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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 April 26, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 0-23985
nvda-20200426_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 May 15, 2020, was 615 million.



NVIDIA CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED April 26, 2020
TABLE OF CONTENTS
  Page
  
Financial Statements (Unaudited) 
 a) Condensed Consolidated Statements of Income for the three months ended April 26, 2020 and April 28, 2019
b) Condensed Consolidated Statements of Comprehensive Income for the three months ended April 26, 2020 and April 28, 2019
 c) Condensed Consolidated Balance Sheets as of April 26, 2020 and January 26, 2020
d) Condensed Consolidated Statements of Shareholders' Equity for the three months ended April 26, 2020 and April 28, 2019
 e) Condensed Consolidated Statements of Cash Flows for the three months ended April 26, 2020 and April 28, 2019
 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.
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 Ended
 April 26,April 28,
20202019
Revenue$3,080  $2,220  
Cost of revenue1,076  924  
Gross profit2,004  1,296  
Operating expenses      
Research and development735  674  
Sales, general and administrative293  264  
Total operating expenses1,028  938  
Income from operations976  358  
Interest income31  44  
Interest expense(25) (13) 
Other, net(1)   
Other income, net5  31  
Income before income tax  981  389  
Income tax expense (benefit) 64  (5) 
Net income$917  $394  
Net income per share:
Basic$1.49  $0.65  
Diluted$1.47  $0.64  
Weighted average shares used in per share computation:
Basic614  607  
Diluted622  616  
See accompanying Notes to Condensed Consolidated Financial Statements.

3


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
 Three Months Ended
 April 26,April 28,
20202019
 
Net income$917  $394  
Other comprehensive income (loss), net of tax 
Available-for-sale securities:
Net change in unrealized gain    7  
Cash flow hedges:
Net unrealized gain (loss) (10) 4  
Reclassification adjustments for net realized loss included in net income  (1) (1) 
Net change in unrealized gain (loss) (11) 3  
Other comprehensive income (loss), net of tax (11) 10  
Total comprehensive income$906  $404  
See accompanying Notes to Condensed Consolidated Financial Statements.

4


NVIDIA CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
April 26,January 26,
 20202020
ASSETS
Current assets:    
Cash and cash equivalents$15,494  $10,896  
Marketable securities860  1  
Accounts receivable, net1,907  1,657  
Inventories1,128  979  
Prepaid expenses and other current assets195  157  
Total current assets19,584  13,690  
Property and equipment, net1,715  1,674  
Operating lease assets595  618  
Goodwill628  618  
Intangible assets, net80  49  
Deferred income tax assets533  548  
Other assets119  118  
Total assets$23,254  $17,315  
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable$761  $687  
Accrued and other current liabilities1,142  1,097  
Total current liabilities1,903  1,784  
Long-term debt6,959  1,991  
Long-term operating lease liabilities519  561  
Other long-term liabilities774  775  
Total liabilities10,155  5,111  
Commitments and contingencies - see Note 13
Shareholders’ equity:    
Preferred stock    
Common stock1  1  
Additional paid-in capital7,354  7,045  
Treasury stock, at cost(10,036) (9,814) 
Accumulated other comprehensive income (loss)(10) 1  
Retained earnings15,790  14,971  
Total shareholders' equity13,099  12,204  
Total liabilities and shareholders' equity$23,254  $17,315  
See accompanying Notes to Condensed Consolidated Financial Statements.

5


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED APRIL 26, 2020 AND APRIL 28, 2019
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalTreasury StockAccumulated Other Comprehensive LossRetained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
Balances, January 26, 2020612  $1  $7,045  $(9,814) $1  $14,971  $12,204  
Other comprehensive loss—  —  —  —  (11) —  (11) 
Net income—  —  —  —  —  917  917  
Issuance of common stock from stock plans 4  —  88  —  —  —  88  
Tax withholding related to vesting of restricted stock units(1) —  —  (222) —  —  (222) 
Cash dividends declared and paid ($0.16 per common share)—  —  —  —  —  (98) (98) 
Stock-based compensation—  —  221  —  —  —  221  
Balances, April 26, 2020615  $1  $7,354  $(10,036) $(10) $15,790  $13,099  
Balances, January 27, 2019606  $1  $6,051  $(9,263) $(12) $12,565  $9,342  
Other comprehensive income—  —  —  —  10  —  10  
Net income—  —  —  —  —  394  394  
Issuance of common stock from stock plans 4  —  83  —  —  —  83  
Tax withholding related to vesting of restricted stock units(1) —  —  (211) —  —  (211) 
Cash dividends declared and paid ($0.16 per common share)—  —  —  —  —  (97) (97) 
Stock-based compensation—  —  183  —  —  —  183  
Balances, April 28, 2019609  $1  $6,317  $(9,474) $(2) $12,862  $9,704  
See accompanying Notes to Condensed Consolidated Financial Statements.
6


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Three Months Ended
April 26,April 28,
 20202019
Cash flows from operating activities:  
Net income$917  $394  
Adjustments to reconcile net income to net cash provided by operating activities:  
Stock-based compensation expense224  178  
Depreciation and amortization107  91  
Deferred income taxes16  (42) 
Other4  (2) 
Changes in operating assets and liabilities:
Accounts receivable(249) 182  
Inventories(151) 153  
Prepaid expenses and other assets(8) 5  
Accounts payable71  (123) 
Accrued and other current liabilities(32) (129) 
Other long-term liabilities10  13  
Net cash provided by operating activities  909  720  
Cash flows from investing activities:  
Proceeds from sales of marketable securities1  26  
Proceeds from maturities of marketable securities  2,219  
Purchases of marketable securities(861) (622) 
Purchases of property and equipment and intangible assets(155) (128) 
Acquisition of business, net of cash acquired(34)   
Investments and other, net(6)   
Net cash provided by (used in) investing activities (1,055) 1,495  
Cash flows from financing activities:  
Issuance of debt, net of issuance costs4,979    
Proceeds related to employee stock plans88  83  
Payments related to tax on restricted stock units(222) (211) 
Dividends paid(98) (97) 
Other(3)   
Net cash provided by (used in) financing activities 4,744  (225) 
Change in cash and cash equivalents4,598  1,990  
Cash and cash equivalents at beginning of period10,896  782  
Cash and cash equivalents at end of period$15,494  $2,772  
Other non-cash investing activity:  
Assets acquired by assuming related liabilities$230  $114  
See accompanying Notes to Condensed Consolidated Financial Statements.
7

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 26, 2020 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 26, 2020, 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 26, 2020. 
Significant Accounting Policies
There have been no material changes to our significant accounting policies 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 26, 2020.
Fiscal Year
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal year 2021 is a 53-week year and fiscal year 2020 is a 52-week year. The first quarters of fiscal years 2021 and 2020 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 on-going 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 on our critical and significant accounting estimates. These estimates are based on historical facts and various other assumptions that we believe are reasonable.
Adoption of New and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncement
In June 2016, the Financial Accounting Standards Board issued a new accounting standard to replace the existing incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates for accounts receivable and other financial instruments, including available-for-sale debt securities. The Company adopted the standard in the first quarter of fiscal year 2021 and the impact of the adoption was not material to the Company's consolidated financial statements.

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


Note 2 - Acquisition of Mellanox Technologies, Ltd.
Subsequent to the end of the first quarter of fiscal year 2021, we closed the acquisition of Mellanox Technologies Ltd., or Mellanox, for a transaction value of approximately $7.0 billion in cash on April 27, 2020.
Note 3 - Leases
Our lease obligations consist of operating leases for our headquarters complex, domestic and international office facilities, and data center space, with lease periods expiring between fiscal years 2021 and 2035.
Future minimum lease payments under our non-cancelable operating leases as of April 26, 2020, are as follows:   
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2021 (excluding first quarter of fiscal year 2021)$90  
2022116  
2023102  
202478  
202561  
2026 and thereafter289  
Total736  
Less imputed interest117  
Present value of net future minimum lease payments619  
Less short-term operating lease liabilities100  
Long-term operating lease liabilities$519  
Operating lease expense for the first quarters of fiscal years 2021 and 2020 was $31 million and $27 million, respectively. Short-term and variable lease expenses for the first quarter of fiscal years 2021 and 2020 were not significant.
Other information related to leases was as follows:
Three Months Ended
April 26, 2020
 (In millions)
Supplemental cash flows information
Operating cash flows used for operating leases$31  
Operating lease assets obtained in exchange for lease obligations$3  
As of April 26, 2020, our operating leases had a weighted average remaining lease term of 8.2 years and a weighted average discount rate of 3.45%.

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


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 Ended
 April 26,
2020
April 28,
2019
(In millions)
Cost of revenue$21  $4  
Research and development134  114  
Sales, general and administrative69  60  
Total$224  $178  
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 26, 202014  $176.72  
Granted1  $254.61  
Vested restricted stock(3) $144.27  
Canceled and forfeited(1) $161.66  
Balances, April 26, 202011  $191.23  

As of April 26, 2020, there was $1.81 billion of aggregate unearned stock-based compensation expense, net of forfeitures. This amount is expected to be recognized over a weighted average period of 2.4 years for RSUs, PSUs, and market-based PSUs, and 0.8 years for ESPP.

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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 Ended
April 26,April 28,
20202019
 (In millions, except per share data)
Numerator:  
Net income
$917  $394  
Denominator:
Basic weighted average shares
614  607  
Dilutive impact of outstanding equity awards
8  9  
Diluted weighted average shares
622  616  
Net income per share:
Basic (1)
$1.49  $0.65  
Diluted (2)
$1.47  $0.64  
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive1  11  
(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 $64 million for the first quarter of fiscal year 2021 and income tax benefit of $5 million for the first quarter of fiscal year 2020. The income tax expense as a percentage of income before income tax was 6.6% for the first quarter of fiscal year 2021 and income tax benefit as a percentage of income before income tax was 1.3% for the first quarter of fiscal year 2020.
The increase in our effective tax rate for the first quarter of fiscal year 2021 as compared to the first quarter of fiscal year 2020 was primarily due to a decrease of tax benefits from stock-based compensation.
Our effective tax rates for the first quarter of fiscal years 2021 and 2020 were 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, tax benefits related to stock-based compensation, and the benefit of the U.S. federal research tax credit.
For the first quarter of fiscal year 2021, there have been no material changes to our tax years that remain subject to examination by major tax jurisdictions. Additionally, there have been no material changes to our unrecognized tax benefits and any related interest or penalties since the fiscal year ended January 26, 2020.
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 April 26, 2020, we do not believe that our estimates, as otherwise provided for, on such tax positions will significantly increase or decrease within the next twelve months.

Note 7 - Cash Equivalents and Marketable Securities 
Our cash equivalents and marketable securities are classified as “available-for-sale” debt securities.
The following is a summary of cash equivalents and marketable securities as of April 26, 2020 and January 26, 2020:
 April 26, 2020
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Money market funds$11,128  $  $  $11,128  $11,128  $  
Corporate debt securities3,238      3,238  2,951  287  
Foreign government bonds870      870  870    
Certificates of deposit582      582  222  360  
Debt securities issued by United States government agencies381      381  168  213  
Total$16,199  $  $  $16,199  $15,339  $860  

 January 26, 2020
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Money market funds$7,507  $  $  $7,507  $7,507  $  
Debt securities issued by the United States Treasury1,358      1,358  1,358    
Debt securities issued by United States government agencies1,096      1,096  1,096    
Corporate debt securities592      592  592    
Foreign government bonds200      200  200    
Certificates of deposit27      27  27  
Asset-backed securities1      1    1  
Total$10,781  $  $  $10,781  $10,780  $1  
The amortized cost and estimated fair value of cash equivalents and marketable securities of $16.20 billion and $10.78 billion as of April 26, 2020 and January 26, 2020, respectively, are all related to contracts with maturities of less than one year. Unrealized gains and losses were not significant for all periods presented. For the first quarter of fiscal years 2021 and 2020, net realized gains were not significant.
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.
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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


Fair Value at
Pricing CategoryApril 26, 2020January 26, 2020
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$11,128  $7,507  
Corporate debt securitiesLevel 2$3,238  $592  
Foreign government bondsLevel 2$870  $200  
Certificates of depositLevel 2$582  $27  
Debt securities issued by United States government agenciesLevel 2$381  $1,096  
Debt securities issued by the United States TreasuryLevel 2$  $1,358  
Asset-backed securitiesLevel 2$  $1  
Liabilities
Other noncurrent liabilities:
2.20% Notes Due 2021 (1)Level 2$1,020  $1,065  
3.20% Notes Due 2026 (1)Level 2$1,104  $1,006  
2.85% Notes Due 2030 (1)Level 2$1,635  $  
3.50% Notes Due 2040 (1)Level 2$1,134  $  
3.50% Notes Due 2050 (1)Level 2$2,336  $  
3.70% Notes Due 2060 (1)Level 2$594  $  
(1) These liabilities are carried on our 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. Refer to Note 12 of these Notes to Condensed Consolidated Financial Statements for additional information.
Note 9 - Amortizable Intangible Assets
The components of our amortizable intangible assets are as follows:
 April 26, 2020January 26, 2020
 Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
 (In millions)(In millions)
Acquisition-related intangible assets$231  $(195) $36  $195  $(192) $3  
Patents and licensed technology522  (478) 44  520  (474) 46  
Total intangible assets$753  $(673) $80  $715  $(666) $49  
Amortization expense associated with intangible assets was $7 million for both the first quarters of fiscal years 2021 and 2020. Future amortization expense related to the net carrying amount of intangible assets as of April 26, 2020 is estimated to be $20 million for the remainder of fiscal year 2021, $21 million in fiscal year 2022, $18 million in fiscal year 2023, $12 million in fiscal year 2024, $7 million in fiscal year 2025, and $2 million in fiscal year 2026 and thereafter.

13

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


Note 10 - Balance Sheet Components 
Certain balance sheet components are as follows:
April 26,January 26,
 20202020
Inventories:(In millions)
Raw materials$341  $249  
Work in-process287  265  
Finished goods500  465  
Total inventories$1,128  $979  

April 26,January 26,
 20202020
Accrued and Other Current Liabilities:(In millions)
Customer program accruals$444  $462  
Deferred revenue (1)174  141  
Accrued payroll and related expenses164  185  
Operating lease liabilities100  91  
Licenses and royalties78  66  
Taxes payable