0001097149-24-000049 | 10-Q | XBRL Viewer

Financial Instruments

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Cash, Cash Equivalents and Marketable Securities

The following tables summarize our cash and cash equivalents, and marketable securities on our Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


									Reported as:
June 30, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	759,803	$	—	$	—	$	759,803	$	759,803	$	—	$	—
Money market funds	1,626		—		—		1,626		1,626		—		—
Corporate bonds	19,560		—		(208)		19,352		—		19,352		—

Asset-backed securities	324		—		—		324		—		324

U.S. government agency bonds	1,009		—		(3)		1,006		—		1,006		—

Total	$	782,322	$	—	$	(211)	$	782,111	$	761,429	$	20,682	$	—


									Reported as:
December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	887,682	$	—	$	—	$	887,682	$	887,682	$	—	$	—
Money market funds	49,756		—		—		49,756		49,756		—		—
Corporate bonds	31,943		5		(676)		31,272		—		28,704		2,568
U.S. government treasury bonds	4,855		—		(99)		4,756		—		—		4,756
Asset-backed securities	1,416		2		(1)		1,417		—		719		698
Municipal bonds	702		—		(2)		700		—		700		—
U.S. government agency bonds	5,215		—		(34)		5,181		—		5,181		—

Total	$	981,569	$	7	$	(812)	$	980,764	$	937,438	$	35,304	$	8,022

The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Due in 1 year or less	$	20,358	$	34,617
Due in 1 year through 5 years	324		8,709
Total	$	20,682	$	43,326

The securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. Our unrealized losses as of June 30, 2024 and December 31, 2023 are primarily due to changes in interest rates and credit spreads.

The following tables summarize the fair value and gross unrealized losses as of June 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	As of June 30, 2024
	Less than 12 months				12 Months of Greater				Total
June 30, 2024	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	2,013	$	—	$	17,339	$	(208)		$	19,352	$	(208)

Asset-backed securities	—		—		324		—			324		—

U.S. government agency bonds	—		—		1,006		(3)			1,006		(3)

Total	$	2,013	$	—	$	18,669	$	(211)		$	20,682	$	(211)


	As of December 31, 2023
	Less than 12 months				12 Months of Greater				Total
December 31, 2023	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	—	$	—	$	27,939	$	(676)		$	27,939	$	(676)
U.S. government treasury bonds	2,044		(11)		2,712		(88)			4,756		(99)
Asset-backed securities	1,018		(1)		83		—			1,101		(1)
Municipal bonds	—		—		700		(2)			700		(2)
U.S. government agency bonds	4,003		(11)		1,178		(23)			5,181		(34)

Total	$	7,065	$	(23)	$	32,612	$	(789)		$	39,677	$	(812)

Fair Value Measurements

Fair 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 — Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. We obtain fair values for our Level 2 investments. Our custody bank and asset managers independently use professional pricing services to gather pricing data which may include quoted market prices for identical or comparable financial instruments, or inputs other than quoted prices that are observable either directly or indirectly, and we are ultimately responsible for these underlying estimates.

Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

The following tables summarize our financial assets measured at fair value as of June 30, 2024 and December 31, 2023 (in thousands):


Description	Balance as of June 30, 2024		Level 1		Level 2
Cash equivalents:
Money market funds	$	1,626	$	1,626	$	—





Short-term investments:

U.S. government agency bonds	1,006		—		1,006

Corporate bonds	19,352		—		19,352

Asset-backed securities	324		—		324










	$	22,308	$	1,626	$	20,682


Description	Balance as of December 31, 2023		Level 1		Level 2
Cash equivalents:
Money market funds	$	49,756	$	49,756	$	—




Short-term investments:
Corporate bonds	28,704		—		28,704
Municipal bonds	700		—		700
U.S. government agency bonds	5,181		—		5,181
Asset-backed securities	719		—		719



Long-term investments:
U.S. government treasury bonds	4,756		—		4,756
Corporate bonds	2,568		—		2,568


Asset-backed securities	698		—		698






	$	93,082	$	49,756	$	43,326

Accounts Receivable Factoring

We 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 the factoring arrangements was $11.3 million and $8.2 million during the three months ended June 30, 2024 and 2023, respectively, and $25.9 million and $16.2 million during the six months ended June 30, 2024 and 2023, respectively. Factoring fees on the sales of receivables were recorded in other income (expense), net in our Condensed Consolidated Statement of Operations and were not material.

Investments in Privately Held Companies

Our investments in privately held companies in which we cannot exercise significant influence and do not own a majority equity interest or otherwise control are accounted for as an investment in equity securities. We have elected to account for all investments in equity securities in accordance with the measurement alternative. Under the measurement alternative, we record the value of our investments in equity securities at cost, minus impairment, if any. Additionally, we adjust the carrying value of our investments in equity securities to fair value for observable transactions for identical or similar investments of the same issuer.

On April 24, 2023 and April 22, 2024, we entered into Subscription Agreements (the “Subscription Agreements”) with Heartland Dental Holding Corporation (“Heartland”). Pursuant to the Subscription Agreements we acquired less than a 5% equity interest through the purchase of Class A Common Stock for $150 million in total. We are accounting for our investment in Heartland as an investment in equity securities. Based on a review of the relevant facts and circumstances, primarily observable transactions for Heartland's Class A Common Stock, we determined that no adjustment to the carrying value of our investment was necessary for the three or six months ended June 30, 2024.

Our investments in privately held companies in which we can exercise significant influence are accounted for as equity method investments. We have elected to account for our equity method investments under the fair value option.

The carrying value of our investments in equity securities and equity method investments are reported on our Condensed Consolidated Balance Sheets as Other assets and any fair value adjustments or impairment, if any, are recorded in other income (expense), net on our Condensed Consolidated Statement of Operations.

Derivatives Not Designated as Hedging Instruments

We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on certain assets and liabilities. These forward contracts are classified within Level 2 of the fair value hierarchy. As a result of the settlement of foreign currency forward contracts, we recognized a net gain of $7.5 million and $1.1 million, respectively, during the three months ended June 30, 2024 and 2023, and a net gain of $27.2 million and a net loss of $5.3 million, respectively, during the six months ended June 30, 2024 and 2023. Recognized gains and losses from the settlement of foreign currency forward contracts are recorded to Other income (expense), net in our Condensed Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, the fair value of foreign exchange forward contracts outstanding were not material.

The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€224,400	$	240,601
British Pound	£114,500	144,867
Canadian Dollar	$102,400	74,790
Polish Zloty	PLN291,700	72,401
Chinese Yuan	¥336,300	46,207
Japanese Yen	¥4,700,000	29,419
Israeli Shekel	ILS69,600	18,554
Brazilian Real	R$91,600	16,390
Mexican Peso	M$288,500	15,750
Swiss Franc	CHF4,700	5,246
Australian Dollar	A$6,200	4,137
New Taiwan Dollar	NT$111,000	3,418
New Zealand Dollar	NZ$5,200	3,168
Korean Won	₩3,100,000	2,244
Czech Koruna	Kč28,000	1,197
		$	678,389


	December 31, 2023
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€337,780	$	373,705
Canadian Dollar	$108,900	82,166
Polish Zloty	PLN276,900	70,393
British Pound	£45,590	58,005
Chinese Yuan	¥244,500.00	34,361
Swiss Franc	CHF28,600	34,132
Japanese Yen	¥3,577,000	25,347
Israeli Shekel	ILS78,700	21,800
Brazilian Real	R$80,500	16,563
Mexican Peso	M$230,000	13,593
New Zealand Dollar	NZ$6,600	4,161
Australian Dollar	A$4,300	2,921
New Taiwan Dollar	NT$89,000	2,919
Czech Koruna	Kč60,200	2,687
Korean Won	₩2,200,000	1,709
		$	744,462

Accounting for Income Taxes	6 Months Ended
Accounting for Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Accounting for Income Taxes	Accounting for Income Taxes Our provision for income taxes was $47.3 million and $59.8 million for the three months ended June 30, 2024 and 2023, respectively, representing effective tax rates of 32.9% and 34.8%, respectively. Our provision for incomes taxes was $100.7 million and $106.6 million for the six months ended June 30, 2024 and 2023, respectively, representing effective tax rates of 33.3% and 34.8%. Our effective tax rate differs from the statutory federal income tax rate of 21% for the three and six months ended June 30, 2024 and 2023 primarily due to the recognition of additional tax expense resulting from U.S. taxes on foreign earnings, foreign income taxed at different rates, state income taxes, and non-deductible expenses in the U.S. We exercise significant judgment in regards to estimates of future market growth, forecasted earnings and projected taxable income in determining the provision for income taxes and for purposes of assessing our ability to utilize any future benefit from deferred tax assets. We continue to assess the realizability of the deferred tax assets as we take into account new information. Our total gross unrecognized tax benefits, excluding interest and penalties, were $150.3 million and $149.2 million as of June 30, 2024 and December 31, 2023, respectively, a material amount of which would impact our effective tax rate if recognized. The increase in our unrecognized tax benefits relates primarily to positions taken on income tax return calculations finalized during the three and six months ended June 30, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stockholders' Equity - Stock-Based Compensation Expense Related to All Stock-Based Awards and Employee Stock Purchases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 47,028	$ 37,860	$ 85,816	$ 75,595
Cost of net revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,582	1,901	4,646	3,708
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	34,274	29,002	62,768	57,693
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 10,172	$ 6,957	$ 18,402	$ 14,194

Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Notes To Financial Statements [Abstract]
Raw materials	$ 125,034	$ 145,492
Work in process	87,034	91,259
Finished goods	47,424	60,151
Total inventories	$ 259,492	$ 296,902

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenues	$ 1,028,490	$ 1,002,173	$ 2,025,921	$ 1,945,320
Cost of net revenues	305,862	288,564	605,477	571,057
Gross profit	722,628	713,609	1,420,444	1,374,263
Operating expenses:
Selling, general and administrative	452,262	453,193	904,084	892,884
Research and development	92,193	88,485	184,052	175,932
Legal settlement loss	31,127	0	31,127	0
Total operating expenses	575,582	541,678	1,119,263	1,068,816
Income from operations	147,046	171,931	301,181	305,447
Interest income	3,301	4,421	7,693	6,758
Other income (expense), net	(6,481)	(4,763)	(6,622)	(5,992)
Total interest income and other income (expense), net	(3,180)	(342)	1,071	766
Net income before provision for income taxes	143,866	171,589	302,252	306,213
Provision for income taxes	47,302	59,775	100,660	106,601
Net income	$ 96,564	$ 111,814	$ 201,592	$ 199,612
Net income per share:
Basic (in usd per share)	$ 1.28	$ 1.46	$ 2.68	$ 2.60
Diluted (in usd per share)	$ 1.28	$ 1.46	$ 2.68	$ 2.60
Shares used in computing net income per share:
Basic (in shares)	75,184	76,524	75,180	76,722
Diluted (in shares)	75,223	76,689	75,315	76,897

Common Stock Repurchase Programs - Accelerated Share Repurchase Agreements (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 26, 2024	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2023	May 31, 2021
Share Repurchase Program [Line Items]
Amount paid				$ 150,012,000	$ 292,360,000
May 2021 Repurchase Program
Share Repurchase Program [Line Items]
Authorized repurchase amount							$ 1,000,000,000
May 2021 Repurchase Program \| Q4 2022
Share Repurchase Program [Line Items]
Amount paid			$ 200,000,000.0
Total shares received (in shares)			984,714
Average price per share (in dollars per share)			$ 203.10
May 2021 Repurchase Program \| Q1 2023
Share Repurchase Program [Line Items]
Amount paid			$ 250,000,000.0
Total shares received (in shares)			805,908
Average price per share (in dollars per share)			$ 310.21
January 2023 Repurchase Program
Share Repurchase Program [Line Items]
Average price per share (in dollars per share)	$ 250.73
Authorized repurchase amount						$ 1,000,000,000
January 2023 Repurchase Program \| Q4 2023
Share Repurchase Program [Line Items]
Amount paid		$ 250,000,000.0
Total shares received (in shares)		1,086,334
Average price per share (in dollars per share)		$ 230.13

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

The supplemental cash flow information consists of the following (in thousands):


	Six Months Ended June 30,
	2024		2023
Non-cash investing and financing activities:
Acquisition of property, plant and equipment in accounts payable and accrued liabilities	$	16,657	$	20,648
Final settlement of prior year stock repurchase forward contract	50,000		—
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,643	$	16,152
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	22,820	$	21,346

Segments and Geographical Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 1,028,490	$ 1,002,173	$ 2,025,921	$ 1,945,320
Gross profit	722,628	713,609	1,420,444	1,374,263
Income from operations	147,046	171,931	301,181	305,447
Stock-based compensation	47,028	37,860	85,816	75,595
Depreciation and amortization	36,166	35,819	69,112	71,639
Interest income	3,301	4,421	7,693	6,758
Other income (expense), net	(6,481)	(4,763)	(6,622)	(5,992)
Net income before provision for income taxes	143,866	171,589	302,252	306,213
Operating Segments
Segment Reporting Information [Line Items]
Income from operations	370,416	358,142	706,347	671,239
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Income from operations	(223,370)	(186,211)	(405,166)	(365,792)
Stock-based compensation	37,988	33,106	72,653	65,866
Depreciation and amortization	11,473	11,486	23,148	22,762
Clear Aligner
Segment Reporting Information [Line Items]
Net revenues	831,738	832,674	1,648,989	1,622,478
Gross profit	588,537	603,251	1,167,683	1,169,390
Clear Aligner \| Operating Segments
Segment Reporting Information [Line Items]
Income from operations	299,626	306,093	585,864	583,614
Stock-based compensation	8,619	4,491	12,383	9,145
Depreciation and amortization	16,623	16,590	31,056	32,988
Systems and Services
Segment Reporting Information [Line Items]
Net revenues	196,752	169,499	376,932	322,842
Gross profit	134,091	110,358	252,761	204,873
Systems and Services \| Operating Segments
Segment Reporting Information [Line Items]
Income from operations	70,790	52,049	120,483	87,625
Stock-based compensation	421	263	780	584
Depreciation and amortization	$ 8,070	$ 7,743	$ 14,908	$ 15,889

Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Notes To Financial Statements [Abstract]

Balance Sheet Components

Inventories consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	125,034	$	145,492
Work in process	87,034		91,259
Finished goods	47,424		60,151
Total inventories	$	259,492	$	296,902

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Value added tax receivables	$	188,847	$	143,728
Prepaid expenses	91,262		52,487
Other current assets	70,525		77,335
Total prepaid expenses and other current assets	$	350,634	$	273,550

Accrued liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued payroll and benefits	$	232,052	$	220,862
Accrued expenses	64,476		71,109
Accrued sales and marketing expenses	48,287		34,035
Accrued income taxes	36,082		38,103
Current operating lease liabilities	30,790		29,651
Accrued property, plant and equipment	10,985		23,618

Other accrued liabilities	132,786		108,402
Total accrued liabilities	$	555,458	$	525,780

Accrued warranty, which is included in the "Other accrued liabilities" category of the accrued liabilities table above, consists of the following activity (in thousands):


	Six Months Ended June 30,
	2024		2023
Balance at beginning of period	$	22,426	$	17,873
Charged to cost of net revenues	10,959		9,421
Actual warranty expenditures	(6,523)		(6,797)
Balance at end of period	$	26,862	$	20,497

Deferred revenues consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Deferred revenues - current	$	1,378,867	$	1,427,706
Deferred revenues - long-term 1	$	117,582	$	138,000

1 Included in Other long-term liabilities within our Condensed Consolidated Balance Sheets.

During the three months ended June 30, 2024 and 2023, we recognized $1,028.5 million and $1,002.2 million of net revenues, respectively, of which $222.4 million and $199.0 million was included in the deferred revenues balance at December 31, 2023 and 2022, respectively.

During the six months ended June 30, 2024 and 2023, we recognized $2,025.9 million and $1,945.3 million of net revenues, respectively, of which $459.2 million and $404.7 million was included in the deferred revenues balance at December 31, 2023 and 2022, respectively.

Our unfulfilled performance obligations, including deferred revenues and backlog, as of June 30, 2024 were $1,505.0 million. These performance obligations are expected to be fulfilled over the next six months to five years.

Restructuring and Other Charges	6 Months Ended
Restructuring and Other Charges	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Restructuring and Other ChargesDuring the fourth quarter of 2023, we initiated a restructuring plan to increase efficiencies across the organization and incurred approximately $14.0 million in restructuring expenses, of which $5.3 million remained unpaid and were included in Accrued liabilities as of December 31, 2023. During the first half of 2024, we reduced our December 31, 2023 restructuring liability by approximately $5.1 million, primarily due to cash payments. As of June 30, 2024, we had a remaining balance of $0.2 million recorded in Accrued liabilities.

Segments and Geographical Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 201,592	$ 199,612
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	9,506	(36,688)
Depreciation and amortization	69,112	71,639
Stock-based compensation	85,816	75,595
Non-cash operating lease cost	19,040	15,531
Other non-cash operating activities	2,377	21,860
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	(146,932)	(73,680)
Inventories	31,396	19,064
Prepaid expenses and other assets	(80,904)	(16,799)
Accounts payable	(6,398)	(10,351)
Accrued and other long-term liabilities	44,779	140,284
Long-term income tax payable	(12,961)	(11,113)
Deferred revenues	(27,932)	56,718
Net cash provided by operating activities	188,491	451,672
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired	(77,075)	0
Purchase of property, plant and equipment	(62,819)	(122,664)
Purchase of marketable securities	0	(2,373)
Proceeds from maturities of marketable securities	15,560	17,601
Proceeds from sales of marketable securities	7,518	4,048
Purchase of equity investments	(75,390)	(75,000)
Other investing activities	129	74
Net cash used in investing activities	(192,077)	(178,314)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	14,339	14,256
Common stock repurchases	(150,012)	(292,360)
Activity for equity forward contracts related to accelerated stock repurchase agreements, net	0	40,000
Payroll taxes paid upon the vesting of equity awards	(27,602)	(21,788)
Net cash used in financing activities	(163,275)	(259,892)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(9,196)	(3,523)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(176,057)	9,943
Cash, cash equivalents, and restricted cash at beginning of the period	938,519	942,355
Cash, cash equivalents, and restricted cash at end of the period	$ 762,462	$ 952,298

Credit Facility (Details) - 2022 Credit Facility	Jun. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, available borrowings	300,000,000.0
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, available borrowings	$ 50,000,000.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The change in the carrying value of goodwill for the six months ended June 30, 2024, categorized by reportable segments, is as follows (in thousands):


	Clear Aligner		Systems and Services		Total
Balance as of December 31, 2023	$	111,086	$	308,444	$	419,530
Additions from acquisition	47,673		—		47,673
Foreign currency translation adjustments	(3,091)		(9,619)		(12,710)
Balance as of June 30, 2024	$	155,668	$	298,825	$	454,493

Finite-Lived Intangible Assets

Acquired finite-lived intangible assets were as follows, excluding intangibles that were fully amortized, is as follows (in thousands):


	Weighted Average Amortization Period (in years)	Gross Carrying Amount as of June 30, 2024		Accumulated Amortization		Accumulated Impairment Loss		Net Carrying Value as of June 30, 2024
Existing technology	11	$	146,651	$	(44,869)	$	—	$	101,782
Customer relationships	10	21,500		(9,138)		—		12,362
Trademarks and tradenames	10	16,600		(8,374)		(4,122)		4,104
Patents	12	480		(260)		—		220
		$	185,231	$	(62,641)	$	(4,122)	118,468
Foreign currency translation adjustments								(2,763)
Total intangible assets, net 1								$	115,705

1 Includes $46.7 million of fully amortized intangible assets.


	Weighted Average Amortization Period (in years)	Gross Carrying Amount as of December 31, 2023		Accumulated Amortization		Accumulated Impairment Loss		Net Carrying Value as of December 31, 2023
Existing technology	10	$	112,051	$	(45,331)	$	(4,328)	$	62,392
Customer relationships	10	21,500		(8,063)		—		13,437
Trademarks and tradenames	10	16,600		(7,605)		(4,122)		4,873
Patents	8	6,511		(6,082)		—		429
		$	156,662	$	(67,081)	$	(8,450)	81,131
Foreign currency translation adjustments								987
Total intangible assets, net 1								$	82,118

1 Includes $34.3 million of fully amortized intangible assets.

Of the $146.7 million recorded as existing technology intangible assets as of June 30, 2024, $47.0 million was acquired during the first quarter of 2024 as part of the Cubicure Acquisition. The existing technology acquired in the Cubicure Acquisition had an estimated useful life of 13 years, which had the effect of increasing the weighted average amortization period from approximately 10 years as of December 31, 2023 to approximately 11 years as of June 30, 2024. Refer to Note 4. Business Combination.

The total estimated annual future amortization expense for these acquired intangible assets as of June 30, 2024, is as follows (in thousands):


Fiscal Year Ending December 31,	Amortization
Remainder of 2024	$	9,287
2025	18,574
2026	17,969
2027	15,607
2028	14,505
Thereafter	42,526
Total	$	118,468

Amortization expense for the three months ended June 30, 2024 and 2023 was $4.7 million and $4.1 million, respectively, and amortization expense for the six months ended June 30, 2024 and 2023 was $9.6 million and $8.2 million, respectively.

Stockholders' Equity - Stock-based Compensation Employee Stock Purchase Plan Fair Value Assumptions (Details) - Employee stock - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Expected term (in years)	10 months 24 days	1 year
Expected volatility	56.00%	56.70%
Risk-free interest rate	4.80%	4.60%
Expected dividends	0.00%	0.00%
Weighted average fair value at grant date (in usd per share)	$ 100.10	$ 105.75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 02, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 454,493		$ 419,530
Cubicure
Business Acquisition [Line Items]
Working capital		$ 1,039
Property & equipment		975
Developed technology		47,000
Other non-current asset		1,386
Other liabilities		(12,279)
Goodwill		47,673
Total		$ 85,794

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Common Stock Repurchase Programs - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions		6 Months Ended		12 Months Ended
	Jun. 26, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 31, 2023	May 31, 2021
Share Repurchase Program [Line Items]
Amount paid		$ 150,012,000	$ 292,360,000
May 2021 Repurchase Program
Share Repurchase Program [Line Items]
Authorized repurchase amount						$ 1,000,000,000
January 2023 Repurchase Program
Share Repurchase Program [Line Items]
Authorized repurchase amount					$ 1,000,000,000
Common stock repurchased	$ 150,000,000		$ 0	$ 100,000,000
Common stock repurchased (in shares)	0.6
Common stock repurchased, average price (in dollars per share)	$ 250.73
Amount available for repurchase		$ 500,000,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Legal Proceedings	6 Months Ended
Legal Proceedings	Jun. 30, 2024
Legal Proceedings [Abstract]
Legal Proceedings	Legal Proceedings 2019 Shareholder Derivative Lawsuit In January 2019, three derivative lawsuits were filed in the U.S. District Court for the Northern District of California which were later consolidated, purportedly on our behalf, naming as defendants the then current members of our Board of Directors along with certain of our executive officers. The complaints assert various state law causes of action, including for breaches of fiduciary duty, insider trading, and unjust enrichment. The complaints seek unspecified monetary damages on our behalf, which is named solely as a nominal defendant against whom no recovery is sought, as well as disgorgement and the costs and expenses associated with the litigation, including attorneys’ fees. The consolidated action is currently stayed. Defendants have not yet responded to the complaints. On April 12, 2019, a derivative lawsuit was also filed in California Superior Court for Santa Clara County, purportedly on our behalf, naming as defendants the members of our Board of Directors along with certain of our executive officers. The allegations in the complaint are similar to those in the derivative suits described above. The matter is currently stayed. Defendants have not yet responded to the complaint. In the first quarter of 2024, the parties to these actions entered into a settlement agreement whereby, subject to court approval, plaintiffs will dismiss the lawsuits and release their claims. In the settlement agreement, Align and the defendants deny any wrongdoing and are not making any monetary payments, other than a potential award of $575,000 in attorney’s fees to plaintiffs’ counsel, covered by insurance. On July 3, 2024, the U.S. District Court for the Northern District of California denied preliminary approval of the settlement without prejudice. The court held a case management conference on August 1, 2024 and indicated a revised order would issue in the near future. Antitrust Class Actions On June 5, 2020, a dental practice named Simon and Simon, PC doing business as City Smiles brought an antitrust action in the U.S. District Court for the Northern District of California on behalf of itself and a putative class of similarly situated practices seeking treble monetary damages, interest, costs, attorneys’ fees, and injunctive relief relating to our alleged market activities in alleged clear aligner and intraoral scanner markets. Plaintiff filed an amended complaint and added VIP Dental Spas as a plaintiff on August 14, 2020. On December 18, 2023, the court certified a class of persons or entities that purchased Invisalign directly from Align between January 1, 2019 and March 31, 2022. The court denied Plaintiffs’ motion to certify a class of purchasers of scanners. On February 21, 2024, the court granted Align’s motion for summary judgment on all claims brought by the plaintiffs. The court entered judgment on March 22, 2024. Plaintiffs have appealed the district court’s summary judgment ruling to the United States Court of Appeals for the Ninth Circuit. Plaintiff-Appellants' opening brief was filed July 15, 2024. Align’s response brief is due September 27, 2024 and Plaintiff-Appellants' reply brief is due October 18, 2024. On May 3, 2021, an individual named Misty Snow brought an antitrust action in the U.S. District Court for the Northern District of California on behalf of herself and a putative class of similarly situated individuals seeking treble monetary damages, interest, costs, attorneys’ fees, and injunctive relief relating to our alleged market activities in alleged clear aligner and intraoral scanner markets based on Section 2 of the Sherman Act. Plaintiffs have filed several amended complaints adding new plaintiffs, various state law claims, and allegations based on Section 1 of the Sherman Act. On November 29, 2023, the court certified a class of indirect purchasers of Invisalign between July 1, 2018 and December 31, 2023 and a class of indirect purchasers of Invisalign seeking injunctive relief. On February 21, 2024, the court granted Align’s motion for summary judgment on the claims related to Section 2 allegations. The court entered judgment for the Section 2 and related state law claims on March 22, 2024. Plaintiffs have appealed the district court’s summary judgment ruling to the United States Court of Appeals for the Ninth Circuit. Plaintiff-Appellants' opening brief was filed July 15, 2024. Align’s response brief is due September 27, 2024 and Plaintiff-Appellants' reply brief is due October 18, 2024. We are currently unable to predict the outcome of these lawsuits and therefore we cannot determine the likelihood of loss, if any, nor estimate a range of possible loss. In June 2024, Align and the Section 1 plaintiffs reached a settlement in principle that would resolve all remaining claims in the Section 1 lawsuit. The settlement terms remain confidential and subject to court approval. While we continue to believe that plaintiffs’ Section 1 claims are without merit and despite vigorously defending ourselves against those claims, we decided to settle the lawsuit to avoid the distraction and uncertainty of litigation. During the three months ended June 30, 2024 we accrued a loss of $31.1 million for legal settlements for multiple legal matters, but primarily related to the settlement of the Section 1 claims described above. Straumann Litigation On April 11, 2024, we filed a lawsuit in the U.S. District Court for the Western District of Texas against ClearCorrect Operating, LLC, ClearCorrect Holdings, Inc., and Institut Straumann AG. The complaint asserts claims of false advertising, unfair competition, civil conspiracy, and infringement of Align patents related to aligner material, treatment planning, and intraoral scanner technologies. Among other things, the complaint seeks relief enjoining the defendants’ infringement of multiple Align multilayer material patents through defendants’ manufacture, sale and offer for sale of aligners made with Zendura FLX/ClearQuartz materials. On June 20, 2024, Defendants filed motions to dismiss the Complaint, which are pending. On July 9, 2024, ClearCorrect Operating, LLC, ClearCorrect Holdings, Inc. and Straumann USA LLC filed counterclaims against Align for alleged antitrust violations, false advertising, unfair competition, and breach of contract. Among other things, the counterclaims seek relief enjoining Align’s accused business practices, invalidating Align’s asserted patents, and money damages. Align believes these claims are without merit and intends to vigorously defend itself. Align is currently unable to predict the outcome of this lawsuit and cannot determine the likelihood of loss nor estimate a range of possible loss. In addition to the above, in the ordinary course of our operations, we are involved in a variety of claims, suits, investigations, and proceedings, including actions with respect to intellectual property claims, patent infringement claims, government investigations, labor and employment claims, breach of contract claims, tax, and other matters. Regardless of the outcome, these proceedings can have an adverse impact on us because of defense costs, diversion of management resources, and other factors. Although the results of complex legal proceedings are difficult to predict and our view of these matters may change in the future as litigation and events related thereto unfold; we currently do not believe that these matters, individually or in the aggregate, will materially affect our financial position, results of operations or cash flows.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-32259
Entity Registrant Name	ALIGN TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3267295
Entity Address, Address Line One	410 North Scottsdale Road, Suite 1300
Entity Address, City or Town	Tempe
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85288
City Area Code	602
Local Phone Number	742-2000
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ALGN
Security Exchange Name	NASDAQ
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Central Index Key	0001097149
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		74,697,065

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Net revenues	$ 1,028,490	$ 1,002,173	$ 2,025,921	$ 1,945,320
Revenue recognized included in deferred revenue	222,400	$ 199,000	459,200	$ 404,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Condensed Balance Sheet Statements, Captions [Line Items]
Revenue, remaining performance obligation	$ 1,505,000		$ 1,505,000
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Condensed Balance Sheet Statements, Captions [Line Items]
Revenue, remaining performance obligation, period of recognition	6 months		6 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Condensed Balance Sheet Statements, Captions [Line Items]
Revenue, remaining performance obligation, period of recognition	5 years		5 years

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, intangible assets		$ 185,231		$ 185,231		$ 156,662
Amortization		4,700	$ 4,100	9,600	$ 8,200
Cubicure
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 47,000
Existing technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, intangible assets		$ 146,651		$ 146,651		$ 112,051
Weighted average amortization period				11 years		10 years
Existing technology \| Cubicure
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 47,000
Weighted average amortization period	13 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segments and Geographical Information - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 1,400,000	$ 1,408,862
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	569,955	575,432
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	211,373	210,275
Other International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 618,672	$ 623,155

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 17,355	$ 14,893
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	74,696,000	75,075,000
Common stock, shares outstanding	74,696,000	75,075,000

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Non-cash investing and financing activities:
Acquisition of property, plant and equipment in accounts payable and accrued liabilities	$ 16,657	$ 20,648
Final settlement of prior year stock repurchase forward contract	50	0
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	19,643	16,152
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 22,820	$ 21,346

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Cash and Cash Equivalents

The following tables summarize our cash and cash equivalents, and marketable securities on our Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


									Reported as:
June 30, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	759,803	$	—	$	—	$	759,803	$	759,803	$	—	$	—
Money market funds	1,626		—		—		1,626		1,626		—		—
Corporate bonds	19,560		—		(208)		19,352		—		19,352		—

Asset-backed securities	324		—		—		324		—		324

U.S. government agency bonds	1,009		—		(3)		1,006		—		1,006		—

Total	$	782,322	$	—	$	(211)	$	782,111	$	761,429	$	20,682	$	—


									Reported as:
December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	887,682	$	—	$	—	$	887,682	$	887,682	$	—	$	—
Money market funds	49,756		—		—		49,756		49,756		—		—
Corporate bonds	31,943		5		(676)		31,272		—		28,704		2,568
U.S. government treasury bonds	4,855		—		(99)		4,756		—		—		4,756
Asset-backed securities	1,416		2		(1)		1,417		—		719		698
Municipal bonds	702		—		(2)		700		—		700		—
U.S. government agency bonds	5,215		—		(34)		5,181		—		5,181		—

Total	$	981,569	$	7	$	(812)	$	980,764	$	937,438	$	35,304	$	8,022

Marketable Securities

The following tables summarize our cash and cash equivalents, and marketable securities on our Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


									Reported as:
June 30, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	759,803	$	—	$	—	$	759,803	$	759,803	$	—	$	—
Money market funds	1,626		—		—		1,626		1,626		—		—
Corporate bonds	19,560		—		(208)		19,352		—		19,352		—

Asset-backed securities	324		—		—		324		—		324

U.S. government agency bonds	1,009		—		(3)		1,006		—		1,006		—

Total	$	782,322	$	—	$	(211)	$	782,111	$	761,429	$	20,682	$	—


									Reported as:
December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	887,682	$	—	$	—	$	887,682	$	887,682	$	—	$	—
Money market funds	49,756		—		—		49,756		49,756		—		—
Corporate bonds	31,943		5		(676)		31,272		—		28,704		2,568
U.S. government treasury bonds	4,855		—		(99)		4,756		—		—		4,756
Asset-backed securities	1,416		2		(1)		1,417		—		719		698
Municipal bonds	702		—		(2)		700		—		700		—
U.S. government agency bonds	5,215		—		(34)		5,181		—		5,181		—

Total	$	981,569	$	7	$	(812)	$	980,764	$	937,438	$	35,304	$	8,022

Contractual Maturity of Marketable Securities

The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Due in 1 year or less	$	20,358	$	34,617
Due in 1 year through 5 years	324		8,709
Total	$	20,682	$	43,326

Unrealized Losses for Investments in a Continuous Unrealized Loss Position


	As of June 30, 2024
	Less than 12 months				12 Months of Greater				Total
June 30, 2024	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	2,013	$	—	$	17,339	$	(208)		$	19,352	$	(208)

Asset-backed securities	—		—		324		—			324		—

U.S. government agency bonds	—		—		1,006		(3)			1,006		(3)

Total	$	2,013	$	—	$	18,669	$	(211)		$	20,682	$	(211)


	As of December 31, 2023
	Less than 12 months				12 Months of Greater				Total
December 31, 2023	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	—	$	—	$	27,939	$	(676)		$	27,939	$	(676)
U.S. government treasury bonds	2,044		(11)		2,712		(88)			4,756		(99)
Asset-backed securities	1,018		(1)		83		—			1,101		(1)
Municipal bonds	—		—		700		(2)			700		(2)
U.S. government agency bonds	4,003		(11)		1,178		(23)			5,181		(34)

Total	$	7,065	$	(23)	$	32,612	$	(789)		$	39,677	$	(812)

Financial Assets Measured At Fair Value On A Recurring Basis

The following tables summarize our financial assets measured at fair value as of June 30, 2024 and December 31, 2023 (in thousands):


Description	Balance as of June 30, 2024		Level 1		Level 2
Cash equivalents:
Money market funds	$	1,626	$	1,626	$	—





Short-term investments:

U.S. government agency bonds	1,006		—		1,006

Corporate bonds	19,352		—		19,352

Asset-backed securities	324		—		324










	$	22,308	$	1,626	$	20,682


Description	Balance as of December 31, 2023		Level 1		Level 2
Cash equivalents:
Money market funds	$	49,756	$	49,756	$	—




Short-term investments:
Corporate bonds	28,704		—		28,704
Municipal bonds	700		—		700
U.S. government agency bonds	5,181		—		5,181
Asset-backed securities	719		—		719



Long-term investments:
U.S. government treasury bonds	4,756		—		4,756
Corporate bonds	2,568		—		2,568


Asset-backed securities	698		—		698






	$	93,082	$	49,756	$	43,326

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€224,400	$	240,601
British Pound	£114,500	144,867
Canadian Dollar	$102,400	74,790
Polish Zloty	PLN291,700	72,401
Chinese Yuan	¥336,300	46,207
Japanese Yen	¥4,700,000	29,419
Israeli Shekel	ILS69,600	18,554
Brazilian Real	R$91,600	16,390
Mexican Peso	M$288,500	15,750
Swiss Franc	CHF4,700	5,246
Australian Dollar	A$6,200	4,137
New Taiwan Dollar	NT$111,000	3,418
New Zealand Dollar	NZ$5,200	3,168
Korean Won	₩3,100,000	2,244
Czech Koruna	Kč28,000	1,197
		$	678,389


	December 31, 2023
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€337,780	$	373,705
Canadian Dollar	$108,900	82,166
Polish Zloty	PLN276,900	70,393
British Pound	£45,590	58,005
Chinese Yuan	¥244,500.00	34,361
Swiss Franc	CHF28,600	34,132
Japanese Yen	¥3,577,000	25,347
Israeli Shekel	ILS78,700	21,800
Brazilian Real	R$80,500	16,563
Mexican Peso	M$230,000	13,593
New Zealand Dollar	NZ$6,600	4,161
Australian Dollar	A$4,300	2,921
New Taiwan Dollar	NT$89,000	2,919
Czech Koruna	Kč60,200	2,687
Korean Won	₩2,200,000	1,709
		$	744,462

Net Income Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Net Income per Share

The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	96,564	$	111,814	$	201,592	$	199,612
Denominator:
Weighted average common shares outstanding, basic	75,184		76,524		75,180		76,722
Dilutive effect of potential common stock	39		165		135		175
Total shares, diluted	75,223		76,689		75,315		76,897

Net income per share, basic	$	1.28	$	1.46	$	2.68	$	2.60
Net income per share, diluted	$	1.28	$	1.46	$	2.68	$	2.60

Anti-dilutive potential common shares 1	1,149		329		648		367

1 Represents approximately 1,148.7 thousand RSU and 0.3 thousand ESPP weighted-average outstanding common stock equivalent shares for the three months ended June 30, 2024 and approximately 647.8 thousand RSU and 0.1 thousand ESPP weighted-average outstanding common stock equivalent shares for the six months ended June 30, 2024 that are excluded from the calculation of diluted net income per share as the effect would have been anti-dilutive.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stock-based Compensation Expense

The stock-based compensation related to our stock-based awards and employee stock purchase plan for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of net revenues	$	2,582	$	1,901	$	4,646	$	3,708
Selling, general and administrative	34,274		29,002		62,768		57,693

Research and development	10,172		6,957		18,402		14,194
Total stock-based compensation	$	47,028	$	37,860	$	85,816	$	75,595

Summary Of Restricted Stock Units

A summary for the six months ended June 30, 2024 is as follows:


	Number of Shares Underlying RSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2023	736	$	367.63
Granted	631	310.21
Vested and released	(249)	370.60
Forfeited	(34)	360.58
Unvested as of June 30, 2024	1,084	$	333.79	1.8	$	261,797

Summary Of Market-performance Based Restricted Stock Units

The following table summarizes the MSU performance activity for the six months ended June 30, 2024:


	Number of Shares Underlying MSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2023	158	$	811.06
Granted	83	617.79
Vested and released 1	(32)	1,102.09
Forfeited	(5)	1,102.09
Unvested as of June 30, 2024	204	$	679.52	1.9	$	49,247

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:


	Six Months Ended June 30,
		2024			2023
Expected term (in years)		0.9			1.0
Expected volatility		56.0		%	56.7		%
Risk-free interest rate		4.8		%	4.6		%
Expected dividends		—			—
Weighted average fair value at grant date		$	100.10		$	105.75

Segments and Geographical Information - Net Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 1,028,490	$ 1,002,173	$ 2,025,921	$ 1,945,320
U.S.
Segment Reporting Information [Line Items]
Net revenues	438,533	429,598	870,634	840,736
Switzerland
Segment Reporting Information [Line Items]
Net revenues	270,946	341,006	522,704	654,137
Other International
Segment Reporting Information [Line Items]
Net revenues	$ 319,011	$ 231,569	$ 632,583	$ 450,447

- Definition

+ References

+ Details

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2024

Notes To Financial Statements [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	125,034	$	145,492
Work in process	87,034		91,259
Finished goods	47,424		60,151
Total inventories	$	259,492	$	296,902

Schedule of Prepaid Expense and Other Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Value added tax receivables	$	188,847	$	143,728
Prepaid expenses	91,262		52,487
Other current assets	70,525		77,335
Total prepaid expenses and other current assets	$	350,634	$	273,550

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued payroll and benefits	$	232,052	$	220,862
Accrued expenses	64,476		71,109
Accrued sales and marketing expenses	48,287		34,035
Accrued income taxes	36,082		38,103
Current operating lease liabilities	30,790		29,651
Accrued property, plant and equipment	10,985		23,618

Other accrued liabilities	132,786		108,402
Total accrued liabilities	$	555,458	$	525,780

Schedule of Warranty Accrual

Accrued warranty, which is included in the "Other accrued liabilities" category of the accrued liabilities table above, consists of the following activity (in thousands):


	Six Months Ended June 30,
	2024		2023
Balance at beginning of period	$	22,426	$	17,873
Charged to cost of net revenues	10,959		9,421
Actual warranty expenditures	(6,523)		(6,797)
Balance at end of period	$	26,862	$	20,497

Schedule of Deferred Revenues

Deferred revenues consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Deferred revenues - current	$	1,378,867	$	1,427,706
Deferred revenues - long-term 1	$	117,582	$	138,000

1 Included in Other long-term liabilities within our Condensed Consolidated Balance Sheets.

Financial Instruments - Unrealized Losses for Investments in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	$ 2,013	$ 7,065
12 months or greater, fair value	18,669	32,612
Fair value	20,682	39,677
Less than 12 months, unrealized loss	0	(23)
12 months or greater, unrealized loss	(211)	(789)
Unrealized loss	(211)	(812)
Corporate bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	2,013	0
12 months or greater, fair value	17,339	27,939
Fair value	19,352	27,939
Less than 12 months, unrealized loss	0	0
12 months or greater, unrealized loss	(208)	(676)
Unrealized loss	(208)	(676)
U.S. government treasury bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value		2,044
12 months or greater, fair value		2,712
Fair value		4,756
Less than 12 months, unrealized loss		(11)
12 months or greater, unrealized loss		(88)
Unrealized loss		(99)
Asset-backed securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	0	1,018
12 months or greater, fair value	324	83
Fair value	324	1,101
Less than 12 months, unrealized loss	0	(1)
12 months or greater, unrealized loss	0	0
Unrealized loss	0	(1)
Municipal bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value		0
12 months or greater, fair value		700
Fair value		700
Less than 12 months, unrealized loss		0
12 months or greater, unrealized loss		(2)
Unrealized loss		(2)
U.S. government agency bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	0	4,003
12 months or greater, fair value	1,006	1,178
Fair value	1,006	5,181
Less than 12 months, unrealized loss	0	(11)
12 months or greater, unrealized loss	(3)	(23)
Unrealized loss	$ (3)	$ (34)

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 22, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Accounts receivable sold	$ 11.3	$ 8.2	$ 25.9	$ 16.2
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) on derivatives	7.5	$ 1.1	27.2	$ (5.3)
Derivative, fair value	$ 0.0		$ 0.0			$ 0.0
Heartland
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity interest percentage (less than)					5.00%
Acquisition of equity interest					$ 150.0

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share Basic And Diluted

The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	96,564	$	111,814	$	201,592	$	199,612
Denominator:
Weighted average common shares outstanding, basic	75,184		76,524		75,180		76,722
Dilutive effect of potential common stock	39		165		135		175
Total shares, diluted	75,223		76,689		75,315		76,897

Net income per share, basic	$	1.28	$	1.46	$	2.68	$	2.60
Net income per share, diluted	$	1.28	$	1.46	$	2.68	$	2.60

Anti-dilutive potential common shares 1	1,149		329		648		367

Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring expenses	$ 14.0
Unpaid restructuring charges	$ 5.3	$ 0.2
Reduction in restructuring liability		$ 5.1

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

As of June 30, 2024, the Align Technology, Inc. 2005 Incentive Plan, as amended, has a total reserve of 32,168,895 shares, of which 3,381,447 shares are available for issuance.

Summary of Stock-Based Compensation Expense

The stock-based compensation related to our stock-based awards and employee stock purchase plan for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of net revenues	$	2,582	$	1,901	$	4,646	$	3,708
Selling, general and administrative	34,274		29,002		62,768		57,693

Research and development	10,172		6,957		18,402		14,194
Total stock-based compensation	$	47,028	$	37,860	$	85,816	$	75,595

Restricted Stock Units (“RSUs”)

The fair value of RSUs is based on our closing stock price on the date of grant. RSUs granted generally vest over a period of four years. A summary for the six months ended June 30, 2024 is as follows:


	Number of Shares Underlying RSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2023	736	$	367.63
Granted	631	310.21
Vested and released	(249)	370.60
Forfeited	(34)	360.58
Unvested as of June 30, 2024	1,084	$	333.79	1.8	$	261,797

As of June 30, 2024, we expect to recognize $285.6 million of total unamortized compensation costs, net of estimated forfeitures, related to RSUs over a weighted average period of 2.9 years.

Market-Performance Based Restricted Stock Units (“MSUs”)

We grant MSUs to members of senior management. Each MSU represents the right to one share of our common stock. The actual number of MSUs which will be eligible to vest will be based on the performance of Align’s stock price relative to the performance of a stock market index over the vesting period. MSUs vest over a period of three years and the maximum number of shares eligible to vest in the future is 250% of the MSUs initially granted.

The following table summarizes the MSU performance activity for the six months ended June 30, 2024:


	Number of Shares Underlying MSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2023	158	$	811.06
Granted	83	617.79
Vested and released 1	(32)	1,102.09
Forfeited	(5)	1,102.09
Unvested as of June 30, 2024	204	$	679.52	1.9	$	49,247

1 Includes MSUs vested during the period below 100% of the original grant as actual shares released is based on Align’s stock performance over the vesting period.

As of June 30, 2024, we expect to recognize $73.3 million of total unamortized compensation costs, net of estimated forfeitures, related to MSUs over a weighted average period of 1.9 years.

Restricted Stock Units with Performance Conditions (“PSUs”)

During the six months ended June 30, 2024, we did not grant any PSUs to any employees. In the fourth quarter of 2022, we granted PSUs to certain employees which are eligible to vest based on the achievement of project-based milestones over a term of 2.2 years. Total PSUs granted were 4,728 and the weighted average grant date fair value for the PSUs was $201.63. Compensation costs related to PSUs are not material to our operating results.

Employee Stock Purchase Plan

As of June 30, 2024, we have 1,931,910 shares available for future issuance under the Align Technology, Inc. 2010 Employee Stock Purchase Plan (as amended and restated, the “2010 Purchase Plan”).

The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:


	Six Months Ended June 30,
		2024			2023
Expected term (in years)		0.9			1.0
Expected volatility		56.0		%	56.7		%
Risk-free interest rate		4.8		%	4.6		%
Expected dividends		—			—
Weighted average fair value at grant date		$	100.10		$	105.75

As of June 30, 2024, we expect to recognize $10.4 million of total unamortized compensation costs related to future employee stock purchases over a weighted average period of 0.5 years.

Legal Proceedings (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Legal Proceedings (Details) $ in Thousands	Jan. 31, 2019 claim	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Legal settlement loss		$ 31,127	$ 0	$ 31,127	$ 0
Shareholder derivative lawsuit
Loss Contingencies [Line Items]
Number of lawsuits filed \| claim	3
Potential award						$ 575
Antitrust class actions
Loss Contingencies [Line Items]
Legal settlement loss		$ 31,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 96,564	$ 111,814	$ 201,592	$ 199,612

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Balance Sheet Components - Warranty Accrual Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 22,426	$ 17,873
Charged to cost of net revenues	10,959	9,421
Actual warranty expenditures	(6,523)	(6,797)
Balance at end of period	$ 26,862	$ 20,497

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies (Details) - His Majesty's Revenue and Customs (HMRC) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Income Tax Examination [Line Items]
Cumulative assessments of unpaid value added tax		$ 95
Potential exposure	$ 115

Financial Instruments - Fair Value Measured On A Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	$ 20,682	$ 35,304
Long-term investments	0	8,022
Assets measured at fair value	22,308	93,082
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	1,626	49,756
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets measured at fair value	20,682	43,326
U.S. government agency bonds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	1,006	5,181
U.S. government agency bonds \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	0	0
U.S. government agency bonds \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	1,006	5,181
U.S. government treasury bonds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Long-term investments		4,756
U.S. government treasury bonds \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Long-term investments		0
U.S. government treasury bonds \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Long-term investments		4,756
Corporate bonds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	19,352	28,704
Long-term investments		2,568
Corporate bonds \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	0	0
Long-term investments		0
Corporate bonds \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	19,352	28,704
Long-term investments		2,568
Municipal bonds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments		700
Municipal bonds \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments		0
Municipal bonds \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments		700
Asset-backed securities \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	324	719
Long-term investments		698
Asset-backed securities \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	0	0
Long-term investments		0
Asset-backed securities \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	324	719
Long-term investments		698
Money market funds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	1,626	49,756
Money market funds \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	1,626	49,756
Money market funds \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Credit Facility	6 Months Ended
Credit Facility	Jun. 30, 2024
Debt Disclosure [Abstract]
Credit Facility	Credit Facility We have a credit facility that provides for a $300.0 million unsecured revolving line of credit, along with a $50.0 million letter of credit. On December 23, 2022, we amended certain provisions in our credit facility which included extending the maturity date on the facility to December 23, 2027 and replacing the interest rate from the existing LIBOR with SOFR (“2022 Credit Facility”). The 2022 Credit Facility requires us to comply with specific financial conditions and performance requirements. Loans under the 2022 Credit Facility bear interest, at our option, at either a rate based on the SOFR for the applicable interest period or a base rate, in each case plus a margin. As of June 30, 2024, we had no outstanding borrowings under the 2022 Credit Facility and were in compliance with the conditions and performance requirements in all material respects.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments - Contractual Maturity of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Due in 1 year or less	$ 20,358	$ 34,617
Due in 1 year through 5 years	324	8,709
Total	$ 20,682	$ 43,326

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Topic 820
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+ Details

Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Cash, cash equivalents and marketable securities	$ 782,322	$ 981,569
Gross Unrealized Gains
Cash, cash equivalents and marketable securities	0	7
Gross Unrealized Losses
Cash, cash equivalents and marketable securities	(211)	(812)
Fair Value
Cash and cash equivalents	761,429	937,438
Marketable securities	20,682	43,326
Cash, cash equivalents and marketable securities	782,111	980,764
Cash
Amortized Cost
Cash and cash equivalents	759,803	887,682
Fair Value
Cash and cash equivalents	759,803	887,682
Cash and Cash Equivalents
Fair Value
Cash, cash equivalents and marketable securities	761,429	937,438
Cash and Cash Equivalents \| Cash
Fair Value
Cash and cash equivalents	759,803	887,682
Marketable securities, short-term
Fair Value
Cash, cash equivalents and marketable securities	20,682	35,304
Marketable securities, long-term
Fair Value
Cash, cash equivalents and marketable securities	0	8,022
Money market funds
Amortized Cost
Cash and cash equivalents	1,626	49,756
Fair Value
Cash and cash equivalents	1,626	49,756
Money market funds \| Cash and Cash Equivalents
Fair Value
Cash and cash equivalents	1,626	49,756
Corporate bonds
Amortized Cost
Marketable securities	19,560	31,943
Gross Unrealized Gains
Marketable securities	0	5
Gross Unrealized Losses
Marketable securities	(208)	(676)
Fair Value
Marketable securities	19,352	31,272
Corporate bonds \| Marketable securities, short-term
Fair Value
Marketable securities	19,352	28,704
Corporate bonds \| Marketable securities, long-term
Fair Value
Marketable securities	0	2,568
U.S. government treasury bonds
Amortized Cost
Marketable securities		4,855
Gross Unrealized Gains
Marketable securities		0
Gross Unrealized Losses
Marketable securities		(99)
Fair Value
Marketable securities		4,756
U.S. government treasury bonds \| Marketable securities, short-term
Fair Value
Marketable securities		0
U.S. government treasury bonds \| Marketable securities, long-term
Fair Value
Marketable securities		4,756
Asset-backed securities
Amortized Cost
Marketable securities	324	1,416
Gross Unrealized Gains
Marketable securities	0	2
Gross Unrealized Losses
Marketable securities	0	(1)
Fair Value
Marketable securities	324	1,417
Asset-backed securities \| Marketable securities, short-term
Fair Value
Marketable securities	324	719
Asset-backed securities \| Marketable securities, long-term
Fair Value
Marketable securities		698
Municipal bonds
Amortized Cost
Marketable securities		702
Gross Unrealized Gains
Marketable securities		0
Gross Unrealized Losses
Marketable securities		(2)
Fair Value
Marketable securities		700
Municipal bonds \| Marketable securities, short-term
Fair Value
Marketable securities		700
Municipal bonds \| Marketable securities, long-term
Fair Value
Marketable securities		0
U.S. government agency bonds
Amortized Cost
Marketable securities	1,009	5,215
Gross Unrealized Gains
Marketable securities	0	0
Gross Unrealized Losses
Marketable securities	(3)	(34)
Fair Value
Marketable securities	1,006	5,181
U.S. government agency bonds \| Marketable securities, short-term
Fair Value
Marketable securities	1,006	5,181
U.S. government agency bonds \| Marketable securities, long-term
Fair Value
Marketable securities	$ 0	$ 0

Business Combination - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jan. 02, 2024	Jun. 30, 2024	Dec. 31, 2023
Existing technology
Business Acquisition [Line Items]
Weighted average amortization period		11 years	10 years
Cubicure
Business Acquisition [Line Items]
Equity interest prior to acquisition	9.04%
Fair value of pre-existing equity interest ownership	$ 7,968
Pre-tax gain on remeasurement	4,100
Settlement of pre-existing relationship - accounts payable	2,316
Goodwill deductible for tax purposes	0
Intangible assets acquired	47,000
Cubicure \| Existing technology
Business Acquisition [Line Items]
Intangible assets acquired	$ 47,000
Weighted average amortization period	13 years

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 96,564	$ 111,814	$ 201,592	$ 199,612
Other comprehensive income:
Change in foreign currency translation adjustment, net of tax	6,359	9,158	3,427	19,632
Change in unrealized gains (losses) on investments, net of tax	243	350	446	1,995
Other comprehensive income	6,602	9,508	3,873	21,627
Comprehensive income	$ 103,166	$ 121,322	$ 205,465	$ 221,239

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss), Net

Retained Earnings

Beginning Balance (in shares) at Dec. 31, 2022

77,267

Beginning Balance at Dec. 31, 2022

$ 3,601,358

$ 8

$ 1,044,946

$ (10,284)

$ 2,566,688

Ending Balance (in shares) at Mar. 31, 2023

76,516

Ending Balance at Mar. 31, 2023

3,480,049

$ 8

1,104,693

1,835

2,373,513

Beginning Balance (in shares) at Dec. 31, 2022

77,267

Beginning Balance at Dec. 31, 2022

3,601,358

$ 8

1,044,946

(10,284)

2,566,688

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

199,612

Net change in unrealized gains (losses) from investments

1,995

Net change in foreign currency translation adjustment

19,632

Issuance of common stock relating to employee equity compensation plans (in shares)

^[1]

207

Issuance of common stock relating to employee equity compensation plans

^[1]

14,256

Tax withholdings related to net share settlements of equity awards

(21,787)

Common stock repurchased and retired (in shares)

(942)

Common stock repurchased and retired

(292,360)

(11,387)

(280,973)

Equity forward contract related to accelerated stock repurchase

40,000

Stock-based compensation

75,595

Ending Balance (in shares) at Jun. 30, 2023

76,532

Ending Balance at Jun. 30, 2023

3,638,301

$ 8

1,141,623

11,343

2,485,327

Beginning Balance (in shares) at Mar. 31, 2023

76,516

Beginning Balance at Mar. 31, 2023

3,480,049

$ 8

1,104,693

1,835

2,373,513

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

111,814

Net change in unrealized gains (losses) from investments

350

Net change in foreign currency translation adjustment

9,158

Issuance of common stock relating to employee equity compensation plans (in shares)

^[2]

Tax withholdings related to net share settlements of equity awards

(930)

Stock-based compensation

37,860

Ending Balance (in shares) at Jun. 30, 2023

76,532

Ending Balance at Jun. 30, 2023

3,638,301

$ 8

1,141,623

11,343

2,485,327

Beginning Balance (in shares) at Dec. 31, 2023

75,075

Beginning Balance at Dec. 31, 2023

3,630,489

$ 7

1,162,140

21,168

2,447,174

Ending Balance (in shares) at Mar. 31, 2024

75,281

Ending Balance at Mar. 31, 2024

3,759,860

$ 7

1,238,739

18,439

2,502,675

Beginning Balance (in shares) at Dec. 31, 2023

75,075

Beginning Balance at Dec. 31, 2023

3,630,489

$ 7

1,162,140

21,168

2,447,174

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

201,592

Net change in unrealized gains (losses) from investments

446

Net change in foreign currency translation adjustment

3,427

Issuance of common stock relating to employee equity compensation plans (in shares)

345

Issuance of common stock relating to employee equity compensation plans

14,339

Tax withholdings related to net share settlements of equity awards (in shares)

(90)

Tax withholdings related to net share settlements of equity awards

(27,602)

Common stock repurchased and retired (in shares)

(634)

Common stock repurchased and retired

(150,599)

(7,922)

(142,677)

Equity forward contract related to accelerated stock repurchase

49,527

(49,527)

Stock-based compensation

85,816

Ending Balance (in shares) at Jun. 30, 2024

74,696

Ending Balance at Jun. 30, 2024

3,757,908

$ 7

1,276,298

25,041

2,456,562

Beginning Balance (in shares) at Mar. 31, 2024

75,281

Beginning Balance at Mar. 31, 2024

3,759,860

$ 7

1,238,739

18,439

2,502,675

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

96,564

Net change in unrealized gains (losses) from investments

243

Net change in foreign currency translation adjustment

6,359

Issuance of common stock relating to employee equity compensation plans (in shares)

Tax withholdings related to net share settlements of equity awards (in shares)

(4)

Tax withholdings related to net share settlements of equity awards

(1,547)

Common stock repurchased and retired (in shares)

(598)

Common stock repurchased and retired

(150,599)

(7,922)

(142,677)

Stock-based compensation

47,028

Ending Balance (in shares) at Jun. 30, 2024

74,696

Ending Balance at Jun. 30, 2024

$ 3,757,908

$ 7

$ 1,276,298

$ 25,041

$ 2,456,562

[1]	1 Includes tax withholding shares related to net share settlements of equity awards.
[2]	1 Includes tax withholding shares related to net share settlements of equity awards.

Business Combination

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combination

On January 2, 2024 (the “Cubicure Acquisition Date”), we completed the acquisition of privately-held Cubicure GmbH (“Cubicure”) (the "Cubicure Acquisition"). Cubicure is an Austrian company and specializes in direct 3D printing solutions for polymer additive manufacturing that develops, produces, and distributes innovative materials, equipment, and processes for 3D printing solutions. The Cubicure Acquisition is intended to support and scale our strategic innovation roadmap and strengthen the Align Digital Platform. In fiscal year 2021, we acquired an 9.04% equity interest in Cubicure. Subsequently, on the Cubicure Acquisition Date, we acquired the remaining equity of Cubicure. Prior to the acquisition, we also had technology license and joint development agreements with Cubicure.

The fair value of consideration transferred in the acquisition is shown in the table below (in thousands):


Cash paid to Cubicure stockholders	$	80,142
Fair value of pre-existing equity interest ownership	7,968
Settlement of pre-existing relationship - accounts payable	(2,316)
Total purchase consideration paid	$	85,794

The Cubicure Acquisition was accounted for as a business combination under ASC Topic 805, Business Combinations (“ASC 805”) that was achieved in stages. As a result of the Cubicure Acquisition, we remeasured our pre-existing equity interest in Cubicure at fair value prior to the Cubicure Acquisition. Based on the fair value of this equity interest, derived from the purchase price, we estimated the fair value of our 9.04% pre-existing investment in Cubicure to be approximately $8.0 million. The remeasurement resulted in the recognition of a pre-tax gain of $4.1 million, which was reflected as a component of Other income (expense), net within our Condensed Consolidated Statement of Operations.

In 2021, we initiated Joint development (“JDA”) and Technology license agreements (“TLA”) to provide us with access to Cubicure's technology. The settlement of the JDA and TLA were concluded to be at market terms on the Cubicure Acquisition Date; therefore, no gain or loss was recorded related to the settlement of these contracts. We also had accounts payable from the pre-existing arrangements with Cubicure of $2.3 million, which were effectively settled and reduced from the purchase consideration of the Cubicure Acquisition.

The preliminary allocation of purchase price to assets acquired and liabilities assumed which is subject to change within the measurement period is as follows (in thousands):


Working capital	$	1,039
Property & equipment	975
Developed technology	47,000
Other non-current asset	1,386
Other liabilities	(12,279)
Goodwill	47,673
Total	$	85,794

Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and identifiable intangible assets, and represents the value associated future technology, future customer relationships, and the knowledge and experience of the workforce in place. None of this goodwill is deductible for tax purposes. We allocated all goodwill to our Clear Aligner reporting unit.

As part of the Cubicure Acquisition we acquired a developed technology intangible asset. The acquired developed technology had an estimated fair value of $47.0 million as of the Cubicure Acquisition Date and will be amortized over a useful life of thirteen years.

The fair value of developed technology was estimated under the Multi-Period Excess Earnings Method and the fair value estimates for developed technology include significant assumptions in the prospective financial information which include, but are not limited, to the projected future cash flows associated with the technology, asset's life cycle and the present value factor.

Acquisition related costs are recognized separately from the business combination and are expensed as incurred. Acquisition related costs were not material.

Our consolidated financial statements include the operating results of Cubicure from the Cubicure Acquisition Date. Separate post-acquisition operating results and pro forma results of operations for this acquisition have not been presented as the effect is not material to our consolidated financial results.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Notes To Financial Statements [Abstract]
Basis of Presentation and Preparation	Basis of Presentation and Preparation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by Align Technology, Inc. (“we”, “our”, the "Company", or “Align”) on a consistent basis with the audited Consolidated Financial Statements for the year ended December 31, 2023, and contain all adjustments, including normal recurring adjustments, necessary to fairly state the information set forth herein. These unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and, therefore, omit certain information and footnote disclosures necessary to present the unaudited Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“U.S.”). The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other future period, and we make no representations related thereto.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the U.S. requires 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.
Certain Risk and Uncertainties	Certain Risks and Uncertainties We are subject to risks including, but not limited to, global and regional economic market conditions, inflation, fluctuations in foreign currency exchange rates, changes in consumer confidence and demand, increased competition, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S. Food and Drug Administration (“FDA”) and similar international agencies. Our cash and investments are held primarily by five financial institutions. Financial instruments which potentially expose us to concentrations of credit risk consist primarily of cash equivalents and marketable securities. We invest excess cash primarily in money market funds, corporate bonds, asset-backed securities, municipal and U.S. government agency bonds and treasury bonds. We periodically evaluate our investments for credit losses. Such credit losses have not been material to our financial statements. We purchase certain inventory from sole suppliers. Additionally, we rely on a limited number of hardware manufacturers. The inability of any supplier or manufacturer to fulfill our supply requirements could materially and adversely impact our future operating results.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Effective On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, “Improvements to Reportable Segment Disclosures.” The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. For public business entities, the provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Companies must apply the guidance retrospectively to all prior periods presented in the financial statements. The Company expects this pronouncement may result in changes to the nature of our reportable segment disclosures. On December 14, 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” The amendments in this ASU require a public entity to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. For public business entities, the provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the effect of this pronouncement on its annual consolidated financial statements.

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The supplemental cash flow information consists of the following (in thousands):


	Six Months Ended June 30,
	2024		2023
Non-cash investing and financing activities:
Acquisition of property, plant and equipment in accounts payable and accrued liabilities	$	16,657	$	20,648
Final settlement of prior year stock repurchase forward contract	50,000		—
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,643	$	16,152
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	22,820	$	21,346

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Notes To Financial Statements [Abstract]
Value added tax receivables	$ 188,847	$ 143,728
Prepaid expenses	91,262	52,487
Other current assets	70,525	77,335
Total prepaid expenses and other current assets	$ 350,634	$ 273,550

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Tax Matter Beginning in the third quarter of 2023 and continuing through the first quarter of 2024, the Company has received cumulative assessments of approximately $95 million from His Majesty’s Revenue and Customs (“HMRC”) for unpaid value added tax (“VAT”) related to certain clear aligner sales made during the period of October 2019 through May 2023. We are required to pay these assessments prior to contesting or litigating in statutory appeal. The Company has historically asserted and continues to assert that doctor prescribed clear aligners sold by dentists for the orthodontic treatment of patient malocclusions are exempt from VAT, that the Company has reasonably relied upon statements and guidance by HMRC and that the Company’s interpretation of United Kingdom legislation is appropriate. A hearing has been scheduled for October 9 through October 10, 2024 regarding the unpaid VAT related to certain aligner sales made during the period of October 2019 through May 2023. It is not possible at this stage to accurately evaluate the likelihood of an unfavorable outcome of any legal challenges brought by the Company against HMRC disputing this initial assessment and any assessments for other past periods. Accordingly, the Company has determined that a potential loss related to unpaid VAT is not probable. As such, we have not recorded a contingent loss for these assessments in our Condensed Consolidated Statements of Operations for the six months ended June 30, 2024. The Company acknowledges that this matter poses risks of litigation and the ultimate resolution of this matter could result in an unfavorable ruling, which consequently could lead to a significant loss to the Company. As of June 30, 2024, if an unfavorable ruling is issued, we estimate a potential exposure of approximately $115 million, depending on fluctuations of foreign currency exchange rates, excluding interest and penalties. Indemnification Provisions In the normal course of business to facilitate transactions in our services and products, we indemnify certain parties: customers, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, services to be provided by us and intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with our directors and our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. Several of these agreements limit the time within which an indemnification claim can be made and the amount of the claim. It is not possible to make a reasonable estimate of the maximum potential amount of future payments, if any, under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Additionally, we have a limited history of prior indemnification claims and the payments we have made under such agreements have not had a material adverse effect on our results of operations, cash flows or financial position. However, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period. As of June 30, 2024, we did not have any material indemnification claims that were probable or reasonably possible.

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2024
Incentive Plan 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance		32,168,895
Shares available for issuance		3,381,447
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance		1,931,910
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Total unamortized compensation cost		$ 285.6
Weighted average period of total unamortized cost (in years)		2 years 10 months 24 days
Granted (in shares)		631,000
Granted (in usd per share)		$ 310.21
MSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Total unamortized compensation cost		$ 73.3
Weighted average period of total unamortized cost (in years)		1 year 10 months 24 days
Maximum percentage of market-performance based restricted stock units eligible to vest over the vesting period		250.00%
Granted (in shares)		83,000
Granted (in usd per share)		$ 617.79
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years 2 months 12 days
Granted (in shares)	4,728
Granted (in usd per share)	$ 201.63
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized compensation cost		$ 10.4
Weighted average period of total unamortized cost (in years)		6 months

Segments and Geographical Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segments and Geographical Information

Segment Information

We report segment information based on the management approach. The management approach designates the internal reporting used by our Chief Operating Decision Maker, our Chief Executive Officer, for decision making and performance assessment as the basis for determining our reportable segments. The performance measures of our reportable segments include net revenues, gross profit and income from operations. Income from operations for each segment includes all geographic revenues, related cost of net revenues and operating expenses directly attributable to the reportable segment. Certain operating expenses are not directly attributable to a reportable segment and must be allocated. Each allocation is measured differently based on the nature of the cost being allocated. Certain other operating expense are not specifically allocated to segment income from operations and generally include various corporate expenses such as stock-based compensation and costs related to IT, facilities, human resources, accounting and finance, legal and regulatory, other separately managed general and administrative costs outside the reportable segments and restructuring costs. We group our operations into two reportable segments: Clear Aligner segment and Imaging Systems and CAD/CAM services (“Systems and Services”) segment.

Summarized financial information by segment is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net revenues
Clear Aligner	$	831,738	$	832,674	$	1,648,989	$	1,622,478
Systems and Services	196,752		169,499		376,932		322,842
Total net revenues	$	1,028,490	$	1,002,173	$	2,025,921	$	1,945,320
Gross profit
Clear Aligner	$	588,537	$	603,251	$	1,167,683	$	1,169,390
Systems and Services	134,091		110,358		252,761		204,873
Total gross profit	$	722,628	$	713,609	$	1,420,444	$	1,374,263
Income from operations
Clear Aligner	$	299,626	$	306,093	$	585,864	$	583,614
Systems and Services	70,790		52,049		120,483		87,625
Unallocated corporate expenses	(223,370)		(186,211)		(405,166)		(365,792)
Total income from operations	$	147,046	$	171,931	$	301,181	$	305,447
Stock-based compensation
Clear Aligner	$	8,619	$	4,491	$	12,383	$	9,145
Systems and Services	421		263		780		584
Unallocated corporate expenses	37,988		33,106		72,653		65,866
Total stock-based compensation	$	47,028	$	37,860	$	85,816	$	75,595
Depreciation and amortization
Clear Aligner	$	16,623	$	16,590	$	31,056	$	32,988
Systems and Services	8,070		7,743		14,908		15,889
Unallocated corporate expenses	11,473		11,486		23,148		22,762
Total depreciation and amortization	$	36,166	$	35,819	$	69,112	$	71,639

The following table reconciles total segment income from operations in the table above to net income before provision for income taxes (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total segment income from operations	$	370,416	$	358,142	$	706,347	$	671,239
Unallocated corporate expenses	(223,370)		(186,211)		(405,166)		(365,792)



Total income from operations	147,046		171,931		301,181		305,447
Interest income	3,301		4,421		7,693		6,758
Other income (expense), net	(6,481)		(4,763)		(6,622)		(5,992)

Net income before provision for income taxes	$	143,866	$	171,589	$	302,252	$	306,213

Our Chief Operating Decision Maker does not regularly review total assets at the reportable segment level; however, we have provided geographical information related to our long-lived assets below.

Geographical Information

Net revenues are presented below by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net revenues 1:
U.S.	$	438,533	$	429,598	$	870,634	$	840,736
Switzerland	270,946		341,006		522,704		654,137


Other International	319,011		231,569		632,583		450,447
Total net revenues	$	1,028,490	$	1,002,173	$	2,025,921	$	1,945,320

1 Net revenues are attributed to countries based on the location of where revenues are recognized by our legal entities.

Tangible long-lived assets, which includes Property, plant and equipment, net, and Operating lease right-of-use assets, net, are presented below by geographic area (in thousands):


	June 30, 2024		December 31, 2023
Long-lived assets 1:
Switzerland	$	569,955	$	575,432
U.S.	211,373		210,275


Other International	618,672		623,155
Total long-lived assets	$	1,400,000	$	1,408,862

1 Long-lived assets are attributed to countries based on the location of our entity that owns or leases the assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 185,231	$ 156,662
Accumulated Amortization	(62,641)	(67,081)
Accumulated Impairment Loss	(4,122)	(8,450)
Net carrying value	118,468	81,131
Foreign currency translation adjustments	(2,763)	987
Total intangible assets	115,705	82,118
Fully amortized intangible assets	$ 46,700	$ 34,300
Existing technology
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	11 years	10 years
Gross carrying amount	$ 146,651	$ 112,051
Accumulated Amortization	(44,869)	(45,331)
Accumulated Impairment Loss	0	(4,328)
Net carrying value	$ 101,782	$ 62,392
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	10 years	10 years
Gross carrying amount	$ 21,500	$ 21,500
Accumulated Amortization	(9,138)	(8,063)
Accumulated Impairment Loss	0	0
Net carrying value	$ 12,362	$ 13,437
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	10 years	10 years
Gross carrying amount	$ 16,600	$ 16,600
Accumulated Amortization	(8,374)	(7,605)
Accumulated Impairment Loss	(4,122)	(4,122)
Net carrying value	$ 4,104	$ 4,873
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	12 years	8 years
Gross carrying amount	$ 480	$ 6,511
Accumulated Amortization	(260)	(6,082)
Accumulated Impairment Loss	0	0
Net carrying value	$ 220	$ 429

Common Stock Repurchase Programs (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accelerated Share Repurchase Agreements

The following table summarizes the information regarding repurchases of our common stock under the ASRs for the three and six months ended June 30, 2024 and 2023:


Agreement Date	Repurchase Program	Amount Paid (in millions)		Completion Date	Total Shares Received	Average Price per Share
Q4 2022	May 2021	$	200.0	Q1 2023	984,714	$	203.10
Q1 2023	May 2021	$	250.0	Q1 2023	805,908	$	310.21
Q4 2023	January 2023	$	250.0	Q1 2024	1,086,334	$	230.13

Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Notes To Financial Statements [Abstract]
Accrued payroll and benefits	$ 232,052	$ 220,862
Accrued expenses	64,476	71,109
Accrued sales and marketing expenses	48,287	34,035
Accrued income taxes	36,082	38,103
Current operating lease liabilities	30,790	29,651
Accrued property, plant and equipment	10,985	23,618
Other accrued liabilities	132,786	108,402
Accrued liabilities	$ 555,458	$ 525,780

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

The change in the carrying value of goodwill for the six months ended June 30, 2024, categorized by reportable segments, is as follows (in thousands):


	Clear Aligner		Systems and Services		Total
Balance as of December 31, 2023	$	111,086	$	308,444	$	419,530
Additions from acquisition	47,673		—		47,673
Foreign currency translation adjustments	(3,091)		(9,619)		(12,710)
Balance as of June 30, 2024	$	155,668	$	298,825	$	454,493

Schedule of Amortized Intangible Assets

Acquired finite-lived intangible assets were as follows, excluding intangibles that were fully amortized, is as follows (in thousands):


	Weighted Average Amortization Period (in years)	Gross Carrying Amount as of June 30, 2024		Accumulated Amortization		Accumulated Impairment Loss		Net Carrying Value as of June 30, 2024
Existing technology	11	$	146,651	$	(44,869)	$	—	$	101,782
Customer relationships	10	21,500		(9,138)		—		12,362
Trademarks and tradenames	10	16,600		(8,374)		(4,122)		4,104
Patents	12	480		(260)		—		220
		$	185,231	$	(62,641)	$	(4,122)	118,468
Foreign currency translation adjustments								(2,763)
Total intangible assets, net 1								$	115,705

1 Includes $46.7 million of fully amortized intangible assets.


	Weighted Average Amortization Period (in years)	Gross Carrying Amount as of December 31, 2023		Accumulated Amortization		Accumulated Impairment Loss		Net Carrying Value as of December 31, 2023
Existing technology	10	$	112,051	$	(45,331)	$	(4,328)	$	62,392
Customer relationships	10	21,500		(8,063)		—		13,437
Trademarks and tradenames	10	16,600		(7,605)		(4,122)		4,873
Patents	8	6,511		(6,082)		—		429
		$	156,662	$	(67,081)	$	(8,450)	81,131
Foreign currency translation adjustments								987
Total intangible assets, net 1								$	82,118

1 Includes $34.3 million of fully amortized intangible assets.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The total estimated annual future amortization expense for these acquired intangible assets as of June 30, 2024, is as follows (in thousands):


Fiscal Year Ending December 31,	Amortization
Remainder of 2024	$	9,287
2025	18,574
2026	17,969
2027	15,607
2028	14,505
Thereafter	42,526
Total	$	118,468

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Notes To Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Preparation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by Align Technology, Inc. (“we”, “our”, the "Company", or “Align”) on a consistent basis with the audited Consolidated Financial Statements for the year ended December 31, 2023, and contain all adjustments, including normal recurring adjustments, necessary to fairly state the information set forth herein. These unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and, therefore, omit certain information and footnote disclosures necessary to present the unaudited Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“U.S.”). The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other future period, and we make no representations related thereto. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the U.S. requires 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. Certain Risks and Uncertainties We are subject to risks including, but not limited to, global and regional economic market conditions, inflation, fluctuations in foreign currency exchange rates, changes in consumer confidence and demand, increased competition, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S. Food and Drug Administration (“FDA”) and similar international agencies. Our cash and investments are held primarily by five financial institutions. Financial instruments which potentially expose us to concentrations of credit risk consist primarily of cash equivalents and marketable securities. We invest excess cash primarily in money market funds, corporate bonds, asset-backed securities, municipal and U.S. government agency bonds and treasury bonds. We periodically evaluate our investments for credit losses. Such credit losses have not been material to our financial statements. We purchase certain inventory from sole suppliers. Additionally, we rely on a limited number of hardware manufacturers. The inability of any supplier or manufacturer to fulfill our supply requirements could materially and adversely impact our future operating results. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Effective On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, “Improvements to Reportable Segment Disclosures.” The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. For public business entities, the provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Companies must apply the guidance retrospectively to all prior periods presented in the financial statements. The Company expects this pronouncement may result in changes to the nature of our reportable segment disclosures. On December 14, 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” The amendments in this ASU require a public entity to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. For public business entities, the provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the effect of this pronouncement on its annual consolidated financial statements.

Segments and Geographical Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summarized financial information by segment is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net revenues
Clear Aligner	$	831,738	$	832,674	$	1,648,989	$	1,622,478
Systems and Services	196,752		169,499		376,932		322,842
Total net revenues	$	1,028,490	$	1,002,173	$	2,025,921	$	1,945,320
Gross profit
Clear Aligner	$	588,537	$	603,251	$	1,167,683	$	1,169,390
Systems and Services	134,091		110,358		252,761		204,873
Total gross profit	$	722,628	$	713,609	$	1,420,444	$	1,374,263
Income from operations
Clear Aligner	$	299,626	$	306,093	$	585,864	$	583,614
Systems and Services	70,790		52,049		120,483		87,625
Unallocated corporate expenses	(223,370)		(186,211)		(405,166)		(365,792)
Total income from operations	$	147,046	$	171,931	$	301,181	$	305,447
Stock-based compensation
Clear Aligner	$	8,619	$	4,491	$	12,383	$	9,145
Systems and Services	421		263		780		584
Unallocated corporate expenses	37,988		33,106		72,653		65,866
Total stock-based compensation	$	47,028	$	37,860	$	85,816	$	75,595
Depreciation and amortization
Clear Aligner	$	16,623	$	16,590	$	31,056	$	32,988
Systems and Services	8,070		7,743		14,908		15,889
Unallocated corporate expenses	11,473		11,486		23,148		22,762
Total depreciation and amortization	$	36,166	$	35,819	$	69,112	$	71,639

The following table reconciles total segment income from operations in the table above to net income before provision for income taxes (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total segment income from operations	$	370,416	$	358,142	$	706,347	$	671,239
Unallocated corporate expenses	(223,370)		(186,211)		(405,166)		(365,792)



Total income from operations	147,046		171,931		301,181		305,447
Interest income	3,301		4,421		7,693		6,758
Other income (expense), net	(6,481)		(4,763)		(6,622)		(5,992)

Net income before provision for income taxes	$	143,866	$	171,589	$	302,252	$	306,213

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Net revenues are presented below by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net revenues 1:
U.S.	$	438,533	$	429,598	$	870,634	$	840,736
Switzerland	270,946		341,006		522,704		654,137


Other International	319,011		231,569		632,583		450,447
Total net revenues	$	1,028,490	$	1,002,173	$	2,025,921	$	1,945,320

1 Net revenues are attributed to countries based on the location of where revenues are recognized by our legal entities.

Tangible long-lived assets, which includes Property, plant and equipment, net, and Operating lease right-of-use assets, net, are presented below by geographic area (in thousands):


	June 30, 2024		December 31, 2023
Long-lived assets 1:
Switzerland	$	569,955	$	575,432
U.S.	211,373		210,275


Other International	618,672		623,155
Total long-lived assets	$	1,400,000	$	1,408,862

1 Long-lived assets are attributed to countries based on the location of our entity that owns or leases the assets.

Common Stock Repurchase Programs

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Common Stock Repurchase Programs

In May 2021, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock (“May 2021 Repurchase Program”), which was completed in March 2023. In January 2023, our Board of Directors authorized a new plan to repurchase up to $1.0 billion of our common stock (“January 2023 Repurchase Program”). The January 2023 Repurchase Program does not have an expiration date.

Accelerated Share Repurchase Agreements (“ASRs”)

During the six months ended June 30, 2023, we entered into or completed ASRs providing for the repurchase of our common stock based on the volume-weighted average price during the term of the agreement, less an agreed upon discount.

We did not enter into any new ASRs during the three or six months ended June 30, 2024; however, we did settle and obtain final delivery of shares for the ASR contract entered in the fourth quarter of 2023. The following table summarizes the information regarding repurchases of our common stock under the ASRs for the three and six months ended June 30, 2024 and 2023:


Agreement Date	Repurchase Program	Amount Paid (in millions)		Completion Date	Total Shares Received	Average Price per Share
Q4 2022	May 2021	$	200.0	Q1 2023	984,714	$	203.10
Q1 2023	May 2021	$	250.0	Q1 2023	805,908	$	310.21
Q4 2023	January 2023	$	250.0	Q1 2024	1,086,334	$	230.13

Open Market Common Stock Repurchases

On June 3, 2024, we initiated a plan to repurchase $150.0 million of our common stock through open market repurchases under the January 2023 Repurchase Program. This plan was completed on June 26, 2024. In total, we repurchased approximately 0.6 million shares of our common stock at an average price of $250.73 per share, including commissions and fees.

During the twelve months ended December 31, 2023, we repurchased $100.0 million of our common stock through open market repurchases under the January 2023 Repurchase Program, none of which occurred during the six months ended June 30, 2023.

As of June 30, 2024, $500.0 million remains available for repurchases under the January 2023 Repurchase Program.

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 96,564	$ 111,814	$ 201,592	$ 199,612
Weighted average common shares outstanding, basic (in shares)	75,184,000	76,524,000	75,180,000	76,722,000
Dilutive effect of potential common stock (in shares)	39,000	165,000	135,000	175,000
Total shares, diluted (in shares)	75,223,000	76,689,000	75,315,000	76,897,000
Net income per share, basic (in usd per share)	$ 1.28	$ 1.46	$ 2.68	$ 2.60
Net income per share, diluted (in usd per share)	$ 1.28	$ 1.46	$ 2.68	$ 2.60
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares (in shares)	1,149,000	329,000	648,000	367,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares (in shares)	1,148,700		647,800
Employee stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares (in shares)	300		100

Stockholders' Equity - Summary of Nonvested Shares (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
RSUs
Number of Shares Underlying RSUs
Unvested, beginning of period (in shares) \| shares	736
Granted (in shares) \| shares	631
Vested and released (in shares) \| shares	(249)
Forfeited (in shares) \| shares	(34)
Unvested, end of period (in shares) \| shares	1,084
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in usd per share) \| $ / shares	$ 367.63
Granted (in usd per share) \| $ / shares	310.21
Vested and released (in usd per share) \| $ / shares	370.60
Forfeited (in usd per share) \| $ / shares	360.58
Unvested, end of period (in usd per share) \| $ / shares	$ 333.79
Weighted Average Remaining Contractual Term (in years)
Weighted average remaining contractual term	1 year 9 months 18 days
Aggregate Intrinsic Value
Aggregate intrinsic value \| $	$ 261,797
MSUs
Number of Shares Underlying RSUs
Unvested, beginning of period (in shares) \| shares	158
Granted (in shares) \| shares	83
Vested and released (in shares) \| shares	(32)
Forfeited (in shares) \| shares	(5)
Unvested, end of period (in shares) \| shares	204
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in usd per share) \| $ / shares	$ 811.06
Granted (in usd per share) \| $ / shares	617.79
Vested and released (in usd per share) \| $ / shares	1,102.09
Forfeited (in usd per share) \| $ / shares	1,102.09
Unvested, end of period (in usd per share) \| $ / shares	$ 679.52
Weighted Average Remaining Contractual Term (in years)
Weighted average remaining contractual term	1 year 10 months 24 days
Aggregate Intrinsic Value
Aggregate intrinsic value \| $	$ 49,247

Business Combination - Fair Value of Consideration Transferred (Details) - Cubicure $ in Thousands	Jan. 02, 2024 USD ($)
Business Acquisition [Line Items]
Cash paid to Cubicure stockholders	$ 80,142
Fair value of pre-existing equity interest ownership	7,968
Settlement of pre-existing relationship - accounts payable	(2,316)
Total purchase consideration paid	$ 85,794

Financial Instruments - Derivative Financial Instruments (Details) - Level 2 - Foreign Exchange Forward € in Thousands, ₪ in Thousands, ₩ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, zł in Thousands, SFr in Thousands, R$ in Thousands, Kč in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 PLN (zł)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 JPY (¥)	Jun. 30, 2024 ILS (₪)	Jun. 30, 2024 BRL (R$)	Jun. 30, 2024 MXN ($)	Jun. 30, 2024 CHF (SFr)	Jun. 30, 2024 AUD ($)	Jun. 30, 2024 TWD ($)	Jun. 30, 2024 NZD ($)	Jun. 30, 2024 KRW (₩)	Jun. 30, 2024 CZK (Kč)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 PLN (zł)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 JPY (¥)	Dec. 31, 2023 ILS (₪)	Dec. 31, 2023 BRL (R$)	Dec. 31, 2023 MXN ($)	Dec. 31, 2023 CHF (SFr)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 TWD ($)	Dec. 31, 2023 NZD ($)	Dec. 31, 2023 KRW (₩)	Dec. 31, 2023 CZK (Kč)
Derivative [Line Items]
Notional amount	$ 678,389																$ 744,462
Euro
Derivative [Line Items]
Notional amount	240,601	€ 224,400															373,705	€ 337,780
British Pound
Derivative [Line Items]
Notional amount	144,867		£ 114,500														58,005		£ 45,590
Canadian Dollar
Derivative [Line Items]
Notional amount	74,790			$ 102,400													82,166			$ 108,900
Polish Zloty
Derivative [Line Items]
Notional amount	72,401				zł 291,700												70,393				zł 276,900
Chinese Yuan
Derivative [Line Items]
Notional amount	46,207					¥ 336,300											34,361					¥ 244,500
Japanese Yen
Derivative [Line Items]
Notional amount	29,419						¥ 4,700,000										25,347						¥ 3,577,000
Israeli Shekel
Derivative [Line Items]
Notional amount	18,554							₪ 69,600									21,800							₪ 78,700
Brazilian Real
Derivative [Line Items]
Notional amount	16,390								R$ 91,600								16,563								R$ 80,500
Mexican Peso
Derivative [Line Items]
Notional amount	15,750									$ 288,500							13,593									$ 230,000
Swiss Franc
Derivative [Line Items]
Notional amount	5,246										SFr 4,700						34,132										SFr 28,600
Australian Dollar
Derivative [Line Items]
Notional amount	4,137											$ 6,200					2,921											$ 4,300
New Taiwan Dollar
Derivative [Line Items]
Notional amount	3,418												$ 111,000				2,919												$ 89,000
New Zealand Dollar
Derivative [Line Items]
Notional amount	3,168													$ 5,200			4,161													$ 6,600
Korean Won
Derivative [Line Items]
Notional amount	2,244														₩ 3,100,000		1,709														₩ 2,200,000
Czech Koruna
Derivative [Line Items]
Notional amount	$ 1,197															Kč 28,000	$ 2,687															Kč 60,200

Business Combination (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Fair Value of Consideration Transferred

The fair value of consideration transferred in the acquisition is shown in the table below (in thousands):


Cash paid to Cubicure stockholders	$	80,142
Fair value of pre-existing equity interest ownership	7,968
Settlement of pre-existing relationship - accounts payable	(2,316)
Total purchase consideration paid	$	85,794

Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The preliminary allocation of purchase price to assets acquired and liabilities assumed which is subject to change within the measurement period is as follows (in thousands):


Working capital	$	1,039
Property & equipment	975
Developed technology	47,000
Other non-current asset	1,386
Other liabilities	(12,279)
Goodwill	47,673
Total	$	85,794

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 761,429	$ 937,438
Marketable securities, short-term	20,682	35,304
Accounts receivable, net of allowance for doubtful accounts of $17,355 and $14,893, respectively	1,020,135	903,424
Inventories	259,492	296,902
Prepaid expenses and other current assets	350,634	273,550
Total current assets	2,412,372	2,446,618
Marketable securities, long-term	0	8,022
Property, plant and equipment, net	1,277,826	1,290,863
Operating lease right-of-use assets, net	122,174	117,999
Goodwill	454,493	419,530
Intangible assets, net	115,705	82,118
Deferred tax assets	1,577,856	1,590,045
Other assets	197,898	128,682
Total assets	6,158,324	6,083,877
Current liabilities:
Accounts payable	105,792	113,125
Accrued liabilities	555,458	525,780
Deferred revenues	1,378,867	1,427,706
Total current liabilities	2,040,117	2,066,611
Income tax payable	103,783	116,744
Operating lease liabilities	98,301	96,968
Other long-term liabilities	158,215	173,065
Total liabilities	2,400,416	2,453,388
Commitments and contingencies (Note 7 and Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value (5,000 shares authorized; none issued)	0	0
Common stock, $0.0001 par value (200,000 shares authorized; 74,696 and 75,075 issued and outstanding, respectively)	7	7
Additional paid-in capital	1,276,298	1,162,140
Accumulated other comprehensive income (loss), net	25,041	21,168
Retained earnings	2,456,562	2,447,174
Total stockholders’ equity	3,757,908	3,630,489
Total liabilities and stockholders’ equity	$ 6,158,324	$ 6,083,877

Balance Sheet Components - Deferred Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Notes To Financial Statements [Abstract]
Deferred revenues - current	$ 1,378,867	$ 1,427,706
Deferred revenues - long-term	$ 117,582	$ 138,000

Accounting for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 47,302	$ 59,775	$ 100,660	$ 106,601
Effective income tax rate, continuing operations	32.90%	34.80%	33.30%	34.80%
Unrecognized tax benefits	$ 150,300		$ 150,300		$ 149,200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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+ Details

Goodwill and Intangible Assets - Total Estimated Annual Future Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 9,287
2025	18,574
2026	17,969
2027	15,607
2028	14,505
Thereafter	42,526
Net carrying value	$ 118,468	$ 81,131

Goodwill and Intangible Assets - Change in Carrying Value of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2023	$ 419,530
Additions from acquisition	47,673
Foreign currency translation adjustments	(12,710)
Balance as of June 30, 2024	454,493
Clear Aligner
Goodwill [Roll Forward]
Balance as of December 31, 2023	111,086
Additions from acquisition	47,673
Foreign currency translation adjustments	(3,091)
Balance as of June 30, 2024	155,668
Systems and Services
Goodwill [Roll Forward]
Balance as of December 31, 2023	308,444
Additions from acquisition	0
Foreign currency translation adjustments	(9,619)
Balance as of June 30, 2024	$ 298,825

- Definition

+ References

+ Details