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Harleydavidson, Inc. (HOG) SEC Filing 8-K Material Event for the period ending Thursday, July 28, 2022

SEC Filings

Harley Davidson Inc

CIK: 793952 Ticker: HOG


image.jpg

FOR IMMEDIATE RELEASE


Harley-Davidson Delivers Second Quarter Financial Results


MILWAUKEE (July 28, 2022) – Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE:HOG) today reported second quarter results.

“Reaffirming our guidance for the year, despite the production suspension, demonstrates the effectiveness of our Hardwire strategy and the power of our brand.” said Jochen Zeitz, Chairman, CEO and President, Harley-Davidson. “Now with the suspension being behind us, we are fully focused on mitigating the impacts of the volume loss with the ambition to deliver on our Hardwire II goals, in year two of our five-year strategy.”

Second Quarter 2022 Summary of Results

Global motorcycle shipments were adversely impacted (down 15 percent in Q2) by the approximately two-week production suspension caused by a regulatory compliance matter at a third-party supplier
HDMC Revenue down 5 percent with global pricing and growth within Apparel offsetting much of the negative impact from the temporary production suspension
HDMC Operating Income margin of 15.1 percent, was up 1.2 points versus last year; pricing, lower operating expense and lower EU tariffs offset the impact of the suspension
HDFS Operating Income decline of 9 percent was driven by the continued normalization of credit losses in-line with expectations
GAAP diluted EPS of $1.46 was up 10 percent vs last year; Harley-Davidson repurchased $64 million of shares (or 1.7 million shares) on a discretionary basis in Q2
The Company reaffirms its full-year 2022 outlook
Merger transaction between LiveWire and AEA-Bridges Impact Corporation now expected to list at the NYSE in late September

Second Quarter 2022 Results

Harley-Davidson, Inc. Consolidated Financial Results

$ in millions (except EPS)
2nd quarter
20222021Change
Revenue$1,469 $1,532 (4%)
Operating Income$278 $280 (1%)
Net Income$216 $206 5%
GAAP Diluted EPS$1.46 $1.33 10%

Consolidated revenue was down 4 percent in the second quarter versus Q2 2021 driven primarily by HDMC revenue down 5 percent. The revenue decline was driven by the production suspension in the second half of May. Consolidated operating income decline of 1 percent reflects 3 percent growth at HDMC and a decline of 9 percent at HDFS due to an expected higher provision for credit losses as the credit environment normalizes.





HDMC Results: Motorcycles and Related Products


$ in millions
2nd quarter
20222021Change
Motorcycle Shipments (thousands)
48.256.7(15%)
Revenue$1,266 $1,332 (5%)
Motorcycles$940 $1,030 (9%)
Parts & Accessories$215 $223 (4%)
Apparel$77 $56 39 %
Licensing$12 $33 %
Other$23 $15 56 %
Gross Margin30.5 %30.6 %0 pts.
Operating Income$192 $186 3%
Operating Margin15.1 %14.0 %1.2 pts

Global motorcycle shipments were adversely impacted by the production suspension. HDMC Revenue was down 5 percent as a result, with global pricing across Motorcycles, Parts & Accessories, and Apparel partially offsetting the decline in wholesale shipments of 15 percent.

Second quarter gross margin was flat compared to Q2 prior year. Global pricing and mix contributed approximately 6 points of margin benefit and more than offset cost inflation; Second quarter operating margin improved to 15.1% from 14.0% in Q2 prior year. The +1.2 points improvement was driven by global pricing, lower EU tariffs and reduced operating expenses.

Harley-Davidson Retail Motorcycle Sales


Motorcycles (thousands)
2nd quarter
20222021Change
North America34.948.2(28%)
EMEA8.710.2(15%)
Asia Pacific6.06.0%
Latin America0.80.9(8%)
Worldwide Total50.565.3(23%)

Global retail motorcycle sales in the second quarter were down 23 percent versus prior year, results were adversely impacted by lower inventory and the production suspension.

HDFS Results: Financial Services


$ in millions
2nd quarter
20222021Change
Revenue$203 $201 %
Operating Income$86 $95 (9%)

HDFS’ operating income decline of $9 million versus Q2 2021 was driven by a higher provision for credit losses. The increase in the provision was due to actual retail credit losses moving towards normalized levels. Total quarter ending financing receivables were $7.1B, which was up 3% versus prior year.
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Other Results

Harley-Davidson generated $244 million of cash from operating activities year-to-date. Cash and cash equivalents were $2.2 billion at the end of the second quarter, up $453 million compared to the end of the prior year second quarter. The increase was primarily from increases at HDFS following a securitized debt issuance in June 2022.
Tax Rate – The Company’s second quarter effective tax rate was 22 percent.
Dividends – The Company paid cash dividends of $0.1575 per share in Q2 2022.
In Q2 The Company repurchased $64 million of shares (or 1.7 million shares); YTD the Company repurchased $312 million of shares (or 8.0 million shares)

2022 Outlook

For the full year 2022, the Company reaffirms its initial guidance and continues to expect:

HDMC revenue growth of 5 to 10%
HDMC operating income margin of 11 to 12%
HDFS operating income to decline by 20 to 25%
Capital investments of $190 million to $220 million

The outlook continues to assume that manufacturing, logistics and material costs moderately improve in the back-half of the year as overall operations performance stabilizes and we get beyond the peak levels of inflation experienced in 2021.

The Company’s cash allocation priorities are to fund growth through The Hardwire initiatives, pay dividends, and execute discretionary share repurchases.

Update on LiveWire Transaction

On December 13, 2021, Harley-Davidson and AEA-Bridges Impact Corp. ("ABIC") (NYSE: IMPX), a special purpose acquisition company with a dedicated sustainability focus, sponsored by executives of AEA Investors and Bridges Fund Management, announced a definitive business combination agreement under which ABIC will combine with LiveWire, Harley-Davidson's electric motorcycle division, to create a new publicly traded company. Its common stock is expected to be listed on the New York Stock Exchange under the symbol "LVW".

As part of LiveWire’s journey to become the first publicly traded all electric motorcycle company in the U.S., yesterday the SEC declared our S-4 registration statement effective. Due to quarterly fiscal accounting, we now expect that LiveWire will go public on September 26th, which will be the start of both LiveWire and Harley-Davidson's fiscal fourth quarter. As part of this process, we expect that ABIC will hold its shareholder meeting to approve the business combination on September 16th.

Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. www.harley-davidson.com.

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CT.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,”
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“estimates,” “targets,” “intend,” “is on-track,” “forecasting,” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: (I) the COVID-19 pandemic, including the length and severity of the pandemic across the globe and the pace of recovery following the pandemic and (II) the Company's ability to: (A) execute its business plans and strategies, including The Hardwire, including each of the pillars and the evolution of LiveWire as a standalone brand, including the proposed separation of LiveWire into a separate business of the Company through the combination of LiveWire with AEA-Bridges Impact Corp. (ABIC), which includes the risks noted below; (B) manage supply chain and logistic issues, including quality issues, availability of semiconductor chip components and the ability to find alternative sources of those components in a timely manner, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, war or other hostilities, including the conflict in Ukraine, or natural disasters, and longer shipping times and increased logistics costs, including by successfully implementing pricing surcharges; (C) realize the expected business benefits from the combination of LiveWire with ABIC, which may be affected by, among other things: (i) the ability of LiveWire to: (1) execute its plans to develop, produce, market, and sell its electric vehicles; (2) achieve profitability, which is dependent on the successful development and commercial introduction and acceptance of its electric vehicles, and its services, which may not occur; (3) adequately control the costs of its operations as a new entrant into a new space; (4) develop, maintain, and strengthen its brand; (5) execute its plans to develop, produce, market, and sell its electric vehicles; and (6) effectively establish and maintain cooperation from its retail partners, largely drawn from the Company’s traditional motorcycle dealer network, to be able to effectively establish or maintain relationships with customers for electric vehicles; (ii) competition; and (iii) other risks and uncertainties indicated from time to time in the final prospectus of ABIC, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by the Company, LW EV Holdings, Inc. (HoldCo) or ABIC; (D) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (E) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (F) successfully carry out its global manufacturing and assembly operations; (G) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (H) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (I) manage the regulatory compliance matter relating to a third-party supplier’s component part in a manner that avoids additional costs or recall expenses that are material; (J) successfully appeal: (i) the revocation of the Binding Origin Information (BOI) decisions that allowed the Company to supply its European Union (EU) market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and (ii) the denial of the Company's application for temporary relief from the effect of the revocation of the BOI decisions; (K) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products internationally, and the cost of raw materials and components, including the temporary lifting of the Section 232 steel and aluminum tariffs and incremental tariffs on motorcycles imported into the EU from the U.S., between the U.S. and EU, which expires on December 31, 2023; (L) prevent, detect, and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (M) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (N) successfully manage and reduce costs throughout the business; (O) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine; (P) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (Q) continue to develop and maintain a productive relationship
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with Zhejiang Qianjiang Motorcycle Co., Ltd. and launch related products in a timely manner; (R) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (S) successfully maintain a manner in which to sell motorcycles in China and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (T) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (U) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (V) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (W) prevent a cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding data security; (X) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services Inc.'s loan portfolio; (Y) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company’s business; (Z) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (AA) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (BB) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations; (CC) manage its exposure to product liability claims and commercial or contractual disputes; (DD) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (EE) achieve anticipated results with respect to the Company's pre-owned motorcycle program, Harley-Davidson Certified, and the Company's H-D1 Marketplace; (FF) accurately predict the margins of its Motorcycles and Related Products segment in light of, among other things, tariffs, the cost associated with product development initiatives and the Company's complex global supply chain; and (GG) optimize capital allocation in light of the Company’s capital allocation priorities.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, the impact of the COVID-19 pandemic, or other factors.

In recent years, Harley-Davidson Financial Services Inc. has experienced historically low levels of retail credit losses, but there is no assurance that this will continue. The Company believes that Harley-Davidson Financial Services Inc.'s retail credit losses will increase over time due among other things to factors that have contributed recently to low levels of losses, including the favorable impact of recent federal stimulus payments that will not recur and the conflict in Ukraine.

The Company’s operations, demand for its products, and its liquidity could be adversely impacted by work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine, or other factors. Refer to "Risk Factors" under Item 1A. Risk Factors of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 as well as Item 1A. Risk Factors of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 27, 2022 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Additional Information and Where to Find It
In connection with the proposed business combination between LiveWire EV, LLC (“LiveWire”) and AEA-Bridges Impact Corp. (“ABIC”) (the “Business Combination”), LW EV Holdings, Inc. (“HoldCo”) and ABIC intend to file a registration statement on Form S-4 (as may be amended from time to time, the “Registration Statement”) as co-registrants that includes a preliminary proxy statement/prospectus of ABIC and a preliminary prospectus of HoldCo, and after the Registration Statement is declared effective, ABIC will mail a definitive proxy statement/prospectus relating to the Business Combination to ABIC’s shareholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the Securities and Exchange Commission (“SEC”), will contain important information about the Business Combination and the other matters to be voted upon at a meeting of ABIC’s shareholders to be held to approve the Business Combination (and related matters). This press release does not contain all the information that should be considered concerning the Business Combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Harley-Davidson, Inc.
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(“H-D”), HoldCo and ABIC may also file other documents with the SEC regarding the Business Combination. ABIC shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about H-D, LiveWire, HoldCo, ABIC and the Business Combination.

When available, the definitive proxy statement/prospectus and other relevant materials for the Business Combination will be mailed to ABIC shareholders as of a record date to be established for voting on the Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC by ABIC through the website maintained by the SEC at www.sec.gov, or by directing a request to AEA-Bridges Impact Corp., PO Box 1093, Boundary Hall, Cricket Square, Grand Cayman KY1-1102 Cayman Islands.

Participants in Solicitation
H-D, LiveWire, ABIC and their respective directors and officers may be deemed participants in the solicitation of proxies of ABIC shareholders in connection with the Business Combination. ABIC shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of ABIC and a description of their interests in ABIC is contained in ABIC’s final prospectus related to its initial public offering, dated October 1, 2021 and in ABIC’s subsequent filings with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to ABIC shareholders in connection with the Business Combination and other matters to be voted upon at the ABIC shareholder meeting will be set forth in the Registration Statement for the Business Combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Business Combination will be included in the Registration Statement that ABIC intends to file with the SEC. You may obtain free copies of these documents as described in the preceding paragraph.



Media Contact:
Jenni Coats
jenni.coats@Harley-Davidson.com
414.343.7902

Financial Contact:
Shawn Collins
shawn.collins@Harley-Davidson.com
414.343.8002
### (HOG-F)
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Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 Three months endedSix months ended
June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
Motorcycles and Related Products revenue$1,266,471 $1,331,500 $2,569,642 $2,563,607 
Gross profit386,750 407,051 794,385 827,536 
Selling, administrative and engineering expense195,327 220,422 400,215 413,968 
Restructuring (benefit) expense(264)807 (392)214 
Operating income from Motorcycles and Related Products191,687 185,822 394,562 413,354 
Financial Services revenue202,616 200,558 394,631 390,958 
Financial Services expense116,688 105,909 222,346 177,440 
Financial Services restructuring expense— 111 — 338 
Operating income from Financial Services85,928 94,538 172,285 213,180 
Operating income277,615 280,360 566,847 626,534 
Non-operating (expense) income, net (1,195)(4,301)145 (10,330)
Income before income taxes276,420 276,059 566,992 616,204 
Provision for income taxes60,571 69,719 128,641 150,720 
Net income$215,849 $206,340 $438,351 $465,484 
Earnings per share:
Basic$1.47 $1.34 $2.92 $3.03 
Diluted$1.46 $1.33 $2.91 $3.01 
Weighted-average shares:
Basic147,211 153,748 149,936 153,616 
Diluted147,835 155,093 150,812 154,794 
Cash dividends per share:$0.1575 $0.1500 $0.3150 $0.3000 








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Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)(Unaudited)
June 26,
2022
December 31,
2021
June 27,
2021
ASSETS
Current assets:
Cash and cash equivalents$2,194,259 $1,874,745 $1,741,968 
Accounts receivable, net302,049 182,148 263,453 
Finance receivables, net1,674,970 1,465,544 1,629,636 
Inventories, net726,586 712,942 457,648 
Restricted cash226,488 128,935 152,411 
Other current assets183,816 185,777 224,488 
5,308,168 4,550,091 4,469,604 
Finance receivables, net5,428,714 5,106,377 5,259,318 
Other long-term assets1,384,736 1,394,587 1,180,304 
$12,121,618 $11,051,055 $10,909,226 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$1,008,962 $976,959 $1,018,616 
Short-term deposits, net78,005 72,146 101,672 
Short-term debt701,384 751,286 749,037 
Current portion of long-term debt, net1,887,552 1,542,496 1,581,826 
3,675,903 3,342,887 3,451,151 
Long-term debt, net 5,204,317 4,595,617 4,745,024 
Other long-term liabilities606,246 559,307 528,779 
Shareholders’ equity2,635,152 2,553,244 2,184,272 
$12,121,618 $11,051,055 $10,909,226 



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Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended
 June 26,
2022
June 27,
2021
Net cash provided by operating activities$244,186 $644,300 
Cash flows from investing activities:
Capital expenditures(55,015)(37,568)
Finance receivables, net(439,241)(350,136)
Other investing activities797 2,425 
Net cash used by investing activities(493,459)(385,279)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes495,785 — 
Repayments of medium-term notes (950,000)(1,400,000)
Proceeds from securitization debt1,826,891 597,411 
Repayments of securitization debt(610,205)(664,685)
Net decrease in unsecured commercial paper(50,672)(262,452)
Net increase in credit facilities— 84 
Borrowings of asset-backed commercial paper425,253 — 
Repayments of asset-backed commercial paper(133,159)(143,256)
Net increase in deposits55,255 179,329 
Dividends paid(47,146)(46,209)
Repurchase of common stock(325,828)(10,911)
Other financing activities(1,237)4,324 
Net cash provided (used) by financing activities684,937 (1,746,365)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(14,413)(6,878)
Net increase (decrease) in cash, cash equivalents and restricted cash$421,251 $(1,494,222)
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$2,025,219 $3,409,168 
Net increase (decrease) in cash, cash equivalents and restricted cash421,251 (1,494,222)
Cash, cash equivalents and restricted cash, end of period$2,446,470 $1,914,946 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$2,194,259 $1,741,968 
Restricted cash 226,488 152,411 
Restricted cash included in Other long-term assets25,723 20,567 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$2,446,470 $1,914,946 


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Motorcycles and Related Products Revenue and Motorcycle Shipment Data
(Unaudited)
Three months endedSix months ended
June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
MOTORCYCLES AND RELATED PRODUCTS REVENUE (in thousands)
Motorcycles$940,046 $1,029,709 $1,999,159 $2,046,043 
Parts & Accessories214,540 222,670 380,065 372,529 
Apparel77,327 55,631 128,734 105,954 
Licensing11,781 8,872 18,278 14,384 
Other22,777 14,618 43,406 24,697 
$1,266,471 $1,331,500 $2,569,642 $2,563,607 
U.S. MOTORCYCLE SHIPMENTS28,385 36,118 64,276 76,271 
WORLDWIDE MOTORCYCLE SHIPMENTS
Grand American Touring(a)
21,758 27,163 47,770 57,497 
Cruiser(b)
14,790 18,136 30,450 35,586 
Sportster® / Street
6,561 7,321 16,212 14,347 
Adventure Touring5,059 4,048 8,579 4,048 
48,168 56,668 103,011 111,478 
(a)Includes CVOTM and Trike
(b)Includes Softail® and LiveWireTM


Motorcycles and Related Products Gross Profit
(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2021 to the second quarter of 2022 were as follows (in millions):
Three months endedSix months ended
2021 gross profit$407 $828 
Volume(35)(21)
Price and sales incentives89 170 
Foreign currency exchange rates and hedging(17)(20)
Shipment mix(17)
Raw material prices(10)(25)
Manufacturing and other costs(53)(121)
(20)(34)
2022 gross profit$387 $794 



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Financial Services Finance Receivables Allowance for Credit Losses
(Unaudited)
Three months endedSix months ended
June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
Balance, beginning of period$340,473 $346,233 $339,379 $390,936 
Provision for credit losses29,133 16,201 57,955 (6,273)
Charge-offs, net of recoveries(17,469)(3,623)(45,197)(25,852)
Balances, end of period$352,137 $358,811 $352,137 $358,811 


Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
Three months endedSix months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
United States31,820 44,739 61,228 75,722 
Canada3,090 3,446 4,962 5,245 
Total North America34,910 48,185 66,190 80,967 
EMEA8,702 10,248 15,041 15,191 
Asia Pacific6,049 5,986 12,773 11,779 
Latin America791 855 1,600 1,572 
Total worldwide retail sales50,452 65,274 95,604 109,509 
(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

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Ticker: HOG
CIK: 793952
Form Type: 8-K Corporate News
Accession Number: 0000793952-22-000054
Submitted to the SEC: Thu Jul 28 2022 6:55:19 AM EST
Accepted by the SEC: Thu Jul 28 2022
Period: Thursday, July 28, 2022
Industry: Motorcycles Bicycles And Parts
Events:
  1. Earnings Release
  2. Financial Exhibit

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