XML 28 R11.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment and Geographic Data
 12 Months Ended
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)202420232022
U.S.$1,548.2 $1,287.0 $942.3 
International523.4 410.1 363.0 
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)202420232022
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 revenue625.9 537.2 499.7 
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 income308.9 220.0 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)20242023
U.S.
$475.9 $461.3 
Malaysia159.1 113.7 
China
78.5 82.0 
Other9.6 7.9 
Total long-lived assets, net
$723.1 $664.9