Align Technology (ALGN) FY2020 results: revenue $2.5 billion, up 2.7% on the year
Align Technology Inc. (ALGN) reported revenue of $2.5 billion for fiscal 2020, the year ended 31 December 2020, up 2.7% on the year before. Net income was $1.8 billion, up 301.1%, and diluted earnings per share $22.41. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$2.5 billion
+2.7% on the year
FY2013FY2020
Operating margin
15.7%
22.5% a year earlier
FY2013FY2020
Net income
$1.8 billion
+301.1% on the year
FY2013FY2020
Diluted EPS
$22.41
+305.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,472
2,407
1,966
+2.7%
Cost of revenue
709
663
519
+6.9%
Gross profit
1,763
1,744
1,448
+1.1%
Gross margin
71.3%
72.5%
73.6%
Research and development
175
157
129
+11.4%
Selling, general and administrative
1,201
1,072
852
+12.0%
Operating income
387
542
467
-28.6%
Operating margin
15.7%
22.5%
23.7%
Pre-tax income
379
563
467
-32.6%
Income tax
-1,397
112
57.7
Effective tax rate
-368.6%
20.0%
12.4%
Net income
1,776
443
400
+301.1%
Net margin
71.8%
18.4%
20.4%
Diluted EPS
$22.41
$5.53
$4.92
+305.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
662
747
555
-11.4%
Capital expenditure
155
150
223
+3.5%
Free cash flow
507
598
331
-15.1%
Free cash flow margin
20.5%
24.8%
16.9%
Cash from investing
-232
-350
6.9
Cash from financing
-30.8
-486
-369
Depreciation and amortisation
93.5
79.0
54.7
+18.4%
Share-based compensation
98.4
88.2
70.8
+11.6%
Buybacks
0.0
400
300
Diluted shares, weighted
79m
80m
81m
-1.1%
Shares outstanding at period end
79m
78m
80m
+0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,234
1,346
1,253
+140.2%
Debt
0.0
0.0
0.0
Operating lease liabilities
64.4
43.5
0.0
+48.3%
Other liabilities
1,531
1,111
800
+37.8%
Total liabilities and equity
4,830
2,501
2,052
+93.1%
Fixed assets
735
632
521
+16.3%
Goodwill
445
63.9
64.0
+595.9%
Intangible assets
130
11.8
17.9
+1,005.3%
Investments
0.0
318
108
Cash and equivalents
961
550
637
+74.6%
Receivables
658
550
439
+19.5%
Inventory
139
112
55.6
+24.3%
Other assets
1,762
262
210
+571.8%
Total assets
4,830
2,501
2,052
+93.1%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.