Balance Sheet Harley-Davidson, Inc.

Equities

HOG

US4128221086

Auto & Truck Manufacturers

Market Closed - Nyse Other stock markets 04:00:02 2025-01-24 pm EST			5-day change	1st Jan Change
28.39 ^USD	-1.18%		-2.24%	-5.77%

Jan. 24	Harley-Davidson Could Guide for Surprise 2025 Shipment Decline, UBS Says	MT
Jan. 24	Harley-Davidson Could See Decline in Shipments, US Sales, EPS in 2025, UBS Says	MT

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Published financial data: HARLEY-DAVIDSON, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	4.57B	3.26B	4.54B	4.93B	4.88B
Finance Div. Revenues	789M	790M	796M	821M	954M
Total Revenues	5.36B	4.05B	5.34B	5.76B	5.84B
Cost of Goods Sold, Total	3.22B	2.44B	3.24B	3.4B	3.32B
Finance Div. Operating Exp.	310M	334M	191M	297M	395M
Interest Expense - Finance Division	210M	246M	193M	218M	332M
Gross Profit	1.62B	1.04B	1.71B	1.84B	1.79B
Selling General & Admin Expenses, Total	1.01B	900M	871M	882M	932M
Other Operating Expenses, Total	1.01B	900M	871M	882M	932M
Operating Income	616M	138M	838M	954M	855M
Interest Expense, Total	-31.08M	-31.12M	-30.97M	-31.24M	-30.79M
Interest And Investment Income	16.37M	7.56M	6.69M	4.54M	46.77M
Net Interest Expenses	-14.71M	-23.56M	-24.28M	-26.7M	15.98M
Other Non Operating Income (Expenses)	-	-	-1.32M	3.07M	-4.18M
EBT, Excl. Unusual Items	602M	114M	812M	931M	867M
Restructuring Charges	-44.24M	-130M	-3.42M	544K	-
Merger & Related Restructuring Charges	-	-	-	-	-
Other Unusual Items	-	-	10.56M	-	-
EBT, Incl. Unusual Items	557M	-15.73M	819M	931M	867M
Income Tax Expense	134M	-17.03M	169M	192M	172M
Earnings From Continuing Operations	424M	1.3M	650M	739M	695M
Net Income to Company	424M	1.3M	650M	739M	695M
Minority Interest	-	-	-	2.19M	11.54M
Net Income - (IS)	424M	1.3M	650M	741M	707M
Net Income to Common Incl Extra Items	424M	1.3M	650M	741M	707M
Net Income to Common Excl. Extra Items	424M	1.3M	650M	741M	707M
Per Share Items
Net EPS - Basic	2.7	0.01	4.23	5.01	4.96
Basic EPS - Continuing Operations	2.7	0.01	4.23	5.01	4.96
Basic Weighted Average Shares Outstanding	157M	153M	154M	148M	142M
Net EPS - Diluted	2.68	0.01	4.19	4.96	4.87
Diluted EPS - Continuing Operations	2.68	0.01	4.19	4.96	4.87
Diluted Weighted Average Shares Outstanding	158M	154M	155M	149M	145M
Normalized Basic EPS	2.39	0.47	3.3	3.94	3.89
Normalized Diluted EPS	2.38	0.46	3.27	3.91	3.81
Dividend Per Share	1.5	0.44	0.6	0.63	0.66
Payout Ratio	56	5.25K	14.22	12.57	13.63
Supplemental Items
EBITDA	834M	324M	1B	1.11B	1.01B
EBITA	617M	139M	838M	955M	856M
EBIT	616M	138M	838M	954M	855M
EBITDAR	862M	350M	1.03B	1.13B	1.04B
Total Revenues (As Reported)	5.36B	4.05B	5.34B	5.76B	5.84B
Effective Tax Rate - (Ratio)	24	108.25	20.65	20.62	19.82
Current Domestic Taxes	88.9M	7.49M	149M	160M	148M
Current Foreign Taxes	23.33M	19.56M	28.27M	48.16M	53.67M
Total Current Taxes	112M	27.05M	177M	208M	202M
Deferred Domestic Taxes	19.16M	-42.36M	-5.96M	-20.07M	-24.99M
Deferred Foreign Taxes	2.38M	-1.72M	-1.71M	4.14M	-5.07M
Total Deferred Taxes	21.55M	-44.08M	-7.67M	-15.94M	-30.06M
Normalized Net Income	376M	71.42M	508M	584M	553M
Interest on Long-Term Debt	35.4M	53.9M	39.6M	69.1M	116M
Non-Cash Pension Expense	-11.17M	8.61M	-12.66M	-34.88M	-64.9M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	131M
Marketing Expenses	171M	135M	108M	106M	-
Selling and Marketing Expenses	171M	135M	108M	106M	131M
Research And Development Expense From Footnotes	216M	202M	175M	159M	159M
Net Rental Expense, Total	27.4M	26.7M	24.9M	25.3M	26M
Imputed Operating Lease Interest Expense	8.72M	2.22M	7.78M	8M	7.98M
Imputed Operating Lease Depreciation	18.68M	24.48M	17.12M	17.3M	18.02M
Stock-Based Comp., Other (Total)	33.73M	23.49M	42.16M	54.35M	82.9M
Total Stock-Based Compensation	33.73M	23.49M	42.16M	54.35M	82.9M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	471M	666M	1.08B	1.02B	1.13B
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	2K	47K	360K	-	-
Total Cash And Short Term Investments	471M	666M	1.08B	1.02B	1.13B
Accounts Receivable, Total	259M	143M	182M	252M	267M
Total Receivables	259M	143M	182M	252M	267M
Inventory	604M	523M	713M	951M	930M
Finance Division Loans and Leases Current	2.27B	1.51B	1.47B	1.78B	2.11B
Finance Division Other Current Assets, Total	449M	2.74B	944M	568M	539M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	148M	263M	167M	176M	186M
Total Current Assets	4.2B	5.85B	4.55B	4.75B	5.16B
Gross Property Plant And Equipment	-	-	-	-	-
Accumulated Depreciation	-	-	-	-	-
Net Property Plant And Equipment	850M	750M	697M	703M	777M
Long-term Investments	-	52.06M	49.65M	35.44M	34.54M
Goodwill	64.16M	65.98M	63.18M	62.09M	62.7M
Other Intangibles, Total	10.6M	9.63M	7.51M	6.39M	7.03M
Finance Division Loans and Leases Long-Term	5.1B	4.93B	5.11B	5.36B	5.38B
Finance Division Other Long-Term Assets, Total	59.15M	38.58M	36.16M	30.58M	24.23M
Deferred Tax Assets Long-Term	101M	159M	82.92M	135M	161M
Other Long-Term Assets, Total	139M	157M	458M	413M	525M
Total Assets	10.53B	12.01B	11.05B	11.49B	12.14B
Liabilities
Accounts Payable, Total	294M	291M	375M	378M	349M
Accrued Expenses, Total	462M	422M	487M	463M	512M
Current Portion of Long-Term Debt	9.18M	3.09M	-	-	-
Current Portion of Leases	19.01M	17.08M	17.37M	16.21M	18.68M
Finance Division Debt Current	2.32B	3.05B	2.29B	2.46B	2.13B
Finance Division Other Current Liabilities, Total	-	79.96M	72.15M	79.71M	253M
Current Income Taxes Payable	29.87M	24.24M	34.28M	51.73M	38.22M
Unearned Revenue Current, Total	-	-	18.29M	17.62M	23.36M
Other Current Liabilities	62.69M	90.77M	44.99M	72.73M	54.18M
Total Current Liabilities	3.2B	3.98B	3.34B	3.53B	3.38B
Long-Term Debt	743M	744M	745M	745M	746M
Long-Term Leases	44.45M	30.12M	29.9M	26.78M	51.85M
Finance Division Debt Non Current	4.38B	5.19B	3.85B	3.71B	4.24B
Finance Division Other Non Current Liabilities, Total	40.61M	47.96M	268M	309M	219M
Pension & Other Post Retirement Benefits	129M	114M	95.3M	67.96M	59.77M
Deferred Tax Liability Non Current	6.22M	7.17M	9.26M	28.18M	30.27M
Other Non Current Liabilities	183M	173M	157M	163M	152M
Total Liabilities	8.72B	10.29B	8.5B	8.59B	8.89B
Common Stock, Total	1.83M	1.68M	1.69M	1.7M	1.71M
Additional Paid In Capital	1.49B	1.51B	1.55B	1.69B	1.75B
Retained Earnings	2.19B	1.28B	1.84B	2.49B	3.1B
Treasury Stock	-1.35B	-588M	-597M	-935M	-1.3B
Comprehensive Income and Other	-537M	-483M	-241M	-342M	-305M
Total Common Equity	1.8B	1.72B	2.55B	2.9B	3.25B
Minority Interest	-	-	-	3.29M	-513K
Total Equity	1.8B	1.72B	2.55B	2.91B	3.25B
Total Liabilities And Equity	10.53B	12.01B	11.05B	11.49B	12.14B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	153M	153M	154M	146M	137M
ECS Total Common Shares Outstanding	152M	153M	154M	146M	136M
Book Value / Share	11.83	11.27	16.63	19.91	23.86
Tangible Book Value	1.73B	1.65B	2.48B	2.84B	3.18B
Tangible Book Value Per Share	11.34	10.77	16.17	19.44	23.35
Total Debt	7.52B	9.04B	6.94B	6.96B	7.2B
Net Debt	7.05B	8.32B	5.81B	5.9B	6.03B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.79M	-43.54M	-312M	-256M	-334M
Debt Equivalent Oper. Leases	219M	214M	199M	202M	208M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	3.29M	-513K
Account Code - Inventory Valuation	4	4	4	4	4
LIFO Reserve, Total	-56.43M	-54.08M	-84.12M	-116M	-125M
Inventories - Raw Materials, Total	235M	212M	348M	331M	389M
Inventories - Finished Goods, Total	425M	366M	449M	736M	666M
Land - (BS)	-	-	-	-	-
Buildings, Total	-	-	-	-	-
Machinery, Total	-	-	-	-	-
Full Time Employees	5.6K	5.15K	5.8K	6.3K	6.4K
Accumulated Allowance for Doubtful Accounts (Supple)	4.93M	3.74M	2.44M	2.89M	2.08M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	424M	1.3M	650M	741M	695M
Depreciation & Amortization - CF	217M	185M	165M	151M	157M
Amortization of Goodwill and Intangible Assets - (CF)	900K	1.1M	400K	800K	900K
Depreciation & Amortization, Total	218M	186M	165M	152M	158M
Amortization of Deferred Charges, Total - (CF)	86.15M	85.58M	99.92M	110M	98.23M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	14.68M	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Operating	-5.82M	532M	89M	-199M	-388M
Provision for Credit Losses	135M	182M	25.05M	-	-
Stock-Based Compensation (CF)	33.73M	23.49M	42.16M	54.35M	82.9M
Provision and Write-off of Bad Debts	-	-	-	145M	227M
Other Operating Activities, Total	21.93M	-10.14M	-26.47M	-67.37M	-143M
Change In Accounts Receivable	44.9M	128M	-53.46M	-82.38M	-11.44M
Change In Inventories	-47.58M	80.86M	-208M	-254M	21.26M
Change In Accounts Payable	-18.46M	-43.09M	174M	4.5M	28.57M
Change in Other Net Operating Assets	-37.29M	12.95M	18.3M	-56.35M	-14.06M
Cash from Operations	868M	1.18B	976M	548M	755M
Capital Expenditure	-181M	-131M	-120M	-152M	-207M
Cash Acquisitions	-7M	-	-	-	-
Investment in Marketable and Equity Securities, Total	10.01M	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-348M	42.8M	-341M	-624M	-303M
Other Investing Activities, Total	17.91M	21.46M	2.14M	2.49M	-2.18M
Cash from Investing	-508M	-66.78M	-459M	-773M	-512M
Short Term Debt Issued, Total	-	444M	-	16M	107M
Long-Term Debt Issued, Total	2.4B	3.69B	1.27B	2.77B	2.53B
Total Debt Issued	2.4B	4.13B	1.27B	2.79B	2.64B
Short Term Debt Repaid, Total	-	-	-260M	-	-
Long-Term Debt Repaid, Total	-2.58B	-2.76B	-3B	-2.7B	-2.49B
Total Debt Repaid	-2.58B	-2.76B	-3.26B	-2.7B	-2.49B
Issuance of Common Stock	3.59M	89K	-	-	-
Repurchase of Common Stock	-297M	-8.01M	-11.62M	-339M	-364M
Common Dividends Paid	-237M	-68.09M	-92.43M	-93.18M	-96.31M
Common & Preferred Stock Dividends Paid	-237M	-68.09M	-92.43M	-93.18M	-96.31M
Other Financing Activities, Total	-	79.95M	213M	139M	132M
Cash from Financing	-712M	1.37B	-1.88B	-202M	-175M
Foreign Exchange Rate Adjustments	-2.3M	18.71M	-15.27M	-19.52M	1.7M
Net Change in Cash	-354M	2.5B	-1.38B	-446M	69.63M
Supplemental Items
Cash Interest Paid	230M	246M	192M	232M	290M
Cash Income Tax Paid (Refund)	150M	30.68M	156M	244M	238M
Levered Free Cash Flow	295M	-787M	1.76B	676M	187M
Unlevered Free Cash Flow	229M	-853M	1.68B	586M	108M
Change In Net Working Capital	227M	1.02B	-1.07B	65.15M	460M
Net Debt Issued / Repaid	-182M	1.37B	-1.99B	91.15M	154M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.64	0.76	4.54	5.29	4.52
Return on Total Capital	4.12	0.86	5.17	6.16	5.26
Return On Equity %	23.68	0.07	30.4	27.08	22.57
Return on Common Equity	23.68	0.07	30.4	27.17	22.95
Margin Analysis
Gross Profit Margin %	30.25	25.6	32.02	31.92	30.61
SG&A Margin	18.76	22.2	16.32	15.33	15.96
EBITDA Margin %	15.56	7.98	18.79	19.22	17.36
EBITA Margin %	11.51	3.43	15.71	16.6	14.67
EBIT Margin %	11.5	3.4	15.7	16.58	14.65
Income From Continuing Operations Margin %	7.9	0.03	12.18	12.84	11.91
Net Income Margin %	7.9	0.03	12.18	12.88	12.11
Net Avail. For Common Margin %	7.9	0.03	12.18	12.88	12.11
Normalized Net Income Margin	7.01	1.76	9.51	10.15	9.48
Levered Free Cash Flow Margin	5.51	-19.4	33.03	11.75	3.21
Unlevered Free Cash Flow Margin	4.26	-21.03	31.52	10.18	1.86
Asset Turnover
Asset Turnover	0.51	0.36	0.46	0.51	0.49
Fixed Assets Turnover	6.32	5.33	7.37	8.22	7.89
Receivables Turnover (Average Receivables)	16.16	16.22	27.92	22.72	18.8
Inventory Turnover (Average Inventory)	5.55	4.32	5.25	4.09	3.53
Short Term Liquidity
Current Ratio	1.31	1.47	1.36	1.34	1.53
Quick Ratio	1.05	1.23	1.05	0.98	1.16
Operating Cash Flow to Current Liabilities	0.27	0.3	0.29	0.16	0.22
Days Sales Outstanding (Average Receivables)	22.58	22.56	13.07	16.06	19.41
Days Outstanding Inventory (Average Inventory)	65.74	84.68	69.57	89.21	103.32
Average Days Payable Outstanding