NVIDIA Announces Financial Results for First Quarter Fiscal 2022


NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
      
      
    Three Months Ended
    May 2,  April 26,
     2021    2020 
      
Cash flows from operating activities:   
Net income$1,912  $917 
Adjustments to reconcile net income to net cash   
provided by operating activities:   
 Stock-based compensation expense 429   224 
 Depreciation and amortization 281   107 
 Deferred income taxes 24   16 
 (Gains) losses on investments in non affiliates, net (133)  3 
 Other (3)  1 
Changes in operating assets and liabilities, net of acquisitions:   
 Accounts receivable (595)  (249)
  Inventories   (159 )     (151 )
  Prepaid expenses and other assets   2       (8 )
  Accounts payable   70       71  
  Accrued and other current liabilities   (1 )     (32 )
  Other long-term liabilities   47       10  
Net cash provided by operating activities   1,874       909  
Cash flows from investing activities:      
  Proceeds from maturities of marketable securities   3,140       -  
  Proceeds from sales of marketable securities   358       1  
  Purchases of marketable securities   (4,470 )     (861 )
  Purchases related to property and equipment and intangible assets     (298 )     (155 )
  Investments and other, net   (2 )     (6 )
  Acquisitions, net of cash acquired   -       (34 )
Net cash used in investing activities   (1,272 )     (1,055 )
Cash flows from financing activities:      
  Proceeds related to employee stock plans   126       88  
  Payments related to tax on restricted stock units   (477 )     (222 )
  Dividends paid   (99 )     (98 )
  Principal payments on property and equipment   (19 )     -  
  Other   (2 )     (3 )
  Issuance of debt, net of issuance costs   -       4,979  
Net cash provided by (used in) financing activities   (471 )     4,744  
Change in cash and cash equivalents   131       4,598  
Cash and cash equivalents at beginning of period   847       10,896  
Cash and cash equivalents at end of period $ 978     $ 15,494  
           

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