Sales Data Overview - In April, the sales of motorcycles with displacement over 250cc reached 93,000 units, representing a year-on-year increase of 28.0% and a month-on-month increase of 5.6% [1] - Cumulative sales from January to April totaled 298,000 units, showing a year-on-year growth of 58.3% [1] - For the 250ml to 400ml segment, April sales were 44,000 units, up 14.8% year-on-year and 7.9% month-on-month, with cumulative sales of 158,000 units from January to April, reflecting a 71.3% increase year-on-year [1] - The 400ml to 500ml segment saw sales of 29,000 units in April, a year-on-year increase of 17.1% and a month-on-month increase of 17.8%, with cumulative sales of 74,000 units from January to April, up 12.8% year-on-year [1] - The 500ml to 800ml segment had sales of 16,000 units in April, a significant year-on-year increase of 106.6% but a month-on-month decrease of 17.5%, with cumulative sales of 56,000 units from January to April, up 108.6% year-on-year [1] - For motorcycles with displacement over 800cc, April sales were 2,900 units, marking a year-on-year increase of 179.2% and a month-on-month increase of 34.4%, with cumulative sales of 9,300 units from January to April, up 189.3% year-on-year [1] Company Performance - Chunfeng Power sold 22,000 units in April for motorcycles over 250ml, a year-on-year increase of 48.9%, capturing a market share of 24.1%, though down 5.4 percentage points month-on-month; cumulative market share for January to April was 21.8%, up 2.0 percentage points compared to the full year of 2024 [2] - Longxin General sold 12,000 units in April for motorcycles over 250ml, a year-on-year increase of 24.3%, with a market share of 12.7%, remaining flat month-on-month; cumulative market share for January to April was 13.3%, down 0.9 percentage points compared to the full year of 2024 [2] - Qianjiang Motorcycle sold 15,000 units in April for motorcycles over 250ml, a year-on-year increase of 2.7%, with a market share of 16.2%, up 2.2 percentage points month-on-month; cumulative market share for January to April was 14.8%, down 2.0 percentage points compared to the full year of 2024 [2] Industry Insights - The automotive parts sector is expected to be less affected by the recent U.S. tariffs, with a focus on tracking the developments of these tariffs [4][5] - The impact of external demand decline on exports and the economy may be more pronounced than during the first round of U.S.-China trade tensions, with anticipated policy responses aimed at stimulating consumption [5] - Investment recommendations include focusing on quality domestic companies in the automotive sector, particularly those involved in smart technology and global expansion, such as BYD, Geely, and Xpeng [6]

Core Points - Harley-Davidson shareholders have elected all of the company's Director nominees during the 2025 Annual Meeting of Shareholders [1] - The Board expressed gratitude to shareholders for their trust and support, emphasizing ongoing engagement and commitment to shareholder interests [1] - Preliminary voting results indicated that shareholders approved all other proposals submitted for a vote at the Annual Meeting [1] Company Overview - Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services, aiming to lead the motorcycle industry through innovation and emotional connection [2] - The company has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the U.S., focusing on urban adventure and electric motorcycle branding [2]

Financial Data and Key Metrics Changes - The company did not achieve the originally set goals for 2024 but believes that the decisions made are strengthening its foundation for the future [17] - Retail sales of the Touring segment were up 18% in the first half of the year, with a full-year increase of more than 8% despite a 4% decline in overall retail sales in North America [18] Business Line Data and Key Metrics Changes - The Touring segment's retail sales growth contributed to Harley Davidson's market share reaching almost 75%, an increase of 3.5% since 2023 [18] - The company continues to invest in core motorcycle segments and plans to launch impactful new products annually, including a new Cruiser lineup and a new trike expected in 2026 [19] Market Data and Key Metrics Changes - LiveWire's global retail performance grew by 46% year over year, maintaining a 65% market share in the US for the fifty-plus horsepower on-road EV segment [20] Company Strategy and Development Direction - The company is focused on creating products beyond motorcycles, such as apparel and licensing, and is pursuing brand collaborations to connect with customers [21] - The company is evaluating an external investment into Harley Davidson Financial Services, with multiple interested parties involved [22] Management's Comments on Operating Environment and Future Outlook - The management highlighted that the headwinds facing the broader powersports and discretionary leisure industry are complicated, particularly in the EV segment [20] - The company is committed to innovation and exploring opportunities in segments with potential for market success and profitability [19] Other Important Information - The company confirmed that the HDFS transaction is progressing, with details expected during the second quarter earnings presentation [22] Q&A Session Summary Question: What is the company doing to improve sales and interest in the products being offered today and into the future? - The company is developing and innovating its product lineup and delivering experiences such as events to grow sales [25][26] Question: LiveWire was possibly premature. Why isn't it being shelved? - The company is evaluating all options for its investment in LiveWire and does not plan to provide additional investments beyond a line of credit agreement [28] Question: Will the results of the share voting be shared publicly? - The results will be shared publicly once official, with necessary SEC filings expected [30]

Core Viewpoint - Harley-Davidson is urging shareholders to vote "FOR ALL" of its director nominees on the WHITE proxy card ahead of the 2025 Annual Meeting of Shareholders scheduled for May 14, 2025, emphasizing the importance of shareholder participation in protecting their investment and the company's future [1][2][4]. Shareholder Engagement - The company stresses the urgency for shareholders to cast their votes by telephone or online, highlighting that every vote is crucial regardless of the number of shares owned [2][3]. - Harley-Davidson has communicated directly with shareholders, reinforcing the significance of their votes in shaping the company's direction and leadership [2][4]. Board of Directors and Leadership Transition - The company is at a pivotal moment in its 120+-year history, actively seeking a new CEO who can uphold its heritage and drive future growth [5]. - The Board of Directors is engaged in a rigorous process to identify a suitable leader, and the current campaign by H Partners is viewed as a distraction that could hinder this process [5][12]. Proxy Advisory Support - Institutional Shareholder Services (ISS), a leading independent proxy advisor, has recommended that shareholders vote "FOR ALL" of Harley-Davidson's director nominees, stating that H Partners has not made a compelling case for change [8][10]. - ISS has noted that the strategy implemented by the current leadership has positively impacted the company's performance, contrasting with its previous underperformance [10]. Opposition to H Partners - The company characterizes H Partners as an opportunistic hedge fund whose campaign is self-interested and detrimental to shareholder interests [11][13]. - H Partners' actions are seen as undermining the Board's efforts to attract the best CEO candidates, with ISS indicating that the campaign has likely delayed the CEO search process [12].

Core Insights - Harley-Davidson and MotoGP are launching a new global racing championship featuring Harley-Davidson bagger motorcycles, set to debut in 2026 [1][3] - The championship will consist of twelve races at six Grands Prix across Europe and North America, with two races per round [1][4] Company Overview - Harley-Davidson has a rich history of over 120 years in pioneering performance both on and off the road, and aims to expand its global racing ambitions through this new series [5] - The company is focused on innovation and maintaining its status as the most desirable motorcycle brand in the world, offering customizable motorcycles and a lifestyle experience [6] Technical Specifications - The racing motorcycles will weigh approximately 280 kilograms (617 pounds), produce over 200 horsepower, and generate 245 Nm (180 lb-ft) of torque, capable of reaching speeds over 300 kilometers per hour (186 mph) [4] - All bikes in the series will be identical to ensure close competition, with an expected grid of six to eight teams, each fielding two riders [4] Strategic Collaboration - The partnership between Harley-Davidson and MotoGP is seen as an opportunity to expand Harley-Davidson's global reach and bring a new audience to the sport [5] - The collaboration aims to deliver a unique spectacle for fans, enhancing the Grand Prix weekends where the series will compete [5]

Core Viewpoint - Harley-Davidson urges shareholders to vote "FOR ALL" of its director nominees, emphasizing the company's progress under the Hardwire strategic plan and strong governance, while criticizing the reports from Glass Lewis and Egan-Jones for failing to recognize these achievements [1][2]. Group 1: Company Performance and Strategy - Harley-Davidson has outperformed its peers during challenging macroeconomic conditions, achieving a total shareholder return (TSR) approximately 10 percentage points higher than the peer median since Jochen Zeitz became CEO [8][20]. - The company reported operating margins around 4 percentage points above the peer median from 2022 to 2024, and free cash flow as a percentage of EBITDA was 70%, more than double the peer median [8][21]. Group 2: Board Governance and Director Nominees - The Board of Directors emphasizes its strong oversight of the Hardwire strategic plan and the importance of retaining experienced independent directors during the CEO transition process [2][9]. - The Board believes that removing two independent directors would introduce significant risk and jeopardize shareholder value, as these directors possess critical institutional knowledge [2][9]. Group 3: Response to H Partners' Campaign - Harley-Davidson criticizes H Partners' campaign as lacking substantive alternatives and introducing unnecessary uncertainty at a crucial time for the company [4][2]. - The company asserts that H Partners had opportunities to address their concerns while having a representative on the Board but failed to do so, indicating that their campaign is misguided [2][9].

Core Viewpoint - Institutional Shareholder Services Inc. (ISS) has recommended that shareholders vote "FOR ALL" of Harley-Davidson's director nominees, concluding that H Partners has not made a compelling case for change and that their campaign has likely hindered the ongoing CEO search process [1][2]. Group 1: Harley-Davidson's Strategy and Performance - The strategy introduced by CEO Jochen Zeitz has positively impacted Harley-Davidson's trajectory, reversing a decline that occurred prior to his leadership [4]. - Harley-Davidson has kept pace with its peers, a significant improvement compared to its prior underperformance before the Hardwire strategy was implemented [4]. - The board's actions in initiating the CEO search process were timely and appropriate, accommodating the dissident's preferences without dismissing them outright [4]. Group 2: Board and Governance - ISS acknowledges the strength of Harley-Davidson's board and governance structure, emphasizing the board's role in overseeing the execution of the Hardwire strategic plan [2]. - The board believes that H Partners' intentions are to undermine corporate governance practices by seeking to appoint unelected directors to influence the CEO search process [2]. - The criticisms against CEO Zeitz are considered overstated, with evidence suggesting his tenure has been more beneficial than detrimental [4]. Group 3: Shareholder Engagement - Harley-Davidson urges shareholders to protect their investment by voting "FOR ALL" of the company's nominees on the WHITE proxy card [5]. - The company has provided resources for shareholders needing assistance with the voting process, including a dedicated proxy solicitor [5].

Core Viewpoint - Harley-Davidson emphasizes the importance of its Board's skills and experience in selecting the next CEO and driving future growth, while criticizing H Partners' campaign as harmful and disingenuous, potentially jeopardizing shareholder value [1][3][4]. Group 1: Board and Management - The Board and management are dedicated to preserving Harley-Davidson's legacy and are actively transforming the business to enhance shareholder value [2]. - Each Director nominee possesses critical skills and institutional knowledge necessary for selecting a strong CEO, with experience in leadership, manufacturing, and successful business transformations [6][9]. - The current Board has a well-defined CEO search process and is committed to governance best practices, ensuring a smooth leadership transition [19][30]. Group 2: H Partners' Campaign - H Partners has been accused of launching a misleading campaign that undermines the Board's efforts and shareholder interests, particularly after their preferred CEO candidate did not gain majority support [4][19]. - The campaign is characterized as lacking constructive solutions and primarily aimed at gaining control over the Board rather than benefiting shareholders [15][19]. - H Partners previously supported the current CEO and Board decisions, raising questions about the motivations behind their recent actions [3][19]. Group 3: Company Performance - Despite facing one of the most challenging operating environments in its history, Harley-Davidson has outperformed its peers, with operating margins of 13% and free cash flow as a percentage of EBITDA at 70% [19][30]. - Recent product upgrades have led to a 12% increase in retail sales for certain models through the first nine months of 2023, indicating successful management execution [20].

Core Viewpoint - Harley-Davidson has suspended its full-year financial forecast for 2025 due to uncertainties surrounding global tariffs and macroeconomic conditions [1][3]. Financial Performance - The company reported a 21% decline in global motorcycle sales compared to the previous year, attributed to a volatile macroeconomic environment and consumer uncertainty [3]. - Retail sales in the US were softer than expected, with motorcycle shipments dropping to 24,865 in Q1 from 41,577 in the same period last year [4]. - Revenue fell by 23% in the first quarter to $1.33 billion compared to the previous year [4]. Tariff Impact - Harley-Davidson estimates its tariff bill could reach $175 million this year, primarily due to imports from China facing a 145% tariff, despite most suppliers being based in the US [1][8]. Strategic Focus - The company is concentrating on cost productivity measures, supply chain mitigation, controlling operating expenses, and reducing dealer inventory, as stated by CEO Jochen Zeitz [4]. Market Reaction - Shares in Harley-Davidson increased by 3.4% around midday [5]. Economic Context - Recent data indicated that the US economy unexpectedly shrank as companies rushed to import goods ahead of tariffs, while consumer sentiment fell to its lowest level since October 2011 [6]. Leadership Changes - Harley-Davidson is searching for a new CEO as Jochen Zeitz plans to retire [6]. - Investment firm H Partners is attempting to remove Zeitz and two other directors from the board, citing poor performance and cultural issues [7].

Core Insights - Harley-Davidson reported a revenue of $1.08 billion for the quarter ended March 2025, reflecting a decline of 26.8% year-over-year and a surprise of -3.24% compared to the Zacks Consensus Estimate of $1.12 billion [1] - The earnings per share (EPS) was $1.07, down from $1.72 in the same quarter last year, with an EPS surprise of +33.75% against the consensus estimate of $0.80 [1] Financial Performance Metrics - Harley-Davidson's worldwide retail motorcycle sales totaled 31,010 units, falling short of the average estimate of 36,821 units [4] - Total worldwide motorcycle shipments were 38,601, compared to the average estimate of 40,365 [4] - Revenue from motorcycles and related products was $863.86 million, slightly above the average estimate of $861.54 million, but still down 29.3% year-over-year [4] - Revenue from licensing was reported at $3.06 million, significantly below the average estimate of $8.03 million, representing a year-over-year decline of 65.8% [4] - Revenue from Live Wire was $2.74 million, compared to the estimated $6.64 million, marking a 41.7% decrease year-over-year [4] - Apparel revenue was $57.32 million, below the average estimate of $63.92 million [4] - Parts & Accessories revenue was $143.43 million, compared to the average estimate of $163.70 million, reflecting a year-over-year decline of 13.7% [4] - Financial services revenue was $244.96 million, slightly below the average estimate of $249.71 million, with a year-over-year change of -1.5% [4] Stock Performance - Over the past month, Harley-Davidson shares have returned -12.4%, contrasting with the Zacks S&P 500 composite's -0.7% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]