NVIDIA Announces Financial Results for Second Quarter Fiscal 2023


 
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
         
         
   Three Months Ended  Six Months Ended
   July 31,  August 1,  July 31,  August 1,
   2022
  2021
  2022
  2021
         
Cash flows from operating activities:       
Net income$656  $2,374  $2,274  $4,285 
Adjustments to reconcile net income to net cash       
provided by operating activities:       
 Stock-based compensation expense 648   465   1,226   894 
 Depreciation and amortization 378   286   712       567  
  Losses (gains) on investments in non affiliates, net   7       1       24       (133 )
  Deferred income taxes   (443 )     (185 )     (985 )     (161 )
  Acquisition termination cost   -       -       1,353       -  
  Other   (5 )     18       18       16  
Changes in operating assets and liabilities, net of acquisitions:              
  Accounts receivable   120       (563 )     (668 )     (1,157 )
  Inventories   (725 )     (123 )     (1,285 )     (282 )
  Prepaid expenses and other assets   (293 )     16       (1,554 )     18  
  Accounts payable   304       209       559       245  
  Accrued and other current liabilities   633       133       1,267       166  
  Other long-term liabilities   (10 )     51       60       98  
Net cash provided by operating activities   1,270       2,682       3,001       4,556  
Cash flows from investing activities:              
  Proceeds from maturities of marketable securities   5,036       2,096       10,983       5,236  
  Proceeds from sales of marketable securities   702       347       1,731       705  
  Purchases of marketable securities   (3,644 )     (4,798 )     (7,576 )     (9,268 )
  Purchases related to property and equipment and intangible assets   (433 )     (183 )     (794 )     (481 )
  Acquisitions, net of cash acquired   (13 )     -       (49 )     -  
  Investments and other, net   (30 )     5       (65 )     3  
Net cash provided by (used in) investing activities   1,618       (2,533 )     4,230       (3,805 )
Cash flows from financing activities:              
  Proceeds related to employee stock plans   1       2       205       128  
  Payments related to repurchases of common stock   (3,345 )     -       (5,341 )     -  
  Payments related to tax on restricted stock units   (305 )     (365 )     (837 )     (843 )
  Dividends paid   (100 )     (100 )     (200 )     (198 )
  Principal payments on property and equipment and intangible assets   (14 )     (21 )     (36 )     (40 )
  Issuance of debt, net of issuance costs   -       4,985       -       4,985  
  Other   1       -       1       (2 )
Net cash provided by (used in) financing activities   (3,762 )     4,501       (6,208 )     4,030  
Change in cash and cash equivalents   (874 )     4,650       1,023       4,781  
Cash and cash equivalents at beginning of period   3,887       978       1,990       847  
Cash and cash equivalents at end of period $ 3,013     $ 5,628     $ 3,013     $ 5,628  

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