Cash Flow Statement
The cash flow statement provides information about a company 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 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.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Intuitive Surgical Inc., consolidated cash flow statement
US$ in thousands
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Income and Profitability
- Net income exhibited a strong upward trend over the five-year period, increasing from approximately $1.07 billion in 2020 to $2.34 billion in 2024. Despite a dip in 2022 to $1.34 billion from the 2021 peak of $1.73 billion, profitability recovered and reached its highest level in 2024, indicating overall growth in earnings capacity.
- Depreciation, Amortization and Gains/Losses
- Depreciation and losses on disposal of property, plant, and equipment increased steadily each year, rising from $226.4 million in 2020 to $445.3 million in 2024, reflecting either increased asset base or accelerated asset consumption. Amortization of intangible assets declined gradually from $49.8 million to $16.7 million during the same period, indicating reduced intangible asset amortization obligations. The company recognized occasional losses on sale of business in 2022 and 2024, though these were relatively minor. Gains and losses on investments demonstrated volatility, swinging from a gain of $55.1 million in 2020 to a loss of $43.3 million in 2024.
- Tax and Compensation Expense
- Deferred income taxes shifted from positive $57.6 million in 2020 to increasingly negative amounts in subsequent years, suggesting rising deferred tax liabilities or changes in tax timing differences. Share-based compensation expense grew consistently from $395.4 million in 2020 to $676.8 million in 2024, reflecting increased stock-based compensation and potential incentive alignment strategies.
- Working Capital Components and Operating Assets/Liabilities
- Inventory levels declined significantly each year, with a negative change expanding from -$170.1 million in 2020 to -$830.0 million in 2024, an indication of increased inventory build-up or reclassification. Accounts receivable showed a negative trend, particularly severe in 2021 through 2023, which could reflect changes in sales or collection timing. Prepaid and other assets fluctuated, turning positive in 2023 but negative again in 2024, indicating volatility in advance payments or other current assets. Accounts payable and accrued compensation fluctuated but generally increased, signaling growth in obligations to suppliers and employees. Deferred revenue increased overall, albeit with fluctuations, suggesting consistent receipt of payments ahead of recognition. Overall changes in operating assets and liabilities were increasingly negative, hitting -$919.3 million in 2024, denoting significant use of cash for working capital.
- Operating Cash Flow
- Net cash provided by operating activities generally tracked net income trends, increasing from $1.48 billion in 2020 to $2.42 billion in 2024, showing effective translation of earnings into cash generation despite periods of operating asset and liability volatility.
- Investing Activities
- There was substantial investment activity, particularly large purchases of investments fluctuating significantly, peaking at -$6.45 billion in 2021 and rising again sharply to -$5.14 billion in 2024. Proceeds from sales and maturities of investments were also significant, partially offsetting purchases but with notable variability. Capital expenditures (purchase of property, plant, and equipment) increased markedly, more than tripling from $341.5 million in 2020 to $1.11 billion in 2024, signaling aggressive investment in long-term assets. Business acquisitions and other investing activities were minor in comparison and diminished over time. The net cash impact from investing activities oscillated, with a substantial outflow of $3.27 billion in 2024 versus a positive inflow of $1.37 billion in 2022, reflecting the cyclical nature of investment decisions.
- Financing Activities
- Financing cash flows were inconsistent, with proceeds from common stock issuance related to employee stock plans increasing from $308.8 million in 2020 to $429.4 million in 2024, supporting compensation programs. Taxes paid related to share settlements increased steadily. Repurchase of common stock was substantial in 2022 at $2.6 billion but was absent or minimal in other years. Minor cash dividends were paid to noncontrolling interests only in 2024. Overall, net cash used in financing activities fluctuated widely, with a large outflow of $2.57 billion in 2022 and modest positive flow in 2024.
- Liquidity and Cash Position
- Cash and cash equivalents experienced significant fluctuations, rising from $1.63 billion at year-end 2020 to peak at $2.77 billion in 2023, then declining to $2.06 billion in 2024. The net change in cash followed this pattern, with a sharp increase of $1.17 billion in 2023 followed by a significant decline of $707.7 million in 2024. Exchange rate effects on cash were minor and relatively stable.
- Overall Analysis
- The company demonstrated strong growth in net income and operating cash flows, supported by increasing depreciation and capital expenditures indicative of business expansion or asset renewal. Working capital management revealed substantial use of cash in increasing assets, particularly inventories. Investment activities were highly volatile, with large swings in buying and selling of investments and marked increases in capital spending. Financing activities were similarly uneven, highlighted by a large stock repurchase in 2022 and increasing issuance of stock related to employee stock plans. Liquidity remained robust but exhibited notable year-to-year variation consistent with the company's active investment and financing approach.