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Segments and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summarized Financial Information and Non-Cash Expenses

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

						Year Ended December 31,
						2024						2023						2022
Net revenues
Clear Aligner						$	3,230,122					$	3,199,329					$	3,072,585
Systems and Services						768,890						662,931						662,050
Total net revenues						$	3,999,012					$	3,862,260					$	3,734,635
Cost of net revenues1
Clear Aligner						$	952,136					$	911,291					$	844,415
Systems and Services						247,717						244,106						256,445
Total cost of goods sold						$	1,199,853					$	1,155,397					$	1,100,860
Gross Profit
Clear Aligner						$	2,277,986					$	2,288,038					$	2,228,170
Systems and Services						521,173						418,825						405,605
Total gross profit						$	2,799,159					$	2,706,863					$	2,633,775
Other Segment expenses
Clear Aligner						$	1,135,782					$	1,105,781					$	1,093,750
Systems and Services						251,951						227,470						225,840
Unallocated corporate expenses						803,798						730,274						671,590
Total operating expenses						$	2,191,531					$	2,063,525					$	1,991,180
Segment income from operations
Clear Aligner						$	1,142,204					$	1,182,257					$	1,134,420
Systems and Services						269,222						191,355						179,765
Total segment income from operations						$	1,411,426					$	1,373,612					$	1,314,185

1    Management has identified cost of net revenues as a significant expense for our Clear Aligner and Systems and Services reportable segments.

The following table includes certain non-cash expenses for each reportable segment (in thousands):

						Year Ended December 31,
						2024						2023						2022
Stock-based compensation
Clear Aligner						$	22,888					$	13,963					$	14,816
Systems and Services						1,595						1,293						994
Unallocated corporate expenses						149,220						138,770						117,557
Total stock-based compensation						$	173,703					$	154,026					$	133,367
Depreciation and amortization
Clear Aligner						$	67,450					$	64,781					$	57,888
Systems and Services						30,998						31,518						28,300
Unallocated corporate expenses						46,586						46,102						39,605
Total depreciation and amortization						$	145,034					$	142,401					$	125,793

Reconciliation of Segment Income from Operations to Net Income Before Income Taxes

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,
						2024						2023						2022
Segment income from operations						$	1,411,426					$	1,373,612					$	1,314,185
Unallocated corporate expenses						(803,798)						(730,274)						(671,590)
Total income from operations						607,628						643,338						642,595
Interest income						20,218						17,258						5,367
Other income (expense), net						(18,887)						(19,392)						(48,905)
Net income before provision for income taxes						$	608,959					$	641,204					$	599,057

Schedule of Revenue and Long-Lived Assets by Geographical Areas

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

						Year Ended December 31,
						2024						2023						2022
Net revenues 1:
U.S.						$	1,695,696					$	1,665,925					$	1,660,045
Switzerland						983,629						1,168,320						1,216,094
Other International						1,319,687						1,028,015						858,496
Total net revenues						$	3,999,012					$	3,862,260					$	3,734,635

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

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,
						2024						2023
Long-lived assets 1:
Switzerland						$	571,628					$	575,432
U.S.						207,689						210,275
Other International						605,193						623,155
Total long-lived assets						$	1,384,510					$	1,408,862

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

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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