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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7. Additional Balance Sheet Information
- Additional Balance Sheet Information
Inventories, net consisted of the following as of December 31, (in thousands):
| 2023 | 2022 | |
|---|---|---|
| Raw materials and work in process | $486 | $48 |
| Electric motorcycles and electric balance bikes | 28,205 | 25,291 |
| Parts and accessories and apparel | 3,431 | 3,876 |
| Inventories, net | $32,122 | $29,215 |
Inventory valuation reserves deducted from cost were $3,539 thousand and $1,320 thousand as of December 31, 2023 and 2022, respectively.
Other current assets primarily include prepaid expenses of $1,905 thousand and $3,700 thousand as of December 31, 2023 and 2022, respectively.
Property, plant and equipment, net consisted of the following as of December 31, (in thousands):
| 2023 | 2022 | |
|---|---|---|
| Construction in progress | $6,697 | $26,362 |
| Tooling | 23,627 | 9,874 |
| Machinery and equipment | 5,147 | 3,488 |
| Software | 17,310 | 2,799 |
| Leasehold improvements | 2,023 | 1,635 |
| $54,804 | $44,158 | |
| Accumulated depreciation | (17,122) | (12,591) |
| Property, plant and equipment, net | $37,682 | $31,567 |
Depreciation was $4,531 thousand, $3,939 thousand and $4,256 thousand for the years ending December 31, 2023, 2022 and 2021, respectively. Software, net of accumulated amortization, included in Property, plant and equipment, net, was $14,395 thousand and $1,309 thousand as of December 31, 2023 and 2022, respectively. The Company had $4,933 thousand and $7,748 thousand related to purchases of property, plant and equipment included in Accrued liabilities as of December 31, 2023 and December 31, 2022, respectively. The Company had $3,651 thousand related to purchases of property, plant and equipment included in Accounts payable as of December 31, 2021.
Other long-term assets consisted primarily of capitalized implementation costs incurred in connection with cloud computing arrangements that do not include a license to internal-use software in accordance with Accounting Standards Update 2018-15.
Accrued liabilities consisted of the following as of December 31, (in thousands):
| 2023 | 2022 | |
|---|---|---|
| Payroll and employee benefits | $7,077 | $4,641 |
| Engineering | 5,215 | 4,377 |
| Warranty and recalls | 730 | 397 |
| Deferred revenue | 214 | 163 |
| Sales incentives | 78 | — |
| Taxes | 579 | 352 |
| Accrued capital expenditures | 4,933 | 7,748 |
| Other | 2,363 | 2,665 |
| Accrued liabilities | $21,189 | $20,343 |
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