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Note 10 - Business Segment Information

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 10 - Business Segment Information

We report our results in two operating segments: Battery & Energy Products and Communications Systems. The Battery & Energy Products segment includes: Lithium 9-volt, cylindrical and various other non-rechargeable batteries, in addition to rechargeable batteries, uninterruptable power supplies, charging systems and accessories. The Communications Systems segment includes: RF amplifiers, power supplies, cable and connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, integrated communication systems for fixed or vehicle applications and communications and electronics systems design. We believe that reporting performance at the gross profit level is the best indicator of segment performance.

2022:

		Battery & Energy Products				Communications Systems				Corporate				Total
Revenue		$	119,995			$	11,845			$	-			$	131,840
Segment contribution			26,154				3,246				(29,271	)			129
Other expense, net											575				575
Income tax benefit											(326	)			(326	)
Non-controlling interest											(1	)			(1	)
Net loss attributable to Ultralife														$	(119	)
Total assets		$	117,017			$	29,424			$	21,989			$	168,430
Capital expenditures		$	1,371			$	81			$	227			$	1,679
Goodwill		$	25,935			$	11,493			$	-			$	37,428
Depreciation and amortization of intangible assets		$	3,761			$	261			$	437			$	4,459
Stock-based compensation		$	396			$	82			$	298			$	776

2021:

		Battery & Energy Products				Communications Systems				Corporate				Total
Revenue		$	87,083			$	11,184			$	-			$	98,267
Segment contribution			21,063				3,579				(24,607	)			35
Other expense											186				186
Income tax expense											79				79
Non-controlling interest											4				4
Net loss attributable to Ultralife														$	(234	)
Total assets		$	110,633			$	25,359			$	23,546				159,538
Capital expenditures		$	2,104			$	255			$	455			$	2,814
Goodwill		$	26,575			$	11,493				-			$	38,068
Depreciation and amortization of intangible assets		$	2,847			$	326			$	366			$	3,539
Stock-based compensation		$	298			$	125			$	248			$	671

Long-lived assets (comprised of property, plant and equipment; goodwill; and other intangible assets) held outside the U.S., principally in Canada, United Kingdom and China, were $24,405 and $26,762 as of December 31, 2022 and 2021, respectively.

The following tables disaggregate our business segment revenues by major source and geography.

Commercial and Government/Defense Revenue Information:

Year ended December 31, 2022:

		Total Revenue				Commercial				Government/ Defense
Battery & Energy Products		$	119,995			$	93,045			$	26,950
Communications Systems			11,845				-				11,845
Total		$	131,840			$	93,045			$	38,795
							71	%			29	%

Year ended December 31, 2021:

		Total Revenue				Commercial				Government/ Defense
Battery & Energy Products		$	87,083			$	63,516			$	23,567
Communications Systems			11,184				-				11,184
Total		$	98,267			$	63,516			$	34,751
							65	%			35	%

U.S. and Non-U.S. Revenue Information¹:

Year ended December 31, 2022:

		Total Revenue				United States				Non-United States
Battery & Energy Products		$	119,995			$	58,820			$	61,175
Communications Systems			11,845				9,094				2,751
Total		$	131,840			$	67,914			$	63,926
							52	%			48	%

Year ended December 31, 2021:

		Total Revenue				United States				Non-United States
Battery & Energy Products		$	87,083			$	43,298			$	43,785
Communications Systems			11,184				5,521				5,663
Total		$	98,267			$	48,819			$	49,448
							50	%			50	%

¹ Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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