Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Align Technology Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net revenues	960,214)	1,002,173)	943,147)	901,515)	890,348)	969,553)	973,219)	1,031,099)	1,015,906)	1,010,808)	894,771)	834,520)	734,144)	352,314)	550,963)	649,787)	607,341)	600,697)	548,971)	534,020)	505,289)	490,259)	436,924)
Cost of net revenues	(297,138)	(288,564)	(282,493)	(283,814)	(271,179)	(281,994)	(263,873)	(286,536)	(260,750)	(252,270)	(217,673)	(224,057)	(200,056)	(127,986)	(156,607)	(177,829)	(169,787)	(168,408)	(146,875)	(150,924)	(133,508)	(124,677)	(109,516)
Gross profit	663,076)	713,609)	660,654)	617,701)	619,169)	687,559)	709,346)	744,563)	755,156)	758,538)	677,098)	610,463)	534,088)	224,328)	394,356)	471,958)	437,554)	432,289)	402,096)	383,096)	371,781)	365,582)	327,408)
Selling, general and administrative	(407,992)	(453,193)	(439,691)	(410,067)	(398,547)	(426,398)	(439,457)	(451,195)	(428,409)	(431,921)	(397,115)	(348,392)	(312,492)	(256,967)	(282,906)	(279,481)	(277,514)	(267,948)	(247,110)	(226,819)	(213,873)	(212,087)	(199,625)
Research and development	(88,738)	(88,485)	(87,447)	(83,520)	(76,966)	(72,965)	(71,807)	(72,476)	(65,587)	(57,715)	(54,537)	(48,887)	(44,527)	(40,361)	(41,532)	(41,327)	(39,680)	(38,851)	(37,503)	(35,804)	(32,700)	(30,804)	(29,591)
Restructuring and other charges	—)	—)	—)	(11,453)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairments and other charges (gains), net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	6,792)	—)	(29,782)	—)	—)	—)	—)
Litigation settlement gain	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	51,000)	—)	—)	—)	—)	—)
Operating expenses	(496,730)	(541,678)	(527,138)	(505,040)	(475,513)	(499,363)	(511,264)	(523,671)	(493,996)	(489,636)	(451,652)	(397,279)	(357,019)	(297,328)	(324,438)	(320,808)	(310,402)	(255,799)	(314,395)	(262,623)	(246,573)	(242,891)	(229,216)
Income (loss) from operations	166,346)	171,931)	133,516)	112,661)	143,656)	188,196)	198,082)	220,892)	261,160)	268,902)	225,446)	213,184)	177,069)	(73,000)	69,918)	151,150)	127,152)	176,490)	87,701)	120,473)	125,208)	122,691)	98,192)
Interest income	5,522)	4,421)	2,337)	2,760)	1,685)	245)	677)	676)	401)	383)	1,643)	337)	329)	473)	1,986)	2,906)	3,478)	3,465)	2,633)	2,249)	2,234)	1,917)	2,176)
Other income (expense), net	(9,757)	(4,763)	(1,229)	(100)	(22,700)	(14,832)	(11,273)	(1,556)	427)	(483)	34,532)	1,021)	7,147)	(966)	(18,549)	1,741)	(2,211)	13,892)	(5,746)	(730)	(837)	(7,099)	177)
Interest income and other income (expense), net	(4,235)	(342)	1,108)	2,660)	(21,015)	(14,587)	(10,596)	(880)	828)	(100)	36,175)	1,358)	7,476)	(493)	(16,563)	4,647)	1,267)	17,357)	(3,113)	1,519)	1,397)	(5,182)	2,353)
Net income (loss) before (provision for) benefit from income taxes	162,111)	171,589)	134,624)	115,321)	122,641)	173,609)	187,486)	220,012)	261,988)	268,802)	261,621)	214,542)	184,545)	(73,493)	53,355)	155,797)	128,419)	193,847)	84,588)	121,992)	126,605)	117,509)	100,545)
(Provision for) benefit from income taxes	(40,684)	(59,775)	(46,826)	(73,546)	(49,941)	(60,809)	(53,188)	(29,051)	(81,019)	(69,088)	(61,245)	(55,554)	(45,174)	32,891)	1,464,776)	(34,535)	(25,895)	(43,121)	(8,796)	(22,517)	(24,601)	(7,703)	(2,902)
Equity in losses of investee, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3,584)	(3,944)	(2,083)	(1,132)	(3,701)	(1,777)
Net income (loss)	121,427)	111,814)	87,798)	41,775)	72,700)	112,800)	134,298)	190,961)	180,969)	199,714)	200,376)	158,988)	139,371)	(40,602)	1,518,131)	121,262)	102,524)	147,142)	71,848)	97,392)	100,872)	106,105)	95,866)

Net Revenues: Net revenues generally show an upward trend from March 2018 through December 2021, reaching a peak of 1,031,099 thousand US dollars in December 2021. A significant decline is observed in early 2020, with a notable drop in June 2020 to 352,314 thousand US dollars, likely reflecting a market disruption. Revenues partially recover thereafter but remain below the 2021 peak from March 2022 onward, showing some volatility and a slight downward trend through September 2023.
Cost of Net Revenues: Costs of net revenues increase steadily over the periods until December 2021, peaking at 286,536 thousand US dollars. In early 2020, costs temporarily decline, mirroring the dip in revenues. After 2021, costs fluctuate with a slight downward tendency but remain relatively high, suggesting efforts to control costs amid revenue challenges.
Gross Profit: Gross profit follows net revenues closely, increasing steadily through 2021 with a maximum of 758,538 thousand US dollars in June 2021. The sharp decline in the first half of 2020 distinctly affects gross profit, dropping to 224,328 thousand US dollars in June 2020. Post-2021, gross profit trends downward with some fluctuations, indicating pressure on profitability margins.
Selling, General and Administrative Expenses: This expense category increases consistently from early 2018 to the end of 2021, peaking at 451,195 thousand US dollars in December 2021. Following 2021, the expenses slightly decrease but maintain a high level around 400,000 to 450,000 thousand US dollars, evidencing continued substantial operational expenses.
Research and Development Expenses: R&D expenses steadily rise from approximately 29,591 thousand US dollars in March 2018 to 88,738 thousand US dollars by September 2023. This reflects a sustained investment in development activities across the periods without apparent reductions or volatility.
Restructuring and Other Charges: Restructuring charges appear only once in the dataset in the March 2023 quarter with an expense of 11,453 thousand US dollars, indicating occasional non-recurring costs.
Impairments and Other Charges (Gains), Net: One notable charge occurred in December 2018 with a gain of -29,782 thousand US dollars, and a small impairment of 6,792 thousand US dollars in September 2019. These isolated events suggest occasional extraordinary items affecting the financial results.
Litigation Settlement Gain: A significant litigation settlement gain of 51,000 thousand US dollars was recorded in June 2019, representing a one-time positive impact on operating results.
Operating Expenses: Operating expenses increased from 229,216 thousand US dollars in March 2018 to a high of approximately 523,671 thousand US dollars in December 2021. After that, operating expenses decrease moderately but remain elevated, indicating persistent operational cost pressure.
Income (Loss) from Operations: Operating income shows growth up to December 2019, then declines sharply in the first half of 2020, with a loss of 73,000 thousand US dollars in June 2020, consistent with revenue trends. It recovers strongly in the subsequent periods, peaking again in the range of 225,000 thousand US dollars in December 2020 and December 2021. After 2021, operating income exhibits a downward trend, with fluctuations but remains positive.
Interest Income and Other Income (Expense), Net: Interest income fluctuates without a clear trend, generally modest compared to operating results, with some peaks such as 5,522 thousand US dollars in September 2023. Other income (expense) is volatile, including significant one-time gains and losses, such as a large positive income of 34,532 thousand US dollars in December 2020 and heavy losses in several quarters, causing swings in the net figure.
Net Income (Loss) Before Taxes: Pre-tax income rises until December 2019, subsequently falling sharply in the first half of 2020, corroborating the disruption observed in revenues and operating income. Subsequent quarters reflect recovery and growth, peaking in the range of 260,000 thousand US dollars in late 2020 and early 2021. After 2021, pre-tax income declines but remains positive, showing moderate volatility aligned with operating performance.
Provision for Income Taxes: Tax provisions vary widely, including unusual large negative provisions in March 2020 (over 1.4 billion US dollars), likely due to tax adjustments or benefits. Otherwise, tax expenses increase consistently with rising income, peaking in the range of 80,000 thousand US dollars in 2021, and fluctuate thereafter, reflecting changes in taxable income and tax strategy.
Net Income (Loss): Net income aligns with pre-tax income patterns, showing steady growth until December 2019, an exceptional and large gain in March 2020, likely related to tax benefits or extraordinary items, then a loss in June 2020. Following this, net income rebounded and grew through 2021. From 2022 onwards, net income declines significantly and fluctuates at lower levels, indicating a challenging profit environment.

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Align Technology Inc. (NASDAQ:ALGN)

Income Statement Quarterly Data

Income Statement
Quarterly Data