NVIDIA Announces Financial Results for Third Quarter Fiscal 2023
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NVIDIA CORPORATION | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | (In millions) | | (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended | |
Nine Months Ended | | | | |
October 30, |
October 31, |
October 30, |
October 31, | | | | | |
2022 | | | |
2021 | | | |
2022 | | | |
2021 | | | | | | | | | | | | | | Cash flows from operating activities: | | | | | | | | | Net income | $ | 680 | | | $ | 2,464 | | | $ | 2,954 | | | $ | 6,749 | | | Adjustments to reconcile net income to net cash | | | | | | | | | provided by operating activities: | | | | | | | | | | Stock-based compensation expense | | 745 | | | | 559 | | | | 1,971 | | | | 1,453 | | | | Depreciation and amortization | | 406 | | | | 298 | | | | 1,118 | | | | 865 | | | | Losses (gains) on investments in non affiliates, net | | 11 | | | | (21 | ) | | | 35 | | | | (152 | ) | | | Deferred income taxes | | (532 | ) | | | (20 | ) | | | (1,517 | ) | | | (182 | ) | | | Acquisition termination cost | | - | | | | - | | | | 1,353 | | | | - | | | | Other | | (45 | ) | | | 10 | | | | (27 | ) | | | 25 | | | Changes in operating assets and liabilities, net of acquisitions: | | | | | | | | | | Accounts receivable | | 410 | | | | (366 | ) | | | (258 | ) | | | (1,523 | ) | | | Inventories | | (563 | ) | | | (118 | ) | | | (1,848 | ) | | | (400 | ) | | | Prepaid expenses and other assets | | 247 | | | | (1,575 | ) | | | (1,307 | ) | | | (1,557 | ) | | | Accounts payable | | (917 | ) | | | 141 | | | | (358 | ) | | | 385 | | | | Accrued and other current liabilities | | (92 | ) | | | (8 | ) | | | 1,175 | | | | 159 | | | | Other long-term liabilities | | 42 | | | | 155 | | | | 102 | | | | 253 | | | Net cash provided by operating activities | | 392 | | | | 1,519 | | | | 3,393 | | | | 6,075 | | | Cash flows from investing activities: | | | | | | | | | | Proceeds from maturities of marketable securities | | 5,809 | | | | 2,545 | | | | 16,792 | | | | 7,780 | | | | Proceeds from sales of marketable securities | | 75 | | | | 211 | | | | 1,806 | | | | 916 | | | | Purchases of marketable securities | | (2,188 | ) | | | (6,752 | ) | | | (9,764 | ) | | | (16,020 | ) | | | Purchases related to property and equipment and intangible assets | | | (530 | ) | | | (221 | ) | | | (1,324 | ) | | | (703 | ) | | | Acquisitions, net of cash acquired | | - | | | | (203 | ) | | | (49 | ) | | | (203 | ) | | | Investments and other, net | | (18 | ) | | | (18 | ) | | | (83 | ) | | | (14 | ) | | Net cash provided by (used in) investing activities | | 3,148 | | | | (4,438 | ) | | | 7,378 | | | | (8,244 | ) | | Cash flows from financing activities: | | | | | | | | | | Proceeds related to employee stock plans | | 143 | | | | 149 | | | | 349 | | | | 277 | | | | Payments related to repurchases of common stock | | (3,485 | ) | | | - | | | | (8,826 | ) | | | - | | | | Payments related to tax on restricted stock units | | (294 | ) | | | (440 | ) | | | (1,131 | ) | | | (1,282 | ) | | | Dividends paid | | (100 | ) | | | (100 | ) | | | (300 | ) | | | (298 | ) | | | Principal payments on property and equipment and intangible assets | | | (18 | ) | | | (22 | ) | | | (54 | ) | | | (62 | ) | | | Issuance of debt, net of issuance costs | | - | | | | (8 | ) | | | - | | | | 4,977 | | | | Repayment of debt | | - | | | | (1,000 | ) | | | - | | | | (1,000 | ) | | | Other | | 1 | | | | - | | | | 1 | | | | (2 | ) | | Net cash provided by (used in) financing activities | | (3,753 | ) | | | (1,421 | ) | | | (9,961 | ) | | | 2,610 | | | Change in cash and cash equivalents | | (213 | ) | | | (4,340 | ) | | | 810 | | | | 441 | | | Cash and cash equivalents at beginning of period | | 3,013 | | | | 5,628 | | | | 1,990 | | | | 847 | | | Cash and cash equivalents at end of period | $ | 2,800 | | | $ | 1,288 | | | $ | 2,800 | | | $ | 1,288 | | | | | | | | | | | | |
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