Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Segment Reporting Information, by Segment

Selected segment information is set forth below (in thousands):


	Three months ended
	March 31, 2025		March 31, 2024
HDMC:
Revenue	$	1,081,505	$	1,476,106
Motorcycles and related products cost of goods sold	766,261		1,015,036
Gross profit	315,244		461,070
Selling, administrative and engineering expense:
People expenses(a)	81,308		103,130
Marketing and advertising expenses(b)	31,996		32,241
Other segment items(c)	85,668		87,254
Operating income	116,272		238,445
LiveWire:
Revenue	$	2,743	$	4,704
Motorcycles and related products cost of goods sold	4,524		8,645
Gross profit	(1,781)		(3,941)
Selling, administrative and engineering expense	18,028		25,300
Operating loss	(19,809)		(29,241)
HDFS:
Financial services revenue	244,961		248,797
Financial services interest expense	88,934		88,739
Financial services provision for credit losses	53,334		61,010
Selling and administrative expense	$	38,657	$	45,173
Operating income	64,036		53,875
Operating income	$	160,499	$	263,079

(a)People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation, primarily in the form of share-based awards.

(b)Marketing and advertising expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.

(c)Other segment items for HDMC include depreciation, warranty, maintenance and facilities costs, supplies and materials, and other professional services. These costs are all included in Selling, administrative and engineering expense.

Additional segment information is set forth below (in thousands):


	(Unaudited)				(Unaudited)
	March 31, 2025		December 31, 2024		March 31, 2024
Assets:
HDMC	$	3,522,422	$	3,630,710	$	3,462,927
LiveWire	$	128,254	$	147,960	$	237,088
HDFS	8,731,705		8,102,909		8,634,905
Consolidated	$	12,382,381	$	11,881,579	$	12,334,920


	Three months ended
	March 31, 2025		March 31, 2024
Depreciation and Amortization:
HDMC	$	36,259	$	36,962
LiveWire	$	3,085	$	2,326
HDFS	2,360		2,216
Consolidated	$	41,704	$	41,504


	Three months ended
	March 31, 2025		March 31, 2024
Capital expenditures:
HDMC	$	29,322	$	42,683
LiveWire	$	613	$	3,239
HDFS	38		434
Consolidated	$	29,973	$	46,356