NVIDIA Announces Financial Results for Second Quarter Fiscal 2021


NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
         
   Three Months Ended  Six Months Ended
   July 26,  July 28,  July 26,  July 28,
    2020    2019    2020    2019 
         
Cash flows from operating activities:       
Net income$622  $552  $1,539  $947 
Adjustments to reconcile net income to net cash       
provided by operating activities:           
Depreciation and amortization   404       92       511       183  
Stock-based compensation expense   374       223       598       401  
Deferred income taxes   (80 )     15       (64 )     (27 )
Other   (8 )     4       (5 )     1  
Changes in operating assets and liabilities, net of acquisitions:              
Accounts receivable   44       (319 )     (205 )     (137 )
Inventories   54       225       (97 )     378  
Prepaid expenses and other assets   42       31       34       36  
Accounts payable   (8 )     78       63       (45 )
Accrued and other current liabilities   112       49       81       (79 )
Other long-term liabilities   10       (14 )     21       (2 )
Net cash provided by operating activities   1,566       936       2,476       1,656  
Cash flows from investing activities:              
Proceeds from maturities of marketable securities   1,032       1,372       1,032       3,592  
Proceeds from sales of marketable securities   258       3,126       259       3,152  
Purchases of marketable securities   (7,425 )     (840 )     (8,286 )     (1,461 )
Acquisition of businesses, net of cash acquired   (7,137 )     -       (7,171 )     -  
Purchases of property and equipment and intangible assets   (217 )     (113 )     (372 )     (241 )
Investments and other, net   -       (2 )     (7 )     (2 )
Net cash provided by (used in) investing activities   (13,489 )     3,543       (14,545 )     5,040  
Cash flows from financing activities:              
Proceeds related to employee stock plans   6       1       94       83  
Payments related to tax on restricted stock units   (196 )     (50 )     (418 )     (261 )
Dividends paid   (99 )     (97 )     (197 )     (195 )
Issuance of debt, net of issuance costs   (8 )     -       4,971       -  
Other   -       -       (3 )     -  
Net cash provided by (used in) financing activities   (297 )     (146 )     4,447       (373 )
Change in cash and cash equivalents   (12,220 )     4,333       (7,622 )     6,323  
Cash and cash equivalents at beginning of period   15,494       2,772       10,896       782  
Cash and cash equivalents at end of period $ 3,274     $ 7,105     $ 3,274     $ 7,105  
                 

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