NVIDIA Announces Financial Results for Second Quarter Fiscal 2023
| | |
NVIDIA CORPORATION | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | (In millions) | | (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended | |
Six Months Ended | | | |
July 31, | |
August 1, | |
July 31, | |
August 1, | | | |
2022
| |
2021
| |
2022
| |
2021
| | | | | | | | | | | | Cash flows from operating activities: | | | | | | | | | Net income | $ | 656 | | | $ | 2,374 | | | $ | 2,274 | | | $ | 4,285 | | | Adjustments to reconcile net income to net cash | | | | | | | | | provided by operating activities: | | | | | | | | | | Stock-based compensation expense | | 648 | | | | 465 | | | | 1,226 | | | | 894 | | | | Depreciation and amortization | | 378 | | | | 286 | | | | 712 | | | | 567 | | | | Losses (gains) on investments in non affiliates, net | | 7 | | | | 1 | | | | 24 | | | | (133 | ) | | | Deferred income taxes | | (443 | ) | | | (185 | ) | | | (985 | ) | | | (161 | ) | | | Acquisition termination cost | | - | | | | - | | | | 1,353 | | | | - | | | | Other | | (5 | ) | | | 18 | | | | 18 | | | | 16 | | | Changes in operating assets and liabilities, net of acquisitions: | | | | | | | | | | Accounts receivable | | 120 | | | | (563 | ) | | | (668 | ) | | | (1,157 | ) | | | Inventories | | (725 | ) | | | (123 | ) | | | (1,285 | ) | | | (282 | ) | | | Prepaid expenses and other assets | | (293 | ) | | | 16 | | | | (1,554 | ) | | | 18 | | | | Accounts payable | | 304 | | | | 209 | | | | 559 | | | | 245 | | | | Accrued and other current liabilities | | 633 | | | | 133 | | | | 1,267 | | | | 166 | | | | Other long-term liabilities | | (10 | ) | | | 51 | | | | 60 | | | | 98 | | | Net cash provided by operating activities | | 1,270 | | | | 2,682 | | | | 3,001 | | | | 4,556 | | | Cash flows from investing activities: | | | | | | | | | | Proceeds from maturities of marketable securities | | 5,036 | | | | 2,096 | | | | 10,983 | | | | 5,236 | | | | Proceeds from sales of marketable securities | | 702 | | | | 347 | | | | 1,731 | | | | 705 | | | | Purchases of marketable securities | | (3,644 | ) | | | (4,798 | ) | | | (7,576 | ) | | | (9,268 | ) | | | Purchases related to property and equipment and intangible assets | | (433 | ) | | | (183 | ) | | | (794 | ) | | | (481 | ) | | | Acquisitions, net of cash acquired | | (13 | ) | | | - | | | | (49 | ) | | | - | | | | Investments and other, net | | (30 | ) | | | 5 | | | | (65 | ) | | | 3 | | | Net cash provided by (used in) investing activities | | 1,618 | | | | (2,533 | ) | | | 4,230 | | | | (3,805 | ) | | Cash flows from financing activities: | | | | | | | | | | Proceeds related to employee stock plans | | 1 | | | | 2 | | | | 205 | | | | 128 | | | | Payments related to repurchases of common stock | | (3,345 | ) | | | - | | | | (5,341 | ) | | | - | | | | Payments related to tax on restricted stock units | | (305 | ) | | | (365 | ) | | | (837 | ) | | | (843 | ) | | | Dividends paid | | (100 | ) | | | (100 | ) | | | (200 | ) | | | (198 | ) | | | Principal payments on property and equipment and intangible assets | | (14 | ) | | | (21 | ) | | | (36 | ) | | | (40 | ) | | | Issuance of debt, net of issuance costs | | - | | | | 4,985 | | | | - | | | | 4,985 | | | | Other | | 1 | | | | - | | | | 1 | | | | (2 | ) | | Net cash provided by (used in) financing activities | | (3,762 | ) | | | 4,501 | | | | (6,208 | ) | | | 4,030 | | | Change in cash and cash equivalents | | (874 | ) | | | 4,650 | | | | 1,023 | | | | 4,781 | | | Cash and cash equivalents at beginning of period | | 3,887 | | | | 978 | | | | 1,990 | | | | 847 | | | Cash and cash equivalents at end of period | $ | 3,013 | | | $ | 5,628 | | | $ | 3,013 | | | $ | 5,628 | |
|
