Align Technology Inc. Files Definitive Proxy Statement

Ticker: ALGN · Form: DEF 14A · Filed: Apr 9, 2024 · CIK: 1097149

Align Technology Inc DEF 14A Filing Summary
FieldDetail
CompanyAlign Technology Inc (ALGN)
Form TypeDEF 14A
Filed DateApr 9, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$3.9 billion, $5.81, $8.61, $600 million, $36.3 million
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, DEF 14A, Align Technology, Executive Compensation, Corporate Governance

TL;DR

<b>Align Technology, Inc. has filed its Definitive Proxy Statement for the fiscal year 2023, detailing performance, governance, and executive compensation.</b>

AI Summary

ALIGN TECHNOLOGY INC (ALGN) filed a Proxy Statement (DEF 14A) with the SEC on April 9, 2024. Align Technology, Inc. filed a Definitive Proxy Statement (DEF 14A) on April 9, 2024. The filing covers the fiscal year ending December 31, 2023. It includes details on the company's business, 2023 performance highlights, and governance. The document outlines executive compensation highlights for fiscal year 2023. It also details corporate governance policies, board structure, and risk oversight.

Why It Matters

For investors and stakeholders tracking ALIGN TECHNOLOGY INC, this filing contains several important signals. This filing provides shareholders with crucial information regarding the company's performance and strategic direction for the past fiscal year. Shareholders can use this document to make informed decisions regarding voting matters at the upcoming annual meeting, including director elections and executive compensation.

Risk Assessment

Risk Level: low — ALIGN TECHNOLOGY INC shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard disclosure practices rather than immediate material events.

Analyst Insight

Review the executive compensation details and board nominations to prepare for the upcoming shareholder vote.

Key Numbers

  • 20231231 — Fiscal Year End (Conformed Period of Report)
  • 20240409 — Filing Date (Filed as of Date)
  • 2023-01-01 — Reporting Period Start (Fiscal Year 2023)
  • 2022-01-01 — Previous Year Start (Fiscal Year 2022)
  • 2021-01-01 — Prior Year Start (Fiscal Year 2021)
  • 2020-01-01 — Prior Year Start (Fiscal Year 2020)

Key Players & Entities

  • ALIGN TECHNOLOGY INC (company) — Registrant Name
  • 410 NORTH SCOTTSDALE ROAD, SUITE 1300 (address) — Business Address
  • TEMPE (location) — Business Address City
  • AZ (location) — Business Address State
  • 85288 (postal_code) — Business Address Zip
  • 408-470-1000 (phone_number) — Business Phone

FAQ

When did ALIGN TECHNOLOGY INC file this DEF 14A?

ALIGN TECHNOLOGY INC filed this Proxy Statement (DEF 14A) with the SEC on April 9, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by ALIGN TECHNOLOGY INC (ALGN).

Where can I read the original DEF 14A filing from ALIGN TECHNOLOGY INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ALIGN TECHNOLOGY INC.

What are the key takeaways from ALIGN TECHNOLOGY INC's DEF 14A?

ALIGN TECHNOLOGY INC filed this DEF 14A on April 9, 2024. Key takeaways: Align Technology, Inc. filed a Definitive Proxy Statement (DEF 14A) on April 9, 2024.. The filing covers the fiscal year ending December 31, 2023.. It includes details on the company's business, 2023 performance highlights, and governance..

Is ALIGN TECHNOLOGY INC a risky investment based on this filing?

Based on this DEF 14A, ALIGN TECHNOLOGY INC presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating standard disclosure practices rather than immediate material events.

What should investors do after reading ALIGN TECHNOLOGY INC's DEF 14A?

Review the executive compensation details and board nominations to prepare for the upcoming shareholder vote. The overall sentiment from this filing is neutral.

How does ALIGN TECHNOLOGY INC compare to its industry peers?

Align Technology operates in the orthopedic, prosthetic & surgical appliances & supplies industry, focusing on dental and orthodontic solutions.

Are there regulatory concerns for ALIGN TECHNOLOGY INC?

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

Industry Context

Align Technology operates in the orthopedic, prosthetic & surgical appliances & supplies industry, focusing on dental and orthodontic solutions.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

  1. Review the 'PROXY STATEMENT SUMMARY' for key highlights.
  2. Examine the 'Fiscal Year 2023 Executive Compensation Highlights' section.
  3. Understand the 'CORPORATE GOVERNANCE' policies and board structure.

Key Dates

  • 2024-04-09: Filing Date — Definitive Proxy Statement filed
  • 2023-12-31: Fiscal Year End — Period covered by the proxy statement

Year-Over-Year Comparison

This is the initial filing of the DEF 14A for the fiscal year 2023, following previous filings for earlier periods.

Filing Stats: 4,405 words · 18 min read · ~15 pages · Grade level 16.6 · Accepted 2024-04-09 16:06:49

Key Financial Figures

  • $3.9 billion — tware installations Total Revenues of $3.9 billion Operating Margin of 16.7% , or 21.4%
  • $5.81 — argin Diluted Net Income per share of $5.81 , or $8.61 on a non-GAAP basis Repurc
  • $8.61 — uted Net Income per share of $5.81 , or $8.61 on a non-GAAP basis Repurchased $600
  • $600 million — $8.61 on a non-GAAP basis Repurchased $600 million of Align common stock April 9, 2024
  • $36.3 million — uced reported revenues by approximately $36.3 million or 0.9% points. We also delivered 2023
  • $5 — in, and diluted net income per share of $5.81, or $8.61 on a non-GAAP basis. From
  • $980.8 million — had no debt and finished the year with $980.8 million in cash, cash equivalents, and short-te
  • $300 million — ology innovation, where we invest up to $300 million in R&D per year to bring some of the mo
  • $3.9B — priorities. REVENUES AND MILESTONES $3.9B Total Net Revenues Year-over-year 3.4
  • $3.2B — Revenues Year-over-year 3.4% increase $3.2B Clear Aligner Revenues $662.9M Imagi
  • $662.9M — ncrease $3.2B Clear Aligner Revenues $662.9M Imaging Systems and CAD/CAM Services R
  • $3.9 b — the full year 2023, total revenues were $3.9 billion, Clear Aligner revenues were $3.2
  • $3.2 b — .9 billion, Clear Aligner revenues were $3.2 billion, and Imaging Systems and CAD/CAM
  • $662.9 million — tems and CAD/CAM Services revenues were $662.9 million. Our 2023 total revenues, Clear Aligner

Filing Documents

EXECUTIVE COMPENSATION – COMPENSATION DISCUSSION AND ANALYSIS

EXECUTIVE COMPENSATION – COMPENSATION DISCUSSION AND ANALYSIS 4 3 N amed Executive Officers 4 4 Executive Summary 4 5 Our Executive Compensation Program 47 How We Implement and Manage Our Executive Compensation Program 50 P rincipal Elem ents of Executive Compen sation 54 S everance and C hange of Control A rra n gements 62 2 023 Stockholder Say-On-Pay Vote Results 6 3 C ompen sation and Hu man Ca pital Committee of the Board Report 64 COMPENSATION TABLES 65 Summary Compensation Table For Fiscal Year Ended 202 3 6 6 Grants of Plan-Based Awards for Fiscal Year Ended 202 3 68 Outstanding Equity Awards at Fiscal 2023 Year End 71 Option Exercises And Stock Vested During Fiscal Year Ended 202 3 73 Potential Payment Upon Termination o r Change o f Control 74 Other Compensation Matters 80 i AUDIT COMMITTEE 8 6 Our Auditor 8 7 R eport of the Au dit Committee of the Board 8 8

SECURITY OWNERSHIP AND RELATED PARTY TRANSACTIONS

SECURITY OWNERSHIP AND RELATED PARTY TRANSACTIONS 89

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 90 Certain Relationships and Related Party Transactions 9 1 P ROPOSALS 9 2 C om pany Proposal 1 - El ection of Directors 9 3 C ompany Proposal 2 - Advisory Vote to Approve the Compensation of Our Named Executive Officers 94 C ompany Proposal 3 - Ratification of Appointment of Independent Registered Public Accountants 9 5 S tockholder Proposal 4 - S imple M ajority V ote 97 GENERAL INFORMATION 100 VIRTUAL ANNUAL MEETING INFORMATION 101 VOTING INFORMATION 102 ADDITIONAL INFORMATION 1 05 O THER MATTERS 1 06 Cautionary Note Regarding Forward-Looking Statements This proxy statement contains forward-looking statements, including those regarding our strategies and financial performance; our development of new and existing products and technologies; and other statements that are not historical fact. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements contained herein are based upon information available to us as of the date hereof. Readers are cautioned that these forward-looking statements reflect our best judgments based on currently known facts and circumstances and are subject to risks, uncertainties, and assumptions that are difficult to predict. As a result, actual results may differ materially and adversely from those expressed in any forward-looking statement. The foregoing and other risks are detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including

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