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.

Intuitive Surgical Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	1,817,300)	1,344,400)	1,728,100)	1,066,800)	1,381,800)
Depreciation and loss on disposal of property, plant, and equipment, net	401,600)	338,000)	282,800)	226,400)	160,000)
Amortization of intangible assets	20,200)	27,800)	27,400)	49,800)	43,000)
Gain on sale of business	—)	(3,800)	—)	—)	—)
(Gain) loss on investments, accretion of discounts, and amortization of premiums on investments, net	7,300)	49,000)	10,600)	(55,100)	(6,000)
Deferred income taxes	(280,800)	(185,300)	(62,600)	57,600)	(8,000)
Share-based compensation expense	592,800)	513,200)	449,200)	395,400)	335,800)
Amortization of contract acquisition assets	33,000)	26,600)	22,000)	17,100)	13,100)
Accounts receivable	(186,300)	(159,300)	(142,300)	5,700)	38,800)
Inventory	(712,500)	(546,600)	(256,000)	(170,100)	(360,500)
Prepaids and other assets	24,200)	(129,200)	(204,900)	(111,800)	(116,900)
Accounts payable	41,700)	21,300)	36,000)	(32,300)	12,300)
Accrued compensation and employee benefits	34,800)	51,500)	115,100)	(16,600)	57,400)
Deferred revenue	53,400)	21,500)	32,600)	15,000)	35,500)
Other liabilities	(32,900)	121,700)	51,400)	36,900)	11,900)
Changes in operating assets and liabilities, net of effects of acquisitions	(777,600)	(619,100)	(368,100)	(273,200)	(321,500)
Adjustments to reconcile net income to net cash provided by operating activities	(3,500)	146,400)	361,300)	418,000)	216,400)
Net cash provided by operating activities	1,813,800)	1,490,800)	2,089,400)	1,484,800)	1,598,200)
Purchase of investments	(2,207,400)	(1,399,500)	(6,452,000)	(4,292,900)	(3,346,200)
Proceeds from sales of investments	230,300)	61,100)	84,900)	800,700)	107,300)
Proceeds from maturities of investments	2,690,100)	3,254,400)	4,267,800)	2,930,800)	2,569,800)
Purchase of property, plant, and equipment	(1,064,200)	(532,400)	(339,500)	(341,500)	(425,600)
Acquisition of businesses, net of cash, and intellectual property and other investing activities	(8,900)	(12,800)	(22,700)	(37,700)	(59,700)
Net cash (used in) provided by investing activities	(360,100)	1,370,800)	(2,461,500)	(940,600)	(1,154,400)
Proceeds from issuance of common stock relating to employee stock plans	296,300)	233,800)	276,500)	308,800)	272,800)
Taxes paid related to net share settlement of equity awards	(164,700)	(194,200)	(211,600)	(175,200)	(159,100)
Repurchase of common stock	(416,300)	(2,607,400)	—)	(134,300)	(269,500)
Capital contribution from noncontrolling interest	—)	—)	—)	—)	10,000)
Payment of deferred purchase consideration	(2,900)	(4,500)	(21,900)	(85,000)	(22,600)
Net cash provided by (used in) financing activities	(287,600)	(2,572,300)	43,000)	(85,700)	(168,400)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	3,300)	5,400)	(3,400)	(2,600)	(2,200)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,169,400)	294,700)	(332,500)	455,900)	273,200)
Cash, cash equivalents, and restricted cash, beginning of year	1,600,700)	1,306,000)	1,638,500)	1,182,600)	909,400)
Cash, cash equivalents, and restricted cash, end of year	2,770,100)	1,600,700)	1,306,000)	1,638,500)	1,182,600)

Based on: 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), 10-K (reporting date: 2019-12-31).

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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. net cash provided by operating activities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
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. net cash (used in) provided by investing activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
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. net cash provided by (used in) financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Intuitive Surgical Inc. (NASDAQ:ISRG)

Cash Flow Statement