Overview Key strengths Key risks Good leverage cushion relative to our 4x downgrade threshold. Financial policy that tolerates leverage of up to 3x to fund periodic distributions. Strong underlying bicycle ridership trends across its major markets in Europe and the U.S. Requires ongoing innovation and research and development (R&D) spending to remain competitive and maintain market share. Just-in-time manufacturing increases operational flexibility. High profit volatility and No. 2 position in the highly competitive bicycle component market. In 2023, the company's revenue declined by 46.2% year over year to $1.0 billion, and its S&P Global Ratings lease-adjusted EBITDA declined by over 50% to $235 million, as the bicycle component industry experienced an order flow and inventory correction. Bicycle component manufacturers experienced
