The following tables set forth the selected consolidated financial data for each of the years in the five-year period ended December 31, 2014. 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 year ended December 31, 2014, 2013 and 2012 and the balance sheet data as of December 31, 2014 and 2013 from the consolidated audited financial statements included elsewhere in this Annual Report on Form 10-K. The statement of operations data for the year ended December 31, 2011 and 2010 and the balance sheet data as of December 31, 2012, 2011 and 2010 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,
2014
2013
2012
2011
2010
Consolidated Statement of Operations Data:
Net revenues 1
$
761,653
$
660,206
$
560,041
$
479,741
$
387,126
Gross profit 2
$
578,443
$
498,106
$
416,388
$
361,283
$
303,417
Income from operations 3
193,576
94,212
85,592
90,360
102,734
Other income (expense), net
(3,207
)
(1,073
)
(1,296
)
(419
)
(731
)
Net income before provision for income taxes 3
190,369
93,139
84,296
89,941
102,003
Provision for income taxes
44,537
28,844
25,605
23,225
27,750
Net income 3
$
145,832
$
64,295
$
58,691
$
66,716
$
74,253
Net income per share
Basic
$
1.81
$
0.80
$
0.73
$
0.86
$
0.98
Diluted
$
1.77
$
0.78
$
0.71
$
0.83
$
0.95
Shares used in computing net income per share:
Basic
80,754
80,551
80,529
77,988
75,825
Diluted
82,283
82,589
83,040
80,294
78,080
December 31,
2014
2013
2012
2011
2010
Consolidated Balance Sheet Data:
Working capital 4
$
455,349
$
369,338
$
330,022
$
236,699
$
295,637
Total assets
987,997
832,147
756,312
649,264
476,943
Total long-term liabilities
33,415
22,839
19,224
10,366
6,222
Stockholders’ equity
$
752,771
$
633,970
$
581,317
$
490,781
$
377,747
1
Net revenues for the year ended December 31, 2011 include eight months of revenues from our Scanners and 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 include a $14.3 million release of previously deferred revenue for Invisalign Teen replacement aligners.
2
Gross profit includes:
•
$1.7 million out of period adjustment in 2013 (See Note 1 in the Financial Statements)
•
$0.2 million acquisition and integration related costs, $0.9 million amortization of intangible assets, and $0.5 million of exit costs in 2012
•
$0.4 million acquisition and integration related costs, $0.7 million amortization of intangible assets, and $0.8 million for exit costs in 2011
•
$14.3 million release of previously deferred revenue for Invisalign Teen replacement aligners and $0.8 million for amortization of prepaid royalties related to the litigation settlement with Ormco in 2010
3
Income from operations, net income before provision for income taxes, and net income includes the following, net of taxes:
•
$1.8 million out of period income tax adjustment in 2014 (see Note 1 in the Financial Statements)
•
$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 in the Financial Statements)
•
$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
•
•
$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
•
$14.3 million release of previously deferred revenue for Invisalign Teen replacement aligners in 2010
•
$0.8 million of amortization of prepaid royalties related to the litigation settlement with Ormco in 2010
•
$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
4
Working capital is calculated as the difference between total current assets and total current liabilities.
filings.tools