NVIDIA Announces Financial Results for Second Quarter Fiscal 2021
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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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