$LVWR
LiveWire Group, Inc.

2022 Q4 Form 10-Q Financial Statement

#000119312522281225 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $9.218M $3.748M $0.00
YoY Change
Cost Of Revenue $6.942M $13.74M $12.90M
YoY Change -43.7% 56.17% 22.24%
Gross Profit $2.276M -$9.995M -$12.90M
YoY Change 321.48% 464.67% 992.88%
Gross Profit Margin 24.69% -266.64%
Selling, General & Admin $30.47M $21.99M $18.97M
YoY Change 48.76% 43.24% 4347.83%
% of Gross Profit 1338.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $684.0K $3.717M $1.350M
YoY Change -50.07% 190.39% 29.81%
% of Gross Profit 30.05%
Operating Expenses $30.47M $3.367M $676.1K
YoY Change 690.05% 8.03% 58.54%
Operating Profit -$28.19M -$3.367M -$19.36M
YoY Change 750.07% 8.03% 1104.92%
Interest Expense $1.214M -$3.000K $261.0K
YoY Change 3371.55% -110.38% 2177.31%
% of Operating Profit
Other Income/Expense, Net $5.033M $7.260M $12.51M
YoY Change -134.02% -15.28% -783.33%
Pretax Income -$21.94M -$20.95M $12.09M
YoY Change 17.89% -429.0% -638.54%
Income Tax -$192.0K -$4.000K $95.00K
% Of Pretax Income 0.79%
Net Earnings -$21.75M $3.892M $12.09M
YoY Change 16.86% -28.61% -638.54%
Net Earnings / Revenue -235.97% 103.84%
Basic Earnings Per Share $0.01 -$0.12
Diluted Earnings Per Share -$0.11 $0.01 $241.8K
COMMON SHARES
Basic Shares Outstanding 202.4M 161.0M shares 161.0M shares
Diluted Shares Outstanding 45.91M 161.0M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.2M $2.168M $337.1K
YoY Change 25709.72% 98.76% -72.59%
Cash & Equivalents $265.2M $240.3K $5.365M
Short-Term Investments
Other Short-Term Assets $4.625M $100.9M $131.8K
YoY Change 1756.16% 29476.85% -70.39%
Inventory $29.22M $33.61M $27.52M
Prepaid Expenses $3.700M $22.92K
Receivables $2.325M $3.798M $3.681M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $301.9M $140.5M $469.0K
YoY Change 23549.62% 9711.88% -72.01%
LONG-TERM ASSETS
Property, Plant & Equipment $31.57M $26.49M $23.07M
YoY Change 76.41%
Goodwill $8.327M
YoY Change 0.0%
Intangibles $1.809M
YoY Change -20.34%
Long-Term Investments $400.6M
YoY Change 0.1%
Other Assets $5.044M $3.011M $1.300M
YoY Change
Total Long-Term Assets $49.88M $262.1M $400.6M
YoY Change -87.54% -34.51% 0.1%
TOTAL ASSETS
Total Short-Term Assets $301.9M $140.5M $469.0K
Total Long-Term Assets $49.88M $262.1M $400.6M
Total Assets $351.8M $402.6M $401.0M
YoY Change -12.38% 0.24% -0.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.055M $17.62M $8.308M
YoY Change -21.71%
Accrued Expenses $20.34M $15.24M $14.14M
YoY Change 196.96% 383.75% 5028.05%
Deferred Revenue $163.0K
YoY Change -90.09%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.44M $134.0M $19.90M
YoY Change -16.94% 483.05% -32.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $246.0K $5.363M $13.13M
YoY Change -98.13% -59.14% 0.0%
Total Long-Term Liabilities $246.0K $5.363M $13.13M
YoY Change -98.13% -59.14% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.44M $134.0M $19.90M
Total Long-Term Liabilities $246.0K $5.363M $13.13M
Total Liabilities $45.01M $402.2M $33.02M
YoY Change -17.56% 1014.09% -22.63%
SHAREHOLDERS EQUITY
Retained Earnings -$22.44M -$30.46M
YoY Change -57.72%
Common Stock $20.00K $1.140K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $306.8M $452.0K -$32.55M
YoY Change
Total Liabilities & Shareholders Equity $351.8M $402.6M $401.0M
YoY Change -12.38% 0.24% -0.2%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income -$21.75M $3.892M $12.09M
YoY Change 16.86% -28.61% -638.54%
Depreciation, Depletion And Amortization $684.0K $3.717M $1.350M
YoY Change -50.07% 190.39% 29.81%
Cash From Operating Activities -$25.49M -$63.50M -$219.7K
YoY Change 40189.24% 45478.24% -49.03%
INVESTING ACTIVITIES
Capital Expenditures $5.154M $8.927M $3.230M
YoY Change 134.27% 134.3% 164.75%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.154M -$8.927M -$3.230M
YoY Change 134.3% 164.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 193.7M 172.6M 15.34M
YoY Change 824.07% 7.27%
NET CHANGE
Cash From Operating Activities -25.49M -63.50M -219.7K
Cash From Investing Activities -5.154M -8.927M -3.230M
Cash From Financing Activities 193.7M 172.6M 15.34M
Net Change In Cash 163.1M 100.2M -219.7K
YoY Change -257839.85% -72013.86% -49.03%
FREE CASH FLOW
Cash From Operating Activities -$25.49M -$63.50M -$219.7K
Capital Expenditures $5.154M $8.927M $3.230M
Free Cash Flow -$30.65M -$72.43M -$3.450M
YoY Change 1254.01% 1733.9% 108.95%

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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. </div><br/></div>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. </div></div>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.5
CY2022Q3 lvwr Underwriting Fee Per Unit Paid
UnderwritingFeePerUnitPaid
0.35
lvwr Stock Related Warrants Issued During The Periodshares
StockRelatedWarrantsIssuedDuringThePeriodshares
2500000
us-gaap Underwriting Income Loss
UnderwritingIncomeLoss
3748361
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q3 lvwr Minimum Common Stock Shares To Be Maintained
MinimumCommonStockSharesToBeMaintained
0.20
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11402888
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11402888
lvwr Percentage Of Proceeds From Share Issuances
PercentageOfProceedsFromShareIssuances
0.60
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
549
CY2021Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
400248942

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