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Intuitive Surgical Inc. (NASDAQ:ISRG)

Cash Flow Statement
Quarterly Data

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Intuitive Surgical Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel LibreOffice Calc
3 months ended Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Net income 362,700  398,700  316,400  304,000  291,300  291,800  254,600  287,300  (38,800) 297,500  221,500  179,800  204,000  211,000  184,500  136,400  190,000  167,300  134,500  97,000 
Depreciation and loss on disposal of property, plant, and equipment 52,000  40,200  36,200  31,600  31,800  27,000  26,100  23,700  24,800  21,800  20,600  19,000  19,900  18,000  17,700  18,300  18,800  17,400  14,900  14,000 
Amortization of intangible assets 11,800  10,700  10,500  10,000  4,500  4,000  3,100  2,600  2,800  3,100  3,300  3,700  4,200  4,300  4,600  5,100  5,800  6,200  6,200  6,200 
(Gain) loss on investments, accretion, and amortization, net 600  (5,000) (400) (1,200) (1,400) (1,500) —  4,700  4,400  5,400  5,300  6,100  9,600  8,900  9,100  8,300  7,900  6,800  6,300  5,400 
Deferred income taxes 300  (61,000) 19,800  32,900  (20,400) 3,600  11,300  37,400  34,100  (5,000) 4,100  29,700  (13,000) (4,100) 6,900  28,900  1,800  7,500  (6,800) 2,100 
Income tax benefits from employee stock plans —  —  —  —  —  —  —  —  —  —  —  —  4,200  7,300  7,500  10,800  (2,700) 6,900  9,100  8,200 
Excess tax benefit from employee stock plans —  —  —  —  —  —  —  —  —  —  —  —  (4,600) (9,200) (12,000) (18,300) (1,100) (11,900) (11,100) (10,200)
Share-based compensation expense 89,200  88,900  81,600  76,100  70,400  70,000  63,300  57,500  55,600  55,700  50,400  47,400  45,500  46,800  42,600  42,700  41,300  44,200  41,300  41,100 
Amortization of contract acquisition asset 3,900  3,300  3,100  2,800  2,700  2,600  2,600  2,700  —  —  —  —  —  —  —  —  —  —  —  — 
Accounts receivable (11,800) 1,700  (85,700) 134,600  (96,100) (47,900) (50,300) 33,000  (43,900) 13,100  (68,200) 17,300  1,800  (28,300) (77,800) 68,400  (59,500) (13,300) (29,100) 22,700 
Inventory (67,100) (115,400) (84,000) (94,000) (73,200) (71,900) (67,700) (66,200) (32,800) (24,400) (19,300) (39,000) (5,900) (21,300) (11,700) (7,800) 20,000  3,100  (5,900) (27,900)
Prepaids and other assets (21,800) (5,900) (26,500) (62,700) 11,600  13,100  (81,800) (20,600) (14,900) 32,700  (48,000) 1,700  (9,700) (4,500) 35,400  (49,900) 30,600  (59,300) 9,000  9,200 
Accounts payable (12,400) 3,000  (1,300) 23,000  3,300  (900) 5,900  8,400  2,100  6,200  200  5,500  9,500  (6,600) 7,700  5,300  (2,900) (7,000) (4,100) 2,700 
Accrued compensation and employee benefits 64,200  26,500  35,400  (68,700) 47,700  18,100  24,400  (64,000) 42,500  13,600  25,400  (50,300) 31,600  9,700  17,100  (39,700) 26,600  3,500  18,000  (26,600)
Deferred revenue 29,700  (2,900) 9,200  (500) 19,600  4,900  18,400  11,400  7,700  (2,900) 11,300  36,700  14,000  2,100  3,500  300  600  5,500  6,600  (4,500)
Other liabilities 51,400  13,500  1,700  (54,700) 46,300  6,900  21,600  (37,700) 288,400  (62,900) 9,900  (16,100) 14,000  25,500  14,600  (300) 6,200  2,800  (3,800) (15,700)
Changes in operating assets and liabilities, net of effects of acquisition 32,200  (79,500) (151,200) (123,000) (40,800) (77,700) (129,500) (135,700) 249,100  (24,600) (88,700) (44,200) 55,300  (23,400) (11,200) (23,700) 21,600  (64,700) (9,300) (40,100)
Adjustments to reconcile net income to net cash provided by operating activities 190,000  (2,400) (400) 29,200  46,800  28,000  (23,100) (7,100) 370,800  56,400  (5,000) 61,700  121,100  48,600  65,200  72,100  93,400  12,400  50,600  26,700 
Net cash provided by operating activities 552,700  396,300  316,000  333,200  338,100  319,800  231,500  280,200  332,000  353,900  216,500  241,500  325,100  259,600  249,700  208,500  283,400  179,700  185,100  123,700 
Purchase of investments (802,800) (727,500) (823,600) (992,300) (887,900) (842,400) (417,900) (433,700) (872,900) (415,100) (538,800) (168,200) (688,900) (828,300) (580,600) (487,700) (699,200) (529,300) (316,400) (282,500)
Proceeds from sales of investments 25,200  21,000  16,700  44,400  —  15,000  32,400  226,600  335,700  50,700  53,800  1,421,100  111,500  45,300  168,600  64,500  55,500  46,000  57,100  74,500 
Proceeds from maturities of investments 541,300  609,600  663,800  755,100  484,900  323,800  424,100  300,800  252,400  155,800  186,500  108,400  286,200  256,800  186,200  240,900  250,300  173,000  263,000  139,500 
Purchase of property, plant, and equipment and intellectual property (142,000) (86,700) (82,100) (114,800) (55,500) (47,000) (44,800) (40,100) (31,000) (51,400) (55,300) (53,000) (17,800) (15,100) (11,400) (9,600) (19,700) (28,500) (13,600) (19,200)
Acquisition of businesses, net of cash (27,900) (33,000) 2,500  (1,300) (27,800) (22,000) (38,100) —  —  —  —  —  —  —  —  —  —  —  —  — 
Net cash (used in) provided by investing activities (406,200) (216,600) (222,700) (308,900) (486,300) (572,600) (44,300) 53,600  (315,800) (260,000) (353,800) 1,308,300  (309,000) (541,300) (237,200) (191,900) (413,100) (338,800) (9,900) (87,700)
Proceeds from issuance of common stock relating to employee stock plans 67,100  86,100  30,800  88,800  37,000  64,700  48,700  86,200  33,900  85,200  127,300  169,100  30,500  101,900  189,700  258,800  67,100  136,500  77,300  80,200 
Excess tax benefit from employee stock plans —  —  —  —  —  —  —  —  —  —  —  —  4,600  9,200  12,000  18,300  1,100  11,900  11,100  10,200 
Taxes paid related to net share settlement of equity awards (6,200) (7,900) (6,400) (138,600) (5,000) (7,000) (5,500) (102,500) (3,000) (3,600) (2,600) (47,400) (800) (1,400) (1,200) (20,600) (500) (500) (300) (9,700)
Repurchase of common stock —  (69,500) (200,000) —  —  —  —  —  (274,000) —  —  (2,000,000) (34,400) —  —  (8,100) (84,200) (35,500) (49,300) (14,700)
Capital contribution from noncontrolling interest —  —  —  10,000  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Other financing activities (10,100) (7,500) (3,000) (2,000) 1,700  —  —  8,000  —  2,000  —  —  —  —  —  —  (7,300) —  —  — 
Net cash provided by (used in) financing activities 50,800  1,200  (178,600) (41,800) 33,700  57,700  43,200  (8,300) (243,100) 83,600  124,700  (1,878,300) (100) 109,700  200,500  248,400  (23,800) 112,400  38,800  66,000 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 700  (1,600) (100) (1,200) 600  (100) (1,600) 1,000  100  1,000  500  500  (1,000) 100  —  900  (100) (500) 300  (1,200)
Net increase (decrease) in cash, cash equivalents, and restricted cash 198,000  179,300  (85,400) (18,700) (113,900) (195,200) 228,800  326,500  (226,800) 178,500  (12,100) (328,000) 15,000  (171,900) 213,000  265,900  (153,600) (47,200) 214,300  100,800 

Based on: 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-10-18), 10-Q (filing date: 2019-07-22), 10-Q (filing date: 2019-04-19), 10-K (filing date: 2019-02-04), 10-Q (filing date: 2018-10-22), 10-Q (filing date: 2018-07-20), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-02-02), 10-Q (filing date: 2017-10-20), 10-Q (filing date: 2017-07-21), 10-Q (filing date: 2017-04-19), 10-K (filing date: 2017-02-06), 10-Q (filing date: 2016-10-19), 10-Q (filing date: 2016-07-20), 10-Q (filing date: 2016-04-19), 10-K (filing date: 2016-02-02), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Intuitive Surgical Inc.’s net cash provided by operating activities increased from Q2 2019 to Q3 2019 and from Q3 2019 to Q4 2019.
Net cash (used in) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Intuitive Surgical Inc.’s net cash (used in) provided by investing activities increased from Q2 2019 to Q3 2019 but then decreased significantly from Q3 2019 to Q4 2019.
Net cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Intuitive Surgical Inc.’s net cash provided by (used in) financing activities increased from Q2 2019 to Q3 2019 and from Q3 2019 to Q4 2019.