Harley Davidson Inc (HOG) 10-Q Quarterly Report August 2021

“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

The following information was filed by Harley Davidson Inc (HOG) on Wednesday, July 21, 2021 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-Q Quarterly 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-Q Quarterly Report:

Other - Other Highlight
The favorable retail credit loss performance was due to elevated used motorcycle values at auction in the U.S. and continued lower than normal delinquency levels driven by benefits provided under the U.S. federal stimulus packages and COVID-19 retail payment extensions.

Financial - Cash Flow Highlight
Cash Flow Activity The Company's cash flow activities were as follows (in thousands): Operating Activities The increase in net cash from operating activities for the first half of 2021 compared to the same period in 2020 reflects benefits from improved net income, partially offset by higher wholesale finance receivable originations.
Financial - Expense Highlight
Operating expenses were lower in the first half of 2021 compared to the same period in 2020 due primarily to lower restructuring costs related to the Company's 2020 restructuring actions.
Other - Other Highlight
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.
Financial - Shares Highlight
Given the Company's strong cash position, the Company may also choose to execute discretionary share repurchases.
Revenue - Product
Changes in the shipment mix...Read more
Revenue - Product
Changes in the shipment mix...Read more
Financial - Income
Investment income increased $3.7 million...Read more
Financial - Expense
Interest expense decreased due to...Read more
Financial - Expense
Interest expense decreased due to...Read more
Other - Other
Under the agreement, the Canadian...Read more
Revenue - Product
Within 2021, the Company expects...Read more
Other - Other
The provision for credit losses...Read more
Financial - Income
Assuming the additional EU tariffs...Read more
Financial - Shares
(1) The Company's cash allocation...Read more
Other - Other
(1) Net cash outflows from...Read more
Financial - Shares
Diluted weighted average shares outstanding...Read more
Financial - Shares
Diluted weighted average shares outstanding...Read more
Financial - Expense
The second-half 2021 guidance also...Read more
Financial - Income
The effective income tax rate...Read more
Revenue - Product
Worldwide retail sales of new...Read more
Financial - Income
The Company expects Financial Services...Read more
Other - Other
Favorable used motorcycle values stemmed...Read more
Other - Other
Favorable used motorcycle values stemmed...Read more
Revenue - Product
The Company depends on the...Read more
Other - Other
While the Company expects the...Read more
Revenue - Product
44 Table of Contents Segment...Read more
Revenue - Product
49 Table of Contents Segment...Read more
Other - Other
The Company's cash and cash...Read more
Financial - Earnings
While the Company originally planned...Read more
Other - Other
The provision for credit losses...Read more
Other - Other
In response to liquidity concerns...Read more
Financial - Income
In the second quarter of...Read more
Revenue - Product
The increase in retail sales...Read more
Financial - Expense
Raw material cost increases were...Read more
Financial - Expense
Raw material cost increases were...Read more
Financial - Expense
Operating expenses increased $4.4 million...Read more
Other - Other
The Company's ability to sell...Read more
Revenue - Product
43 Table of Contents Worldwide...Read more
Other - Other
Retail credit losses during the...Read more
Other - Other
The provision for credit losses...Read more
Revenue - Product
The increase in retail sales...Read more
Financial - Expense
The Company also benefited from...Read more
Financial - Expense
The Company also benefited from...Read more
Revenue - Product
The Company continues to expect...Read more
Financial - Income
Investment income decreased $3.0 million...Read more
Other - Other
The Rewire was a critical...Read more
Revenue - Geography
Asia Pacific retail sales were...Read more
Revenue - Geography
Asia Pacific retail sales were...Read more
Other - Other
Based on the EU's decision...Read more
Financial - Expense
Selling and administrative expenses were...Read more
Financial - Income
The increase in operating income...Read more
Financial - Income
Financial Services Segment Segment Results...Read more
Revenue - Product
Additionally, retail sales in the...Read more
Financial - Income
The Company's effective income tax...Read more
Financial - Expense
Quarterly transfers of U.S. retail...Read more
Financial - Cash Flow
The Company's 2021 plan includes...Read more
Financial - Expense
(1) The Financial Services operations...Read more
Revenue - Product
The lower revenue and shipments...Read more
Financial - Income
Other income increased due in...Read more
Other - Other
At the end of the...Read more
Financial - Income
Operating income from the Financial...Read more
Financial - Income
Operating income from the Financial...Read more
Revenue - Geography
40 Table of Contents Additional...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Harley Davidson Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: HOG
CIK: 793952
Form Type: 10-Q Quarterly Report
Accession Number: 0000793952-21-000050
Submitted to the SEC: Thu Aug 05 2021 4:07:17 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Sunday, June 27, 2021
Industry: Motorcycles Bicycles And Parts