Company: ALGN
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001097149-25-000034
Chunk: 45

Company: ALIGN TECHNOLOGY INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 45
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— $— Money market funds291,464 — — 291,464 291,464 — — Total$1,043,887 $— $— $1,043,887 $1,043,887 $— $— We had no short-term or long-term marketable securities as of March 31, 2025 or December 31, 2024.Fair Value MeasurementsFair value is an exit price, representing the amount that would be received from selling an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We use the GAAP fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value:Level 1 — Inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities.Level 2 — Inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly. Level 3 — Inputs to the valuation techniques that are unobservable for the assets or liabilities.

9 

The following tables summarize our financial assets measured at fair value as of March 31, 2025 and December 31, 2024 (in thousands):DescriptionBalance as ofMarch 31, 2025Level 1Level 2Cash equivalents:Money market funds$100,608 $100,608 $— Certificate of deposits15,077 15,077 — $115,685 $115,685 $—  DescriptionBalance as of December 31, 2024Level 1Level 2Cash equivalents:Money market funds$291,464 $291,464 $— $291,464 $291,464 $— Accounts Receivable FactoringWe enter into factoring transactions on a non-recourse basis with financial institutions to sell certain of our non-U.S. accounts receivable. We account for these transactions as sales of financial assets and include the cash proceeds as a part of our cash flows from operations in the Condensed Consolidated Statements of Cash Flows. Total accounts receivable sold under factoring arrangements was $6.4 million and $14.6 million during the three months ended March 31, 2025 and 2024