Harley-Davidson Files Q3 2024 10-Q

Ticker: HOG · Form: 10-Q · Filed: 2024-11-06T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

Related Tickers: HOG

TL;DR

HOG Q3 2024 10-Q is in. Check financials.

AI Summary

Harley-Davidson, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the motorcycle and related products industry.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Harley-Davidson, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the inherent risks of the automotive and manufacturing sectors can impact performance.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on 20241106.

What is Harley-Davidson's primary business classification?

Harley-Davidson, Inc. is classified under 'MOTORCYCLES, BICYCLES & PARTS [3751]'.

What is the company's fiscal year end?

The company's fiscal year ends on 1231.

What is the company's IRS number?

The IRS number for Harley-Davidson, Inc. is 391382325.

Filing Stats: 4,596 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-11-06 15:46:22

Filing Documents

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 10 1. Basis of Presentation and Use of Estimates 10 2. New Accounting Standards 10 3. Revenue 11 4. Income Taxes 12 5. Earnings Per Share 13 6. Additional Balance Sheet and Cash Flow Information 13 7. Finance Receivables 14 8. Derivative Financial Instruments and Hedging Activities 20 9. Debt 24 10. Asset-Backed Financing 25 11. Fair Value 28 12. Product Warranty and Recall Campaigns 30 13. Employee Benefit Plans 31 14. Commitments and Contingencies 32 15. Accumulated Other Comprehensive Loss 33 16. Reportable Segments 35 17. Supplemental Consolidating Data 35

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 44

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 65

Controls and Procedures

Item 4. Controls and Procedures 66

Other Information

Part II Other Information 66

Legal Proceedings

Item 1. Legal Proceedings 66

Risk Factors

Item 1A. Risk Factors 66

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67

Other Information

Item 5. Other Information 67

Exhibits

Item 6. Exhibits 67

Signatures

Signatures 69 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 Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenue: Motorcycles and related products $ 881,213 $ 1,305,125 $ 3,717,375 $ 4,075,878 Financial services 269,482 243,934 781,818 707,390 1,150,695 1,549,059 4,499,193 4,783,268 Costs and expenses: Motorcycles and related products cost of goods sold 618,580 893,343 2,566,272 2,691,272 Financial services interest expense 94,463 84,123 276,943 243,677 Financial services provision for credit losses 57,977 60,854 175,017 170,496 Selling, administrative and engineering expense 273,879 301,454 870,985 877,591 1,044,899 1,339,774 3,889,217 3,983,036 Operating income 105,796 209,285 609,976 800,232 Other income, net 18,408 26,814 54,851 54,136 Investment income 16,450 9,868 45,665 31,044 Interest expense 7,707 7,688 23,066 23,104 Income before income taxes 132,947 238,279 687,426 862,308 Income tax provision 16,980 42,176 123,821 190,546 Net income 115,967 196,103 563,605 671,762 Less: Loss attributable to noncontrolling interests 3,073 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 Cash dividends per share $ 0.1725 $ 0.1650 $ 0.5175 $ 0.4950 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 Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net income $ 115,967 $ 196,103 $ 563,605 $ 671,762 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments 63,922 ( 11,552 ) 25,733 ( 21,068 ) Derivativ

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 $ 5.8 million and $( 15.6 ) million for the three month periods ended September 30, 2024 and September 30, 2023, respectively, and $( 0.9 ) million and $( 11.1 ) million for the nine month periods ended September 30, 2024 and September 30, 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 September 3

View on Read The Filing