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Segment Information
 6 Months Ended
Jun. 26, 2021
Segment Reporting [Abstract]  
Segment Information

4. Segment Information

 

Garmin is organized in the six operating segments of fitness, outdoor, aviation, marine, consumer auto, and auto OEM. The fitness, outdoor, aviation, and marine operating segments represent reportable segments. The consumer auto and auto OEM operating segments, which serve the auto market, do not meet the quantitative thresholds to separately qualify as reportable segments, and they are therefore reported together in an “all other” category captioned as auto. Fitness, outdoor, aviation, marine, and auto are collectively referred to as our reported segments.

 

The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (CODM), uses operating income as the measure of profit or loss, combined with other measures, 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 manner appropriate to 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 reported segments are presented below, along with supplemental financial information for the auto OEM and consumer auto operating segments that management believes is useful.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

 

 

 

 

Fitness

 

 

Outdoor

 

 

Aviation

 

 

Marine

 

 

Total
Auto

 

 

Consumer
Auto

 

 

Auto
OEM

 

 

Total

 

13-Weeks Ended June 26, 2021

 

Net sales

 

$

413,201

 

 

$

323,405

 

 

$

180,832

 

 

$

261,790

 

 

$

147,677

 

 

$

86,278

 

 

$

61,399

 

 

$

1,326,905

 

Gross profit

 

 

225,192

 

 

 

208,158

 

 

 

131,934

 

 

 

152,609

 

 

 

62,958

 

 

 

42,261

 

 

 

20,697

 

 

 

780,851

 

Operating income (loss)

 

 

116,966

 

 

 

122,056

 

 

 

50,810

 

 

 

89,752

 

 

 

(8,412

)

 

 

15,684

 

 

 

(24,096

)

 

 

371,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended June 27, 2020

 

Net sales

 

$

294,642

 

 

$

206,200

 

 

$

126,140

 

 

$

157,827

 

 

$

85,058

 

 

$

55,270

 

 

$

29,788

 

 

$

869,867

 

Gross profit

 

 

156,817

 

 

 

133,189

 

 

 

92,036

 

 

 

93,470

 

 

 

39,918

 

 

 

26,917

 

 

 

13,001

 

 

 

515,430

 

Operating income (loss)

 

 

71,981

 

 

 

67,414

 

 

 

15,566

 

 

 

43,553

 

 

 

(10,125

)

 

 

4,237

 

 

 

(14,362

)

 

 

188,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26-Weeks Ended June 26, 2021

 

Net sales

 

$

721,326

 

 

$

579,859

 

 

$

354,721

 

 

$

471,163

 

 

$

272,163

 

 

$

148,673

 

 

$

123,490

 

 

$

2,399,232

 

Gross profit

 

 

398,737

 

 

 

379,833

 

 

 

258,116

 

 

 

273,989

 

 

 

111,732

 

 

 

74,225

 

 

 

37,507

 

 

 

1,422,407

 

Operating income (loss)

 

 

190,702

 

 

 

215,085

 

 

 

95,679

 

 

 

151,315

 

 

 

(31,950

)

 

 

24,084

 

 

 

(56,034

)

 

 

620,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26-Weeks Ended June 27, 2020

 

Net sales

 

$

518,242

 

 

$

381,302

 

 

$

314,739

 

 

$

320,832

 

 

$

190,860

 

 

$

114,283

 

 

$

76,577

 

 

$

1,725,975

 

Gross profit

 

 

269,142

 

 

 

245,447

 

 

 

230,844

 

 

 

187,680

 

 

 

89,257

 

 

 

55,029

 

 

 

34,228

 

 

 

1,022,370

 

Operating income (loss)

 

 

102,992

 

 

 

114,581

 

 

 

74,887

 

 

 

83,712

 

 

 

(10,300

)

 

 

7,450

 

 

 

(17,750

)

 

 

365,872

 

 

Net sales to external customers by geographic region were as follows for the 13-week and 26-week periods ended June 26, 2021 and June 27, 2020. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

 

 

13-Weeks Ended

 

 

26-Weeks Ended

 

 

 

June 26, 2021

 

 

June 27, 2020

 

 

June 26, 2021

 

 

June 27, 2020

 

Americas

 

$

646,393

 

 

$

423,091

 

 

$

1,150,085

 

 

$

850,491

 

EMEA

 

 

488,724

 

 

 

335,201

 

 

 

888,232

 

 

 

635,069

 

APAC

 

 

191,788

 

 

 

111,575

 

 

 

360,915

 

 

 

240,415

 

Net sales to external customers

 

$

1,326,905

 

 

$

869,867

 

 

$

2,399,232

 

 

$

1,725,975

 

 

Net property and equipment by geographic region as of June 26, 2021 and June 27, 2020 are presented below.

 

 

 

Americas

 

 

APAC

 

 

EMEA

 

 

Total

 

June 26, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$

498,448

 

 

$

341,136

 

 

$

118,340

 

 

$

957,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 27, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$

465,023

 

 

$

247,617

 

 

$

78,535

 

 

$

791,175