what to expect in 2019 for harley daidson

MILWAUKEE, Jan. 28, 2020 /PRNewswire/ --Harley-Davidson, Inc.(NYSE:Squealer) today reported fourth quarter and full-year 2019 results. Fourth quarter earnings per share (EPS) was upwards yr-over-year and overall performance in the quarter and total-year was in line with visitor expectations. The company advanced its More than Roads to Harley-Davidson plan and is on-track to realize its expectation of significant growth in 2021.

2019 Highlights and Results

• Delivered 4th quarter GAAP diluted EPS of $0.09; up year-over-year
• Advanced More Roads program, on-runway for meaning 2021 growth
• Increased focus on rider commitment; in the U.South., 527,000 riders joined in 2019, upward year-over-year¹
• Tempered worldwide year-over-year retail sales rate of decline
• Completed steps to mitigate the majority of recent EU and China tariff impacts in 2020
• Completed fundamental milestones of the manufacturing optimization initiative and exceeded expected full-yr savings
• Repurchased $286.seven one thousand thousand of shares; increased dividends 1.4 percent versus prior year to $1.50 per share

Fourth quarter 2019 GAAP diluted EPS was $0.09. Yr-ago GAAP diluted EPS was $0.00. Excluding restructuring plan costs and the impact of contempo EU and China tariffs, adjusted quaternary quarter 2019 diluted EPS was $0.20 compared to $0.17 in the fourth quarter of 2018. Fourth quarter 2019 net income was $xiii.five million on consolidated revenue of $ane.07 billion versus cyberspace income of $0.v one thousand thousand on consolidated revenue of $ane.15 billion in the fourth quarter of 2018.

Total-year 2019 GAAP diluted EPS was $2.68. Twelvemonth-agone GAAP diluted EPS was $3.19. Excluding restructuring program costs and the bear upon of recent EU and Cathay tariffs, adjusted 2019 diluted EPS was $iii.36 compared to $3.78 in 2018. Total-year 2019 internet income was $423.6 million on consolidated acquirement of $5.36 billion versus cyberspace income of $531.5 one thousand thousand on consolidated revenue of $v.72 billion in 2018.

"Our performance in Q4 and the total year was in line with our expectations and indicative of increased business stability driven by the tremendous efforts of our employees and dealers," said Matt Levatich, president and chief executive officeholder of Harley-Davidson. "In 2019, we took important steps toward returning to significant growth in 2021 – including launching LiveWire, our kickoff electrical motorbike, optimizing our global dealer network and expanding our international footprint," said Levatich.

Strategy to Build Riders; Accelerated plan for growth

Harley-Davidson'due south strategy to build the side by side generation of Harley-Davidson riders globally is supported past these strategic objectives from 2017 through 2027: expand to 4 million full Harley-Davidson riders in the U.S., grow international business organization to 50 per centum of annual Harley-Davidson Motor Visitor (HDMC) revenue, launch 100 new loftier affect motorcycles, evangelize superior return on invested capital for HDMC (Southward&P 500 acme 25%) and grow its concern without growing its environmental touch on.

More Roads to Harley-Davidson is the company's accelerated program for growth that aims to evangelize sustainable growth and build committed riders from 2018 through 2022. The company is focusing investment and building new capabilities to invigorate the Harley-Davidson brand to spark passion that deepens passenger commitment. The visitor's More Roads plan leverages and integrates new products, broader admission, stronger dealers and amplifying the brand every bit catalysts to ignite and sustain momentum and evangelize growth.

The visitor plans to maintain its targeted investment and return profile and capital allocation strategy, while it funds strategic opportunities expected to drive meaning revenue growth and expand operating margin starting in 2021.

In 2019, Harley-Davidson connected to advance its More Roads program initiatives, including:

• Asserted its leadership in the electrification of motorcycles with the launch of LiveWire™, the visitor's starting time electric motorbike, and IRONe™, an electric-powered two-wheeler for kids
• Launched new high impact models and delivered significant technology to its class-leading model yr 2020 motorcycles to inspire new and existing riders
• Commissioned Thailand manufacturing facility and established a China distribution center, increasing customer admission with more competitive prices
• Improved and expanded global ecommerce and digital capabilities
• Advanced skilful-to-peachy dealers – meeting its customer experience and sales conversion targets
• Honed and accelerated efforts to amplify brand and build committed riders; more riders joined Harley-Davidson in the U.S. in 2019 compared to 2018 and the total puddle of Harley-Davidson riders in the U.S. grew to iii.ane million in 2019¹

"Nosotros see 2020 equally the pivotal year in the transformation of Harley-Davidson. This year we volition broaden the reach of our brand and build more than committed riders equally we enter new and growing segments in motorcycling and eBicycles; more and easier access to two-wheeled freedom on a Harley is well underway," said Levatich.

Manufacturing Optimization

Harley-Davidson exceeded full-year expected savings from its manufacturing optimization initiative, realizing savings of $32.2 million, ahead of its estimate of $25 1000000 to $xxx one thousand thousand and incurred costs of $43.0 meg in 2019. Aiming to further better its manufacturing operations and cost structure, the visitor initiated efforts in the first quarter of 2018 including closing its wheel manufacturing facility in Commonwealth of australia and consolidating its motorbike associates plant in Kansas City, Mo. into its plant in York, Pa. The company continues to expect almanac ongoing cash savings of $65 million to $75 one thousand thousand starting in 2021.

Harley-Davidson Retail Motorbike Sales

Vehicles	ivth Quarter			Total-Year
	2019	2018	Change	2019	2018	Change
U.Due south.	twenty,204	20,849	(3.1)%	125,960	132,868	(v.2)%
EMEA	seven,187	vii,353	(two.three)%	44,086	46,602	(5.iv)%
Asia Pacific	7,691	7,244	6.2 %	29,513	28,724	2.7 %
Latin America	2,513	2,515	(0.1)%	9,768	ten,167	(3.nine)%
Canada	ane,159	i,350	(14.ane)%	viii,946	ix,690	(seven.seven)%
International Full	18,550	18,462	0.v %	92,313	95,183	(3.0)%
Worldwide Total	38,754	39,311	(one.iv)%	218,273	228,051	(4.3)%

U.S. retail sales rate declines continued to temper. The year-over-year retail sales rate of decline in the quaternary quarter was the lowest in 12 quarters and the full-year retail sales charge per unit of turn down was the lowest since 2016. Fourth quarter 601+cc U.Due south. market share was up 1.0 percentage points, to l.four pct and full-twelvemonth market share was 49.1 percent, downward slightly versus 2018.

International retail sales were upwards slightly in the fourth quarter backside connected growth in emerging markets. Full-year international retail sales finished down iii.0 percentage. Harley-Davidson's full-year 601+cc Europe market share was 8.9 percent.

Motorcycles and Related Products Segment Results

$ in thousands	ivth Quarter			Full-Year
	2019	2018	Change	2019	2018	Change
Motorcycle Shipments (vehicles)	forty,454	43,489	(vii.0)%	213,939	228,665	(vi.4)%
Revenue	$874,095	$955,633	(8.5)%	$four,572,678	$four,968,646	(8.0)%
Motorcycles	$666,287	$738,167	(9.7)%	$iii,538,269	$3,882,963	(8.9)%
Parts & Accessories	$129,266	$142,168	(9.i)%	$713,400	$754,663	(five.5)%
General Merchandise	$57,187	$58,444	(two.2)%	$237,566	$241,964	(1.8)%
Gross Margin	25.two%	27.6%	(2.3) pts.	29.four%	32.5%	(3.2) pts.
Operating (Loss) Income	($46,460)	($59,543)	22.0%	$289,620	$422,363	(31.4)%
Operating Margin	(5.three)%	(6.2)%	0.nine pts.	6.three%	8.5%	(2.ii) pts.

Revenue from the Motorcycles and Related Products (Motorcycles) segment was downward in the fourth quarter and on a full-year basis. Total-yr operating income decreased primarily due to lower revenues and increased tariff costs, partially offset by lower SG&A and restructuring expense.

Fiscal Services Segment Results

$ in thousands	fourth Quarter			Full-Year
	2019	2018	Change	2019	2018	Alter
Acquirement	$198,176	$190,229	4.2%	$789,111	$748,229	5.5 %
Operating Income	$58,855	$63,286	(7.0)%	$265,988	$291,160	(viii.six)%

Financial Services segment full-year operating income of $266.0 million was downwardly 8.6 per centum.

Other Results

Greenbacks and marketable securities were $833.ix 1000000 at the end of the year, compared to $1.21 billion at the cease of 2018. Harley-Davidson generated $868.3 million of cash from operating activities in 2019 compared to $i.21 billion in 2018. The company paid a cash dividend of $0.375 per share in the fourth quarter, and a cumulative full of $1.l per share on a full-year basis. On a discretionary footing, Harley-Davidson repurchased ii.ii million shares of its common stock during the quarter for $78.seven meg, and 8.2 one thousand thousand shares for $286.vii million on a full-year ground. During the quarter, there were 154.nine meg weighted-boilerplate diluted common shares outstanding. At the end of the quarter, viii.2 1000000 shares remained on a board-canonical share repurchase authorization.

Harley-Davidson'southward full-year effective tax charge per unit was 24.0 percent.

2020 Outlook

For the full-year 2020, the company expects the post-obit:

• Motorcycles segment revenue of approximately $4.53 to $4.66 billion. In the offset quarter, the company expects Motorcycles segment revenue of approximately ane.09 to 1.17 billion
• Motorcycles segment operating margin as a percentage of revenue of approximately 7 to 8 percent
• Financial Services segment operating income approximately apartment year-over-year
• Effective tax rate of approximately 24 to 25 percent
• Capital expenditures of approximately $215 million to $235 meg

¹ Data and analysis based on IHS Markit Motorcycles in Operation (MIO) data for On-highway and Dual purpose bikes in the U.Southward. Snapshot based on data as of Dec. 31, 2019 compared to Dec. 31, 2018.

Company Background

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Fiscal Services. Since 1903, Harley-Davidson has fulfilled dreams of personal freedom with an expanding range of leading-edge, distinctive and customizable motorcycles in improver to riding experiences and exceptional motorcycle accessories, riding gear and clothes. Harley-Davidson Financial Services provides financing, insurance and other programs to help go Harley-Davidson riders on the road. Larn more about how Harley-Davidson is Building the Next Generation of Riders at world wide web.harley-davidson.com.

Webcast Presentation

Harley-Davidson will discuss fourth quarter and full-year 2019 results and its outlook on an audio webcast at 8:00 a.1000. CT today. The webcast login and supporting slides tin be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately ten:00 a.m. CT.

Not-GAAP Measures

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

The not-GAAP measures included in this press release are adapted net income and adjusted diluted EPS excluding restructuring plan costs and the bear upon of recent EU and Red china tariffs. Restructuring program costs include restructuring expenses as presented in the consolidated statements of income and costs associated with temporary inefficiencies incurred in connexion with the manufacturing optimization initiative included in Motorcycles and Related Products cost of goods sold. The impact of recent EU and Communist china tariffs includes incremental European Marriage and China tariffs imposed showtime in 2018 on the visitor's products shipped from the U.Southward., also as incremental U.S. tariffs imposed commencement in 2018 on certain items imported from Prc. The impact of contempo EU and China tariffs excludes higher metals cost resulting from the U.South. steel and aluminum tariffs. These adjustments are consequent with the approach used for 2018 to decide performance relative to fiscal objectives under the visitor's incentive compensation plans. A reconciliation of these non-GAAP measures from the comparable GAAP mensurate is included later in this press release.

Forward-Looking Statements

The company intends that certain matters discussed in this release are "forward-looking statements" intended to authorize for the safe harbor from liability established by the Private Securities Litigation Reform Human action of 1995. These forward-looking statements tin can generally exist identified as such because the context of the statement will include words such as the company "believes," "anticipates," "expects," "plans," "may," "will," "estimates," "is on-track" or words of like meaning. Similarly, statements that describe or refer to time to come expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments, or goals are as well forwards-looking statements. Such forward-looking statements are subject to sure risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated equally of the date of this 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 cautioned non to place undue reliance on such forward-looking statements. The frontwards-looking statements included in this release are simply made as of the date of this release, and the company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

The company's ability to come across the targets and expectations noted above depends upon, among other factors, the visitor's ability to (i) execute its business plans and strategies, including the elements of the More than Roads to Harley-Davidson accelerated programme for growth that the visitor disclosed on July thirty, 2018 and updated September 24, 2019, and strengthen its existing business organisation while enabling growth, (2) manage and predict the impact that new or adapted tariffs may have on the visitor'south ability to sell product internationally, and the cost of raw materials and components, (iii) execute its strategy of growing ridership, globally, (iv) successfully carry out its global manufacturing and assembly operations, (v) accurately clarify, predict and react to irresolute market weather and successfully adjust to shifting global consumer needs and interests, (half-dozen) successfully launch a smaller displacement motorcycle in India, (vii) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the visitor to generate desired sales levels and that provide the desired financial returns, (viii) perform in a manner that enables the company to benefit from market opportunities while competing against existing and new competitors, (nine) realize expectations apropos market demand for electric models, which will depend in office on the building of necessary infrastructure, (x) forbid, notice, and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, remember 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 inside expected costs and timing, (xi) manage supply chain issues, including quality bug and any unexpected interruptions or price increases caused by raw fabric shortages or natural disasters, (xii) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles, (13) reduce other costs to showtime costs of the More than Roads to Harley-Davidson plan and redirect capital without adversely affecting its existing business, (xiv) balance production volumes for its new motorcycles with consumer demand, (xv) manage risks that arise through expanding international manufacturing, operations and sales, (xvi) manage through changes in general economical and business conditions, including changing capital, credit and retail markets, and the changing political environment, (xvii) successfully decide, implement on a timely ground, and maintain a manner in which to sell motorcycles in the European Union, Red china, and ASEAN countries that does non subject its motorcycles to incremental tariffs, (xviii) accurately guess and conform to fluctuations in foreign currency commutation rates, interest rates and article prices, (xix) continue to develop the capabilities of its distributors and dealers, finer 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, (xx) retain and concenter talented employees, (xxi) prevent a cybersecurity alienation involving consumer, employee, dealer, supplier, or company information and reply to evolving regulatory requirements regarding information security, (xxii) manage the credit quality, the loan servicing and drove activities, and the recovery rates of HDFS' loan portfolio, (xxiii) arrange to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of whatever such reform on the company's business organization, (xxiv) manage through the effects inconsistent and unpredictable atmospheric condition patterns may have on retail sales of motorcycles, (xxv) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities, (xxvi) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations, (xxvii) manage its exposure to production liability claims and commercial or contractual disputes, (xxviii) successfully access the majuscule and/or credit markets on terms (including interest rates) that are adequate to the company and within its expectations, (xxix) manage its Thailand corporate and manufacturing functioning in a manner that allows the company to avail itself of preferential free merchandise agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets, (thirty) go on to manage the relationships and agreements that the company has with its labor unions to help drive long-term competitiveness, (xxxi) accurately predict the margins of its Motorcycles & Related Products segment in low-cal of, amid other things, tariffs, the toll associated with the More Roads to Harley-Davidson program, the company's manufacturing optimization programme, and the company'south complex global supply concatenation, and (xxxii) develop and maintain a productive relationship with Zhejiang Qianjiang Motorcycle Co., Ltd. and launch related products in a timely manner.

The company could experience delays or disruptions in its operations as a consequence of piece of work stoppages, strikes, natural causes, 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 hazard factors are impacted past the current irresolute majuscule, credit and retail markets and the company's ability to manage through inconsistent economical conditions.

The visitor's power to sell its motorcycles and related products and services and to meet its fiscal expectations also depends on the ability of the visitor'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'due south independent dealers and distributors may feel difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services every bit a result of atmospheric condition, economic atmospheric condition or other factors. In recent years, HDFS has experienced historically low levels of retail credit losses, but there is no balls that this volition proceed. The company believes that HDFS' retail credit losses may increase over time due to irresolute consumer credit behavior and HDFS' efforts to increment prudently structured loan approvals to sub-prime borrowers, besides as actions that the visitor has taken and could take that bear on motorcycle values. Refer to "Risk Factors" nether Item 1A of the company's Annual Report on Form 10-Grand for the year ended Dec 31, 2018, for a discussion of additional risk factors and a more than complete discussion of some of the cautionary statements noted in a higher place.

### (Sus scrofa-F)

Harley-Davidson, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
		(Unaudited)		(Unaudited)		(Unaudited)
		3 months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Motorcycles and Related Products revenue		$  874,095		$  955,633		$ 4,572,678		$ four,968,646
Gross turn a profit		220,639		263,577		one,342,880		i,616,850
Selling, administrative and engineering expense		266,428		303,763		1,020,907		1,101,086
Restructuring expense		671		19,357		32,353		93,401
Operating (loss) income from Motorcycles and Related Products		(46,460)		(59,543)		289,620		422,363
Financial Services revenue		198,176		190,229		789,111		748,229
Financial Services expense		139,321		126,943		523,123		457,069
Operating income from Fiscal Services		58,855		63,286		265,988		291,160
Operating income		12,395		3,743		555,608		713,523
Other income (expense), net		iv,657		1,530		16,514		3,039
Investment income (loss)		4,401		(1,679)		16,371		951
Interest expense		7,774		7,704		31,078		30,884
Income (loss) earlier income taxes		thirteen,679		(4,110)		557,415		686,629
Income tax provision (benefit)		183		(4,605)		133,780		155,178
Net income		$   13,496		$      495		$   423,635		$   531,451
Earnings per share:
Basic		$     0.09		$      -		$      two.70		$      3.21
Diluted		$     0.09		$      -		$      2.68		$      iii.19
Weighted-average shares:
Basic		153,947		162,073		157,054		165,672
Diluted		154,913		163,014		157,804		166,504
Greenbacks dividends per share:		$    0.375		$    0.370		$     1.500		$     1.480

Harley-Davidson, Inc.
Reconciliation of GAAP Amounts to Not-GAAP Amounts
(In thousands, except per share amounts)
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
		Three months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Internet income excluding restructuring program costs and the affect of recent EU and China tariffs
Net income (GAAP)		$   13,496		$      495		$   423,635		$   531,451
Restructuring programme costs		973		22,944		42,688		106,314
Impact of recent EU and China tariffs		twenty,881		13,363		97,852		23,675
Tax effect of adjustments(1)		(iv,568)		(eight,804)		(33,729)		(31,522)
Adjustments, internet of tax		17,286		27,503		106,811		98,467
Adjusted net income (not-GAAP)		$   30,782		$   27,998		$   530,446		$   629,918
Diluted EPS excluding restructuring programme costs and the impact of recent European union and Cathay tariffs
Diluted EPS (GAAP)		$     0.09		$      -		$      2.68		$      3.19
Adjustments net of tax, per share		0.xi		0.17		0.68		0.59
Adjusted diluted EPS (non-GAAP)		$     0.20		$     0.17		$      3.36		$      iii.78

⁽¹⁾ The income taxation effect of adjustments has been computed using the company'south effective income tax rate

Harley-Davidson, Inc.
Condensed Consolidated Remainder Sheets
(In thousands)
						(Unaudited)
						December 31,		Dec 31,
						2019		2018
ASSETS
Electric current avails:
Cash and cash equivalents						$   833,868		$ 1,203,766
Marketable securities						-		10,007
Accounts receivable, net						259,334		306,474
Finance receivables, net						2,272,522		2,214,424
Inventories, internet						603,571		556,128
Restricted cash						64,554		49,275
Other current assets						168,974		144,368
						4,202,823		four,484,442
Finance receivables, net						5,101,844		v,007,507
Other long-term avails						ane,223,492		1,173,715
						$x,528,159		$10,665,664
LIABILITIES AND SHAREHOLDERS' Disinterestedness
Current liabilities:
Accounts payable and accrued liabilities						$   876,668		$   885,991
Short-term debt						571,995		1,135,810
Current portion of long-term debt, internet						one,748,109		ane,575,799
						three,196,772		three,597,600
Long-term debt, net						5,124,826		iv,887,667
Pension and postretirement healthcare liabilities						128,651		202,229
Other long-term liabilities						273,911		204,219
Shareholders' equity						1,803,999		1,773,949
						$10,528,159		$10,665,664

Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
						(Unaudited)
						Twelve months ended
						December 31,		December 31,
						2019		2018
Net cash provided by operating activities						$   868,272		$ ane,205,921
Cash flows from investing activities:
Capital expenditures						(181,440)		(213,516)
Finance receivables, net						(347,605)		(427,148)
Acquisition of business						(7,000)		-
Other investing activities						27,919		(21,605)
Net greenbacks used by investing activities						(508,126)		(662,269)
Cash flows from financing activities:
Gain from issuance of medium-term notes						ane,203,236		1,591,828
Repayments of medium-term notes						(1,350,000)		(877,488)
Proceeds from securitization debt						1,021,453		-
Repayments of securitization debt						(353,251)		(257,869)
Net decrease in credit facilities and unsecured commercial paper						(563,453)		(135,356)
Borrowings of nugget-backed commercial paper						177,950		509,742
Repayments of asset-backed commercial paper						(318,006)		(212,729)
Dividends paid						(237,221)		(245,810)
Repurchase of mutual stock						(296,520)		(390,606)
Issuance of mutual stock under employee stock option plans						iii,589		3,525
Cyberspace greenbacks used by financing activities						(712,223)		(fourteen,763)
Issue of commutation rate changes on greenbacks, cash equivalents and restricted cash						(2,305)		(15,351)
Net (subtract) increase in cash, greenbacks equivalents and restricted cash						$  (354,382)		$   513,538
Greenbacks, cash equivalents and restricted cash:
Greenbacks, cash equivalents and restricted greenbacks, get-go of period						$ i,259,748		$   746,210
Net (subtract) increment in cash, cash equivalents and restricted cash						(354,382)		513,538
Cash, cash equivalents and restricted cash, finish of period						$   905,366		$ i,259,748
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and greenbacks equivalents						$   833,868		$ ane,203,766
Restricted cash						64,554		49,275
Restricted cash included in Other long-term avails						6,944		half-dozen,707
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows						$   905,366		$ ane,259,748

Adoption of New Bookkeeping Standards

On January i, 2019, the company adopted Bookkeeping Standards Update 2016-02 Leases using the modified retrospective method. Every bit a effect, the company recorded a right-of-use lease nugget of approximately $lx million and a corresponding lease liability.

Motorcycles and Related Products Revenue
and Motorbike Shipment Information
(Revenue in thousands)
		Three months ended				Twelve months ended
		December 31,		Dec 31,		December 31,		December 31,
		2019		2018		2019		2018
MOTORCYCLES AND RELATED PRODUCTS REVENUE
Motorcycles		$  666,287		$  738,167		$ 3,538,269		$ iii,882,963
Parts & Accessories		129,266		142,168		713,400		754,663
General Merchandise		57,187		58,444		237,566		241,964
Licensing		8,818		9,231		35,917		38,676
Other		12,537		vii,623		47,526		l,380
		$  874,095		$  955,633		$ 4,572,678		$ 4,968,646
Motorcycle SHIPMENTS
United States		22,845		24,376		124,326		132,433
International		17,609		nineteen,113		89,613		96,232
		40,454		43,489		213,939		228,665
Motorbike Production MIX
Touring		15,147		17,817		91,018		101,942
Cruiser(1)		16,685		16,578		76,052		78,529
Sportster®/ Street		8,622		9,094		46,869		48,194
		40,454		43,489		213,939		228,665
(one) Includes Softail®, CVOTM, and LiveWireTM
Worldwide Retail Sales of Harley-Davidson Motorcycles(1)
		Three months ended				Twelve months ended
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
United States		20,204		20,849		125,960		132,868
Europe(ii)		6,115		6,212		38,441		41,179
EMEA - Other		1,072		one,141		five,645		5,423
Total EMEA		7,187		7,353		44,086		46,602
Asia Pacific(three)		4,534		iv,303		17,753		xviii,429
Asia Pacific - Other		three,157		2,941		11,760		ten,295
Full Asia Pacific		vii,691		7,244		29,513		28,724
Latin America		ii,513		2,515		9,768		10,167
Canada		1,159		one,350		8,946		9,690
Total international retail sales		18,550		xviii,462		92,313		95,183
Total worldwide retail sales		38,754		39,311		218,273		228,051

(ane) Data source for retail sales figures shown to a higher place is new sales warranty and registration data provided by Harley-Davidson dealers and compiled past the visitor. 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 data is subject to revision.

(2) Europe data includes Austria, Belgium, Denmark, Finland, France, Deutschland, Greece, Italy, Grand duchy of luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United kingdom of great britain and northern ireland

(3) Asia Pacific data includes Japan, Australia, New Zealand and Korea

Motorcycle Registration Information(ane)
						Twelve months concluded
						Dec 31,		December 31,
						2019		2018
Us(2)						252,842		263,750
Europe(iii)						425,998		397,669

(1 ) Data includes on-road models with internal combustion engines with displacements greater than 600cc's and in the The states electric motorcycles with kilowatt tiptop power equivalents greater than 600cc's (601+cc). On-road 601+cc models include dual purpose models, three-wheeled motorcycles and autocycles. Registration data for Harley-Davidson Street®500 motorcycles is not included in this table.

(ii) Us manufacture data is derived from data provided by Motorcycle Industry Council. This tertiary-political party information is subject to revision and update.

(3) Europe information includes Austria, Kingdom of belgium, Denmark, Finland, French republic, Germany, Greece, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the Britain. Industry retail motorbike registration data includes 601+cc models derived from information provided past Association des Constructeurs Europeens de Motocycles, an contained agency. This third-political party data is subject area to revision and update.

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SOURCE Harley-Davidson, Inc.

Jenni Coats, jenni.coats@Harley-Davidson.com, 414.343.7902, Financial Contact: Shannon Burns, shannon.burns@Harley-Davidson.com, 414.343.8002

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Source: http://investor.harley-davidson.com/news-releases/news-release-details/harley-davidson-announces-fourth-quarter-full-year-2019-results

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