LiveWire Group Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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17. Reportable Segments and Geographic Information
- Reportable Segments and Geographic Information
The Company operates intwo segments: Electric Motorcycles and STACYC. The Company’s reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations.
The Electric Motorcycles segment consists of the business activities related to the design and sales of electric motorcycles. The Electric Motorcycles segment also sells electric motorcycle parts, accessories, and apparel. The Company’s products are sold at wholesale to a network of independent dealers and at retail through a Company-owned dealership and through online sales, and direct to customers through select international partners primarily in Europe.
The STACYC segment consists of the business activities related to the design and sales of the STACYC brand of electric balance bikes for kids. The STACYC segment also sells electric balance bike parts, accessories and apparel. STACYC products are sold in the U.S., Canada, Australia and Europe. The STACYC segment products are sold through independent retail partners in the U.S. and Canada, including powersports dealers, H-D dealers, bicycle retailers and direct to customers online. In Australia and Europe, STACYC sells its products through independent distributors.
Selected segment information is set forth below for the years ended December 31, (in thousands):
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Electric Motorcycles | |||
| Electric motorcycles, parts and accessories and apparel revenue, net | $11,548 | $13,999 | $9,705 |
| Cost of goods sold | 27,297 | 23,268 | 22,006 |
| Selling, administrative and engineering expense | 100,862 | 79,836 | 57,996 |
| Operating loss | (116,611) | (89,105) | (70,297) |
| STACYC | |||
| Electric balance bikes, parts and accessories and apparel revenue, net | 26,475 | 32,834 | 26,101 |
| Cost of goods sold | 16,498 | 20,661 | 16,374 |
| Selling, administrative and engineering expense | 9,355 | 8,023 | 7,612 |
| Operating income | 622 | 4,150 | 2,115 |
| Operating loss | $(115,989) | $(84,955) | $(68,182) |
Additional segment information is set forth below as of December 31, (in thousands):
| Electric Motorcycles | STACYC | Consolidated | |
|---|---|---|---|
| 2023: | |||
| Assets | $232,981 | $33,166 | $266,147 |
| Goodwill | $7,668 | $659 | $8,327 |
| Depreciation and amortization | $5,312 | $520 | $5,832 |
| Capital expenditures | $13,453 | $9 | $13,462 |
| 2022: | |||
| Assets | $323,108 | $28,697 | $351,805 |
| Goodwill | $7,668 | $659 | $8,327 |
| Depreciation and amortization | $3,882 | $519 | $4,401 |
| Capital expenditures | $14,081 | $— | $14,081 |
| 2021: | |||
| Assets | $38,762 | $23,190 | $61,952 |
| Goodwill | $7,668 | $659 | $8,327 |
| Depreciation and amortization | $4,220 | $498 | $4,718 |
| Capital expenditures | $9,792 | $159 | $9,951 |
Customer Information - For the years ended December 31, 2023, 2022 and 2021, LiveWire generated more than 10% of its consolidated sales from the KTM customer group. These sales amounted to 31%,33%, and 17% for the years ended December 31, 2023, 2022 and 2021, respectively, and were included in the STACYC segment.
Geographic Information– Included in the Consolidated financial statements are the following amounts relating to geographic locations for the years ended December 31, (in thousands):
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Revenue, net (1, 3): | |||
| United States | $30,457 | $36,256 | $24,633 |
| Austria | 4,585 | 4,975 | $815 |
| Other countries | 2,981 | 5,602 | $10,358 |
| $38,023 | $46,833 | $35,806 | |
| Long-lived assets(2): | |||
| United States | $37,682 | $31,567 | $17,894 |
| International | — | — | — |
| $37,682 | $31,567 | $17,894 | |
(1)Revenue is attributed to geographic regions based on location of customer.
(2)Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, Segment Reporting, such as deferred income taxes.
(3)Prior year amounts have been reclassified to confirm to current year presentation.
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