Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Aggregate Accruals
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Align Technology Inc., consolidated statement of comprehensive income
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The financial data reveals significant fluctuations over the analyzed five-year period. Net income exhibited a notable increase from 2018 through 2020, peaking sharply in 2020 before declining substantially in the following two years. Specifically, net income rose from approximately $400 million in 2018 to nearly $1.78 billion in 2020, then decreased to $772 million in 2021 and further down to $362 million in 2022. This indicates a period of strong profitability followed by considerable reduction in earnings.
- Change in Foreign Currency Translation Adjustment, Net of Tax
- This item displayed volatility with positive and negative swings throughout the years. It started with a negative amount in 2018, reversed to a slight positive in 2019, peaked to a substantial positive value in 2020, then turned negative again in the two subsequent years. The pattern suggests exposure to foreign exchange risk impacting the comprehensive income inconsistently across periods.
- Change in Unrealized Gains (Losses) on Investments, Net of Tax
- The data shows relatively minor positive values in the first two years followed by negative figures from 2020 through 2022, and an increasing magnitude of losses in the last year. This trend implies a decline in the value of investments or less favorable market conditions affecting investment-related income.
- Other Comprehensive Income (Loss)
- Mirroring the foreign currency translation and investment gains/losses, other comprehensive income fluctuated, showing a positive outcome in 2019 and 2020, with a particularly large positive result in 2020. However, the subsequent two years registered significant negative values. This indicates ongoing volatility in components of other comprehensive income.
- Comprehensive Income
- Comprehensive income followed a trend similar to net income, with strong growth peaking in 2020, followed by a significant decline through to 2022. The peak comprehensive income in 2020 underscores that both net income and other current comprehensive components contributed positively in that year. The downward trajectory after 2020 reflects overall reduced profitability and negative adjustments in comprehensive components.
In summary, the period from 2018 to 2020 was characterized by robust profitability and positive comprehensive income adjustments, with 2020 marking the peak performance year. From 2021 onward, the company faced declining net and comprehensive income, compounded by unfavorable foreign currency translation impacts and investment valuation losses. These trends may warrant further investigation into operational challenges, market conditions, and foreign exchange exposures influencing overall financial performance.