10-Q 1 nvda-20211031.htm 10-Q nvda-20211031
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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 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 0-23985
nvda-20211031_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 12, 2021, was 2.50 billion.



NVIDIA CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED October 31, 2021
TABLE OF CONTENTS
  Page
  
Financial Statements (Unaudited) 
 a) Condensed Consolidated Statements of Income for the three and nine months ended October 31, 2021 and October 25, 2020
b) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 31, 2021 and October 25, 2020
 c) Condensed Consolidated Balance Sheets as of October 31, 2021 and January 31, 2021
d) Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended October 31, 2021 and October 25, 2020
 e) Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2021 and October 25, 2020
 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 31,October 25,October 31,October 25,
2021202020212020
Revenue$7,103 $4,726 $19,271 $11,672 
Cost of revenue2,472 1,766 6,795 4,432 
Gross profit4,631 2,960 12,476 7,240 
Operating expenses  
Research and development1,403 1,047 3,802 2,778 
Sales, general and administrative557 515 1,603 1,437 
Total operating expenses1,960 1,562 5,405 4,215 
Income from operations2,671 1,398 7,071 3,025 
Interest income7 7 20 50 
Interest expense(62)(53)(175)(131)
Other, net22 (4)160 (5)
Other income (expense), net
(33)(50)5 (86)
Income before income tax2,638 1,348 7,076 2,939 
Income tax expense174 12 327 64 
Net income$2,464 $1,336 $6,749 $2,875 
Net income per share:
Basic$0.99 $0.54 $2.71 $1.17 
Diluted$0.97 $0.53 $2.67 $1.15 
Weighted average shares used in per share computation:
Basic2,499 2,472 2,493 2,464 
Diluted2,538 2,520 2,532 2,504 
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 31,October 25,October 31,October 25,
2021202020212020
 
Net income$2,464 $1,336 $6,749 $2,875 
Other comprehensive income (loss), net of tax
Available-for-sale securities:
Net change in unrealized gain (loss)(4)(1)(5)3 
Reclassification adjustments for net realized gain (loss) included in net income   (2)
Net change in unrealized gain (loss)(4)(1)(5)1 
Cash flow hedges:
Net unrealized gain (loss)22 5 (5)10 
Reclassification adjustments for net realized gain (loss) included in net income(17)4   
Net change in unrealized gain (loss)5 9 (5)10 
Other comprehensive income (loss), net of tax1 8 (10)11 
Total comprehensive income$2,465 $1,344 $6,739 $2,886 
See accompanying Notes to Condensed Consolidated Financial Statements.

4


NVIDIA CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
October 31,January 31,
 20212021
ASSETS
Current assets:  
Cash and cash equivalents$1,288 $847 
Marketable securities18,010 10,714 
Accounts receivable, net3,954 2,429 
Inventories2,233 1,826 
Prepaid expenses and other current assets321 239 
Total current assets25,806 16,055 
Property and equipment, net2,509 2,149 
Operating lease assets830 707 
Goodwill4,302 4,193 
Intangible assets, net2,454 2,737 
Deferred income tax assets970 806 
Other assets3,761 2,144 
Total assets$40,632 $28,791 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$1,664 $1,201 
Accrued and other current liabilities1,948 1,725 
Short-term debt 999 
Total current liabilities3,612 3,925 
Long-term debt10,944 5,964 
Long-term operating lease liabilities743 634 
Other long-term liabilities1,535 1,375 
Total liabilities16,834 11,898 
Commitments and contingencies - see Note 13
Shareholders’ equity:  
Preferred stock  
Common stock3 3 
Additional paid-in capital10,465 8,719 
Treasury stock, at cost(12,038)(10,756)
Accumulated other comprehensive income9 19 
Retained earnings25,359 18,908 
Total shareholders' equity23,798 16,893 
Total liabilities and shareholders' equity$40,632 $28,791 
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 31, 2021 AND OCTOBER 25, 2020
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalTreasury StockAccumulated Other Comprehensive IncomeRetained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
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 
Balances, July 26, 20202,467 $3 $7,826 $(10,232)$4 $16,313 $13,914 
Net income— — — — — 1,336 1,336 
Other comprehensive income— — — — 8 — 8 
Issuance of common stock from stock plans 10 — 96 — — — 96 
Tax withholding related to vesting of restricted stock units(2)— — (298)— — (298)
Cash dividends declared and paid ($0.04 per common share)
— — — — — (99)(99)
Stock-based compensation— — 377 — — — 377 
Balances, October 25, 20202,475 $3 $8,299 $(10,530)$12 $17,550 $15,334 
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 31, 2021 AND OCTOBER 25, 2020
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalTreasury StockAccumulated Other Comprehensive IncomeRetained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
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 
Balances, January 26, 20202,450 $3 $7,043 $(9,814)$1 $14,971 $12,204 
Net income— — — — — 2,875 2,875 
Other comprehensive income— — — — 11 — 11 
Issuance of common stock from stock plans 34 — 190 — — — 190 
Tax withholding related to vesting of restricted stock units(9)— — (716)— — (716)
Cash dividends declared and paid ($0.12 per common share)
— — — — — (296)(296)
Fair value of partially vested equity awards assumed in connection with acquisitions— — 86 — — — 86 
Stock-based compensation— — 980 — — — 980 
Balances, October 25, 20202,475 $3 $8,299 $(10,530)$12 $17,550 $15,334 
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 31,October 25,
 20212020
Cash flows from operating activities:  
Net income$6,749 $2,875 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense1,453 981 
Depreciation and amortization865 810 
Deferred income taxes(182)(117)
(Gains) losses on investments in non-affiliates, net(152)9 
Other25 (11)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(1,523)(667)
Inventories(400)(190)
Prepaid expenses and other assets(1,557)(409)
Accounts payable474 289 
Accrued and other current liabilities70 111 
Other long-term liabilities253 74 
Net cash provided by operating activities6,075 3,755 
Cash flows from investing activities:  
Proceeds from maturities of marketable securities7,780 5,165 
Proceeds from sales of marketable securities916 502 
Purchases of marketable securities(16,020)(12,840)
Purchases related to property and equipment and intangible assets(703)(845)
Acquisitions, net of cash acquired(203)(8,524)
Investments and other, net(14)(4)
Net cash used in investing activities(8,244)(16,546)
Cash flows from financing activities:  
Issuance of debt, net of issuance costs4,977 4,971 
Proceeds related to employee stock plans277 190 
Payments related to tax on restricted stock units(1,282)(716)
Repayment of debt(1,000) 
Dividends paid(298)(296)
Principal payments on property and equipment(62) 
Other(2)(3)
Net cash provided by financing activities2,610 4,146 
Change in cash and cash equivalents441 (8,645)
Cash and cash equivalents at beginning of period847 10,896 
Cash and cash equivalents at end of period$1,288 $2,251 
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 31, 2021 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 31, 2021, 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 31, 2021. 
On May 21, 2021, our Board of Directors declared a four-for-one split of our common stock in the form of a stock dividend, or the Stock Split, which was conditioned upon obtaining stockholder approval to increase the number of our authorized shares of common stock from 2 billion to 4 billion. On June 3, 2021, at the 2021 Annual Meeting of Stockholders, our stockholders approved the amendment to our Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock to 4 billion. As a result, each stockholder of record at the close of business on June 21, 2021 received a dividend of three additional shares of common stock for every share held on the record date, distributed after the close of trading on July 19, 2021. All share, equity award, and per share amounts and related shareholders' equity balances presented herein have been retroactively adjusted to reflect the Stock Split.
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 31, 2021.
Fiscal Year
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal year 2022 is a 52-week year and fiscal year 2021 was a 53-week year. The third quarters of fiscal years 2022 and 2021 were both 13-week quarters.
Reclassifications
Certain prior fiscal year balances have been reclassified to conform to the current fiscal year presentation.
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.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from our estimates. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, cash equivalents and marketable securities, accounts receivable, inventories, income taxes, goodwill, stock-based compensation, litigation, investigation and settlement costs, restructuring and other charges, and other contingencies. The inputs into our judgments and estimates consider the economic implications of COVID-19. These estimates are based on historical facts and various other assumptions that we believe are reasonable.

9

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


Adoption of New and Recently Issued Accounting Pronouncement
Recently Adopted Accounting Pronouncement
In October 2021, the Financial Accounting Standards Board issued a new accounting standard to require that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers. We early adopted this accounting standard in the third quarter of fiscal year 2022 and the impact was immaterial.
Note 2 - Business Combination
Pending Acquisition of Arm Limited
On September 13, 2020, we entered into a Share Purchase Agreement, or the Purchase Agreement, with Arm Limited, or Arm, and SoftBank Group Capital Limited and SVF Holdco (UK) Limited, or together, SoftBank, to acquire, from SoftBank, all allotted and issued ordinary shares of Arm in a transaction valued at $40 billion. We paid $2 billion in cash at signing, or the Signing Consideration, and will pay upon closing of the acquisition $10 billion in cash and issue to SoftBank 177.5 million shares of our common stock, which had an aggregate value of $21.5 billion as of the date of the Purchase Agreement, and was valued at $56.2 billion as of November 18, 2021. The transaction includes a potential earn out, which is contingent on the achievement of certain financial performance targets by Arm during the fiscal year ending March 31, 2022. If the financial targets are achieved, SoftBank can elect to receive either up to an additional $5 billion in cash or up to an additional 41.3 million shares of our common stock, which was valued at $13.1 billion as of November 18, 2021. We will issue up to $1.5 billion in restricted stock units to Arm employees after closing. The Signing Consideration was allocated between advanced consideration for the acquisition of $1.36 billion and the prepayment of intellectual property licenses from Arm of $0.17 billion and royalties of $0.47 billion, both with a 20-year term. The Signing Consideration was allocated on a fair value basis and any refund of the Signing Consideration will use stated values in the Purchase Agreement. The Purchase Agreement can be terminated by either party if the transaction has not closed by September 2022, subject to certain qualifications. If the transaction does not close due to failure to receive regulatory approval, and all other covenants have been met, we will not be refunded $1.25 billion of the advanced consideration for the acquisition we paid at signing.
The closing of the acquisition is subject to customary closing conditions, including receipt of specified governmental and regulatory consents and approvals and the expiration of any related mandatory waiting period, and Arm's implementation of the reorganization and distribution of Arm’s IoT Services Group and certain other assets and liabilities.
We are seeking regulatory approval in the United States, the United Kingdom, the European Union, China and other jurisdictions. Regulators at the United States Federal Trade Commission, or the FTC, have expressed concerns regarding the transaction, and we are engaged in discussions with the FTC regarding remedies to address those concerns. The transaction has been under the review of China’s antitrust authority, pending the formal case initiation. Regulators in the United Kingdom and the European Union declined to approve the transaction in Phase 1 of their review processes, expressed numerous concerns, began a more in-depth Phase 2 review on the transaction’s impact on competition, and, in the United Kingdom, a Phase 2 review of the impact on the United Kingdom’s national security interests. Although regulators and some Arm licensees have expressed concerns or objected to the transaction, we continue to believe in the merits and benefits of the acquisition to Arm, its licensees, and the industry.
Acquisition of Mellanox Technologies, Ltd.
On April 27, 2020, we completed the acquisition of all outstanding shares of Mellanox for a total purchase consideration of $7.13 billion. Mellanox is a supplier of high-performance interconnect products for computing, storage and communications applications. We acquired Mellanox to optimize data center workloads to scale across the entire computing, networking, and storage stack.

10

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


Supplemental Unaudited Pro Forma Information
The following unaudited pro forma financial information summarizes the combined results of operations for NVIDIA and Mellanox as if the companies were combined as of the beginning of fiscal year 2020:
Pro Forma
 Three Months EndedNine Months Ended
 October 25, 2020October 25, 2020
(In millions)
Revenue$4,726 $12,101 
Net income$1,388 $3,267 
The unaudited pro forma information includes adjustments related to amortization of acquired intangible assets, adjustments to stock-based compensation expense, fair value of acquired inventory, and transaction costs. The unaudited pro forma information presented above is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisition occurred at the beginning of fiscal year 2020 or of the results of our future operations of the combined businesses.
The pro forma results exclude the inventory step-up expense of $161 million for the first nine months of fiscal year 2021. There were no other material nonrecurring adjustments.
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 2022 and 2035.
Future minimum lease payments under our non-cancelable operating leases as of October 31, 2021, are as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2022 (excluding first nine months of fiscal year 2022)
$43 
2023169 
2024152 
2025128 
2026118 
2027 and thereafter
385 
Total995 
Less imputed interest112 
Present value of net future minimum lease payments883 
Less short-term operating lease liabilities140 
Long-term operating lease liabilities$743 
In addition to our existing operating lease obligations, we have operating leases that are expected to commence between the fourth quarter of fiscal year 2022 and fiscal year 2023 with lease terms of 7 years for $132 million.
Operating lease expenses were $44 million and $37 million for the third quarter of fiscal years 2022 and 2021, respectively, and $125 million and $104 million for the first nine months of fiscal years 2022 and 2021, respectively.
11

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


Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2022 and 2021 were not significant.
Other information related to leases was as follows:
Nine Months Ended
October 31, 2021October 25, 2020
 (In millions)
Supplemental cash flows information 
Operating cash flows used for operating leases$114 $103 
Operating lease assets obtained in exchange for lease obligations$230 $147 
As of October 31, 2021, our operating leases had a weighted average remaining lease term of 7.3 years and a weighted average discount rate of 2.54%. As of January 31, 2021, our operating leases had a weighted average remaining lease term of 7.6 years and a weighted average discount rate of 2.87%.
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 31,
2021
October 25,
2020
October 31,
2021
October 25,
2020
(In millions)
Cost of revenue$44 $28 $102 $62 
Research and development363 232 935 594 
Sales, general and administrative152 123 416 325 
Total$559 $383 $1,453 $981 
Equity Award Activity
The following is a summary of 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 31, 202159 $66.17 
Granted17 $184.63 
Vested restricted stock(23)$62.39 
Canceled and forfeited(1)$80.50 
Balances, October 31, 202152 $107.42 
As of October 31, 2021, there was $5.16 billion of aggregate unearned stock-based compensation expense, net of forfeitures. This amount is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and 1 year for ESPP.
12

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 31,October 25,October 31,October 25,
2021202020212020
 (In millions, except per share data)
Numerator:  
Net income
$2,464 $1,336 $6,749 $2,875 
Denominator:
Basic weighted average shares
2,499 2,472 2,493 2,464 
Dilutive impact of outstanding equity awards
39 48 39 40 
Diluted weighted average shares
2,538 2,520 2,532 2,504 
Net income per share:
Basic (1)
$0.99 $0.54 $2.71 $1.17 
Diluted (2)
$0.97 $0.53 $2.67 $1.15 
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive2  21 32 
(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 expense of $174 million and $327 million for the third quarter and first nine months of fiscal year 2022, respectively, and an income tax expense of $12 million and $64 million for the third quarter and first nine months of fiscal year 2021, respectively. The income tax expense as a percentage of income before income tax was 6.6% and 4.6% for the third quarter and first nine months of fiscal year 2022, respectively, and 0.9% and 2.2% for the third quarter and first nine months of fiscal year 2021, respectively.
On June 28, 2021, we simplified our corporate structure by repatriating the economic rights of certain non-U.S. intellectual property to the United States via domestication of a foreign subsidiary, or the Domestication. The Domestication more closely aligns our corporate structure to our operating structure in accordance with the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting conclusions and changes to U.S. and European tax laws. The impact of the Domestication, which is regarded as a change in tax status, resulted in a discrete benefit primarily from re-valuing certain deferred tax assets, net of deferred tax liabilities, of $252 million in the second quarter of fiscal year 2022.
The increase in our effective tax rate for the third quarter and first nine months of fiscal year 2022 as compared to the same periods of fiscal year 2021 was primarily due to an increase in the amount of earnings subject to U.S. tax, and a decreased impact of tax benefits from stock-based compensation and the U.S. federal research tax credit, partially offset, for the first nine months, by the discrete benefit of the Domestication.
Our effective tax rate for the first nine months of fiscal year 2021 was lower than the U.S. federal statutory rate of 21% due to income earned in jurisdictions that are subject to taxes lower than the U.S. federal statutory tax rate, the benefit of the U.S. federal research tax credit, and tax benefits related to stock-based compensation.
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.
13

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


As of October 31, 2021, we intend to indefinitely reinvest approximately $1.7 billion and $231 million of cumulative undistributed earnings held by certain subsidiaries in Israel and the United Kingdom, respectively. We have not provided the amount of unrecognized deferred tax liabilities for temporary differences related to these investments as the determination of such amount is not practicable.
For the first nine months of fiscal year 2022, there have been 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 31, 2021.
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 31, 2021, 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 31, 2021 and January 31, 2021:
 October 31, 2021
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$9,179 $2 $(1)$9,180 $135 $9,045 
Debt securities issued by the United States Treasury4,887  (2)4,885 195 4,690 
Debt securities issued by United States government agencies2,861   2,861 307 2,554 
Certificates of deposit1,512   1,512 32 1,480 
Money market funds360   360 360  
Foreign government bonds241   241  241 
Total$19,040 $2 $(3)$19,039 $1,029 $18,010 
 January 31, 2021
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$4,442 $2 $ $4,444 $234 $4,210 
Debt securities issued by United States government agencies2,975 1  2,976 28 2,948 
Debt securities issued by the United States Treasury2,846   2,846 25 2,821 
Certificates of deposit705   705 37 668 
Money market funds313   313 313  
Foreign government bonds67   67  67 
Total$11,348 $3 $ $11,351 $637 $10,714 
Net realized gains and unrealized 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 31, 2021 and January 31, 2021 are shown below by contractual maturity.
October 31, 2021January 31, 2021
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
(In millions)
Less than one year$16,243 $16,244 $10,782 $10,783 
Due in 1 - 5 years2,797 2,795 566 568 
Total$19,040 $19,039 $11,348 $11,351 
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.
14

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


Fair Value at
Pricing CategoryOctober 31, 2021January 31, 2021
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$360 $313 
Corporate debt securitiesLevel 2$9,180 $4,444 
Debt securities issued by the United States TreasuryLevel 2$4,885 $2,846 
Debt securities issued by United States government agenciesLevel 2$2,861 $2,976 
Certificates of depositLevel 2$1,512 $705 
Foreign government bondsLevel 2$241 $67 
Other assets (Investment in non-affiliated entities):
Publicly-held equity security (1)Level 1$136 $ 
Privately-held equity securitiesLevel 3$172 $144 
Liabilities (2)
2.20% Notes Due 2021
Level 2$ $1,011 
0.309% Notes Due 2023
Level 2$1,247 $ 
0.584% Notes Due 2024
Level 2$1,244 $