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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 October 29, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 0-23985
nvidialogoa06.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
(Address of principal executive offices)(Zip Code)

(408) 486-2000
(Registrant's telephone number, including area code)

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 the 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 November 17, 2023, was 2.47 billion.



NVIDIA CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED OCTOBER 29, 2023
TABLE OF CONTENTS
  Page
  
Financial Statements (Unaudited) 
 a) Condensed Consolidated Statements of Income for the three and nine months ended October 29, 2023 and October 30, 2022
b) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 29, 2023 and October 30, 2022
 c) Condensed Consolidated Balance Sheets as of October 29, 2023 and January 29, 2023
d) Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended October 29, 2023 and October 30, 2022
 e) Condensed Consolidated Statements of Cash Flows for the nine months ended October 29, 2023 and October 30, 2022
 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, Use of Proceeds, and Issuer Purchases of Equity Securities
Other Information
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 Company Blog (http://blogs.nvidia.com)
NVIDIA LinkedIn Page (http://www.linkedin.com/company/nvidia)
NVIDIA Facebook Page (https://www.facebook.com/nvidia)
NVIDIA Instagram Page (https://www.instagram.com/nvidia)
NVIDIA Twitter Account (https://twitter.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 EndedNine Months Ended
 October 29,October 30,October 29,October 30,
2023202220232022
Revenue$18,120 $5,931 $38,819 $20,923 
Cost of revenue4,720 2,754 11,309 9,400 
Gross profit13,400 3,177 27,510 11,523 
Operating expenses  
Research and development2,294 1,945 6,210 5,387 
Sales, general and administrative689 631 1,942 1,815 
Acquisition termination cost
   1,353 
Total operating expenses2,983 2,576 8,152 8,555 
Operating income10,417 601 19,358 2,968 
Interest income234 88 572 152 
Interest expense(63)(65)(194)(198)
Other, net(66)(11)(24)(29)
Other income (expense), net
105 12 354 (75)
Income before income tax10,522 613 19,712 2,893 
Income tax expense (benefit)1,279 (67)2,237 (61)
Net income$9,243 $680 $17,475 $2,954 
Net income per share:
Basic$3.75 $0.27 $7.07 $1.18 
Diluted$3.71 $0.27 $7.01 $1.17 
Weighted average shares used in per share computation:
Basic2,468 2,483 2,470 2,495 
Diluted2,494 2,499 2,494 2,517 

See accompanying Notes to Condensed Consolidated Financial Statements.
3


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
 Three Months EndedNine Months Ended
 October 29,October 30,October 29,October 30,
2023202220232022
 
Net income$9,243 $680 $17,475 $2,954 
Other comprehensive loss, net of tax
Available-for-sale securities:
Net change in unrealized gain (loss) (18)7 (53)
Reclassification adjustments for net realized gain included in net income   1 
Net change in unrealized gain (loss) (18)7 (52)
Cash flow hedges:
Net change in unrealized loss(23)(14)(14)(44)
Reclassification adjustments for net realized loss included in net income(14)(1)(38)(16)
Net change in unrealized loss(37)(15)(52)(60)
Other comprehensive loss, net of tax(37)(33)(45)(112)
Total comprehensive income$9,206 $647 $17,430 $2,842 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


NVIDIA CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
October 29,January 29,
 20232023
ASSETS
Current assets:  
Cash and cash equivalents$5,519 $3,389 
Marketable securities12,762 9,907 
Accounts receivable, net8,309 3,827 
Inventories4,779 5,159 
Prepaid expenses and other current assets1,289 791 
Total current assets32,658 23,073 
Property and equipment, net3,844 3,807 
Operating lease assets1,316 1,038 
Goodwill4,430 4,372 
Intangible assets, net1,251 1,676 
Deferred income tax assets5,982 3,396 
Other assets4,667 3,820 
Total assets$54,148 $41,182 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$2,380 $1,193 
Accrued and other current liabilities5,472 4,120 
Short-term debt1,249 1,250 
Total current liabilities9,101 6,563 
Long-term debt8,457 9,703 
Long-term operating lease liabilities1,091 902 
Other long-term liabilities2,234 1,913 
Total liabilities20,883 19,081 
Commitments and contingencies - see Note 13
Shareholders’ equity:  
Preferred stock  
Common stock2 2 
Additional paid-in capital12,991 11,971 
Accumulated other comprehensive loss(88)(43)
Retained earnings20,360 10,171 
Total shareholders' equity33,265 22,101 
Total liabilities and shareholders' equity$54,148 $41,182 

See accompanying Notes to Condensed Consolidated Financial Statements.

5


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED OCTOBER 29, 2023 AND OCTOBER 30, 2022
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
Balances, July 30, 20232,469 $2 $12,629 $(51)$14,921 $27,501 
Net income— — — — 9,243 9,243 
Other comprehensive loss— — — (37)— (37)
Issuance of common stock from stock plans 7 — 157 — — 157 
Tax withholding related to vesting of restricted stock units(2)— (764)— — (764)
Shares repurchased(8)— (14)— (3,705)(3,719)
Cash dividends declared and paid ($0.04 per common share)
— — — — (99)(99)
Stock-based compensation— — 983 — — 983 
Balances, October 29, 20232,466 $2 $12,991 $(88)$20,360 $33,265 
Balances, July 31, 20222,489 $2 $10,968 $(90)$12,971 $23,851 
Net income— — — — 680 680 
Other comprehensive loss— — — (33)— (33)
Issuance of common stock from stock plans 9 — 143 — — 143 
Tax withholding related to vesting of restricted stock units(2)— (294)— — (294)
Shares repurchased(28)— (1)— (3,646)(3,647)
Cash dividends declared and paid ($0.04 per common share)
— — — — (100)(100)
Stock-based compensation— — 749 — — 749 
Balances, October 30, 20222,468 $2 $11,565 $(123)$9,905 $21,349 
See accompanying Notes to Condensed Consolidated Financial Statements.
6


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE NINE MONTHS ENDED OCTOBER 29, 2023 AND OCTOBER 30, 2022
(Unaudited)
Common Stock
Outstanding
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Shareholders' Equity
(In millions, except per share data)SharesAmount
Balances, January 29, 20232,466 $2 $11,971 $(43)$10,171 $22,101 
Net income— — — — 17,475 17,475 
Other comprehensive loss— — — (45)— (45)
Issuance of common stock from stock plans 21 — 403 — — 403 
Tax withholding related to vesting of restricted stock units(5)— (1,942)— — (1,942)
Shares repurchased(16)— (15)— (6,990)(7,005)
Cash dividends declared and paid ($0.12 per common share)
— — — — (296)(296)
Stock-based compensation— — 2,574 — — 2,574 
Balances, October 29, 20232,466 $2 $12,991 $(88)$20,360 $33,265 
Balances, January 30, 20222,506 $3 $10,385 $(11)$16,235 $26,612 
Net income— — — — 2,954 2,954 
Other comprehensive loss— — — (112)— (112)
Issuance of common stock from stock plans 24 — 349 — — 349 
Tax withholding related to vesting of restricted stock units(6)— (1,131)— — (1,131)
Shares repurchased(56)(1)(3)— (8,984)(8,988)
Cash dividends declared and paid ($0.12 per common share)
— — — — (300)(300)
Stock-based compensation— — 1,965 — — 1,965 
Balances, October 30, 20222,468 $2 $11,565 $(123)$9,905 $21,349 
See accompanying Notes to Condensed Consolidated Financial Statements.
7


NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Nine Months Ended
October 29,October 30,
 20232022
Cash flows from operating activities:
Net income$17,475 $2,954 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense2,555 1,971 
Depreciation and amortization1,121 1,118 
Losses on investments in non-affiliates24 35 
Deferred income taxes(2,411)(1,517)
Acquisition termination cost
 1,353 
Other(170)(27)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(4,482)(258)
Inventories405 (1,848)
Prepaid expenses and other assets(337)(1,307)
Accounts payable1,250 (358)
Accrued and other current liabilities953 1,175 
Other long-term liabilities208 102 
Net cash provided by operating activities16,591 3,393 
Cash flows from investing activities:
Proceeds from maturities of marketable securities8,001 16,792 
Proceeds from sales of marketable securities 1,806 
Purchases of marketable securities(10,688)(9,764)
Purchases related to property and equipment and intangible assets(815)(1,324)
Acquisitions, net of cash acquired(83)(49)
Investments in non-affiliates and other, net(872)(83)
Net cash provided by (used in) investing activities(4,457)7,378 
Cash flows from financing activities:
Proceeds related to employee stock plans403 349 
Payments related to repurchases of common stock (6,874)(8,826)
Repayment of debt(1,250) 
Payments related to tax on restricted stock units(1,942)(1,131)
Dividends paid(296)(300)
Principal payments on property and equipment and intangible assets(44)(54)
Other(1)1 
Net cash used in financing activities(10,004)(9,961)
Change in cash, cash equivalents, and restricted cash2,130 810 
Cash, cash equivalents, and restricted cash at beginning of period3,389 1,990 
Cash, cash equivalents, and restricted cash at end of period$5,519 $2,800 
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net$4,676 $1,372 
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 29, 2023 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 29, 2023, 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 29, 2023. 
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 29, 2023.
Fiscal Year
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal years 2024 and 2023 are both 52-week years. The third quarters of fiscal years 2024 and 2023 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, property, plant, and equipment, and other contingencies. These estimates are based on historical facts and various other assumptions that we believe are reasonable.
In February 2023, we completed an assessment of the useful lives of our property, plant, and equipment. Based on advances in technology and usage rate, we increased the estimated useful life of a majority of our server, storage, and network equipment from three to a range of four to five years, and our assembly and test equipment from five to seven years. This change in accounting estimate became effective at the beginning of fiscal year 2024. Based on the carrying amounts of a majority of our server, storage, network, and assembly and test equipment, net, in use as of the end of fiscal year 2023, the estimated effect of this change for the three months ended October 29, 2023 was a benefit of $17 million and $24 million for cost of revenue and operating expenses, respectively, which resulted in an increase in operating income of $41 million and net income of $36 million after tax, or $0.01 per both basic and diluted share. The estimated effect of this change for the first nine months of fiscal year 2024 was a benefit of $24 million and $83 million
9

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


for cost of revenue and operating expenses, respectively, which resulted in an increase in operating income of $107 million and net income of $91 million after tax, or $0.04 per both basic and diluted share.
Note 2 - Business Combination
Termination of the Arm Share Purchase Agreement
In February 2022, NVIDIA and SoftBank Group Corp, or SoftBank, announced the termination of the Share Purchase Agreement whereby NVIDIA would have acquired Arm Limited, or Arm, from SoftBank. The parties agreed to terminate due to significant regulatory challenges preventing the completion of the transaction. We recorded an acquisition termination cost of $1.35 billion in fiscal year 2023 reflecting the write-off of the prepayment provided at signing.
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 2024 and 2035.
Future minimum lease payments under our non-cancelable operating leases as of October 29, 2023 are as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2024 (excluding first nine months of fiscal year 2024)
$84 
2025269 
2026248 
2027233 
2028220 
2029 and thereafter
454 
Total1,508 
Less imputed interest187 
Present value of net future minimum lease payments1,321 
Less short-term operating lease liabilities230 
Long-term operating lease liabilities$1,091 
In addition, we have operating leases, primarily for our data centers, that are expected to commence between the fourth quarter of fiscal year 2024 and fiscal year 2025 with lease terms of 3 to 10 years for $924 million.
Operating lease expenses were $69 million and $49 million for the third quarter of fiscal years 2024 and 2023, respectively, and $195 million and $139 million for the first nine months of fiscal years 2024 and 2023, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2024 and 2023 were not significant.
10

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Other information related to leases was as follows:
Nine Months Ended
October 29, 2023October 30, 2022
 (In millions)
Supplemental cash flows information 
Operating cash flows used for operating leases$200 $134 
Operating lease assets obtained in exchange for lease obligations$439 $213 
As of October 29, 2023, our operating leases had a weighted average remaining lease term of 6.3 years and a weighted average discount rate of 3.64%. As of January 29, 2023, our operating leases had a weighted average remaining lease term of 6.8 years and a weighted average discount rate of 3.21%.
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 EndedNine Months Ended
 October 29,
2023
October 30,
2022
October 29,
2023
October 30,
2022
(In millions)
Cost of revenue$38 $32 $96 $108 
Research and development701 530 1,826 1,365 
Sales, general and administrative240 183 633 498 
Total$979 $745 $2,555 $1,971 
Equity Award Activity
The following is a summary of our 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 29, 202345 $158.45 
Granted13 $364.52 
Vested(16)$141.02 
Canceled and forfeited(1)$201.49 
Balances, October 29, 202341 $230.11 
As of October 29, 2023, there was $9.03 billion of aggregate unearned stock-based compensation expense. This amount is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and 11 months for ESPP.
11

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 EndedNine Months Ended
October 29,October 30,October 29,October 30,
2023202220232022
 (In millions, except per share data)
Numerator:  
Net income$9,243 $680 $17,475 $2,954 
Denominator:
Basic weighted average shares2,468 2,483 2,470 2,495 
Dilutive impact of outstanding equity awards26 16 24 22 
Diluted weighted average shares2,494 2,499 2,494 2,517 
Net income per share:
Basic (1)$3.75 $0.27 $7.07 $1.18 
Diluted (2)$3.71 $0.27 $7.01 $1.17 
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive1 36 14 29 
(1)    Calculated as net income divided by basic weighted average shares.
(2)    Calculated as net income divided by diluted weighted average shares.
Diluted net income per share is computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method. Any anti-dilutive effect of equity awards outstanding is not included in the computation of diluted net income per share.
Note 6 – Income Taxes
Income tax was an expense of $1.28 billion and $2.24 billion for the third quarter and first nine months of fiscal year 2024, respectively, and a benefit of $67 million and $61 million for the third quarter and first nine months of fiscal year 2023, respectively. Income tax as a percentage of income before income tax was an expense of 12.2% and 11.3% for the third quarter and first nine months of fiscal year 2024, respectively, and a benefit of 10.9% and 2.1% for the third quarter and first nine months of fiscal year 2023, respectively.

During the third quarter of fiscal year 2024, the Internal Revenue Service, or IRS, audit of our federal income tax returns for fiscal years 2018 and 2019 was resolved. We recognized a non-cash net benefit of $145 million, related to this IRS audit resolution, for effectively settled positions. This benefit consists of a reduction in unrecognized tax benefits of $236 million and related accrued interest of $17 million, net of federal benefit partially offset by additional cash tax payments and reductions in tax attribute carryforwards of $108 million.

The effective tax rate increased due to a decreased impact of tax benefits from the foreign-derived intangible income deduction, stock-based compensation, and the U.S. federal research tax credit, relative to the increase in income before income tax. The increase in the effective tax rate was partially offset by a benefit due to the IRS audit resolution.

Our effective tax rates for the first nine months of fiscal years 2024 and 2023 were lower than the U.S. federal statutory rate of 21% due to tax benefits from the foreign-derived intangible income deduction, stock-based compensation and the U.S. federal research tax credit. Our effective tax rate for the first nine months of fiscal year 2024 was additionally benefited by the IRS audit resolution.

12

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Other than the IRS audit resolution, for the first nine months of fiscal year 2024, there were no material changes to our tax years that remain subject to examination by major tax jurisdictions. Additionally, there have been no other material changes to our unrecognized tax benefits and any related interest or penalties since the fiscal year ended January 29, 2023.

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 October 29, 2023, 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:
 October 29, 2023
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$6,937 $1 $(20)$6,918 $1,714 $5,204 
Debt securities issued by the U.S. Treasury5,075 1 (24)5,052  5,052 
Money market funds3,190   3,190 3,190  
Debt securities issued by U.S. government agencies2,316  (5)2,311 100 2,211 
Certificates of deposit418   418 198 220 
Foreign government bonds175   175 100 75 
Total$18,111 $2 $(49)$18,064 $5,302 $12,762 
 January 29, 2023
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$4,809 $ $(12)$4,797 $1,087 $3,710 
Debt securities issued by the U.S. Treasury4,185 1 (44)4,142  4,142 
Debt securities issued by U.S. government agencies1,836  (2)1,834 50 1,784 
Money market funds1,777   1,777 1,777  
Certificates of deposit365   365 134 231 
Foreign government bonds140   140 100 40 
Total$13,112 $1 $(58)$13,055 $3,148 $9,907 
13

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position:
October 29, 2023
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Corporate debt securities$2,773 $(16)$852 $(4)$3,625 $(20)
Debt securities issued by the U.S. Treasury2,098 (12)1,371 (12)3,469 (24)
Debt securities issued by U.S. government agencies1,447 (5)  1,447 (5)
Total$6,318 $(33)$2,223 $(16)$8,541 $(49)
January 29, 2023
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$2,444 $(21)$1,172 $(23)$3,616 $(44)
Corporate debt securities1,188 (7)696 (5)1,884 (12)
Debt securities issued by U.S. government agencies1,307 (2)  1,307 (2)
Total$4,939 $(30)$1,868 $(28)$6,807 $(58)
The gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates. Net realized gains and losses were not significant for all periods presented.
The amortized cost and estimated fair value of cash equivalents and marketable securities are shown below by contractual maturity.
October 29, 2023January 29, 2023
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
(In millions)
Less than one year$11,405 $11,388 $9,738 $9,708 
Due in 1 - 5 years6,706 6,676 3,374 3,347 
Total$18,111 $18,064 $13,112 $13,055 
14

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
Fair Value at
Pricing CategoryOctober 29, 2023January 29, 2023
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$3,190 $1,777 
Corporate debt securitiesLevel 2$6,918 $4,797 
Debt securities issued by the U.S. TreasuryLevel 2$5,052 $4,142 
Debt securities issued by U.S. government agenciesLevel 2$2,311 $1,834 
Certificates of depositLevel 2$418 $365 
Foreign government bondsLevel 2$175 $140 
Other assets (Investments in non-affiliated entities):
Publicly-held equity securitiesLevel 1$153 $11 
Privately-held equity securitiesLevel 3$1,019 $288 
Liabilities (1)
0.309% Notes Due 2023
Level 2$ $1,230 
0.584% Notes Due 2024
Level 2$1,212 $1,185 
3.20% Notes Due 2026
Level 2$945 $966 
1.55% Notes Due 2028
Level 2$1,060 $1,099 
2.85% Notes Due 2030
Level 2$1,289 $1,364 
2.00% Notes Due 2031
Level 2$981 $1,044 
3.50% Notes Due 2040
Level 2$756 $870 
3.50% Notes Due 2050
Level 2$1,388 $1,637 
3.70% Notes Due 2060
Level 2$342 $410 

(1)    These liabilities are carried on our Condensed Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs.
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:
 October 29, 2023January 29, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
 (In millions)
Acquisition-related intangible assets$2,642 $(1,584)$1,058 $3,093 $(1,614)$1,479 
Patents and licensed technology450 (257)193 446 (249)197 
Total intangible assets$3,092 $(1,841)$1,251 $3,539 $(1,863)$1,676 
Amortization expense associated with intangible assets was $144 million and $471 million for the third quarter and first nine months of fiscal year 2024, respectively, and $181 million and $518 million for the third quarter and first nine months of fiscal year 2023, respectively.
The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of October 29, 2023:
Future Amortization Expense
 (In millions)
Fiscal Year: 
2024 (excluding first nine months of fiscal year 2024)
$143 
2025554 
2026259 
2027149 
202837 
2029 and thereafter109 
Total$1,251 
In the first nine months of fiscal year 2024, goodwill increased by $58 million from an acquisition, and was assigned to our Compute & Networking segment.
Note 10 - Balance Sheet Components 
Two customers each accounted for 11% of our accounts receivable balance as of October 29, 2023. Two customers accounted for 14% and 11% of our accounts receivable balance as of January 29, 2023.
Certain balance sheet components are as follows:
October 29,January 29,
 20232023
Inventories (1):(In millions)
Raw materials$1,663 $2,430 
Work in-process1,338 466 
Finished goods1,778 2,263 
Total inventories$4,779 $5,159 
16

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
(1)    During the third quarter of fiscal years 2024 and 2023, we recorded an inventory provision of approximately $208 million and $354 million, respectively, in cost of revenue.

October 29,January 29,
 20232023
Other Assets:(In millions)
Prepaid supply and capacity agreements (1)$2,927 $2,989 
Investments in non-affiliated entities1,172 299 
Prepaid royalties369 387 
Prepaid cloud services60 23 
Other139 122 
Total other assets$4,667 $3,820 
(1)    As of October 29, 2023 and January 29, 2023, there were an additional $743 million and $458 million of short-term prepaid supply and capacity agreements included in Prepaid expenses and other current assets, respectively.
October 29,January 29,
 20232023
Accrued and Other Current Liabilities:(In millions)
Customer program accruals$1,771 $1,196 
Excess inventory purchase obligations (1)1,280 954 
Accrued payroll and related expenses516 530 
Deferred revenue (2)513 354 
Taxes payable420 467 
Product warranty and return provisions299 108 
Operating leases230 176 
Licenses and royalties150 149 
Unsettled share repurchases117  
Other176 186 
Total accrued and other current liabilities$5,472 $4,120 
(1)    During the third quarter of fiscal years 2024 and 2023, we recorded an expense of approximately $473 million and $348 million, respectively, in cost of revenue for inventory purchase obligations in excess of our current demand projections, supplier charges and for penalties related to cancellations and underutilization.
(2)    Deferred revenue primarily includes customer advances and deferrals related to license and development arrangements, support for hardware and software, and cloud services.
October 29,January 29,
 20232023
Other Long-Term Liabilities:(In millions)
Income tax payable (1)$1,206 $1,204 
Deferred revenue (2)425 218 
Deferred income tax424 247 
Licenses payable113 181 
Other66 63 
Total other long-term liabilities$2,234 $1,913 
(1)    Income tax payable is comprised of the long-term portion of the one-time transition tax payable, unrecognized tax benefits, and related interest and penalties.
(2)    Deferred revenue primarily includes deferrals related to support for hardware and software.
17

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Deferred Revenue
The following table shows the changes in deferred revenue during the first nine months of fiscal years 2024 and 2023:
October 29,October 30,
 20232022
(In millions)
Balance at beginning of period$572 $502 
Deferred revenue additions during the period1,269 577 
Revenue recognized during the period(903)(528)
Balance at end of period$938 $551 
Revenue allocated to remaining performance obligations, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, was $896 million as of October 29, 2023. We expect to recognize approximately 42% of this revenue over the next twelve months and the remainder thereafter. This excludes revenue related to performance obligations for contracts with a length of one year or less.
Note 11 - Derivative Financial Instruments
We enter into foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. These contracts are designated as cash flow hedges for hedge accounting treatment. Gains or losses on the contracts are recorded in accumulated other comprehensive income or loss and reclassified to operating expense when the related operating expenses are recognized in earnings or ineffectiveness should occur.
We also enter into foreign currency forward contracts to mitigate the impact of foreign currency movements on monetary assets and liabilities that are denominated in currencies other than the U.S. dollar. These forward contracts were not designated for hedge accounting treatment. Therefore, the change in fair value of these contracts is recorded in other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which is also recorded in other income or expense.
The table below presents the notional value of our foreign currency forward contracts outstanding:
 October 29,
2023
January 29,
2023
(In millions)
Designated as cash flow hedges$1,148 $1,128 
Non-designated hedges$365 $366 
The unrealized gains and losses or fair value of our foreign currency forward contracts was not significant as of October 29, 2023 and January 29, 2023.
As of October 29, 2023, all designated foreign currency forward contracts mature within 18 months. The expected realized gains and losses deferred into accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months was not significant.
During the first nine months of fiscal years 2024 and 2023, the impact of derivative financial instruments designated for hedge accounting treatment on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective.
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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Note 12 - Debt
Long-Term Debt
The carrying value of our outstanding notes, the calendar year of maturity, and the associated interest rates were as follows:
Carrying Value at
Expected
Remaining Term (years)
Effective
Interest Rate
October 29, 2023January 29, 2023
(In millions)
0.309% Notes Due 2023
0.41%$ $1,250 
0.584% Notes Due 2024
0.60.66%1,250 1,250 
3.20% Notes Due 2026
2.93.31%1,000 1,000 
1.55% Notes Due 2028
4.61.64%1,250 1,250 
2.85% Notes Due 2030
6.42.93%1,500 1,500 
2.00% Notes Due 2031
7.62.09%1,250 1,250 
3.50% Notes Due 2040
16.43.54%1,000 1,000 
3.50% Notes Due 2050
26.43.54%2,000 2,000 
3.70% Notes Due 2060
36.43.73%500 500 
Unamortized debt discount and issuance costs(44)(47)
Net carrying amount9,706 10,953 
Less short-term portion(1,249)(1,250)
Total long-term portion$8,457 $9,703 
All our notes are unsecured senior obligations. All existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, subject to a make-whole premium as defined in the applicable form of note.
On June 15, 2023, we repaid the 0.309% Notes Due 2023.

As of October 29, 2023, we were in compliance with the required covenants, which are non-financial in nature, under the outstanding notes.
Commercial Paper
We have a $575 million commercial paper program to support general corporate purposes. As of October 29, 2023, we had not issued any commercial paper.
Note 13 - Commitments and Contingencies
Purchase Obligations
Our purchase obligations reflect our commitments to purchase components used to manufacture our products, including long-term supply and capacity agreements, certain software and technology licenses, other goods and services and long-lived assets.
As of October 29, 2023, we had outstanding inventory purchase and long-term supply and capacity obligations totaling $17.11 billion. We enter into agreements with contract manufacturers that allow them to procure inventory based upon criteria as defined by us, and in certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed, but these changes may result in the payment of costs incurred through the date of
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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
cancellation. Other non-inventory purchase obligations were $4.43 billion, which includes $3.60 billion of multi-year cloud service agreements, primarily to support our research and development efforts.
Total future purchase commitments as of October 29, 2023 are as follows:
Commitments
 (In millions)
Fiscal Year: 
2024 (excluding first nine months of fiscal year 2024)
$6,499 
202511,861 
20261,128 
20271,038 
2028660 
2029 and thereafter
354 
Total$21,540 
Accrual for Product Warranty Liabilities
The estimated amount of product warranty liabilities was $142 million and $82 million as of October 29, 2023 and January 29, 2023, respectively. The estimated product returns and estimated product warranty activity consisted of the following:
Three Months EndedNine Months Ended
October 29, 2023October 30, 2022October 29, 2023October 30, 2022
(In millions)
Balance at beginning of period
$115 $168 $82 $46 
Additions
50 3 105 141 
Utilization
(23)(67)(45)(83)
Balance at end of period
$142 $104 $142 $104 
We have provided indemnities for matters such as tax, product, and employee liabilities. We have included intellectual property indemnification provisions in our technology-related agreements with third parties. Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability. We have not recorded any liability in our Condensed Consolidated Financial Statements for such indemnifications.
Litigation
Securities Class Action and Derivative Lawsuits
The plaintiffs in the putative securities class action lawsuit, captioned 4:18-cv-07669-HSG, initially filed on December 21, 2018 in the United States District Court for the Northern District of California, and titled In Re NVIDIA Corporation Securities Litigation, filed an amended complaint on May 13, 2020. The amended complaint asserted that NVIDIA and certain NVIDIA executives violated Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and SEC Rule 10b-5, by making materially false or misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand between May 10, 2017 and November 14, 2018. Plaintiffs also alleged that the NVIDIA executives who they named as defendants violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, an award of unspecified compensatory damages, an award of reasonable costs and expenses, including attorneys’ fees and expert fees, and further relief as the Court may deem just and proper. On March 2, 2021, the district court granted NVIDIA’s motion to dismiss the complaint without leave to amend, entered judgment in favor of NVIDIA and closed the case. On March 30, 2021, plaintiffs filed an appeal from judgment
20

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
in the United States Court of Appeals for the Ninth Circuit, case number 21-15604. On August 25, 2023, a majority of a three-judge Ninth Circuit panel affirmed in part and reversed in part the district court’s dismissal of the case, with a third judge dissenting on the basis that the district court did not err in dismissing the case. On November 15, 2023, the Ninth Circuit denied NVIDIA’s petition for rehearing en banc of the Ninth Circuit panel’s majority decision to reverse in part the dismissal of the case, which NVIDIA had filed on October 10, 2023.
The putative derivative lawsuit pending in the United States District Court for the Northern District of California, captioned 4:19-cv-00341-HSG, initially filed January 18, 2019 and titled In re NVIDIA Corporation Consolidated Derivative Litigation, was stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On February 22, 2022, the court administratively closed the case, but stated that it would reopen the case once the appeal in the In Re NVIDIA Corporation Securities Litigation action is resolved. Following the Ninth Circuit’s denial of NVIDIA’s petition for rehearing on November 15, 2023, the parties will meet and confer regarding the next steps in this derivative matter. The lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, waste of corporate assets, and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs are seeking unspecified damages and other relief, including reforms and improvements to NVIDIA’s corporate governance and internal procedures.
The putative derivative actions initially filed September 24, 2019 and pending in the United States District Court for the District of Delaware, Lipchitz v. Huang, et al. (Case No. 1:19-cv-01795-UNA) and Nelson v. Huang, et. al. (Case No. 1:19-cv-01798- UNA), remain stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. Following the Ninth Circuit’s denial of NVIDIA’s petition for rehearing on November 15, 2023, the parties will meet and confer regarding the next steps in these derivative matters. The lawsuits assert claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, insider trading, misappropriation of information, corporate waste and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and unspecified corporate governance measures.
Another putative derivative action was filed on October 30, 2023 in the Court of Chancery of the State of Delaware, captioned Horanic v. Huang, et al. (Case No. 2023-1096-KSJM). This lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty and insider trading based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and reform of unspecified corporate governance measures.
Accounting for Loss Contingencies
As of October 29, 2023, we have not recorded any accrual for contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while possible, are not probable. Further, except as specifically described above, any possible loss or range of loss in these matters cannot be reasonably estimated at this time. We are engaged in legal actions not described above arising in the ordinary course of business and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these actions will not have a material adverse effect on our operating results, liquidity or financial position.
Note 14 - Shareholders’ Equity 
Capital Return Program 
During the third quarter and first nine months of fiscal year 2024, we repurchased 8.3 million and 15.9 million shares of our common stock for $3.72 billion and $7.01 billion, respectively. During the third quarter and first nine months of fiscal year 2023, we repurchased 28 million and 56 million shares of our common stock for
21

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
$3.65 billion and $8.99 billion, respectively. In August 2023, our Board of Directors approved an increase to our share repurchase program of an additional $25.00 billion, without expiration. As of October 29, 2023, we were authorized, subject to certain specifications, to repurchase additional shares of our common stock up to $25.24 billion. From October 30, 2023 through November 17, 2023, we repurchased 0.8 million shares for $366 million pursuant to a Rule 10b5-1 trading plan. Our share repurchase program aims to offset dilution from shares issued to employees. We may pursue additional share repurchases as we weigh market factors and other investment opportunities.
During the third quarter and first nine months of fiscal year 2024, we paid $99 million and $296 million in cash dividends to our shareholders, respectively. During the third quarter and first nine months of fiscal year 2023, we paid $100 million and $300 million in cash dividends to our shareholders, respectively. Our cash dividend program and the payment of future cash dividends under that program are subject to our Board of Directors' continuing determination that the dividend program and the declaration of dividends thereunder are in the best interests of our shareholders.
Note 15 - Segment Information
Our Chief Executive Officer, who is considered to be our chief operating decision maker, or CODM, reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance.
The Compute & Networking segment includes our Data Center accelerated computing platform; networking; automotive artificial intelligence, or AI, Cockpit, autonomous driving development agreements, and autonomous vehicle solutions; electric vehicle computing platforms; Jetson for robotics and other embedded platforms; NVIDIA AI Enterprise and other software; and DGX Cloud.
The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse Enterprise software for building and operating 3D internet applications.
Operating results by segment include costs or expenses that are directly attributable to each segment, and costs or expenses that are leveraged across our unified architecture and therefore allocated between our two segments.
The “All Other” category includes the expenses that our CODM does not assign to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance. The expenses include stock-based compensation expense, corporate infrastructure and support costs, acquisition-related and other costs, intellectual property related, or IP-related costs, acquisition termination cost, and other non-recurring charges and benefits that our CODM deems to be enterprise in nature.
Our CODM does not review any information regarding total assets on a reportable segment basis. Depreciation and amortization expense directly attributable to each reportable segment is included in operating results for each segment. However, our CODM does not evaluate depreciation and amortization expense by operating segment and, therefore, it is not separately presented. There is no intersegment revenue. The accounting policies for segment reporting are the same as for our consolidated financial statements. The table below presents details of our reportable segments and the “All Other” category.
22

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
 Compute & NetworkingGraphicsAll OtherConsolidated
 (In millions)
Three Months Ended October 29, 2023
    
Revenue$14,645 $3,475 $ $18,120 
Operating income (loss)$10,262 $1,493 $(1,338)$10,417 
Three Months Ended October 30, 2022
    
Revenue$3,816 $2,115 $ $5,931 
Operating income (loss)$1,086 $606 $(1,091)$601 
Nine Months Ended October 29, 2023
Revenue$29,507 $9,312 $ $38,819 
Operating income (loss)$19,149 $3,751 $(3,542)$19,358 
Nine Months Ended October 30, 2022
Revenue$11,395 $9,528 $ $20,923 
Operating income (loss)$3,509 $3,739 $(4,280)$2,968 
Three Months EndedNine Months Ended
October 29,
2023
October 30,
2022
October 29,
2023
October 30,
2022
(In millions)
Reconciling items included in "All Other" category:
Stock-based compensation expense$(979)$(745)$(2,555)$(1,971)
Unallocated cost of revenue and operating expenses (198)(156)(515)(432)
Acquisition-related and other costs(135)(174)(446)(499)
IP-related costs(26)