down 1 percent in the nine-month YTD period year-over-year.

International markets have performed weaker than we expected, down 18 percent in the third quarter versus prior year. In EMEA, third quarter retail sales declined by 23 percent, with mixed performance on a country-by-country basis. In APAC, third quarter retail sales declined by 16 percent, with Japan softer than we expected and Australia & New Zealand experiencing growth. Latin America was largely flat. International retail sales were down 12 percent in the nine-month YTD period year-over-year.

Harley-Davidson Financial Services (HDFS) – Results


$ in millions
3rd quarter
20242023Change
Revenue$269$24410%
Operating Income$77$5929%

HDFS operating income increased by $17 million in the third quarter, or 29 percent. The result was driven by higher interest income and a lower provision for credit losses, partially offset by increased borrowing costs, where operating expenses were largely flat.

LiveWire – Results


$ in millions
3rd quarter
20242023Change
Electric Motorcycle Unit Sales995098%
Revenue$5$8-41%
Operating Loss($26)($25)-3%

LiveWire revenue for the third quarter decreased by 41 percent, due to a decrease in STACYC third party branded distributor volumes. LiveWire’s operating loss of $26 million dollars was $1 million more than a year ago, largely in-line with our expectations.

Other Harley-Davidson, Inc. Results – YTD through end of Q3 2024

•Generated $931 million of cash from operating activities
•Effective tax rate was 18 percent
•Paid cash dividends of $69 million
•Repurchased $350 million of shares (9.5 million shares) on a discretionary basis
•Cash and cash equivalents of $2.2 billion at the end of the quarter


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2024 Financial Outlook

For the full year 2024, the Company now expects:
•HDMC: Revenue down 14 to 16 percent compared to 2023
•HDMC: Operating Income margin between 7.5 and 8.5 percent
•HDFS: Operating Income up 5 to 10 percent compared to 2023
•LiveWire: Electric motorcycle unit sales of 600 to 1,000

For the full year 2024 we continue to expect:
•LiveWire: Operating Loss of $105 to $115 million
•Harley-Davidson, Inc.: Capital investments of $225 to $250 million





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Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.


Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this report are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates,” “targets,” “intends,” "forecasts," "sees," “commits,” “assumes,” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this report. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this report are only made as of the date of this report, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company’s ability to: (a) execute its business plans and strategies, including The Hardwire, each of the pillars, and the evolution of LiveWire as a standalone brand, which includes the risks noted below; (b) manage supply chain and logistics issues, including quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or natural disasters and longer shipping times and increased logistics costs; (c) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (d) maintain and enhance the value of the Harley-Davidson brand, including detecting and remediating the impact of social media collective actions, such as boycotts and other brand-damaging behaviors that could harm the Company’s brand or business; (e) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023; (f) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (g) successfully carry out its global manufacturing and assembly operations; (h) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (i) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (j) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine and the Red Sea conflict; (k) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (l) prevent, detect and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (m) successfully manage and reduce costs throughout the business; (n) manage risks related to a resurgence of the COVID-19 pandemic, emergence of
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a new pandemic, epidemic, disease outbreak or other public health crises, such as supply chain disruptions, its ability to carry out business as usual, and government actions and restrictive measures implemented in response; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company's dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) successfully appeal: (i) the revocation of the Binding Origin Information (BOI) decisions that allowed the Company to supply its European Union (EU) market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and (ii) the denial of the Company’s application for temporary relief from the effect of the revocation of the BOI decisions; (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (s) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products internationally, and the cost of raw materials and components, including the temporary lifting of the incremental tariffs on motorcycles imported into the EU from the U.S., which was extended to March 31, 2025; (t) accurately predict the margins of its segments in light of, among other things, tariffs, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (u) successfully maintain a manner in which to sell motorcycles in China and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (v) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (w) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (x) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (y) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (z) prevent a ransomware attack or cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding cybersecurity and data privacy; (aa) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company’s business; (bb) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (cc) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (dd) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (ee) manage its exposure to product liability claims in a manner that avoids future substantial jury verdicts in pattern litigation cases, including the successful appeal of the verdict in Morris v. H-D, and manage exposure in commercial or contractual disputes; (ff) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (gg) achieve anticipated results with respect to the Company's preowned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; and (hh) optimize capital allocation in light of the Company's capital allocation priorities.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

HDFS' retail credit losses have normalized in recent quarters to higher levels after a period of historically low levels of credit losses. Further, the Company believes that HDFS's retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions, including the impact of inflation and HDFS's efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, HDFS’s efforts to adjust underwriting criteria based on market and economic conditions and the actions that the Company has taken and could take that impact motorcycle values may impact HDFS's retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or other factors. Refer to Risk Factors under Item 1.A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and applicable updates under Item 1.A of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.


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Media Contact:
Jenni Coats
jenni.coats@Harley-Davidson.com
414.343.7902

Financial Contact:
Shawn Collins
shawn.collins@Harley-Davidson.com
414.343.8002
### (HOG-Earnings)
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Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 Three months endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
HDMC Revenue$876,405 $1,296,981 $3,701,417 $4,052,946 
Gross profit263,813 410,690 1,158,010 1,385,190 
Selling, administrative and engineering expense208,676 235,437 666,522 679,864 
Operating income from HDMC55,137 175,253 491,488 705,326 
LiveWire revenue4,808 8,144 15,958 22,932 
Gross (loss) profit
(1,180)1,092 (6,907)(584)
Selling, administrative and engineering expense24,905 26,435 76,587 81,290 
Operating loss from Livewire(26,085)(25,343)(83,494)(81,874)
HDFS revenue269,482 243,934 781,818 707,390 
HDFS expense192,738 184,559 579,836 530,610 
Operating income from HDFS76,744 59,375 201,982 176,780 
Operating income105,796 209,285 609,976 800,232 
Other income, net18,408 26,814 54,851 54,136 
Investment income16,450 9,868 45,665 31,044 
Interest expense(7,707)(7,688)(23,066)(23,104)
Income before income taxes132,947 238,279 687,426 862,308 
Income tax provision16,980 42,176 123,821 190,546 
Net income$115,967 $196,103 $563,605 $671,762 
Less: Loss attributable to noncontrolling interests3,073 2,546 8,644 9,016 
Net income attributable to Harley-Davidson, Inc. $119,040 $198,649 $572,249 $680,778 
Earnings per share:
Basic$0.92 $1.40 $4.30 $4.74 
Diluted$0.91 $1.38 $4.27 $4.65 
Weighted-average shares:
Basic130,078 141,622 133,187 143,678 
Diluted130,963 144,321 133,985 146,330 
Cash dividends per share:$0.1725 $0.1650 $0.5175 $0.4950 
LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.


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Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)(Unaudited)
September 30,
2024		December 31,
2023		September 30,
2023
ASSETS
Current assets:
Cash and cash equivalents$2,243,910 $1,533,806 $1,878,351 
Accounts receivable, net307,701 267,200 315,331 
Finance receivables, net2,300,551 2,113,729 2,101,965 
Inventories, net681,864 929,951 768,765 
Restricted cash147,910 104,642 130,838 
Other current assets208,000 214,401 227,556 
5,889,936 5,163,729 5,422,806 
Finance receivables, net5,499,836 5,384,536 5,553,259 
Other long-term assets1,636,887 1,592,289 1,486,151 
$13,026,659 $12,140,554 $12,462,216 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$931,971 $996,021 $968,261 
Short-term deposits, net178,638 253,309 250,987 
Short-term debt497,373 878,935 815,081 
Current portion of long-term debt, net2,561,535 1,255,999 638,496 
4,169,517 3,384,264 2,672,825 
Long-term debt, net 4,739,507 4,990,586 5,856,005 
Other long-term liabilities692,523 513,409 622,116 
Shareholders’ equity3,425,112 3,252,295 3,311,270 
$13,026,659 $12,140,554 $12,462,216 



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Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine months ended
 September 30,
2024		September 30,
2023
Net cash provided by operating activities$930,655 $706,767 
Cash flows from investing activities:
Capital expenditures(140,424)(138,902)
Finance receivables, net(345,588)(373,109)
Other investing activities(165)878 
Net cash used by investing activities(486,177)(511,133)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes495,856 1,446,304 
Repayments of medium-term notes — (1,056,680)
Proceeds from securitization debt1,145,211 1,045,547 
Repayments of securitization debt(782,161)(930,608)
Net (decrease) increase in unsecured commercial paper(387,392)43,523 
Borrowings of asset-backed commercial paper366,171 42,429 
Repayments of asset-backed commercial paper(195,709)(187,599)
Net increase in deposits100,737 161,157 
Dividends paid(69,454)(72,775)
Repurchase of common stock(359,810)(239,428)
Other financing activities11 1,706 
Net cash provided by financing activities313,460 253,576 
Effect of exchange rate changes on cash, cash equivalents and restricted cash198 (8,415)
Net increase in cash, cash equivalents and restricted cash$758,136 $440,795 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$1,648,811 $1,579,177 
Net increase in cash, cash equivalents and restricted cash758,136 440,795 
Cash, cash equivalents and restricted cash, end of period$2,406,947 $2,019,972 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$2,243,910 $1,878,351 
Restricted cash147,910 130,838 
Restricted cash included in Other long-term assets15,127 10,783 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$2,406,947 $2,019,972 







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HDMC Revenue and Motorcycle Shipment Data
(Unaudited)
Three months endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
HDMC REVENUE (in thousands)
Motorcycles$615,628 $1,023,090 $2,905,861 $3,216,387 
Parts & Accessories174,301 184,809 534,359 568,001 
Apparel55,688 49,325 183,192 187,072 
Licensing3,897 9,586 18,312 20,912 
Other26,891 30,171 59,693 60,574 
$876,405 $1,296,981 $3,701,417 $4,052,946 
HDMC U.S. MOTORCYCLE SHIPMENTS15,850 30,167 89,761 96,984 
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS
Grand American Touring(a)
15,493 23,781 80,194 76,270 
Cruiser9,610 17,142 39,711 53,876 
Sport and Lightweight1,770 3,103 10,827 15,849 
Adventure Touring647 1,243 4,120 4,445 
27,520 45,269 134,852 150,440 
(a)Includes Trike
LiveWire Motorcycle Shipments99 50 374 146 

HDMC Gross Profit
(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the third quarter of 2023 to the third quarter of 2024 were as follows (in millions):
Three months endedNine months ended
2023 gross profit$411 $1,385 
Volume(145)(135)
Price and sales incentives19 (73)
Foreign currency exchange rates and hedging18 (1)
Shipment mix(33)25 
Raw material prices3 12 
Manufacturing and other costs(9)(55)
(147)(227)
2024 gross profit$264 $1,158 



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HDFS Receivables Allowance for Credit Losses
(Unaudited)
Three months endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Balance, beginning of period$393,517 $381,780 $381,966 $358,711 
Provision for credit losses57,977 60,854 175,017 170,496 
Charge-offs, net of recoveries(51,582)(49,920)(157,071)(136,493)
Balances, end of period$399,912 $392,714 $399,912 $392,714 


Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
Three months endedNine months ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
United States22,726 25,336 80,710 81,774 
Canada1,847 2,010 6,186 6,653 
Total North America24,573 27,346 86,896 88,427 
EMEA6,054 7,847 19,333 21,884 
Asia Pacific4,832 5,784 17,188 20,190 
Latin America707 681 2,152 2,108 
Total worldwide retail sales36,166 41,658 125,569 132,609 
(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

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Cover Page
Oct. 24, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 24, 2024
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
Harley Davidson (NYSE:HOG)
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