2023 Q3 Form 10-Q Financial Statement

#000109714923000059 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $960.2M $1.002B
YoY Change 7.85% 3.36%
Cost Of Revenue $297.1M $288.6M
YoY Change 9.57% 2.33%
Gross Profit $663.1M $713.6M
YoY Change 7.09% 3.79%
Gross Profit Margin 69.06% 71.21%
Selling, General & Admin $408.0M $453.2M
YoY Change 2.37% 6.28%
% of Gross Profit 61.53% 63.51%
Research & Development $88.74M $88.49M
YoY Change 15.3% 21.27%
% of Gross Profit 13.38% 12.4%
Depreciation & Amortization $37.03M $35.82M
YoY Change 15.04% 18.29%
% of Gross Profit 5.58% 5.02%
Operating Expenses $496.7M $541.7M
YoY Change 4.46% 8.47%
Operating Profit $166.3M $171.9M
YoY Change 15.79% -8.64%
Interest Expense $5.500M $4.421M
YoY Change 226.41% 1704.49%
% of Operating Profit 3.31% 2.57%
Other Income/Expense, Net -$9.757M -$4.763M
YoY Change -57.02% -67.89%
Pretax Income $162.1M $171.6M
YoY Change 32.18% -1.16%
Income Tax $40.70M $59.78M
% Of Pretax Income 25.11% 34.84%
Net Earnings $121.4M $111.8M
YoY Change 67.02% -0.87%
Net Earnings / Revenue 12.65% 11.16%
Basic Earnings Per Share $1.59 $1.46
Diluted Earnings Per Share $1.58 $1.46
COMMON SHARES
Basic Shares Outstanding 76.53M shares 76.52M shares
Diluted Shares Outstanding 76.83M shares 76.69M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.284B $1.008B
YoY Change 17.7% 12.02%
Cash & Equivalents $1.239B $952.0M
Short-Term Investments $44.79M $55.81M
Other Short-Term Assets $34.16M $236.6M
YoY Change -85.1% 277.6%
Inventory $296.2M $312.7M
Prepaid Expenses $59.50M $76.61M
Receivables $904.2M $908.4M
Other Receivables $124.0M $0.00
Total Short-Term Assets $2.702B $2.465B
YoY Change 8.05% 3.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.268B $1.405B
YoY Change -3.61% 18.82%
Goodwill $404.3M $414.8M
YoY Change 7.07% 6.32%
Intangibles $82.74M $89.30M
YoY Change -9.78% -4.82%
Long-Term Investments $18.10M $26.02M
YoY Change -63.98% -66.44%
Other Assets $132.4M $1.744B
YoY Change -91.6% 3200.51%
Total Long-Term Assets $3.617B $3.679B
YoY Change 5.99% 7.16%
TOTAL ASSETS
Total Short-Term Assets $2.702B $2.465B
Total Long-Term Assets $3.617B $3.679B
Total Assets $6.319B $6.145B
YoY Change 6.86% 5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.69M $110.2M
YoY Change -28.24% -24.35%
Accrued Expenses $614.5M $600.2M
YoY Change 60.18% 44.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.123B $2.107B
YoY Change 17.33% 16.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $178.7M $399.2M
YoY Change -56.28% 108.04%
Total Long-Term Liabilities $178.7M $399.2M
YoY Change -56.28% 108.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.123B $2.107B
Total Long-Term Liabilities $178.7M $399.2M
Total Liabilities $2.517B $2.506B
YoY Change 13.46% 13.35%
SHAREHOLDERS EQUITY
Retained Earnings $2.607B $2.485B
YoY Change -2.54% -4.48%
Common Stock $8.000K $8.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.802B $3.638B
YoY Change
Total Liabilities & Shareholders Equity $6.319B $6.145B
YoY Change 6.86% 5.76%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $121.4M $111.8M
YoY Change 67.02% -0.87%
Depreciation, Depletion And Amortization $37.03M $35.82M
YoY Change 15.04% 18.29%
Cash From Operating Activities $287.2M $251.8M
YoY Change 7.77% 98.18%
INVESTING ACTIVITIES
Capital Expenditures $21.60M $58.55M
YoY Change -128.67% -177.01%
Acquisitions
YoY Change
Other Investing Activities $17.40M -$66.94M
YoY Change -106.99% -171.11%
Cash From Investing Activities -$4.300M -$125.5M
YoY Change -94.97% -792.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.80M -931.0K
YoY Change 8.28% -99.54%
NET CHANGE
Cash From Operating Activities 287.2M 251.8M
Cash From Investing Activities -4.300M -125.5M
Cash From Financing Activities 11.80M -931.0K
Net Change In Cash 294.7M 125.4M
YoY Change 53.53% -325.92%
FREE CASH FLOW
Cash From Operating Activities $287.2M $251.8M
Capital Expenditures $21.60M $58.55M
Free Cash Flow $265.6M $193.2M
YoY Change -22.3% -4.84%

Facts In Submission

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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the U.S. requires our management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, useful lives of intangible assets and property and equipment, long-lived assets and goodwill, income taxes, contingent liabilities, the fair values of financial instruments, stock-based compensation and the valuation of investments in privately held companies, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</span></div>
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ContractWithCustomerLiabilityRevenueRecognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
363300000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1552600000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
407551000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
7214000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
414765000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
157262000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
59468000 usd
CY2023Q2 algn Finite Lived Intangible Assets Accumulated Impairment Loss
FiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
8450000 usd
CY2023Q2 algn Finite Lived Intangible Assets Net Before Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsNetBeforeForeignCurrencyTranslationGainLoss
89344000 usd
CY2023Q2 algn Finite Lived Intangible Assets Foreign Currency Translation Gain Loss1
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss1
-48000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
157262000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
51180000 usd
CY2022Q4 algn Finite Lived Intangible Assets Accumulated Impairment Loss
FiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
8450000 usd
CY2022Q4 algn Finite Lived Intangible Assets Net Before Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsNetBeforeForeignCurrencyTranslationGainLoss
97632000 usd
CY2022Q4 algn Finite Lived Intangible Assets Foreign Currency Translation Gain Loss1
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss1
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
95720000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
8213000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
15335000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
14959000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
14353000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
11992000 usd
CY2023Q2 algn Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
24492000 usd
CY2023Q2 algn Finite Lived Intangible Assets Net Before Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsNetBeforeForeignCurrencyTranslationGainLoss
89344000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4100000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3900000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8200000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8200000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34140000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
75595000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
65761000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59800000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
60800000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.348
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.350
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
106600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
114000000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.348
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.316
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
148200000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
141600000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
111814000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
112800000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76524000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78395000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
165000 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
150000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76689000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78545000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.46
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.44
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.46
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.44
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
329000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
361000 shares
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
20648000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
60115000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
16152000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
15048000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
21346000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16351000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1002173000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
969553000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1945320000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1942772000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
713609000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
687559000 usd
us-gaap Gross Profit
GrossProfit
1374263000 usd
us-gaap Gross Profit
GrossProfit
1396905000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
171931000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
188196000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
305447000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
386278000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
37860000 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
34140000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
75595000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
65761000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
35819000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
30281000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
71639000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
59907000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
171931000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
188196000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
305447000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
386278000 usd
CY2023Q2 us-gaap Interest Income Other
InterestIncomeOther
4421000 usd
CY2022Q2 us-gaap Interest Income Other
InterestIncomeOther
245000 usd
us-gaap Interest Income Other
InterestIncomeOther
6758000 usd
us-gaap Interest Income Other
InterestIncomeOther
922000 usd
CY2023Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4763000 usd
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-14832000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5992000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26105000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
171589000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
173609000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
306213000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
361095000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1002173000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
969553000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1945320000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1942772000 usd
CY2023Q2 us-gaap Noncurrent Assets
NoncurrentAssets
1404923000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1350735000 usd
CY2022 us-gaap Restructuring Charges
RestructuringCharges
10200000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
3900000 usd
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
3700000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
100000 usd
CY2023Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
300000 usd
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
300000 usd
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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