Formula for memory alignment

While browsing through some kernel code, I found a formula for memory alignment as

aligned = ((operand + (alignment - 1)) & ~(alignment - 1))

So then I even write a program for this:

#include <stdio.h>

int main(int argc, char** argv) {
    long long operand;
    long long alignment;
    if(argv[1]) {
        operand = atol(argv[1]);
    } else {
        printf("Enter value to be aligned!\n");
        return -1;
    }
    if(argv[2]) {
        alignment = strtol(argv[2],NULL,16);
    } else {
        printf("\nDefaulting to 1MB alignment\n");
        alignment = 0x100000;
    }
    long long aligned = ((operand + (alignment - 1)) & ~(alignment - 1));
    printf("Aligned memory is: 0x%.8llx [Hex] <--> %lld\n",aligned,aligned);
    return 0;
}

But I don't get this logic at all. How does this work?