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SEGMENTS | 9 Months Ended
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May 31, 2024
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS The Company and its subsidiaries are principally engaged in the international operation of membership shopping in 54 warehouse clubs located in 12 countries and one U.S. territory that are located in Central America, the Caribbean and Colombia. In addition, the Company operates distribution centers and corporate offices in the United States. The Company has aggregated its warehouse clubs, distribution centers and corporate offices into reportable segments. The Company’s reportable segments are based on management’s organization of these locations into operating segments by general geographic location, which are used by management in setting up management lines of responsibility, providing support services, and making operational decisions and assessments of financial performance. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations. Certain revenues, operating costs and inter-company charges included in the United States segment are not allocated to the segments within this presentation, as it is impractical to do so, and they appear as reconciling items to reflect the amount eliminated on consolidation of intersegment transactions. From time to time, the Company revises the measurement of each segment's operating income and net income, including certain corporate overhead allocations, and other measures as determined by the information regularly reviewed by management. When the Company does so, the previous period amounts and balances are reclassified to conform to the current period's presentation. The following tables summarize by segment certain revenues, operating costs and balance sheet items (in thousands):
|  | United States Operations |  | Central American Operations |  | Caribbean Operations(1) |  | Colombia Operations |  | Reconciling Items(2) |  | Total
Three Months Ended May 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 11,587 |  |  | $ | 744,626 |  |  | $ | 333,219 |  |  | $ | 139,996 |  |  | $ | — |  |  | $ | 1,229,428 |
Intersegment revenues |  | 430,236 |  |  | 8,777 |  |  | 1,597 |  |  | 1,415 |  |  | (442,025) |  |  | — |
Depreciation, property and equipment |  | 1,470 |  |  | 11,036 |  |  | 4,967 |  |  | 3,656 |  |  | — |  |  | 21,129 |
Operating income |  | 1,636 |  |  | 54,874 |  |  | 22,915 |  |  | 3,289 |  |  | (32,805) |  |  | 49,909 |
Net income (loss) |  | (2,097) |  |  | 47,588 |  |  | 18,707 |  |  | 1,096 |  |  | (32,805) |  |  | 32,489 |
Capital expenditures, net |  | 5,515 |  |  | 17,216 |  |  | 10,270 |  |  | 2,511 |  |  | — |  |  | 35,512 |
Nine Months Ended May 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 30,107 |  |  | $ | 2,225,507 |  |  | $ | 1,016,608 |  |  | $ | 415,631 |  |  | $ | — |  |  | $ | 3,687,853 |
Intersegment revenues |  | 1,311,880 |  |  | 23,331 |  |  | 4,305 |  |  | 3,704 |  |  | (1,343,220) |  |  | — |
Depreciation, property and equipment |  | 4,177 |  |  | 31,734 |  |  | 14,664 |  |  | 10,539 |  |  | — |  |  | 61,114 |
Operating income |  | 19,481 |  |  | 173,086 |  |  | 72,965 |  |  | 11,498 |  |  | (105,290) |  |  | 171,740 |
Net income |  | 4,320 |  |  | 146,694 |  |  | 58,807 |  |  | 5,276 |  |  | (105,290) |  |  | 109,807 |
Long-lived assets (other than deferred tax assets) |  | 82,727 |  |  | 605,453 |  |  | 220,308 |  |  | 214,959 |  |  | — |  |  | 1,123,447 |
Goodwill |  | 8,982 |  |  | 24,159 |  |  | 10,041 |  |  | — |  |  | — |  |  | 43,182 |
Total assets |  | 222,690 |  |  | 1,060,211 |  |  | 438,578 |  |  | 299,219 |  |  | — |  |  | 2,020,698 |
Capital expenditures, net |  | 9,162 |  |  | 90,488 |  |  | 29,597 |  |  | 10,734 |  |  | — |  |  | 139,981 |
Three Months Ended May 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 6,347 |  |  | $ | 669,691 |  |  | $ | 316,201 |  |  | $ | 104,415 |  |  | $ | — |  |  | $ | 1,096,654 |
Intersegment revenues |  | 368,675 |  |  | 7,343 |  |  | 1,527 |  |  | 1,318 |  |  | (378,863) |  |  | — |
Depreciation, property and equipment |  | 1,302 |  |  | 9,349 |  |  | 4,793 |  |  | 2,377 |  |  | — |  |  | 17,821 |
Operating income (loss) |  | 4,066 |  |  | 46,023 |  |  | 21,184 |  |  | 2,961 |  |  | (31,182) |  |  | 43,052 |
Net income (loss) attributable to PriceSmart, Inc. |  | 2,336 |  |  | 38,715 |  |  | 17,091 |  |  | 2,612 |  |  | (31,182) |  |  | 29,572 |
Capital expenditures, net |  | — |  |  | 24,384 |  |  | 6,850 |  |  | 12,423 |  |  | — |  |  | 43,657 |
Nine Months Ended May 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 23,687 |  |  | $ | 1,992,980 |  |  | $ | 956,032 |  |  | $ | 320,950 |  |  | $ | — |  |  | $ | 3,293,649 |
Intersegment revenues |  | 1,141,492 |  |  | 20,726 |  |  | 4,178 |  |  | 3,198 |  |  | (1,169,594) |  |  | — |
Depreciation, property and equipment |  | 4,158 |  |  | 27,073 |  |  | 14,216 |  |  | 7,052 |  |  | — |  |  | 52,499 |
Amortization, Intangibles |  | 765 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 765 |
Operating income (loss) |  | 24,622 |  |  | 152,786 |  |  | 71,161 |  |  | 12,491 |  |  | (108,681) |  |  | 152,379 |
Net income (loss) attributable to PriceSmart, Inc. |  | 9,440 |  |  | 127,163 |  |  | 56,799 |  |  | 9,103 |  |  | (108,681) |  |  | 93,824 |
Long-lived assets (other than deferred tax assets) |  | 70,733 |  |  | 543,410 |  |  | 212,112 |  |  | 188,471 |  |  | — |  |  | 1,014,726 |
Goodwill |  | 8,981 |  |  | 24,127 |  |  | 10,044 |  |  | — |  |  | — |  |  | 43,152 |
Total assets |  | 242,003 |  |  | 963,929 |  |  | 471,817 |  |  | 255,597 |  |  | — |  |  | 1,933,346 |
Capital expenditures, net |  | 8,829 |  |  | 52,695 |  |  | 14,219 |  |  | 21,737 |  |  | — |  |  | 97,480 |
As of August 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets (other than deferred tax assets) |  | $ | 71,919 |  |  | $ | 566,139 |  |  | $ | 210,000 |  |  | $ | 205,295 |  |  | $ | — |  |  | $ | 1,053,353 |
Goodwill |  | 8,981 |  |  | 24,083 |  |  | 10,046 |  |  | — |  |  | — |  |  | 43,110 |
Investment in unconsolidated affiliates |  | — |  |  | 10,479 |  |  | — |  |  | — |  |  | — |  |  | 10,479 |
Total assets |  | 302,115 |  |  | 995,881 |  |  | 425,145 |  |  | 282,467 |  |  | — |  |  | 2,005,608 |
(1)Management considers its club in the U.S. Virgin Islands to be part of its Caribbean operations. (2)The reconciling items reflect the amount eliminated on consolidation of intersegment transactions.

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