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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NVIDIA Corporation | NASDAQ:NVDA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
30.09 | 3.39% | 917.98 | 917.98 | 918.18 | 919.91 | 890.80 | 893.90 | 27,013,610 | 19:02:33 |
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[x]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[_]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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94-3177549
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(State or Other Jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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(Do not check if a smaller reporting company)
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|
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Page
|
|
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Financial Statements (Unaudited)
|
|
|
|
|
|
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a) Condensed Consolidated Statements of Income for the three and six months ended July 30, 2017 and July 31, 2016
|
|
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b) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 30, 2017 and July 31, 2016
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c) Condensed Consolidated Balance Sheets as of July 30, 2017 and January 29, 2017
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d) Condensed Consolidated Statements of Cash Flows for the six months ended July 30, 2017 and July 31, 2016
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e) Notes to Condensed Consolidated Financial Statements
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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||
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Quantitative and Qualitative Disclosures About Market Risk
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Controls and Procedures
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||
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Legal Proceedings
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Risk Factors
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Unregistered Sales of Equity Securities and Use of Proceeds
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||
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Exhibits
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||
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Three Months Ended
|
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Six Months Ended
|
||||||||||||
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July 30,
|
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July 31,
|
|
July 30,
|
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July 31,
|
||||||||
|
2017
|
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2016
|
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2017
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2016
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||||||||
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||||||||
Revenue
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$
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2,230
|
|
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$
|
1,428
|
|
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$
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4,167
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|
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$
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2,733
|
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Cost of revenue
|
928
|
|
|
602
|
|
|
1,715
|
|
|
1,156
|
|
||||
Gross profit
|
1,302
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|
|
826
|
|
|
2,452
|
|
|
1,577
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
|
|||||||
Research and development
|
416
|
|
|
350
|
|
|
827
|
|
|
697
|
|
||||
Sales, general and administrative
|
198
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|
|
157
|
|
|
383
|
|
|
316
|
|
||||
Restructuring and other charges
|
—
|
|
|
2
|
|
|
—
|
|
|
3
|
|
||||
Total operating expenses
|
614
|
|
|
509
|
|
|
1,210
|
|
|
1,016
|
|
||||
Income from operations
|
688
|
|
|
317
|
|
|
1,242
|
|
|
561
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|
||||
Interest income
|
15
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|
|
12
|
|
|
31
|
|
|
23
|
|
||||
Interest expense
|
(15
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)
|
|
(12
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)
|
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(31
|
)
|
|
(23
|
)
|
||||
Other, net
|
(4
|
)
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|
—
|
|
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(21
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)
|
|
(3
|
)
|
||||
Total other income (expense)
|
(4
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)
|
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—
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|
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(21
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)
|
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(3
|
)
|
||||
Income before income tax expense
|
684
|
|
|
317
|
|
|
1,221
|
|
|
558
|
|
||||
Income tax expense
|
101
|
|
|
56
|
|
|
130
|
|
|
89
|
|
||||
Net income
|
$
|
583
|
|
|
$
|
261
|
|
|
$
|
1,091
|
|
|
$
|
469
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.98
|
|
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$
|
0.49
|
|
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$
|
1.83
|
|
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$
|
0.88
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|
Diluted
|
$
|
0.92
|
|
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$
|
0.41
|
|
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$
|
1.71
|
|
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$
|
0.76
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|
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|
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||||||||
Weighted average shares used in per share computation:
|
|
|
|
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||||||||
Basic
|
597
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534
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|
595
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|
|
536
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||||
Diluted
|
633
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|
634
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|
|
637
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620
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||||||||
Cash dividends declared and paid per common share
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$
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0.140
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$
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0.115
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$
|
0.280
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$
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0.230
|
|
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Three Months Ended
|
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Six Months Ended
|
||||||||||||
|
July 30,
|
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July 31,
|
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July 30,
|
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July 31,
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||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
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||||||||||
Net income
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$
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583
|
|
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$
|
261
|
|
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$
|
1,091
|
|
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$
|
469
|
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Other comprehensive income, net of tax:
|
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|
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||||||||
Available-for-sale securities:
|
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||||||||
Net unrealized gain
|
3
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|
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5
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5
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11
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|
||||
Reclassification adjustments for net realized gain included in net income
|
—
|
|
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—
|
|
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—
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|
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—
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|
||||
Net change in unrealized gain
|
3
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|
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5
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|
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5
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11
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|
||||
Cash flow hedges:
|
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||||||||
Net unrealized loss
|
(1
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)
|
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(3
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)
|
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(2
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)
|
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(4
|
)
|
||||
Reclassification adjustments for net realized loss included in net income
|
1
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|
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—
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1
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|
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—
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||||
Net change in unrealized loss
|
—
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(3
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)
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(1
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)
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(4
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)
|
||||
Other comprehensive income, net of tax
|
3
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2
|
|
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4
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7
|
|
||||
Total comprehensive income
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$
|
586
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$
|
263
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|
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$
|
1,095
|
|
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$
|
476
|
|
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Six Months Ended
|
||||||
|
July 30,
|
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July 31,
|
||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
1,091
|
|
|
$
|
469
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
96
|
|
|
92
|
|
||
Stock-based compensation expense
|
158
|
|
|
111
|
|
||
Deferred income taxes
|
115
|
|
|
77
|
|
||
Amortization of debt discount
|
2
|
|
|
14
|
|
||
Loss on early debt conversions
|
17
|
|
|
—
|
|
||
Net loss (gain) on sale and disposal of long-lived assets and investments
|
1
|
|
|
(3
|
)
|
||
Other
|
8
|
|
|
7
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(387
|
)
|
|
(138
|
)
|
||
Inventories
|
(61
|
)
|
|
(104
|
)
|
||
Prepaid expenses and other assets
|
(15
|
)
|
|
(17
|
)
|
||
Accounts payable
|
(63
|
)
|
|
131
|
|
||
Accrued and other current liabilities
|
9
|
|
|
(85
|
)
|
||
Other long-term liabilities
|
16
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|
|
(35
|
)
|
||
Net cash provided by operating activities
|
987
|
|
|
519
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sales of marketable securities
|
726
|
|
|
901
|
|
||
Proceeds from maturities of marketable securities
|
450
|
|
|
506
|
|
||
Proceeds from sale of long-lived assets and investments
|
—
|
|
|
6
|
|
||
Purchases of marketable securities
|
(36
|
)
|
|
(1,415
|
)
|
||
Purchases of property and equipment and intangible assets
|
(108
|
)
|
|
(87
|
)
|
||
Investment in non-affiliates
|
(16
|
)
|
|
(4
|
)
|
||
Net cash provided by (used in) investing activities
|
1,016
|
|
|
(93
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Payments related to repurchases of common stock
|
(758
|
)
|
|
(509
|
)
|
||
Repayment of Convertible Notes
|
(741
|
)
|
|
—
|
|
||
Dividends paid
|
(166
|
)
|
|
(124
|
)
|
||
Proceeds related to employee stock plans
|
76
|
|
|
91
|
|
||
Payments related to tax on restricted stock units
|
(190
|
)
|
|
(51
|
)
|
||
Other
|
(2
|
)
|
|
(3
|
)
|
||
Net cash used in financing activities
|
(1,781
|
)
|
|
(596
|
)
|
||
Change in cash and cash equivalents
|
222
|
|
|
(170
|
)
|
||
Cash and cash equivalents at beginning of period
|
1,766
|
|
|
596
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,988
|
|
|
$
|
426
|
|
|
|
|
|
||||
Other non-cash investing activity:
|
|
|
|
||||
Assets acquired by assuming related liabilities
|
$
|
32
|
|
|
$
|
15
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
|
(In millions)
|
||||||||||||||
Cost of revenue
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
8
|
|
Research and development
|
44
|
|
|
30
|
|
|
85
|
|
|
59
|
|
||||
Sales, general and administrative
|
33
|
|
|
24
|
|
|
65
|
|
|
44
|
|
||||
Total
|
$
|
81
|
|
|
$
|
58
|
|
|
$
|
158
|
|
|
$
|
111
|
|
|
RSUs, PSUs, and Market-based PSUs Outstanding
|
|
Options Outstanding
|
||||||||||
|
Number of Shares
|
|
Weighted Average Grant-Date Fair Value Per Share
|
|
Number of Shares
|
|
Weighted Average Exercise Price Per Share
|
||||||
|
(In millions, except per share data)
|
||||||||||||
Balances, January 29, 2017
|
27
|
|
|
$
|
32.84
|
|
|
7
|
|
|
$
|
14.47
|
|
Granted (1) (2)
|
3
|
|
|
$
|
106.65
|
|
|
—
|
|
|
$
|
—
|
|
Exercised
|
—
|
|
|
$
|
—
|
|
|
(1
|
)
|
|
$
|
14.51
|
|
Vested
|
(5
|
)
|
|
$
|
21.06
|
|
|
—
|
|
|
$
|
—
|
|
Balances, July 30, 2017
|
25
|
|
|
$
|
42.54
|
|
|
6
|
|
|
$
|
14.46
|
|
(1)
|
Includes PSUs that will be issued and eligible to vest if the corporate financial performance maximum target level for fiscal year 2018 is achieved. Depending on the actual level of achievement of the corporate performance target at the end of fiscal year 2018, the PSUs issued could be up to
0.6 million
shares.
|
(2)
|
Includes market-based PSUs that will be issued and eligible to vest if the maximum target for total shareholder return, or TSR, over the 3-year measurement period is achieved. Depending on the ranking of our TSR compared to the respective TSRs of the companies comprising the Standard & Poor’s 500 Index during a 3-year measurement period, the market-based PSUs issued could be up to
0.1 million
shares.
|
|
July 30,
|
|
January 29,
|
||||
|
2017
|
|
2017
|
||||
|
(In millions)
|
||||||
Aggregate unearned stock-based compensation expense
|
$
|
697
|
|
|
$
|
627
|
|
|
|
|
|
||||
Estimated weighted average remaining amortization period
|
(In years)
|
||||||
Stock options
|
0.1
|
|
|
0.5
|
|
||
RSUs, PSUs, and market-based PSUs
|
2.4
|
|
|
2.6
|
|
||
ESPP
|
0.6
|
|
|
0.6
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 30,
|
|
July 31,
|
|
July 30,
|
|
July 31,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except per share data)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
583
|
|
|
$
|
261
|
|
|
$
|
1,091
|
|
|
$
|
469
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares
|
597
|
|
|
534
|
|
|
595
|
|
|
536
|
|
||||
Dilutive impact of outstanding securities:
|
|
|
|
|
|
|
|
||||||||
Equity awards
|
26
|
|
|
26
|
|
|
26
|
|
|
23
|
|
||||
1% Convertible Senior Notes
|
4
|
|
|
43
|
|
|
9
|
|
|
37
|
|
||||
Warrants issued with the 1% Convertible
Senior Notes
|
6
|
|
|
31
|
|
|
7
|
|
|
24
|
|
||||
Diluted weighted average shares
|
633
|
|
|
634
|
|
|
637
|
|
|
620
|
|
||||
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic (1)
|
$
|
0.98
|
|
|
$
|
0.49
|
|
|
$
|
1.83
|
|
|
$
|
0.88
|
|
Diluted (2)
|
$
|
0.92
|
|
|
$
|
0.41
|
|
|
$
|
1.71
|
|
|
$
|
0.76
|
|
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
(1)
|
Calculated as net income divided by basic weighted average shares.
|
(2)
|
Calculated as net income divided by diluted weighted average shares.
|
|
July 30, 2017
|
||||||||||||||||||||||
|
Amortized
Cost
|
|
Unrealized
Gain
|
|
Unrealized
Loss
|
|
Estimated
Fair Value
|
|
Reported as
|
||||||||||||||
|
|
|
|
|
Cash Equivalents
|
|
Marketable Securities
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Corporate debt securities
|
$
|
1,664
|
|
|
$
|
1
|
|
|
$
|
(5
|
)
|
|
$
|
1,660
|
|
|
$
|
—
|
|
|
$
|
1,660
|
|
Debt securities of United States government agencies
|
1,030
|
|
|
—
|
|
|
(4
|
)
|
|
1,026
|
|
|
—
|
|
|
1,026
|
|
||||||
Debt securities issued by the United States Treasury
|
658
|
|
|
—
|
|
|
(2
|
)
|
|
656
|
|
|
—
|
|
|
656
|
|
||||||
Asset-backed securities
|
330
|
|
|
—
|
|
|
(1
|
)
|
|
329
|
|
|
—
|
|
|
329
|
|
||||||
Mortgage-backed securities issued by United States government-sponsored enterprises
|
153
|
|
|
2
|
|
|
(1
|
)
|
|
154
|
|
|
—
|
|
|
154
|
|
||||||
Foreign government bonds
|
64
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
64
|
|
||||||
Money market funds
|
1,663
|
|
|
—
|
|
|
—
|
|
|
1,663
|
|
|
1,663
|
|
|
—
|
|
||||||
Total
|
$
|
5,562
|
|
|
$
|
3
|
|
|
$
|
(13
|
)
|
|
$
|
5,552
|
|
|
$
|
1,663
|
|
|
$
|
3,889
|
|
|
January 29, 2017
|
||||||||||||||||||||||
|
Amortized
Cost |
|
Unrealized
Gain |
|
Unrealized
Loss |
|
Estimated
Fair Value |
|
Reported as
|
||||||||||||||
|
|
|
|
|
Cash Equivalents
|
|
Marketable Securities
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Corporate debt securities
|
$
|
2,397
|
|
|
$
|
1
|
|
|
$
|
(10
|
)
|
|
$
|
2,388
|
|
|
$
|
33
|
|
|
$
|
2,355
|
|
Debt securities of United States government agencies
|
1,193
|
|
|
—
|
|
|
(5
|
)
|
|
1,188
|
|
|
27
|
|
|
1,161
|
|
||||||
Debt securities issued by the United States Treasury
|
852
|
|
|
—
|
|
|
(2
|
)
|
|
850
|
|
|
55
|
|
|
795
|
|
||||||
Asset-backed securities
|
490
|
|
|
—
|
|
|
(1
|
)
|
|
489
|
|
|
—
|
|
|
489
|
|
||||||
Mortgage-backed securities issued by United States government-sponsored enterprises
|
161
|
|
|
2
|
|
|
(1
|
)
|
|
162
|
|
|
—
|
|
|
162
|
|
||||||
Foreign government bonds
|
70
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
||||||
Money market funds
|
321
|
|
|
—
|
|
|
—
|
|
|
321
|
|
|
321
|
|
|
—
|
|
||||||
Total
|
$
|
5,484
|
|
|
$
|
3
|
|
|
$
|
(19
|
)
|
|
$
|
5,468
|
|
|
$
|
436
|
|
|
$
|
5,032
|
|
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
|
Estimated Fair Value
|
|
Gross
Unrealized
Losses
|
|
Estimated Fair Value
|
|
Gross
Unrealized
Losses
|
|
Estimated Fair Value
|
|
Gross
Unrealized
Losses
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Corporate debt securities
|
$
|
1,243
|
|
|
$
|
(4
|
)
|
|
$
|
86
|
|
|
$
|
(1
|
)
|
|
$
|
1,329
|
|
|
$
|
(5
|
)
|
Debt securities issued by United States government agencies
|
881
|
|
|
(3
|
)
|
|
100
|
|
|
(1
|
)
|
|
981
|
|
|
(4
|
)
|
||||||
Debt securities issued by the United States Treasury
|
645
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
645
|
|
|
(2
|
)
|
||||||
Asset-backed securities
|
304
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
304
|
|
|
(1
|
)
|
||||||
Mortgage-backed securities issued by United States government-sponsored enterprises
|
40
|
|
|
—
|
|
|
36
|
|
|
(1
|
)
|
|
76
|
|
|
(1
|
)
|
||||||
|
$
|
3,113
|
|
|
$
|
(10
|
)
|
|
$
|
222
|
|
|
$
|
(3
|
)
|
|
$
|
3,335
|
|
|
$
|
(13
|
)
|
|
July 30, 2017
|
|
January 29, 2017
|
||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||||||
|
(In millions)
|
||||||||||||||
Less than 1 year
|
$
|
3,086
|
|
|
$
|
3,085
|
|
|
$
|
2,209
|
|
|
$
|
2,209
|
|
Due in 1 - 5 years
|
2,423
|
|
|
2,414
|
|
|
3,210
|
|
|
3,194
|
|
||||
Mortgage-backed securities issued by United States government-sponsored enterprises not due at a single maturity date
|
53
|
|
|
53
|
|
|
65
|
|
|
65
|
|
||||
Total
|
$
|
5,562
|
|
|
$
|
5,552
|
|
|
$
|
5,484
|
|
|
$
|
5,468
|
|
|
|
Fair Value at
|
|||||||
|
Pricing Category
|
|
July 30, 2017
|
|
January 29, 2017
|
||||
|
|
|
(In millions)
|
||||||
Assets
|
|
|
|
|
|
||||
Cash equivalents and marketable securities:
|
|
|
|
||||||
Corporate debt securities
|
Level 2
|
|
$
|
1,660
|
|
|
$
|
2,388
|
|
Debt securities of United States government agencies
|
Level 2
|
|
$
|
1,026
|
|
|
$
|
1,188
|
|
Debt securities issued by the United States Treasury
|
Level 2
|
|
$
|
656
|
|
|
$
|
850
|
|
Asset-backed securities
|
Level 2
|
|
$
|
329
|
|
|
$
|
489
|
|
Mortgage-backed securities issued by United States government-sponsored enterprises
|
Level 2
|
|
$
|
154
|
|
|
$
|
162
|
|
Foreign government bonds
|
Level 2
|
|
$
|
64
|
|
|
$
|
70
|
|
Money market funds
|
Level 1
|
|
$
|
1,663
|
|
|
$
|
321
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
||||
Current liability:
|
|
|
|
|
|
||||
1.00% Convertible Senior Notes (1)
|
Level 2
|
|
$
|
693
|
|
|
$
|
4,474
|
|
Other noncurrent liabilities:
|
|
|
|
|
|
||||
2.20% Notes Due 2021 (1)
|
Level 2
|
|
$
|
996
|
|
|
$
|
975
|
|
3.20% Notes Due 2026 (1)
|
Level 2
|
|
$
|
1,000
|
|
|
$
|
961
|
|
Interest rate swap (2)
|
Level 2
|
|
$
|
5
|
|
|
$
|
2
|
|
(1)
|
The remaining
1.00%
Convertible Notes,
2.20%
Notes Due 2021, and
3.20%
Notes Due 2026 are carried on our Condensed Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs, and are not marked to fair value each period. See Note 11 of these Notes to Condensed Consolidated Financial Statements for additional information.
|
(2)
|
Please refer to
Note 9
of these Notes to Condensed Consolidated Financial Statements for a discussion regarding our interest rate swap.
|
|
July 30, 2017
|
|
January 29, 2017
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Acquisition-related intangible assets
|
$
|
193
|
|
|
$
|
(175
|
)
|
|
$
|
18
|
|
|
$
|
193
|
|
|
$
|
(167
|
)
|
|
$
|
26
|
|
Patents and licensed technology
|
469
|
|
|
(411
|
)
|
|
58
|
|
|
468
|
|
|
(390
|
)
|
|
78
|
|
||||||
Total intangible assets
|
$
|
662
|
|
|
$
|
(586
|
)
|
|
$
|
76
|
|
|
$
|
661
|
|
|
$
|
(557
|
)
|
|
$
|
104
|
|
|
July 30,
|
|
January 29,
|
||||
|
2017
|
|
2017
|
||||
Inventories:
|
(In millions)
|
||||||
Raw materials
|
$
|
294
|
|
|
$
|
252
|
|
Work in-process
|
209
|
|
|
176
|
|
||
Finished goods
|
352
|
|
|
366
|
|
||
Total inventories
|
$
|
855
|
|
|
$
|
794
|
|
|
July 30,
|
|
January 29,
|
||||
|
2017
|
|
2017
|
||||
Accrued and Other Current Liabilities:
|
(In millions)
|
||||||
Customer related liabilities (1)
|
$
|
218
|
|
|
$
|
197
|
|
Accrued payroll and related expenses
|
120
|
|
|
137
|
|
||
Deferred revenue (2)
|
74
|
|
|
85
|
|
||
Coupon interest on debt obligations
|
20
|
|
|
21
|
|
||
Professional service fees
|
15
|
|
|
13
|
|
||
Warranty accrual (3)
|
14
|
|
|
8
|
|
||
Taxes payable
|
12
|
|
|
4
|
|
||
Accrued royalties
|
11
|
|
|
7
|
|
||
Accrued restructuring and other charges (4)
|
10
|
|
|
13
|
|
||
Leases payable
|
5
|
|
|
4
|
|
||
Contributions payable
|
4
|
|
|
4
|
|
||
Other
|
14
|
|
|
14
|
|
||
Total accrued and other current liabilities
|
$
|
517
|
|
|
$
|
507
|
|
(1)
|
Customer related liabilities include accrued customer programs, such as rebates and marketing development funds.
|
(2)
|
Deferred revenue primarily includes customer advances and deferrals related to license and service arrangements.
|
(3)
|
Please refer to
Note 10
of these Notes to Condensed Consolidated Financial Statements for a discussion regarding warranties.
|
(4)
|
Please refer to
Note 15
of these Notes to Condensed Consolidated Financial Statements for a discussion regarding restructuring and other charges.
|
|
July 30,
|
|
January 29,
|
||||
|
2017
|
|
2017
|
||||
Other Long-Term Liabilities:
|
(In millions)
|
||||||
Deferred income tax liability
|
$
|
252
|
|
|
$
|
141
|
|
Income tax payable
|
105
|
|
|
96
|
|
||
Contributions payable
|
12
|
|
|
9
|
|
||
Employee benefits liability
|
11
|
|
|
10
|
|
||
Deferred rent
|
8
|
|
|
6
|
|
||
Licenses payable
|
7
|
|
|
1
|
|
||
Deferred revenue
|
6
|
|
|
4
|
|
||
Other
|
7
|
|
|
4
|
|
||
Total other long-term liabilities
|
$
|
408
|
|
|
$
|
271
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
|
(In millions)
|
||||||||||||||
Designated as cash flow hedges
|
$
|
89
|
|
|
$
|
61
|
|
|
$
|
163
|
|
|
$
|
96
|
|
Not designated for hedge accounting
|
$
|
69
|
|
|
$
|
13
|
|
|
$
|
120
|
|
|
$
|
13
|
|
|
July 30,
|
|
January 29,
|
||||
|
2017
|
|
2017
|
||||
|
(In millions)
|
||||||
Balance at beginning of period
|
$
|
8
|
|
|
$
|
11
|
|
Additions
|
8
|
|
|
2
|
|
||
Deductions
|
(2
|
)
|
|
(5
|
)
|
||
Balance at end of period
|
$
|
14
|
|
|
$
|
8
|
|
|
July 30,
|
|
January 29,
|
||||
|
2017
|
|
2017
|
||||
|
(In millions)
|
||||||
1.00% Convertible Senior Notes
|
$
|
86
|
|
|
$
|
827
|
|
Unamortized debt discount (1)
|
(2
|
)
|
|
(31
|
)
|
||
Net carrying amount
|
$
|
84
|
|
|
$
|
796
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 30,
|
|
July 31,
|
|
July 30,
|
|
July 31,
|
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In millions)
|
||||||||||||||
Contractual coupon interest expense
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
8
|
|
Amortization of debt discount
|
|
1
|
|
|
7
|
|
|
2
|
|
|
14
|
|
||||
Total interest expense related to Convertible Notes
|
|
$
|
1
|
|
|
$
|
11
|
|
|
$
|
2
|
|
|
$
|
22
|
|
|
|
Expected
Remaining Term (years)
|
|
Effective
Interest Rate
|
|
July 30, 2017
|
|
January 29, 2017
|
||||
|
|
|
|
|
|
(In millions)
|
||||||
2.20% Notes Due 2021
|
|
4.1
|
|
2.38%
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
3.20% Notes Due 2026
|
|
9.1
|
|
3.31%
|
|
1,000
|
|
|
1,000
|
|
||
Unamortized debt discount and issuance costs
|
|
|
|
|
|
(16
|
)
|
|
(17
|
)
|
||
Net carrying amount
|
|
|
|
|
|
$
|
1,984
|
|
|
$
|
1,983
|
|
|
GPU
|
|
Tegra Processor
|
|
All Other
|
|
Consolidated
|
||||||||
|
(In millions)
|
||||||||||||||
Three Months Ended July 30, 2017
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
1,897
|
|
|
$
|
333
|
|
|
$
|
—
|
|
|
$
|
2,230
|
|
Depreciation and amortization expense
|
$
|
29
|
|
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
49
|
|
Operating income (loss)
|
$
|
761
|
|
|
$
|
71
|
|
|
$
|
(144
|
)
|
|
$
|
688
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended July 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue
|
$
|
1,196
|
|
|
$
|
166
|
|
|
$
|
66
|
|
|
$
|
1,428
|
|
Depreciation and amortization expense
|
$
|
29
|
|
|
$
|
7
|
|
|
$
|
11
|
|
|
$
|
47
|
|
Operating income (loss)
|
$
|
379
|
|
|
$
|
(14
|
)
|
|
$
|
(48
|
)
|
|
$
|
317
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended July 30, 2017
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
3,459
|
|
|
$
|
665
|
|
|
$
|
43
|
|
|
$
|
4,167
|
|
Depreciation and amortization expense
|
$
|
57
|
|
|
$
|
18
|
|
|
$
|
21
|
|
|
$
|
96
|
|
Operating income (loss)
|
$
|
1,363
|
|
|
$
|
118
|
|
|
$
|
(239
|
)
|
|
$
|
1,242
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended July 31, 2016
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
2,275
|
|
|
$
|
326
|
|
|
$
|
132
|
|
|
$
|
2,733
|
|
Depreciation and amortization expense
|
$
|
57
|
|
|
$
|
14
|
|
|
$
|
21
|
|
|
$
|
92
|
|
Operating income (loss)
|
$
|
727
|
|
|
$
|
(52
|
)
|
|
$
|
(114
|
)
|
|
$
|
561
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
|
(In millions)
|
||||||||||||||
Reconciling items included in "All Other" category:
|
|
|
|
|
|
|
|
||||||||
Unallocated revenue
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
43
|
|
|
$
|
132
|
|
Stock-based compensation expense
|
(81
|
)
|
|
(58
|
)
|
|
(158
|
)
|
|
(111
|
)
|
||||
Unallocated cost of revenue and operating expenses
|
(59
|
)
|
|
(49
|
)
|
|
(114
|
)
|
|
(104
|
)
|
||||
Acquisition-related costs
|
(4
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(8
|
)
|
||||
Restructuring and other charges
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Contributions
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(4
|
)
|
||||
Legal settlement costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
||||
Total
|
$
|
(144
|
)
|
|
$
|
(48
|
)
|
|
$
|
(239
|
)
|
|
$
|
(114
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 30,
|
|
July 31,
|
|
July 30,
|
|
July 31,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions)
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Taiwan
|
$
|
674
|
|
|
$
|
505
|
|
|
$
|
1,277
|
|
|
$
|
949
|
|
China
|
481
|
|
|
256
|
|
|
810
|
|
|
504
|
|
||||
Other Asia Pacific
|
420
|
|
|
191
|
|
|
797
|
|
|
351
|
|
||||
United States
|
278
|
|
|
206
|
|
|
631
|
|
|
400
|
|
||||
Other Americas
|
199
|
|
|
103
|
|
|
292
|
|
|
206
|
|
||||
Europe
|
178
|
|
|
167
|
|
|
360
|
|
|
323
|
|
||||
Total revenue
|
$
|
2,230
|
|
|
$
|
1,428
|
|
|
$
|
4,167
|
|
|
$
|
2,733
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 30,
|
|
July 31,
|
|
July 30,
|
|
July 31,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions)
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Gaming
|
$
|
1,186
|
|
|
$
|
781
|
|
|
$
|
2,213
|
|
|
$
|
1,468
|
|
Professional Visualization
|
235
|
|
|
214
|
|
|
440
|
|
|
403
|
|
||||
Datacenter
|
416
|
|
|
151
|
|
|
825
|
|
|
294
|
|
||||
Automotive
|
142
|
|
|
119
|
|
|
282
|
|
|
232
|
|
||||
OEM & IP
|
251
|
|
|
163
|
|
|
407
|
|
|
336
|
|
||||
Total revenue
|
$
|
2,230
|
|
|
$
|
1,428
|
|
|
$
|
4,167
|
|
|
$
|
2,733
|
|
|
|
July 30,
|
|
January 29,
|
||
|
|
2017
|
|
2017
|
||
Accounts Receivable:
|
|
|
|
|
||
Customer A
|
|
14
|
%
|
|
19
|
%
|
|
July 30,
|
|
January 29,
|
||||
|
2017
|
|
2017
|
||||
|
(In millions)
|
||||||
Balance at beginning of period
|
$
|
13
|
|
|
$
|
23
|
|
Restructuring and other charges
|
—
|
|
|
3
|
|
||
Cash payments
|
(3
|
)
|
|
(13
|
)
|
||
Balance at end of period
|
$
|
10
|
|
|
$
|
13
|
|
|
Three Months Ended
|
|
|
|
|
||||||||||||
|
July 30, 2017
|
|
April 30, 2017
|
|
July 31, 2016
|
|
Q/Q
|
|
Y/Y
|
||||||||
|
($ in millions, except per share data)
|
||||||||||||||||
Revenue
|
$
|
2,230
|
|
|
$
|
1,937
|
|
|
$
|
1,428
|
|
|
15
|
%
|
|
56
|
%
|
Gross margin
|
58.4
|
%
|
|
59.4
|
%
|
|
57.9
|
%
|
|
(100) bps
|
|
|
50 bps
|
|
|||
Operating expenses
|
$
|
614
|
|
|
$
|
596
|
|
|
$
|
509
|
|
|
3
|
%
|
|
21
|
%
|
Income from operations
|
$
|
688
|
|
|
$
|
554
|
|
|
$
|
317
|
|
|
24
|
%
|
|
117
|
%
|
Net income
|
$
|
583
|
|
|
$
|
507
|
|
|
$
|
261
|
|
|
15
|
%
|
|
123
|
%
|
Net income per diluted share
|
$
|
0.92
|
|
|
$
|
0.79
|
|
|
$
|
0.41
|
|
|
16
|
%
|
|
124
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||
Revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of revenue
|
41.6
|
|
|
42.1
|
|
|
41.2
|
|
|
42.3
|
|
Gross profit
|
58.4
|
|
|
57.9
|
|
|
58.8
|
|
|
57.7
|
|
Operating expenses
|
|
|
|
|
|
|
|
||||
Research and development
|
18.7
|
|
|
24.5
|
|
|
19.8
|
|
|
25.5
|
|
Sales, general and administrative
|
8.9
|
|
|
11.0
|
|
|
9.2
|
|
|
11.6
|
|
Restructuring and other charges
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Total operating expenses
|
27.6
|
|
|
35.6
|
|
|
29.0
|
|
|
37.2
|
|
Income from operations
|
30.9
|
|
|
22.2
|
|
|
29.8
|
|
|
20.5
|
|
Interest income
|
0.7
|
|
|
0.8
|
|
|
0.7
|
|
|
0.8
|
|
Interest expense
|
(0.7
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
|
(0.8
|
)
|
Other, net
|
(0.2
|
)
|
|
—
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
Total other income (expense)
|
(0.2
|
)
|
|
—
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
Income before income tax expense
|
30.7
|
|
|
22.2
|
|
|
29.3
|
|
|
20.4
|
|
Income tax expense
|
4.5
|
|
|
3.9
|
|
|
3.1
|
|
|
3.3
|
|
Net income
|
26.2
|
%
|
|
18.3
|
%
|
|
26.2
|
%
|
|
17.1
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||
|
July 30,
2017 |
|
July 31,
2016 |
|
$
Change |
|
%
Change |
|
July 30,
2017 |
|
July 31,
2016 |
|
$
Change |
|
%
Change |
||||||||||||||
|
($ in millions)
|
||||||||||||||||||||||||||||
GPU
|
$
|
1,897
|
|
|
$
|
1,196
|
|
|
$
|
701
|
|
|
59
|
%
|
|
$
|
3,459
|
|
|
$
|
2,275
|
|
|
$
|
1,184
|
|
|
52
|
%
|
Tegra Processor
|
333
|
|
|
166
|
|
|
167
|
|
|
101
|
%
|
|
665
|
|
|
326
|
|
|
339
|
|
|
104
|
%
|
||||||
All Other
|
—
|
|
|
66
|
|
|
(66
|
)
|
|
(100
|
)%
|
|
43
|
|
|
132
|
|
|
(89
|
)
|
|
(67
|
)%
|
||||||
Total
|
$
|
2,230
|
|
|
$
|
1,428
|
|
|
$
|
802
|
|
|
56
|
%
|
|
$
|
4,167
|
|
|
$
|
2,733
|
|
|
$
|
1,434
|
|
|
52
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||
|
July 30,
2017 |
|
July 31,
2016 |
|
$
Change
|
|
%
Change
|
|
July 30,
2017 |
|
July 31,
2016 |
|
$
Change |
|
%
Change |
||||||||||||||
|
($ in millions)
|
||||||||||||||||||||||||||||
Research and development expenses
|
$
|
416
|
|
|
$
|
350
|
|
|
$
|
66
|
|
|
19
|
%
|
|
$
|
827
|
|
|
$
|
697
|
|
|
$
|
130
|
|
|
19
|
%
|
Sales, general and administrative expenses
|
198
|
|
|
157
|
|
|
41
|
|
|
26
|
%
|
|
383
|
|
|
316
|
|
|
67
|
|
|
21
|
%
|
||||||
Restructuring and other charges
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
(100
|
)%
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
(100
|
)%
|
||||||
Total operating expenses
|
$
|
614
|
|
|
$
|
509
|
|
|
$
|
105
|
|
|
21
|
%
|
|
$
|
1,210
|
|
|
$
|
1,016
|
|
|
$
|
194
|
|
|
19
|
%
|
Research and development expenses as a percentage of net revenue
|
19
|
%
|
|
25
|
%
|
|
|
|
|
|
|
|
20
|
%
|
|
26
|
%
|
|
|
|
|
||||||||
Sales, general and administrative expenses as a percentage of net revenue
|
9
|
%
|
|
11
|
%
|
|
|
|
|
|
|
|
9
|
%
|
|
12
|
%
|
|
|
|
|
||||||||
Restructuring and other charges as a percentage of net revenue
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
July 30, 2017
|
|
January 29, 2017
|
||||
|
(In millions)
|
||||||
Cash and cash equivalents
|
$
|
1,988
|
|
|
$
|
1,766
|
|
Marketable securities
|
3,889
|
|
|
5,032
|
|
||
Cash, cash equivalents and marketable securities
|
$
|
5,877
|
|
|
$
|
6,798
|
|
|
Six Months Ended
|
||||||
|
July 30, 2017
|
|
July 31, 2016
|
||||
|
(In millions)
|
||||||
Net cash provided by operating activities
|
$
|
987
|
|
|
$
|
519
|
|
Net cash provided by (used in) investing activities
|
$
|
1,016
|
|
|
$
|
(93
|
)
|
Net cash used in financing activities
|
$
|
(1,781
|
)
|
|
$
|
(596
|
)
|
Period
|
|
Total Number of Shares Purchased (In millions)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program (In millions)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (In billions)
|
||||
May 1, 2017 - May 28, 2017
|
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
2.73
|
|
May 29, 2017 - June 25, 2017
|
|
3
|
|
$
|
151.11
|
|
|
3
|
|
$
|
2.27
|
|
June 26, 2017 - July 30, 2017
|
|
2
|
|
$
|
150.13
|
|
|
2
|
|
$
|
1.97
|
|
Total
|
|
5
|
|
|
|
5
|
|
|
Exhibit No.
|
|
Exhibit Description
|
|
Schedule
/Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
10.1
|
|
|
8-K
|
|
000-23985
|
|
10.1
|
|
June 5, 2017
|
|
31.1*
|
|
|
|
|
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
|
|
|
|
|
32.1#*
|
|
|
|
|
|
|
|
|
|
|
32.2#*
|
|
|
|
|
|
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
|
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
NVIDIA Corporation
|
||
By:
|
/s/ Colette M. Kress
|
|
|
|
|
|
|
|
Colette M. Kress
|
||
|
Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)
|
1 Year NVIDIA Chart |
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