Harley-Davidson, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Harley-Davidson, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

HARLEY-DAVIDSON, INC. (HOG) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Harley-Davidson, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is manufacturing motorcycles, bicycles, and parts. The filing was submitted on May 6, 2024. The company's headquarters are located at 3700 W Juneau Ave, Milwaukee, WI 53208.

Why It Matters

For investors and stakeholders tracking HARLEY-DAVIDSON, INC., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Harley-Davidson, Inc. for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions regarding HOG.

Risk Assessment

Risk Level: medium — HARLEY-DAVIDSON, INC. shows moderate risk based on this filing. The company operates in the cyclical automotive industry, which is subject to economic downturns and changing consumer preferences, potentially impacting sales and profitability.

Analyst Insight

Monitor future filings for revenue growth, profitability trends, and any specific segment performance within Harley-Davidson's operations.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-01-01 — Period Start Date (Quarterly report period)
• 2023-03-31 — Prior Year Period End Date (Comparison period)
• 2023-01-01 — Prior Year Period Start Date (Comparison period)

Key Players & Entities

• HARLEY-DAVIDSON, INC. (company) — Filer name
• HOG (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filing date
• 3700 W JUNEAU AVE (address) — Business street address
• MILWAUKEE (location) — Business city
• WI (location) — Business state
• 53208 (postal_code) — Business zip code

FAQ

Industry Context

Harley-Davidson operates in the motorcycle manufacturing industry, a sector influenced by consumer discretionary spending and brand loyalty.

Regulatory Implications

As a publicly traded company, Harley-Davidson is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze revenue and profitability trends in comparison to prior periods.
3. Assess any disclosed risks and their potential impact on future performance.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal quarter ending March 31, 2024, providing the first look at the company's performance in this period.

Filing Documents

• hog-20240331.htm (10-Q) — 2665KB
• hog-3312024ex41harleyx2024.htm (EX-4.1) — 1287KB
• hog-3312024ex42harleyx2024.htm (EX-4.2) — 1287KB
• hog-03312024xex311.htm (EX-31.1) — 9KB
• hog-03312024xex312.htm (EX-31.2) — 9KB
• hog-03312024xex321.htm (EX-32.1) — 5KB
• 0000793952-24-000103.txt (&nbsp;) — 17408KB
• hog-20240331.xsd (EX-101.SCH) — 57KB
• hog-20240331_cal.xml (EX-101.CAL) — 108KB
• hog-20240331_def.xml (EX-101.DEF) — 373KB
• hog-20240331_lab.xml (EX-101.LAB) — 712KB
• hog-20240331_pre.xml (EX-101.PRE) — 607KB
• hog-20240331_htm.xml (XML) — 3571KB

Financial Information

Part I Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Consolidated Statements of Operations 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 7 Consolidated Statements of Shareholders' Equity 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 1. Basis of Presentation and Use of Estimates 9 2. New Accounting Standards 9 3. Revenue 10 4. Income Taxes 11 5. Earnings Per Share 11 6. Additional Balance Sheet and Cash Flow Information 11 7. Finance Receivables 13 8. Derivative Financial Instruments and Hedging Activities 19 9. Debt 22 10. Asset-Backed Financing 23 11. Fair Value 26 12. Product Warranty and Recall Campaigns 28 13. Employee Benefit Plans 29 14. Commitments and Contingencies 30 15. Accumulated Other Comprehensive Loss 31 16. Reportable Segments 32 17. Supplemental Consolidating Data 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 57

Other Information

Part II Other Information 57

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 58

Signatures

Signatures 60 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements HARLEY-DAVIDSON, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three months ended March 31, 2024 March 31, 2023 Revenue: Motorcycles and related products $ 1,480,810 $ 1,565,591 Financial services 248,797 223,095 1,729,607 1,788,686 Costs and expenses: Motorcycles and related products cost of goods sold 1,023,681 1,007,301 Financial services interest expense 88,739 73,549 Financial services provision for credit losses 61,010 52,364 Selling, administrative and engineering expense 293,098 285,863 1,466,528 1,419,077 Operating income 263,079 369,609 Other income, net 20,564 20,096 Investment income 14,404 10,025 Interest expense 7,679 7,720 Income before income taxes 290,368 392,010 Income tax provision 58,135 90,181 Net income 232,233 301,829 Less: Loss attributable to noncontrolling interests 2,708 2,261 Net income attributable to Harley-Davidson, Inc. $ 234,941 $ 304,090 Earnings per share: Basic $ 1.73 $ 2.08 Diluted $ 1.72 $ 2.04 Cash dividends per share $ 0.1725 $ 0.1650 The accompanying notes are integral to the consolidated financial statements. 3 Table of Contents HARLEY-DAVIDSON, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three months ended March 31, 2024 March 31, 2023 Net income $ 232,233 $ 301,829 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments ( 31,294 ) 10,121 Derivative financial instruments 4,521 ( 21,882 ) Pension and postretirement benefit plans ( 823 ) ( 962 ) ( 27,596 ) ( 12,723 ) Comprehensive income 204,637 289,106 Less: Comprehensive loss attributable to noncontrolling interests 2,708 2,261 Comprehensive income attributable to Harley-Davidson, Inc. $ 207,345 $ 291,367 The accompanying notes are integral to the consolidated financial statements. 4 Table of Contents HARLEY-DAVIDSON, INC. CONSOLIDATED BALANCE SHEETS (In thousands

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation and Use of Estimates Principles of Consolidation and Basis of Presentation – The consolidated financial statements include the accounts of Harley-Davidson, Inc. and its subsidiaries and certain variable interest entities (VIEs) related to secured financing as the Company is the primary beneficiary. All intercompany accounts and material intercompany transactions have been eliminated. The Company has a controlling equity interest in LiveWire Group, Inc. As the controlling shareholder, the Company consolidates LiveWire Group, Inc. results with additional adjustments to recognize non-controlling shareholder interests. The Company operates in three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire and Harley-Davidson Financial Services (HDFS). Substantially all of the Company's international subsidiaries use their respective local currency as their functional currency. Assets and liabilities of international subsidiaries have been translated at period-end exchange rates, and revenues and expenses have been translated using average exchange rates for the period. Monetary assets and liabilities denominated in a currency that is different from an entity's functional currency are remeasured from the transactional currency to the entity's functional currency on a monthly basis. The aggregate transaction gain (loss) resulting from foreign currency remeasurements was ($ 2.9 ) million and $ 3.3 million for the three month periods ended March 31, 2024 and March 31, 2023, respectively. In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Consolidated balance sheets as of March 31, 2024 and March 31, 2023, the Consolidated statements of operations for the three month periods then ended, the Consolidated statements of compr