Selected Financial Data
since 2005
Income Statement
Align Technology Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenues | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 3,734,635) | 642,595) | 361,573) |
| Dec 31, 2021 | 3,952,584) | 976,400) | 772,020) |
| Dec 31, 2020 | 2,471,941) | 387,171) | 1,775,888) |
| Dec 31, 2019 | 2,406,796) | 542,493) | 442,776) |
| Dec 31, 2018 | 1,966,492) | 466,564) | 400,235) |
| Dec 31, 2017 | 1,473,413) | 353,611) | 231,418) |
| Dec 31, 2016 | 1,079,874) | 248,921) | 189,682) |
| Dec 31, 2015 | 845,486) | 188,634) | 144,020) |
| Dec 31, 2014 | 761,653) | 193,576) | 145,832) |
| Dec 31, 2013 | 660,206) | 94,212) | 64,295) |
| Dec 31, 2012 | 560,041) | 85,592) | 58,691) |
| Dec 31, 2011 | 479,741) | 90,360) | 66,716) |
| Dec 31, 2010 | 387,126) | 102,734) | 74,253) |
| Dec 31, 2009 | 312,333) | (34,012) | (31,269) |
| Dec 31, 2008 | 303,976) | 15,514) | 79,987) |
| Dec 31, 2007 | 284,332) | 33,855) | 35,724) |
| Dec 31, 2006 | 206,354) | (37,536) | (34,963) |
| Dec 31, 2005 | 207,125) | 2,446) | 1,413) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance of the entity from 2005 to 2022 is characterized by aggressive top-line expansion and evolving operational profitability, punctuated by significant volatility in the early years and a notable anomaly in net income during the 2020 fiscal period.
- Revenue Trajectory
- Net revenues exhibited a consistent long-term upward trend, growing from 207.1 million US$ in 2005 to 3.73 billion US$ by 2022. A period of accelerated growth began after 2015, with revenues surpassing the 1 billion US$ threshold in 2016 and reaching a peak of 3.95 billion US$ in 2021. A slight contraction was observed in 2022, where revenues decreased by approximately 5.6% relative to the previous year.
- Operational Profitability
- Income from operations showed significant instability between 2005 and 2009, including operational losses in 2006 and 2009. From 2010 onward, a steady improvement in operational efficiency is evident, with operating income rising from 102.7 million US$ in 2010 to a peak of 976.4 million US$ in 2021. A downturn occurred in 2020, with income from operations dropping to 387.2 million US$, followed by a recovery in 2021 and a subsequent decline to 642.6 million US$ in 2022.
- Net Income and Bottom-Line Analysis
- Net income mirrored the volatility of operating income in the early period, with losses recorded in 2006 and 2009. While the trend generally climbed through 2019, a significant divergence occurred in 2020, where net income surged to 1.77 billion US$ despite a decrease in operating income. This suggests the realization of substantial non-operating gains or one-time tax benefits during that year. Following this spike, net income declined to 772 million US$ in 2021 and further decreased to 361.6 million US$ in 2022, indicating a tightening of net profit margins.
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Balance Sheet: Assets
Align Technology Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 2,424,391) | 5,947,947) |
| Dec 31, 2021 | 2,494,075) | 5,942,110) |
| Dec 31, 2020 | 1,849,538) | 4,829,683) |
| Dec 31, 2019 | 1,633,419) | 2,500,702) |
| Dec 31, 2018 | 1,302,479) | 2,052,458) |
| Dec 31, 2017 | 1,157,003) | 1,777,856) |
| Dec 31, 2016 | 952,978) | 1,396,151) |
| Dec 31, 2015 | 732,010) | 1,158,633) |
| Dec 31, 2014 | 657,160) | 987,997) |
| Dec 31, 2013 | 544,676) | 832,147) |
| Dec 31, 2012 | 485,793) | 756,312) |
| Dec 31, 2011 | 384,816) | 649,264) |
| Dec 31, 2010 | 388,611) | 476,943) |
| Dec 31, 2009 | 261,299) | 355,240) |
| Dec 31, 2008 | 177,907) | 279,341) |
| Dec 31, 2007 | 184,517) | 222,761) |
| Dec 31, 2006 | 108,089) | 151,558) |
| Dec 31, 2005 | 111,586) | 142,110) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a consistent and significant expansion of the asset base over the 17-year period from 2005 to 2022. Both current and total assets demonstrate a long-term upward trajectory, characterized by steady growth in the first decade followed by a period of rapid acceleration.
- Current Asset Growth
- Current assets increased from 111.6 million USD in 2005 to 2.42 billion USD in 2022. The growth pattern remained relatively linear until 2016, after which the pace of accumulation accelerated. A peak was reached in 2021 at 2.49 billion USD, followed by a marginal decrease in 2022.
- Total Asset Expansion
- Total assets experienced a more aggressive growth curve, rising from 142.1 million USD in 2005 to 5.95 billion USD in 2022. A significant inflection point is observed between 2019 and 2020, where total assets nearly doubled from 2.50 billion USD to 4.83 billion USD, indicating a substantial increase in non-current asset holdings during this interval.
- Asset Composition and Liquidity Shift
- A fundamental shift in asset composition is evident. In 2005, current assets represented approximately 78% of total assets, indicating a highly liquid position. By 2022, current assets accounted for approximately 41% of total assets. This trend reveals a transition toward a more capital-intensive asset structure, where non-current assets have grown at a significantly faster rate than current assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Align Technology Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Line of credit | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 1,925,887) | 2,346,589) | —) | 3,601,358) |
| Dec 31, 2021 | 1,924,071) | 2,319,396) | —) | 3,622,714) |
| Dec 31, 2020 | 1,325,601) | 1,595,818) | —) | 3,233,865) |
| Dec 31, 2019 | 970,970) | 1,154,533) | —) | 1,346,169) |
| Dec 31, 2018 | 692,073) | 799,567) | —) | 1,252,891) |
| Dec 31, 2017 | 497,816) | 627,486) | —) | 1,150,370) |
| Dec 31, 2016 | 354,335) | 400,762) | —) | 995,389) |
| Dec 31, 2015 | 271,672) | 310,707) | —) | 847,926) |
| Dec 31, 2014 | 201,811) | 235,226) | —) | 752,771) |
| Dec 31, 2013 | 175,338) | 198,177) | —) | 633,970) |
| Dec 31, 2012 | 155,771) | 174,995) | —) | 581,317) |
| Dec 31, 2011 | 148,117) | 158,483) | —) | 490,781) |
| Dec 31, 2010 | 92,974) | 99,196) | —) | 377,747) |
| Dec 31, 2009 | 81,243) | 82,204) | —) | 273,036) |
| Dec 31, 2008 | 60,572) | 60,801) | —) | 218,540) |
| Dec 31, 2007 | 61,459) | 61,607) | —) | 161,154) |
| Dec 31, 2006 | 67,783) | 68,002) | 11,500) | 83,556) |
| Dec 31, 2005 | 48,608) | 48,672) | —) | 93,438) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial data from 2005 to 2022 reveals a period of significant balance sheet expansion, characterized by a substantial increase in both total obligations and stockholders' equity. While liabilities have grown in absolute terms, the company has maintained a strong equity position, suggesting a sustainable growth trajectory and a conservative approach to long-term leverage.
- Liability Structure and Trends
- Total liabilities grew from US$ 48.7 million in 2005 to US$ 2.35 billion in 2022. A defining characteristic of the liability profile is the predominance of short-term obligations; current liabilities consistently comprise the vast majority of total liabilities throughout the observed period. For example, by 2022, current liabilities stood at US$ 1.93 billion against total liabilities of US$ 2.35 billion. This indicates a minimal reliance on long-term debt financing, further supported by the lack of significant line of credit utilization after 2006.
- Equity Growth and Capitalization
- Stockholders' equity experienced an overall increase from US$ 93.4 million in 2005 to US$ 3.6 billion in 2022. The growth was steady for the first 14 years, followed by a period of rapid acceleration. A significant surge is observed between 2019 and 2020, where equity rose from US$ 1.35 billion to US$ 3.23 billion. This sharp increase suggests a substantial accumulation of retained earnings or a significant capital event, which materially strengthened the company's net asset position.
- Solvency and Leverage Analysis
- The relationship between total liabilities and stockholders' equity indicates a robust solvency position. Although total liabilities accelerated from 2014 onward, the concurrent and more aggressive expansion of equity—particularly the jump in 2020—has kept the company's leverage levels manageable. The strategic preference for managing obligations through current liabilities rather than long-term debt suggests that the organization leverages its operational liquidity to meet its financial commitments.
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Cash Flow Statement
Align Technology Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 568,732) | (213,316) | (501,686) |
| Dec 31, 2021 | 1,172,544) | (563,430) | (458,332) |
| Dec 31, 2020 | 662,174) | (231,506) | (30,808) |
| Dec 31, 2019 | 747,270) | (350,444) | (485,540) |
| Dec 31, 2018 | 554,681) | 6,927) | (369,434) |
| Dec 31, 2017 | 438,539) | (248,313) | (135,500) |
| Dec 31, 2016 | 247,654) | 72,848) | (95,524) |
| Dec 31, 2015 | 237,997) | (166,361) | (100,786) |
| Dec 31, 2014 | 226,899) | (201,627) | (66,420) |
| Dec 31, 2013 | 185,976) | (210,734) | (38,171) |
| Dec 31, 2012 | 133,778) | (78,300) | 10,205) |
| Dec 31, 2011 | 130,469) | (211,606) | 27,241) |
| Dec 31, 2010 | 129,529) | (15,920) | 14,707) |
| Dec 31, 2009 | 74,165) | (1,556) | 6,837) |
| Dec 31, 2008 | 39,746) | (1,055) | (40,355) |
| Dec 31, 2007 | 52,777) | (36,779) | 17,509) |
| Dec 31, 2006 | (14,030) | (32,751) | 27,675) |
| Dec 31, 2005 | 16,088) | (15,264) | 3,736) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by a substantial expansion in operational cash generation, which transitioned the entity from a period of capital dependence to one of significant capital return and strategic investment.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited an overall aggressive growth trend over the analyzed period. After a brief deficit in 2006, cash flow from operations grew consistently from 52.8 million USD in 2007 to a peak of 1.17 billion USD in 2021. A notable contraction occurred in 2022, where operating cash flow decreased to 568.7 million USD, representing a reduction of approximately 51.4% from the previous year's peak.
- Investing Cash Flow Patterns
- Investing activities were predominantly characterized by net cash outflows, reflecting continuous capital expenditures or strategic acquisitions. Significant investment spikes are observed in 2011, 2013, 2019, and 2021, with the latter reaching a maximum outflow of 563.4 million USD. Periodic deviations from this trend occurred in 2016 and 2018, where positive cash flows from investing activities were recorded, suggesting temporary asset divestments or the realization of investment gains.
- Financing Cash Flow Evolution
- A fundamental shift in financing strategy is evident. Between 2005 and 2012, financing activities were primarily sources of cash, indicating a reliance on external funding or equity issuance. Starting in 2013, the trend reversed to consistent net cash outflows. These outflows accelerated significantly between 2018 and 2022, with annual expenditures frequently exceeding 300 million USD, pointing toward intensified debt repayment or shareholder return programs such as dividends and share buybacks.
The synchronization of these three components reveals a company that leveraged its rapidly scaling operational efficiency to fund both aggressive growth investments and substantial capital returns. The peak performance in 2021 saw the highest level of operational cash inflow coinciding with the highest level of investment outflow, while 2022 indicates a period of tightening operational liquidity alongside continued high financing outflows.
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Per Share Data
Align Technology Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 4.62 | 4.61 | 0.00 |
| Dec 31, 2021 | 9.78 | 9.69 | 0.00 |
| Dec 31, 2020 | 22.55 | 22.41 | 0.00 |
| Dec 31, 2019 | 5.57 | 5.53 | 0.00 |
| Dec 31, 2018 | 5.00 | 4.92 | 0.00 |
| Dec 31, 2017 | 2.89 | 2.83 | 0.00 |
| Dec 31, 2016 | 2.38 | 2.33 | 0.00 |
| Dec 31, 2015 | 1.80 | 1.77 | 0.00 |
| Dec 31, 2014 | 1.81 | 1.77 | 0.00 |
| Dec 31, 2013 | 0.80 | 0.78 | 0.00 |
| Dec 31, 2012 | 0.73 | 0.71 | 0.00 |
| Dec 31, 2011 | 0.86 | 0.83 | 0.00 |
| Dec 31, 2010 | 0.98 | 0.95 | 0.00 |
| Dec 31, 2009 | -0.45 | -0.45 | 0.00 |
| Dec 31, 2008 | 1.20 | 1.18 | 0.00 |
| Dec 31, 2007 | 0.53 | 0.50 | 0.00 |
| Dec 31, 2006 | -0.55 | -0.55 | 0.00 |
| Dec 31, 2005 | 0.02 | 0.02 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share (EPS) profile from 2005 to 2022 exhibits three distinct phases: initial volatility, a period of sustained growth, and a recent cycle of peak and contraction.
- Earnings Volatility and Stability (2005–2012)
- During the initial period, basic earnings per share demonstrated significant instability, characterized by alternating periods of profitability and losses. Negative earnings were recorded in 2006 (-0.55 US$) and 2009 (-0.45 US$). Throughout this timeframe, basic EPS remained relatively constrained, fluctuating within a narrow range between -0.55 US$ and 1.20 US$, indicating a lack of consistent profit scaling.
- Consistent Growth Trajectory (2013–2019)
- A transition to sustained growth began in 2013, with basic EPS rising from 0.80 US$ to 5.57 US$ by 2019. This period is marked by a steady upward trend, particularly after 2014, where earnings grew consistently each year. The increase from 2.89 US$ in 2017 to 5.57 US$ in 2019 reflects a significant acceleration in per-share profitability.
- Earnings Peak and Subsequent Decline (2020–2022)
- An exceptional spike in profitability occurred in 2020, with basic EPS reaching a peak of 22.55 US$. This represents the highest value in the recorded period. However, this peak was followed by a sharp decline, with earnings dropping to 9.78 US$ in 2021 and further contracting to 4.62 US$ by 2022, returning per-share earnings to levels similar to those seen in 2018.
- Dilution and Capital Distribution Analysis
- Diluted earnings per share closely track basic earnings per share across all years, with only marginal differences between the two metrics. This suggests a minimal impact from dilutive securities such as stock options or convertible bonds. Furthermore, there is a complete absence of dividend payments per share throughout the entire 2005–2022 period, indicating a corporate strategy focused on retaining earnings for internal reinvestment rather than distributing capital to shareholders.
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