Washington, D.C. 20549 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 21, 2021
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
     File Number)
(IRS Employer
Identification No.)
3700 West Juneau Avenue, Milwaukee, Wisconsin 53208
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class  Trading Symbol  Name of exchange on which registered
COMMON STOCK, $0.01 par value per share  HOG  New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02
Results of Operations and Financial Condition.
On July 21, 2021, Harley-Davidson, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s second quarter results for the financial period ended June 27, 2021. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01Financial Statements and Exhibits.

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith:

    (99.1) Press Release of Harley-Davidson, Inc., dated July 21, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 21, 2021/s/ Paul J. Krause
Paul J. Krause




Harley-Davidson delivers strong second quarter financial results

MILWAUKEE (July 21, 2021) – Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE:HOG) today reported second quarter results.

“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
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$0.13nm

Q2 consolidated revenue was up 77 percent versus Q2 2020 driven by strong growth in the Motorcycles and Related Products segment. Bottom-line results reflect significant operating income improvement with strong results in both the Motorcycles and the Financial Services segments.

Harley-Davidson Retail Motorcycle Sales

Motorcycles (thousands)
2nd quarter
6 months
North America48.233.643%81.058.838%
Asia Pacific6.06.9(13)%11.812.6(7)%
Latin America0.91.2(31)%1.63.0(47)%
Worldwide Total65.352.724%109.593.218%

Global retail motorcycle sales in the second quarter were up 24 percent, driven by a strong Q2 North America retail performance. EMEA Q2 retail sales declines were a result of the company’s decision not to continue selling Street and legacy Sportster motorcycles in Europe. Latin America retail sales were impacted by a reduction in dealers and pricing actions across the portfolio, which were executed as part of the Rewire strategy.

Motorcycles and Related Products Segment Results

$ in millions
2nd quarter
6 months
Motorcycle Shipments (thousands)
   Parts & Accessories$223$16932%$373$30323%
   General Merchandise$56$3847%$106$8722%
Gross Margin30.6%16.1%14.5 pts.32.3%24.1%8.2 pts.
Operating Income (Loss)$186($121)nm$413($36)nm
Operating Margin14.0%(18.1%)32.0 pts.16.1%(2.1%)18.2 pts.

Revenue from the Motorcycles and Related Products segment was up significantly during the second quarter primarily driven by a 100 percent increase in wholesale shipments as the company lapped last year’s COVID-19 related shutdown.

Parts and Accessories second quarter revenue was up 32 percent while General Merchandise was up 47 percent over Q2 2020.

Second quarter gross margin was up 14.5 percentage points to Q2 prior year while second quarter operating margin finished up 32 percentage points over Q2 prior year due to volume gains behind lapping last year’s COVID-19 related shutdown, improved motorcycle unit mix and lower restructuring expense.

Financial Services Segment Results

$ in millions
2nd quarter
6 months
Operating Income$95$5nm$213$28nm

Financial Services segment operating income was up significantly over prior year in the second quarter, primarily driven by a lower provision for credit losses.


Other Results
Harley-Davidson generated $644 million of cash from operating activities year-to-date in 2021, $34 million favorable to year-to-date 2020. Cash and cash equivalents were $1.7 billion at the end of the second quarter, down $2.1 billion to the end of Q2 2020 as the company has intentionally brought down cash balances as it believes the pandemic-related liquidity concerns have eased.

Tax Rate - The company’s second quarter effective tax rate was 25 percent.

Dividends - The company paid cash dividends of $0.15 per share in Q2 2021.

As a result of its Q2 performance, for the full-year 2021, the company now expects:
a.Financial Services segment operating income growth of 75 to 85 percent, an increase from the previously communicated range of 50 to 60 percent.
b.GAAP Motorcycles segment operating income margin of 6 to 8 percent given the recent EU’s decision to keep the current tariff at 31 percent while tariff negotiations occur. If the company is successful in materially mitigating the additional EU tariffs in 2021, the company expects the operating income margin would be 7 to 9 percent.

Additionally, for the full-year 2021, the company continues to expect:
a.Motorcycles segment revenue growth to be 30 to 35 percent.
b.Capital expenditures of $190 million to $225 million.

Cash allocation priorities remain to first fund growth through The Hardwire initiatives, then to pay dividends. Given the company’s strong cash position, the company may also choose to execute discretionary share repurchases.

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.

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.

Non-GAAP Disclosure
This press release includes financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to be considered by users as supplemental information to the equivalent GAAP measures, to aid investors in better understanding the company’s financial results. The company believes that these non-GAAP measures provide useful perspective on underlying business results and trends, and a means to assess period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted.

The non-GAAP measures included in this press release are adjusted net income (loss) and adjusted diluted EPS. These non-GAAP measures exclude restructuring plan costs and the impact of European Union (EU) tariffs. Restructuring plan costs include restructuring expenses as presented in the consolidated statements of operations. The impact of EU tariffs include incremental EU tariffs imposed beginning in 2018 on the company’s products shipped from the U.S. and, beginning in 2021, on the company’s products shipped from Thailand. These non-GAAP measures, as well as a reconciliation of the comparable GAAP measure to these non-GAAP measures, are included later in this press release.


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,” “estimates,” “targets,” “intend,” “is on-track” 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 and the evolution of LiveWire as a standalone brand, successfully execute its remodeled approach to supply and inventory management, and strengthen its existing business while allowing for desirable growth; (B) mitigate the impact of the revocation of the Binding Origin Information (“BOI”) decisions that allowed the company to supply its European Union market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and favorably resolve risks and uncertainties related to the revocation of the BOI decisions including, among other: (1) uncertainties regarding the quantity and mix of motorcycles that the company imports into the EU; (2) whether the company will be granted temporary relief from the effect of the revocation of the BOI decisions; (3) whether the company will be successful in appealing the revocation of the BOI decisions; (4) uncertainties regarding the size and duration of the EU tariffs; and (5) whether and to what extent the company determines to attempt to pass on the impact of the revocation to dealers and its success in doing so; (C) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (D) successfully access the capital and/or credit markets on terms that are acceptable to the company and within its expectations; (E) successfully carry out its global manufacturing and assembly operations; (F) 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 Touring, large Cruiser and Trike, and growing its complementary businesses; (G) perform in a manner that enables the company to benefit from market opportunities while competing against existing and new competitors; (H) 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; (I) manage supply chain issues, including quality issues and any unexpected interruptions or price increases caused by raw material shortages or natural disasters; (J) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (K) realize expectations concerning market demand for electric models, which will depend in part on the building of necessary infrastructure; (L) successfully manage and reduce costs throughout the business; (M) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing political environment; (N) 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 independent dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (O) develop and maintain a productive relationship with Zhejiang Qianjiang Motorcycle Co., Ltd. and launch related products in a timely manner; (P) develop and maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (Q) manage and predict the impact that new or adjusted tariffs may have on the company’s ability to sell products internationally, and the cost of raw materials and components; (R) successfully maintain a manner in which to sell motorcycles in China and the company’s ASEAN countries that does not subject its motorcycles to incremental tariffs; (S) 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; (T) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (U) retain and attract talented employees, and eliminate personnel duplication, inefficiencies

and complexity throughout the organization; (V) prevent a cybersecurity breach involving consumer, employee, dealer, supplier, or company data and respond to evolving regulatory requirements regarding data security; (W) manage the credit quality, the loan servicing and collection activities, and the recovery rates of HDFS' loan portfolio; (X) 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; (Y) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (Z) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (AA) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations; (BB) manage its exposure to product liability claims and commercial or contractual disputes; (CC) continue to manage the relationships and agreements that the company has with its labor unions to help drive long-term competitiveness; and (DD) achieve anticipated results with respect to the company’s recently launched pre-owned motorcycle program, Harley-Davidson Certified, and the successful launch of the company’s H-D1 Marketplace.

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, or other factors. Other factors are described in risk factors that the company has disclosed in documents previously filed with the Securities and Exchange Commission. Many of these risk factors are impacted by the current changing capital, credit and retail markets and the company's ability to manage through inconsistent economic conditions.

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 independent dealers to sell its motorcycles and related products and services to retail customers. The company depends on the capability and financial capacity of its independent 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 independent 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 COVID-19, or other factors.

In recent years, HDFS has experienced historically low levels of retail credit losses, but there is no assurance that this will continue. 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. Refer to "Risk Factors" under Item 1A of the company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 23, 2021 and Part II, Item 1A of any subsequently filed Quarterly Report on Form 10-Q, for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Media Contact:
Jenni Coats

Financial Contact:
Shannon Burns
### (HOG-F)

Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
 Three months endedSix months ended
June 27,
June 28,
June 27,
June 28,
Motorcycles and Related Products revenue$1,331,500 $669,274 $2,563,607 $1,769,062 
Gross profit407,051 107,628 827,536 426,548 
Selling, administrative and engineering expense220,422 187,647 413,968 422,000 
Restructuring expense807 41,005 214 41,005 
Operating income (loss) from Motorcycles and Related Products185,822 (121,024)413,354 (36,457)
Financial Services revenue200,558 195,953 390,958 394,409 
Financial Services expense105,909 190,084 177,440 365,594 
Financial Services restructuring expense111 944 338 944 
Operating income from Financial Services94,538 4,925 213,180 27,871 
Operating income (loss)280,360 (116,099)626,534 (8,586)
Non-operating expense, net (4,301)(1,856)(10,330)(14,803)
Income (loss) before income taxes276,059 (117,955)616,204 (23,389)
Income tax provision (benefit)69,719 (25,738)150,720 (867)
Net income (loss)$206,340 $(92,217)$465,484 $(22,522)
Earnings (net loss) per share:
Basic$1.34 $(0.60)$3.03 $(0.15)
Diluted$1.33 $(0.60)$3.01 $(0.15)
Weighted-average shares:
Basic153,748 153,199 153,616 153,103 
Diluted155,093 153,199 154,794 153,103 
Cash dividends per share:$0.15 $0.02 $0.30 $0.40 


Harley-Davidson, Inc.
Reconciliation of GAAP Amounts to Non-GAAP Amounts
(In thousands, except per share amounts)
Three months endedSix months ended
June 27,
June 28,
June 27,
June 28,
Net income (loss) excluding restructuring plan costs and the impact of EU tariffs
Net income (loss) (GAAP)$206,340 $(92,217)$465,484 $(22,522)
Restructuring plan costs918 41,949 552 41,949 
Impact of EU tariffs15,758 5,677 18,719 15,907 
Tax effect of adjustments(a)
Adjustments net of tax12,720 34,429 14,708 42,614 
Adjusted net income (loss) (non-GAAP)$219,060 $(57,788)$480,192 $20,092 
Diluted EPS excluding restructuring plan costs and the impact of EU tariffs
Diluted EPS (GAAP)$1.33 $(0.60)$3.01 $(0.15)
Adjustments net of tax, per share0.08 0.22 0.10 0.28 
Adjusted diluted EPS (non-GAAP)$1.41 $(0.38)$3.11 $0.13 
(a)The income tax effect of has been computed using the estimated income tax rate for these adjustments


Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 27,
December 31,
June 28,
Current assets:
Cash and cash equivalents$1,741,968 $3,257,203 $3,856,597 
Accounts receivable, net263,453 143,082 271,431 
Finance receivables, net1,629,636 1,509,539 1,901,620 
Inventories, net457,648 523,497 429,339 
Restricted cash152,411 131,642 189,712 
Other current assets224,488 280,470 163,135 
4,469,604 5,845,433 6,811,834 
Finance receivables, net5,259,318 4,933,469 5,078,371 
Other long-term assets1,180,304 1,231,699 1,265,947 
$10,909,226 $12,010,601 $13,156,152 
Current liabilities:
Accounts payable and accrued liabilities$1,018,616 $848,118 $921,672 
Short-term deposits101,672 79,965 — 
Short-term debt749,037 1,014,274 1,547,388 
Current portion of long-term debt, net1,581,826 2,039,597 2,186,037 
3,451,151 3,981,954 4,655,097 
Long-term debt, net 4,745,024 5,932,933 6,488,499 
Other long-term liabilities528,779 372,929 388,851 
Shareholders’ equity2,184,272 1,722,785 1,623,705 
$10,909,226 $12,010,601 $13,156,152 


Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
Six months ended
 June 27,
June 28,
Net cash provided by operating activities$644,300 $610,203 
Cash flows from investing activities:
Capital expenditures(37,568)(67,026)
Finance receivables, net(350,136)(83,871)
Other investing activities2,425 (381)
Net cash used by investing activities(385,279)(151,278)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes— 1,396,602 
Repayments of medium-term notes (1,400,000)(1,400,000)
Proceeds from securitization debt597,411 2,064,450 
Repayments of securitization debt(664,685)(369,613)
Net (decrease) increase in unsecured commercial paper(262,452)831,354 
Net increase in credit facilities84 150,000 
Borrowings of asset-backed commercial paper— 225,187 
Repayments of asset-backed commercial paper(143,256)(143,306)
Net increase in deposits179,329 17,995 
Dividends paid(46,209)(61,917)
Repurchase of common stock(10,911)(7,156)
Issuance of common stock under employee stock option plans4,324 41 
Net cash (used) provided by financing activities(1,746,365)2,703,637 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,878)(382)
Net (decrease) increase in cash, cash equivalents and restricted cash$(1,494,222)$3,162,180 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$3,409,168 $905,366 
Net (decrease) increase in cash, cash equivalents and restricted cash(1,494,222)3,162,180 
Cash, cash equivalents and restricted cash, end of period$1,914,946 $4,067,546 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,741,968 $3,856,597 
Restricted cash 152,411 189,712 
Restricted cash included in Other long-term assets20,567 21,237 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$1,914,946 $4,067,546 


Motorcycles and Related Products Revenue and Motorcycle Shipment Data
Three months endedSix months ended
June 27,
June 28,
June 27,
June 28,
Motorcycles$1,029,709 $446,738 $2,046,043 $1,346,103 
Parts & Accessories222,670 168,708 372,529 303,393 
General Merchandise55,631 37,805 105,954 86,965 
Licensing8,872 4,903 14,384 12,932 
Other14,618 11,120 24,697 19,669 
$1,331,500 $669,274 $2,563,607 $1,769,062 
U.S. MOTORCYCLE SHIPMENTS36,118 11,051 76,271 44,075 
Touring24,333 9,709 51,649 31,306 
20,966 11,874 41,434 32,005 
Adventure Touring4,048 — 4,048 — 
Sportster® / Street
7,321 6,786 14,347 18,031 
56,668 28,369 111,478 81,342 
(a)Includes Softail®, CVOTM, and LiveWireTM

Motorcycles and Related Products Gross Profit

The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2020 to the second quarter of 2021 were as follows (in millions):
Three months endedSix months ended
2020 gross profit$108 $427 
Volume161 170 
Price and sales incentives, net of related costs23 
Foreign currency exchange rates and hedging17 25 
Shipment mix68 125 
Raw material prices(20)(21)
Manufacturing and other costs66 79 
299 401 
2021 gross profit$407 $828 


Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
Three months endedSix months ended
June 30,
June 30,
June 30,
June 30,
United States44,739 31,340 75,722 55,072 
Canada3,446 2,287 5,245 3,753 
Total North America48,185 33,627 80,967 58,825 
EMEA10,248 10,964 15,191 18,694 
Asia Pacific5,986 6,888 11,779 12,640 
Latin America855 1,233 1,572 2,992 
Worldwide retail sales65,274 52,712 109,509 93,151 
(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by Harley-Davidson 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.