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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 28, 2020
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☐ | 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)
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Wisconsin | | | 39-1382325 |
(State of organization) | | | (I.R.S. Employer Identification No.) |
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3700 West Juneau Avenue | Milwaukee | Wisconsin | 53208 |
(Address of principal executive offices) | | | (Zip code) |
Registrant's telephone number, including area code: (414) 342-4680
None
(Former name, former address and former fiscal year, if changed since last report)
Securities Registered Pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock Par Value $.01 PER SHARE | HOG | New 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.
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Large Accelerated Filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller 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 153,241,253 shares of common stock as of July 31, 2020.
HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended June 28, 2020
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Part I | | |
Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
Part II | | |
Item 1. | | |
Item 2. | | |
Item 5. | | |
Item 6. | | |
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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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| Three months ended | | | | Six months ended | | |
| June 28, 2020 | | June 30, 2019 | | June 28, 2020 | | June 30, 2019 |
Revenue: | | | | | | | |
Motorcycles and Related Products | $ | 669,274 | | | $ | 1,434,004 | | | $ | 1,769,062 | | | $ | 2,629,641 | |
Financial Services | 195,953 | | | 198,615 | | | 394,409 | | | 387,358 | |
| 865,227 | | | 1,632,619 | | | 2,163,471 | | | 3,016,999 | |
Costs and expenses: | | | | | | | |
Motorcycles and Related Products cost of goods sold | 561,646 | | | 979,266 | | | 1,342,514 | | | 1,827,464 | |
Financial Services interest expense | 62,187 | | | 52,673 | | | 114,660 | | | 104,997 | |
Financial Services provision for credit losses | 91,179 | | | 26,383 | | | 170,598 | | | 60,874 | |
Selling, administrative and engineering expense | 224,365 | | | 307,617 | | | 502,336 | | | 576,242 | |
Restructuring expense | 41,949 | | | 10,423 | | | 41,949 | | | 24,053 | |
| 981,326 | | | 1,376,362 | | | 2,172,057 | | | 2,593,630 | |
Operating (loss) income | (116,099) | | | 256,257 | | | (8,586) | | | 423,369 | |
Other income, net | 156 | | | 4,037 | | | 311 | | | 8,697 | |
Investment income | 5,757 | | | 3,571 | | | 410 | | | 9,929 | |
Interest expense | 7,769 | | | 7,784 | | | 15,524 | | | 15,515 | |
(Loss) income before provision for income taxes | (117,955) | | | 256,081 | | | (23,389) | | | 426,480 | |
Income tax (benefit) provision | (25,738) | | | 60,450 | | | (867) | | | 102,904 | |
Net (loss) income | $ | (92,217) | | | $ | 195,631 | | | $ | (22,522) | | | $ | 323,576 | |
(Net loss) earnings per share: | | | | | | | |
Basic | $ | (0.60) | | | $ | 1.23 | | | $ | (0.15) | | | $ | 2.03 | |
Diluted | $ | (0.60) | | | $ | 1.23 | | | $ | (0.15) | | | $ | 2.03 | |
Cash dividends per share | $ | 0.020 | | | $ | 0.375 | | | $ | 0.400 | | | $ | 0.750 | |
The accompanying notes are an integral part of the consolidated financial statements.
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | | | Six months ended | | |
| June 28, 2020 | | June 30, 2019 | | June 28, 2020 | | June 30, 2019 |
Net (loss) income | $ | (92,217) | | | $ | 195,631 | | | $ | (22,522) | | | $ | 323,576 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Foreign currency translation adjustments | 21,443 | | | 11,270 | | | (13,012) | | | 11,601 | |
Derivative financial instruments | (6,309) | | | (11,923) | | | (26,154) | | | (12,364) | |
| | | | | | | |
Pension and postretirement benefit plans | 11,958 | | | 7,743 | | | 23,917 | | | 15,486 | |
| 27,092 | | | 7,090 | | | (15,249) | | | 14,723 | |
Comprehensive (loss) income | $ | (65,125) | | | $ | 202,721 | | | $ | (37,771) | | | $ | 338,299 | |
The accompanying notes are an integral part of the consolidated financial statements.
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| | | | | | | | | | | | | | | | | |
| (Unaudited) | | | | (Unaudited) |
| June 28, 2020 | | December 31, 2019 | | June 30, 2019 |
ASSETS | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | $ | 3,856,597 | | | $ | 833,868 | | | $ | 924,638 | |
| | | | | |
Accounts receivable, net | 271,431 | | | 259,334 | | | 325,306 | |
Finance receivables, net of allowance of $75,563, $43,006, and $40,446 | 1,901,620 | | | 2,272,522 | | | 2,362,125 | |
Inventories, net | 429,339 | | | 603,571 | | | 470,610 | |
Restricted cash | 189,712 | | | 64,554 | | | 82,248 | |
Other current assets | 163,135 | | | 168,974 | | | 147,234 | |
| 6,811,834 | | | 4,202,823 | | | 4,312,161 | |
Finance receivables, net of allowance of $335,452, $155,575, and $154,550 | 5,078,371 | | | 5,101,844 | | | 5,232,280 | |
Property, plant and equipment, net | 816,989 | | | 847,382 | | | 855,998 | |
Prepaid pension costs | 73,589 | | | 56,014 | | | — | |
Goodwill | 64,192 | | | 64,160 | | | 64,449 | |
Deferred income taxes | 141,566 | | | 101,204 | | | 134,639 | |
Lease assets | 53,031 | | | 61,618 | | | 54,913 | |
Other long-term assets | 116,580 | | | 93,114 | | | 85,876 | |
| $ | 13,156,152 | | | $ | 10,528,159 | | | $ | 10,740,316 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | |
Current liabilities: | | | | | |
Accounts payable | $ | 317,462 | | | $ | 294,380 | | | $ | 324,464 | |
Accrued liabilities | 604,210 | | | 582,288 | | | 615,905 | |
Short-term debt | 1,547,388 | | | 571,995 | | | 405,695 | |
Current portion of long-term debt, net | 2,186,037 | | | 1,748,109 | | | 2,396,188 | |
| 4,655,097 | | | 3,196,772 | | | 3,742,252 | |
Long-term debt, net | 6,488,499 | | | 5,124,826 | | | 4,650,176 | |
Lease liabilities | 36,394 | | | 44,447 | | | 38,365 | |
Pension liabilities | 57,033 | | | 56,138 | | | 92,750 | |
Postretirement healthcare liabilities | 69,964 | | | 72,513 | | | 92,539 | |
| | | | | |
Other long-term liabilities | 225,460 | | | 229,464 | | | 213,593 | |
Commitments and contingencies (Note 17) | | | | | |
Shareholders’ equity: | | | | | |
Preferred stock, none issued | — | | | — | | | — | |
Common stock | 1,834 | | | 1,828 | | | 1,827 | |
Additional paid-in-capital | 1,494,259 | | | 1,491,004 | | | 1,474,819 | |
Retained earnings | 2,031,329 | | | 2,193,997 | | | 2,210,318 | |
Accumulated other comprehensive loss | (552,198) | | | (536,949) | | | (614,961) | |
Treasury stock, at cost | (1,351,519) | | | (1,345,881) | | | (1,161,362) | |
| 1,623,705 | | | 1,803,999 | | | 1,910,641 | |
| $ | 13,156,152 | | | $ | 10,528,159 | | | $ | 10,740,316 | |
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
| | | | | | | | | | | | | | | | | |
| (Unaudited) | | | | (Unaudited) |
| June 28, 2020 | | December 31, 2019 | | June 30, 2019 |
Balances held by consolidated variable interest entities (Note 13): | | | | | |
Finance receivables, net - current | $ | 631,474 | | | $ | 291,444 | | | $ | 320,710 | |
Other assets | $ | 2,430 | | | $ | 2,420 | | | $ | 1,533 | |
Finance receivables, net - non-current | $ | 2,531,323 | | | $ | 1,027,179 | | | $ | 1,240,081 | |
Restricted cash - current and non-current | $ | 199,748 | | | $ | 63,812 | | | $ | 79,436 | |
Current portion of long-term debt, net | $ | 750,474 | | | $ | 317,607 | | | $ | 360,269 | |
Long-term debt, net | $ | 2,251,473 | | | $ | 937,212 | | | $ | 1,106,736 | |
The accompanying notes are an integral part of the consolidated financial statements.
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| | | | | | | | | | | |
| Six months ended | | |
| June 28, 2020 | | June 30, 2019 |
Net cash provided by operating activities (Note 7) | $ | 610,203 | | | $ | 496,232 | |
Cash flows from investing activities: | | | |
Capital expenditures | (67,026) | | | (83,229) | |
Origination of finance receivables | (1,869,569) | | | (2,064,899) | |
Collections on finance receivables | 1,785,698 | | | 1,768,829 | |
| | | |
| | | |
Sales and redemptions of marketable securities | — | | | 10,007 | |
Acquisition of business | — | | | (7,000) | |
Other investing activities | (381) | | | 11,717 | |
Net cash used by investing activities | (151,278) | | | (364,575) | |
Cash flows from financing activities: | | | |
Proceeds from issuance of medium-term notes | 1,396,602 | | | 546,655 | |
Repayments of medium-term notes | (1,400,000) | | | (750,000) | |
| | | |
| | | |
Proceeds from securitization debt | 2,064,450 | | | 1,021,353 | |
Repayments of securitization debt | (369,613) | | | (113,806) | |
Borrowings of asset-backed commercial paper | 225,187 | | | 23,373 | |
Repayments of asset-backed commercial paper | (143,306) | | | (155,286) | |
Net increase (decrease) in unsecured commercial paper | 831,354 | | | (728,606) | |
Net increase in credit facilities | 150,000 | | | — | |
Deposits | 17,995 | | | — | |
Dividends paid | (61,917) | | | (120,841) | |
Repurchase of common stock | (7,156) | | | (104,621) | |
| | | |
Issuance of common stock under share-based plans | 41 | | | 833 | |
Net cash provided (used) by financing activities | 2,703,637 | | | (380,946) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (382) | | | 3,439 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 3,162,180 | | | $ | (245,850) | |
| | | |
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 cash | 3,162,180 | | | (245,850) | |
Cash, cash equivalents and restricted cash, end of period | $ | 4,067,546 | | | $ | 1,013,898 | |
| | | |
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows: | | | |
Cash and cash equivalents | $ | 3,856,597 | | | $ | 924,638 | |
Restricted cash | 189,712 | | | 82,248 | |
Restricted cash included in Other long-term assets | 21,237 | | | 7,012 | |
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows | $ | 4,067,546 | | | $ | 1,013,898 | |
The accompanying notes are an integral part of the consolidated financial statements.
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In thousands, except share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total |
| Issued Shares | | Balance | | | | | | | | | | |
Balance, December 31, 2019 | 182,816,536 | | | $ | 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 compensation | 585,053 | | | 6 | | | 4,137 | | | — | | | — | | | 604 | | | 4,747 | |
Cumulative effect of change in accounting (Note 2) | — | | | — | | | — | | | (78,229) | | | — | | | |