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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 August 1, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 0-23985
nvda-20210801_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 August 13, 2021, was 2.50 billion.



NVIDIA CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED August 1, 2021
TABLE OF CONTENTS
  Page
  
Financial Statements (Unaudited) 
 a) Condensed Consolidated Statements of Income for the three and six months ended August 1, 2021 and July 26, 2020
b) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended August 1, 2021 and July 26, 2020
 c) Condensed Consolidated Balance Sheets as of August 1, 2021 and January 31, 2021
d) Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended August 1, 2021 and July 26, 2020
 e) Condensed Consolidated Statements of Cash Flows for the six months ended August 1, 2021 and July 26, 2020
 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 (https://www.YouTube.com/nvidia).
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 EndedSix Months Ended
 August 1,July 26,August 1,July 26,
2021202020212020
Revenue$6,507 $3,866 $12,168 $6,946 
Cost of revenue2,292 1,591 4,324 2,667 
Gross profit4,215 2,275 7,844 4,279 
Operating expenses  
Research and development1,245 997 2,398 1,732 
Sales, general and administrative526 627 1,046 920 
Total operating expenses1,771 1,624 3,444 2,652 
Income from operations2,444 651 4,400 1,627 
Interest income6 13 13 44 
Interest expense(60)(54)(113)(78)
Other, net4 (1)138 (2)
Other income (expense), net
(50)(42)38 (36)
Income before income tax2,394 609 4,438 1,591 
Income tax expense (benefit)20 (13)153 52 
Net income$2,374 $622 $4,285 $1,539 
Net income per share:
Basic$0.95 $0.25 $1.72 $0.63 
Diluted$0.94 $0.25 $1.69 $0.62 
Weighted average shares used in per share computation:
Basic2,493 2,464 2,489 2,460 
Diluted2,532 2,504 2,529 2,496 
See accompanying Notes to Condensed Consolidated Financial Statements.

3


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
 Three Months EndedSix Months Ended
 August 1,July 26,August 1,July 26,
2021202020212020
 
Net income$2,374 $622 $4,285 $1,539 
Other comprehensive income (loss), net of tax
Available-for-sale securities:
Net change in unrealized gain (loss) 3 (1)3 
Reclassification adjustments for net realized gain (loss) included in net income (2) (2)
Net change in unrealized gain (loss) 1 (1)1 
Cash flow hedges:
Net unrealized gain (loss)(14)16 (27)6 
Reclassification adjustments for net realized gain (loss) included in net income8 (3)17 (4)
Net change in unrealized gain (loss)(6)13 (10)2 
Other comprehensive income (loss), net of tax(6)14 (11)3 
Total comprehensive income$2,368 $636 $4,274 $1,542 
See accompanying Notes to Condensed Consolidated Financial Statements.

4


NVIDIA CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
August 1,January 31,
 20212021
ASSETS
Current assets:  
Cash and cash equivalents$5,628 $847 
Marketable securities14,026 10,714 
Accounts receivable, net3,586 2,429 
Inventories2,114 1,826 
Prepaid expenses and other current assets452 239 
Total current assets25,806 16,055 
Property and equipment, net2,364 2,149 
Operating lease assets801 707 
Goodwill4,193 4,193 
Intangible assets, net2,478 2,737 
Deferred income tax assets958 806 
Other assets2,050 2,144 
Total assets$38,650 $28,791 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$1,474 $1,201 
Accrued and other current liabilities1,974 1,725 
Short-term debt1,000 999 
Total current liabilities4,448 3,925 
Long-term debt10,943 5,964 
Long-term operating lease liabilities716 634 
Other long-term liabilities1,396 1,375 
Total liabilities17,503 11,898 
Commitments and contingencies - see Note 13
Shareholders’ equity:  
Preferred stock  
Common stock3 3 
Additional paid-in capital9,745 8,719 
Treasury stock, at cost(11,604)(10,756)
Accumulated other comprehensive income8 19 
Retained earnings22,995 18,908 
Total shareholders' equity21,147 16,893 
Total liabilities and shareholders' equity$38,650 $28,791 
See accompanying Notes to Condensed Consolidated Financial Statements.

5


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED AUGUST 1, 2021 AND JULY 26, 2020
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalTreasury StockAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
Balances, May 2, 20212,491 $3 $9,278 $(11,242)$14 $20,721 $18,774 
Net income— — — — — 2,374 2,374 
Other comprehensive loss— — — — (6)— (6)
Issuance of common stock from stock plans 7 — 2 — — — 2 
Tax withholding related to vesting of restricted stock units(2)— — (362)— — (362)
Cash dividends declared and paid ($0.04 per common share)
— — — — — (100)(100)
Stock-based compensation— — 465 — — — 465 
Balances, August 1, 20212,496 $3 $9,745 $(11,604)$8 $22,995 $21,147 
Balances, April 26, 20202,461 $3 $7,352 $(10,036)$(10)$15,790 $13,099 
Net income— — — — — 622 622 
Other comprehensive income— — — — 14 — 14 
Issuance of common stock from stock plans 8 — 6 — — — 6 
Tax withholding related to vesting of restricted stock units(2)— — (196)— — (196)
Cash dividends declared and paid ($0.04 per common share)
— — — — — (99)(99)
Fair value of partially vested equity awards assumed in connection with acquisitions— — 86 — — — 86 
Stock-based compensation— — 382 — — — 382 
Balances, July 26, 20202,467 $3 $7,826 $(10,232)$4 $16,313 $13,914 
See accompanying Notes to Condensed Consolidated Financial Statements.
6


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED AUGUST 1, 2021 AND JULY 26, 2020
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalTreasury StockAccumulated Other Comprehensive IncomeRetained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
Balances, January 31, 20212,479 $3 $8,719 $(10,756)$19 $18,908 $16,893 
Net income— — — — — 4,285 4,285 
Other comprehensive loss— — — — (11)— (11)
Issuance of common stock from stock plans 22 — 128 — — — 128 
Tax withholding related to vesting of restricted stock units(5)— — (848)— — (848)
Cash dividends declared and paid ($0.08 per common share)
— — — — — (198)(198)
Stock-based compensation— — 898 — — — 898 
Balances, August 1, 20212,496 $3 $9,745 $(11,604)$8 $22,995 $21,147 
Balances, January 26, 20202,450 $3 $7,043 $(9,814)$1 $14,971 $12,204 
Net income— — — — — 1,539 1,539 
Other comprehensive income— — — — 3 — 3 
Issuance of common stock from stock plans 24 — 94 — — — 94 
Tax withholding related to vesting of restricted stock units(7)— — (418)— — (418)
Cash dividends declared and paid ($0.08 per common share)
— — — — — (197)(197)
Fair value of partially vested equity awards assumed in connection with acquisitions— — 86 — — — 86 
Stock-based compensation— — 603 — — — 603 
Balances, July 26, 20202,467 $3 $7,826 $(10,232)$4 $16,313 $13,914 
See accompanying Notes to Condensed Consolidated Financial Statements.
7


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Six Months Ended
August 1,July 26,
 20212020
Cash flows from operating activities:  
Net income$4,285 $1,539 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense894 598 
Depreciation and amortization567 511 
Deferred income taxes(161)(64)
(Gains) losses on investments in non-affiliates, net(133)5 
Other16 (10)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(1,157)(205)
Inventories(282)(97)
Prepaid expenses and other assets18 34 
Accounts payable279 63 
Accrued and other current liabilities132 81 
Other long-term liabilities98 21 
Net cash provided by operating activities4,556 2,476 
Cash flows from investing activities:  
Proceeds from maturities of marketable securities5,236 1,032 
Proceeds from sales of marketable securities705 259 
Purchases of marketable securities(9,268)(8,286)
Purchases related to property and equipment and intangible assets(481)(372)
Investments and other, net3 (7)
Acquisitions, net of cash acquired (7,171)
Net cash used in investing activities(3,805)(14,545)
Cash flows from financing activities:  
Issuance of debt, net of issuance costs4,985 4,971 
Proceeds related to employee stock plans128 94 
Payments related to tax on restricted stock units(843)(418)
Dividends paid(198)(197)
Principal payments on property and equipment(40) 
Other(2)(3)
Net cash provided by financing activities4,030 4,447 
Change in cash and cash equivalents4,781 (7,622)
Cash and cash equivalents at beginning of period847 10,896 
Cash and cash equivalents at end of period$5,628 $3,274 
See accompanying Notes to Condensed Consolidated Financial Statements.
8

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 31, 2021 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 31, 2021, 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 31, 2021. 
On May 21, 2021, our Board of Directors declared a four-for-one split of our common stock in the form of a stock dividend, or the Stock Split, which was conditioned upon obtaining stockholder approval to increase the number of our authorized shares of common stock from 2 billion to 4 billion. On June 3, 2021, at the 2021 Annual Meeting of Stockholders, our stockholders approved the amendment to our Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock to 4 billion. As a result, each stockholder of record at the close of business on June 21, 2021 received a dividend of three additional shares of common stock for every share held on the record date, distributed after the close of trading on July 19, 2021. All share, equity award, and per share amounts and related shareholders' equity balances presented herein have been retroactively adjusted to reflect the Stock Split.
Significant Accounting Policies
There have been no material changes to our significant accounting policies disclosed 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 31, 2021.
Fiscal Year
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal year 2022 is a 52-week year and fiscal year 2021 was a 53-week year. The second quarters of fiscal years 2022 and 2021 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 ongoing 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. These estimates are based on historical facts and various other assumptions that we believe are reasonable.
9

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


Note 2 - Business Combination
Pending Acquisition of Arm Limited
On September 13, 2020, we entered into a Share Purchase Agreement, or the Purchase Agreement, with Arm Limited, or Arm, and SoftBank Group Capital Limited and SVF Holdco (UK) Limited, or together, SoftBank, for us to acquire, from SoftBank, all allotted and issued ordinary shares of Arm in a transaction valued at $40 billion. We paid $2 billion in cash at signing, or the Signing Consideration, and will pay upon closing of the acquisition $10 billion in cash and issue to SoftBank 177.5 million shares of our common stock, which had an aggregate value of $21.5 billion as of the date of the Purchase Agreement. The transaction includes a potential earn out, which is contingent on the achievement of certain financial performance targets by Arm during the fiscal year ending March 31, 2022. If the financial targets are achieved, SoftBank can elect to receive either up to an additional $5 billion in cash or up to an additional 41.3 million shares of our common stock. We will issue up to $1.5 billion in restricted stock units to Arm employees after closing. The $2 billion paid upon signing was allocated between advanced consideration for the acquisition of $1.36 billion and the prepayment of intellectual property licenses from Arm of $0.17 billion and royalties of $0.47 billion, both with a 20-year term. The closing of the acquisition is subject to customary closing conditions, including receipt of specified governmental and regulatory consents and approvals and the expiration of any related mandatory waiting period, and Arm's implementation of the reorganization and distribution of Arm’s IoT Services Group and certain other assets and liabilities. We are working through the regulatory process in the United States, the United Kingdom, the European Union, China and other jurisdictions. Although some Arm licensees have expressed concerns or objected to the transaction, and discussions with regulators are taking longer than initially thought, we are confident in the deal rationale and that regulators should recognize the benefits of the acquisition to Arm, its licensees, and the industry. If the Purchase Agreement is terminated under certain circumstances, we will be refunded $1.25 billion of the Signing Consideration. The Signing Consideration was allocated on a fair value basis and any refund of the Signing Consideration will use stated values in the Purchase Agreement.
Acquisition of Mellanox Technologies, Ltd.
On April 27, 2020, we completed the acquisition of all outstanding shares of Mellanox for a total purchase consideration of $7.13 billion. Mellanox is a supplier of high-performance interconnect products for computing, storage and communications applications. We acquired Mellanox to optimize data center workloads to scale across the entire computing, networking, and storage stack.
Supplemental Unaudited Pro Forma Information
The following unaudited pro forma financial information summarizes the combined results of operations for NVIDIA and Mellanox as if the companies were combined as of the beginning of fiscal year 2020:
Pro Forma
 Three Months EndedSix Months Ended
 July 26, 2020July 26, 2020
(In millions)
Revenue$3,866 $7,375 
Net income$964 $1,883 
The unaudited pro forma information includes adjustments related to amortization of acquired intangible assets, adjustments to stock-based compensation expense, fair value of acquired inventory, and transaction costs. The unaudited pro forma information presented above is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisition occurred at the beginning of fiscal year 2020 or of the results of our future operations of the combined businesses.
The pro forma results reflect the inventory step-up expense of $161 million in the first half of fiscal year 2020 and was excluded from the pro forma results for the second quarter and first half of fiscal year 2021. There were no other material nonrecurring adjustments.
10

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


Note 3 - Leases
Our lease obligations primarily consist of operating leases for our headquarters complex, domestic and international office facilities, and data center space, with lease periods expiring between fiscal years 2022 and 2035.
Future minimum lease payments under our non-cancelable operating leases as of August 1, 2021, are as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2022 (excluding first half of fiscal year 2022)
$81 
2023156 
2024139 
2025119 
2026111 
2027 and thereafter
355 
Total961 
Less imputed interest113 
Present value of net future minimum lease payments848 
Less short-term operating lease liabilities132 
Long-term operating lease liabilities$716 
Operating lease expenses were $42 million and $35 million for the second quarter of fiscal years 2022 and 2021, respectively, and $81 million and $67 million for the first half of fiscal years 2022 and 2021, respectively. Short-term and variable lease expenses for the second quarter and first half of fiscal years 2022 and 2021 were not significant.
Other information related to leases was as follows:
Six Months Ended
August 1, 2021July 26, 2020
 (In millions)
Supplemental cash flows information 
Operating cash flows used for operating leases$75 $66 
Operating lease assets obtained in exchange for lease obligations$164 $138 
As of August 1, 2021, our operating leases had a weighted average remaining lease term of 7.6 years and a weighted average discount rate of 2.84%. As of January 31, 2021, our operating leases had a weighted average remaining lease term of 7.6 years and a weighted average discount rate of 2.87%.

11

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 EndedSix Months Ended
 August 1,
2021
July 26,
2020
August 1,
2021
July 26,
2020
(In millions)
Cost of revenue$32 $14 $57 $35 
Research and development297 228 573 362 
Sales, general and administrative136 132 264 201 
Total$465 $374 $894 $598 
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 31, 202159 $66.17 
Granted15 $181.65 
Vested restricted stock(17)$62.20 
Canceled and forfeited(1)$70.78 
Balances, August 1, 202156 $100.01 
As of August 1, 2021, there was $5.35 billion of aggregate unearned stock-based compensation expense, net of forfeitures. This amount is expected to be recognized over a weighted average period of 2.7 years for RSUs, PSUs, and market-based PSUs, and 1 year for ESPP.

12

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 EndedSix Months Ended
August 1,July 26,August 1,July 26,
2021202020212020
 (In millions, except per share data)
Numerator:  
Net income
$2,374 $622 $4,285 $1,539 
Denominator:
Basic weighted average shares
2,493 2,464 2,489 2,460 
Dilutive impact of outstanding equity awards
39 40 40 36 
Diluted weighted average shares
2,532 2,504 2,529 2,496 
Net income per share:
Basic (1)
$0.95 $0.25 $1.72 $0.63 
Diluted (2)
$0.94 $0.25 $1.69 $0.62 
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive13  15 24 
(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 $20 million and $153 million for the second quarter and first half of fiscal year 2022, respectively, and an income tax benefit of $13 million and an income tax expense of $52 million for the second quarter and first half of fiscal year 2021, respectively. The income tax expense as a percentage of income before income tax was 0.9% and 3.4% for the second quarter and first half of fiscal year 2022, respectively, and 3.3% for the first half of fiscal year 2021. The income tax benefit as a percentage of income before income tax was 2.0% for the second quarter of fiscal year 2021.
On June 28, 2021, we simplified our corporate structure by repatriating the economic rights of certain non-U.S. intellectual property to the United States via domestication of a foreign subsidiary, or the Domestication. The Domestication more closely aligns our corporate structure to our operating structure in accordance with the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting conclusions and changes to U.S. and European tax laws. The impact of the Domestication, which is regarded as a change in tax status, resulted in a discrete benefit primarily from re-valuing certain deferred tax assets, net of deferred tax liabilities, of $252 million in the second quarter of fiscal year 2022.
The increase in our effective tax rate for the second quarter and first half of fiscal year 2022 as compared to the same periods of fiscal year 2021 was primarily due to a decreased impact of tax benefits from stock-based compensation and the U.S. federal research tax credit, and an increase in the amount of earnings subject to U.S. tax, partially offset by the discrete benefit of the Domestication.
Our effective tax rate for the first half of fiscal year 2021 was lower than the U.S. federal statutory rate of 21% due to income earned in jurisdictions that is 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.
Our effective tax rate for the first half of fiscal year 2022 was lower than the U.S. federal statutory rate of 21% due to the discrete benefit of the Domestication, tax benefits related to the foreign-derived intangible income deduction, income
13

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


earned in jurisdictions that is subject to taxes lower than the U.S. federal statutory tax rate, and tax benefits related to the U.S. federal research tax credit and stock-based compensation.
As of August 1, 2021, we intend to indefinitely reinvest approximately $1.6 billion and $231 million of cumulative undistributed earnings held by certain subsidiaries in Israel and the United Kingdom, respectively. We have not provided the amount of unrecognized deferred tax liabilities for temporary differences related to these investments as the determination of such amount is not practicable.
For the first half of fiscal year 2022, there have been no material changes to our tax years that remain subject to examination by major tax jurisdictions. We are currently under examination by the Internal Revenue Service for our fiscal years 2018 and 2019. Additionally, there have been no material changes to our unrecognized tax benefits and any related interest or penalties since the fiscal year ended January 31, 2021.
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 August 1, 2021, we do not believe that our estimates, as otherwise provided for, on such tax positions will significantly increase or decrease within the next 12 months.
Note 7 - Cash Equivalents and Marketable Securities 
Our cash equivalents and marketable securities related to debt securities are classified as “available-for-sale” debt securities.
The following is a summary of cash equivalents and marketable securities as of August 1, 2021 and January 31, 2021:
 August 1, 2021
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$8,610 $2 $(1)$8,611 $1,825 $6,786 
Debt securities issued by the United States Treasury5,079 1  5,080 1,311 3,769 
Debt securities issued by United States government agencies2,371 1  2,372 60 2,312 
Money market funds2,097   2,097 2,097  
Certificates of deposit962   962 44 918 
Foreign government bonds241   241  241 
Total$19,360 $4 $(1)$19,363 $5,337 $14,026 
 January 31, 2021
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$4,442 $2 $ $4,444 $234 $4,210 
Debt securities issued by United States government agencies2,975 1  2,976 28 2,948 
Debt securities issued by the United States Treasury2,846   2,846 25 2,821 
Certificates of deposit705   705 37 668 
Money market funds313   313 313  
Foreign government bonds67   67  67 
Total$11,348 $3 $ $11,351 $637 $10,714 
Net realized gains and unrealized gains and losses were not significant for all periods presented.
The amortized cost and estimated fair value of cash equivalents and marketable securities as of August 1, 2021 and January 31, 2021 are shown below by contractual maturity.
August 1, 2021January 31, 2021
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
(In millions)
Less than one year$17,390 $17,391 $10,782 $10,783 
Due in 1 - 5 years1,970 1,972 566 568 
Total$19,360 $19,363 $11,348 $11,351 
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.
14

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


Fair Value at
Pricing CategoryAugust 1, 2021January 31, 2021
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$2,097 $313 
Corporate debt securitiesLevel 2$8,611 $4,444 
Debt securities issued by the United States TreasuryLevel 2$5,080 $2,846 
Debt securities issued by United States government agenciesLevel 2$2,372 $2,976 
Certificates of depositLevel 2$962 $705 
Foreign government bondsLevel 2$241 $67 
Prepaid expenses and other current assets:
Publicly-held equity security (1)Level 1$128 $ 
Other assets:
Investment in non-affiliated entities (2)Level 3$147 $144 
Liabilities (3)
2.20% Notes Due 2021
Level 2$1,001 $1,011 
0.309% Notes Due 2023
Level 2$1,251 $ 
0.584% Notes Due 2024
Level 2$1,254 $ 
3.20% Notes Due 2026
Level 2$1,106 $1,124 
1.55% Notes Due 2028
Level 2$1,261 $ 
2.85% Notes Due 2030
Level 2$1,640 $1,654 
2.00% Notes Due 2031
Level 2$1,271 $ 
3.50% Notes Due 2040
Level 2$1,152 $1,152 
3.50% Notes Due 2050
Level 2$2,320 $2,308 
3.70% Notes Due 2060
Level 2$603 $602 
(1)    Investment in a publicly-traded equity security subject to short-term selling restrictions. An unrealized loss on the investment of $6 million was recorded in other income (expense), net in the second quarter of fiscal year 2022 and an unrealized gain of $118 million was recorded in other income (expense), net in the first half of fiscal year 2022.
(2)    Investment in private non-affiliated entities is recorded at fair value on a non-recurring basis only if an impairment or observable price adjustment occurs in the period with changes in fair value recorded through net income. The amount recorded as of August 1, 2021 has not been significant.
(3)    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 the Notes to Condensed Consolidated Financial Statements for additional information.
15

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


Note 9 - Amortizable Intangible Assets and Goodwill
The components of our amortizable intangible assets are as follows:
 August 1, 2021January 31, 2021
 Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
 (In millions)
Acquisition-related intangible assets (1)