LiveWire Group Inc
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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7. Additional Balance Sheet Information
- Additional Balance Sheet Information
Inventories, net consisted of the following (in thousands):
| 2024 | 2023 | |
|---|---|---|
| Raw materials and work in process | $— | $486 |
| Electric motorcycles and electric balance bikes | 24,862 | 28,205 |
| Parts and accessories and apparel | 2,080 | 3,431 |
| Inventories, net | $26,942 | $32,122 |
Inventory valuation reserves deducted from cost were $4,661 thousand and $3,539 thousand as of December 31, 2024 and 2023, respectively.
Other current assets primarily include prepaid expenses of $2,422 thousand and $1,905 thousand as of December 31, 2024 and 2023, respectively.
Property, plant and equipment, net consisted of the following as of December 31, (in thousands):
| 2024 | 2023 | |
|---|---|---|
| Construction in progress | $3,201 | $6,697 |
| Tooling | 27,438 | 23,627 |
| Machinery and equipment | 7,280 | 5,147 |
| Software | 18,632 | 17,310 |
| Leasehold improvements | 2,533 | 2,023 |
| $59,084 | $54,804 | |
| Accumulated depreciation | (25,072) | (17,122) |
| Property, plant and equipment, net | $34,012 | $37,682 |
Depreciation was $8,794 thousand, $4,531 thousand and $3,939 thousand for the years ending December 31, 2024, 2023 and 2022, respectively. Software, net of accumulated amortization, included in Property, plant and equipment, net, was $12,072 thousand and $14,395 thousand as of December 31, 2024 and 2023, respectively. The Company had $1,989 thousand, $4,933 thousand, and $7,748 thousand related to purchases of property, plant and equipment included in Accrued liabilities as of December 31, 2024, 2023, and 2022, respectively.
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):
| 2024 | 2023 | |
|---|---|---|
| Payroll and employee benefits | $5,757 | $7,077 |
| Accrued restructuring | 675 | — |
| Engineering | 2,614 | 5,215 |
| Warranty and recalls | 673 | 730 |
| Deferred revenue | 174 | 214 |
| Sales incentives | 737 | 78 |
| Taxes | 863 | 579 |
| Accrued capital expenditures | 1,989 | 4,933 |
| Other (1) | 4,478 | 2,363 |
| Accrued liabilities | $17,960 | $21,189 |
(1) For the year ended December 31, 2024, included in “Other” is an accrual for $1,802 thousand for an unfavorable arbitration ruling related to a supplier claim discussed in Note 14.
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