Harley Davidson SPAC Presentation Deck
APPENDIX
Supplemental Financial Information - Non-GAAP Reconciliation.
51
EBITDA ($ Million)
Net Income
(+) Income Tax
EBIT
(+) Depreciation & Amortization
EBITDA
Free Cash Flow ($ Million)
EBITDA
(-) Change in NWC
(-) Cash Taxes
(-) Capital Expenditures
Free Cash Flow
2021E (¹)
($60)
($60)
7
($53)
2021E (1)
($53)
($2)
($35)
($88)
2022E
($111)
($111)
13
($98)
2022E
($98)
($1)
($21)
($120)
2023E
($137)
($137)
25
($112)
2023E
($112)
($2)
($25)
($139)
2024E
($146)
Source: Management projections.
(1) 2021 financials include the impact of both Harley-Davidson branded LiveWire motorcycle shipments as well as LiveWire ONE motorcycle shipments to provide a full-year comparison.
($146)
32
($114)
2024E
($114)
($3)
($35)
($152)
2025E
($55)
($55)
36
($20)
2025E
($20)
($22)
($47)
($89)
2026E
$64
$64
43
$107
2026E
$107
($32)
($19)
$56
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