Align Technology, Inc. (Nasdaq: ALGN) today reported financial
results for the fourth quarter ("Q4'20") and year ended December
31, 2020. Q4'20 total revenues were $834.5 million, up 28.4%
year-over-year. Q4'20 Clear Aligner revenues were $700.7 million,
up 28.9% year-over-year and Q4'20 Imaging Systems and CAD/CAM
Services revenues were $133.8 million, up 26.0% year-over-year.
Q4'20 Clear Aligner volume was 568.0 thousand cases, up 37.3%
year-over-year. For the Americas and International regions, Q4'20
Clear Aligner volume was up 34.1% and up 41.1% year-over-year,
respectively. Q4'20 Clear Aligner volume for teenage patients was
160.9 thousand cases, up 38.7% year-over-year. Q4'20 operating
income of $213.2 million was up 41.0% year-over-year, resulting in
an operating margin of 25.5%. Q4'20 GAAP net income was $159.0
million, or $2.00 per diluted share. On a non-GAAP basis, Q4'20 net
income was $207.7 million, or $2.61 per diluted share.
Commenting on Align's Q4'20 and 2020 results,
Align Technology President and CEO Joe Hogan said, “Our fourth
quarter was a strong finish to the year -- with record revenues and
volumes from both Invisalign aligners and iTero scanners, as well
as increased gross margins, operating margins, EPS, and cash flow.
Our Q4 performance was driven by strong year-over-year growth
across customer channels and regions and continued momentum
sequentially. Q4 reflects increased Invisalign adoption from both
adults and teenagers, which were up 36.7% and 38.7% year-over-year,
respectively. Our Teen and Mom-focused consumer campaign generated
a +77% year-over-year increase in unique visitors to our website
and a 76% increase in leads generated. In addition, Invisalign
social media influencers like Charli D' Amelio, Marsai Martin,
Christina Milian, Tisha Campbell-Martin, Rachel Zoe, Tiffany Ma,
and Tahj Mowry continued to deliver exciting new content and
increased engagement for the Invisalign brand with consumers and
among their millions of followers.”
For 2020, total revenues were a record $2.5
billion, up 2.7% year-over-year. Record 2020 Clear Aligner revenues
were $2.1 billion, up 3.7% year-over-year and record Clear Aligner
volume was 1.6 million cases, up 7.0% year-over-year. 2020 Imaging
Systems and CAD/CAM Services revenues were $370.5 million, down
2.8% year-over-year. 2020 Invisalign cases for teenage patients
were 498.2 thousand, up 11.5% year-over-year. 2020 net income was
$1,775.9 million, or $22.41 per diluted share. On a non-GAAP basis,
2020 net income was $415.9 million, or $5.25 per diluted share.
Continued Hogan, “2020 was a year unlike any
other that we have experienced. The COVID-19 pandemic and its
impact have been life-changing – marked by loss and separation,
recovery and renewal, record highs and lows, and significant
milestones and accomplishments even in a time of huge disruption.
Despite the swift onset of the pandemic and uncertainty throughout
2020, we didn’t halt our plans or change our strategy for continued
growth. We completed the acquisition and integration of exocad;
accelerated our investments in marketing to create Invisalign brand
awareness and drive consumer demand for our doctors’ offices;
accelerated new technology to market with virtual tools that
enabled our doctors to stay connected with their patients; provided
PPE to those in need; and supported doctors and their teams with
online education and digital forums that went beyond products to
help them navigate the uncertainties of the pandemic. As a result
of our continued strategic focus and investments, we exited the
year stronger than we started and 2021 is off to a great
start.”
Financial Summary - Fourth Quarter Fiscal
2020
|
Q4'20 |
Q3'20 |
Q4'19 |
Invisalign Case Shipments 1 |
|
567,950 |
|
496,065 |
|
413,715 |
GAAP |
|
|
|
Net Revenues |
$834.5M |
$734.1M |
$649.8M |
Clear Aligner 2 |
$700.7M |
$620.8M |
$543.6M |
Imaging Systems & CAD/CAM Services |
$133.8M |
$113.4M |
$106.2M |
Net Income |
$159.0M |
$139.4M |
$121.3M |
Diluted
EPS |
$2.00 |
$1.76 |
$1.53 |
Non-GAAP |
Net Income |
$207.7M |
$177.9M |
$139.4M |
Diluted
EPS |
$2.61 |
$2.25 |
$1.76 |
Financial Summary - Fiscal 2020
|
|
2020 |
|
2019 |
Invisalign Case Shipments 1 |
|
1,645,335 |
|
1,525,415 |
GAAP |
|
|
Net Revenues |
$2,471.9M |
$2,406.8M |
Clear Aligner 2 |
$2,101.5M |
$2,025.8M |
Imaging Systems & CAD/CAM Services |
$370.5M |
$381.0M |
Net Income |
$1,775.9M |
$442.8M |
Diluted
EPS |
$22.41 |
$5.53 |
Non-GAAP |
Net Income |
$415.9M |
$478.3M |
Diluted
EPS |
$5.25 |
$5.97 |
1Invisalign shipments do not include
SmileDirectClub ("SDC ") aligners. 2 Clear Aligner revenues include
Invisalign clear aligners and SDC aligners. The supply agreement
with SDC terminated on December 31, 2019, and was not renewed.
As of December 31, 2020, Align had $960.8
million in cash and cash equivalents and marketable securities,
short-term, compared to $868.6 million as of December 31, 2019.
Additionally, we have $100.0 million remaining available for
repurchase of our common stock under our May 2018 Repurchase
Program.
2020 Announcement
Highlights:
- Align achieved a major milestone in
EMEA with the shipment to our 2 millionth Invisalign patient, that
we will amplify with an EMEA-wide campaign that will launch next
month. This milestone for EMEA reflects strong acceleration in
Invisalign adoption and growth.
- Align established its new global
corporate headquarters in Tempe, Arizona, effective January 1,
2021. The Company’s San Jose, California campus remains the hub for
its global innovation, product, and marketing organization and will
become home to its new Digital Innovation Center, currently under
construction.
- Align closed the acquisition of
privately held exocad, a global leader in the dental CAD/CAM
software market that offers fully integrated workflows to dental
labs and dental practices via a broad customer base of partners and
resellers in over 150 countries. The acquisition of exocad broadens
Align's digital platform reach by adding technology that addresses
restorative needs in an end-to-end digital platform workflow to
facilitate ortho-restorative and comprehensive dentistry. The
acquisition brings exocad's expertise in restorative dentistry,
implantology, guided surgery, and smile design to the Align
technology portfolio.
- Align celebrated its 1 millionth
Invisalign patient milestone in the Asia Pacific region. The 1
millionth Invisalign patient from the Asia Pacific region is Ayumu
Saito, a 23-year-old aspiring Olympic athlete from Japan who is a
modern pentathlon champion (2019), fencer, and fashion model. Ayumu
is in treatment with Dr. Koji Yokoya, head director at Aoyama Gaien
Orthodontics Dental Offices in Tokyo.
- Align announced an agreement with
the National Football League ("NFL") to make the
Invisalign brand the Official Clear Aligner Sponsor of
the NFL. Through this agreement, the Invisalign brand will
connect doctors, patients, and consumers through an extended
network of NFL sponsored channels and support a variety
of community initiatives championed by NFL Clubs, including
youth-focused programs. This agreement builds on Align's previously
announced Club sponsorship agreements with the New England
Patriots and the San Francisco 49ers and expands the
Invisalign brand's "Official Smile" designation to 11
individual NFL Clubs with the Dallas Cowboys, New
Orleans Saints, Green Bay Packers, New York
Giants, Kansas City Chiefs, Houston
Texans, Philadelphia Eagles, Tampa Bay
Buccaneers, and the Chicago
Bears.
- Align announced a multi-year
partnership with the New Orleans Saints, making the Invisalign
brand the "Official Smile" partner of the Saints. The collaboration
will focus on building awareness and generating demand for
Invisalign treatment across social and digital platforms to engage
consumers and highlight the benefits of in-office, doctor-delivered
clear aligner treatment. Additionally, the Invisalign brand and the
Saints have teamed up with defensive end Cam Jordan to
bring more smiles to teens and young adults through the Youth
Empowerment Project ("YEP").
- Align announced the global launch
of the Align Digital and Practice Transformation ("ADAPT") service
for Invisalign and iTero doctors. ADAPT is an expert and
independent fee-based business consulting service offered by Align
to optimize practices' operational workflow and processes to
enhance patients' experiences and customer and staff satisfaction,
which will, in turn, translate into higher growth and greater
efficiencies for orthodontic practices. The goal of ADAPT is to
support digital practice transformation for Invisalign doctors and
their staff.
- Align awarded nine research grants
totaling $225,000 under the Company's eleventh Annual Research
Award Program. The funded research studies cover a wide range of
topics for projects seeking to better understand treatment in
orthodontics and dentistry. The global interest in research of
dental and orthodontic treatment continues to grow, as evidenced by
the increasing number of applications Align receives each
year from universities worldwide.
- Align announced the 2 millionth
Invisalign teen patient, reflecting accelerating adoption in the
largest segment of the orthodontic market. The 2 millionth teen
Invisalign patient, Kaitlynn Ratliff, is a student and athlete
who started her Invisalign treatment in January 2020. She's
being treated by Dr. Tom Hartsock of Hartsock and Sword
Orthodontics in Pikeville, Kentucky. Dr. Hartsock is
an Invisalign provider who specializes in teen treatment with
Invisalign aligners and with the iTero scanner.
- Align announced our partnership
with MedTech Innovator Asia Pacific, the premier nonprofit startup
accelerator in the medical technology industry. MedTech
Innovator matches healthcare industry leaders with innovative
medtech startups for mentorship and support. Support for the
program underscores Align's commitment to advancing health
solutions and improving the lives of patients in the Asia Pacific
Region.
- Align announced the following
contributions towards relief efforts in response to COVID-19:-
Pledged RMB 1 million donation to the Chinese Red Cross Foundation
to support its ongoing prevention and control efforts for the
outbreak in China. - The Align Technology Foundation, Align's
donor-advised fund through Fidelity Charitable, pledged US $1
million donation to support relief efforts globally. In addition,
Align donated personal protective equipment (PPE) such as N95
masks, working with partners to source supplies for any additional
PPE to help hospitals and healthcare providers treating patients
with COVID-19. As the world's largest manufacturer of custom
3D-printed materials, Align also reached out to public and private
sector organizations to offer its technology expertise and counsel
on ways to reduce the scarcity of parts and materials for public
health needs.
Product
- Align announced the launch of the
iTero Element Plus Series next generation of scanners and imaging
systems. The Series of new solutions feature advanced technology
and capabilities designed to improve the scanning experience,
increase practice productivity, and drive higher patient treatment
conversion. The new iTero Element Plus Series of scanners and
imaging systems builds on the success of the award-winning iTero
Element family of scanners and offers all of the existing
orthodontic and restorative digital capabilities doctors have come
to rely on — plus faster processing time and advanced visualization
capabilities for a seamless scanning experience in a new sleek,
ergonomically designed package. Available in both cart and mobile
configurations, the iTero Element Plus Series offers increased
flexibility and mobility. The mobile configuration makes the power
of the iTero Element Plus Series portable with a medical grade,
compact mobile scanner solution that delivers the same high-quality
images as the cart configuration.
- Align announced the launch and then
the global commercial availability of Invisalign G8 with
SmartForce® Aligner Activation, the latest of the Company's
biomechanics innovations. Invisalign G8 with SmartForce Aligner
Activation is informed by the Company's foundational biomechanics
for clear aligners and its database of more than 9 million
Invisalign patients to optimize tooth movements and further improve
predictability for frequently treated crowding, crossbite, and deep
bite cases.
- Align announced the commercial
availability of its previously announced ClinCheck™ Pro 6.0
proprietary treatment planning software, which was featured at the
Align APAC Virtual Symposium on October 16, a fully digital event
that showcased digital treatment techniques and featured
practitioners from across the Asia Pacific region. ClinCheck Pro
6.0 software provides doctors with a 3D model of planned tooth
movements throughout Invisalign treatment. ClinCheck Pro 6.0
software moves Invisalign digital treatment planning to the cloud,
making its robust ClinCheck treatment planning tools and features
available to doctors anytime, anywhere, on any laptop, personal
computer, or tablet. The release includes the new ClinCheck
"In-Face" Visualization tool, an enhanced doctor-facing digital
clinical tool that combines a photo of the patient's face with
their 3D Invisalign treatment plan, creating a personalized view of
how their new smile could look.
- Align introduced virtual solutions
to connect doctors and existing Invisalign patients for continuity
of care. Invisalign® Virtual Appointment and
Invisalign® Virtual Care represent the next level in practice
and care transformation, enabling doctors to manage a range of
practice services even when they are not in the same physical
location as their patients.
- Align announced the launch of
Invisalign Stickables, innovative sticker accessories exclusively
for use with the patented SmartTrack® material in Invisalign clear
aligners designed to personalize Invisalign clear aligners.
Available in an array of designs, colors, shapes, and themes,
Invisalign Stickables are a cool, engaging, and fun way for
patients to show their personal flair during Invisalign treatment.
Invisalign Stickables patent-pending accessories are available in
the U.S. and Canada and are expected to be introduced in
other countries in 2021. Invisalign providers can purchase
Invisalign Stickables through the Webstore in Invisalign Doctor
Site. Invisalign Stickables are also available to Invisalign
patients at participating doctor offices or online through the
Invisalign accessories
site https://www.invisalignaccessories.com/.
- Align announced that the iTero
Element 5D Imaging System was awarded "Best New Technology Solution
for Dentistry" from MedTech Breakthrough, an independent market
intelligence organization that recognizes the top technology
product companies in the global health and medical technology
market. The iTero Element 5D, the latest innovation in the iTero
product portfolio, is the first integrated dental imaging system
that simultaneously records 3D intra-oral optical impressions, 2D
color images, and Near Infrared images (NIRI).
- Align launched ClinCheck® "In-Face"
visualization tool for the Invisalign Go system, Align's innovative
tooth movement system designed for general dentists. The ClinCheck
In-Face Visualization tool enhances the digital treatment planning
experience for doctors and their patients by incorporating a
front-facing smile image of a patient's face into their ClinCheck
treatment plan.
- Received U.S. Food and Drug
Administration (FDA) 510(K) clearance for the award-winning
iTero Element 5D Imaging System for commercial availability
in the United States. The iTero Element 5D Imaging System
expands the suite of existing high-precision, full-color imaging
and fast scan times of the iTero Element intraoral scanner
portfolio with a new clinical approach, optimized orthodontic and
restorative dental workflows, and an improved doctor
experience.
Align Web Cast and Conference
CallAlign will host a conference call today, February 3,
2021, at 4:30 p.m. ET, 2:30 p.m. MT, to review its fourth quarter
and full-year 2020 results, discuss future operating trends and the
business outlook. The conference call will also be webcast live via
the Internet. To access the webcast, go to the "Events &
Presentations" section under Company Information on Align's
Investor Relations web site at http://investor.aligntech.com. To
access the conference call, please dial 201-689-8261. An archived
audio webcast will be available beginning approximately one hour
after the call's conclusion and will remain available for
approximately one month. Additionally, a telephonic replay of the
call can be accessed by dialing 877-660-6853 with conference number
13714292 followed by #. For international callers, please dial
201-612-7415 and use the same conference number referenced above.
The telephonic replay will be available through 5:30 p.m. ET on
February 17, 2021.
About Non-GAAP Financial
MeasuresTo supplement our condensed consolidated financial
statements, which are prepared and presented in accordance with
generally accepted accounting principles in the United States
("GAAP"), we may provide investors with certain non-GAAP financial
measures for gross profit, gross margin, operating expenses, income
from operations, operating margin, interest income and other income
(expense), net, net income before provision for (benefit from)
income taxes, effective tax rate, net income and diluted net income
per share, which exclude certain items that may not be indicative
of our fundamental operating performance including discrete cash
and non-cash charges or gains that are included in the most
directly comparable GAAP measure. Non-GAAP measures will exclude
the effects of stock-based compensation, amortization of acquired
intangibles, non-cash deferred tax assets and associated
amortization related to the intra-entity transfer of non-inventory
assets, acquisition-related costs, impairments and other (gains)
charges, and litigation settlement gains, and, if applicable, any
associated tax impacts.
We use non-GAAP financial measures for financial
and operational decision-making and as a means to evaluate
period-to-period comparisons. Our management believes that these
non-GAAP financial measures provide meaningful supplemental
information regarding our recurring core operating performance. We
believe that both management and investors benefit from referring
to these non-GAAP financial measures in assessing our performance
and when planning, forecasting, and analyzing future periods. These
non-GAAP financial measures also facilitate management's internal
evaluation of period-to-period comparisons. We believe these
non-GAAP financial measures are useful to investors both because
(1) they allow for greater transparency with respect to key metrics
used by management in its financial and operational decision-making
and (2) they will be provided to and used by our institutional
investors and the analyst community to help them analyze the
performance of our business.
There are limitations to using non-GAAP
financial measures, though, because they are not prepared in
accordance with GAAP and may be different from non-GAAP financial
measures used by other companies. The non-GAAP financial measures
are limited in value because they exclude certain items that may
have a material impact upon our reported financial results. In
addition, they are subject to inherent limitations as they reflect
the exercise of judgments by management about which charges are
excluded from the non-GAAP financial measures. We compensate for
these limitations by analyzing current and future results on a GAAP
as well as a non-GAAP basis and also by providing GAAP measures in
our public disclosures. The presentation of non-GAAP financial
information is meant to be considered in addition to, not as a
substitute for or in isolation from, the directly comparable
financial measures prepared in accordance with GAAP. We urge
investors to review the reconciliation of our GAAP financial
measures to the comparable Non-GAAP financial measures included in
this presentation and not to rely on any single financial measure
to evaluate our business. For more information on these non-GAAP
financial measures, please see the table captioned "Unaudited GAAP
to Non-GAAP Reconciliation."
About Align Technology,
Inc.Align Technology designs and manufactures the
Invisalign® system, the most advanced clear aligner system in the
world, iTero® intraoral scanners and services, and exocad CAD/CAM
software. Align has helped treat over 9.6 million patients with the
Invisalign system and is driving the evolution in digital dentistry
with the iTero intraoral scanner and exocad CAD/CAM software −
modernizing today's practices by enabling enhanced digital
orthodontic and restorative workflows to improve patient outcomes
and practice efficiencies. Visit www.aligntech.com for
more information.
For additional information about the Invisalign
system or to find an Invisalign doctor in your area, please
visit www.invisalign.com. For additional information about the
iTero digital scanning system, please visit www.itero.com. For
additional information about exocad dental CAD/CAM offerings and a
list of exocad reseller partners, please
visit www.exocad.com.
Forward-Looking StatementsThis
news release contains forward-looking statements, including
quotations from management regarding business and product momentum,
the COVID-19 pandemic and its impact on our business and results of
operations, our expectations for digital adoption in dentistry and
the potential impact of our products in the transition, our
expectations for our marketing activities, and our expectations for
our new products, features, and accessories and their availability.
Forward-looking statements contained in this news release relating
to expectations about future events or results are based upon
information available to Align as of the date hereof. Readers are
cautioned that these forward-looking statements are only
predictions and are subject to risks, uncertainties, and
assumptions that are difficult to predict. As a result, actual
results may differ materially and adversely from those expressed in
any forward-looking statement.
Factors that might cause such a difference
include, but are not limited to:
- the impact of the COVID-19 pandemic
on the health and safety of our employees, customers, patients, and
our suppliers, as well as the physical and economic impacts of the
various recommendations, orders, and protocols issued by local and
national governmental agencies in light of continual evolution of
the pandemic, including any periodic reimplementation of
preventative measures in various global locations;
- difficulties predicting customer
and consumer purchasing behavior and changes in consumer spending
habits as a result of, among other things, prevailing economic
conditions, levels of employment, salaries and wages, and consumer
confidence, particularly in light of the pandemic;
- unexpected or rapid changes in the
growth or decline of our domestic and/or international
markets;
- increasing competition from
existing and new competitors;
- rapidly evolving and groundbreaking
advances that fundamentally alter the dental industry or the way
new and existing customers market and provide products and services
to consumers;
- the ability to protect our
intellectual property rights;
- continued compliance with
regulatory requirements;
- declines in, or the slowing of the
growth of, sales of our intra-oral scanners domestically and/or
internationally and the impact either would have on the adoption of
Invisalign products;
- the willingness and ability of our
customers to maintain and/or increase product utilization in
sufficient numbers;
- the possibility that the
development and release of new products or enhancements to existing
products do not proceed in accordance with the anticipated timeline
or may themselves contain bugs or errors requiring remediation and
that the market for the sale of these new or enhanced products may
not develop as expected;
- a tougher consumer demand
environment in China generally, especially for manufacturers and
service providers whose headquarters or primarily operations are
not based in China;
- the risks relating to our ability
to sustain or increase profitability or revenue growth in future
periods (or minimize declines) while controlling expenses;
- the impact of excess or constrained
capacity at our manufacturing and treat operations facilities and
pressure on our internal systems and personnel;
- the compromise of customer and/or
patient data for any reason;
- the timing of case submissions from
our doctors within a quarter as well as an increased manufacturing
costs per case;
- foreign operational, political and
other risks relating to our international manufacturing operations;
and
- the loss of key personnel or work
stoppages.
The foregoing and other risks are detailed from
time to time in our periodic reports filed with the Securities and
Exchange Commission, including, but not limited to, our Annual
Report on Form 10-K for the year ended December 31, 2019, which was
filed with the Securities and Exchange Commission (SEC) on February
28, 2020, and its latest Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020, which was filed with the SEC on
October 30, 2020. Align undertakes no obligation to revise or
update publicly any forward-looking statements for any
reason.
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ALIGN TECHNOLOGY, INC. |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share data) |
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Three Months EndedDecember 31, |
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Year EndedDecember 31, |
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2020 |
|
2019 |
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2020 |
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2019 |
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Net revenues |
|
$ |
834,520 |
|
$ |
649,787 |
|
$ |
2,471,941 |
|
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$ |
2,406,796 |
|
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Cost of net revenues |
|
|
224,057 |
|
|
177,829 |
|
|
708,706 |
|
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|
662,899 |
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Gross profit |
|
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610,463 |
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471,958 |
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|
1,763,235 |
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|
1,743,897 |
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Operating expenses: |
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Selling, general and administrative |
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348,392 |
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279,481 |
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1,200,757 |
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1,072,053 |
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Research and development |
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48,887 |
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41,327 |
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175,307 |
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157,361 |
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Impairments and other (gains) charges |
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- |
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- |
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- |
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22,990 |
|
Litigation settlement gain |
|
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- |
|
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- |
|
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- |
|
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(51,000 |
) |
Total operating expenses |
|
|
397,279 |
|
|
320,808 |
|
|
1,376,064 |
|
|
|
1,201,404 |
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Income from operations |
|
|
213,184 |
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|
151,150 |
|
|
387,171 |
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|
542,493 |
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Interest income and other income (expense), net: |
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Interest income |
|
|
337 |
|
|
2,906 |
|
|
3,125 |
|
|
|
12,482 |
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Other income (expense), net |
|
|
1,021 |
|
|
1,741 |
|
|
(11,347 |
) |
|
|
7,676 |
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Total interest income and other income (expense), net |
|
1,358 |
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|
4,647 |
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(8,222 |
) |
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|
20,158 |
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Net income before provision for (benefit from) income taxes and
equity in losses of investee |
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214,542 |
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|
155,797 |
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|
378,949 |
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|
562,651 |
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Provision for (benefit from) income taxes |
|
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55,554 |
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|
34,535 |
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(1,396,939 |
) |
|
|
112,347 |
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Equity in losses of investee, net of tax |
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- |
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- |
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- |
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7,528 |
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Net income |
|
$ |
158,988 |
|
$ |
121,262 |
|
$ |
1,775,888 |
|
|
$ |
442,776 |
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Net income per share: |
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|
|
|
|
Basic |
|
$ |
2.02 |
|
$ |
1.54 |
|
$ |
22.55 |
|
|
$ |
5.57 |
|
Diluted |
|
$ |
2.00 |
|
$ |
1.53 |
|
$ |
22.41 |
|
|
$ |
5.53 |
|
|
|
|
|
|
|
|
|
|
Shares used in computing net income per share: |
|
|
|
|
|
|
|
|
Basic |
|
|
78,853 |
|
|
78,578 |
|
|
78,760 |
|
|
|
79,424 |
|
Diluted |
|
|
79,505 |
|
|
79,137 |
|
|
79,230 |
|
|
|
80,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY, INC. |
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
December 31,2020 |
|
December 31,2019 |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
960,843 |
|
$ |
550,425 |
Marketable securities, short-term |
|
|
- |
|
|
318,202 |
Accounts receivable, net |
|
|
657,704 |
|
|
550,291 |
Inventories |
|
|
139,237 |
|
|
112,051 |
Prepaid expenses and other current assets |
|
|
91,754 |
|
|
102,450 |
Total current assets |
|
|
1,849,538 |
|
|
1,633,419 |
|
|
|
|
|
Property, plant and equipment, net |
|
|
734,721 |
|
|
631,730 |
Operating lease right-of-use assets, net |
|
|
82,553 |
|
|
56,244 |
Goodwill |
|
|
444,817 |
|
|
63,924 |
Intangible assets, net |
|
|
130,072 |
|
|
11,768 |
Deferred tax assets |
|
|
1,552,831 |
|
|
64,007 |
Other assets |
|
|
35,151 |
|
|
39,610 |
|
|
|
|
|
Total assets |
|
$ |
4,829,683 |
|
$ |
2,500,702 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
142,132 |
|
$ |
87,250 |
Accrued liabilities |
|
|
405,582 |
|
|
319,958 |
Deferred revenues |
|
|
777,887 |
|
|
563,762 |
Total current liabilities |
|
|
1,325,601 |
|
|
970,970 |
|
|
|
|
|
Income tax
payable |
|
|
105,748 |
|
|
102,794 |
Operating
lease liabilities |
|
|
64,445 |
|
|
43,463 |
Other
long-term liabilities |
|
|
100,024 |
|
|
37,306 |
Total liabilities |
|
|
1,595,818 |
|
|
1,154,533 |
|
|
|
|
|
Total
stockholders' equity |
|
|
3,233,865 |
|
|
1,346,169 |
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
4,829,683 |
|
$ |
2,500,702 |
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY, INC. |
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Year EndedDecember 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net cash provided by operating activities |
|
$ |
662,174 |
|
|
$ |
747,270 |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Net cash used in investing activities |
|
|
(231,506 |
) |
|
|
(350,444 |
) |
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Net cash used in financing activities |
|
|
(30,808 |
) |
|
|
(485,540 |
) |
Effect of foreign exchange rate changes on cash, cash equivalents,
and restricted cash |
|
|
10,480 |
|
|
|
2,282 |
|
Net increase (decrease) in cash, cash equivalents, and restricted
cash |
|
|
410,340 |
|
|
|
(86,432 |
) |
Cash, cash equivalents, and restricted cash at beginning of the
period |
|
|
551,134 |
|
|
|
637,566 |
|
Cash, cash equivalents, and restricted cash at end of the
period |
|
$ |
961,474 |
|
|
$ |
551,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVISALIGN BUSINESS METRICS* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal |
|
|
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
Invisalign Average Selling Price (ASP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide ASP |
|
$ |
1,245 |
|
|
$ |
1,230 |
|
|
$ |
1,260 |
|
|
$ |
1,240 |
|
|
$ |
1,245 |
|
|
$ |
1,255 |
|
|
$ |
1,255 |
|
|
$ |
1,180 |
|
|
$ |
1,165 |
|
|
$ |
1,200 |
|
|
International ASP |
|
$ |
1,330 |
|
|
$ |
1,305 |
|
|
$ |
1,330 |
|
|
$ |
1,300 |
|
|
$ |
1,315 |
|
|
$ |
1,340 |
|
|
$ |
1,285 |
|
|
$ |
1,240 |
|
|
$ |
1,255 |
|
|
$ |
1,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invisalign Cases Shipped by Geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
202,935 |
|
|
|
211,360 |
|
|
|
215,355 |
|
|
|
225,925 |
|
|
|
855,575 |
|
|
|
213,505 |
|
|
|
100,995 |
|
|
|
268,970 |
|
|
|
302,995 |
|
|
|
886,465 |
|
|
International |
|
|
146,260 |
|
|
|
165,785 |
|
|
|
170,005 |
|
|
|
187,790 |
|
|
|
669,840 |
|
|
|
145,935 |
|
|
|
120,885 |
|
|
|
227,095 |
|
|
|
264,955 |
|
|
|
758,870 |
|
|
Total Cases Shipped |
|
|
349,195 |
|
|
|
377,145 |
|
|
|
385,360 |
|
|
|
413,715 |
|
|
|
1,525,415 |
|
|
|
359,440 |
|
|
|
221,880 |
|
|
|
496,065 |
|
|
|
567,950 |
|
|
|
1,645,335 |
|
|
YoY % growth |
|
|
28.3% |
|
|
|
24.6% |
|
|
|
20.7% |
|
|
|
23.9% |
|
|
|
24.2% |
|
|
|
2.9% |
|
|
|
-41.2% |
|
|
|
28.7% |
|
|
|
37.3% |
|
|
|
7.9% |
|
|
QoQ % growth |
|
|
4.6% |
|
|
|
8.0% |
|
|
|
2.2% |
|
|
|
7.4% |
|
|
|
|
|
-13.1% |
|
|
|
-38.3% |
|
|
|
123.6% |
|
|
|
14.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Invisalign Doctors Cases Were Shipped To: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
30,200 |
|
|
|
31,445 |
|
|
|
31,975 |
|
|
|
33,130 |
|
|
|
47,130 |
|
|
|
32,315 |
|
|
|
22,165 |
|
|
|
34,625 |
|
|
|
38,165 |
|
|
|
49,615 |
|
|
International |
|
|
26,510 |
|
|
|
28,970 |
|
|
|
30,980 |
|
|
|
33,720 |
|
|
|
48,650 |
|
|
|
28,535 |
|
|
|
25,945 |
|
|
|
35,380 |
|
|
|
38,585 |
|
|
|
52,445 |
|
|
Total Doctors Cases Shipped To |
|
|
56,710 |
|
|
|
60,415 |
|
|
|
62,955 |
|
|
|
66,850 |
|
|
|
95,780 |
|
|
|
60,850 |
|
|
|
48,110 |
|
|
|
70,005 |
|
|
|
76,750 |
|
|
|
102,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invisalign Doctor Utilization Rates**: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
|
7.0 |
|
|
|
7.0 |
|
|
|
7.0 |
|
|
|
7.2 |
|
|
|
19.4 |
|
|
|
6.9 |
|
|
|
4.8 |
|
|
|
8.4 |
|
|
|
8.7 |
|
|
|
19.8 |
|
|
North American Orthodontists |
|
|
18.3 |
|
|
|
18.9 |
|
|
|
19.1 |
|
|
|
19.3 |
|
|
|
65.0 |
|
|
|
18.9 |
|
|
|
11.0 |
|
|
|
24.1 |
|
|
|
25.0 |
|
|
|
67.3 |
|
|
North American GP Dentists |
|
|
3.6 |
|
|
|
3.6 |
|
|
|
3.5 |
|
|
|
3.8 |
|
|
|
9.5 |
|
|
|
3.6 |
|
|
|
2.5 |
|
|
|
4.2 |
|
|
|
4.5 |
|
|
|
9.6 |
|
|
International |
|
|
5.5 |
|
|
|
5.7 |
|
|
|
5.5 |
|
|
|
5.6 |
|
|
|
13.8 |
|
|
|
5.1 |
|
|
|
4.7 |
|
|
|
6.4 |
|
|
|
6.9 |
|
|
|
14.5 |
|
|
Total Utilization Rates |
|
|
6.2 |
|
|
|
6.2 |
|
|
|
6.1 |
|
|
|
6.2 |
|
|
|
15.9 |
|
|
|
5.9 |
|
|
|
4.6 |
|
|
|
7.1 |
|
|
|
7.4 |
|
|
|
16.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Invisalign Doctors Trained: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
1,840 |
|
|
|
3,070 |
|
|
|
2,760 |
|
|
|
2,095 |
|
|
|
9,765 |
|
|
|
2,035 |
|
|
|
1,140 |
|
|
|
3,350 |
|
|
|
2,550 |
|
|
|
9,075 |
|
|
International |
|
|
2,410 |
|
|
|
3,520 |
|
|
|
3,135 |
|
|
|
3,445 |
|
|
|
12,510 |
|
|
|
2,600 |
|
|
|
2,350 |
|
|
|
3,175 |
|
|
|
3,900 |
|
|
|
12,025 |
|
|
Total Doctors Trained Worldwide |
|
|
4,250 |
|
|
|
6,590 |
|
|
|
5,895 |
|
|
|
5,540 |
|
|
|
22,275 |
|
|
|
4,635 |
|
|
|
3,490 |
|
|
|
6,525 |
|
|
|
6,450 |
|
|
|
21,100 |
|
|
Total to Date Worldwide |
|
|
156,205 |
|
|
|
162,795 |
|
|
|
168,690 |
|
|
|
174,230 |
|
|
|
174,230 |
|
|
|
178,865 |
|
|
|
182,355 |
|
|
|
188,880 |
|
|
|
195,330 |
|
|
|
195,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Invisalign business
metrics exclude SmileDirectClub aligners. |
|
|
|
|
|
|
|
|
|
|
|
|
** # of cases shipped
/ # of doctors to whom cases were shipped. LATAM utilization rate
is not separately disclosed, but included in the total utilization
rates. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK-BASED COMPENSATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal |
|
|
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
Stock-based Compensation (SBC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBC included
in Gross Profit |
|
$ |
1,112 |
|
|
$ |
1,278 |
|
|
$ |
1,354 |
|
|
$ |
1,410 |
|
|
$ |
5,154 |
|
|
$ |
1,347 |
|
|
$ |
891 |
|
|
$ |
1,247 |
|
|
$ |
1,234 |
|
|
$ |
4,719 |
|
|
SBC included
in Operating Expenses |
|
|
19,932 |
|
|
|
21,189 |
|
|
|
22,822 |
|
|
|
19,087 |
|
|
|
83,030 |
|
|
|
21,580 |
|
|
|
24,116 |
|
|
|
23,982 |
|
|
|
24,030 |
|
|
|
93,708 |
|
|
Total SBC |
|
$ |
21,044 |
|
|
$ |
22,467 |
|
|
$ |
24,176 |
|
|
$ |
20,497 |
|
|
$ |
88,184 |
|
|
$ |
22,927 |
|
|
$ |
25,007 |
|
|
$ |
25,229 |
|
|
$ |
25,264 |
|
|
$ |
98,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
UNAUDITED GAAP TO NON-GAAP RECONCILIATION |
|
|
|
|
|
|
|
|
(in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
610,463 |
|
|
$ |
471,958 |
|
|
$ |
1,763,235 |
|
|
$ |
1,743,897 |
|
|
Stock-based compensation |
|
|
1,234 |
|
|
|
1,410 |
|
|
|
4,719 |
|
|
|
5,154 |
|
|
Amortization of intangibles (1) |
|
|
2,175 |
|
|
|
- |
|
|
|
6,525 |
|
|
|
- |
|
Non-GAAP gross profit |
|
$ |
613,872 |
|
|
$ |
473,368 |
|
|
$ |
1,774,479 |
|
|
$ |
1,749,051 |
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
|
|
73.2% |
|
|
|
72.6% |
|
|
|
71.3% |
|
|
|
72.5% |
|
Non-GAAP gross margin |
|
|
73.6% |
|
|
|
72.8% |
|
|
|
71.8% |
|
|
|
72.7% |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
397,279 |
|
|
$ |
320,808 |
|
|
$ |
1,376,064 |
|
|
$ |
1,201,404 |
|
|
Stock-based compensation |
|
|
(24,030 |
) |
|
|
(19,087 |
) |
|
|
(93,708 |
) |
|
|
(83,030 |
) |
|
Amortization of intangibles (1) |
|
|
(887 |
) |
|
|
- |
|
|
|
(3,062 |
) |
|
|
- |
|
|
Acquisition related costs (2) |
|
|
(62 |
) |
|
|
- |
|
|
|
(7,683 |
) |
|
|
- |
|
|
Impairments and other (gains) charges (3) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(22,990 |
) |
|
Litigation settlement gain (4) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
51,000 |
|
Non-GAAP operating expenses |
|
$ |
372,300 |
|
|
$ |
301,721 |
|
|
$ |
1,271,611 |
|
|
$ |
1,146,384 |
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations |
|
$ |
213,184 |
|
|
$ |
151,150 |
|
|
$ |
387,171 |
|
|
$ |
542,493 |
|
|
Stock-based compensation |
|
|
25,264 |
|
|
|
20,497 |
|
|
|
98,427 |
|
|
|
88,184 |
|
|
Amortization of intangibles (1) |
|
|
3,062 |
|
|
|
- |
|
|
|
9,587 |
|
|
|
- |
|
|
Acquisition related costs (2) |
|
|
62 |
|
|
|
- |
|
|
|
7,683 |
|
|
|
- |
|
|
Impairments and other (gains) charges (3) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,990 |
|
|
Litigation settlement gain (4) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(51,000 |
) |
Non-GAAP income from operations |
|
$ |
241,572 |
|
|
$ |
171,647 |
|
|
$ |
502,868 |
|
|
$ |
602,667 |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating margin |
|
|
25.5% |
|
|
|
23.3% |
|
|
|
15.7% |
|
|
|
22.5% |
|
Non-GAAP operating margin |
|
|
28.9% |
|
|
|
26.4% |
|
|
|
20.3% |
|
|
|
25.0% |
|
|
|
|
|
|
|
|
|
|
|
GAAP interest income and other income (expense),
net |
|
$ |
1,358 |
|
|
$ |
4,647 |
|
|
$ |
(8,222 |
) |
|
$ |
20,158 |
|
|
Acquisition related costs (2) |
|
|
- |
|
|
|
- |
|
|
|
10,187 |
|
|
|
- |
|
Non-GAAP interest income and other income (expense),
net |
|
$ |
1,358 |
|
|
$ |
4,647 |
|
|
$ |
1,965 |
|
|
$ |
20,158 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income before provision for (benefit from) income
taxes and equity in losses of investee |
|
$ |
214,542 |
|
|
$ |
155,797 |
|
|
$ |
378,949 |
|
|
$ |
562,651 |
|
|
Stock-based compensation |
|
|
25,264 |
|
|
|
20,497 |
|
|
|
98,427 |
|
|
|
88,184 |
|
|
Amortization of intangibles (1) |
|
|
3,062 |
|
|
|
- |
|
|
|
9,587 |
|
|
|
- |
|
|
Acquisition related costs (2) |
|
|
62 |
|
|
|
- |
|
|
|
17,870 |
|
|
|
- |
|
|
Impairments and other (gains) charges (3) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,990 |
|
|
Litigation settlement gain (4) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(51,000 |
) |
Non-GAAP net income before provision for (benefit from)
income taxes and equity in losses of investee |
|
$ |
242,930 |
|
|
$ |
176,294 |
|
|
$ |
504,833 |
|
|
$ |
622,825 |
|
|
|
|
|
|
|
|
|
|
|
GAAP provision for (benefit from) income
taxes |
|
$ |
55,554 |
|
|
$ |
34,535 |
|
|
$ |
(1,396,939 |
) |
|
$ |
112,347 |
|
|
Tax impact on non-GAAP adjustments |
|
|
2,635 |
|
|
|
2,390 |
|
|
|
23,566 |
|
|
|
24,635 |
|
|
Tax related non-GAAP items (5) |
|
|
(22,984 |
) |
|
|
- |
|
|
|
1,462,302 |
|
|
|
- |
|
Non-GAAP provision for (benefit from) income
taxes |
|
$ |
35,205 |
|
|
$ |
36,925 |
|
|
$ |
88,929 |
|
|
$ |
136,982 |
|
|
|
|
|
|
|
|
|
|
|
GAAP effective tax rate |
|
|
25.9% |
|
|
|
22.2% |
|
|
|
(368.6 |
)% |
|
|
20.0% |
|
Non-GAAP effective tax rate |
|
|
14.5% |
|
|
|
20.9% |
|
|
|
17.6% |
|
|
|
22.0% |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
158,988 |
|
|
$ |
121,262 |
|
|
$ |
1,775,888 |
|
|
$ |
442,776 |
|
|
Stock-based compensation |
|
|
25,264 |
|
|
|
20,497 |
|
|
|
98,427 |
|
|
|
88,184 |
|
|
Amortization of intangibles (1) |
|
|
3,062 |
|
|
|
- |
|
|
|
9,587 |
|
|
|
- |
|
|
Acquisition related costs (2) |
|
|
62 |
|
|
|
- |
|
|
|
17,870 |
|
|
|
- |
|
|
Impairments and other (gains) charges (3) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,990 |
|
|
Litigation settlement gain (4) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(51,000 |
) |
|
Tax impact on non-GAAP adjustments |
|
|
(2,635 |
) |
|
|
(2,390 |
) |
|
|
(23,566 |
) |
|
|
(24,635 |
) |
|
Tax related non-GAAP items (5) |
|
|
22,984 |
|
|
|
- |
|
|
|
(1,462,302 |
) |
|
|
- |
|
Non-GAAP net income |
|
$ |
207,725 |
|
|
$ |
139,369 |
|
|
$ |
415,904 |
|
|
$ |
478,315 |
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share |
|
$ |
2.00 |
|
|
$ |
1.53 |
|
|
$ |
22.41 |
|
|
$ |
5.53 |
|
Non-GAAP diluted net income per share |
|
$ |
2.61 |
|
|
$ |
1.76 |
|
|
$ |
5.25 |
|
|
$ |
5.97 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted net income per
share |
|
|
79,505 |
|
|
|
79,137 |
|
|
|
79,230 |
|
|
|
80,100 |
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
(1) During the three
months and year ended December 31, 2020, we recorded amortization
of intangible assets related to our Q2'20 exocad acquisition. |
(2) During the year
ended December 31, 2020, we recorded certain incremental expenses
related to our Q2'20 exocad acquisition including third party
advisory, legal, tax, accounting, banking, valuation, and other
professional or consulting fees and foreign exchange losses related
to a forward contract for the purchase commitment. Acquisition
costs for the three months ended December 31, 2020 relate to
professional fees. |
(3) During the year
ended December 31, 2019, we recorded a net impairment charge of
$23.0 million consisting of impairments and other charges as a
result of closing our Invisalign stores due to the arbitrator's
decision regarding SDC including operating lease right-of-use asset
impairments, store leasehold improvement and fixed asset
impairments and employee severance and other charges offset by a
gain from the negotiation of early termination of our Invisalign
store leases. |
(4) During the year
ended December 31, 2019, we recorded a $51.0 million gain from the
settlement of the Straumann litigation. |
(5) During the year
ended December 31, 2020, we recorded a one-time net tax benefit for
the deferred tax asset and certain costs associated with the
intra-entity transfer in the three months ended March 31, 2020 of
certain intellectual property rights and assets to our Swiss
subsidiary and related tax impact from the amortization of the
transferred intangibles assets. For the three months ended December
31, 2020, we recorded amortization of the benefit from the
transferred intangibles assets. |
|
|
|
|
|
|
|
|
Refer to "About Non-GAAP Financial Measures" section of press
release. |
|
|
|
|
|
|
|
Align
Technology |
Zeno
Group |
Madelyn Homick |
Sarah Johnson |
(408) 470-1180 |
(828) 551-4201 |
mhomick@aligntech.com |
sarah.johnson@zenogroup.com |
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