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Segment Information and Geographic Data
 3 Months Ended
Apr. 01, 2023
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 our 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.

 

As indicated in Note 1 to the condensed consolidated financial statements, the Company announced an organization realignment in January 2023, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the Company’s operating segments, which also represent our reportable segments, are fitness, outdoor, aviation, marine, and auto OEM. Results for the 13-week period ended March 26, 2022 have been recast below to conform with the current period presentation.

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 April 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

244,721

 

 

$

328,662

 

 

$

213,582

 

 

$

278,975

 

 

$

81,484

 

 

$

1,147,424

 

Gross profit

 

 

120,910

 

 

 

204,948

 

 

 

154,454

 

 

 

149,631

 

 

 

22,851

 

 

 

652,794

 

Operating income (loss)

 

 

10,578

 

 

 

76,743

 

 

 

57,695

 

 

 

71,908

 

 

 

(19,942

)

 

 

196,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended March 26, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

220,896

 

 

$

449,734

 

 

$

174,766

 

 

$

254,069

 

 

$

73,197

 

 

$

1,172,662

 

Gross profit

 

 

106,189

 

 

 

278,455

 

 

 

127,543

 

 

 

128,581

 

 

 

21,711

 

 

 

662,479

 

Operating income (loss)

 

 

580

 

 

 

152,810

 

 

 

40,127

 

 

 

58,882

 

 

 

(23,843

)

 

 

228,556

 

Net sales to external customers by geographic region were as follows for the 13-week period ended April 1, 2023 and March 26, 2022. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

 

 

13-Weeks Ended

 

 

 

April 1, 2023

 

 

March 26, 2022

 

Americas

 

$

611,704

 

 

$

570,634

 

EMEA

 

 

355,853

 

 

 

397,477

 

APAC

 

 

179,867

 

 

 

204,551

 

Net sales to external customers

 

$

1,147,424

 

 

$

1,172,662