Dates / venues subject to change or cancellation . (*) Some dates provisional . " Check before you buy "

Parts & Labor Custom Motorcycle Expo San Diego , CA , US • Jan 11-12 www . biltwellinc . com

Motorcycle & Powersports Show Vancouver , CN • Jan 17-19 www . motocanada . com

PSB Accelerate Conference Atlanta , US • Jan 19-22

Motor Bike Expo ( MBE ) Verona , IT • Jan 24-26 www . motorbikeexpo . it

MP Motorcycle Show Helsinki , FI • Jan 31-Feb 2 mp . messukeskus . com

Motorcycle & Powersports Show Calgary , CN • Jan 31-Feb 2 www . motocanada . com

Colorado Motorcycle Expo Denver , CO , US • Feb 1-2 coloradomotorcycleexpo . com

Garage Brewed Cincinnati , OH , US • Feb 1 www . garagebrewed . com

AIMExpo Las Vegas , NV , US • Feb 5-7 www . aimexpousa . com

Chopper Fest Ventura , CA , US • Feb 9 www . chopperfestival . com

Motorcycle & Powersports Show Toronto , CN • Feb 14-16 www . motocanada . com

Motorbeurs Utrecht , NL • Feb 20-23 www . motorbeursutrecht . nl

Mama Tried Milwaukee , WI , US • Feb 22-23 www . mamatriedshow . com

Motorräder Dortmund Dortmund , DE • Feb 27-Mar 2 www . zweiradmessen . de

Moto Festival Bern , CH • Feb 27-Mar2 www . motofestival . ch

Motorcycle & Powersports Show Montreal , CN • Feb 28-Mar 2 www . motocanada . com

Daytona Bike Week ( 83 ) Florida , US • Feb 28-Mar 9 www . officialbikeweek . com

Motosalon Brno , CZ • Mar www . bvv . cz / motosalon

Customs of Slovakia - Motocykel Bratislava , SK • Mar 7-10 www . incheba . sk

The Prowl Bizbee , AZ , US • Mar 15

Tokyo Motorcycle Show ( 52nd ) Tokyo , JP • Mar 28-30

Donnie Smith Invitation Bike Show ( 36th ) St . Paul , MN , US • Mar 29-30 www . donniesmithbikeshow . com

<<< Continued from cover

significant retail declines ," Kennison wrote . " They cited several reasons including the economy , the election , and weak showroom traffic ," he added . Barrett reported that " this follows the negative attention that Harley had received this summer including calls for boycotts of the company ' s products over diversity , equity and inclusion policies . Product recalls , labor unrest over additional manufacturing sent to Thailand , and a $ 287m court judgment against the company also made headlines ." Kennison says that " the company was in the news for all the wrong reasons , fueling frustration among stakeholders ." The Baird report stated that " by a margin of 71 % to 13 %, dealerships thought motorcycle inventory was too high [ rather ] than too low ." In Kennison ' s view " everyone is marking down product significantly . A race to the bottom ," and as a result Baird downgraded Harley stock to a Neutral rating . " We see value in the brand , but it is best to sit this ride out as pressure builds from riders , dealers and shareholders ." Harley shows Q3 dealer inventory as being at least 10,000 units higher than the year-ago ( 60,000 units vs . 50,000 ), and Zeitz continues to say that Harley expects " retail units sold and wholesale unit shipments " to be " balanced " by the end of 2024 . " Dealer inventory should be at similar levels as at the end of last year ," Zeitz had said , having claimed that this implied a reduction in dealer inventory of approximately 30 % versus the levels seen in the summer of 2024 . Q3 motorcycle shipments are put at having been around 27,500 , which is -39 % against the 45,300 shipped in Q3 of 2023 . The worldwide unit retail sales total of 36,200 units ( vs . 4,700 / -13 %) breaks down as 24,600 / -10 % for North America ; 6,100 / -23 % EMEA ; 4,800 / -16 % Asia Pacific and just 700 units in Latin America . Q3 consolidated sales ( HDI ) were -26 % at $ 1,514m . Revenue from motorcycles ( HDMC ) was put at $ 826m , down by -32 % from Q3 in 2023 , with P & A -6 %, Apparel + 13 % and licensing -59 %. The Tribeca , NYC based G & A and Licensing Creative Studio that was announced in February 2022 was finally closed with 25 people let go in April this year . The experiment was an unmitigated disaster with cash burned for no real gain . HDI operating income was -49 % at $ 106m . HDMC . HDMC gross margin was 30.1 % with operating income of just $ 55m ( -69 % from $ 175m in 2023 ), and Q3 operating margin for Q3 $ 6.3m vs .

$ 13.5m for the year-ago period . HDFS operating income increased by $ 17m in the third quarter , (+ 29 %). The result was driven by higher interest income and a lower provision for credit losses , partially offset by increased borrowing costs , where operating expenses were largely flat . LiveWire revenue for the third quarter decreased by -41 %, due to a decrease in STACYC third party branded distributor volumes . LiveWire ' s operating loss of $ 26m was $ 1m more than a year ago , largely in-line with our expectations . In an embarrassingly wide forecast LiveWire expects 2024 full year electric motorcycle unit sales of between 600 and 1,000 units with an Operating Loss of 105 to $ 115 . Harley generated $ 931m of cash from operating activities and repurchased $ 350m of shares ( 9.5 million shares ) on a discretionary basis ; cash and cash equivalents were at of $ 2.2bn at the end of the quarter . Harley-Davidson , Inc . capital investments are expected to have been in the range of $ 225 to $ 250m for the full year . For the full year 2024 , the Company now expects HDMC revenue down 14 to 16 % compared to 2023 with Operating Income margin between 7.5 and 8.5 % and Operating Income up + 5 to 10 % compared to 2023 .

Income statements in THREE MONTHS ENDED NINE MONTHS ENDED $ 1,000s ( except share ) 2024 Q3 2023 Q3 2024 Q3 2023 Q3

8 AMERICAN MOTORCYCLE DEALER - DECEMBER 2024 www . AMDmag . com