Schedule of Segment Reporting Information, by Segment |
Summarized financial information by segment is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | Net revenues | | | | | | | | | | | | | | Clear Aligner | | $ | 3,072,585 | | | $ | 3,247,080 | | | $ | 2,101,459 | | Systems and Services | | 662,050 | | | 705,504 | | | 370,482 | | | | | | | | | | | | | | | | | | | | | | | Total net revenues | | $ | 3,734,635 | | | $ | 3,952,584 | | | $ | 2,471,941 | | Gross profit | | | | | | | Clear Aligner | | $ | 2,228,170 | | | $ | 2,474,373 | | | $ | 1,532,130 | | Systems and Services | | 405,605 | | | 460,982 | | | 231,105 | | Total gross profit | | $ | 2,633,775 | | | $ | 2,935,355 | | | $ | 1,763,235 | | Income from operations | | | | | | | Clear Aligner | | $ | 1,134,420 | | | $ | 1,325,866 | | | $ | 768,045 | | Systems and Services | | 179,765 | | | 259,127 | | | 96,052 | | Unallocated corporate expenses | | (671,590) | | | (608,593) | | | (476,926) | | Total income from operations | | $ | 642,595 | | | $ | 976,400 | | | $ | 387,171 | | Stock-based compensation | | | | | | | Clear Aligner | | $ | 14,816 | | | $ | 10,648 | | | $ | 8,975 | | Systems and Services | | 994 | | | 705 | | | 734 | | Unallocated corporate expenses | | 117,557 | | | 102,983 | | | 88,718 | | Total stock-based compensation | | $ | 133,367 | | | $ | 114,336 | | | $ | 98,427 | | Depreciation and amortization | | | | | | | Clear Aligner | | $ | 57,888 | | | $ | 50,723 | | | $ | 41,371 | | Systems and Services | | 28,300 | | | 21,581 | | | 16,798 | | Unallocated corporate expenses | | 39,605 | | | 36,425 | | | 35,369 | | Total depreciation and amortization | | $ | 125,793 | | | $ | 108,729 | | | $ | 93,538 | |
The following table reconciles total segment income from operations in the table above to net income before provision for (benefit from) income taxes (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | Total segment income from operations | | $ | 1,314,185 | | | $ | 1,584,993 | | | $ | 864,097 | | Unallocated corporate expenses | | (671,590) | | | (608,593) | | | (476,926) | | Total income from operations | | 642,595 | | | 976,400 | | | 387,171 | | Interest income | | 5,367 | | | 3,103 | | | 3,125 | | Other income (expense), net | | (48,905) | | | 32,920 | | | (11,347) | | Net income before provision for (benefit from) income taxes | | $ | 599,057 | | | $ | 1,012,423 | | | $ | 378,949 | |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas |
Net revenues are presented below by geographic area (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | Net revenues 1: | | | | | | | U.S. | | $ | 1,660,045 | | | $ | 1,724,296 | | | $ | 1,099,564 | | Switzerland | | 1,216,094 | | | 1,353,229 | | | 809,080 | | Other International | | 858,496 | | | 875,059 | | | 563,297 | | Total net revenues | | $ | 3,734,635 | | | $ | 3,952,584 | | | $ | 2,471,941 | |
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): | | | | | | | | | | | | | | | | | December 31, | | | 2022 | | 2021 | Long-lived assets 1: | | | | | Switzerland | | $ | 532,921 | | | $ | 444,205 | | U.S. | | 214,804 | | | 210,582 | | China | | 118,669 | | | 125,346 | | Other International | | 484,341 | | | 423,050 | | Total long-lived assets | | $ | 1,350,735 | | | $ | 1,203,183 | |
1 Long-lived assets are attributed to countries based on the location of our entity that owns or leases the assets.
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