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Harleydavidson, Inc. (HOG) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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Harley Davidson Inc

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CIK: 793952 Ticker: HOG


Harley-Davidson Announces Fourth Quarter, Full-Year 2019 Results

MILWAUKEE, January 28, 2020 -
 Harley-Davidson, Inc. (NYSE:HOG) today reported fourth quarter and full-year 2019 results. Fourth quarter earnings per share (EPS) was up year-over-year and overall performance in the quarter and full-year was in line with company expectations. The company advanced its More Roads to Harley-Davidson plan and is on-track to realize its expectation of significant growth in 2021.

2019 Highlights and Results

•
Delivered fourth quarter GAAP diluted EPS of $0.09; up year-over-year
•
Advanced More Roads plan, on-track for significant 2021 growth
•
Increased focus on rider commitment; in the U.S., 527,000 riders joined in 2019, up year-over-year1 
•
Tempered worldwide year-over-year retail sales rate of decline
•
Completed steps to mitigate the majority of recent EU and China tariff impacts in 2020
•
Completed key milestones of the manufacturing optimization initiative and exceeded expected full-year savings
•
Repurchased $286.7 million of shares; increased dividends 1.4 percent versus prior year to $1.50 per share

Fourth quarter 2019 GAAP diluted EPS was $0.09. Year-ago GAAP diluted EPS was $0.00. Excluding restructuring plan costs and the impact of recent EU and China tariffs, adjusted fourth quarter 2019 diluted EPS was $0.20 compared to $0.17 in the fourth quarter of 2018. Fourth quarter 2019 net income was $13.5 million on consolidated revenue of $1.07 billion versus net income of $0.5 million on consolidated revenue of $1.15 billion in the fourth quarter of 2018.
Full-year 2019 GAAP diluted EPS was $2.68. Year-ago GAAP diluted EPS was $3.19. Excluding restructuring plan costs and the impact of recent EU and China tariffs, adjusted 2019 diluted EPS was $3.36 compared to $3.78 in 2018. Full-year 2019 net income was $423.6 million on consolidated revenue of $5.36 billion versus net income of $531.5 million on consolidated revenue of $5.72 billion in 2018.
“Our performance in Q4 and the full year was in line with our expectations and indicative of increased business stability driven by the tremendous efforts of our employees and dealers,” said Matt Levatich, president and chief executive officer of Harley-Davidson. “In 2019, we took important steps toward returning to significant growth in 2021 - including launching LiveWire, our first electric motorcycle, optimizing our global dealer network and expanding our international footprint,” said Levatich.

Strategy to Build Riders; Accelerated plan for growth

Harley-Davidson’s strategy to build the next generation of Harley-Davidson riders globally is supported by these strategic objectives from 2017 through 2027: expand to 4 million total Harley-Davidson riders in the U.S., grow international business to 50 percent of annual Harley-Davidson Motor Company (HDMC) revenue, launch 100 new high impact motorcycles, deliver superior return on invested capital for HDMC (S&P 500 top 25%) and grow its business without growing its environmental impact.

More Roads to Harley-Davidson is the company’s accelerated plan for growth that aims to deliver sustainable growth and build committed riders from 2018 through 2022. The company is focusing investment and building new capabilities to invigorate the Harley-Davidson brand to spark passion that deepens rider commitment. The company’s More Roads plan leverages and integrates new products, broader access, stronger dealers and amplifying the brand as catalysts to ignite and sustain momentum and deliver growth.

The company plans to maintain its targeted investment and return profile and capital allocation strategy, while it funds strategic opportunities expected to drive significant revenue growth and expand operating margin starting in 2021.

In 2019, Harley-Davidson continued to advance its More Roads plan initiatives, including:

•
Asserted its leadership in the electrification of motorcycles with the launch of LiveWire™, the company’s first electric motorcycle, and IRONe™, an electric-powered two-wheeler for kids
•
Launched new high impact models and delivered significant technology to its class-leading model year 2020 motorcycles to inspire new and existing riders
•
Commissioned Thailand manufacturing facility and established a China distribution center, increasing customer access with more competitive prices
•
Improved and expanded global ecommerce and digital capabilities
•
Advanced good-to-great dealers - meeting its customer experience and sales conversion targets

1
The following information was filed by Harley Davidson Inc (HOG) on Tuesday, January 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Harley Davidson Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Valuation And Qualifying Accounts
Consolidated Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
- Finance Receivables (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Additional Balance Sheet And Cash Flow Information
Additional Balance Sheet And Cash Flow Information - Accrued Liabilities (Details)
Additional Balance Sheet And Cash Flow Information - Inventories, Net (Details)
Additional Balance Sheet And Cash Flow Information - Property, Plant And Equipment, At Cost (Details)
Additional Balance Sheet And Cash Flow Information - Reconciliation Of Net Income (Loss) To Net Cash Provided By Operating Activities Of Continuing Operations (Details)
Additional Balance Sheet And Cash Flow Information (Tables)
Additional Balance Sheet And Cash Flow Information - Marketable Securities (Details)
Asset-Backed Financing
Asset-Backed Financing - Additional Information (Details)
Asset-Backed Financing - Assets And Liabilities Of Variable Interest Entities (Details)
Asset-Backed Financing - Schedule Of Secured Notes With Related Maturity (Details)
Asset-Backed Financing - Servicing Activities (Details)
Asset-Backed Financing (Tables)
Capital Stock And Earnings Per Share
Capital Stock And Earnings Per Share - Additional Information (Details)
Capital Stock And Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Capital Stock And Earnings Per Share - Share Information (Details)
Capital Stock And Earnings Per Share (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt - Additional Information (Details)
Debt - Debt With A Contractual Term Greater Than One Year (Details)
Debt - Debt With Contractual Term Less Than One Year (Details)
Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Debt (Tables)
Derivative Financial Instruments And Hedging Activities
Derivative Financial Instruments And Hedging Activities - Amount Of Gains And Losses Recognized In Income Related To Derivative Financial Instruments (Details)
Derivative Financial Instruments And Hedging Activities - Amount Of Gains And Losses Related To Derivative Financial Instruments (Details)
Derivative Financial Instruments And Hedging Activities - Gain Loss Recognized In Income On Hedged Derivatives (Details)
Derivative Financial Instruments And Hedging Activities - Schedule Of Derivative Instrument Fair Value) (Details)
Derivative Financial Instruments And Hedging Activities (Tables)
Employee Benefit Plans And Other Postretirement Benefits
Employee Benefit Plans And Other Postretirement Benefits - Additional Information (Details)
Employee Benefit Plans And Other Postretirement Benefits - Components Of Net Periodic Benefit Costs (Details)
Employee Benefit Plans And Other Postretirement Benefits - Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost (Details)
Employee Benefit Plans And Other Postretirement Benefits - Schedule Of Expected Benefit Payments For Next Five Years And Thereafter (Details)
Employee Benefit Plans And Other Postretirement Benefits - Schedule Of Fair Value Of Pension Plan And Postretirement Healthcare Plan Assets (Details)
Employee Benefit Plans And Other Postretirement Benefits - Schedule Of Net Periodic Benefit Cost Recognized In Accumulated And Other Comprehensive Income (Details)
Employee Benefit Plans And Other Postretirement Benefits - Schedule Of Obligation And Funded Status (Details)
Employee Benefit Plans And Other Postretirement Benefits - Schedule Of Pension Plans With Pbo And Abo In Excess Of Fair Value Of Plan Assets (Details)
Employee Benefit Plans And Other Postretirement Benefits - Schedule Of Weighted-Average Health Care Cost Trend Rate (Details)
Employee Benefit Plans And Other Postretirement Benefits (Tables)
Fair Value
Fair Value - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value - Summary Of Fair Value And Carrying Value Of Company Financial Instruments (Details)
Fair Value (Tables)
Finance Receivables
Finance Receivables - Additional Information (Details)
Finance Receivables - Aging Of Past Due Finance Receivables Including Non-Accrual Status Finance Receivables (Details)
Finance Receivables - Allowance For Credit Losses And Finance Receivables By Portfolio, Individually And Collectively Evaluated For Impairment (Details)
Finance Receivables - Changes In The Allowance For Finance Credit Losses On Finance Receivables (Details)
Finance Receivables - Contractual Maturities Of Finance Receivables (Details)
Finance Receivables - Investment Of Wholesale Finance Receivables By Internal And External Credit Quality Indicator (Details)
Finance Receivables - Wholesale And Retail Receivables Accruing Interest And Are Past Due (Details)
Finance Receivables (Tables)
Finance Receivables - Wholesale Finance Receivables Impaired Under Asc 310 (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Intangible Assets - Schedule Of Finite-Lived Intangible Assets Future Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes - Additional Information (Details)
Income Taxes - Changes In Gross Liability For Unrecognized Tax Benefits Excluding Interest And Penalties (Details)
Income Taxes - Components Of Income Before Taxes (Details)
Income Taxes - Principal Components Of The Company's Deferred Tax Assets And Liabilities (Details)
Income Taxes - Provision For Income Tax Rate To Statutory Rate Reconciliation (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Schedule Of Gross State Operating Loss Carryforwards (Details)
Income Taxes (Tables)
Leases
Leases - Additional Information (Details)
Leases - Other Lease Information (Details)
Leases - Schedule Of Future Minimum Operating Lease Payments (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases (Tables)
Product Warranty And Recall Campaigns
Product Warranty And Recall Campaigns - Additional Information (Details)
Product Warranty And Recall Campaigns - Warranty And Recall Liability (Details)
Product Warranty And Recall Campaigns (Tables)
Reportable Segments And Geographic Information
Reportable Segments And Geographic Information - Information By Industry Segment (Details)
Reportable Segments And Geographic Information - Information By Strategic Business Units (Details)
Reportable Segments And Geographic Information - Segment Information By Geographical Locations) (Details)
Reportable Segments And Geographic Information (Tables)
Restructuring Expenses
Restructuring Expenses - Additional Information (Details)
Restructuring Expenses - Restructuring Plan Reserve Recorded In Accrued Liabilities (Details)
Restructuring Expenses (Tables)
Revenue
Revenue - Contract Liabilities (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Performance Obligations (Details)
Revenue (Tables)
Share-Based Awards
Share-Based Awards - Additional Information (Details)
Share-Based Awards - Aggregate Intrinsic Value (Details)
Share-Based Awards - Stock Options Outstanding By Price Range (Details)
Share-Based Awards - Summary Of Restricted Share And Rsus Transactions (Details)
Share-Based Awards - Summary Of Stock Option Transactions (Details)
Share-Based Awards (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Supplemental Consolidating Data
Supplemental Consolidating Data - Balance Sheet (Details)
Supplemental Consolidating Data - Cash Flows (Details)
Supplemental Consolidating Data - Operations (Details)
Supplemental Consolidating Data (Tables)
Supplementary Unaudited Quarterly Financial Data
Supplementary Unaudited Quarterly Financial Data (Details)
Ticker: HOG
CIK: 793952
Form Type: 10-K Annual Report
Accession Number: 0000793952-20-000008
Submitted to the SEC: Wed Feb 19 2020 1:09:29 PM EST
Accepted by the SEC: Wed Feb 19 2020
Period: Tuesday, December 31, 2019
Industry: Motorcycles Bicycles And Parts

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