NVIDIA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED

STATEMENTS OF INCOME
(In millions, except per share data) (Unaudited) (9 months ended)
Three MonthsOctober
Ended 29,2023 October
Nine Months 30, 2022
Ended
Revenue $ 38,819 $ 20,923
Cost of revenue 11,309 9,400
Gross profit 27,510 11,523
Operating expenses
Research and development 6,210 5,387
Sales, general and administrative 1,942 1,815
Acquisition termination cost — 1,353

Total operating expenses 8,152 8,555

Operating income 19,358 2,968
Interest income 572 152
Interest expense (194) (198)
Other, net (24) (29)
Other income (expense), net 354 (75)
Income before income tax 19,712 2,893
Income tax expense (benefit) 2,237 (61)
Net income $ 17,475 $ 2,954
Net income per share:
Basic $ 7.07 $ 1.18

Diluted $ 7.01 $ 1.17

Weighted average shares used in per
Basic 2,470 2,495
share computation:
Diluted 2,494 2,517
Net income $ 17,475 $ 2,954
Other comprehensive loss, $ net of 9,243
tax
Available-for-sale securities:
Net change in unrealized gain (loss) 7 (53)
Reclassification adjustments for net —realized
gainchange
Net includedininunrealized
net gain (loss) 7 (52)
Cash flow hedges: —
Net change in unrealized loss (14) (44)
Reclassification adjustments for net realized (38) (16)
loss includedininunrealized
Net change net loss (52) (60)
Other comprehensive loss, net of tax (45) (112)
Total comprehensive income $ 17,430 $ 2,842
 October 29,2023
October
np ratio 45% 30, 2022
14%
 NVIDIA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS (In millions) (Unaudited)
Current assets:
Cash and cash equivalents 5519.00 3389.00
Marketable securities 12762.00 9907.00
Accounts receivable, net 12,762 8309.00 3827.00
9,907
Inventories 4779.00 5159.00
Prepaid expenses and other current assets 1289.00 791
Total current assets 32658.00 23073.00
Property and equipment, net 3844.00 3807.00
Operating lease assets 1316.00 1038.00
Goodwill 4430.00 4372.00
Intangible assets, net 1251.00 1676.00
Deferred income tax assets 5982.00 3396.00
Other assets 4,667 3,820
Total assets 54148.00 41182.00

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accounts payable 2380.00 1193.00
Accrued and other current liabilities 5472.00 4120.00
Short-term debt 1249 1,250
Total current liabilities 9101.00 6563.00
Long-term debt 8457.00 9703.00
Long-term operating lease liabilities 1091.00 902.00
Other long-term liabilities 2,234 1,913
Total liabilities 20883.00 19081.00
Commitments and contingencies - see Note 13
Shareholders’ equity:
Preferred stock — —
Common stock 2.00 2.00
Additional paid-in capital 12991.00 11971.00
Accumulated other comprehensive loss (88.00) (43.00)
Retained earnings 20,360 10,171
Total shareholders' equity 33,265 22,101
Total liabilities and shareholders' equity 54148.00 41182.00
 CONSOLIDATED BALANCE SHEETS
)

corporate debt securities % 0.41

liquid ratio 2.92
(cor debt of marketable securities/marketable securites)
 Nine Months Ended
October
Cash flows from operating activities: 29,
Net income $ 17,475
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense 2,555
Depreciation and amortization 1,121
Losses on investments in non-affiliates 24
Deferred income taxes (2,411)
Acquisition termination cost —
Other (170)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (4,482)
Inventories 405
Prepaid expenses and other assets (337)
Accounts payable 1,250
Accrued and other current liabilities 953
Other long-term liabilities
Net cash provided by operating activities 2
Cash flows from investing activities: 08
16,5
Proceeds from maturities of marketable securities 91
8,001
Proceeds from sales of marketable securities —
Purchases of marketable securities (10,688)
Purchases related to property and equipment and intangible assets (815)
Acquisitions, net of cash acquired (83)
Investments in non-affiliates and other, net (872)
Net cash provided by (used in) investing activities
Cash flows from financing activities:(4,457) 7,378
Proceeds related to employee stock plans 403
Payments related to repurchases of common stock (6,874)
Repayment of debt (1,250)
Payments related to tax on restricted stock units (1,942)
Dividends paid (296)
Principal payments on property and equipment and intangible assets (44)
Other
Net cash used in financing activities
Change in cash, cash equivalents, and restricted cash (1)
(10,0
2,130
Cash, cash equivalents, and restricted cash at beginning of period 04)
Cash, cash equivalents, and restricted cash at end of period 3,3
$ 5,519
89
Months Ended
October
30,
$ 2,954

1,971
1,118
35
(1,517)
1,353
(27)

(258)
(1,848)
(1,307)
(358)
1,175

1
02 3,3
93 ###
1,806
(9,764)
(1,324)
(49)
(83)

349
(8,826)
—
(1,131)
(300)
(54)

1 (9,9
810
61) %
1,9 97%
$ 2,800
90
Revenue:
United 14730.00 38%
States
Taiwan 8968.00 23%
China 8360.00 22% 45%
(including
Singapore 4506.00 12%
Hong
Other
Kong) 2255.00 6%
countries
Total 38819.00
revenue