Q3 2024 LiveWire Group Inc Earnings Call Transcript
Key Points
- LiveWire Group Inc (LVWR) retained more on-road electric motorcycles in the US than any other brand in the 50+ HP segment, maintaining a 69% market share year-to-date.
- The company received positive recognition, with the Del Mar being awarded the best 2024 electric bike by MCN in September.
- LiveWire Group Inc (LVWR) plans to announce a new product segment at EICMA in November, which is expected to expand its addressable market and bring additional revenue streams.
- The company has taken significant actions to reduce cash burn by 40% next year, including centralizing operations in Milwaukee and reducing headcount by 30%.
- LiveWire Group Inc (LVWR) continues to focus on cost efficiencies and productivity, aiming to improve e-motorcycle product costs and reduce operating losses.
- LiveWire Group Inc (LVWR) faced a challenging market environment for EV products, with slower than anticipated adoption due to global political and economic uncertainty.
- The company revised its full-year guidance to 600 to 1,000 motorcycle units, indicating lower than expected retail demand.
- Consolidated revenue in the third quarter was down 26%, with HD MC revenue down 32%, impacting overall financial performance.
- The operating loss for the LiveWire segment increased by $1 million compared to the previous year, reflecting ongoing challenges in the business.
- Dealer inventory levels were down 13% relative to the end of Q2, and the company plans further reductions, indicating ongoing inventory management challenges.
Thank you for standing by and welcome to the Harley Davidson 2024 third quarter, investor and analyst conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Sean Collins. Thank you. Please go ahead.
Thank you. Good morning. This is Sean Collins, the Director of Investor Relations at Harley Davidson. You can access the slides supporting today's call on the internet at the Harley Davidson Investor Relations website. As you might expect our comments will include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include among others matters we have noted in today's earnings release and in our latest filings with the SCC.
Joining me for this morning's call are Harley Davidson, Chief Executive Officer JPY Zeitz, also Chief Financial Officer Jonathan Route and we have livewire, Chief Executive Officer Kare Denez with that. Let me turn it over to our CEO
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