Company Quick10K Filing
Harley Davidson
Price35.22 EPS3
Shares159 P/E14
MCap5,593 P/FCF7
Net Debt5,438 EBIT567
TEV11,030 TEV/EBIT19
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-03-29 Filed 2020-05-07
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10-K 2012-12-31 Filed 2013-02-22
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10-K 2011-12-31 Filed 2012-02-23
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8-K 2020-06-02
8-K 2020-05-21
8-K 2020-05-06
8-K 2020-04-28
8-K 2020-04-16
8-K 2020-04-06
8-K 2020-03-27
8-K 2020-03-26
8-K 2020-03-24
8-K 2020-02-27
8-K 2020-01-28
8-K 2020-01-14
8-K 2019-11-15
8-K 2019-10-22
8-K 2019-07-23
8-K 2019-05-09
8-K 2019-04-23
8-K 2019-01-29
8-K 2018-10-23
8-K 2018-07-30
8-K 2018-07-24
8-K 2018-06-25
8-K 2018-05-16
8-K 2018-04-24
8-K 2018-01-25

HOG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-3.1 exhibit31harley-davids.htm
EX-4.1 exhibit41harley-2025cr.htm
EX-4.2 exhibit42harley-2023cr.htm
EX-4.3 exhibit43-amendment1to36.htm
EX-10.2 exhibit102actingpresid.htm
EX-31.1 hog-03292020xex311.htm
EX-31.2 hog-03292020xex312.htm
EX-32.1 hog-03292020xex321.htm

Harley Davidson Earnings 2020-03-29

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
2.21.81.30.90.40.02012201420172020
Rev, G Profit, Net Income
0.60.30.0-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 29, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to           
Commission file number 1-9183
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin 39-1382325
(State of organization) (I.R.S. Employer Identification No.)
3700 West Juneau AvenueMilwaukeeWisconsin53208
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (414342-4680
None
(Former name, former address and former fiscal year, if changed since last report)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock Par Value $.01 PER SHAREHOGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No  
The registrant had outstanding 153,173,270 shares of common stock as of April 30, 2020.



HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended March 29, 2020 
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 2.
Item 6.



Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
 
 Three months ended
March 29,
2020
March 31,
2019
Revenue:
Motorcycles and Related Products$1,099,788  $1,195,637  
Financial Services198,456  188,743  
1,298,244  1,384,380  
Costs and expenses:
Motorcycles and Related Products cost of goods sold780,868  848,198  
Financial Services interest expense52,473  52,324  
Financial Services provision for credit losses79,419  34,491  
Selling, administrative and engineering expense277,971  268,625  
Restructuring expense  13,630  
1,190,731  1,217,268  
Operating income107,513  167,112  
Other income, net 155  4,660  
Investment (loss) income(5,347) 6,358  
Interest expense7,755  7,731  
Income before provision for income taxes94,566  170,399  
Provision for income taxes24,871  42,454  
Net income$69,695  $127,945  
Earnings per share:
Basic$0.46  $0.80  
Diluted$0.45  $0.80  
Cash dividends per share$0.380  $0.375  
The accompanying notes are an integral part of the consolidated financial statements.

3

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
 Three months ended
March 29,
2020
March 31,
2019
Net income$69,695  $127,945  
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments(34,455) 331  
Derivative financial instruments(19,845) (441) 
Pension and postretirement benefit plans11,959  7,743  
(42,341) 7,633  
Comprehensive income$27,354  $135,578  
The accompanying notes are an integral part of the consolidated financial statements.


4

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)(Unaudited)
March 29,
2020
December 31,
2019
March 31,
2019
ASSETS
Current assets:
Cash and cash equivalents$1,465,061  $833,868  $749,600  
Marketable securities    10,003  
Accounts receivable, net299,148  259,334  353,541  
Finance receivables, net of allowance of $63,881, $43,006, and $41,515
2,358,989  2,272,522  2,443,899  
Inventories, net610,924  603,571  595,806  
Restricted cash99,903  64,554  43,471  
Other current assets142,357  168,974  177,761  
4,976,382  4,202,823  4,374,081  
Finance receivables, net of allowance of $271,615, $155,575, and $149,357
4,933,418  5,101,844  4,994,693  
Property, plant and equipment, net826,845  847,382  876,003  
Prepaid pension costs64,802  56,014    
Goodwill64,063  64,160  64,131  
Deferred income taxes127,856  101,204  132,988  
Lease assets56,496  61,618  55,305  
Other long-term assets90,085  93,114  83,412  
$11,139,947  $10,528,159  $10,580,613  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$333,411  $294,380  $380,918  
Accrued liabilities584,535  582,288  644,171  
Short-term debt1,335,664  571,995  1,192,925  
Current portion of long-term debt, net2,326,460  1,748,109  1,372,050  
4,580,070  3,196,772  3,590,064  
Long-term debt, net4,478,078  5,124,826  4,744,694  
Lease liabilities40,053  44,447  39,516  
Pension liabilities56,900  56,138  98,862  
Postretirement healthcare liabilities71,154  72,513  93,897  
Other long-term liabilities221,709  229,464  215,969  
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, none issued
      
Common stock1,834  1,828  1,826  
Additional paid-in-capital1,495,141  1,491,004  1,465,581  
Retained earnings2,126,646  2,193,997  2,074,669  
Accumulated other comprehensive loss(579,290) (536,949) (622,051) 
Treasury stock, at cost(1,352,348) (1,345,881) (1,122,414) 
1,691,983  1,803,999  1,797,611  
$11,139,947  $10,528,159  $10,580,613  
5

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
March 29,
2020
December 31,
2019
March 31,
2019
Balances held by consolidated variable interest entities (Note 13):
Finance receivables, net - current$381,904  $291,444  $130,454  
Other assets$2,262  $2,420  $1,416  
Finance receivables, net - non-current$1,435,832  $1,027,179  $480,936  
Restricted cash - current and non-current$99,235  $63,812  $39,764  
Current portion of long-term debt, net $437,488  $317,607  $137,488  
Long-term debt, net$1,319,357  $937,212  $408,153  
The accompanying notes are an integral part of the consolidated financial statements.
6

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Three months ended
March 29,
2020
March 31,
2019
Net cash (used) provided by operating activities (Note 7)$(8,582) $32,671  
Cash flows from investing activities:
Capital expenditures(32,928) (35,255) 
Origination of finance receivables(780,061) (851,372) 
Collections on finance receivables841,261  815,824  
Acquisition of business  (7,000) 
Other investing activities16  603  
Net cash provided (used) by investing activities28,288  (77,200) 
Cash flows from financing activities:
Proceeds from issuance of medium-term notes  546,655  
Repayments of medium-term notes(600,000) (750,000) 
Proceeds from securitization debt522,694    
Repayments of securitization debt(130,918) (76,505) 
Borrowings of asset-backed commercial paper225,187    
Repayments of asset-backed commercial paper(67,809) (72,401) 
Net increase in unsecured commercial paper772,208  58,527  
Dividends paid(58,817) (60,859) 
Repurchase of common stock(7,071) (61,712) 
Issuance of common stock under share-based plans34  616  
Net cash provided (used) by financing activities655,508  (415,679) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(5,732) (409) 
Net increase (decrease) in cash, cash equivalents and restricted cash$669,482  $(460,617) 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$905,366  $1,259,748  
Net increase (decrease) in cash, cash equivalents and restricted cash669,482  (460,617) 
Cash, cash equivalents and restricted cash, end of period$1,574,848  $799,131  
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,465,061  $749,600  
Restricted cash 99,903  43,471  
Restricted cash included in Other long-term assets9,884  6,060  
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$1,574,848  $799,131  
The accompanying notes are an integral part of the consolidated financial statements.

7

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In thousands, except share amounts)
(Unaudited)
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
 Issued
Shares
Balance
Balance, December 31, 2019182,816,536  $1,828  $1,491,004  $2,193,997  $(536,949) $(1,345,881) $1,803,999  
Net income—  —  —  69,695  —  —  69,695  
Other comprehensive loss, net of tax (Note 18)—  —  —  —  (42,341) —  (42,341) 
Dividends ($0.380 per share)
—  —  —  (58,817) —  —  (58,817) 
Repurchase of common stock—  —  —  —  —  (7,071) (7,071) 
Share-based compensation585,053  6  4,137  —  —  604  4,747  
Cumulative effect of change in accounting (Note 2)—  —  —  (78,229) —  —  (78,229) 
Balance, March 29, 2020183,401,589  $1,834  $1,495,141  $2,126,646  $(579,290) $(1,352,348) $