Align Technology Announces Fourth Quarter and Fiscal 2023 Financial Results

Notes:

(1) We define constant currency income from operations as GAAP income from operations excluding the effect of foreign exchange rate movements for GAAP net revenues and operating expenses on a sequential, year-over-year and current year versus prior year basis. Constant currency impact in dollars is calculated by translating the current period GAAP net revenues and operating expenses using the foreign currency exchange rates that were in effect during the previous comparable period and subtracting it by the current period GAAP net revenues and operating expenses.
(2) We define constant currency operating margin as constant currency income from operations as a percentage of constant currency net revenues. Operating margin constant currency impact is the increase or decrease in constant currency operating margin compared to the GAAP operating margin.
(+) Changes and percentages are based on actual values. Certain tables may not sum or recalculate due to rounding. Refer to "About Non-GAAP Financial Measures" section of press release.

ALIGN TECHNOLOGY, INC.
UNAUDITED GAAP TO NON-GAAP RECONCILIATION CONTINUED+
FINANCIAL MEASURES OTHER THAN CONSTANT CURRENCY
(in thousands, except per share data)

 

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

GAAP gross profit

 

$

669,524

 

 

$

617,701

 

 

$

2,706,863

 

 

$

2,633,775

 

Stock-based compensation

 

 

1,780

 

 

 

1,659

 

 

 

7,462

 

 

 

6,438

 

Amortization of intangibles (1)

 

 

2,773

 

 

 

2,610

 

 

 

11,182

 

 

 

10,134

 

Restructuring charges (2)

 

 

673

 

 

 

2,866

 

 

 

673

 

 

 

2,866

 

Non-GAAP gross profit

 

$

674,750

 

 

$

624,836

 

 

$

2,726,180

 

 

$

2,653,213

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

70.0

%

 

 

68.5

%

 

 

70.1

%

 

 

70.5

%

Non-GAAP gross margin

 

 

70.5

%

 

 

69.3

%

 

 

70.6

%

 

 

71.0

%

 

 

 

 

 

 

 

 

 

GAAP total operating expenses

 

$

497,979

 

 

$

505,040

 

 

$

2,063,525

 

 

$

1,991,180

 

Stock-based compensation

 

 

(37,049

)

 

 

(33,029

)

 

 

(146,564

)

 

 

(126,929

)

Amortization of intangibles (1)

 

 

(866

)

 

 

(810

)

 

 

(3,497

)

 

 

(3,417

)

Restructuring and other charges (2)

 

 

(13,316

)

 

 

(11,453

)

 

 

(13,316

)

 

 

(11,453

)

Non-GAAP total operating expenses

 

$

446,748

 

 

$

459,748

 

 

$

1,900,148

 

 

$

1,849,381

 

 

 

 

 

 

 

 

 

 

GAAP income from operations

 

$

171,545

 

 

$

112,661

 

 

$

643,338

 

 

$

642,595

 

Stock-based compensation

 

 

38,829

 

 

 

34,688

 

 

 

154,026

 

 

 

133,367

 

Amortization of intangibles (1)

 

 

3,639

 

 

 

3,420

 

 

 

14,679

 

 

 

13,551

 

Restructuring and other charges (2)

 

 

13,989

 

 

 

14,319

 

 

 

13,989

 

 

 

14,319

 

Non-GAAP income from operations

 

$

228,002

 

 

$

165,088

 

 

$

826,032

 

 

$

803,832

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

17.9

%

 

 

12.5

%

 

 

16.7

%

 

 

17.2

%

Non-GAAP operating margin

 

 

23.8

%

 

 

18.3

%

 

 

21.4

%

 

 

21.5

%

 

 

 

 

 

 

 

 

 

GAAP net income before provision for income taxes

 

$

172,880

 

 

$

115,321

 

 

$

641,204

 

 

$

599,057

 

Stock-based compensation

 

 

38,829

 

 

 

34,688

 

 

 

154,026

 

 

 

133,367

 

Amortization of intangibles (1)

 

 

3,639

 

 

 

3,420

 

 

 

14,679

 

 

 

13,551

 

Restructuring and other charges (2)

 

 

13,989

 

 

 

14,319

 

 

 

13,989

 

 

 

14,319

 

Non-GAAP net income before provision for income taxes

 

$

229,337

 

 

$

167,748

 

 

$

823,898

 

 

$

760,294

 


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