Name: Align Technology Inc. (NASDAQ:ALGN) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

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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Align Technology Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income	361,573)	772,020)	1,775,888)	442,776)	400,235)
Change in foreign currency translation adjustment, net of tax	(11,480)	(38,680)	44,383)	1,787)	(3,631)
Change in unrealized gains (losses) on investments, net of tax	(3,130)	(495)	(194)	299)	286)
Other comprehensive income (loss)	(14,610)	(39,175)	44,189)	2,086)	(3,345)
Comprehensive income	346,963)	732,845)	1,820,077)	444,862)	396,890)

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).

Analysis of the financial results from 2018 to 2022 reveals a period of significant volatility in both net income and comprehensive income. The most notable characteristic is an exceptional peak in profitability during 2020, followed by a sharp and consistent decline through 2022.

Net Income Performance: Net income experienced moderate growth between 2018 and 2019, followed by a substantial surge in 2020, reaching a peak of US$ 1,775,888 thousand. This trajectory reversed sharply in 2021 and 2022, with the 2022 net income of US$ 361,573 thousand falling below the 2018 level of US$ 400,235 thousand.
Other Comprehensive Income (OCI) Drivers: OCI exhibits high variance, primarily dictated by foreign currency translation adjustments. These adjustments fluctuated from a peak positive contribution of US$ 44,383 thousand in 2020 to a significant negative impact of US$ 38,680 thousand in 2021. Additionally, unrealized gains on investments transitioned into losses starting in 2020, with losses accelerating from US$ 194 thousand in 2020 to US$ 3,130 thousand by 2022.
Comprehensive Income Correlation: Comprehensive income closely tracks the movement of net income, peaking in 2020 at US$ 1,820,077 thousand. The subsequent contraction mirrors the decline in net profitability, ending the period at US$ 346,963 thousand in 2022. The relationship between these figures suggests that while OCI provided a supplementary boost in 2020, it acted as a detractor from total comprehensive income in 2021 and 2022.

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