Stock Analysis on Net
Stock Analysis on Net

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 flows 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, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 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
Net income 363,600  316,800  70,200  316,200  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 
Depreciation and loss on disposal of property, plant, and equipment 67,300  56,600  51,400  51,100  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 
Amortization of intangible assets 12,500  12,600  12,400  12,300  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 
(Gain) loss on investments, accretion, and amortization, net 9,100  (61,800) (2,600) 200  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 
Deferred income taxes (14,300) 19,400  (12,000) 64,500  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 
Income tax benefits from employee stock plans —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  4,200  7,300  7,500  10,800 
Excess tax benefit from employee stock plans —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,600) (9,200) (12,000) (18,300)
Share-based compensation expense 103,100  105,800  95,900  90,600  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 
Amortization of contract acquisition assets 4,700  4,200  4,100  4,100  3,900  3,300  3,100  2,800  2,700  2,600  2,600  2,700  —  —  —  —  —  —  —  — 
Accounts receivable (51,500) (79,700) 18,700  118,200  (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 
Inventory 6,900  (56,900) (54,900) (65,200) (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)
Prepaids and other assets 7,000  (23,300) 36,400  (131,900) (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)
Accounts payable (28,400) (300) (25,500) 21,900  (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 
Accrued compensation and employee benefits 59,800  6,600  12,200  (95,200) 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)
Deferred revenue 24,200  (13,300) 3,300  800  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 
Other liabilities 63,500  (12,100) 20,300  (34,800) 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)
Changes in operating assets and liabilities, net of effects of acquisitions 81,500  (179,000) 10,500  (186,200) 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)
Adjustments to reconcile net income to net cash provided by operating activities 263,900  (42,200) 159,700  36,600  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 
Net cash provided by operating activities 627,500  274,600  229,900  352,800  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 
Purchase of investments (1,269,700) (1,596,400) (736,800) (690,000) (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)
Proceeds from sales of investments —  —  702,500  98,200  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 
Proceeds from maturities of investments 997,300  634,900  681,000  617,600  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 
Purchase of property, plant, and equipment and intellectual property (61,900) (64,400) (110,000) (105,200) (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)
Acquisition of businesses, net of cash —  —  —  (37,700) (27,900) (33,000) 2,500  (1,300) (27,800) (22,000) (38,100) —  —  —  —  —  —  —  —  — 
Net cash (used in) provided by investing activities (334,300) (1,025,900) 536,700  (117,100) (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)
Proceeds from issuance of common stock relating to employee stock plans 40,900  113,900  62,700  91,300  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 
Excess tax benefit from employee stock plans —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  4,600  9,200  12,000  18,300 
Taxes paid related to net share settlement of equity awards (9,900) (10,200) (6,200) (148,900) (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)
Repurchase of common stock (34,300) —  —  (100,000) —  (69,500) (200,000) —  —  —  —  —  (274,000) —  —  (2,000,000) (34,400) —  —  (8,100)
Capital contribution from noncontrolling interest —  —  —  —  —  —  —  10,000  2,000  —  —  8,000  —  2,000  —  —  —  —  —  — 
Payment of deferred purchase consideration (36,500) (18,500) (8,900) (21,100) (10,100) (7,500) (3,000) (2,000) (300) —  —  —  —  —  —  —  —  —  —  — 
Net cash provided by (used in) financing activities (39,800) 85,200  47,600  (178,700) 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 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (600) (400) (800) (800) 700  (1,600) (100) (1,200) 600  (100) (1,600) 1,000  100  1,000  500  500  (1,000) 100  —  900 
Net increase (decrease) in cash, cash equivalents, and restricted cash 252,800  (666,500) 813,400  56,200  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 

Based on: 10-K (filing date: 2021-02-10), 10-Q (filing date: 2020-10-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-17), 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).

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 2020 to Q3 2020 and from Q3 2020 to Q4 2020.
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 decreased from Q2 2020 to Q3 2020 but then slightly increased from Q3 2020 to Q4 2020.
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 2020 to Q3 2020 but then decreased significantly from Q3 2020 to Q4 2020.