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Harley-Davidson delivers strong second quarter financial results

·22 min read

MILWAUKEE, July 21, 2021 /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson") (NYSE:HOG) today reported second quarter results.

"I'm pleased with the pace of improvements and with the strong quarter that we have delivered," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "We are starting to see the initial proof points as we execute our Hardwire Strategy, as demonstrated by the positive financial results today. We are encouraged by the signs of consumer positivity in the market; however, we remain mindful of the significant supply chain challenges that we expect to continue to impact the sector."

Second Quarter 2021 Highlights and Results, and Recent Announcements

  • Delivered Q2 GAAP diluted EPS of $1.33, up $1.93 over Q2 2020

  • Q2 H-D, Inc. total revenue up 77 percent over Q2 2020

  • North America Q2 retail sales up 43% over Q2 2020 and up 5% over Q2 2019

  • Delivered strong Motorcycles and Related Products (Motorcycles) segment gross margin and operating margin driven by the Rewire product portfolio adjustments

  • Delivered Financial Services segment Q2 2021 operating income growth of $90 million over Q2 2020 driven by a lower provision for credit losses

  • Launched LiveWire as a standalone brand and introduced LiveWire ONE™ - the electric motorcycle built for the urban experience, with the power and range to take you beyond

  • Revealed Sportster® S, the all-new Sportster motorcycle built on the Revolution Max platform

  • Launched H-D1™ Marketplace today, the ultimate online destination for pre-owned Harley-Davidson motorcycles in North America.

Second Quarter 2021 Results

Harley-Davidson, Inc. Consolidated Financial Results

nm – not meaningful

$ in millions (except EPS)

2nd quarter

6 months

2021

2020

Change

2021

2020

Change

Revenue

$1,532

$865

77%

$2,955

$2,163

37%

Net Income (Loss)

$206

($92)

nm

$465

($23)

nm

GAAP Diluted EPS

$1.33

($0.60)

nm

$3.01

($0.15)

nm

Adjusted Diluted EPS

$1.41

($0.38)

nm

$3.11

$0.13

nm

Q2 consolidated revenue was up 77 percent versus Q2 2020 driven by strong growth in the Motorcycles and Related Products segment. Bottom-line results reflect significant operating income improvement with strong results in both the Motorcycles and the Financial Services segments.

Harley-Davidson Retail Motorcycle Sales

Motorcycles (thousands)

2nd quarter

6 months

2021

2020

Change

2021

2020

Change

North America

48.2

33.6

43%

81.0

58.8

38%

EMEA

10.2

11.0

(7)%

15.2

18.7

(19)%

Asia Pacific

6.0

6.9

(13)%

11.8

12.6

(7)%

Latin America

0.9

1.2

(31)%

1.6

3.0

(47)%

Worldwide Total

65.3

52.7

24%

109.5

93.2

18%

Global retail motorcycle sales in the second quarter were up 24 percent, driven by a strong Q2 North America retail performance. EMEA Q2 retail sales declines were a result of the company's decision not to continue selling Street and legacy Sportster motorcycles in Europe. Latin America retail sales were impacted by a reduction in dealers and pricing actions across the portfolio, which were executed as part of the Rewire strategy.

Motorcycles and Related Products Segment Results

$ in millions

2nd quarter

6 months

2021

2020

Change

2021

2020

Change

Motorcycle Shipments (thousands)

56.7

28.4

100%

111.5

81.3

37%

Revenue

$1,332

$669

99%

$2,564

$1,769

45%

Motorcycles

$1,030

$447

131%

$2,046

$1,346

52%

Parts & Accessories

$223

$169

32%

$373

$303

23%

General Merchandise

$56

$38

47%

$106

$87

22%

Gross Margin

30.6%

16.1%

14.5 pts.

32.3%

24.1%

8.2 pts.

Operating Income (Loss)

$186

($121)

nm

$413

($36)

nm

Operating Margin

14.0%

(18.1%)

32.0 pts.

16.1%

(2.1%)

18.2 pts.

Revenue from the Motorcycles and Related Products segment was up significantly during the second quarter primarily driven by a 100 percent increase in wholesale shipments as the company lapped last year's COVID-19 related shutdown.

Parts and Accessories second quarter revenue was up 32 percent while General Merchandise was up 47 percent over Q2 2020.

Second quarter gross margin was up 14.5 percentage points to Q2 prior year while second quarter operating margin finished up 32 percentage points over Q2 prior year due to volume gains behind lapping last year's COVID-19 related shutdown, improved motorcycle unit mix and lower restructuring expense.

Financial Services Segment Results

$ in millions

2nd quarter

6 months

2021

2020

Change

2021

2020

Change

Revenue

$201

$196

2%

$391

$394

(1)%

Operating Income

$95

$5

nm

$213

$28

nm

Financial Services segment operating income was up significantly over prior year in the second quarter, primarily driven by a lower provision for credit losses.

Other Results
Harley-Davidson generated $644 million of cash from operating activities year-to-date in 2021, $34 million favorable to year-to-date 2020. Cash and cash equivalents were $1.7 billion at the end of the second quarter, down $2.1 billion to the end of Q2 2020 as the company has intentionally brought down cash balances as it believes the pandemic-related liquidity concerns have eased.

Tax Rate - The company's second quarter effective tax rate was 25 percent.

Dividends - The company paid cash dividends of $0.15 per share in Q2 2021.

As a result of its Q2 performance, for the full-year 2021, the company now expects:

  • Financial Services segment operating income growth of 75 to 85 percent, an increase from the previously communicated range of 50 to 60 percent.

  • GAAP Motorcycles segment operating income margin of 6 to 8 percent given the recent EU's decision to keep the current tariff at 31 percent while tariff negotiations occur. If the company is successful in materially mitigating the additional EU tariffs in 2021, the company expects the operating income margin would be 7 to 9 percent.

Additionally, for the full-year 2021, the company continues to expect:

  • Motorcycles segment revenue growth to be 30 to 35 percent.

  • Capital expenditures of $190 million to $225 million.

Cash allocation priorities remain to first fund growth through The Hardwire initiatives, then to pay dividends. Given the company's strong cash position, the company may also choose to execute discretionary share repurchases.

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. www.harley-davidson.com.

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CT 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. CT.

Non-GAAP Disclosure
This press release includes financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to be considered by users as supplemental information to the equivalent GAAP measures, to aid investors in better understanding the company's financial results. The company believes that these non-GAAP measures provide useful perspective on underlying business results and trends, and a means to assess period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted.

The non-GAAP measures included in this press release are adjusted net income (loss) and adjusted diluted EPS. These non-GAAP measures exclude restructuring plan costs and the impact of European Union (EU) tariffs. Restructuring plan costs include restructuring expenses as presented in the consolidated statements of operations. The impact of EU tariffs include incremental EU tariffs imposed beginning in 2018 on the company's products shipped from the U.S. and, beginning in 2021, on the company's products shipped from Thailand. These non-GAAP measures, as well as a reconciliation of the comparable GAAP measure to these non-GAAP measures, are included later in this press release.

Cautionary Note Regarding Forward-Looking Statements
The company intends that certain matters discussed in this press release 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 because the context of the statement will include words such as the company "believes," "anticipates," "expects," "plans," "may," "will," "estimates," "targets," "intend," "is on-track" 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 press release. 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 press release are only made as of the date of this press release, 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 following: (i) the COVID-19 pandemic, including the length and severity of the pandemic across the globe and the pace of recovery following the pandemic; and (ii) the company's ability to: (A) execute its business plans and strategies, including The Hardwire and the evolution of LiveWire as a standalone brand, successfully execute its remodeled approach to supply and inventory management, and strengthen its existing business while allowing for desirable growth; (B) mitigate the impact of the revocation of the Binding Origin Information ("BOI") decisions that allowed the company to supply its European Union market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and favorably resolve risks and uncertainties related to the revocation of the BOI decisions including, among other: (1) uncertainties regarding the quantity and mix of motorcycles that the company imports into the EU; (2) whether the company will be granted temporary relief from the effect of the revocation of the BOI decisions; (3) whether the company will be successful in appealing the revocation of the BOI decisions; (4) uncertainties regarding the size and duration of the EU tariffs; and (5) whether and to what extent the company determines to attempt to pass on the impact of the revocation to dealers and its success in doing so; (C) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (D) successfully access the capital and/or credit markets on terms that are acceptable to the company and within its expectations; (E) successfully carry out its global manufacturing and assembly operations; (F) 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 Touring, large Cruiser and Trike, and growing its complementary businesses; (G) perform in a manner that enables the company to benefit from market opportunities while competing against existing and new competitors; (H) 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; (I) manage supply chain issues, including quality issues and any unexpected interruptions or price increases caused by raw material shortages or natural disasters; (J) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (K) realize expectations concerning market demand for electric models, which will depend in part on the building of necessary infrastructure; (L) successfully manage and reduce costs throughout the business; (M) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing political environment; (N) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods and manage the risks that its independent dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (O) develop and maintain a productive relationship with Zhejiang Qianjiang Motorcycle Co., Ltd. and launch related products in a timely manner; (P) develop and maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (Q) manage and predict the impact that new or adjusted tariffs may have on the company's ability to sell products internationally, and the cost of raw materials and components; (R) successfully maintain a manner in which to sell motorcycles in China and the company's ASEAN countries that does not subject its motorcycles to incremental tariffs; (S) 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; (T) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (U) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (V) prevent a cybersecurity breach involving consumer, employee, dealer, supplier, or company data and respond to evolving regulatory requirements regarding data security; (W) manage the credit quality, the loan servicing and collection activities, and the recovery rates of HDFS' loan portfolio; (X) 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; (Y) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (Z) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (AA) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations; (BB) manage its exposure to product liability claims and commercial or contractual disputes; (CC) continue to manage the relationships and agreements that the company has with its labor unions to help drive long-term competitiveness; and (DD) achieve anticipated results with respect to the company's recently launched pre-owned motorcycle program, Harley-Davidson Certified, and the successful launch of the company's H-D1 Marketplace.

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, or other factors. Other factors are described in risk factors that the company has disclosed in documents previously filed with the Securities and Exchange Commission. Many of these risk factors are impacted by the current changing capital, credit and retail markets and the company's ability to manage through inconsistent economic conditions.

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 independent dealers to sell its motorcycles and related products and services to retail customers. The company depends on the capability and financial capacity of its independent 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 independent 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, the impact of COVID-19, or other factors.

In recent years, HDFS has experienced historically low levels of retail credit losses, but there is no assurance that this will continue. The company believes that HDFS' retail credit losses may increase over time due to changing consumer credit behavior and HDFS' efforts to increase prudently structured loan approvals to sub-prime borrowers, as well as actions that the company has taken and could take that impact motorcycle values. Refer to "Risk Factors" under Item 1A of the company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 23, 2021 and Part II, Item 1A of any subsequently filed Quarterly Report on Form 10-Q, for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

### (HOG-F)

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)












Three months ended


Six months ended



June 27,


June 28,


June 27,


June 28,



2021


2020


2021


2020










Motorcycles and Related Products revenue


$ 1,331,500


$ 669,274


$ 2,563,607


$ 1,769,062

Gross profit


407,051


107,628


827,536


426,548

Selling, administrative and engineering expense


220,422


187,647


413,968


422,000

Restructuring expense


807


41,005


214


41,005

Operating income (loss) from Motorcycles and Related Products


185,822


(121,024)


413,354


(36,457)










Financial Services revenue


200,558


195,953


390,958


394,409

Financial Services expense


105,909


190,084


177,440


365,594

Financial Services restructuring expense


111


944


338


944

Operating income from Financial Services


94,538


4,925


213,180


27,871










Operating income (loss)


280,360


(116,099)


626,534


(8,586)

Non-operating expense, net


(4,301)


(1,856)


(10,330)


(14,803)

Income (loss) before income taxes


276,059


(117,955)


616,204


(23,389)

Income tax provision (benefit)


69,719


(25,738)


150,720


(867)

Net income (loss)


$ 206,340


$ (92,217)


$ 465,484


$ (22,522)










Earnings (net loss) per share:









Basic


$ 1.34


$ (0.60)


$ 3.03


$ (0.15)

Diluted


$ 1.33


$ (0.60)


$ 3.01


$ (0.15)










Weighted-average shares:









Basic


153,748


153,199


153,616


153,103

Diluted


155,093


153,199


154,794


153,103










Cash dividends per share:


$ 0.15


$ 0.02


$ 0.30


$ 0.40

Harley-Davidson, Inc.

Reconciliation of GAAP Amounts to Non-GAAP Amounts

(In thousands, except per share amounts)

(Unaudited)












Three months ended


Six months ended



June 27,


June 28,


June 27,


June 28,



2021


2020


2021


2020

Net income (loss) excluding restructuring plan costs and the impact of EU tariffs









Net income (loss) (GAAP)


$ 206,340


$ (92,217)


$ 465,484


$ (22,522)

Restructuring plan costs


918


41,949


552


41,949

Impact of EU tariffs


15,758


5,677


18,719


15,907

Tax effect of adjustments(a)


(3,956)


(13,197)


(4,563)


(15,242)

Adjustments net of tax


12,720


34,429


14,708


42,614

Adjusted net income (loss) (non-GAAP)


$ 219,060


$ (57,788)


$ 480,192


$ 20,092










Diluted EPS excluding restructuring plan costs and the impact of EU tariffs









Diluted EPS (GAAP)


$ 1.33


$ (0.60)


$ 3.01


$ (0.15)

Adjustments net of tax, per share


0.08


0.22


0.10


0.28

Adjusted diluted EPS (non-GAAP)


$ 1.41


$ (0.38)


$ 3.11


$ 0.13










(a) The income tax effect has been computed using the estimated income tax rate for these adjustments

Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)










(Unaudited)




(Unaudited)



June 27,


December 31,


June 28,



2021


2020


2020

ASSETS







Current assets:







Cash and cash equivalents


$ 1,741,968


$ 3,257,203


$ 3,856,597

Accounts receivable, net


263,453


143,082


271,431

Finance receivables, net


1,629,636


1,509,539


1,901,620

Inventories, net


457,648


523,497


429,339

Restricted cash


152,411


131,642


189,712

Other current assets


224,488


280,470


163,135



4,469,604


5,845,433


6,811,834








Finance receivables, net


5,259,318


4,933,469


5,078,371

Other long-term assets


1,180,304


1,231,699


1,265,947



$10,909,226


$ 12,010,601


$13,156,152








LIABILITIES AND SHAREHOLDERS' EQUITY







Current liabilities:







Accounts payable and accrued liabilities


$ 1,018,616


$ 848,118


$ 921,672

Short-term deposits


101,672


79,965


-

Short-term debt


749,037


1,014,274


1,547,388

Current portion of long-term debt, net


1,581,826


2,039,597


2,186,037



3,451,151


3,981,954


4,655,097








Long-term debt, net


4,745,024


5,932,933


6,488,499

Other long-term liabilities


528,779


372,929


388,851








Shareholders' equity


2,184,272


1,722,785


1,623,705



$10,909,226


$ 12,010,601


$13,156,152

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)








Six months ended



June 27,


June 28,



2021


2020






Net cash provided by operating activities


$ 644,300


$ 610,203






Cash flows from investing activities:





Capital expenditures


(37,568)


(67,026)

Finance receivables, net


(350,136)


(83,871)

Other investing activities


2,425


(381)

Net cash used by investing activities


(385,279)


(151,278)






Cash flows from financing activities:





Proceeds from issuance of medium-term notes


-


1,396,602

Repayments of medium-term notes


(1,400,000)


(1,400,000)

Proceeds from securitization debt


597,411


2,064,450

Repayments of securitization debt


(664,685)


(369,613)

Net (decrease) increase in unsecured commercial paper


(262,452)


831,354

Net increase in credit facilitites


84


150,000

Borrowings of asset-backed commercial paper


-


225,187

Repayments of asset-backed commercial paper


(143,256)


(143,306)

Proceeds from deposits


179,329


17,995

Dividends paid


(46,209)


(61,917)

Repurchase of common stock


(10,911)


(7,156)

Issuance of common stock under employee stock option plans


4,324


41

Net cash (used) provided by financing activities


(1,746,365)


2,703,637






Effect of exchange rate changes on cash, cash equivalents and restricted cash


(6,878)


(382)






Net (decrease) increase in cash, cash equivalents and restricted cash


$ (1,494,222)


$ 3,162,180






Cash, cash equivalents and restricted cash:





Cash, cash equivalents and restricted cash, beginning of period


$ 3,409,168


$ 905,366

Net (decrease) increase in cash, cash equivalents and restricted cash


(1,494,222)


3,162,180

Cash, cash equivalents and restricted cash, end of period


$ 1,914,946


$ 4,067,546






Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to

the Consolidated statements of cash flows:





Cash and cash equivalents


$ 1,741,968


$ 3,856,597

Restricted cash


152,411


189,712

Restricted cash included in Other long-term assets


20,567


21,237

Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows


$ 1,914,946


$ 4,067,546

Motorcycles and Related Products Revenue and Motorcycle Shipment Data

(Unaudited)












Three months ended


Six months ended



June 27,


June 28,


June 27,


June 28,



2021


2020


2021


2020

MOTORCYCLES AND RELATED PRODUCTS REVENUE (in thousands)









Motorcycles


$ 1,029,709


$ 446,738


$ 2,046,043


$ 1,346,103

Parts & accessories


222,670


168,708


372,529


303,393

General merchandise


55,631


37,805


105,954


86,965

Licensing


8,872


4,903


14,384


12,932

Other


14,618


11,120


24,697


19,669



$ 1,331,500


$ 669,274


$ 2,563,607


$ 1,769,062










U.S. MOTORCYCLE SHIPMENTS


36,118


11,051


76,271


44,075










WORLDWIDE MOTORCYCLE SHIPMENTS









Touring


24,333


9,709


51,649


31,306

Cruiser(a)


20,966


11,874


41,434


32,005

Adventure Touring


4,048


-


4,048


-

Sportster®/ Street


7,321


6,786


14,347


18,031



56,668


28,369


111,478


81,342










(a) Includes Softail®, CVO™, and LiveWire™


















Motorcycles and Related Products Gross Profit

(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from 2020 to 2021 were as follows (in millions):



Three months ended




Six month ended












2020 gross profit


$ 108




$ 427



Volume


161




170



Price and sales incentives, net of related costs


7




23



Foreign currency exchange rates and hedging


17




25



Shipment mix


68




125



Raw material prices


(20)




(21)



Manufacturing and other costs


66




79





299




401



2021 gross profit


$ 407




$ 828



Worldwide Retail Sales of Harley-Davidson Motorcycles(a)

(Unaudited)












Three months ended


Six months ended



June 30,


June 30,


June 30,


June 30,



2021


2020


2021


2020










United States


44,739


31,340


75,722


55,072

Canada


3,446


2,287


5,245


3,753

Total North America


48,185


33,627


80,967


58,825

EMEA


10,248


10,964


15,191


18,694

Asia Pacific


5,986


6,888


11,779


12,640

Latin America


855


1,233


1,572


2,992

Total worldwide retail sales


65,274


52,712


109,509


93,151


(a) Data source for retail sales figures shown above is new sales warranty and registration information provided by Harley-Davidson 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.

Harley-Davidson Motor Company (PRNewsfoto/Harley-Davidson, Inc.)
Harley-Davidson Motor Company (PRNewsfoto/Harley-Davidson, Inc.)
Cision
Cision

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SOURCE Harley-Davidson, Inc.