2021 Q4 Form 10-Q Financial Statement

#000103526721000178 Filed on October 20, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $1.551B $1.403B $1.078B
YoY Change 16.67% 30.21% -4.48%
Cost Of Revenue $489.9M $431.9M $353.4M
YoY Change 13.06% 22.21% 3.15%
Gross Profit $1.061B $971.4M $724.3M
YoY Change 18.42% 34.12% -7.8%
Gross Profit Margin 68.41% 69.22% 67.21%
Selling, General & Admin $425.1M $363.3M $298.9M
YoY Change 28.74% 21.55% 5.25%
% of Gross Profit 40.07% 37.4% 41.27%
Research & Development $182.3M $165.5M $155.0M
YoY Change 22.35% 6.77% 14.05%
% of Gross Profit 17.19% 17.04% 21.4%
Depreciation & Amortization $87.40M $87.50M $73.40M
YoY Change 3.43% 19.21% 35.42%
% of Gross Profit 8.24% 9.01% 10.13%
Operating Expenses $609.3M $528.8M $453.9M
YoY Change 27.15% 16.5% 8.1%
Operating Profit $451.5M $442.6M $270.4M
YoY Change 8.38% 63.68% -26.06%
Interest Expense $3.800M $18.50M $84.80M
YoY Change -81.64% -78.18% 154.65%
% of Operating Profit 0.84% 4.18% 31.36%
Other Income/Expense, Net $18.50M $84.80M
YoY Change -78.18% 154.65%
Pretax Income $454.2M $461.1M $355.2M
YoY Change 4.05% 29.81% -10.98%
Income Tax $71.50M $73.90M $38.40M
% Of Pretax Income 15.74% 16.03% 10.81%
Net Earnings $380.6M $380.5M $313.9M
YoY Change 4.22% 21.22% -20.89%
Net Earnings / Revenue 24.54% 27.11% 29.13%
Basic Earnings Per Share $1.07 $1.07 $2.68
Diluted Earnings Per Share $1.03 $1.04 $2.60
COMMON SHARES
Basic Shares Outstanding 357.2M shares 356.8M shares 352.0M shares
Diluted Shares Outstanding 366.8M shares 361.9M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.341B $4.231B $4.853B
YoY Change -17.36% -12.83% 67.46%
Cash & Equivalents $1.291B $1.347B $1.371B
Short-Term Investments $3.050B $2.884B $3.482B
Other Short-Term Assets $133.9M $217.5M $196.0M
YoY Change 6.27% 10.97% -2.49%
Inventory $587.1M $584.9M $662.9M
Prepaid Expenses
Receivables $782.7M $695.0M $588.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.845B $5.728B $6.300B
YoY Change -11.79% -9.08% 45.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.876B $1.738B $1.510B
YoY Change 18.96% 15.12% 32.8%
Goodwill $343.6M $344.3M $336.3M
YoY Change 2.05% 2.38% 10.37%
Intangibles
YoY Change
Long-Term Investments $4.416B $4.132B $1.643B
YoY Change 151.17% 151.46% -35.14%
Other Assets $1.004B $915.7M $739.0M
YoY Change 26.46% 23.91% 0.54%
Total Long-Term Assets $7.710B $7.207B $4.317B
YoY Change 69.71% 66.93% -10.33%
TOTAL ASSETS
Total Short-Term Assets $5.845B $5.728B $6.300B
Total Long-Term Assets $7.710B $7.207B $4.317B
Total Assets $13.56B $12.93B $10.62B
YoY Change 21.36% 21.82% 16.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.2M $120.0M $116.0M
YoY Change 48.53% 3.45% -12.39%
Accrued Expenses $597.3M $492.9M $416.0M
YoY Change 22.9% 18.49% -10.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.150B $1.027B $894.7M
YoY Change 19.13% 14.82% -3.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $453.7M $447.8M $436.0M
YoY Change 1.96% 2.71% 3.07%
Total Long-Term Liabilities $453.7M $447.8M $436.0M
YoY Change 1.96% 2.71% 3.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.150B $1.027B $894.7M
Total Long-Term Liabilities $453.7M $447.8M $436.0M
Total Liabilities $1.604B $1.475B $1.331B
YoY Change 13.74% 10.84% -1.73%
SHAREHOLDERS EQUITY
Retained Earnings $4.761B $4.390B $2.937B
YoY Change 45.98% 49.47% 37.09%
Common Stock $7.164B $7.016B $6.304B
YoY Change 11.16% 11.28% 12.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.90B $11.41B $9.258B
YoY Change
Total Liabilities & Shareholders Equity $13.56B $12.93B $10.62B
YoY Change 21.36% 21.82% 16.28%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $380.6M $380.5M $313.9M
YoY Change 4.22% 21.22% -20.89%
Depreciation, Depletion And Amortization $87.40M $87.50M $73.40M
YoY Change 3.43% 19.21% 35.42%
Cash From Operating Activities $567.7M $501.4M $274.6M
YoY Change -9.53% 82.59% -30.71%
INVESTING ACTIVITIES
Capital Expenditures -$150.9M -$68.30M -$64.40M
YoY Change 143.78% 6.06% -25.72%
Acquisitions
YoY Change
Other Investing Activities -$490.1M -$770.5M -$961.5M
YoY Change 79.92% -19.86% 640.18%
Cash From Investing Activities -$641.0M -$838.8M -$1.026B
YoY Change 91.74% -18.24% 373.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.60M 68.30M 85.20M
YoY Change -146.73% -19.84% 7000.0%
NET CHANGE
Cash From Operating Activities 567.7M 501.4M 274.6M
Cash From Investing Activities -641.0M -838.8M -1.026B
Cash From Financing Activities 18.60M 68.30M 85.20M
Net Change In Cash -54.70M -269.1M -666.1M
YoY Change -121.59% -59.6% -468.21%
FREE CASH FLOW
Cash From Operating Activities $567.7M $501.4M $274.6M
Capital Expenditures -$150.9M -$68.30M -$64.40M
Free Cash Flow $718.6M $569.7M $339.0M
YoY Change 4.24% 68.05% -29.81%

Facts In Submission

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DESCRIPTION OF THE BUSINESS<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intuitive Surgical, Inc. (“Intuitive” or the “Company”) develops, manufactures, and markets the da Vinci</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Surgical System and the Ion</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> endoluminal system. The Company’s products and related services enable physicians and healthcare providers to improve the quality of and access to minimally invasive care. The da Vinci Surgical System consists of a surgeon console or consoles, a patient-side cart, a high-performance vision system, and proprietary instruments and accessories. The Ion endoluminal system is a flexible, robotic-assisted, catheter-based platform that utilizes instruments and accessories for lung biopsies.</span>
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
123.58
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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94.76
CY2021Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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98100000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
84700000 USD
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
500000 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
500000 shares
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
122900000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
107000000.0 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
294400000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
24800000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
22300000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
67900000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
61200000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
11100000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
269300000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
233200000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
73900000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.160
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38400000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.108
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90700000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.063
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67300000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.087
us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
36800000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
36800000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
11100000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
41900000 USD
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
158900000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.091
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.111
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
47900000 USD
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
144800000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.135
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.188
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
380500000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
313900000 USD
us-gaap Net Income Loss
NetIncomeLoss
1324000000 USD
us-gaap Net Income Loss
NetIncomeLoss
695400000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
356800000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
352000000.0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
355600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
350500000 shares
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10000000.0 shares
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9900000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9500000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9600000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
366800000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
361900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
360100000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.98
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.93
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2600000 shares

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