Nvidia Corp 10-K for FY2024

Nvidia Corp (NVDA)

10-K 2024-02-21 For: 2024-01-28

Added on April 01, 2026

About this 10-K

Nvidia Corp filed this 10-K on February 21, 2024, covering the fiscal year ended January 28, 2024 (FY2024).

Headline figures

Fiscal year ended January 28, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $60.92B; up 125.9% from $26.97B a year earlier
Net income: $29.76B; up 581.3% from net income of $4.37B a year earlier
Diluted EPS: $11.93; up 585.6% from $1.74 a year earlier

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Delaware			94-3177549
(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)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	NVDA	The Nasdaq Global Select Market


		Page
	P art I
Item 1.	Business	4
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	31
Item 1C	Cybersecurity	31
Item 2.	Properties	32
Item 3.	Legal Proceedings	32
Item 4.	Mine Safety Disclosures	32
	P art II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	32
Item 6.	[Reserved]	33
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 8.	Financial Statements and Supplementary Data	44
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	44
Item 9A.	Controls and Procedures	44
Item 9B.	Other Information	45
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	45
	P art III
Item 10.	Directors, Executive Officers and Corporate Governance	45
Item 11.	Executive Compensation	46
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	46
Item 13.	Certain Relationships and Related Transactions, and Director Independence	46
Item 14.	Principal Accountant Fees and Services	46
	P art IV
Item 15.	Exhibit and Financial Statement Schedules	47
Item 16.	Form 10-K Summary	83
Signatures		84


Period	Total Number of Shares Purchased (In millions)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program (In millions)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (In billions)
October 30, 2023 - November 26, 2023	0.9	$	464.39	0.9	$	24.8
November 27, 2023 - December 24, 2023	1.1	$	477.26	1.1	$	24.3
December 25, 2023 - January 28, 2024	3.3	$	540.85	3.3	$	22.5
Total	5.3			5.3


	1/27/2019		1/26/2020		1/31/2021		1/30/2022		1/29/2023		1/28/2024
NVIDIA Corporation	$	100.00	$	157.02	$	326.26	$	574.15	$	512.40	$	1,536.28
S&P 500	$	100.00	$	126.17	$	144.83	$	175.25	$	163.63	$	199.83
Nasdaq 100	$	100.00	$	136.15	$	194.20	$	218.68	$	185.67	$	268.13


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Year Ended
	Jan 28, 2024			Jan 29, 2023			Change

	($ in millions, except per share data)
Revenue	$	60,922		$	26,974		Up 126%
Gross margin	72.7		%	56.9		%	Up 15.8 pts
Operating expenses	$	11,329		$	11,132		Up 2%
Operating income	$	32,972		$	4,224		Up 681%
Net income	$	29,760		$	4,368		Up 581%
Net income per diluted share	$	11.93		$	1.74		Up 586%


	Jan 28, 2024		Jan 29, 2023

	(In millions)
Cash and cash equivalents	$	7,280	$	3,389
Marketable securities	18,704		9,907
Cash, cash equivalents, and marketable securities	$	25,984	$	13,296


	Jan 28, 2024

	(In millions)

Due in one year	$	1,250
Due in one to five years	2,250
Due in five to ten years	2,750
Due in greater than ten years	3,500
Unamortized debt discount and issuance costs	(41)
Net carrying amount	9,709
Less short-term portion	(1,250)
Total long-term portion	$	8,459


			Page
(a)	1.	Financial Statements

		Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)	48

		Consolidated Statements of Income for the years ended January 28, 2024, January 29, 2023, and January 30, 2022	50

		Consolidated Statements of Comprehensive Income for the years ended January 28, 2024, January 29, 2023, and January 30, 2022	51

		Consolidated Balance Sheets as of January 28, 2024 and January 29, 2023	52

		Consolidated Statements of Shareholders’ Equity for the years ended January 28, 2024, January 29, 2023, and January 30, 2022	53

		Consolidated Statements of Cash Flows for the years ended January 28, 2024, January 29, 2023, and January 30, 2022	54

		Notes to the Consolidated Financial Statements	55

	2.	Financial Statement Schedule

		Schedule II Valuation and Qualifying Accounts for the years ended January 28, 2024, January 29, 2023, and January 30, 2022	81

	3.	Exhibits

		The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as a part of this Annual Report on Form 10-K.	82


	Jan 28, 2024		Jan 29, 2023
Assets
Current assets:
Cash and cash equivalents	$	7,280	$	3,389
Marketable securities	18,704		9,907
Accounts receivable, net	9,999		3,827
Inventories	5,282		5,159
Prepaid expenses and other current assets	3,080		791
Total current assets	44,345		23,073
Property and equipment, net	3,914		3,807
Operating lease assets	1,346		1,038
Goodwill	4,430		4,372
Intangible assets, net	1,112		1,676
Deferred income tax assets	6,081		3,396
Other assets	4,500		3,820
Total assets	$	65,728	$	41,182

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	2,699	$	1,193
Accrued and other current liabilities	6,682		4,120
Short-term debt	1,250		1,250
Total current liabilities	10,631		6,563
Long-term debt	8,459		9,703
Long-term operating lease liabilities	1,119		902
Other long-term liabilities	2,541		1,913
Total liabilities	22,750		19,081
Commitments and contingencies - see Note 13

Shareholders’ equity:
Preferred stock, $0.001 par value; 2 shares authorized; none issued	—		—
Common stock, $0.001 par value; 8,000 shares authorized; 2,464 shares issued and outstanding as of January 28, 2024; 2,466 shares issued and outstanding as of January 29, 2023	2		2
Additional paid-in capital	13,132		11,971

Accumulated other comprehensive income (loss)	27		(43)
Retained earnings	29,817		10,171
Total shareholders' equity	42,978		22,101
Total liabilities and shareholders' equity	$	65,728	$	41,182


	Common Stock Outstanding			Additional Paid-in		Treasury		Accumulated Other Comprehensive		Retained		Total Shareholders'
	Shares	Amount		Capital		Stock		Income (Loss)		Earnings		Equity
(In millions, except per share data)






























































Balances, Jan 31, 2021	2,479	$	3	$	8,719	$	(10,756)	$	19	$	18,908	$	16,893
Net income	—	—		—		—		—		9,752		9,752
Other comprehensive loss	—	—		—		—		(30)		—		(30)
Issuance of common stock from stock plans	35	—		281		—		—		—		281
Tax withholding related to vesting of restricted stock units	(8)	—		(614)		(1,290)		—		—		(1,904)

Cash dividends declared and paid ($0.16 per common share)	—	—		—		—		—		(399)		(399)
Fair value of partially vested equity awards assumed in connection with acquisitions	—	—		18		—		—		—		18
Stock-based compensation	—	—		2,001		—		—		—		2,001
Retirement of Treasury Stock	—	—		(20)		12,046		—		(12,026)		—
Balances, Jan 30, 2022	2,506	3		10,385		—		(11)		16,235		26,612
Net income	—	—		—		—		—		4,368		4,368
Other comprehensive loss	—	—		—		—		(32)		—		(32)
Issuance of common stock from stock plans	31	—		355		—		—		—		355
Tax withholding related to vesting of restricted stock units	(8)	—		(1,475)		—		—		—		(1,475)
Shares repurchased	(63)	(1)		(4)		—		—		(10,034)		(10,039)
Cash dividends declared and paid ($0.16 per common share)	—	—		—		—		—		(398)		(398)

Stock-based compensation	—	—		2,710		—		—		—		2,710

Balances, Jan 29, 2023	2,466	2		11,971		—		(43)		10,171		22,101
Net income	—	—		—		—		—		29,760		29,760
Other comprehensive income	—	—		—		—		70				70
Issuance of common stock from stock plans	26	—		403		—		—		—		403
Tax withholding related to vesting of restricted stock units	(7)	—		(2,783)		—		—		—		(2,783)
Shares repurchased	(21)	—		(27)		—		—		(9,719)		(9,746)
Cash dividends declared and paid ($0.16 per common share)	—	—		—		—		—		(395)		(395)
Stock-based compensation	—	—		3,568		—		—		—		3,568
Balances, Jan 28, 2024	2,464	$	2	$	13,132	$	—	$	27	$	29,817	$	42,978


	Operating Lease Obligations
	(In millions)
Fiscal Year:
2025	$	290
2026	270
2027	253
2028	236
2029	202
2030 and thereafter	288
Total	1,539
Less imputed interest	192
Present value of net future minimum lease payments	1,347
Less short-term operating lease liabilities	228
Long-term operating lease liabilities	$	1,119


	RSUs, PSUs and Market-based PSUs Outstanding
	Number of Shares	Weighted Average Grant-Date Fair Value

	(In millions, except per share data)
Balances, Jan 29, 2023	45	$	158.45
Granted	14	$	374.08
Vested restricted stock	(21)	$	148.56
Canceled and forfeited	(1)	$	206.35
Balances, Jan 28, 2024	37	$	245.94
Vested and expected to vest after Jan 28, 2024	37	$	245.49


	Year Ended
	Jan 28, 2024		Jan 29, 2023
Revenue	100.0	%	100.0	%
Cost of revenue	27.3		43.1
Gross profit	72.7		56.9
Operating expenses
Research and development	14.2		27.2
Sales, general and administrative	4.4		9.1
Acquisition termination cost	—		5.0

Total operating expenses	18.6		41.3
Operating income	54.1		15.6
Interest income	1.4		1.0
Interest expense	(0.4)		(1.0)
Other, net	0.4		(0.1)
Other income (expense), net	1.4		(0.1)
Income before income tax	55.5		15.5
Income tax expense (benefit)	6.6		(0.7)
Net income	48.9	%	16.2	%


	Year Ended
	Jan 28, 2024		Jan 29, 2023		$ Change		% Change

	($ in millions)
Compute & Networking	$	32,016	$	5,083	$	26,933	530	%
Graphics	5,846		4,552		1,294		28	%
All Other	(4,890)		(5,411)		521		(10)	%
Total	$	32,972	$	4,224	$	28,748	681	%


	Year Ended
	Jan 28, 2024			Jan 29, 2023			$ Change		% Change

	($ in millions)
Research and development expenses	$	8,675		$	7,339		$	1,336	18	%
% of net revenue	14.2		%	27.2		%
Sales, general and administrative expenses	2,654			2,440			214		9	%
% of net revenue	4.4		%	9.1		%
Acquisition termination cost	—			1,353			(1,353)		(100)	%
% of net revenue	—		%	5.0		%
Total operating expenses	$	11,329		$	11,132		$	197	2	%
% of net revenue	18.6		%	41.3		%


	Year Ended
	Jan 28, 2024		Jan 29, 2023		Jan 30, 2022
Revenue	$	60,922	$	26,974	$	26,914
Cost of revenue	16,621		11,618		9,439
Gross profit	44,301		15,356		17,475
Operating expenses
Research and development	8,675		7,339		5,268
Sales, general and administrative	2,654		2,440		2,166
Acquisition termination cost	—		1,353		—
Total operating expenses	11,329		11,132		7,434
Operating income	32,972		4,224		10,041
Interest income	866		267		29
Interest expense	(257)		(262)		(236)
Other, net	237		(48)		107
Other income (expense), net	846		(43)		(100)
Income before income tax	33,818		4,181		9,941
Income tax expense (benefit)	4,058		(187)		189
Net income	$	29,760	$	4,368	$	9,752

Net income per share:
Basic	$	12.05	$	1.76	$	3.91
Diluted	$	11.93	$	1.74	$	3.85

Weighted average shares used in per share computation:
Basic	2,469		2,487		2,496
Diluted	2,494		2,507		2,535


	Jan 28, 2024						Jan 29, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

	(In millions)
Acquisition-related intangible assets (1)	$	2,642	$	(1,720)	$	922	$	3,093	$	(1,614)	$	1,479
Patents and licensed technology	449		(259)		190		446		(249)		197
Total intangible assets	$	3,091	$	(1,979)	$	1,112	$	3,539	$	(1,863)	$	1,676


	Future Amortization Expense
	(In millions)
Fiscal Year:
2025	$	555
2026	261
2027	150
2028	37
2029	9
2030 and thereafter	100
Total	$	1,112


	Jan 28, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
									Cash Equivalents		Marketable Securities

	(In millions)
Corporate debt securities	$	10,126	$	31	$	(5)	$	10,152	$	2,231	$	7,921
Debt securities issued by the U.S. Treasury	9,517		17		(10)		9,524		1,315		8,209
Debt securities issued by U.S. government agencies	2,326		8		(1)		2,333		89		2,244
Money market funds	3,031		—		—		3,031		3,031		—
Certificates of deposit	510		—		—		510		294		216
Foreign government bonds	174		—		—		174		60		114


Total	$	25,684	$	56	$	(16)	$	25,724	$	7,020	$	18,704


	Jan 28, 2024
	Less than 12 Months				12 Months or Greater				Total
	Estimated Fair Value		Gross Unrealized Loss		Estimated Fair Value		Gross Unrealized Loss		Estimated Fair Value		Gross Unrealized Loss

	(In millions)
Debt securities issued by the U.S. Treasury	$	3,343	$	(5)	$	1,078	$	(5)	$	4,421	$	(10)
Corporate debt securities	1,306		(3)		618		(2)		1,924		(5)
Debt securities issued by U.S. government agencies	670		(1)		—		—		670		(1)
Total	$	5,319	$	(9)	$	1,696	$	(7)	$	7,015	$	(16)


		Fair Value at
	Pricing Category	Jan 28, 2024		Jan 29, 2023

		(In millions)
Assets
Cash equivalents and marketable securities:
Money market funds	Level 1	$	3,031	$	1,777
Corporate debt securities	Level 2	$	10,152	$	4,797
Debt securities issued by the U.S. Treasury	Level 2	$	9,524	$	4,142
Debt securities issued by U.S. government agencies	Level 2	$	2,333	$	1,834
Certificates of deposit	Level 2	$	510	$	365
Foreign government bonds	Level 2	$	174	$	140


Other assets (Investment in non-affiliated entities):
Publicly-held equity securities	Level 1	$	225	$	11


Liabilities (1)
0.309% Notes Due 2023	Level 2	$	—	$	1,230
0.584% Notes Due 2024	Level 2	$	1,228	$	1,185
3.20% Notes Due 2026	Level 2	$	970	$	966
1.55% Notes Due 2028	Level 2	$	1,115	$	1,099
2.85% Notes Due 2030	Level 2	$	1,367	$	1,364
2.00% Notes Due 2031	Level 2	$	1,057	$	1,044
3.50% Notes Due 2040	Level 2	$	851	$	870
3.50% Notes Due 2050	Level 2	$	1,604	$	1,637
3.70% Notes Due 2060	Level 2	$	403	$	410


	Jan 28, 2024
	(In millions)
Cumulative gross unrealized gains	$	270
Cumulative gross unrealized losses and impairments	(45)


	Jan 28, 2024		Jan 29, 2023		Estimated Useful Life

	(In millions)				(In years)
Property and Equipment:
Land	$	218	$	218	(A)
Buildings, leasehold improvements, and furniture	1,816		1,598		(B)
Equipment, compute hardware, and software	5,200		4,303		3-7
Construction in process	189		382		(C)
Total property and equipment, gross	7,423		6,501
Accumulated depreciation and amortization	(3,509)		(2,694)
Total property and equipment, net	$	3,914	$	3,807


	Jan 28, 2024		Jan 29, 2023

Other assets:	(In millions)
Prepaid supply and capacity agreements (1)	$	2,458	$	2,989
Investments in non-affiliated entities	1,546		299
Prepaid royalties	364		387



Other	132		145
Total other assets	$	4,500	$	3,820


	Expected Remaining Term (years)	Effective Interest Rate	Jan 28, 2024		Jan 29, 2023

			(In millions)

0.309% Notes Due 2023 (1)	—	0.41%	$	—	$	1,250
0.584% Notes Due 2024	0.4	0.66%	1,250		1,250
3.20% Notes Due 2026	2.6	3.31%	1,000		1,000
1.55% Notes Due 2028	4.4	1.64%	1,250		1,250
2.85% Notes Due 2030	6.2	2.93%	1,500		1,500
2.00% Notes Due 2031	7.4	2.09%	1,250		1,250
3.50% Notes Due 2040	16.2	3.54%	1,000		1,000
3.50% Notes Due 2050	26.2	3.54%	2,000		2,000
3.70% Notes Due 2060	36.2	3.73%	500		500
Unamortized debt discount and issuance costs			(41)		(47)
Net carrying amount			9,709		10,953
Less short-term portion			(1,250)		(1,250)
Total long-term portion			$	8,459	$	9,703


	Commitments
	(In millions)
Fiscal Year:
2025	$	17,316
2026	1,143
2027	1,060
2028	770
2029 and thereafter	418
Total	$	20,707


	Jan 28, 2024		Jan 29, 2023

Long-lived assets:	(In millions)
United States	$	2,595	$	2,587
Taiwan	773		702
Israel	325		283



Other countries	221		235
Total long-lived assets	$	3,914	$	3,807


Description	Balance at Beginning of Period		Additions			Deductions			Balance at End of Period

	(In millions)
Fiscal year 2024
Allowance for doubtful accounts	$	4	$	—	(1)	$	—	(1)	$	4
Sales return allowance	$	26	$	213	(2)	$	(130)	(4)	$	109
Deferred tax valuation allowance	$	1,484	$	162	(3)	$	(94)	(3)	$	1,552
Fiscal year 2023
Allowance for doubtful accounts	$	4	$	—	(1)	$	—	(1)	$	4
Sales return allowance	$	13	$	104	(2)	$	(91)	(4)	$	26
Deferred tax valuation allowance	$	907	$	577	(3)	$	—		$	1,484
Fiscal year 2022
Allowance for doubtful accounts	$	4	$	—	(1)	$	—	(1)	$	4
Sales return allowance	$	17	$	19	(2)	$	(23)	(4)	$	13
Deferred tax valuation allowance	$	728	$	179	(3)	$	—		$	907


NVIDIA Corporation
By:			/s/ Jen-Hsun Huang
			Jen-Hsun Huang
			President and Chief Executive Officer


Signature	Title	Date
/s/ JEN-HSUN HUANG	President, Chief Executive Officer and Director (Principal Executive Officer)	February 21, 2024
Jen-Hsun Huang
/s/ COLETTE M. KRESS	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 21, 2024
Colette M. Kress
/s/ DONALD ROBERTSON	Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 21, 2024
Donald Robertson
/s/ ROBERT BURGESS	Director	February 21, 2024
Robert Burgess
/s/ TENCH COXE	Director	February 21, 2024
Tench Coxe
/s/ JOHN O. DABIRI	Director	February 21, 2024
John O. Dabiri
/s/ PERSIS DRELL	Director	February 21, 2024
Persis Drell
/s/ DAWN HUDSON	Director	February 21, 2024
Dawn Hudson
/s/ HARVEY C. JONES	Director	February 21, 2024
Harvey C. Jones
/s/ MELISSA B. LORA	Director	February 21, 2024
Melissa B. Lora
/s/ MICHAEL MCCAFFERY	Director	February 21, 2024
Michael McCaffery
/s/ STEPHEN C. NEAL	Director	February 21, 2024
Stephen C. Neal
/s/ MARK L. PERRY	Director	February 21, 2024
Mark L. Perry
/s/ A. BROOKE SEAWELL	Director	February 21, 2024
A. Brooke Seawell
/s/ AARTI SHAH	Director	February 21, 2024
Aarti Shah
/s/ MARK STEVENS	Director	February 21, 2024
Mark Stevens


Subsidiaries of Registrant (All 100% owned)			State or Other Jurisdiction of Incorporation

Mellanox Technologies, Ltd			Israel
NVIDIA International, Inc.			Delaware, U.S.
NVIDIA Singapore Pte Ltd			Singapore


Accounting Restatement			An accounting restatement that the Company is required to prepare due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period
Accounting Restatement Date			The earlier to occur of (i) the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date that a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement
Board			Board of Directors of the Company
Code			Internal Revenue Code of 1986, as amended
Committee			Compensation Committee of the Board
Company			NVIDIA Corporation
Compensation Recovery Rules			Section 10D and Rule 10D-1 of the Exchange Act and Rule 5608
Covered Officer			A current or former “executive officer,” as such term is defined in Section 10D and Rule 10D-1(d) of the Exchange Act and Rule 5608
Effective Date			October 2, 2023
Exchange Act			Securities Exchange Act of 1934, as amended
Financial Reporting Measure			A measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measure derived wholly or in part from such measure, including Company stock price and TSR. A measure need not be presented in the Company’s financial statements or included in a filing with the SEC in order to be a Financial Reporting Measure
Incentive Compensation			Any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure
Lookback Period			The three completed fiscal years immediately preceding the Accounting Restatement Date, as well as any transition period (resulting from a change in the Company’s fiscal year) within or immediately following those three completed fiscal years (except that a transition period of at least nine months shall be deemed a completed fiscal year); provided, that the Lookback Period shall not include fiscal years completed prior to October 2, 2023
Prior Policy			The Company’s Compensation Recovery Policy dated April 1, 2009
Received			Incentive Compensation is deemed “received” in the Company’s fiscal period in which the relevant Financial Reporting Measure is attained, even if the payment or grant of such Incentive Compensation occurs after the end of that period.
Recoverable Incentive Compensation			Incentive Compensation Received by a Covered Officer during the Lookback Period that exceeds the amount of Incentive Compensation that otherwise would have been Received had such amount been determined based on the Accounting Restatement, computed without regard to any taxes paid (i.e., on a gross basis without regarding to tax withholdings and other deductions)
Rule 5608			Nasdaq Listing Rule 5608
SEC			Securities and Exchange Commission
TSR			Total shareholder return