10-Q 1 nvda-20221030.htm 10-Q nvda-20221030
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 0-23985
nvda-20221030_g1.jpg

NVIDIA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware94-3177549
(State or Other Jurisdiction of(I.R.S. Employer
Incorporation or Organization)Identification No.)
2788 San Tomas Expressway
Santa Clara, California 95051
(408) 486-2000
(Address, including zip code, and telephone number,
including area code, of principal executive offices)
N/A
(Former name, former address and former fiscal year if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareNVDAThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares of common stock, $0.001 par value, outstanding as of November 11, 2022, was 2.46 billion.



NVIDIA CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED October 30, 2022
TABLE OF CONTENTS
  Page
  
Financial Statements (Unaudited) 
 a) Condensed Consolidated Statements of Income for the three and nine months ended October 30, 2022 and October 31, 2021
b) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 30, 2022 and October 31, 2021
 c) Condensed Consolidated Balance Sheets as of October 30, 2022 and January 30, 2022
d) Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended October 30, 2022 and October 31, 2021
 e) Condensed Consolidated Statements of Cash Flows for the nine months ended October 30, 2022 and October 31, 2021
 f) Notes to Condensed Consolidated Financial Statements
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures About Market Risk
Controls and Procedures
  
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Exhibits
 
WHERE YOU CAN FIND MORE INFORMATION
Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters, and for complying with our disclosure obligations under Regulation FD: 
NVIDIA Twitter Account (https://twitter.com/nvidia)
NVIDIA Company Blog (http://blogs.nvidia.com)
NVIDIA Facebook Page (https://www.facebook.com/nvidia)
NVIDIA LinkedIn Page (http://www.linkedin.com/company/nvidia)
NVIDIA Instagram Page (https://www.instagram.com/nvidia)
In addition, investors and others can view NVIDIA videos on YouTube (https://www.YouTube.com/nvidia).
The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these accounts and the blog, in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report on Form 10-Q. These channels may be updated from time to time on NVIDIA's investor relations website.
2


PART I. FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED)
NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
 Three Months EndedNine Months Ended
 October 30,October 31,October 30,October 31,
2022202120222021
Revenue$5,931 $7,103 $20,923 $19,271 
Cost of revenue2,754 2,472 9,400 6,795 
Gross profit3,177 4,631 11,523 12,476 
Operating expenses  
Research and development1,945 1,403 5,387 3,802 
Sales, general and administrative631 557 1,815 1,603 
Acquisition termination cost
  1,353  
Total operating expenses2,576 1,960 8,555 5,405 
Income from operations601 2,671 2,968 7,071 
Interest income88 7 152 20 
Interest expense(65)(62)(198)(175)
Other, net(11)22 (29)160 
Other income (expense), net
12 (33)(75)5 
Income before income tax613 2,638 2,893 7,076 
Income tax expense (benefit)(67)174 (61)327 
Net income$680 $2,464 $2,954 $6,749 
Net income per share:
Basic$0.27 $0.99 $1.18 $2.71 
Diluted$0.27 $0.97 $1.17 $2.67 
Weighted average shares used in per share computation:
Basic2,483 2,499 2,495 2,493 
Diluted2,499 2,538 2,517 2,532 
See accompanying Notes to Condensed Consolidated Financial Statements.

3


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
 Three Months EndedNine Months Ended
 October 30,October 31,October 30,October 31,
2022202120222021
 
Net income$680 $2,464 $2,954 $6,749 
Other comprehensive income (loss), net of tax
Available-for-sale securities:
Net change in unrealized loss(18)(4)(53)(5)
Reclassification adjustments for net realized gain included in net income  1  
Net change in unrealized loss(18)(4)(52)(5)
Cash flow hedges:
Net unrealized gain (loss)(14)22 (44)(5)
Reclassification adjustments for net realized loss included in net income(1)(17)(16) 
Net change in unrealized gain (loss)(15)5 (60)(5)
Other comprehensive income (loss), net of tax(33)1 (112)(10)
Total comprehensive income$647 $2,465 $2,842 $6,739 
See accompanying Notes to Condensed Consolidated Financial Statements.

4


NVIDIA CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
October 30,January 30,
 20222022
ASSETS
Current assets:  
Cash and cash equivalents$2,800 $1,990 
Marketable securities10,343 19,218 
Accounts receivable, net4,908 4,650 
Inventories4,454 2,605 
Prepaid expenses and other current assets718 366 
Total current assets23,223 28,829 
Property and equipment, net3,774 2,778 
Operating lease assets927 829 
Goodwill4,372 4,349 
Intangible assets, net1,850 2,339 
Deferred income tax assets2,762 1,222 
Other assets3,580 3,841 
Total assets$40,488 $44,187 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$1,491 $1,783 
Accrued and other current liabilities4,115 2,552 
Short-term debt1,249  
Total current liabilities6,855 4,335 
Long-term debt9,701 10,946 
Long-term operating lease liabilities798 741 
Other long-term liabilities1,785 1,553 
Total liabilities19,139 17,575 
Commitments and contingencies - see Note 13
Shareholders’ equity:  
Preferred stock  
Common stock2 3 
Additional paid-in capital11,565 10,385 
Accumulated other comprehensive loss(123)(11)
Retained earnings9,905 16,235 
Total shareholders' equity21,349 26,612 
Total liabilities and shareholders' equity$40,488 $44,187 
See accompanying Notes to Condensed Consolidated Financial Statements.

5


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED OCTOBER 30, 2022 AND OCTOBER 31, 2021
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalTreasury StockAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
Balances, July 31, 20222,489 $2 $10,968 $ $(90)$12,971 $23,851 
Net income— — — — — 680 680 
Other comprehensive loss— — — — (33)— (33)
Issuance of common stock from stock plans 9 — 143 — — — 143 
Tax withholding related to vesting of restricted stock units(2)— (294)— — — (294)
Shares repurchased(28) (1)— — (3,646)(3,647)
Cash dividends declared and paid ($0.04 per common share)
— — — — — (100)(100)
Stock-based compensation— — 749 — — — 749 
Balances, October 30, 20222,468 $2 $11,565 $ $(123)$9,905 $21,349 
Balances, August 1, 20212,496 $3 $9,745 $(11,604)$8 $22,995 $21,147 
Net income— — — — — 2,464 2,464 
Other comprehensive income— — — — 1 — 1 
Issuance of common stock from stock plans 8 — 150 — — — 150 
Tax withholding related to vesting of restricted stock units(2)— — (434)— — (434)
Cash dividends declared and paid ($0.04 per common share)
— — — — — (100)(100)
Fair value of partially vested equity awards assumed in connection with acquisitions— — 18 — — — 18 
Stock-based compensation— — 552 — — — 552 
Balances, October 31, 20212,502 $3 $10,465 $(12,038)$9 $25,359 $23,798 
See accompanying Notes to Condensed Consolidated Financial Statements.
6


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE NINE MONTHS ENDED OCTOBER 30, 2022 AND OCTOBER 31, 2021
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalTreasury StockAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
Balances, January 30, 20222,506 $3 $10,385 $ $(11)$16,235 $26,612 
Net income— — — — — 2,954 2,954 
Other comprehensive loss— — — — (112)— (112)
Issuance of common stock from stock plans 24 — 349 — — — 349 
Tax withholding related to vesting of restricted stock units(6)— (1,131)— — — (1,131)
Shares repurchased(56)(1)(3)— — (8,984)(8,988)
Cash dividends declared and paid ($0.12 per common share)
— — — — — (300)(300)
Stock-based compensation— — 1,965 — — — 1,965 
Balances, October 30, 20222,468 $2 $11,565 $ $(123)$9,905 $21,349 
Balances, January 31, 20212,479 $3 $8,719 $(10,756)$19 $18,908 $16,893 
Net income— — — — — 6,749 6,749 
Other comprehensive loss— — — — (10)— (10)
Issuance of common stock from stock plans 30 — 277 — — — 277 
Tax withholding related to vesting of restricted stock units(7)— — (1,282)— — (1,282)
Cash dividends declared and paid ($0.12 per common share)
— — — — — (298)(298)
Fair value of partially vested equity awards assumed in connection with acquisitions— — 18 — — — 18 
Stock-based compensation— — 1,451 — — — 1,451 
Balances, October 31, 20212,502 $3 $10,465 $(12,038)$9 $25,359 $23,798 
See accompanying Notes to Condensed Consolidated Financial Statements.
7


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Nine Months Ended
October 30,October 31,
 20222021
Cash flows from operating activities:  
Net income$2,954 $6,749 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense1,971 1,453 
Acquisition termination cost
1,353  
Depreciation and amortization1,118 865 
Losses (gains) on investments in non-affiliates, net35 (152)
Deferred income taxes(1,517)(182)
Other(27)25 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(258)(1,523)
Inventories(1,848)(400)
Prepaid expenses and other assets(1,307)(1,557)
Accounts payable(358)385 
Accrued and other current liabilities1,175 159 
Other long-term liabilities102 253 
Net cash provided by operating activities3,393 6,075 
Cash flows from investing activities:  
Proceeds from maturities of marketable securities16,792 7,780 
Proceeds from sales of marketable securities1,806 916 
Purchases of marketable securities(9,764)(16,020)
Purchases related to property and equipment and intangible assets(1,324)(703)
Acquisitions, net of cash acquired(49)(203)
Investments and other, net(83)(14)
Net cash provided by (used in) investing activities7,378 (8,244)
Cash flows from financing activities:  
Proceeds related to employee stock plans349 277 
Payments related to repurchases of common stock (8,826) 
Payments related to tax on restricted stock units(1,131)(1,282)
Dividends paid(300)(298)
Principal payments on property and equipment and intangible asset(54)(62)
Issuance of debt, net of issuance costs 4,977 
Repayment of debt (1,000)
Other1 (2)
Net cash provided by (used in) financing activities(9,961)2,610 
Change in cash and cash equivalents810 441 
Cash and cash equivalents at beginning of period1,990 847 
Cash and cash equivalents at end of period$2,800 $1,288 
Supplemental disclosures of cash flow information:  
Cash paid for income taxes, net$1,372 $313 
See accompanying Notes to Condensed Consolidated Financial Statements.
8

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 1 - Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. The January 30, 2022 consolidated balance sheet was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2022, as filed with the SEC, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2022. 
Significant Accounting Policies
There have been no material changes to our significant accounting policies disclosed in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2022.
Fiscal Year
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal years 2023 and 2022 are both 52-week years. The third quarters of fiscal years 2023 and 2022 were both 13-week quarters.
Reclassifications
Certain prior fiscal year balances have been reclassified to conform to the current fiscal year presentation.
Prior period intangible asset gross carrying amount and accumulated amortization in Note 9 have been adjusted to write off immaterial fully amortized intangible assets as of January 30, 2022.
Principles of Consolidation
Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Note 2 - Business Combination
Termination of the Arm Share Purchase Agreement
In February 2022, NVIDIA and SoftBank Group Corp, or SoftBank, announced the termination of the Share Purchase Agreement whereby NVIDIA would have acquired Arm Limited from SoftBank. The parties agreed to terminate because of significant regulatory challenges preventing the completion of the transaction. We recorded an acquisition termination cost of $1.35 billion in the first quarter of fiscal year 2023 reflecting the write-off of the prepayment provided at signing.
9

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


Note 3 - Leases
Our lease obligations primarily consist of operating leases for our headquarters complex, domestic and international office facilities, and data center space, with lease periods expiring between fiscal years 2023 and 2035.
Future minimum lease payments under our non-cancelable operating leases as of October 30, 2022 are as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2023 (excluding first nine months of fiscal year 2023)
$50 
2024188 
2025167 
2026149 
2027137 
2028 and thereafter
393 
Total1,084 
Less imputed interest130 
Present value of net future minimum lease payments954 
Less short-term operating lease liabilities156 
Long-term operating lease liabilities$798 
In addition to our existing operating lease obligations, we have operating leases, primarily for our data centers, that are expected to commence between the fourth quarter of fiscal year 2023 and fiscal year 2025 with lease terms of 2 to 8 years for $647 million.
Operating lease expenses were $49 million and $44 million for the third quarter of fiscal years 2023 and 2022, respectively, and $139 million and $125 million for the first nine months of fiscal years 2023 and 2022, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2023 and 2022 were not significant.
Other information related to leases was as follows:
Nine Months Ended
October 30, 2022October 31, 2021
 (In millions)
Supplemental cash flows information 
Operating cash flows used for operating leases$134 $114 
Operating lease assets obtained in exchange for lease obligations$213 $230 
As of October 30, 2022, our operating leases had a weighted average remaining lease term of 6.9 years and a weighted average discount rate of 2.82%. As of January 30, 2022, our operating leases had a weighted average remaining lease term of 7.1 years and a weighted average discount rate of 2.51%.
10

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


Note 4 - Stock-Based Compensation
Our stock-based compensation expense is associated with restricted stock units, or RSUs, performance stock units that are based on our corporate financial performance targets, or PSUs, performance stock units that are based on market conditions, or market-based PSUs, and our employee stock purchase plan, or ESPP.
Our Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts allocated to inventory, as follows:
 Three Months EndedNine Months Ended
 October 30,
2022
October 31,
2021
October 30,
2022
October 31,
2021
(In millions)
Cost of revenue$32 $44 $108 $102 
Research and development530 363 1,365 935 
Sales, general and administrative183 152 498 416 
Total$745 $559 $1,971 $1,453 
Equity Award Activity
The following is a summary of our equity award transactions under our equity incentive plans:
RSUs, PSUs, and Market-based PSUs Outstanding
 Number of SharesWeighted Average Grant-Date Fair Value Per Share
(In millions, except per share data)
Balances, January 30, 202246 $114.19 
Granted23 $185.07 
Vested restricted stock(18)$94.82 
Canceled and forfeited(1)$137.27 
Balances, October 30, 202250 $153.73 
As of October 30, 2022, there was $7.19 billion of aggregate unearned stock-based compensation expense. This amount is expected to be recognized over a weighted average period of 2.7 years for RSUs, PSUs, and market-based PSUs, and 1.1 years for ESPP.

11

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


Note 5 – Net Income Per Share
The following is a reconciliation of the denominator of the basic and diluted net income per share computations for the periods presented:
 Three Months EndedNine Months Ended
October 30,October 31,October 30,October 31,
2022202120222021
 (In millions, except per share data)
Numerator:  
Net income
$680 $2,464 $2,954 $6,749 
Denominator:
Basic weighted average shares
2,483 2,499 2,495 2,493 
Dilutive impact of outstanding
equity awards
16 39 22 39 
Diluted weighted average shares
2,499 2,538 2,517 2,532 
Net income per share:
Basic (1)
$0.27 $0.99 $1.18 $2.71 
Diluted (2)
$0.27 $0.97 $1.17 $2.67 
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive36 2 29 21 
(1)    Calculated as net income divided by basic weighted average shares.
(2)    Calculated as net income divided by diluted weighted average shares.
Note 6 – Income Taxes
We recognized an income tax benefit of $67 million and $61 million for the third quarter and first nine months of fiscal year 2023, respectively, and an income tax expense of $174 million and $327 million for the third quarter and first nine months of fiscal year 2022, respectively. Income tax as a percentage of income before income tax was a benefit of 10.9% and 2.1% for the third quarter and first nine months of fiscal year 2023, respectively, and an expense of 6.6% and 4.6% for the third quarter and first nine months of fiscal year 2022, respectively.
The decrease in our effective tax rate for the third quarter and first nine months of fiscal year 2023 as compared to the same periods of fiscal year 2022 was primarily due to the increased tax benefit of the foreign-derived intangible income deduction, stock-based compensation, and the U.S. federal research tax credit, relative to a lower expected profitability. This is partially offset by the impact of an increase in the proportion of earnings subject to U.S. tax in fiscal year 2023 and the one-time discrete benefit from re-valuing certain deferred tax assets in connection with the domestication of one of our foreign subsidiaries, or the Domestication, in fiscal year 2022.
Our effective tax rate for the first nine months of fiscal year 2023 was lower than the U.S. federal statutory rate of 21% due to tax benefits from the foreign-derived intangible income deduction, stock-based compensation and the U.S. federal research tax credit.
Our effective tax rate for the first nine months of fiscal year 2022 was lower than the U.S. federal statutory rate of 21% due to tax benefits from the foreign-derived intangible income deduction, income earned in jurisdictions that are subject to taxes lower than the U.S. federal statutory tax rate, the discrete benefit of the Domestication, and tax benefits related to stock-based compensation and the U.S. federal research tax credit.
For the first nine months of fiscal year 2023, there were no material changes to our tax years that remain subject to examination by major tax jurisdictions. We are currently under examination by the Internal Revenue Service for our fiscal years 2018 and 2019. Additionally, there have been no material changes to our unrecognized tax benefits and any related interest or penalties since the fiscal year ended January 30, 2022.
12

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


While we believe that we have adequately provided for all uncertain tax positions, or tax positions where we believe it is not more-likely-than-not that the position will be sustained upon review, amounts asserted by tax authorities could be greater or less than our accrued position. Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities. As of October 30, 2022, we do not believe that our estimates, as otherwise provided for, on such tax positions will significantly increase or decrease within the next 12 months.
Note 7 - Cash Equivalents and Marketable Securities 
Our cash equivalents and marketable securities related to debt securities are classified as “available-for-sale” debt securities.
The following is a summary of cash equivalents and marketable securities as of October 30, 2022 and January 30, 2022:
 October 30, 2022
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$4,221 $ $(19)$4,202 $239 $3,963 
Debt securities issued by the U.S. Treasury4,176 1 (60)4,117 1 4,116 
Debt securities issued by U.S. government agencies2,259  (4)2,255 344 1,911 
Certificates of deposit316   316 58 258 
Money market funds1,843   1,843 1,843  
Foreign government bonds99   99 4 95 
Total$12,914 $1 $(83)$12,832 $2,489 $10,343 
 January 30, 2022
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$9,977 $ $(3)$9,974 $1,102 $8,872 
Debt securities issued by the U.S. Treasury7,314  (14)7,300  7,300 
Debt securities issued by U.S. government agencies1,612   1,612 256 1,356 
Certificates of deposit1,561   1,561 21 1,540 
Money market funds316   316 316  
Foreign government bonds150   150  150 
Total$20,930 $ $(17)$20,913 $1,695 $19,218 
The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position:
October 30, 2022
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$1,928 $(35)$1,051 $(24)$2,979 $(59)
Debt securities issued by U.S. government agencies1,888 (4)  1,888 (4)
Corporate debt securities1,786 (18)208 (2)1,994 (20)
Total$5,602 $(57)$1,259 $(26)$6,861 $(83)
January 30, 2022
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$5,292 $(14)$ $ $5,292 $(14)
Corporate debt securities2,445 (3)19  2,464 (3)
Total$7,737 $(17)$19 $ $7,756 $(17)
The gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates. Net realized gains and losses were not significant for all periods presented.
The amortized cost and estimated fair value of cash equivalents and marketable securities as of October 30, 2022 and January 30, 2022 are shown below by contractual maturity.
October 30, 2022January 30, 2022
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
(In millions)
Less than one year$8,985 $8,952 $16,346 $16,343 
Due in 1 - 5 years3,929 3,880 4,584 4,570 
Total$12,914 $12,832 $20,930 $20,913 
13

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


Note 8 – Fair Value of Financial Assets and Liabilities
The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or quoted market prices of similar assets from active markets. We review fair value hierarchy classification on a quarterly basis.
Fair Value at
Pricing CategoryOctober 30, 2022January 30, 2022
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$1,843 $316 
Corporate debt securitiesLevel 2$4,202 $9,974 
Debt securities issued by the U.S. TreasuryLevel 2$4,117 $