Align Technology (ALGN) FY2018 results: revenue $2.0 billion, up 33.5% on the year
Align Technology Inc. (ALGN) reported revenue of $2.0 billion for fiscal 2018, the year ended 31 December 2018, up 33.5% on the year before. Net income was $400 million, up 72.9%, and diluted earnings per share $4.92. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$2.0 billion
+33.5% on the year
FY2011FY2018
Operating margin
23.7%
24.0% a year earlier
FY2011FY2018
Net income
$400 million
+72.9% on the year
FY2011FY2018
Diluted EPS
$4.92
+73.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,966
1,473
1,080
+33.5%
Cost of revenue
519
356
265
+45.5%
Gross profit
1,448
1,117
815
+29.6%
Gross margin
73.6%
75.8%
75.5%
Research and development
129
97.6
75.7
+32.1%
Selling, general and administrative
852
n/a
n/a
Operating income
467
354
249
+31.9%
Operating margin
23.7%
24.0%
23.1%
Pre-tax income
467
365
243
+27.9%
Income tax
57.7
130
51.2
-55.7%
Effective tax rate
12.4%
35.7%
21.1%
Net income
400
231
190
+72.9%
Net margin
20.4%
15.7%
17.6%
Diluted EPS
$4.92
$2.83
$2.33
+73.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
555
439
248
+26.5%
Capital expenditure
223
196
70.6
+14.1%
Free cash flow
331
243
177
+36.5%
Free cash flow margin
16.9%
16.5%
16.4%
Cash from investing
6.9
-251
73.0
Cash from financing
-369
-136
-95.5
Depreciation and amortisation
54.7
37.7
24.0
+45.0%
Share-based compensation
70.8
58.9
54.1
+20.2%
Buybacks
300
104
96.2
+189.0%
Diluted shares, weighted
81m
82m
81m
-0.6%
Shares outstanding at period end
80m
80m
80m
-0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,253
1,154
999
+8.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
800
630
397
+27.0%
Total liabilities and equity
2,052
1,784
1,396
+15.0%
Fixed assets
521
349
175
+49.5%
Goodwill
64.0
64.6
61.0
-0.9%
Intangible assets
17.9
24.5
21.0
-26.7%
Investments
108
312
311
-65.5%
Cash and equivalents
637
450
389
+41.7%
Receivables
439
324
247
+35.4%
Inventory
55.6
31.7
27.1
+75.6%
Other assets
210
229
164
-8.2%
Total assets
2,052
1,784
1,396
+15.0%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.