The following tables set forth the selected consolidated financial data for each of the years in the five-year period ended December 31, 2013. The selected consolidated financial data should be read in conjunction with the Consolidated Financial Statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations. We have derived the statement of operations data for the years ended December 31, 2013, 2012 and 2011 and the balance sheet data as of December 31, 2013 and 2012 from the consolidated audited financial statements included elsewhere in this Annual Report on Form 10-K. The statement of operations data for the years ended December 31, 2010 and 2009 and the balance sheet data as of December 31, 2011, 2010 and 2009 were derived from the consolidated audited financial statements that are not included in this Annual Report on Form 10-K.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share data)
Year Ended December 31,
2013
2012
2011
2010
2009
Consolidated Statement of Operations Data:
Net revenues 1
$
660,206
$
560,041
$
479,741
$
387,126
$
312,333
Gross profit 2
$
498,106
$
416,388
$
361,283
$
303,417
$
233,492
Income (loss) from operations 3
94,212
85,592
90,360
102,734
(34,012
)
Other income (expense), net
(1,073
)
(1,296
)
(419
)
(731
)
119
Net income (loss) before provision for (benefit from) income taxes 3
93,139
84,296
89,941
102,003
(33,893
)
Provision for (benefit from) income taxes
28,844
25,605
23,225
27,750
(2,624
)
Net income (loss) 3
$
64,295
$
58,691
$
66,716
$
74,253
$
(31,269
)
Net income (loss) per share
Basic
$
0.80
$
0.73
$
0.86
$
0.98
$
(0.45
)
Diluted
$
0.78
$
0.71
$
0.83
$
0.95
$
(0.45
)
Shares used in computing net income (loss) per share:
Basic
80,551
80,529
77,988
75,825
69,094
Diluted
82,589
83,040
80,294
78,080
69,094
December 31,
2013
2012
2011
2010
2009
Consolidated Balance Sheet Data:
Working capital 4
$
369,338
$
330,022
$
236,699
$
295,637
$
180,056
Total assets
832,147
756,312
649,264
476,943
355,240
Total long-term liabilities
22,839
19,224
10,366
6,222
961
Stockholders’ equity
$
633,970
$
581,317
$
490,781
$
377,747
$
273,036
1
Net revenues for the year ended December 31, 2011 include eight months of revenues from our Scanners and CAD/CAM Services segment of approximately $28.0 million as a result of our acquisition of Cadent Holdings, Inc. on April 29, 2011. Net revenues for the year ended December 31, 2010 includes a $14.3 million release of previously deferred revenue for Invisalign Teen replacement aligners.
2
Gross profit for the year ended December 31, 2013 included an out of period adjustment of $1.7 million (See Note 1). Gross profit for the year ended December 31, 2012 included acquisition and integration related costs of $0.2 million, amortization of intangible assets of $0.9 million, and exit costs of $0.5 million. Gross profit for the year ended December 31, 2011 included acquisition and integration related costs of $0.4 million, amortization of intangible assets of $0.7 million, and exit costs of $0.8 million. For years ended December 31, 2010 and 2009, gross profit included amortization of prepaid royalties of $0.8 million and $6.2 million, respectively, related to the litigation settlement with Ormco. In addition, 2010 gross profit also included the $14.3 million release of previously deferred revenue for Invisalign Teen replacement aligners.
3
Income (loss) from operations, net income (loss) before provision for (benefit from) income taxes, and net income (loss) included the following, net of taxes:
•
$40.7 million and $26.3 million of goodwill and long-lived asset impairment, respectively, in 2013.
•
$1.9 million, net of tax, out of period adjustment in 2013 (see Note 1).
•
$36.6 million of goodwill impairment, $1.3 million acquisition and integration related costs, $4.5 million of amortization of intangible assets, and $0.8 million of exit costs in 2012.
•
$14.3 million release of previously deferred revenue for Invisalign Teen replacement aligners in 2010.
•
$10.0 million acquisition and integration related costs, $3.2 million of amortization of intangible assets, and exit costs of $1.1 million in 2011.
•
$0.8 million and $6.2 million of amortization of prepaid royalties related to the litigation settlement with Ormco in 2010 and 2009, respectively.
•
$4.5 million related to the class action litigation settlement with Leiszler in 2010.
•
$8.7 million benefit related to an insurance settlement over a disputed coverage under our general liability umbrella that was not previously reimbursed by our insurer related to the OrthoClear litigation in 2010.
•
Litigation settlement charge of $69.7 million related to Ormco in 2009.
•
Restructuring charges of $1.3 million in 2009.
4
Working capital is calculated as the difference between total current assets and total current liabilities.
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