ALGN FY 2023 Earnings Report — Align Technology, Inc. Revenue & Financial Results | Market Cap Arena

Align Technology, Inc.ALGN

FY 2023 Earnings

Reported February 28, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$3.9B	—	$3.7B	—	3.4%
Op. Income	$643M	—	$643M	—	0.1%
Gross Margin	70.1%	—	70.5%	—	-0.4pp
Net Margin	11.5%	—	9.7%	—	1.8pp
EPS (Diluted)	$5.81	—	$4.61	—	26.0%
Free Cash Flow	$608M	—	$277M	—	119.6%

Revenue Flow

Item	Amount
REVENUE	$3.9B
Cost of Revenue	$1.2B
GROSS PROFIT	$2.7B
R&D Expenses	$347M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.7B
Other Expenses	$13M
Operating Expenses	$2.1B
Cost & Expenses	$3.2B
OPERATING INCOME	$643M
Interest Income	$17M
Interest Expense	$0
Other Income/Expenses	-$2M
INCOME BEFORE TAX	$641M
Income Tax Expense	$196M
Net Income from Continuing Ops	$445M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$445M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$445M
D&A	$142M
EBIT	$657M
EBITDA	$799M
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$3.9B
Cost of Revenue	$1.2B
GROSS PROFIT	$2.7B
R&D Expenses	$347M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.7B
Other Expenses	$13M
Operating Expenses	$2.1B
Cost & Expenses	$3.2B
OPERATING INCOME	$643M
Interest Income	$17M
Interest Expense	$0
Other Income/Expenses	-$2M
INCOME BEFORE TAX	$641M
Income Tax Expense	$196M
Net Income from Continuing Ops	$445M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$445M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$445M
D&A	$142M
EBIT	$657M
EBITDA	$799M
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$445M
Depreciation & Amortization	$142M
Stock-Based Compensation	$154M
Deferred Income Tax	-$19M
Other Non-Cash Items	$71M
Change in Working Capital	-$8M
OPERATING CASH FLOW	$786M
Capital Expenditure	-$178M
Acquisitions (Net)	-$77M
Purchases of Investments	-$3M
Sales/Maturities of Investments	$61M
Other Investing Activities	$278.0K
NET CASH FROM INVESTING	-$196M
Net Debt Issuance	$0
Common Stock Repurchased	-$592M
Common Dividends Paid	$0
Other Financing Activities	-$33M
NET CASH FROM FINANCING	-$598M
FREE CASH FLOW	$608M
Net Change in Cash	-$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$937M
Short-Term Investments	$35M
Net Receivables	$1.0B
Inventory	$297M
Other Current Assets	$77M
TOTAL CURRENT ASSETS	$2.4B
PP&E (Net)	$1.4B
Goodwill	$420M
Intangible Assets	$82M
Long-Term Investments	$8M
Tax Assets	$1.6B
Other Non-Current Assets	$129M
TOTAL NON-CURRENT ASSETS	$3.6B
TOTAL ASSETS	$6.1B
Account Payables	$113M
Short-Term Debt	$0
Deferred Revenue	$1.4B
Other Current Liabilities	$237M
TOTAL CURRENT LIABILITIES	$2.1B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$290M
TOTAL NON-CURRENT LIABILITIES	$387M
TOTAL LIABILITIES	$2.5B
Common Stock	$7.0K
Additional Paid-In Capital	$1.2B
Retained Earnings	$2.4B
Treasury Stock	$0
Accum. Other Comp. Income	$21M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.6B
Minority Interest	$0
TOTAL EQUITY	$3.6B
TOTAL LIABILITIES & EQUITY	$6.1B
Total Debt	$127M
Net Debt	-$811M