Harley-Davidson, Inc. (NYSE:HOG) Q4 2021 Earnings Conference Call February 8, 2022 9:00 AM ET Company Participants Shawn Collins - Director of Investor Relations Jochen Zeitz - Chairman, President and Chief Executive Officer Gina Goetter - Chief Financial Officer Edel O’Sullivan - Chief Commercial Officer Conference Call Participants Craig Kennison - Robert W. Baird & Co. Robert Ohmes - Bank of America Merrill Lynch Billy Kovanis - Morgan Stanley Fred Wightman - Wolfe Research LLC Joseph Altobello - Raymond ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2021 was $1.4 billion, a 17% increase compared to the previous year, driven by increased shipments and a favorable motorcycle unit mix [10] - Year-to-date revenue reached $4.3 billion, up 30% from 2020, with operating income of $831 million, significantly higher than last year [11] - Q3 GAAP earnings per share (EPS) was $1.05, a 35% increase year-over-year, while adjusted EPS was $1.18, up 12% [10][11] Business Line Data and Key Metrics Changes - The Motorcycle segment generated $98 million in operating income, an increase of $51 million from the previous year, while the Financial Services segment delivered $107 million, up $15 million [10] - Total Motorcycle segment revenue increased by 20% in Q3 and 36% year-to-date, with significant contributions from new models like Pan America and Sportster [14] Market Data and Key Metrics Changes - Global retail sales of new motorcycles decreased by 6% in Q3, with North America showing a 2% increase, primarily due to growth in the Grand American Touring segment [12] - The Pan America model captured a 16% market share in the Adventure Touring segment in the U.S., becoming the top-selling model since its launch [12] Company Strategy and Development Direction - The company is focused on its Hardwire strategic initiatives, aiming to profitably drive its core business and expand its market share in key segments [5][6] - The strategy includes targeting high-potential categories like Adventure Touring and maintaining long-term profitability through selective expansion [6][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply chain challenges impacting production and inventory levels, with expectations for these issues to persist into 2022 [7][8] - Despite these challenges, management expressed optimism about the brand's global potential and the health of the dealer network [8][40] Other Important Information - The company is lowering its capital expenditures guidance for 2021 to $135 million to $150 million, reflecting tighter cash management [22] - The Financial Services segment's operating income growth guidance has been increased to 95% to 105% for the year [22] Q&A Session Summary Question: Pricing outlook for next year - Management indicated that pricing actions taken in 2021 will be assessed for their impact moving into 2022, with a focus on managing profitability and desirability [42][43] Question: Progress on general merchandise program - The Chief Commercial Officer highlighted ongoing efforts to reshape the general merchandise business, emphasizing the potential for growth in apparel and lifestyle categories [46][49] Question: Impact of inventory shortage in Q3 - Management acknowledged some volume loss due to inventory shortages but noted that the reservation system aims to better align supply with customer demand [50][52] Question: Investment behind the Pan America model - Management expressed confidence in the strong demand for the Pan America and outlined plans to leverage this momentum in both the U.S. and European markets [56][59] Question: Capital expenditures and future projects - Management clarified that the revised capital expenditure guidance reflects timing rather than a reduction in planned initiatives for the Hardwire strategy [60][61] Question: Dealer inventory levels - Management stated that current inventory levels are lighter than desired due to supply chain challenges, with plans to align supply with demand moving forward [63] Question: Margin guidance for Q4 - Management maintained the margin guidance of 6% to 8% for the year, citing ongoing supply chain volatility as a factor [66][69] Question: Bright spots in the market - Management highlighted multiple bright spots, including successful product launches and effective execution of the Hardwire strategy [71]

Harley-Davidson Inc. (NYSE:HOG) Q1 2021 Earnings Conference Call April 20, 2021 9:00 AM ET Company Participants Shannon Burns - Manager, Investor Relations Jochen Zeitz - Chairman, President and Chief Executive Officer Gina Goetter - Chief Financial Officer Edel O’Sullivan - Chief Commercial Officer Conference Call Participants Craig Kennison - Baird Robby Ohmes - Bank of America Shawn Collins - Citigroup Research Jaime Katz - Morningstar James Hardiman - Wedbush Securities Joseph Spak - RBC Capital Markets ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9183 Harley-Davidson, Inc. (Exact name of registrant as specified in its charter) Wisconsin 39-1382325 (State of organization) (I.R.S. Employer Ide ...

Financial Data and Key Metrics Changes - Consolidated net income increased by 38.9%, with earnings per share rising by 41.8% year-over-year to $0.78 [18] - The motorcycles segment operating income slightly declined year-over-year due to shipment declines and restructuring expenses, offset by cost reductions [18] - Financial Services operating income rose by 25%, driven by lower provisions for credit losses and reduced operating expenses [18] Business Line Data and Key Metrics Changes - Global retail sales of new Harley-Davidson motorcycles decreased by 8.1% year-over-year, primarily due to a 10.3% decline in the U.S. market [19] - The U.S. retail sales for 601+cc new bike registrations were down 8.5%, while the overall U.S. market for 601+cc new retail sales increased by 7.5% [20] - International retail sales in EMEA increased by nearly 7%, while Asia Pacific sales declined by 5.5% [20] Market Data and Key Metrics Changes - The company exited about 40 markets where low volume and little profit did not warrant investment, establishing a distributor model in 17 markets [12] - The U.S. market remains the top priority, with a focus on improving dealer profitability and customer experience [10][12] - The overall motorcycle inventory decreased by 34% globally, indicating a commitment to supply and inventory management [21] Company Strategy and Development Direction - The Rewire playbook aims to simplify operations, reduce costs, and focus on profitable products and markets, setting the foundation for the upcoming Hardwire strategic plan [30][31] - The Hardwire plan will emphasize desirability as a core strategy, focusing on profitable growth across motorcycles, parts, accessories, and general merchandise [31][32] - The company is exploring new segments, including adventure touring, while maintaining a stronghold in existing categories [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges due to COVID-19 but expressed confidence in the company's strong liquidity position and cash management efforts [8][29] - The focus will be on desirable and profitable volume rather than just unit growth, with expectations of market share volatility in the coming quarters [21][55] - Management emphasized the importance of maintaining brand value and avoiding discounting practices that could devalue the brand [54] Other Important Information - The company announced a Q4 dividend of $0.02 per share, consistent with previous quarters, and suspended share repurchases to preserve cash [8][28] - Restructuring charges for the year are expected to total $169 million, with anticipated annual ongoing savings of $150 million beginning in 2021 [19][80] Q&A Session Summary Question: Impact of the new distributor model on margins - Management indicated minimal impact on margins from the distributor model, as these markets represent a small portion of overall sales [41] Question: Long-term topline potential after cost cuts - Management refrained from providing topline guidance but emphasized the focus on profitable growth rather than volume for its own sake [42][43] Question: Allocation of motorcycles to dealerships - The company allocates motorcycles based on dealer supply and projected forward sales, ensuring dealers with shorter supply times are prioritized [46] Question: Impact of dealer closures on shipments and retail - Approximately 61 full-line dealerships were closed, representing about 4% of the total, but this has led to improved dealer profitability and pricing [49][50] Question: Expectations for market share and competitive dynamics - Management acknowledged a drop in market share but reiterated the focus on building desirability rather than volume, with plans to manage inventory tightly [55][84] Question: Supply chain disruptions - Management reported no significant supply chain disruptions currently, although complexities have increased due to COVID-19 [58][59] Question: Future product introductions and model year changes - Regular introduction of new models will resume next year, with a shift in model year changeover to the beginning of the calendar year [67][69] Question: Percentage impact of exiting markets on sales and profits - The impact of exiting 39 markets is minimal, likely less than 1% of worldwide unit sales and profits [72] Question: Preparation for potential bans on gas-powered motorcycles - The company is committed to electric motorcycles, with the LiveWire model leading the segment, indicating a proactive approach to future regulations [76]

Harley-Davidson, Inc. (NYSE:HOG) Q2 2020 Earnings Conference Call July 28, 2020 9:00 AM ET Company Participants Shannon Burns - Director of Investor Relations Jochen Zeitz - Chairman, President and Chief Executive Officer Darrell Thomas - Vice President, Treasurer, and Interim Chief Financial Officer Lawrence Hund - Chief Commercial Officer Conference Call Participants James Hardiman - Wedbush Securities Inc. Shawn Collins - Citigroup Jaime Katz - Morningstar Gerrick Johnson - BMO Capital Markets Fred Wigh ...

Financial Data and Key Metrics Changes - In Q1 2020, consolidated net income decreased year-over-year, with EPS reported at $0.45, reflecting the impact of COVID-19 on operations [22][23] - Motorcycle segment operating income was lower due to decreased shipments and unfavorable currency effects, although strong manufacturing productivity partially offset these declines [22][27] - Financial services operating income fell by 60.9%, primarily due to adjustments in loan loss provisions related to COVID-19 [22][29] Business Line Data and Key Metrics Changes - Worldwide retail sales of new Harley-Davidson motorcycles decreased by 17.7% compared to the previous year, with significant declines noted in the latter part of March due to COVID-19 [23][24] - U.S. retail sales were down 15.5%, with a peak growth of 6.6% in the first half of March before a sharp decline due to dealer closures [24][25] - International retail sales dropped by 20.7%, with EMEA markets experiencing a 28.4% decline [26] Market Data and Key Metrics Changes - U.S. market share for new bike registrations fell to 48.9%, a decrease of 2.2 percentage points, influenced by competitive discounting and a shift in sales mix [24] - In the EMEA region, market share decreased to 7.6%, down 1.3 percentage points, affected by increased competition and unfavorable sales mix [26] Company Strategy and Development Direction - The company is implementing "The Rewire," a strategic plan aimed at realigning priorities, execution, and operating models to drive sustained profit and long-term growth [12][14] - Focus will be on enhancing core strengths while balancing expansion into new markets, with an emphasis on profitable segments [14][15] - The company plans to simplify product launches and align them with market demands, particularly focusing on Adventure Touring, Streetfighter, and Electric segments [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant challenges posed by COVID-19 and emphasized the need for swift and decisive actions to navigate the crisis [5][6] - The company remains committed to preserving cash and securing additional liquidity, with a strong liquidity position of nearly $2.5 billion at the end of the quarter [9][33] - Management expressed confidence in the brand's long-term potential despite current challenges, highlighting the importance of disciplined inventory management and cost control [22][23] Other Important Information - The company has suspended discretionary share repurchases and reduced its Q2 cash dividend to $0.02 per share, down from $0.38 in Q1 [8] - The organization is undergoing structural changes to enhance decision-making speed and reduce complexity [11][17] Q&A Session Summary Question: What drove the strong retail sales performance prior to COVID? - Management noted that strong dealer performance and new model introductions contributed to a 6.6% growth in retail sales before the pandemic [36][37] Question: How is the CEO search progressing? - The acting CEO stated that the focus is on implementing the Rewire plan and there is no update on the CEO search at this time [41][42] Question: What is the outlook for HDFS and credit loss provisions? - Management explained that the increase in reserves was influenced by the new CECL accounting standard and economic conditions, with expectations of further increases in the second quarter [45][46][49] Question: How does the company plan to optimize the dealer network? - The company is actively monitoring dealer performance and exploring opportunities for consolidation and online sales to strengthen the dealer network [67][71]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9183 Harley-Davidson, Inc. (Exact name of registrant as specified in its charter) Wisconsin 39-1382325 (State of organization) (I.R.S. Employer Ide ...

Financial Data and Key Metrics Changes - Consolidated net income increased compared to the prior year, with earnings per share for the quarter at $0.09, and adjusted EPS at $0.20 when excluding restructuring costs and tariff impacts [21][22][35] - Motorcycle segment operating loss improved due to lower SG&A expenses and the positive impact of manufacturing optimization, despite lower shipments and higher tariffs [20][28] - Financial Services operating income decreased by 7% [20] Business Line Data and Key Metrics Changes - Worldwide retail sales of new Harley-Davidson motorcycles in Q4 were down 1.4% year-over-year, an improvement from a 6.7% decline in the previous year [22][25] - U.S. retail sales in Q4 decreased by 3.1%, marking the lowest rate of decline in the last 12 quarters [24][25] - International retail sales increased by 0.5%, driven by growth in emerging markets, while developed markets saw slight declines [22][26] Market Data and Key Metrics Changes - Harley-Davidson's market share of new bike registrations was 50.4%, up 1.0 percentage points, with significant gains in the Touring and Cruiser segments [25][26] - Retail sales in emerging markets rose by 2.2%, led by growth in ASEAN markets and China, while developed markets experienced a 0.5% decline [26][27] Company Strategy and Development Direction - The company is focused on its "More Roads" plan, which includes product development, marketing transformation, and building a customer-creation culture [5][9][10] - Plans for 2020 include launching new middleweight motorcycles and expanding into electric bicycles, aiming to broaden the product portfolio and reach more customers [10][35] - The company is shifting its performance measurement from unit shipments to revenue, reflecting a broader view of business growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in 2020, viewing it as a pivotal year, despite recognizing ongoing challenges in the U.S. and developed international markets [19][42] - The company aims to increase the number of committed riders and improve retention rates, with a target of reaching 4 million riders in the U.S. by 2027 [14][19] - Management acknowledged the need for cultural transformation within the company to focus on building riders rather than just manufacturing motorcycles [48][56] Other Important Information - The company expects motorcycle segment revenue for 2020 to be between $4.53 billion and $4.66 billion, reflecting a slight decline or modest growth compared to 2019 [35] - Anticipated tariff impacts for 2020 are expected to be approximately $30 million, significantly lower than the previous year's $97.9 million [38] - The company plans to maintain a minimum of 12 months of projected liquidity needs in cash and/or committed credit facilities [33] Q&A Session Summary Question: What is behind the decision by riders to leave the brand? - Management noted that the primary reason for riders leaving is the lack of confidence among early-stage riders, and efforts are being made to nurture these riders to build commitment [43][44] Question: How is the transformation strategy progressing? - Management indicated that while there has been improvement in rider numbers, there is a need to accelerate efforts to meet long-term objectives [46][47] Question: What specific programs are being implemented to reduce rider churn? - Management outlined four target areas for programs aimed at improving rider retention, including introductory riding experiences and community-building initiatives [51][52] Question: Will the company consider strategic alternatives if growth efforts do not yield results? - Management confirmed that the board is always evaluating strategies to maximize shareholder value, including growth platforms beyond U.S. ridership [55][56] Question: Can you clarify the launch timing of new motorcycles and expected operating margins? - Management confirmed that new middleweight motorcycles will launch towards the end of 2020, with operating margins expected to be between 7% and 8% [60][62]