v3.24.3
Segment Information and Geographic Data
 9 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Segment Information and Geographic Data

11. Segment Information and Geographic Data

Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM. These operating segments represent the Company's reportable segments.

 

The Company’s Chief Executive Officer, who has been identified as the CODM, primarily uses operating income as the measure of profit or loss to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the segments in a reasonable manner considering the specific facts and circumstances of the expenses being allocated.

 

Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reportable segments are presented below.

 

 

 

Fitness

 

 

Outdoor

 

 

Aviation

 

 

Marine

 

 

Auto OEM

 

 

Total

 

13-Weeks Ended September 28, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

463,887

 

 

$

526,551

 

 

$

204,631

 

 

$

222,244

 

 

$

168,709

 

 

$

1,586,022

 

Gross profit

 

 

283,325

 

 

 

358,693

 

 

 

154,138

 

 

 

122,433

 

 

 

33,010

 

 

 

951,599

 

Operating income (loss)

 

 

147,768

 

 

 

208,866

 

 

 

44,278

 

 

 

37,839

 

 

 

(1,276

)

 

 

437,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

352,976

 

 

$

433,997

 

 

$

198,160

 

 

$

182,248

 

 

$

110,150

 

 

$

1,277,531

 

Gross profit

 

 

190,685

 

 

 

270,774

 

 

 

148,364

 

 

 

95,186

 

 

 

23,560

 

 

 

728,569

 

Operating income (loss)

 

 

74,614

 

 

 

136,401

 

 

 

49,269

 

 

 

23,850

 

 

 

(13,765

)

 

 

270,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39-Weeks Ended September 28, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,235,182

 

 

$

1,332,617

 

 

$

639,739

 

 

$

821,933

 

 

$

444,871

 

 

$

4,474,342

 

Gross profit

 

 

723,375

 

 

 

885,646

 

 

 

478,131

 

 

 

449,472

 

 

 

80,006

 

 

 

2,616,630

 

Operating income (loss)

 

 

323,511

 

 

 

451,408

 

 

 

146,899

 

 

 

185,422

 

 

 

(29,327

)

 

 

1,077,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39-Weeks Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

932,561

 

 

$

1,210,773

 

 

$

629,195

 

 

$

677,026

 

 

$

296,196

 

 

$

3,745,751

 

Gross profit

 

 

484,759

 

 

 

755,800

 

 

 

463,774

 

 

 

365,162

 

 

 

71,311

 

 

 

2,140,806

 

Operating income (loss)

 

 

139,651

 

 

 

351,399

 

 

 

169,730

 

 

 

142,135

 

 

 

(51,209

)

 

 

751,706

 

Net sales to external customers by geographic region for the 13-week and 39-week periods ended September 28, 2024 and September 30, 2023 are presented below. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa.

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 28, 2024

 

 

September 30, 2023

 

 

September 28, 2024

 

 

September 30, 2023

 

Americas

 

$

724,572

 

 

$

628,157

 

 

$

2,181,266

 

 

$

1,881,710

 

EMEA

 

 

612,658

 

 

 

439,123

 

 

 

1,618,058

 

 

 

1,252,526

 

APAC

 

 

248,792

 

 

 

210,251

 

 

 

675,018

 

 

 

611,515

 

Net sales to external customers

 

$

1,586,022

 

 

$

1,277,531

 

 

$

4,474,342

 

 

$

3,745,751