“The investment in HDFS equity at approximately 1.75x post-transaction book valuation for these 2 world-class investors clearly achieved that goal, illustrating HDFS' class leading returns” (CEO)
“We believe this motorcycle will not only be highly accessible, but also profitable, marking a significant step forward in driving Harley-Davidson's future profitable growth” (CEO，关于新入门级摩托车)
“Our new strategic partners will purchase about 2/3 of HDFS future retail loan originations at a premium on an annual basis for 5 years” (CEO)
“In Q2, HDMC gross margin was 28.6%, which compares to 32.1% in the prior year. The decrease of 350 basis points was driven by the revenue factors I just spoke about and lower operating leverage” (CFO)
“Given that the global tariff situation remains ongoing and uncertain, we continue to withhold our full year 2025 financial outlook for HDMC and HDI” (CFO)
Prepared Metrics
Metric
Value
Speaker/Context
合并营收同比变动
-19%
CFO
合并营业利润
1.12亿美元
CFO
合并营业利润率
8.6%（同比降629基点）
CFO
每股收益
0.88美元
CFO
HDMC批发销量
36,000辆（同比-28%）
CFO
HDMC毛利率
28.6%（同比-350基点）
CFO
HDMC营业利润率
5.9%（同比-880基点）
CFO
HDFS营收
2.57亿美元（同比-2%）
CFO
HDFS营业利润
7,000万美元（同比-2%）
CFO
HDFS零售贷款年化损失率
3.25%（去年3.12%）
CFO
LiveWire营业亏损
1,900万美元
CFO
全球经销商库存同比降幅
-28%
CFO
HDFS股权交易后账面价值倍数
约1.75倍
CEO
HDFS预计2025年营业利润
5.25亿-5.50亿美元
CFO
全年预计直接关税成本
5,000万-8,500万美元
CFO
2025年上半年生产力节约
4,800万美元
CFO
Q&A Batch (1-5 of 9)
Q1 — Craig R. Kennison
Topic: HDFS交易估值中1.75倍账面价值的计算依据
Key points:
1.75x倍数源自KKR和PIMCO支付的权益投资溢价与交易后HDFS账面价值的关系
公司将在后续10-Q和10-K中提供更多披露以说明计算细节
Mgmt stance: 中性（仅解释计算逻辑，未对估值水平发表明确态度）
Q2 — Joseph Nicholas Altobello
Topic: HDFS业务潜在盈利能力改善原因及2026年正常化盈利水平
Key points:
问题提到HDFS基础盈利能力优于最初预期，但回答被截断，未给出具体原因或数字
Mgmt stance: 中性（回答未完成，无法判断管理层倾向）
Q3 — Jochen Zeitz / Jonathan R. Root
Topic: HDFS正常化盈利水平及驱动因素
Key points:
二手摩托车业务Q2增速快于新车业务，且HDFS同时为新车和二手车提供融资
HDFS正常化运营收入目标为每年约2.4亿–2.5亿美元
正常化时间线参考公司财报演示第24页（细节未在本次通话中展开）
Mgmt stance: 乐观（给出明确的正常化利润区间，并指出有详细资料支撑）
Q4 — Tristan M. Thomas-Martin
Topic: 7月消费者流量提升是否转化为零售销量
Key points:
北美市场7月零售表现环比显著改善（最终数字尚未公布）
自2月以来，新摩托车零售月环比持续改善，预计7月延续该趋势
管理层预计下半年有望实现同比正增长（得益于已采取措施及较低基数）
Mgmt stance: 乐观（连续多月改善且对下半年正增长有信心）
Q5 — Alexander Thomas Perry
Topic: 当前经销商库存水平、年底目标及新车型发布节奏
Key points:
问题包含两部分：现有库存与年终目标、秋季新车型发布顺序
Q&A Batch (6-9 of 9)
Q6 — Jonathan R. Root
Topic: Model year shift timing and product refresh
Key points:
Touring and Softail refresh begins this fall; details still being finalized with dealer network.
Gray Ghost Softail (2025 example) sold very well, generating dealer buzz.
Shift pulls model year launch back to fall, extending selling season and improving throughput.
Mgmt stance: Bullish – excited about pulling launch forward to drive dealer excitement and season extension.
Q7 — Stephen White Grambling
Topic: HDFS 4.9% equity sale rationale, tax, and exchange rate
Key points:
4.9% limit chosen due to FDIC caps on Eaglemark Savings Bank ownership; exceeding it adds regulatory complexity.
$1.25 billion cash unlocked is a pretax figure; year-to-date tax rate is low 20s.
Exchange rate question deferred; business is primarily U.S., so no specific exchange effects expected.
Mgmt stance: Neutral – explains regulatory constraints; no additional detail on exchange rate.
Q8 — Robin Margaret Farley
Topic: HDFS transaction guarantees and earnings impact
Key points:
No guarantees on retail sales growth, loss levels, or performance thresholds from KKR/PIMCO.
HDFS will retain ~1/3 of annual retail originations on balance sheet; 2/3 sold to KKR and PIMCO at premium to par plus servicing fees.
Earnings curve shown on Page 24 of earnings deck; capital levels significantly reduced, driving ROE benefit.
Mgmt stance: Bullish – high confidence in HDFS underwriting and partner comfort; transaction unlocks capital without performance risk.
Q9 — James Lloyd Hardiman
Topic: Retail sales outlook and small displacement bike (SDB) profitability
Key points:
Expects North America retail sales positive in second half due to improving trends since February and easier comps from August.
SDB starting at $6,000 price point; in development since 2021; will be presented to dealers in early October.
Engineered to be profitable for first time in decades; also working on an iconic Cruiser with same profitability goal.
Mgmt stance: Bullish – SDB is a significant unlock for the company, addressing affordability and growth in the only expanding segment.