Company: ALGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001097149-25-000012
Chunk: 8

Company: ALIGN TECHNOLOGY INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 8
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,174 3,630,489 Net income— — — — 421,362 421,362 Net change in unrealized gains (losses) from investments— — — 596 — 596 Net change in foreign currency translation adjustment— — — (15,786)— (15,786)Issuance of common stock relating to employee equity compensation plans411 — 25,281 — — 25,281 Tax withholdings related to net share settlements of equity awards(92)— (28,125)— — (28,125)Common stock repurchased and retired(1,545)— (20,292)— (335,243)(355,535)Equity forward contract related to accelerated stock repurchase— — 49,527 — (49,527)— Stock-based compensation— — 173,703 — — 173,703 Balance as of December 31, 202473,849 $7 $1,362,234 $5,978 $2,483,766 $3,851,985  1    Includes tax withholding shares related to net share settlements of equity awards.

The accompanying notes are an integral part of these consolidated financial statements.

61

ALIGN TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)  Year Ended December 31, 202420232022CASH FLOWS FROM OPERATING ACTIVITIES:Net income $421,362 $445,053 $361,573 Adjustments to reconcile net income to net cash provided by operating activities:Deferred taxes25,756 (18,642)(39,495)Depreciation and amortization145,034 142,401 125,793 Stock-based compensation173,703 154,026 133,367 Non-cash operating lease cost38,438 33,107 30,520 Impairments and fair value adjustments for equity investments(5,885)4,990 — Other non-cash operating activities12,256 32,733 41,288 Changes in assets and liabilities, net of effects of acquisitions:Accounts receivable(153,487)(104,614)21,549 Inventories25,053 30,169 (130,097)Prepaid