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Segment and Geographic Data | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment and Geographic Data | Segment and Geographic Data As described in Note 1, the Company’s product offering primarily consists of the Omnipod platform and drug delivery device based on the Omnipod platform. Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer (“CEO”) is the CODM as the CEO is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. The Company operates under one reportable segment. While decisions, allocations, and assessments are performed by the CODM using consolidated operating income, net income is also provided to the CODM. Geographic information about revenue, based on customer location, is as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
U.S. | $ | 1,548.2 |  |  | $ | 1,287.0 |  |  | $ | 942.3 |
International | 523.4 |  |  | 410.1 |  |  | 363.0 |
Total revenue | $ | 2,071.6 |  |  | $ | 1,697.1 |  |  | $ | 1,305.3 |
The following table presents selected financial information for the Company’s single operating segment, including significant expenses:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Total revenue | 2,071.6 |  |  | 1,697.1 |  |  | 1,305.3 |
Materials(1) | 296.7 |  |  | 261.3 |  |  | 198.0 |
Factory conversion(2) | 176.9 |  |  | 151.2 |  |  | 125.7 |
Depreciation and amortization(3) | 25.9 |  |  | 26.3 |  |  | 21.9 |
Other costs of revenue(4) | 126.4 |  |  | 98.4 |  |  | 154.1 |
Cost of revenue | 625.9 |  |  | 537.2 |  |  | 499.7 |
Labor(5) | 478.4 |  |  | 398.4 |  |  | 343.7 |
Outside services(6) | 260.5 |  |  | 225.4 |  |  | 157.6 |
Depreciation and amortization | 47.0 |  |  | 40.7 |  |  | 28.9 |
Other operating expenses(7) | 350.9 |  |  | 275.4 |  |  | 237.8 |
Operating income | 308.9 |  |  | 220.0 |  |  | 37.6 |
Interest expense, net | (3.2) |  |  | (7.6) |  |  | (26.7) |
Other (expense) income, net | (5.5) |  |  | 2.2 |  |  | (1.1) |
Income tax benefit (expense) | 118.1 |  |  | (8.3) |  |  | (5.2) |
Net income | $ | 418.3 |  |  | $ | 206.3 |  |  | $ | 4.6 |
(1) Consists of raw materials utilized included in cost of revenue. (2) Consists of manufacturing labor, factory overhead and depreciation of plant and equipment primarily at our Acton manufacturing plant. (3) Consists of depreciation and amortization included in cost of revenue, except for depreciation of plant and equipment included in factory conversion as described in Note 2. (4) Consists primarily of warranty expense, cost to manufacture Controllers/PDMs, provision for inventory reserves, cost of data plans and licensing, and costs to train users. (5) Consists of labor expenses included in research and development expenses and selling, general and administrative expenses, excluding stock-based compensation expense. (6) Consists primarily of contract labor and professional and consulting fees. (7) Consists primarily of advertising expense, license fees, stock-based compensation expense and travel and expenses. Geographic information about long-lived assets, net, excluding goodwill and other intangible assets is as follows:
| As of December 31,
(in millions) | 2024 |  | 2023
U.S. | $ | 475.9 |  |  | $ | 461.3 |
Malaysia | 159.1 |  |  | 113.7 |
China | 78.5 |  |  | 82.0 |
Other | 9.6 |  |  | 7.9 |
Total long-lived assets, net | $ | 723.1 |  |  | $ | 664.9 |

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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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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